Business & Finance
Business and Finance
Business and Finance 
Mon, May 17, 2010
Kimco Realty Corporation announces new institutional joint venture
NEW HYDE PARK, N.Y.--([ BUSINESS WIRE ])--Kimco Realty Corporation (NYSE: KIM) announced today that it has formed a new joint venture with BIG Shopping Centers (TLV: BIG), an Israeli publicly traded company, to acquire high quality neighborhood and community shopping centers throughout the United States. The initial investment of $68.8 million includes two former PL Retail properties which Kimco purchased during the fourth quarter of 2009.
BIG acquired a 49.9% interest in the venture and Kimco will retain a 50.1% interest in addition to acting as the operating partner. As the operating partner, Kimco will manage the properties and earn asset management, property management and other customary fees for their role in the venture. BIG and Kimco intend to grow their joint venture over time through the acquisition of additional retail properties or portfolios
The initial properties are Town Center East located in Signal Hill, California and Stanford Ranch Crossing located Roseville, California. The portfolio consists of approximately 343,000 square feet and tenant anchors include Home Depot, PetSmart, Staples, Ross Dress for Less and Sports Authority.
About Kimco
Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North Americaa™s largest portfolio of neighborhood and community shopping centers. As of March 31, 2010, the company owned interests in 1,471 retail properties comprising 151 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at [ www.kimcorealty.com ].
About BIG Centers
BIG Shopping Centers (BIG), an Israeli publicly traded company, specializes in creating and managing branded open air shopping centers in Israel, India and Serbia. BIG is the largest open air shopping center operator and developer in Israel. As of today, the company owns and manages 15 centers across Israel totaling 2.3 million square feet of retail space. Additionally, BIG is currently developing 12 shopping centers in Israel and abroad that should open during 2010 through 2013. Publicly traded on the Tel-Aviv Stock Exchange under the symbol BIG and has achieved a strong credit rating by Moodya™s and S&P.
Safe Harbor Statement
The statements in this release state the company's and management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, including the current economic recession, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt, or other sources of financing or refinancing on favorable terms, (iv) the companya™s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for our common stock, (xii) the reduction in our income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, and (xiii) impairment charges. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended December 31, 2009. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.
The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2009, as may be updated or supplemented in the companya™s Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.