-----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, BYs47hblKni674HpBaefU7syJSINxXj5FjuMr3S7hV65B129G9vgmJcZUCvGkE4b HrqO7ZVxhw00asjjd4qhSw== 0001275287-06-003759.txt : 20060725 0001275287-06-003759.hdr.sgml : 20060725 20060725070437 ACCESSION NUMBER: 0001275287-06-003759 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060725 DATE AS OF CHANGE: 20060725 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: 06977696 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 kr6487.txt FORM 8-K ================================================================================ 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 25, 2006 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 25, 2006, Kimco Realty Corporation issued a press release announcing its financial results for the first quarter ended June 30, 2006. 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. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description - ----------- --------------------------------------------------------------- 99.1 Press Release, dated July 25, 2006 issued by Kimco Realty 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 25, 2006 EXHIBIT INDEX Exhibit No. Description - ----------- --------------------------------------------------------------- 99.1 Press Release, dated July 25, 2006 issued by Kimco Realty Corporation EX-99.1 2 kr6487ex991.txt EXHIBIT 99.1 Exhibit 99.1 KIMCO REALTY REPORTS a 12.5 PERCENT INCREASE IN FFO PER SHARE; ANNOUNCES a 9.1 PERCENT DIVIDEND INCREASE Highlights: - Net Income Per Share Increased 22.9 Percent to $0.43 - FFO Per Share Increased 12.5 Percent to $0.54 - Company Increases 2006 FFO Guidance - Portfolio Occupancy Increases to a Record High Level of 94.8 Percent - Board of Directors Increases Quarterly Dividend to $0.36 Per Share, an Increase of 9.1 Percent NEW HYDE PARK, N.Y., July 25 /PRNewswire-FirstCall/ -- Kimco Realty Corporation (NYSE: KIM) today announced that net income for the second quarter ended June 30, 2006 was $108.7 million compared to $83.8 million a year earlier, an increase of 29.7 percent. On a per share basis, net income increased 22.9 percent to $0.43 from $0.35 reported in the second quarter of 2005. All prior period per share amounts contained herein have been adjusted for the Company's 2:1 stock split that was effective August 23, 2005. Kimco's second quarter funds from operations ("FFO"), a widely accepted supplemental measure of REIT performance, rose 18.6 percent to $133.3 million from $112.4 million for the same period last year. On a per share basis, second quarter FFO increased 12.5 percent to $0.54 from $0.48 a year ago. Quarterly FFO excludes gains on dispositions and transfers of operating properties net of minority interests and gains on dispositions of joint venture properties, totaling approximately $24.8 million, or $0.10 per share, in 2006 and approximately $8.4 million, or $0.04 per share, in 2005. For the six months ended June 30, 2006, net income increased 20.1 percent to $204.9 million from $170.6 million for the same period last year. Net income per share increased 15.3 percent to $0.83 from $0.72 a year ago. Funds from operations rose 16.7 percent to $257.9 million for the six-month period ended June 30, 2006 from $221.0 million in the year earlier period. On a per share basis, FFO increased 12.6 percent to $1.07 from $0.95 reported a year ago. Funds from operations for the six months ended June 30, 2006 excludes gains on dispositions and transfers of operating properties net of minority interests and gains on dispositions of joint venture properties, totaling approximately $38.1 million or $0.16 per share and approximately $20.7 million or $0.09 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 94.8 percent from 94.6 percent at March 31, 2006 and 94.1 percent a year earlier. The increase in occupancy, 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 120 new leases in the portfolio totaling 354,000 square feet and 104 renewals totaling 433,000 square feet. Over the past 12 months the Company has signed 497 new leases in this portfolio totaling approximately 2.4 million square feet and 362 renewals totaling 1.9 million square feet. The average increase in base rent for new leases signed for same space leases was 22.9 percent and 14.4 percent for the quarter and trailing twelve months ended June 30, 2006, respectively. Occupancy in the Company's combined operating portfolio encompassing approximately 116.5 million square feet of gross leasable area increased to 95.1 percent from 94.9 percent in the prior quarter. Dividend Increase Consistent with the Company's continued strong operating results and positive outlook, Kimco's Board of Directors has increased the quarterly dividend 9.1 percent to $0.36 per share from $0.33 per share. This dividend increase represents the 15th consecutive annual increase in Kimco's dividend, which has grown at a compound annual rate of 9.3 percent since the Company's initial public offering in 1991. In addition, the Board declared the fourth quarter common stock dividend at the increased rate of $0.36 per share payable on October 16, 2006 to shareholders of record on October 4, 2006. Investment Activity In addition to the Company's recently announced merger agreement with Pan Pacific Retail Properties, Inc. (NYSE: PNP), the Company recently acquired interests in 33 properties with a gross value of $537.0 million. Significant recent transactions included the following: U.S. Acquisitions * The Company, in its co-investment program with UBS Wealth Management, acquired two new shopping center investments, Airport Plaza, located in Farmingdale, New York, and The Center at Hobbs Brook, located in Sturbridge, Massachusetts. Airport Plaza, which was acquired for approximately $95.1 million, is well positioned in a prime retail corridor on Long Island and consists of 447,600 square feet of gross leaseable area that is currently 97.9 percent leased. Anchor tenants include Home Depot, Borders Books, Bed Bath & Beyond and Staples. The 231,000 square foot Center at Hobbs Brook is 95.7 percent leased to tenants that include Marshall's, Stop & Shop, Old Navy and Staples. This shopping center was acquired for $53.1 million. * Kimco acquired a 50 percent interest in Great Northeast Plaza located in Philadelphia, Pennsylvania. The property, anchored by Sears, is adjacent to an existing Kimco center and the acquisition will facilitate the redevelopment of the combined properties. The site was acquired for approximately $36.5 million. * Kimco acquired Mallside Plaza in Portland, Maine, for $23.1 million. The 91,000 square foot shopping center is 92.1 percent occupied and anchored by Office Max and Dollar Tree. * Kimco purchased a substantial portion of its partners' interest in the remaining four properties in the Kimsouth venture for $22.7 million, continuing the liquidation process of the former Konover Properties Trust REIT. Kimco anticipates completing the liquidation and transferring three of these properties to one of its co-investment partners during the third quarter. * Kimco completed the previously announced acquisition of Western Plaza located in Mayaguez, Puerto Rico, for $34.9 million. Sam's Club anchors the 226,000 square foot shopping center. * Also as previously announced, Kimco completed the acquisition of six properties, including two on Long Island, two in Texas, one in Riverside, California and one in Palm Aire, Florida. The properties were acquired in separate transactions during April totaling approximately $185.0 million. U.S. Preferred Equity Investments During the quarter, Kimco invested approximately $35.4 million in preferred equity transactions that consisted of 13 properties. The significant transactions are as follows: * The Company invested $14.7 million in a preferred equity position in the Foothills Mall with Feldman Mall Properties. Foothills Mall is a 501,000 square foot discount and entertainment complex anchored by Barnes & Noble, Linen's N Things, Ross Stores and Nike Factory Outlet. * Kimco invested $8.4 million in a portfolio of three buildings comprising a total of 387,885 square feet located in suburban Boston, Massachusetts. The properties were recently acquired by Everest Partners, which owns and operates more than 3.2 million square feet in the New England market. * In a separate transaction with Everest Partners, Kimco invested $5.3 million in Porter Square, a 56,625 square foot property anchored by Pier One located in a supply constrained market in Cambridge, Massachusetts. * Kimco made a $3.9 million preferred equity investment in a development project located adjacent to Republic Airport on Long Island. * Kimco made a $2.5 million preferred equity investment in five retail centers comprising 252,800 square feet located in Northern New Hampshire. Three of the shopping centers are anchored by Shaw's grocery stores, one is anchored by Rite Aid and one by Staples. Mexico Investments * Kimco commenced a $5.7 million ground up development project in Puerto Vallarta. The 83,000 square foot development is expected to be completed in the first quarter of 2007 and will be anchored by an 72,000 square foot Soriana grocery store. Soriana, with 202 stores throughout Mexico, is one of the country's largest grocery store chains. * As previously announced, Kimco acquired a 20 acre site in Guadalajara, Mexico, for the ground up development of a 767,400 square foot shopping center. The property is located in a highly sought after in-fill location in Mexico's second largest city where there is strong demand from anchor tenants. Kimco has initially invested $31.6 million and the total project cost is expected to be approximately $83 million upon completion. * The Company funded a $1.8 million expansion of a building net leased to Werner Co. in its joint venture with American Industries and, as previously announced, acquired a building net leased to Cessna for approximately $2.1 million. * Kimco recently completed a $5.2 million development project, Plaza Magno Deco, a 39,000 square foot shopping center located in Mexico City, Mexico. Canadian Investments * Kimco funded a $45.1 million preferred equity interest in the $183 million Faubourg Boisbriand Retail Development, a new development project that will consist of 1.2 million square feet. In partnership with Sterling Centrecorp and Cherokee Canada, Kimco is redeveloping the former General Motors plant located in Montreal, Quebec. Anchor tenants will include Sobey's, Zellers and Home Outfitters. In addition, the project is shadow anchored by Costco. * As previously announced, Kimco made a $3.0 million investment in a portfolio of three grocery anchored neighborhood shopping centers located in La Malbai, St-Augustin-de-Desmaures and Laurier Station, Quebec. In addition, Kimco participated with an investment group to complete the purchase of certain businesses of Albertson's, Inc. The group has acquired 661 operating stores that operate under the Albertson's and Super Saver banners and also include the combo-store pharmacies under the Osco and Sav-on banners. Subsequently, the group acquired the fee simple interest in 50 properties which included leases to Albertson's, Inc. and Supervalu from Newkirk Realty Trust, Inc. Development Activities During the quarter, Kimco's merchant building business, Kimco Developers Inc. (KDI), commenced a ground up development in Anchorage, Alaska. Kimco's initial investment to acquire the land at Glenn Square shopping center was $3.3 million. The project is a 256,000 square foot shopping center to be anchored by Petco, Michaels, Bed Bath & Beyond and several other national retailers. Total project costs are expected to be approximately $31.1 million and tenants will begin opening in 2007. In addition, KDI completed the sale of two shopping centers and sold portions of eight additional projects generating proceeds of $65.2 million. These property sales resulted in gains on sales of approximately $6.6 million, net of tax. Kimco's current pipeline of development projects in the U.S., Canada and Mexico consists of 48 shopping centers totaling $1.6 billion of investment and approximately 15.4 million square feet of gross leasable area. Earnings Guidance As a result of the Company's continued strong operating results, Kimco's management increased its range of guidance for full year 2006 FFO per share to $2.16 - $2.18 from the prior guidance range of $2.12 - $2.16. Kimco Realty Corporation was added to the Standard & Poor's 500 Index on March 31, 2006, a benchmark used by over 97 percent of U.S. money managers. The Company 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 1,118 properties comprising approximately 143.6 million square feet of leasable space located throughout 45 states, Canada, Mexico and Puerto Rico. For further information refer to the Company's web site at 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, 2005. Copies of each filing may be obtained from the Company or the SEC. Contact: Kimco Realty Corporation Scott Onufrey (516) 869-7190 sonufrey@kimcorealty.com Kimco Realty Corporation Condensed Consolidated Statements of Income (In thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, --------------------------- --------------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Revenues from rental property $ 151,502 $ 125,824 $ 293,314 $ 254,274 ----------- ----------- ----------- ----------- Rental property expenses: Rent 2,944 2,603 5,857 5,113 Real estate taxes 19,904 16,209 37,455 32,151 Operating and maintenance 17,820 13,513 35,427 30,810 ----------- ----------- ----------- ----------- 40,668 32,325 78,739 68,074 ----------- ----------- ----------- ----------- Net operating income 110,834 93,499 214,575 186,200 Income from other real estate investments 15,430 11,684 33,747 28,013 Mortgage financing income 8,716 3,465 12,910 6,570 Management and other fee income 12,340 7,477 19,735 15,130 Depreciation and amortization (35,673) (26,714) (65,121) (51,854) ----------- ----------- ----------- ----------- 111,647 89,411 215,846 184,059 Interest, dividends and other investment income 12,054 4,410 24,344 8,472 Other (expense)/income, net (3,134) 12,093 8,898 11,156 Interest expense (42,010) (30,239) (81,912) (58,635) General and administrative expenses (16,567) (12,747) (33,300) (24,750) ----------- ----------- ----------- ----------- 61,990 62,928 133,876 120,302 Benefit/(Provision) for income taxes 3,257 (2,252) 1,680 (4,827) Equity in income of real estate joint ventures, net 26,761 14,707 43,512 39,088 Minority interests in income, net (8,053) (3,881) (13,816) (6,970) Gain on sale of development properties, net of tax of $4,423, $3,664, $5,632 and $7,143, respectively 6,635 5,495 8,447 10,714 ----------- ----------- ----------- ----------- Income from continuing operations 90,590 76,997 173,699 158,307 ----------- ----------- ----------- ----------- Discontinued Operations: Income from discontinued operating properties 614 1,865 2,125 3,391 Minority interest in income from discontinued operating properties (1,470) (31) (1,521) (78) Loss on operating properties held for sale/sold (813) (2,615) (813) (2,615) Gain on disposition of operating properties, net of tax 18,429 7,065 30,055 9,461 ----------- ----------- ----------- ----------- Income from discontinued operations 16,760 6,284 29,846 10,159 ----------- ----------- ----------- ----------- Gain on transfer of operating properties(1) 1,394 706 1,394 2,301 Loss on transfer of operating properties(1) -- (150) -- (150) ----------- ----------- ----------- ----------- 1,394 556 1,394 2,151 ----------- ----------- ----------- ----------- Net income 108,744 83,837 204,939 170,617 Preferred dividends (2,909) (2,909) (5,819) (5,819) ----------- ----------- ----------- ----------- Net income available to common shareholders $ 105,835 $ 80,928 $ 199,120 $ 164,798 =========== =========== =========== =========== Per common share: Income from continuing operations: - Basic $ 0.37 $ 0.33 $ 0.72 $ 0.68 =========== =========== =========== =========== - Diluted(2) $ 0.36(2) $ 0.32(3) $ 0.71(2) $ 0.67(3) =========== =========== =========== =========== Net income: - Basic $ 0.44 $ 0.36 $ 0.85 $ 0.73 =========== =========== =========== =========== - Diluted (2) $ 0.43(2) $ 0.35(3) $ 0.83(2) $ 0.72(3) =========== =========== =========== ===========
Weighted Average Share Three Months Ended Six Months Ended Information June 30, June 30, For earnings per share --------------------------- --------------------------- calculations: 2006 2005 2006 2005 - ------------------------------------------ ----------- ----------- ----------- ----------- Weighted average shares - - Basic 240,554 226,435 234,647 225,951 =========== =========== =========== =========== - Diluted(2) 246,048(2) 230,545(3) 240,065(2) 230,042(3) =========== =========== =========== ===========
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 $209 for the three months ended June 30, 2006 and $363 for the six months ended June 30, 2006. (3) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. 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, -------------------------- -------------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Funds From Operations(1) Net income $ 108,744 $ 83,837 $ 204,939 $ 170,617 Gain on disposition of operating properties, net of minority interests (18,163) (7,771) (29,789) (11,762) Gain on disposition of joint venture operating properties (6,589) (642) (8,321) (8,930) Depreciation and amortization 35,617 27,709 65,294 53,892 Depreciation and amortization - real estate JV's, net of minority interests 16,610 12,219 31,619 22,979 Preferred stock dividends (2,909) (2,909) (5,819) (5,819) ----------- ----------- ----------- ----------- Funds from operations(1) $ 133,310 $ 112,443 $ 257,923 $ 220,977 =========== =========== =========== =========== Per common share: - Basic $ 0.55 $ 0.50 $ 1.10 $ 0.98 =========== =========== =========== =========== - Diluted(2) $ 0.54(2) $ 0.48(2) $ 1.07(2) $ 0.95(2) =========== =========== =========== =========== Three Months Ended Six Months Ended June 30, June 30, Weighted Average Share -------------------------- -------------------------- Information 2006 2005 2006 2005 - ------------------------------------------ ----------- ----------- ----------- ----------- For funds from operations calculations: Weighted average shares- - Basic 240,554 226,435 234,647 225,951 =========== =========== =========== =========== - Diluted(2) 251,217(2) 235,312(2) 244,832(2) 234,808(2) =========== =========== =========== ===========
(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 $2,103 and $1,607 for the three months ended June 30, 2006 and 2005, respectively, and $3,842 and $3,215 for the six months ended June 30, 2006 and 2005, respectively. Kimco Realty Corporation Condensed Consolidated Balance Sheets (In thousands, except share data)
June 30, December 31, 2006 2005 ------------ ------------ Assets: Operating real estate, net of accumulated depreciation of $768,973, and $740,127, respectively $ 3,856,241 $ 3,209,158 Investments and advances in real estate joint ventures 817,953 735,648 Real estate under development 809,024 611,121 Other real estate investments 388,466 283,035 Mortgages and other financing receivables 142,017 132,675 Cash and cash equivalents 122,346 76,273 Marketable securities 203,479 206,452 Accounts and notes receivable 65,548 64,329 Other assets 356,776 215,945 ------------ ------------ $ 6,761,850 $ 5,534,636 ============ ============ Liabilities: Notes payable $ 2,389,037 $ 2,147,405 Mortgages payable 488,111 315,336 Construction loans payable 261,706 228,455 Dividends payable 82,323 78,169 Other liabilities 338,594 255,213 ------------ ------------ 3,559,771 3,024,578 ------------ ------------ Minority interests in partnerships 308,799 122,844 ------------ ------------ 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 700 700 Issued and outstanding 700,000 shares Aggregate liquidation preference $175,000 Common Stock, $.01 par value, authorized 300,000,000 shares Issued 241,192,479, outstanding 240,645,899 in 2006; 2,406 2,281 Issued and outstanding 228,059,056 in 2005 Paid-in capital 2,740,934 2,255,332 Retained earnings 100,213 59,855 ------------ ------------ 2,844,253 2,318,168 Accumulated other comprehensive income 49,027 69,046 ------------ ------------ 2,893,280 2,387,214 ------------ ------------ $ 6,761,850 $ 5,534,636 ============ ============
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 Full Year 2006 --------------------------- Low High ------------ ------------ Projected diluted earnings per $ 1.51 $ 1.58 common share Projected depreciation and 0.54 0.54 amortization Projected depreciation and 0.27 0.27 amortization from real estate joint ventures, net of minority interests Gain on disposition/transfer of (0.13) (0.16) operating properties Gain on disposition of joint venture operating properties, net of minority interests (0.03) (0.05) ============ ============ Projected FFO per diluted common share $ 2.16 $ 2.18 ============ ============ 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. SOURCE Kimco Realty Corporation -0- 07/25/2006 /CONTACT: Scott Onufrey of Kimco Realty Corporation, +1-516-869-7190, sonufrey@kimcorealty.com / /Web site: http://www.kimcorealty.com / -----END PRIVACY-ENHANCED MESSAGE-----