Exhibit 99.1
[KIMCO REALTY CORPORATION LOGO]
FOR IMMEDIATE RELEASE
May 8, 2003
Kimco Announces $175 Million 6.65% Preferred Stock Offering;
Announces Redemption of 7 3/4% Class A and
8 3/8% Class C Cumulative Redeemable Preferred Stock
NEW HYDE PARK, N.Y., May 8, 2003 - Kimco Realty Corporation (NYSE: KIM) today
announced that it has completed the offering of 7,000,000 depositary shares,
each representing a one-tenth fractional interest in a share of the Company's
6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00. These
Depositary Shares, priced at $25.00, entitle holders to a 6.65% cumulative
dividend, or $1.6625 per annum, are not convertible into Common Stock and are
redeemable at par at the option of the Company on and after June 5, 2008. The
new shares will be issued on June 5, 2003 and the first quarterly dividend in
the prorated amount of 18.4722 cents per share will be made on July 15, 2003 to
shareholders of record on July 1, 2003.
In addition, Kimco announced that it will use the proceeds from this offering to
redeem all 2,000,000 outstanding depositary shares of the Company's 8 1/2% Class
B Cumulative Redeemable Preferred Stock (the "Class B Preferred Stock,"
NYSE:KIMprB), par value $1.00 and all 4,000,000 outstanding depositary shares of
the Company's 8 3/8% Class C Cumulative Redeemable Preferred Stock, par value
$1.00 per share (the "Class C Preferred Stock," NYSE:KIMprC), at the redemption
price of $25.00 per depositary share plus accrued and unpaid dividends. In
addition, a portion of the proceeds will be used to redeem all 3,000,000
outstanding depositary shares of the Company's 7 3/4% Class A Cumulative
Redeemable Preferred Stock (the "Class A Preferred Stock," NYSE:KIMprA), par
value $1.00 per share.
Kimco's Board of Directors has set June 9, 2003 as the redemption date on which
all outstanding depositary shares of Class A and Class C Preferred Stock will be
redeemed. Holders of the Class A depositary shares will receive cash
consideration of $25.00 per depositary share plus 12.9167 cents per depositary
share representing accrued and unpaid dividends on the redemption date. Holders
of the Class C depositary shares will receive cash consideration of $25.00 per
depositary share plus 31.4070 cents per depositary share representing accrued
and unpaid dividends on the redemption date. Dividends will cease to accrue on
the Class A and Class C Preferred Stock as of the redemption date. As previously
announced, holders of Class B depositary shares will receive cash consideration
of $25.00 per depositary share plus 27.7431 cents per depositary share
representing accrued and unpaid dividends through the Class B redemption date of
June 2, 2003.
For additional information on redeeming shares, Class A, Class B and Class C
Preferred Stock shareholders should contact The Bank of New York (Kimco's
transfer agent, paying agent and the depositary for the Class A, Class B and
Class C Preferred Stock) at 1-800-507-9357. To redeem their shares, holders of
the Class A, Class B and Class C Preferred Stock may surrender their depositary
receipt(s) evidencing depositary shares for Kimco Class A, Class B and Class C
Preferred Stock to:
If by mail: If by hand delivery or overnight express:
The Bank of New York The Bank of New York
Reorganization Services Reorganization Services
P.O. Box 11248 101 Barclay Street
Church Street Station Receive and Deliver Window, Street Level
New York, NY 10286-1248 New York, NY 10286
Kimco, a publicly traded real estate investment trust, has specialized in
shopping center acquisitions, development and management for more than 35 years,
and owns and operates the nation's largest portfolio of neighborhood and
community shopping centers with interests in 630 properties comprising
approximately 91.7 million square feet of leasable space located throughout 41
states, Canada and Mexico.
Contact:
Kimco Realty Corporation
Scott Onufrey
(516) 869-7190
sonufrey@kimcorealty.com