NEW HYDE PARK, N.Y., March 20 /PRNewswire-FirstCall/ -- Kimco Realty
Corporation (NYSE: KIM) today announced that it has acquired interests in two
shopping centers and has agreed to acquire interests in five additional
shopping centers located in Puerto Rico. The aggregate value of the
properties is approximately $448 million. The portfolio is approximately 97.5
percent occupied and includes anchor tenants such as Home Depot, Sam's Club,
JC Penney and other high quality retailers. This transaction represents
Kimco's first property investment in Puerto Rico.
The total consideration, when all transactions are completed, will consist
of approximately $97 million in cash, $20 million in partnership units issued
to the contributors that is convertible into Kimco common stock, other
partnership units totaling $184 million of which $26.2 million has limited
conversion features, and the assumption of approximately $147 million of
mortgage debt.
The majority principals in the transaction are Mr. Jay Furman and Mr.
Walter Samuels. Mr. Furman said, "This transaction allows us to participate
with Kimco in their future success. Their outstanding record of performance
made them the best choice for this transaction." Mr. Samuels added, "I have
known Milton Cooper for over 40 years. We chose to enter into this
transaction with Kimco because of the long standing relationship we have
together and the flexibility they demonstrated in structuring a transaction
that suited our needs and the needs of our associates."
Milton Cooper, Chairman and CEO, said, "At Kimco we believe that the
success of every transaction is dependent on the people involved. Both Jay
and Walter have been terrific to work with."
Kimco Realty Corporation is a publicly traded real estate investment trust
that has specialized in shopping center acquisitions, development and
management for more than 45 years. The Company owns and operates the nation's
largest portfolio of neighborhood and community shopping centers with
interests in 1,048 properties comprising approximately 135.8 million square
feet of leasable space located throughout 44 states, Canada and Mexico. For
further information refer to the Company's web site at www.kimcorealty.com.
Contact:
Kimco Realty Corporation
Scott Onufrey
(516) 869-7190
sonufrey@kimcorealty.com
SOURCE Kimco Realty Corporation
-0- 03/20/2006
/CONTACT: Scott Onufrey of Kimco Realty Corporation, +1-516-869-7190,
sonufrey@kimcorealty.com /
/Web site: http://www.kimcorealty.com /
(KIM)
CO: Kimco Realty Corporation
ST: New York
IN: FIN RLT
SU: TNM
DO
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