Stockholders of Pan Pacific Retail Properties, Inc. Approve Merger; Kimco and Pan Pacific Set Closing Date for Transaction
September 25 2006 - 2:46PM
PR Newswire (US)
NEW HYDE PARK, N.Y., and SAN DIEGO, Sept. 25 /PRNewswire-FirstCall/
-- 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. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060908/NYF105LOGO-a ) 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 1,128 properties
comprising approximately 145.3 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
http://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
http://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
http://www.newscom.com/cgi-bin/prnh/20060908/NYF105LOGO-aDATASOURCE:
Kimco Realty Corporation CONTACT: Scott G. Onufrey, Vice President
- Investor Relations, Kimco, +1-516-869-7190; Carol Merriman,
Investor Relations, Pan Pacific, +1-760-598-2002 Web site:
http://www.kimcorealty.com/ http://www.pprp.com/
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