July 31, 2007
United States Securities and Exchange Commission
Washington, D. C. 20549
Attn: | Mr. Kevin Woody |
| Branch Chief |
Re: | Kimco Realty Corporation (the “Company”) |
| Form 10-K for the year ended December 31, 2006 |
| Form 10-Q for the quarterly period ended March 31, 2007 |
| File No. 1-10899 |
Dear Mr. Woody:
In reply to your letter dated July 23, 2007, on the above-mentioned File Number, please find our responses to your comments:
Form 10-K for the year ended December 31, 2006
Financial Statements
Consolidated Statements of Income, page 72
1. | We have reviewed your response to our prior comment number one. Please tell us management’s basis for determining that the line item revenues from rental property less rental property expenses does not violate Item 10(e)(1)(ii)(C). |
| Response |
The Company has further reviewed the provisions of Item 10(e)(1)(ii)(C) of Regulation S-K and has removed the line item revenues from rental property less rental property expenses. In future filings, the Company will present its Consolidated Statements of Income as follows (in thousands):
| Year Ended December 31, 2006 |
Revenues from rental property | $ 593,880 |
|
|
Rental property expenses: |
|
Rent | (11,786) |
Real estate taxes | (75,515) |
Operating and maintenance | (74,178) |
|
|
Mortgage and other financing income | 18,816 |
Management and other fee income | 40,684 |
Depreciation and amortization | (141,070) |
General and administrative expenses | (77,683) |
Interest, dividends and other investment income | 54,417 |
Other income, net | 9,522 |
Interest expense | (172,888) |
Income from continuing operations before income taxes, Income from other real estate investments, Equity in income of real estate joint ventures, Minority interests in income, and Gain on sale of development properties | 164,199 |
|
|
Provision for income taxes | (4,387) |
|
|
Income from other real estate investments | 77,062 |
Equity in income of real estate joint ventures, net | 106,930 |
Minority interests in income, net | (26,254) |
Gain on sale of development properties |
|
net of tax of $12,155, $10,824 and $4,401, respectively | 25,121 |
|
|
Income from continuing operations | 342,671 |
|
|
Discontinued operations: |
|
Income from discontinued operating properties | 14,004 |
Minority interest from discontinued operating properties | (1,497) |
Loss on operating properties held for sale/sold | (1,421) |
Gain on disposition of operating properties, net of tax | 72,042 |
Income from discontinued operations | 83,128 |
|
|
Gain on transfer of operating properties | 1,394 |
Loss on transfer of operating property | - |
Gain on sale of operating properties, net of tax | 1,066 |
Total gain (loss) on transfer or sale of operating properties, net of tax | 2,460 |
|
|
Net income | 428,259 |
|
|
Preferred stock dividends | (11,638) |
|
|
Net income available to common shareholders | $ 416,621 |
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The Company acknowledges that:
| • | the Company is responsible for the adequacy and accuracy of the disclosure in the filings; |
| • | staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and |
| • | the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Should you have any questions or require further clarification with regard to our responses, please feel free to contact me directly at (516) 869-7185.
Very truly yours,
/s/ Michael V. Pappagallo |
Michael V. Pappagallo |
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