Pan Pacific Retail Properties, Inc. Declares Final Dividend
October 27 2006 - 1:48PM
Business Wire
Pan Pacific Retail Properties, Inc. (NYSE:PNP) today announced that
a final pro rata dividend of $0.2365 per share has been declared
and will be paid to stockholders of record on October 30, 2006. The
dividend will be deposited with the paying agent for the proposed
merger of Pan Pacific with a subsidiary of Kimco Realty Corporation
(NYSE:KIM) and will be paid to stockholders of Pan Pacific along
with the merger consideration in accordance with the procedures in
the relevant merger agreement. The merger is expected to close on
October 31, 2006. Pan Pacific common stock will be delisted from
the New York Stock Exchange and trading will cease effective at the
close of business on October 30, 2006. 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 web site at 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
92081 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. Pan Pacific Retail Properties, Inc.
(NYSE:PNP) today announced that a final pro rata dividend of
$0.2365 per share has been declared and will be paid to
stockholders of record on October 30, 2006. The dividend will be
deposited with the paying agent for the proposed merger of Pan
Pacific with a subsidiary of Kimco Realty Corporation (NYSE:KIM)
and will be paid to stockholders of Pan Pacific along with the
merger consideration in accordance with the procedures in the
relevant merger agreement. The merger is expected to close on
October 31, 2006. Pan Pacific common stock will be delisted from
the New York Stock Exchange and trading will cease effective at the
close of business on October 30, 2006. 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 web site at 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
92081 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.
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