-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hmb2uBLXYJjvpZfr0JK6NlM1OG31/rDh2xGekf4rF5ZuJSAhmjLBrg1HYTfLvd8w fsImmcF/BHpCw64dJYDhKw== 0001275287-05-002712.txt : 20050726 0001275287-05-002712.hdr.sgml : 20050726 20050726092607 ACCESSION NUMBER: 0001275287-05-002712 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050726 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050726 DATE AS OF CHANGE: 20050726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIMCO REALTY CORP CENTRAL INDEX KEY: 0000879101 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 132744380 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10899 FILM NUMBER: 05972914 BUSINESS ADDRESS: STREET 1: 3333 NEW HYDE PARK RD STREET 2: PO BOX 5020 CITY: NEW HYDE PARK STATE: NY ZIP: 11042 BUSINESS PHONE: 5168699000 MAIL ADDRESS: STREET 1: 3333 NEW HYDE PARK ROAD STREET 2: PO BOX 5020 CITY: NEW HYDE PARKQ STATE: NY ZIP: 11042 8-K 1 kr3149.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 26, 2005 KIMCO REALTY CORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Maryland 1-10899 13-2744380 - --------------------------- ------------ ------------------- State or Other Jurisdiction (Commission (I.R.S. Employer Of Incorporation) File Number) Identification No.) 3333 New Hyde Park Road Suite 100 New Hyde Park, NY 11042 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 869-9000 No Change (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION The information contained in this Item 2.02 of the Current Report on Form 8-K of Kimco Realty Corporation (the "Company") is being furnished pursuant to "Item 2.02 - Results of Operations and Financial Condition" and "Item 7.01 - Regulation FD Disclosure" of Form 8-K. On July 26, 2005, Kimco Realty Corporation issued a press release announcing its financial results for the second quarter ended June 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. A copy of the Company's press release is an exhibit to this Current Report on Form 8-K and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KIMCO REALTY CORPORATION By: /s/ Michael V. Pappagallo ---------------------------- Name: Michael V. Pappagallo Title: Executive Vice President and Chief Financial Officer Dated: July 26, 2005 EXHIBIT INDEX Exhibit No. Description - ----------- --------------------------------------------------------------- 99.1 Press Release, dated July 26, 2005 issued by Kimco Realty Corporation EX-99.1 2 kr3149ex991.txt Exhibit 99.1 KIMCO REALTY REPORTS AN 11.5 PERCENT INCREASE IN FFO PER SHARE; ANNOUNCES DIVIDEND INCREASE AND STOCK SPLIT Highlights: - Net Income Per Share Increased 14.8 Percent to $0.70 - FFO Per Share Increased 11.5 Percent to $0.97 - Company Increases 2005 FFO Guidance and Establishes Preliminary 2006 FFO Guidance - Portfolio Occupancy Increases to a Record High Level of 94.1 Percent - Board of Directors Announces 2 for 1 Stock Split and an 8.2 Percent Dividend Increase NEW HYDE PARK, N.Y., July 26 /PRNewswire-FirstCall/ -- Kimco Realty Corporation (NYSE: KIM) today announced net income for the second quarter ended June 30, 2005 of $83.8 million compared to $71.4 million a year earlier, an increase of 17.4 percent. On a per share basis, net income increased 14.8 percent to $0.70 from $0.61 reported in the second quarter of 2004. Kimco's second quarter funds from operations ("FFO"), a widely accepted supplemental measure of REIT performance, rose 13.7 percent to $112.4 million from $98.9 million for the same period last year. On a per share basis, second quarter FFO increased 11.5 percent to $0.97 from $0.87 a year ago. Quarterly FFO excludes gains on dispositions and transfers of operating properties net of minority interests and joint venture properties of approximately $8.4 million, or $0.07 per share, in 2005 and approximately $4.4 million, or $0.04 per share, in 2004. For the six months ended June 30, 2005, net income increased 19.5 percent to $170.6 million from $142.8 million for the same period last year. Net income per share increased 18.2 percent to $1.43 from $1.21 a year ago. Funds from operations rose 10.4 percent to $221.0 million for the six-month period ended June 30, 2005 from $200.1 million in the year earlier period. On a per share basis, FFO increased 8.5 percent to $1.91 from $1.76 reported a year ago. Funds from operations for the six months ended June 30, 2005 excludes gains on dispositions and transfers of operating properties net of minority interests and joint venture properties of approximately $20.7 million or $0.18 per share and approximately $6.9 million or $0.06 per share for the same period last year. FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO is included in this release. During the quarter, Kimco's parent portfolio occupancy increased to 94.1 percent from 93.4 percent at March 31, 2005 and 92.4 percent a year earlier. The increase in occupancy, to a historic high for Kimco as a public company, was the result of new leasing, acquisition activity and property sales. For the quarter, Kimco signed 105 new leases in the portfolio totaling 610,000 square feet and 85 renewals totaling 374,000 square feet. Year to date the Company has signed 207 new leases in this portfolio totaling approximately 1.2 million square feet and 189 renewals totaling 1.3 million square feet. The average increase in base rent for new leases signed for same space leases was 13.2 percent and 10.2 percent for the quarter and six-months ended June 30, 2005, respectively. Occupancy in the Company's combined operating portfolio encompassing approximately 107 million square feet of gross leasable area increased to 94.8 percent from 94.3 percent in the prior quarter. Stock Split and Dividend Increase Kimco's Board of Directors declared a two-for-one split of the Company's common stock to be effected in the form of a stock dividend payable on August 23, 2005 to shareholders of record on August 8, 2005. The Board, in taking this action, indicated a desire to increase the number of shares outstanding and thereby broaden the base of investors in the Company's common stock. The board also approved a quarterly dividend increase of 8.2 percent, raising the pre-split quarterly dividend payable per common share to $0.66 from the current quarterly level of $0.61 per common share. Historically, the Board has increased the dividend following the third quarter meeting; however, given the Company's strong operating results and positive outlook, the Board accelerated the timing of this year's increase. As a result, the Company's fourth quarter dividend payment will be 15.8 percent greater than a year ago. In addition, the Board declared the fourth quarter dividend payable at the increased split adjusted rate of $0.33 per common share payable on October 17, 2005 to shareholders of record on October 5, 2005. Investment Activity During the quarter, the Company acquired interests in properties with a gross value of $276.8 million. Significant transactions included the following: -- The Company acquired a 25 percent interest in the Fremont Hub shopping center located in Fremont, California. The $123.2 million property is the dominant shopping center in the Fremont central business district. Several national retailers including Target, Safeway, Bed, Bath & Beyond, Marshall's, and Borders anchor the project. The center is currently undergoing a major redevelopment and renovation which is approximately 75 percent complete. Prior to acquiring this interest, Kimco managed the property on behalf of a partnership where the Company held a small ownership percentage. This transaction increases Kimco's ownership interest to 32.8 percent. -- As previously announced, the Company acquired a portfolio of 45 net leased properties for approximately $85.3 million primarily located in Fredricksburg, Richmond, and Stafford, Virginia. A 122,000 square foot shopping center in Poway, California, was acquired for $19.5 million and a 50 percent interest in a Kmart anchored property in Hillsborough, New Jersey, was acquired for $4.0 million. -- In Mexico, the Company invested $38.1 million in five properties, including four retail development projects located in Alcapulco, Pachuca (2) and Saltillo. Anchor tenants for the new developments will be Walmart (2), Home Depot and H-E-B supermarket. -- In Canada, Kimco in a joint venture with Capital Automotive REIT, invested $5.1 million in two properties leased to auto dealerships in the Toronto area. Subsequent to quarter end, the Company acquired an additional shopping center located in Lakeland, Florida, for approximately $8.0 million. In addition, Kimco currently has pending shopping center acquisitions in excess of $200 million. In the Company's preferred equity program, Kimco invested approximately $24.2 million in 16 properties. Kimco invested $8.4 million in two neighborhood centers totaling 200,000 square feet in Southlake and Austin, Texas. The Company invested $2.6 million in three neighborhood centers totaling 200,000 square feet in Ridgeland, a suburb of Jackson, Mississippi. In Montreal, Canada, the Kimco preferred equity program invested $3.4 million in two self storage properties with its operating partner, Apple Self Storage. As previously announced during the quarter, the Company invested $7.5 million of preferred equity in eight self storage properties in Dallas, Texas, and Columbus, Ohio. Kimco currently has preferred equity interests in approximately 74 operating properties and 18 properties under development with total investments of approximately $175.0 million. In Kimco's co-investment programs, the Company transferred Temple Town Center, a 275,000 square foot shopping center located in Temple, Texas, to its joint venture with UBS Wealth Management, and Ingleside Shopping Center, a 113,000 square foot center located in Baltimore, Maryland, was transferred to its joint venture with GE Real Estate. In addition, the Company transferred a 50 percent interest in a shopping center located in Reynosa, Mexico, to GE Real Estate in July. Kimco will continue to manage the investments on behalf of the ventures. Kimco currently has approximately $5.0 billion of assets under management in the Company's co-investment programs. The Company also sold 19 properties during the quarter for a gross selling price of $138.4 million. Seven operating properties were sold from the Company's parent portfolio resulting in gains of approximately $7.0 million. Two land parcels and ten properties from the Company's co-investment programs were also sold during the quarter. Additionally, a portion of a property in La Mirada, California, was sold from the Parent portfolio for $9.4 million subsequent to quarter end. Development Activities Kimco's merchant building business, Kimco Developers Inc. (KDI), completed the sale of two shopping centers. Hope Valley Farms, located in Durham, North Carolina, was sold for $18.5 million and Tomball Crossings, located in Houston, Texas, was sold for $22.6 million. In addition, KDI sold portions of ten additional projects generating gross proceeds of $22.4 million. In aggregate, these property sales resulted in gains on sales of approximately $5.5 million, net of tax. Two additional pad sites were sold after quarter end for approximately $6.5 million. During the quarter, Kimco, together with Vestar Development Company, purchased approximately 59 acres of land for $23.0 million in Tustin, California, within the former Tustin Marine Air Base. This new development, The District at Tustin Legacy, will ultimately comprise 1.1 million square feet of retail shops in an attractive lifestyle and power center format. Retailers that have committed to the project include Target, Lowe's, Costco, Whole Foods, TJ Maxx, and others. In addition, KDI recently invested approximately $49.0 million to acquire five other land parcels for development and approximately $31.3 million in its pipeline of existing shopping center developments. Capital Activities The Company has finalized an $850 million unsecured revolving credit facility from a group of banks led by JP Morgan Chase. This new credit facility, which replaces the Company's $500 million unsecured credit facility, bears interest at a rate of LIBOR plus 45 basis points and is scheduled to expire in July 2008. Kimco increased its facility in order to provide continued flexibility prior to determining the permanent capital structure or co-investment program for its acquisitions. Kimco also established a MXP500 million unsecured Mexican Peso denominated credit facility that bears interest at a rate of 100 basis points above the benchmark for the Mexican interbank money market (TIIE) and is scheduled to expire in May 2008. This facility will allow the Company to finance its growth in Mexico in a cost-efficient manner. During the quarter Kimco completed the issuance of medium-term notes from its shelf registration totaling $200 million due June 1, 2014 at an interest rate of 4.82 percent. The notes were issued at par. The proceeds from the issuance will be used to reduce indebtedness under the Company's existing revolving credit facilities, to fund future capital needs and general corporate purposes. As previously announced, Kimco North Trust III, a wholly-owned entity of Kimco Realty Corporation, recently completed the issuance of $150 million Canadian denominated senior unsecured notes. The notes bear interest at 4.45 percent and mature on April 21, 2010. Kimco Realty Corporation has provided a fully and unconditional guarantee of the notes, which were rated A- and Baa1 by Standard & Poor's and Moody's Investors Service, respectively. This represented the first time a U.S. REIT had raised debt capital in the Canadian market. The proceeds were used by Kimco North Trust III to pay down outstanding indebtedness under existing credit facilities, to fund long-term investments in Canadian real estate and for general corporate purposes. Earnings Guidance As a result of the Company's continued strong operating results, Kimco's management increased its range of guidance for full year 2005 FFO per share to $3.85 - $3.88 on a pre-split basis ($1.92 - $1.94, post-split) from the prior guidance range of $3.78 - $3.83 ($1.89 - $1.92, post-split). Management also provided an initial range of guidance for 2006 FFO per share on a pre-split basis of $4.14 - $4.20 ($2.07 - $2.10, post-split) for the year ending December 31, 2006. The current First Call mean analyst estimate for Kimco's 2006 FFO is $4.14 ($2.07 post-split). Kimco, a publicly-traded real estate investment trust, has specialized in shopping center acquisitions, development and management for over 45 years. Kimco owns and operates the nation's largest portfolio of neighborhood and community shopping centers with interests in 829 properties comprising approximately 116.0 million square feet of leasable space located throughout 43 states, Canada and Mexico. For further information refer to the Company's web site at http://www.kimcorealty.com. Safe Harbor Statement: The statements in this release state the Company's and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) local real estate conditions, (iv) increases in interest rates, (v) increases in operating costs and real estate taxes. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended December 31, 2004. Copies of each filing may be obtained from the Company or the SEC. Kimco Realty Corporation Condensed Consolidated Statements of Income (In thousands, except per share data)
Three Months Six Months Ended Ended June 30, June 30, ---------------------------- ---------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Revenues from rental property $ 128,137 $ 128,535 $ 259,094 $ 267,326 ------------ ------------ ------------ ------------ Rental property expenses: Rent 2,663 2,959 5,233 5,779 Real estate taxes 16,550 16,693 32,784 32,918 Operating and maintenance 13,949 13,240 31,853 29,516 ------------ ------------ ------------ ------------ 33,162 32,892 69,870 68,213 ------------ ------------ ------------ ------------ Net operating income 94,975 95,643 189,224 199,113 Income from other real estate investments 11,921 9,124 28,529 15,295 Mortgage financing income 3,465 2,898 6,570 6,458 Management and other fee income 7,477 7,068 15,130 12,829 Depreciation and amortization (27,254) (25,542) (52,847) (51,800) ------------ ------------ ------------ ------------ 90,584 89,191 186,606 181,895 Other Investments: Interest, dividends and other investment income 4,412 1,572 8,452 4,575 Other income, net 12,093 4,400 11,156 6,204 Interest expense (30,497) (28,165) (59,137) (55,393) General and administrative expenses (12,750) (10,392) (24,754) (20,620) ------------ ------------ ------------ ------------ 63,842 56,606 122,323 116,661 Provision for income taxes (2,296) (3,316) (4,933) (5,419) Equity in income of real estate joint ventures, net 14,707 11,924 39,088 25,928 Minority interests in income of partnerships, net (3,912) (2,548) (7,048) (4,747) Gain on sale of development properties, net of tax of $3,664, $1,289, $7,143 and $3,888, respectively 5,495 1,933 10,714 5,833 ------------ ------------ ------------ ------------ Income from continuing operations 77,836 64,599 160,144 138,256 ------------ ------------ ------------ ------------ Discontinued Operations: Income from discontinued operating properties 995 1,956 1,476 2,602 Loss on operating properties held for sale/sold (2,615) -- (2,615) (4,151) Gain on disposition of operating properties 7,065 4,875 9,461 6,112 ------------ ------------ ------------ ------------ Income from discontinued operations 5,445 6,831 8,322 4,563 ------------ ------------ ------------ ------------ Gain on transfer of operating properties(1) 706 -- 2,301 -- Loss on transfer of operating properties(1) (150) -- (150) -- ------------ ------------ ------------ ------------ 556 -- 2,151 -- ------------ ------------ ------------ ------------ Net income 83,837 71,430 170,617 142,819 Preferred dividends (2,909) (2,909) (5,819) (5,819) ------------ ------------ ------------ ------------ Net income available to common shareholders $ 80,928 $ 68,521 $ 164,798 $ 137,000 ============ ============ ============ ============ Per common share: Income from continuing operations: - Basic $ 0.67 $ 0.56 $ 1.39 $ 1.19 ============ ============ ============ ============ - Diluted(2) $ 0.65 $ 0.55 $ 1.36 $ 1.17 ============ ============ ============ ============ Net income: - Basic $ 0.71 $ 0.62 $ 1.46 $ 1.23 ============ ============ ============ ============ - Diluted(2) $ 0.70 $ 0.61 $ 1.43 $ 1.21 ============ ============ ============ ============ Weighted Average Share Information Three Months Ended Six Months Ended June 30, June 30, ---------------------------- - ---------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ For earnings per share calculations: Weighted average shares - - Basic 113,217 111,118 112,975 110,961 ============ ============ ============ ============ - Diluted(2) 115,273 113,092 117,404 113,075 ============ ============ ============ ============ Income subject to income taxes $ 13,300 $ 11,739 $ 31,500 $ 23,728 ============ ============ ============ ============
Note: Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation. (1) Included in the calculation of income from continuing operations per share in accordance with SEC guidelines. (2) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. Net income would be increased by $3,214 for the six months ended June 30, 2005. For the three month periods ended June 30, 2005 and 2004 and the six months ended June 30, 2004 the impact of the conversion would have an anti-dilutive effect on net income and therefore has not been included. Kimco Realty Corporation Funds From Operations (In thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ---------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Funds From Operations(1) Net income $ 83,837 $ 71,430 $ 170,617 $ 142,819 Gain on disposition of operating properties, net of minority interests (7,771) (4,442) (11,762) (5,679) Gain on disposition of joint venture operating properties (642) -- (8,930) (1,223) Depreciation and amortization 27,709 26,221 53,892 53,213 Depreciation and amortization - real estate JV's, net of minority interests 12,219 8,564 22,979 16,812 Preferred stock dividends (2,909) (2,909) (5,819) (5,818) ------------ ------------ ------------ ------------ Funds from operations(1) $ 112,443 $ 98,864 $ 220,977 $ 200,124 ============ ============ ============ ============ Per common share: - Basic $ 0.99 $ 0.89 $ 1.96 $ 1.80 ============ ============ ============ ============ - Diluted(2) $ 0.97 $ 0.87 $ 1.91 $ 1.76 ============ ============ ============ ============ Weighted Average Share Information Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ---------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ For funds from operations Weighted average shares - - Basic 113,217 111,118 112,975 110,961 ============ ============ ============ ============ - Diluted(2) 117,656 115,475 117,404 115,458 ============ ============ ============ ============
(1) Most industry analysts and equity REITs, including the Company, generally consider funds from operations ("FFO") to be an appropriate supplemental measure of the performance of an equity REIT. FFO is defined as net income applicable to common shares before depreciation and amortization, extraordinary items, gains on sales of operating real estate, plus the pro-rata amount of depreciation and amortization and gains on sales of unconsolidated joint ventures, net of minority interests, determined on a consistent basis. Given the nature of the Company's business as a real estate owner and operator, the Company believes that FFO is helpful to investors as a measure of its operational performance. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and therefore should not be considered an alternative for net income as a measure of liquidity. In addition, the comparability of the Company's FFO with the FFO reported by other REITs may be affected by the differences that exist regarding certain accounting policies relating to expenditures for repairs and other recurring items. (2) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. Funds from operations would be increased by $1,607 and $1,502 for the three months ended June 30, 2005 and 2004, respectively, and $3,214 and $3,004 for the six months ended June 30, 2005 and 2004, respectively. Kimco Realty Corporation Condensed Consolidated Balance Sheets (In thousands, except per share data) June 30, December 31, 2005 2004 ------------ ------------ Assets: Operating real estate, net of accumulated depreciation of $703,005, and $634,642, respectively $ 3,135,111 $ 3,095,360 Investments and advances in real estate joint ventures 622,849 595,175 Real estate under development 400,898 362,220 Other real estate investments 217,429 188,536 Mortgages and other financing receivables 142,803 140,717 Cash and cash equivalents 47,377 38,220 Marketable securities 190,485 123,771 Accounts and notes receivable 59,305 52,182 Other assets 173,565 153,416 ------------ ------------ $ 4,989,822 $ 4,749,597 ============ ============ Liabilities: Notes payable $ 1,758,286 $ 1,608,925 Mortgages payable 312,167 353,071 Construction loans payable 196,073 156,626 Dividends Payable 72,052 71,489 Other liabilities 223,547 216,195 ------------ ------------ 2,562,125 2,406,306 ------------ ------------ Minority interests in partnerships 114,122 106,891 ------------ ------------ Stockholders' Equity: Preferred stock, $1.00 par value, authorized 3,600,000 shares Class F Preferred Stock, $1.00 par value, authorized 700,000 shares Issued and outstanding 700,000 shares 700 700 Aggregate liquidation preference $175,000 Common Stock, $.01 par value, authorized 300,000,000 shares Issued and outstanding 113,348,366 and 112,426,406, respectively 1,133 1,124 Paid-in capital 2,231,589 2,200,544 Retained earnings/ (Cumulative distributions in excess of net income) 22,916 (3,749) ------------ ------------ 2,256,338 2,198,619 Accumulated other comprehensive income 57,237 37,781 ------------ ------------ 2,313,575 2,236,400 ------------ ------------ $ 4,989,822 $ 4,749,597 ============ ============ Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation. Kimco Realty Corporation Reconciliation of Projected Diluted Net Income Per Common Share to Projected Funds From Operations Per Common Share
Projected Range Projected Range Full Year 2005 Full Year 2006 ------------------------ ------------------------ Low High Low High ---------- ---------- ---------- ---------- Projected diluted earnings per common share $ 2.79 $ 2.82 $ 2.84 $ 2.90 Projected depreciation and amortization 0.90 0.90 0.94 0.94 Projected depreciation and amortization from real estate joint ventures, net of minority interests 0.39 0.39 0.45 0.45 Gain on disposition/transfer of operating properties (0.15) (0.15) (0.05) (0.05) Gain on disposition of joint venture operating properties, net of minority interests (0.08) (0.08) (0.04) (0.04) ---------- ---------- ---------- ---------- Projected FFO per diluted common share $ 3.85 $ 3.88 $ 4.14 $ 4.20 ========== ========== ========== ==========
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, foreign currency exchange rates (such as the US-Canadian rate), selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management's estimate of results based upon these assumptions as of the date of this press release. Contact: Kimco Realty Corporation Scott Onufrey (516) 869-7190 sonufrey@kimcorealty.com SOURCE Kimco Realty Corporation -0- 07/25/2005 /CONTACT: Scott Onufrey of Kimco Realty Corporation, +1-516-869-7190, sonufrey@kimcorealty.com/ /Web site: http://www.kimcorealty.com / -----END PRIVACY-ENHANCED MESSAGE-----