Kimco Receives Cash Distribution from Albertson's LLC Investment
Increases 2007 Earnings Guidance
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--
Kimco Realty Corporation (NYSE: KIM) announced today that Kimsouth Realty, a 92.5% owned taxable REIT subsidiary entity, has received a cash distribution totaling approximately $121.3 million from its ownership position in Albertson's LLC, a private entity that previously acquired certain assets and business operations of the former Albertson's, Inc. The distribution resulted from cash proceeds obtained by Albertson's LLC in connection with its disposition of certain operating stores and a refinancing of the remaining assets held in the entity.
In consideration of this transaction, the Company has increased its previously provided FFO guidance for the full year ending December 31, 2007 to a range of $2.49-$2.59 per share from the previously announced range of $2.39- $2.49 per share.
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 1,348 properties comprising approximately 175.4 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.
Kimco Realty Corporation
Reconciliation of Projected Diluted Net Income Per Common Share to
Projected Funds From Operations Per Common Share
Projected Range
Full Year 2007
Low High
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Projected diluted earnings per common share $1.74 $1.91
Projected depreciation and amortization 0.56 0.57
Projected depreciation and amortization
from real estate joint ventures, net of
minority interests 0.29 0.31
Gain on disposition of operating properties (0.05) (0.10)
Gain on disposition of joint venture
operating properties (0.05) (0.10)
---------- ----------
Projected FFO per diluted common share $2.49 $2.59
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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
Released February 26, 2007