-----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, P6Yv5UW20SIUiRKOoPOyCntic14xNq+rxGDCt2EXNjLgsxnZTfFUORFcZk7+gd/V OkJpYNBxfgEb49Qm/dOByA== 0001398432-10-000431.txt : 20100615 0001398432-10-000431.hdr.sgml : 20100615 20100615153907 ACCESSION NUMBER: 0001398432-10-000431 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100611 ITEM INFORMATION: Material Impairments ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100615 DATE AS OF CHANGE: 20100615 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: 10897395 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 i10942.htm Kimco 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) June 11, 2010


KIMCO REALTY CORPORATION

 (Exact name of registrant as specified in its charter)


Maryland

1-10899

13-2744380

(State or other jurisdiction of

(Commission

(IRS Employer

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 (516) 869-9000


Not applicable

(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 (see General Instruction A.2. below):


[_]

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 2.06     Material Impairments.


On June 11, 2010, Kimco Realty Corporation (the "Company") and BIG Shopping Centers established a new joint venture to acquire a portfolio of 15 neighborhood and community shopping centers as described in the Company’s news release, which is attached as Exhibit 99.1 hereto and incorporated by reference herein. In connection with the joint venture, the Company concluded on June 11, 2010 that it will recognize an estimated non-cash impairment charge of approximately $12 million, or approximately $0.03 per diluted share, during the second quarter of 2010.


Item 9.01     Financial Statements and Exhibits.


(d)       The following exhibit is filed with this report:


99.1     News release dated June 15, 2010




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          


Dated:  June 15, 2010

By:

/s/ Michael V. Pappagallo

Name:

Michael V. Pappagallo

Title:

Executive Vice President,

Chief Operating Officer and

Chief Financial Officer



 EX-99.1 2 exh99_1.htm Exhibit 99.1

Exhibit 99.1


Listed on the New York Stock Exchange (KIM)

NEWS RELEASE


Kimco to Partner with BIG Shopping Centers on Acquisition of 15 Property Portfolio

NEW HYDE PARK, NY, June 15, 2010 – Kimco Realty Corporation (NYSE: KIM) announced today that it will partner with BIG Shopping Centers (TLV: BIG), an Israeli publicly traded company, in a new joint venture to acquire a portfolio of 15 neighborhood and community shopping centers for approximately $422 million including $385 million in mortgage debt. The properties are currently owned by a joint venture of an institutional investor and Kimco.

BIG and Kimco will hold a 49.9% and 33.3% interest, respectively in this venture and a consortium of other investors will hold the remaining 16.8% interest. Kimco, currently a minority owner in the portfolio, will serve as the operating partner and provide leasing and property management services in exchange for customary fees.

The portfolio, which comprises approximately 2.6 million square feet, is primarily located on the West Coast of the U.S. including nine properties in California, two in both Washington and Nevada, and one each in Oregon and Maryland. The portfolio is 89.5% occupied and includes Wal-Mart, Target, TJ Maxx, CVS Pharmacy, Ross Dress for Less and Albertsons as anchor tenants.

David Henry, Kimco President and CEO, said, “This is our second joint venture with BIG Shopping Centers and we are thrilled that BIG considers Kimco a key partner in its U.S. expansion plans. We expect this relationship to flourish and take advantage of additional acquisition opportunities that arise in the future.”

BIG Chairman Yehuda Naftali stated, “We are enthusiastic about the opportunity to continue our U.S. expansion strategy alongside one of the largest and most respected owners and operators of neighborhood shopping centers in the United States”.

BIG is also a current joint venture partner with Kimco in two neighborhood and community shopping centers located in California comprising 343,000 square feet.  

This transaction is expected to close by June 30, 2010. As a result of this transaction, Kimco estimates that it will recognize a non-cash impairment of approximately $0.03 per diluted share during the second quarter of 2010. The company maintains its estimated 2010 FFO guidance range before non-cash impairments of $1.10 - $1.15 per diluted share.

About Kimco

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America’s largest portfolio of neighborhood and community shopping centers.  As of March 31, 2010, the company owned interests in 1,471 retail properties comprising 151 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at www.kimcorealty.com.

About BIG Centers

BIG Shopping Centers (BIG), an Israeli publicly traded company, specializes in creating and managing branded open air shopping centers in Israel, India and Serbia.  BIG is the largest open air shopping center operator and developer in Israel.  As of today, the company owns and manages 15 centers across Israel totaling 2.3 million square feet of retail space.  Additionally, BIG is currently developing 12 shopping centers in Israel and abroad that should open during 2010 through 2013.  Publicly traded on the Tel-Aviv Stock Exchange under the symbol BIG and has achieved a strong credit rating by Moody’s and S&P.

Safe Harbor Statement

The statements in this release state the company's and management's 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 adverse economic and local real estate conditions, including the current economic recession, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt, or other sources of financing or refinancing on favorable terms, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint


venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for our common stock, (xii) the reduction in our income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, and (xiii) impairment charges. 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 Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended December 31, 2009. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2009, as may be updated or supplemented in the company’s Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.

- # # # -


CONTACT: Barbara Pooley, senior vice president, finance & investor relations, 1-866-831-4297




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