EXHIBIT 99.1
STOCKHOLDERS OF PAN PACIFIC RETAIL PROPERTIES, INC. APPROVE MERGER; KIMCO AND
PAN PACIFIC SET CLOSING DATE FOR TRANSACTION
NEW HYDE PARK, N.Y. AND SAN DIEGO, CALIF., SEPTEMBER 25, 2006 - Kimco Realty
Corporation (NYSE: KIM) and Pan Pacific Retail Properties, Inc. (NYSE: PNP)
today announced that, at a meeting held earlier today, Pan Pacific stockholders
approved the proposed merger of Pan Pacific with KRC Acquisition Inc., a
subsidiary of Kimco, and the other transactions contemplated by the merger
agreement.
Kimco and Pan Pacific also announced that they have set October 31, 2006 as the
closing date for the transactions. Kimco and Pan Pacific previously announced
that, as permitted by their merger agreement, Kimco has elected to pay the $70
per share merger consideration with $60 in cash and $10 in newly issued Kimco
common stock. Unless Kimco exercises its right to revoke its stock election, the
number of shares of Kimco common stock that Pan Pacific stockholders will
receive will be determined based on the closing price average of Kimco common
stock over the 10 trading days immediately preceding the closing date. Pan
Pacific stockholders will receive a pro rata portion of Pan Pacific's regular
$0.64 per share dividend for each day between September 26, 2006 and the closing
date. If the closing occurs as scheduled on October 31, 2006, the total amount
of the pro rata dividend will be $0.2365 per share.
ABOUT KIMCO REALTY CORPORATION
Kimco 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.
ABOUT PAN PACIFIC RETAIL PROPERTIES
Pan Pacific Retail Properties, Inc. is an equity real estate investment trust
(REIT) traded on the New York Stock Exchange under the symbol PNP. The Company
is the largest neighborhood shopping center REIT focused exclusively on the West
Coast. Pan Pacific's portfolio currently totals 138 properties, encompassing
approximately 22.6 million square feet of retail space. The portfolio is
principally diversified across five distinct regions in the Western United
States: Northern California, Southern California, Washington, Oregon and Nevada.
Pan Pacific specializes in the acquisition, ownership and management of
community and neighborhood shopping centers for everyday essentials. The
Company's strategy is aimed at generating long-term stable cash flow through
maintaining a diverse portfolio and tenant base, balanced with consistent growth
through its acquisition and property management programs.
Pan Pacific is headquartered in Vista (San Diego), California, and has
regional offices located in Sacramento, California; Kent, Washington; Portland,
Oregon; and Las Vegas, Nevada.
Additional information on Pan Pacific is available on the Company's website
at http://www.pprp.com.
# # #
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical facts
included in this press release are forward-looking statements. All
forward-looking statements speak only as of the date of this press release. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, achievements or
transactions of
Kimco, Pan Pacific and their affiliates or industry results or the benefits of
the proposed merger to be materially different from any future results,
performance, achievements or transactions expressed or implied by such
forward-looking statements. Such risks, uncertainties and other factors relate
to, among others, Kimco's right under the merger agreement to revoke its
election to include stock in the merger consideration, and the satisfaction of
conditions to the closing of the merger. Additional information or factors which
could impact the companies and the forward-looking statements contained herein
are included in each company's filings with the Securities and Exchange
Commission. The companies assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release does not constitute an offer of any securities for sale.
In connection with the proposed transaction, Kimco and Pan Pacific have filed a
definitive proxy statement/prospectus dated August 23, 2006 with the Securities
and Exchange Commission as part of a registration statement regarding the
proposed merger. Investors and security holders are urged to read the proxy
statement/prospectus because it contains important information about Kimco and
Pan Pacific and the proposed merger. Investors and security holders may obtain a
free copy of the definitive proxy statement/prospectus and other documents filed
by Kimco and Pan Pacific with the SEC at the SEC's website at WWW.SEC.GOV. The
definitive proxy statement/prospectus and other relevant documents may also be
obtained free of charge from Kimco or Pan Pacific by directing such request to:
Kimco Realty Corporation, 3333 New Hyde Park Road, New Hyde Park, New York
11042-0020 Attention: Investor Relations or Pan Pacific Retail Properties, Inc.,
1631B South Melrose Drive, Vista, California 92083 Attention: Investor
Relations. Investors and security holders are urged to read the proxy statement,
prospectus and other relevant material before making any investment decisions
with respect to the merger.
Kimco Contact: Pan Pacific Contact:
Scott G. Onufrey Carol Merriman
Vice President - Investor Relations Investor Relations
516-869-7190 760-598-2002