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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
__X__ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2000
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ____________ to ____________
Commission file number 1-10899
Kimco Realty Corporation
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(Exact name of registrant as specified in its charter)
Maryland 13-2744380
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(State of incorporation) (I.R.S. Employer Identification No.)
3333 New Hyde Park Road, New Hyde Park, NY 11042-0020
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (516)869-9000
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
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Common Stock, par value $.01 per share. New York Stock Exchange
Depositary Shares, each representing one-
tenth of a share of 7-3/4% Class A
Cumulative Redeemable Preferred Stock,
par value $1.00 per share. New York Stock Exchange
Depositary Shares, each representing one-
tenth of a share of 8-1/2% Class B
Cumulative Redeemable Preferred Stock,
par value $1.00 per share. New York Stock Exchange
Depositary Shares, each representing one-
tenth of a share of 8-3/8% Class C
Cumulative Redeemable Preferred Stock,
par value $1.00 per share. New York Stock Exchange
Depositary Shares, each representing one-
tenth of a share of 7-1/2% Class D
Cumulative Convertible Preferred
Stock, par value $1.00 per share. New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (i) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (ii) has been subject to such
filing requirements for the past 90 days. Yes X No Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K. _X_
The aggregate market value of the voting stock held by
nonaffiliates of the registrant was approximately $2.4 billion based upon the
closing price on the New York Stock Exchange for such stock on February 1, 2001.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable date.
63,249,835 shares as of February 1, 2001.
Page 1 of 85
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Registrant's
definitive proxy statement to be filed with respect to the Annual Meeting of
Stockholders expected to be held on May 15, 2001.
Index to Exhibits begins on page 37.
2
TABLE OF CONTENTS
Form
10-K
Report
Item No. Page
- -------- ------
PART I
1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . 13
3. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . 15
4. Submission of Matters to a Vote of Security Holders . . . . 15
Executive Officers and other Significant Employees
of the Registrant . . . . . . . . . . . . . . . . . . . . 25
PART II
5. Market for the Registrant's Common Equity
and Related Shareholder Matters . . . . . . . . . . . . . 27
6. Selected Financial Data . . . . . . . . . . . . . . . . . . 28
7. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . 30
7A. Quantitative and Qualitative Disclosures About Market Risk. . 33
8. Financial Statements and Supplementary Data . . . . . . . . 34
9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure . . . . . . . . . . . 34
PART III
10. Directors and Executive Officers of the Registrant . . . . . 35
11. Executive Compensation . . . . . . . . . . . . . . . . . . . 35
12. Security Ownership of Certain Beneficial Owners and
Management . . . . . . . . . . . . . . . . . . . . . . . . 35
13. Certain Relationships and Related Transactions . . . . . . . 35
PART IV
14. Exhibits, Financial Statements, Schedules and Reports on
Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . 36
3
PART I
FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K, together with other statements and information
publicly disseminated by Kimco Realty Corporation (the "Company" or "Kimco")
contains certain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995 and
include this statement for purposes of complying with these safe harbor
provisions. Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and expectations, are
generally identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project" or similar expressions. You should not rely
on forward-looking statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond the Company's
control and which could materially affect actual results, performances or
achievements. Factors which may cause actual results to differ materially from
current expectations include, but are not limited to, (i) general economic and
local real estate conditions, (ii) financing risks, such as the inability to
obtain equity or debt financing on favorable terms, (iii) changes in
governmental laws and regulations, (iv) the level and volatility of interest
rates (v) the availability of suitable acquisition opportunities and (vi)
increases in operating costs. Accordingly, there is no assurance that the
Company's expectations will be realized.
Item 1. Business
General Kimco Realty Corporation is one of the nation's largest owners and
operators of neighborhood and community shopping centers. As of February 1,
2001, the Company's portfolio was comprised of 494 property interests including
429 neighborhood and community shopping center properties, two regional malls,
50 retail store leases, nine ground-up development projects, three parcels of
undeveloped land and one distribution center totaling approximately 66.0 million
square feet of leasable space located in 41 states. The Company's portfolio
includes 53 shopping center properties comprising approximately 9.2 million
square feet (the "KIR Portfolio") relating to the Kimco Income REIT ("KIR"), a
joint venture arrangement with institutional investors established for the
purpose of investing in high quality retail properties financed primarily with
individual non-recourse mortgage debt (See Recent Developments - Investment in
Kimco Income REIT ("KIR") and Note 4 of the Notes to Consolidated Financial
Statements included in this annual report on Form 10-K). The Company believes
its portfolio of neighborhood and community shopping center properties is the
largest (measured by gross leasable area ("GLA")) currently held by any
publicly-traded real estate investment trust ("REIT"). The Company is a
self-administered REIT and manages its properties through present management,
which has owned and operated neighborhood and community shopping centers for 35
years. The Company has not engaged, nor does it expect to retain, any REIT
advisors in connection with the operation of its properties.
The Company's executive offices are located at 3333 New Hyde Park Road, New Hyde
Park, New York 11042-0020 and its telephone number is (516) 869-9000. Unless the
context indicates otherwise, the term the "Company" as used herein is intended
to include subsidiaries of the Company.
History The Company began operations through its predecessor, The Kimco
Corporation, which was organized in 1966 upon the contribution of several
shopping center properties owned by its principal stockholders. In 1973, these
principals formed the Company as a Delaware corporation, and in 1985, the
operations of The Kimco Corporation were merged into the Company. The Company
completed its initial public stock offering (the "IPO") in November 1991, and
commencing with its taxable year which began January 1, 1992, elected to
qualify as a REIT in accordance with Sections 856 through 860 of the Internal
Revenue Code of 1986, as amended (the "Code"). In 1994 the Company reorganized
as a Maryland corporation.
The Company's growth through its first fifteen years resulted primarily from the
ground-up development and construction of its shopping centers. By 1981, the
Company had assembled a portfolio of 77 properties that provided an established
source of income and positioned the Company for an expansion of its asset base.
At that time, the Company revised its growth strategy to focus on the
acquisition of existing shopping centers and creating value through the
redevelopment and re-tenanting of those properties. As a result of this
strategy, substantially all of the shopping centers added to the Company's
portfolio since 1981 have been through the acquisition of existing shopping
centers.
4
During 1998, the Company, through a merger transaction, completed the
acquisition of The Price REIT, Inc., a Maryland corporation (the "Price
REIT")(See Note 3 of the Notes to Consolidated Financial Statements included in
this annual report on Form 10-K). Prior to the merger, Price REIT was a
self-administered and self-managed equity REIT that was primarily focused on the
acquisition, development, management and redevelopment of large retail community
shopping center properties concentrated in the western part of the United
States. In connection with the Merger, the Company acquired interests in 43
properties, located in 17 states, consisting of 39 retail community centers, one
stand-alone retail warehouse, one project under development and two undeveloped
land parcels, containing approximately 8.0 million square feet of GLA. The
overall occupancy rate of the retail community centers was approximately 98%.
With the completion of the Price REIT merger, the Company expanded its presence
in certain western states including California, Arizona and Washington. In
addition, Price REIT had strong ground-up development capabilities. These
development capabilities, coupled with the Company's own construction management
expertise, provides the Company, on a selective basis, the ability to pursue
ground-up development opportunities.
Also during 1998, the Company formed KIR, an entity in which the Company held a
99.99% limited partnership interest. KIR was established for the purpose of
investing in high quality properties financed primarily with individual
non-recourse mortgages. The Company believes that these properties are
appropriate for financing with greater leverage than the Company traditionally
uses. At the time of formation, the Company contributed 19 properties to KIR,
each encumbered by an individual non-recourse mortgage. During 1999, KIR sold a
significant interest in the partnership to institutional investors. As of
December 31, 2000, the Company holds a 43.3% non-controlling limited partnership
interest in KIR and accounts for its investment in KIR under the equity method
of accounting (See Recent Developments - Investment in Kimco Income REIT ("KIR")
and Note 4 of the Notes to Consolidated Financial Statements included in this
annual report on form 10-K).
In connection with the Tax Relief Extension Act of 1999 (the "RMA") which became
effective January 1, 2001, the Company is now permitted to participate in
activities which it was precluded from previously in order to maintain its
qualification as a REIT, so long as these activities are conducted in entities
which elect to be treated as taxable subsidiaries under the code, subject to
certain limitations. As such, the Company has established Kimco Developers, Inc.
("KDI"), a wholly-owned taxable REIT subsidiary which will be primarily engaged
in the ground-up development of neighborhood and community shopping centers and
sales thereof upon completion. KDI currently has nine ground-up development
projects in progress located in San Antonio, TX, Houston, TX, Tallahasee, FL,
Miamisburg, OH, Columbus, OH, Raleigh, NC, Henderson, NV, Burleson, TX and
Peoria, AZ (see Recent Developments - Ground-Up Developments).
Investment and Operating Strategy The Company's investment objective has been to
increase cash flow, current income and, consequently, the value of its existing
portfolio of properties, and to seek continued growth through (i) the strategic
re-tenanting, renovation and expansion of its existing centers and (ii) the
selective acquisition of established income-producing real estate properties and
properties requiring significant re-tenanting and redevelopment, primarily in
neighborhood and community shopping centers in geographic regions in which the
Company presently operates. The Company, through its KDI subsidiary, will also
make selective acquisitions of land parcels for the ground-up development of
neighborhood and community shopping centers and subsequent sale thereof upon
completion. The Company will consider investments in other real estate sectors
and in geographic markets where it does not presently operate should suitable
opportunities arise.
The Company's neighborhood and community shopping center properties are designed
to attract local area customers and typically are anchored by a discount
department store, a supermarket or drugstore tenant offering day-to-day
necessities rather than high-priced luxury items. The Company may either
purchase or lease income-producing properties in the future, and may also
participate with other entities in property ownership through partnerships,
joint ventures or similar types of co-ownership. Equity investments may be
subject to existing mortgage financing and other indebtedness or such financing
or indebtedness may be incurred in connection with acquiring such investments.
Any such financing or indebtedness will have priority over the Company's equity
interest in such property. The Company may make loans to joint ventures in which
it may or may not participate in the future.
While the Company has historically held its properties for long-term investment,
and accordingly has placed strong emphasis on its ongoing program of regular
maintenance, periodic renovation and capital improvement, it is possible that
properties in the portfolio may be sold, in whole or in part, as circumstances
warrant, subject to REIT qualification rules.
5
The Company emphasizes equity real estate investments, but may, at its
discretion, invest in mortgages, other real estate interests and other
investments. The mortgages in which the Company may invest may be either first
mortgages, junior mortgages or other mortgage-related securities.
The Company may legally invest in the securities of other issuers, for the
purpose, among others, of exercising control over such entities, subject to the
gross income and asset tests necessary for REIT qualification. The Company may,
on a selective basis, acquire all or substantially all securities or assets of
other REITs or similar entities where such investments would be consistent with
the Company's investment policies. In any event, the Company does not intend
that its investments in securities will require it to register as an "investment
company" under the Investment Company Act of 1940.
The Company seeks to reduce its operating and leasing risks through
diversification achieved by the geographic distribution of its properties and a
large tenant base. At December 31, 2000, the Company's single largest
neighborhood and community shopping center, excluding the KIR Portfolio,
accounted for only 1.4% of the Company's annualized base rental revenues and
only 1.0% of the Company's total shopping center GLA. At December 31, 2000, the
Company's five largest tenants, excluding the KIR Portfolio, include Kmart
Corporation, Kohl's, The Home Depot, Ames, and TJX Companies, which represent
approximately 13.3%, 2.9%, 2.6%, 2.6% and 1.9%, respectively, of the Company's
annualized base rental revenues.
The Company intends to maintain a conservative debt capitalization with a ratio
of debt to total market capitalization of approximately 50% or less. As of
December 31, 2000, the Company had a debt to total market capitalization ratio
of approximately 30%.
The Company has authority to offer shares of capital stock or other senior
securities in exchange for property and to repurchase or otherwise reacquire its
common stock or any other securities and may engage in such activities in the
future. At all times, the Company intends to make investments in such a manner
as to be consistent with the requirements of the Code, to qualify as a REIT
unless, because of circumstances or changes in the Code (or in Treasury
Regulations), the Board of Directors determines that it is no longer in the best
interests of the Company to qualify as a REIT.
The Company's policies with respect to the aforementioned activities may be
reviewed and modified from time to time by the Company's Board of Directors
without the vote of the Company's stockholders.
Competition As one of the original participants in the growth of the shopping
center industry and one of the nation's largest owners and operators of
neighborhood and community shopping centers, the Company has established close
relationships with a large number of major national and regional retailers and
maintains a broad network of industry contacts. Management is associated with
and/or actively participates in many shopping center and REIT industry
organizations. Notwithstanding these relationships, there are numerous
commercial developers, real estate companies, financial institutions and other
investors that compete with the Company in seeking properties for acquisition
and tenants who will lease space in these properties.
Capital Resources Since the completion of the Company's IPO in 1991, the Company
has utilized the public debt and equity markets as its principal source of
capital. Since the IPO, the Company has completed additional offerings of its
public unsecured debt and equity, raising in the aggregate over $2.2 billion for
the purposes of repaying indebtedness, acquiring interests in neighborhood and
community shopping centers and for expanding and improving properties in the
portfolio.
During August 2000, the Company established a $250.0 million, unsecured
revolving credit facility, which is scheduled to expire in August 2003. This
credit facility, which replaced the Company's $215.0 million unsecured revolving
credit facility, has made available funds to both finance the purchase of
properties and meet any short-term working capital requirements. As of December
31, 2000 there was $45.0 million outstanding under this unsecured revolving
credit facility.
The Company has also implemented a medium-term notes program (the "MTN program")
pursuant to which it may from time to time offer for sale its senior unsecured
debt for any general corporate purposes, including (i) funding specific
liquidity requirements in its business, including property acquisitions,
development and redevelopment costs, and (ii) managing the Company's debt
maturities. (See Note 8 of the Notes to Consolidated Financial Statements
included in this annual report on Form 10-K.)
6
In addition to the public debt and equity markets as capital sources, the
Company may, from time to time, obtain mortgage financing on selected
properties. As of December 31, 2000, the Company had over 350 unencumbered
property interests in its portfolio.
During August 1998, the Company filed a shelf registration on Form S-3 for up to
$750.0 million of debt securities, preferred stock, depositary shares, common
stock and common stock warrants. As of February 1, 2001, the Company had
approximately $106.7 million available for issuance under this shelf
registration statement.
It is management's intention that the Company continually have access to the
capital resources necessary to expand and develop its business. Accordingly, the
Company may seek to obtain funds through additional equity offerings, unsecured
debt financings and/or mortgage financings in a manner consistent with its
intention to operate with a conservative debt capitalization policy.
The Company anticipates that cash flows from operations will continue to provide
adequate capital to fund its operating and administrative expenses, regular debt
service obligations and the payment of dividends in accordance with REIT
requirements in both the short-term and long-term. In addition, the Company
anticipates that cash on hand, availability under its revolving credit facility,
issuance of equity and public debt, as well as other debt and equity
alternatives, will provide the necessary capital required by the Company. Cash
flow from operations increased to $250.5 million for the year ended December 31,
2000, as compared to $237.2 million for the year ended December 31, 1999.
Inflation and Other Business Issues Many of the Company's leases contain
provisions designed to mitigate the adverse impact of inflation. Such provisions
include clauses enabling the Company to receive payment of additional rent
calculated as a percentage of tenants' gross sales above predetermined
thresholds ("Percentage Rents"), which generally increase as prices rise, and/or
escalation clauses, which generally increase rental rates during the terms of
the leases. Such escalation clauses include increases in the consumer price
index or similar inflation indices. In addition, many of the Company's leases
are for terms of less than 10 years, which permits the Company to seek to
increase rents upon renewal to market rates. Most of the Company's leases
require the tenant to pay an allocable share of operating expenses, including
common area maintenance costs, real estate taxes and insurance, thereby reducing
the Company's exposure to increases in costs and operating expenses resulting
from inflation. The Company periodically evaluates its exposure to short-term
interest rates and will, from time to time, enter into interest rate protection
agreements which mitigate, but do not eliminate, the effect of changes in
interest rates on its floating-rate debt.
As an owner of real estate, the Company is subject to risks arising in
connection with the underlying real estate, including, among other factors,
defaults or nonrenewal of tenant leases, the financial condition and stability
of tenants, retailing trends, environmental matters and changes in real estate
and zoning laws. The success of the Company also depends upon trends in the
economy, including, but not limited to, interest rates, the availability of
capital, either in the form of debt or equity on satisfactory terms, income tax
laws, governmental regulations and legislation and population trends.
Operating Practices Nearly all operating functions, including leasing, legal,
construction, data processing, maintenance, finance and accounting, are
administered by the Company from its executive offices in New Hyde Park, New
York. The Company believes it is critical to have a management presence in its
principal areas of operation; accordingly, the Company also maintains regional
offices in Margate, Orlando and Tampa, Florida; Philadelphia, Pennsylvania;
Dallas, Texas; Dayton and Cleveland, Ohio; Lisle and Chicago, Illinois;
Charlotte, North Carolina; Phoenix and Tucson, Arizona and Los Angeles,
California. A total of 260 persons are employed at the Company's executive and
regional offices.
The Company's regional offices are generally staffed by a manager and the
support personnel necessary to both function as local representatives for
leasing and promotional purposes and to complement the corporate office efforts
to ensure that property inspection and maintenance objectives are achieved. The
regional offices are important in reducing the time necessary to respond to the
needs of the Company's tenants. Leasing and maintenance personnel from the
corporate office also conduct regular inspections of each shopping center.
The Company also employs a total of 58 persons at several of its larger
properties in order to more effectively administer its maintenance and security
responsibilities.
7
Management Information Systems Virtually all operating activities are supported
by a sophisticated computer software system designed to provide management with
operating data necessary to make informed business decisions on a timely basis.
These systems are continually expanded and enhanced by the Company and reflect a
commitment to quality management and tenant relations. The Company has
integrated an advanced mid-range computer with personal computer technology,
creating a management information system that facilitates the development of
property cash flow budgets, forecasts and related management information.
Qualification as a REIT The Company has elected, commencing with its taxable
year which began January 1, 1992, to qualify as a REIT under the Code. If, as
the Company believes, it is organized and operates in such a manner so as to
qualify and remain qualified as a REIT under the Code, the Company generally
will not be subject to Federal income tax, provided that distributions to its
stockholders equal at least the amount of its REIT taxable income as defined
under the Code. However, in connection with the RMA, which became effective
January 1, 2001, the Company is now permitted to participate in activities which
the Company was precluded from previously in order to maintain its qualification
as a REIT, so long as these activities are conducted in entities which elect to
be treated as taxable subsidiaries under the Code, subject to certain
limitations. These activities include, but are not limited to, the ground-up
development of real estate and subsequent sale thereof. As such, the Company
will be subject to Federal income tax on the income from these activities.
Recent Developments
Investment in Kimco Income REIT ("KIR") -
During 1998, the Company formed KIR, an entity in which the Company held a
99.99% limited partnership interest. KIR was established for the purpose of
investing in high quality real estate properties financed primarily with
individual non-recourse mortgages. These properties include, but are not limited
to, fully developed properties with strong, stable cash flows from credit-worthy
retailers with long-term leases. The Company believes these type of properties
are more appropriately financed with greater leverage than the Company
traditionally uses. During April 1999, the Company entered into an agreement
whereby an institutional investor purchased a significant limited partnership
interest in KIR. Under the terms of the agreement, the agreed equity value for
the properties previously contributed by the Company to KIR was approximately
$107.0 million and the Company agreed to contribute an additional $10.0 million
for a total investment of $117.0 million. During August 1999, KIR admitted three
additional limited partners. The limited partners other than the Company
subscribed for a total of $152.0 million in KIR. As a result of these
transactions, the Company had a 43.3% non-controlling limited partnership
interest in KIR as of December 31, 1999, and accounts for its investment in KIR
under the equity method of accounting.
During 2000, all subscriptions related to the initial commitments were
contributed. During August 2000, KIR obtained additional subscriptions
aggregating $300.0 million from the existing limited partners, of which the
Company subscribed for an additional $130.0 million. As of December 31, 2000,
the Company had contributed $19.5 million of such subscriptions and maintained
its 43.3% interest in KIR. As of December 31, 2000, KIR had unfunded capital
commitments of $255.0 million.
During 2000, KIR purchased 24 shopping center properties, in separate
transactions, aggregating 3.8 million square feet of GLA for approximately
$421.0 million, including the assumption of approximately $152.0 million of
mortgage debt. As of December 31, 2000, the KIR portfolio was comprised of 53
shopping center properties aggregating approximately 9.2 million square feet of
GLA located in 17 states.
During 2000, KIR obtained individual non-recourse, non-cross collateralized
ten-year fixed-rate first mortgages aggregating $137.3 million on 12 of its
properties, with interest rates ranging from 7.97% to 8.36% per annum. The net
proceeds were used to finance the acquisition of various shopping center
properties.
During November 2000, KIR established a two year $100.0 million secured
revolving credit facility with a group of banks which is scheduled to expire in
November 2002. This facility is collateralized by the unfunded subscriptions of
certain partners, including those of the Company. Under the terms of the
facility, funds may be borrowed for general corporate purposes including funding
the acquisition of institutional quality properties. Borrowings under the
facility accrue interest at LIBOR plus .80%. A fee of 0.15% per annum is payable
quarterly in arrears on the unused portion of the facility. As of December 31,
2000, there was $58.0 million outstanding under this facility.
8
Shopping Center Acquisitions -
During the year ended December 31, 2000, the Company and its affiliates acquired
interests in 12 shopping center properties located in 11 states, comprising
approximately 1.4 million square feet of GLA for an aggregate purchase price of
approximately $62.5 million, including the assumption of approximately $19.4
million of mortgage debt encumbering the properties as follows:
In January 2000, the Company acquired Chippewa Plaza located in Chippewa, PA for
a purchase price of approximately $14.5 million, including the assumption of
approximately $13.3 million of mortgage debt encumbering the property. This
shopping center is anchored by Kmart Corporation and Home Depot and contains
approximately 215,000 square feet of GLA.
In February 2000, the Company acquired Fort Collins Shopping Center located in
Fort Collins, CO for a purchase price of approximately $8.8 million including
the assumption of approximately $3.2 million of mortgage debt encumbering the
property. This shopping center is anchored by Kohl's and contains approximately
106,000 square feet of GLA. Also during February 2000, the Company purchased
Hammond Aire Plaza, a shopping center anchored by Burlington Coat Factory, for a
purchase price of approximately $3.4 million. This center is located in Baton
Rouge, LA and contains approximately 80,000 square feet of GLA.
In June 2000, the Company, through its Kimco Select Investments affiliate,
acquired five shopping center properties comprising approximately 462,000 square
feet of GLA located in five states for an aggregate price of approximately $18.9
million. These properties were formerly anchored by a retailer which filed for
protection under Chapter 11 of the Bankruptcy Code and subsequently rejected
these leases in January 2000. The Company acquired these properties with an
occupancy level of approximately 43% (currently 74%) and is actively negotiating
with other retailers to lease the vacant space (see Recent Developments - Kimco
Select Investments).
Also in June 2000, the Company exercised its option to acquire two shopping
center properties comprising 396,000 square feet of GLA from KC Holdings, Inc.
("KC Holdings"), an entity formed in connection with the Company's IPO in
November 1991. The properties were acquired for an aggregate option price of
approximately $12.2 million, paid $11.6 million in shares of the Company's
common stock (285,148 common shares issued at $40.7625 per share) and $0.6
million through the assumption of mortgage debt encumbering one of the
properties. Such mortgage debt was repaid during September 2000. The members of
the Company's Board of Directors who are not also shareholders of KC Holdings,
unanimously approved the Company's purchase of these two shopping center
properties (See Note 15 of the Notes to Consolidated Financial Statements
included in this annual report on Form 10-K).
In August 2000, the Company acquired a shopping center located in North
Charleston, SC for a purchase price of approximately $3.7 million including the
assumption of approximately $2.3 million in mortgage debt encumbering the
property. This shopping center has approximately 62,000 square feet of GLA and
is anchored by Sports Authority.
In December 2000, the Company acquired a leasehold interest in a vacant shopping
center property located in Glen Burnie, MD for approximately $1.0 million. This
property contains approximately 60,000 square feet of GLA and was formerly
occupied by Hechinger Stores Inc. The Company has completed the lease-up of this
location.
The Company, as a regular part of its business operations, will continue to
actively seek properties for acquisition, which have below market-rate leases or
other cash flow growth potential.
Property Redevelopment -
The Company has an ongoing program to reformat and re-tenant its properties to
maintain or enhance its competitive position in the marketplace. During 2000,
the Company substantially completed the redevelopment and re-tenanting of
various shopping center properties. The Company expended approximately $39.0
million in connection with these major redevelopments and re-tenanting projects
during 2000. The Company is currently involved in redeveloping several other
shopping centers in the existing portfolio. The Company anticipates its capital
commitment toward these and other redevelopment projects will be approximately
$40 million during 2001.
9
Ground-Up Developments -
During 2000, the Company was in progress on ground-up development projects
located in San Antonio, TX, Houston, TX, Cedar Hill, TX, Tallahasee, FL,
Miamisburg, OH, Henderson, NV, Burleson, TX, Peoria, AZ and Chandler, AZ. These
projects had substantial pre-leasing prior to the commencement of construction.
During 2000, the Company expended approximately $74.0 million in connection with
the purchase of land and construction costs related to these projects. The
Company anticipates its capital commitment toward these and other development
projects will be approximately $150.0 million to $200.0 million during 2001.
Effective January 1, 2001, the Company has elected taxable REIT subsidiary
status for its wholly-owned subsidiary KDI. KDI will be primarily engaged in the
ground-up development of neighborhood and community shopping centers and the
subsequent sale thereof upon completion. As such, as of January 1, 2001, the
ground-up development projects described above are included in KDI. During
January 2001, KDI sold its recently completed project in Chandler, AZ for
approximately $32.5 million.
Property Dispositions -
During the year ended December 31, 2000, the Company, in separate transactions,
disposed of ten shopping center properties. Sale prices from two of these
dispositions aggregated approximately $4.5 million which approximated their
aggregate net book value. Sale prices from six of these dispositions aggregated
approximately $25.5 million which resulted in net gains of approximately $2.2
million.
During June 2000, the Company disposed of a shopping center property in Forest
Park, GA. Cash proceeds from the disposition totaling approximately $1.5
million, together with an additional $2.2 million cash investment, were used to
acquire an exchange shopping center property located in North Charleston, SC
during August 2000. The sale of this property resulted in a gain of
approximately $1.1 million.
During December 2000, the Company disposed of a shopping center property in
Grand Haven, MI. Proceeds from the disposition totaling approximately $2.7
million will be used to acquire an exchange shopping center property. The sale
of this property resulted in a gain of approximately $0.7 million.
In addition, during 2000, the Company disposed of various land parcels, in
separate transactions, for aggregate proceeds of approximately $5.6 million.
Kimco Select Investments -
Kimco Select Investments, a New York general partnership ("Kimco Select"), was
formed in 1997 to provide the Company, through its 90% ownership interest, the
opportunity to make investments outside of its core neighborhood and community
shopping center business.
Although potential investments may be largely retail-focused, Kimco Select may
invest in other asset categories. Kimco Select will focus on investments where
the intrinsic value in the underlying assets may provide potentially superior
returns relative to the inherent risk. These investments may be in the form of
direct ownership of real estate, mortgage loans, public and private debt and
equity securities that Kimco Select believes are undervalued, unoccupied
properties, properties leased to troubled or bankrupt tenants and other assets.
During 2000, Kimco Select (i) acquired fee title to five shopping center
properties formerly anchored by a retailer who filed for protection under
Chapter 11 of the Bankruptcy Code and rejected the leases prior to the
acquisition by Kimco Select for an aggregate purchase price of $18.9 million,
(ii) acquired certain public bonds for an aggregate purchase price of
approximately $27.0 million and (iii) sold two property interests, in separate
transactions, for aggregate proceeds of approximately $16.2 million which
resulted in net gains of $1.9 million (see Recent Developments - Property
Dispositions).
Kimco Select also has investments in (i) other public bonds, (ii) a joint
venture which owns an office building in Miami, FL, (iii) two joint ventures
which acquired participating interests in first and second mortgages, (iv) three
retail properties in the Chicago, IL market and one property in Massapequa, NY,
and (v) three properties which are anchored by ambulatory care facilities with
complementary retail space. As of December 31, 2000, Kimco Select had total
investments of approximately $110.0 million.
10
Other Transactions -
In January 2000, the Company acquired fee title to a shopping center property in
which the Company held a leasehold interest for an aggregate purchase price of
approximately $2.5 million.
During 1998, in connection with the Company's merger with The Price REIT, Inc.,
the Company acquired a 50% interest in a joint venture in Houston, TX. During
March 2000, the Company acquired the remaining 50% interest in such partnership
for $5.0 million and now accounts for its investment under the consolidation
method of accounting.
Financings -
Unsecured Debt During August 2000, the Company issued $110.0 million of floating
rate MTNs under its MTN program. These floating rate MTNs were priced at
99.7661% of par, mature in August 2002, and bear interest at LIBOR plus .25%.
Interest on the MTNs is payable quarterly in arrears. As of November 2000, the
Company entered into an interest rate swap agreement for the term of these MTNs,
which effectively fixed the interest rate at 6.865% per annum. The proceeds from
this MTN issuance were used to (i) repay a $60.0 million MTN that matured in
August 2000 and (ii) to prepay a $52.0 million term loan that matured in
November 2000.
During October 2000, the Company issued an aggregate $100.0 million of senior
fixed rate MTNs under its MTN program. These issuances consisted of (i) a $50.0
million MTN which matures in November 2005 and bears interest at 7.68% per
annum, and (ii) a $50.0 million MTN which matures in November 2007 and bears
interest at 7.86% per annum. Interest on these notes is payable semi-annually in
arrears. The proceeds from these MTN issuances were used to repay a $100.0
million senior note that matured in November 2000.
Mortgage Debt During 2000, the Company obtained individual non-recourse,
non-cross collateralized fixed-rate first mortgage financing aggregating
approximately $44.2 million on five Kmart anchored shopping centers. These
mortgages mature in 2010 and have effective interest rates ranging from 7.91% to
8.15% per annum.
Credit Facility In August 2000, the Company established a $250.0 million
unsecured revolving credit facility (the "Credit Facility") with a group of
banks. The Credit Facility is scheduled to expire in August 2003. Under the
terms of the Credit Facility, funds may be borrowed for general corporate
purposes, including (i) funding property acquisitions and (ii) development and
redevelopment costs. Interest on borrowings under the Credit Facility accrues at
a spread (currently .55%) to LIBOR, which fluctuates in accordance with changes
in the Company's senior debt ratings. As part of the Credit Facility, the
Company has a competitive bid option where the Company may auction up to $100.0
million of its requested borrowings to the bank group. This competitive bid
option provides the Company the opportunity to obtain pricing below the
currently stated spread to LIBOR of .55%. This Credit Facility replaced the
Company's $215.0 million unsecured revolving credit facility. As of December 31,
2000, there was $45.0 million outstanding under the Credit Facility.
Equity During May 2000, the Company repurchased from an officer and director of
the Company 100,217 depositary shares of its Class D Preferred Stock at a price
of $25.00 per depositary share, totaling approximately $2.5 million. The Company
does not have a share repurchase program but acquired the shares when it
received an unsolicited offer to buy the shares (See Note 13 of the Notes to
Consolidated Financial Statements included in this annual report on Form 10-K).
During June 2000, the Company issued 285,148 shares of common stock at $40.7625
per share in connection with the exercise of its option to acquire two shopping
center properties from KC Holdings (See Note 15 of the Notes to Consolidated
Financial Statements included in this annual report on Form 10-K).
During August 2000, the Company completed a primary public stock offering of
1,800,000 shares of common stock priced at $42.50 per share. The net proceeds
from this sale of common stock, totaling approximately $72.4 million (after
related transaction costs of $4.1 million) were used for general corporate
purposes, including (i) the investment of additional equity capital in KIR (See
Note 4 of the Notes to Consolidated Financial Statements included in this annual
report on Form 10-K), and (ii) the development, redevelopment and expansion of
properties in the Company's portfolio.
11
KC Holdings, Inc.
To facilitate the Company's November 1991 IPO, 46 shopping center properties and
certain other assets, together with indebtedness related thereto, were
transferred to subsidiaries of KC Holdings. The Company, although having no
ownership interest in KC Holdings or its subsidiary companies, was granted
ten-year, fixed-price acquisition options which expire in November 2001 to
reacquire the real estate assets owned by KC Holdings' subsidiaries, subject to
any liabilities outstanding with respect to such assets at the time of an option
exercise. As of December 31, 2000, KC Holdings' subsidiaries had conveyed 29
shopping center properties back to the Company and had disposed of ten
additional centers in transactions with third parties. The members of the
Company's Board of Directors who are not also shareholders of KC Holdings
unanimously approved the purchase of each of the 29 shopping centers that have
been reacquired by the Company from KC Holdings. (See Notes 11 and 15 of the
Notes to Consolidated Financial Statements included in this annual report on
Form 10-K.) The Company manages three of KC Holdings' remaining seven shopping
center properties pursuant to a management agreement. KC Holdings' other four
shopping center properties are managed by unaffiliated joint venture partners.
At December 31, 2000, the Company holds 10-year acquisition options which expire
in November 2001 to reacquire interests in the remaining seven shopping center
properties owned by KC Holdings' subsidiaries. The option exercise prices are
fixed and payable in shares of the Company's common stock or, in the event
payment in the form of common stock could jeopardize the Company's status as a
REIT, an equivalent value in cash. If the Company exercises its options to
acquire all the remaining shopping center properties, the maximum aggregate
amount payable to KC Holdings would be approximately $3.3 million, or
approximately 75,600 shares of the Company's common stock (assuming shares
valued at the closing price on the NYSE of $44.1875 per share as of December 31,
2000). The Company would acquire the properties subject to any existing mortgage
indebtedness and other liabilities on the properties. The acquisition options
enable the Company to obtain any appreciation in the value of these properties
over the option exercise prices, while eliminating the Company's interim
exposure to leverage and operating risks.
The option exercise prices for the shopping center properties are generally
equal to 10% of KC Holdings' share of the mortgage debt which was outstanding on
the properties at the date of the IPO. If, however, the market value of the
Company's common stock at the time an option is exercised is less than $13.33
per share (the IPO price), then the option exercise price will decline
proportionately (subject to maximum reduction of 50%).
The seven shopping center properties subject to the acquisition options are held
in five subsidiaries of KC Holdings. Four of the properties, which are owned in
two separate joint ventures and managed by unaffiliated joint venture partners,
are held by two subsidiaries, and the remaining three shopping center properties
are each held by separate subsidiaries. The Company may exercise its acquisition
options separately with respect to each subsidiary.
The acquisition options may be exercised by either (i) a majority of the
Company's directors who are not also stockholders of KC Holdings, provided that
the pro forma annualized net cash flows of the properties to be acquired exceeds
the dividend yield on the shares issued to exercise each option, or (ii) a
majority of the Company's stockholders who are not also stockholders of KC
Holdings.
KC Holdings' subsidiaries may sell any of the properties subject to the
acquisition options to any third party unaffiliated with KC Holdings or its
stockholders, provided that KC Holdings provides the Company with a 30-day right
of first refusal notice with regard to such sale. KC Holdings may cause such a
selling subsidiary to distribute any sale proceeds to KC Holdings or its
stockholders, provided that the option exercise price with respect to such
subsidiary is reduced by the amount that is distributed, and further provided
that no amount may be distributed so as to cause the option exercise price for
any subsidiary to be reduced to less than $1.00.
Each of KC Holdings' subsidiaries may pay dividends to KC Holdings to the extent
of net operating cash flow. In addition, any KC Holdings subsidiary may make
distributions to KC Holdings in excess of net operating cash flow, provided that
the option exercise price with respect to such subsidiary is reduced by the
amount of such distribution, and further provided that no amount may be
distributed so as to cause the option exercise price for any subsidiary to be
reduced to less than $1.00. KC Holdings may increase the indebtedness in its
subsidiaries for the purpose of improving, maintaining, refinancing or operating
the related shopping center properties. Such indebtedness may include borrowings
from the stockholders of KC Holdings.
12
In the event of a complete casualty or a condemnation of a property held by any
of KC Holdings' subsidiaries, the acquisition option will terminate with respect
to such property and the option shall continue to be effective with respect to
any other properties held by such subsidiary.
Each of KC Holdings' subsidiaries has agreed with the Company that it will
engage in no activities other than in connection with the ownership, maintenance
and improvement of the properties that it owns and only to the extent that the
Company could engage in such activities without receiving or earning
non-qualifying income (in excess of certain limits) under the REIT provisions of
the Code or without otherwise impairing the Company's status as a REIT. In
addition, KC Holdings has covenanted not to engage in any other real estate
activity. The Company has agreed not to make loans to KC Holdings or its
subsidiaries.
Subsequent Events
During March 2001, the Company through a joint venture (the "Ward Venture") in
which the Company has a 50% interest, acquired asset designation rights for all
of the real estate property interests of the bankrupt estate of Montgomery Ward
LLC and its affiliates. These asset designation rights will enable the Ward
Venture to direct the ultimate disposition of the 315 fee and leasehold
interests held by the bankrupt estate. The Ward Venture acquired the asset
designation rights for an initial purchase price of $60.5 million, however, the
price may ultimately exceed $435.5 million under the terms of the designation
rights agreement.
The asset designation rights expire in February 2002 for the leasehold positions
and December 2004 for the fee owned locations. During the marketing period, the
Ward Venture will be responsible for all carrying costs associated with the
properties until the site is designated for a user.
Exchange Listings
The Company's common stock, Class A Depositary Shares, Class B Depositary
Shares, Class C Depositary Shares and Class D Depositary Shares are traded on
the NYSE under the trading symbols "KIM", "KIMprA", "KIMprB", "KIMprC" and
"KIMprD", respectively.
Item 2. Properties
Real Estate Portfolio As of January 1, 2001 the Company's real estate portfolio
was comprised of approximately 66.5 million square feet of GLA in 431
neighborhood and community shopping center properties, two regional malls, 55
retail store leases, three parcels of undeveloped land, one distribution center
and seven projects under development, located in 41 states. The Company's
portfolio includes 53 shopping center properties comprising approximately 9.2
million square feet of GLA relating to the KIR Portfolio. Neighborhood and
community shopping centers comprise the primary focus of the Company's current
portfolio, representing approximately 98% of the Company's total shopping center
GLA. As of January 1, 2001, approximately 92.8% of the Company's neighborhood
and community shopping center space (excluding the KIR Portfolio) was leased,
and the average annualized base rent per leased square foot of the neighborhood
and community shopping center portfolio (excluding the KIR Portfolio) was $7.99.
As of January 1, 2001, the KIR Portfolio was 98.3% leased with an average
annualized base rent per leased square foot of $11.16.
The Company's neighborhood and community shopping center properties, generally
owned and operated through subsidiaries or joint ventures, had an average size
of approximately 139,000 square feet as of January 1, 2001. The Company
generally retains its shopping centers for long-term investment and consequently
pursues a program of regular physical maintenance together with major
renovations and refurbishing to preserve and increase the value of its
properties. These projects usually include renovating existing facades,
installing uniform signage, resurfacing parking lots and enhancing parking lot
lighting. During 2000, the Company capitalized approximately $6.2 million in
connection with these property improvements.
The Company's neighborhood and community shopping centers (including the KIR
Portfolio) are usually "anchored" by a national or regional discount department
store, supermarket or drugstore. As one of the original participants in the
growth of the shopping center industry and one of the nation's largest owners
and operators of shopping centers, the Company has established close
relationships with a large number of major national and regional retailers.
National and regional companies that are tenants in the Company's shopping
center properties include Kmart Corporation, The Home Depot, Kohl's, WalMart,
Ames, TJX Companies, Toys/Kids R' Us, Costco and Best Buy.
13
A substantial portion of the Company's income consists of rent received under
long-term leases. Most of the leases provide for the payment of fixed base
rentals monthly in advance and for the payment by tenants of an allocable share
of the real estate taxes, insurance, utilities and common area maintenance
expenses incurred in operating the shopping centers. Although a majority of the
leases require the Company to make roof and structural repairs as needed, a
number of tenant leases place that responsibility on the tenant, and the
Company's standard small store lease provides for roof repairs to be reimbursed
by the tenant as part of common area maintenance. The Company's management
places a strong emphasis on sound construction and safety at its properties.
Approximately 1,900 of the Company's 5,020 leases also contain provisions
requiring the payment of additional rent calculated as a percentage of tenants'
gross sales above predetermined thresholds. Percentage Rents accounted for
approximately 1% of the Company's revenues from rental property for the year
ended December 31, 2000.
Minimum base rental revenues and operating expense reimbursements accounted for
approximately 99% of the Company's total revenues from rental property for the
year ended December 31, 2000. The Company's management believes that the base
rent per leased square foot for many of the Company's existing leases is
generally lower than the prevailing market-rate base rents in the geographic
regions where the Company operates, reflecting the potential for future growth.
The Company has been able to capitalize on the below market-rate leases in its
existing shopping center portfolio to obtain increases in rental revenues
through the renewal of leases or strategic re-tenanting of space. For the period
January 1, 2000 to December 31, 2000 excluding the effects of 2000 acquisitions
and dispositions, the Company increased the average base rent per leased square
foot in its portfolio of neighborhood and community shopping centers (excluding
the KIR Portfolio) from $7.87 to $7.96, an increase of $0.09 per square foot,
which was primarily attributed to general leasing activity within the existing
portfolio. The combined effect of the 2000 acquisitions/dispositions decreased
the overall rent per leased square foot by $0.01, thus bringing the average rent
per leased square foot to $7.95 as of December 31, 2000. The average annual base
rent per leased square foot for new leases (excluding the KIR Portfolio)
executed in 2000 was $8.23.
The Company seeks to reduce its operating and leasing risks through geographic
and tenant diversity. No single neighborhood and community shopping center
(excluding the KIR Portfolio) accounted for more than 1.0% of the Company's
total shopping center GLA or more than 1.4% of total annualized base rental
revenues as of December 31, 2000. The Company's five largest tenants (excluding
the KIR Portfolio) include Kmart Corporation, Kohl's, The Home Depot, Ames, and
TJX Companies, which represent approximately 13.3%, 2.9%, 2.6%, 2.6% and 1.9%,
respectively, of annualized base rental revenues at December 31, 2000. The
Company maintains an active leasing and capital improvement program that,
combined with the high quality of the locations, has made, in management's
opinion, the Company's properties attractive to tenants.
The Company's management believes its experience in the real estate industry and
its relationships with numerous national and regional tenants gives it an
advantage in an industry where ownership is fragmented among a large number of
property owners.
Retail Store Leases In addition to neighborhood and community shopping centers,
as of January 1, 2001, the Company had interests in retail store leases totaling
approximately 4.9 million square feet of anchor stores in 55 neighborhood and
community shopping centers located in 24 states. As of January 1, 2001,
approximately 93.0% of the space in these anchor stores had been sublet to
retailers that lease the stores under net lease agreements providing for average
annualized base rental payments of $4.18 per square foot. The average annualized
base rental payments under the Company's retail store leases to the land owners
of such subleased stores is approximately $2.82 per square foot. The average
remaining primary term of the retail store leases (and, similarly, the remaining
primary terms of the sublease agreements with the tenants currently leasing such
space) is approximately 4 years, excluding options to renew the leases for terms
which generally range from 5 to 25 years.
Ground-Leased Properties The Company has 54 shopping center properties that are
subject to long-term ground leases where a third party owns and has leased the
underlying land to the Company (or an affiliated joint venture) to construct
and/or operate a shopping center. The Company or the joint venture pays rent for
the use of the land and generally is responsible for all costs and expenses
associated with the building and improvements. At the end of these long-term
leases, unless extended, the land together with all improvements revert to the
land owner.
14
Undeveloped Land The Company owns certain unimproved land tracts and parcels of
land adjacent to certain of its existing shopping centers that are held for
possible expansion. At times, should circumstances warrant, the Company may
develop or dispose of these parcels.
The table on pages 16 to 24 sets forth more specific information with respect to
each of the Company's property interests.
Item 3. Legal Proceedings
The Company is not presently involved in any litigation nor to its knowledge is
any litigation threatened against the Company or its subsidiaries that, in
management's opinion, would result in any material adverse effect on the
Company's ownership, management or operation of its properties, or which is not
covered by the Company's liability insurance.
Item 4. Submission of Matters to a Vote of Security Holders
None.
15
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- -----------------------------------------------------------------------------------------------------------------------------------
ALABAMA
FAIRFIELD 2000 FEE 8.6
HOOVER 1999 FEE 15.5
ARIZONA
CHANDLER (6) 1999 FEE/JOINT VENTURE 17.5
GLENDALE 1998 FEE/JOINT VENTURE 16.5
GLENDALE (8) 1998 FEE 40.5
MESA 1998 FEE 19.8
NORTH PHOENIX 1998 FEE 17.0
PEORIA (4) 2000 FEE/JOINT VENTURE 56.4
PHOENIX 1998 FEE 13.4
PHOENIX 1998 FEE 26.6
PHOENIX 1997 FEE 17.5
TEMPE 1998 FEE/JOINT VENTURE 21.1
TEMPE (5) 1998 FEE/JOINT VENTURE 20.0
CALIFORNIA
ALHAMBRA 1998 FEE 18.4
ANAHEIM 1995 FEE 1.0
CARMICHAEL 1998 FEE 18.5
CHULA VISTA 1998 FEE 31.3
CORONA 1998 FEE 58.3
COVINA (8) 2000 FEE 25.4
LA MIRADA 1998 FEE 31.2
MONTEBELLO (8) 2000 FEE 20.4
OXNARD (8) 1998 FEE 14.4
SAN DIEGO (8) 2000 FEE 11.2
SAN RAMON (8) 1999 FEE 5.3
SANTA ANA 1998 FEE 12.0
SANTEE 1998 FEE 11.0
STOCKTON 1999 FEE 14.6
TEMECULA (8) 1999 FEE 40.0
TORRANCE (8) 2000 FEE 26.7
COLORADO
AURORA 1998 FEE 13.8
AURORA 1998 FEE 9.9
AURORA 1998 FEE 13.9
COLORADO SPRINGS 1998 FEE 10.7
DENVER 1998 FEE 1.5
ENGLEWOOD 1998 FEE 6.5
FT. COLLINS 2000 FEE 10.6
LAKEWOOD 1998 FEE 7.6
CONNECTICUT
BRANFORD (8) 2000 FEE 19.1
ENFIELD (8) 2000 FEE 16.2
FARMINGTON 1998 FEE 16.9
HAMDEN 1997 FEE/JOINT VENTURE 7.4
NORTH HAVEN 1998 FEE 31.7
WATERBURY 1993 FEE 13.1
DELAWARE
ELSMERE 1979 GROUND LEASE (2076) 17.1
DOVER (3) 1999 FEE/JOINT VENTURE 89.0
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
ALABAMA
FAIRFIELD 86,566 100 TELETECH CUSTOM(2009/2029)
HOOVER 115,347 100 WALMART(2025/2095)
ARIZONA
CHANDLER (6) 129,109 98.8 AJ'S FINE FOOD(2025/2050)
GLENDALE 124,325 100 SEARS(2001/2016), MICHAELS(2003/2018), FABRIC CENTER(2002/2017)
GLENDALE (8) 337,107 100 COSTCO(2011/2046),HOMEBASE(2008/2028),LEVITZ(2012/2032)
MESA 135,692 93 ROSS STORES(2000/2005),HARKINS THEATRE(2005/2025),OUR HOME(2005/2015)
NORTH PHOENIX 228,769 100 BURLINGTON COAT(2013/2023),MICHAELS(2007/2022)
PEORIA (4) - -
PHOENIX 143,646 100 HOME DEPOT(2020/2050),JOANN FABRICS(2010/2025),AUTO ZONE(2003/2013)
PHOENIX 328,532 99 COSTCO(2006/2041),HOMEBASE(2009/2029)
PHOENIX 124,989 93 SAFEWAY(2009/2039),LA PETITE CHILD(2004/2014)
TEMPE 381,312 100 HOMEBASE(2010/2030),PETSMART(2011/2031),STAPLES(2005/2025)
TEMPE (5) - -
CALIFORNIA
ALHAMBRA 200,634 77 COSTCO(2006/2041),JOANN FABRICS(2004/2019)
ANAHEIM 15,396 100
CARMICHAEL 212,811 99 HOME DEPOT(2003/2022),SPORTS AUTHORITY(2009/2024)
CHULA VISTA 363,222 77 COSTCO(2006/2041),HOMEBASE(2008/2028),JOANN FABRICS(2002/2017)
CORONA 475,908 100 COSTCO(2007/2042),HOME DEPOT(2010/2029),LEVITZ(2009/2029)
COVINA (8) 254,281 98 HOME DEPOT(2004/2034),STAPLES(2001/2011)
LA MIRADA 253,859 84 TOYS R US(2012/2032),LA FITNESS(2012/2022),US POST OFFICE(2005/2020)
MONTEBELLO (8) 204,169 97 SEARS(2012/2062),TOYS R US(2018/2043)
OXNARD (8) 171,580 100 TARGET(2003/2013),FOOD 4 LESS(2003/2008)
SAN DIEGO (8) 112,410 100 LUCKY STORES(2012),SPORTMART(2013)
SAN RAMON (8) 42,066 100 CROWN BOOKS(2004/2014)
SANTA ANA 134,400 100 HOME DEPOT(2015/2035)
SANTEE 103,903 97 OFFICE DEPOT(2006/2021),ROSS STORES(2004/2024),MICHAELS(2003/2018)
STOCKTON 146,346 100 HOMEBASE(2006/2026),OFFICE DEPOT(2005/2015),COSTCO(2008/2033)
TEMECULA (8) 255,133 98 KMART(2017/2032),MERVYNS(2030),FOOD 4 LESS(2010/2030)
TORRANCE (8) 266,917 100 SEARS HOMELIFE(2011/2021),LINENS N THINGS(2010/2020),MARSHALLS(2004/2019)
COLORADO
AURORA 145,466 92 TJ MAXX(2002/2012)
AURORA 44,170 96 BLOCKBUSTER(2003)
AURORA 111,085 97 COOMERS CRAFTS(2001/2006),CROWN LIQUORS(2005/2010)
COLORADO SPRINGS 107,310 90 CUB FOODS(2004/2034)
DENVER 18,405 100 PAYLESS DRUG(2002/2017)
ENGLEWOOD 80,330 100 PHAR-MOR(2004/2019),OLD COUNTRY BUFFET(2009/2019)
FT. COLLINS 105,862 100 KOHLS(2020/2070)
LAKEWOOD 82,581 100 SAFEWAY(2002/2032)
CONNECTICUT
BRANFORD (8) 191,496 96 KOHLS(2002/2022),WALDBAUMS(2016/2036)
ENFIELD (8) 162,459 96 KOHLS(2021/2041),WALDBAUMS(2014/2034)
FARMINGTON 184,746 96 SPORTS AUTHORITY(2018/2063),LINENS N THINGS(2016/2036),BORDER BOOKS(2018/2063)
HAMDEN 341,502 100 STOP & SHOP(2004/2014), BON-TON(2002/2012),BOB'S STORES(2016/2036)
NORTH HAVEN 327,069 97 HOME DEPOT(2009/2029),BJ'S(2006/2041)
WATERBURY 136,153 100 STOP & SHOP(2002/2007),STOP & SHOP(2013/2043)
DELAWARE
ELSMERE 111,600 100 VALUE CITY(2008/2038)
DOVER (3) - -
16
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA
ALTAMONTE SPRINGS 1998 FEE/JOINT VENTURE 19.4
ALTAMONTE SPRINGS 1995 FEE 5.6
BOCA RATON 1967 FEE 9.9
BOYNTON BEACH (8) 1999 FEE 18.0
BRADENTON 1968 FEE/JOINT VENTURE 6.2
BRADENTON 1998 FEE 19.6
CORAL SPRINGS 1994 FEE 5.9
CORAL SPRINGS 1997 FEE 9.8
EAST ORLANDO 1971 FEE 11.6
FT. PIERCE 1970 FEE/JOINT VENTURE 14.8
HOMESTEAD 1972 FEE/JOINT VENTURE 21.0
JACKSONVILLE 1999 FEE 18.6
JENSEN BEACH 1994 FEE 20.7
KEY LARGO (8) 2000 FEE 21.5
KISSIMMEE 1996 FEE 18.4
LAKE MARY (8) 2000 FEE 4.7
LARGO 1968 FEE 12.0
LARGO 1992 FEE 29.4
LARGO 1993 FEE 6.6
LAUDERDALE LAKES 1968 FEE/JOINT VENTURE 10.0
LAUDERHILL 1978 FEE 15.5
LEESBURG 1969 GROUND LEASE (2017) 1.3
MARGATE 1993 FEE 34.1
MELBOURNE 1968 GROUND LEASE (2071) 11.5
MELBOURNE 1994 FEE 13.8
MELBOURNE 1998 FEE 13.2
MIAMI 1968 FEE 8.2
MIAMI 1998 FEE/JOINT VENTURE 14.0
MIAMI 1986 FEE 7.8
MIAMI 1995 FEE 5.4
MIAMI 1998 FEE/JOINT VENTURE 0.3
MIAMI 1985 FEE 15.9
MOUNT DORA 1997 FEE 12.4
OCALA 1997 FEE 27.2
ORLANDO (8) 2000 FEE 18.0
ORLANDO 1968 FEE/JOINT VENTURE 10.0
ORLANDO 1968 FEE 12.0
ORLANDO 1968 GROUND LEASE (2047)/JOINT VENTURE 7.8
ORLANDO 1994 FEE 28.0
ORLANDO 1996 FEE 11.7
PALATKA 1970 FEE 8.9
PLANTATION 1974 FEE/JOINT VENTURE 4.6
POMPANO BEACH 1968 FEE/JOINT VENTURE 6.6
PORT RICHEY (8) 1998 FEE 14.3
RIVIERA BEACH 1968 FEE/JOINT VENTURE 5.1
SANFORD 1989 FEE 40.9
SARASOTA 1970 FEE 10.0
SARASOTA 1989 FEE 12.0
ST. PETERSBURG 1968 GROUND LEASE (2084)/JOINT VENTURE 9.0
TALLAHASSEE 1998 FEE 12.8
TALLAHASSEE (4) 2000 GROUND LEASE(2085)/JOINT VENTURE 33.9
TAMPA 1997 FEE 16.3
WEST PALM BEACH 1995 FEE 7.9
WEST PALM BEACH 1967 FEE/JOINT VENTURE 7.6
WINTER HAVEN 1973 FEE/JOINT VENTURE 13.9
GEORGIA
ATLANTA 1988 FEE 19.5
AUGUSTA 1995 FEE 11.3
GAINESVILLE 1970 FEE/JOINT VENTURE 12.6
MACON 1969 FEE 12.3
SAVANNAH 1993 FEE 22.2
SAVANNAH 1995 FEE 9.5
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
FLORIDA
ALTAMONTE SPRINGS 271,095 71 GENERAL CINEMA(2005/2025)
ALTAMONTE SPRINGS 94,193 100 ROOMS TO GO(2001),THOMASVILLE HOME(2001/2006),PEARL ARTS N CRAFTS(2008/2018)
BOCA RATON 73,549 98 WINN DIXIE(2008/2033),TUESDAY MORNING(2008)
BOYNTON BEACH (8) 192,759 100 KMART(2006/2056),ALBERTSONS(2015/2040)
BRADENTON 24,700 100 GRAND CHINA(2009/2014),CARRABBAS(2006/2021)
BRADENTON 162,997 99 TARGET(2040),PUBLIX(2012/2032),TJ MAXX(2003/2018)
CORAL SPRINGS 46,497 100 LINENS N THINGS(2012/2027),TGI FRIDAYS(2005/2015),PIER 1 IMPORTS(2006/2011)
CORAL SPRINGS 83,500 100 TJ MAXX(2007/2017),RAG SHOP(2001/2026),BLOCKBUSTER(2006/2026)
EAST ORLANDO 131,981 81 SPORTS AUTHORITY(2010/2020),OFFICE DEPOT(2005/2025)
FT. PIERCE 210,460 98 KMART(2006/2016),WINN DIXIE(2002/2027)
HOMESTEAD 161,619 100 PUBLIX(2014/2034),OFFICEMAX(2013/2028),ECKERD(2002/2012)
JACKSONVILLE 203,536 100 BURLINGTON COAT(2003/2018),TJ MAXX(2007/2017),OFFICEMAX(2012/2032)
JENSEN BEACH 170,291 92 SERVICE MERCHANDISE(2010/2070),MARSHALLS(2005/2020),LINEN SUPERMARKET(2002/2007)
KEY LARGO (8) 207,361 96 KMART(2014/2064),PUBLIX(2009/2029),BEALLS OUTLET(2002/2011)
KISSIMMEE 130,983 100 KASH N KARRY(2006/2036),OFFICEMAX(2012/2027),JOANN FABRICS(2001/2016)
LAKE MARY (8) 38,125 84
LARGO 149,472 92 WALMART(2007/2027),ECKERD(2001/2004)
LARGO 215,916 100 PUBLIX(2009/2029),AMERI MULTI CINEMA(2011/2036),OFFICE DEPOT(2004/2019)
LARGO 56,630 78
LAUDERDALE LAKES 112,476 99 THRIFT SHOPS(2002/2012),FAMILY DOLLAR(2002/2017),GOODWILL INDUSTRIES(2006)
LAUDERHILL 179,726 97 BABIESR US(2004/2014)
LEESBURG 13,468 100 DISCOUNT AUTO(2004)
MARGATE 260,896 100 PUBLIX(2008/2028),OFFICE DEPOT(2005/2020),SAM ASH MUSIC(2006/2011)
MELBOURNE 168,737 98 JOANN FABRICS(2006/2016),WALGREENS(2045),GOODWILL INDUSTRIES(2001/2004)
MELBOURNE 131,851 98 WINN DIXIE(2002/2027),HOMELIFE(2001/2003),GOODWILL INDUSTRIES(2004/2010)
MELBOURNE 148,003 95 SERVICE MERCHANDISE(2005/2035),KROGER(2004/2034),MARSHALLS(2005/2010)
MIAMI 104,968 100 KMART(2009/2029),WALGREENS(2009)
MIAMI 162,278 46 BABIES R US(2006/2021),FIRESTONE(2003/2009)
MIAMI 81,780 100 PUBLIX(2009/2029),WALGREENS(2018/0000)
MIAMI 60,804 98 KIDS R US(2016/2021),PARTY CITY(2007/2017)
MIAMI 147,803 74
MIAMI 92,130 100 PUBLIX(2019/2039),WALGREENS(2058),HOLLYWOOD VIDEO(2009/2024)
MOUNT DORA 118,150 100 KMART(2013/2063),PET SUPERMARKET(2003/2013)
OCALA 254,537 94 KMART(2001/2021),SERVICE MERCHANDISE(2007/2032)
ORLANDO (8) 124,065 99 KMART(2014/2064)
ORLANDO 114,434 100 BALLYS TOTAL FITNESS(2008/2018)
ORLANDO 131,646 100 BED BATH & BEYOND(2002/2012),BOOKS-A-MILLION(2006/2016),OFFICEMAX(2008/2023)
ORLANDO 103,480 100 OFFICE FURNITURE(2002/2007)
ORLANDO 230,704 94 OLD TIME POTTERY(2010/2020),SPORTS AUTHORITY(2011/2031)
ORLANDO 126,356 100 ROSS STORES(2003/2028),BIG LOTS(2004/2009)
PALATKA 81,330 86 SAVE A LOT(2003/2013),BIG LOTS(2002/2012)
PLANTATION 60,414 100 BREAD OF LIFE(2009/2019),WHOLE FOODS(2009/2019)
POMPANO BEACH 63,838 96 DOLLAR GENERAL(2005/2010)
PORT RICHEY (8) 103,294 95 CIRCUIT CITY(2011/2031), STAPLES(2006/2011)
RIVIERA BEACH 46,390 100 GOODWILL INDUSTRIES(2005/2008)
SANFORD 302,455 93 WALMART(2005/2035),ROSS STORES(2005/2025),PUBLIX(2005/2025)
SARASOTA 102,485 100 TJ MAXX(2007/2017),OFFICEMAX(2009/2024)
SARASOTA 77,353 98 ECKERD(2000),PET SUPERMARKET(2003/2013)
ST. PETERSBURG 118,979 66 KASH N KARRY(2017/2037),TJ MAXX(2001/2011)
TALLAHASSEE 105,535 100 STEIN MART(2003/2008)
TALLAHASSEE (4) -
TAMPA 109,408 100 STAPLES(2003/2018), ROSS STORES(2002/2022)
WEST PALM BEACH 80,845 100 BABIES R US(2006/2021)
WEST PALM BEACH 74,326 100 WINN0DIXIE(2010/2030),FAMILY DOLLAR(2009/2024)
WINTER HAVEN 88,400 88 BIG LOTS(2005/2010),JOANN FABRICS(2006/2016)
GEORGIA
ATLANTA 165,314 100
AUGUSTA 119,930 58 TJ MAXX(2004/2014),WORLD GYM(2004/2009)
GAINESVILLE 142,288 88 BIG LOTS(2002),OFFICE DEPOT(2004/2020)
MACON 127,260 82 HEILIG MEYERS(2007/2017),ODD LOTS(2003)
SAVANNAH 187,071 96 TOYS R US(2005),PHAR-MOR(2001/2004),TJ MAXX(2005/2015)
SAVANNAH 88,325 100 MEDIA PLAY(2006/2021),STAPLES(2015/2030),US BOAT MARINE(2004/2014)
17
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS
ADDISON 1968 GROUND LEASE (2066) 8.0
ADDISON 1998 FEE 16.4
ALTON 1998 FEE 21.2
ARLINGTON HEIGHTS 1998 FEE 19.2
AURORA 1998 FEE 17.9
BELLEVILLE 1998 GROUND LEASE (2057) 20.3
BLOOMINGTON 1972 FEE 16.1
BRADLEY 1996 FEE 5.4
BRIDGEVIEW 1998 FEE 6.8
CALUMET CITY 1997 FEE 17.0
CARBONDALE 1997 GROUND LEASE (2052) 8.1
CHAMPAIGN 1998 FEE 9.0
CHICAGO 1998 FEE 9.5
CHICAGO 1997 FEE 13.4
CHICAGO 1997 GROUND LEASE (2040) 17.5
CHICAGO 1997 FEE 6.0
CHICAGO 1998 FEE 6.4
COUNTRYSIDE 1997 GROUND LEASE (2053) 27.7
CRESTHILL 1997 GROUND LEASE (2039) 9.0
CRESTWOOD 1997 GROUND LEASE (2051) 36.8
CRYSTAL LAKE 1998 FEE 6.1
DOWNERS GROVE 1998 FEE 7.2
DOWNERS GROVE 1999 FEE 24.8
DOWNERS GROVE 1997 FEE 12.0
ELGIN 1972 FEE 18.7
ELGIN 1998 FEE 9.0
FAIRVIEW HEIGHTS 1998 GROUND LEASE (2050) 19.1
FOREST PARK 1997 GROUND LEASE (2021) 9.3
GENEVA 1996 FEE 8.2
MATTESON 1997 FEE 17.0
MT. PROSPECT 1997 FEE 16.8
MUNDELIEN 1998 FEE 7.6
NAPERVILLE 1997 FEE 9.0
NILES 1997 GROUND LEASE (2022) 10.2
NORRIDGE 1997 GROUND LEASE (2042) 11.7
OAK LAWN 1997 FEE 15.4
OAKBROOK TERRACE 1997 FEE 15.6
ORLAND PARK 1998 FEE 7.8
ORLAND PARK 1998 FEE 18.8
OTTAWA 1970 FEE 9.0
PEORIA 1997 GROUND LEASE (2031) 20.5
ROCKFORD 1998 GROUND LEASE (2030) 9.0
SCHAUMBURG 1998 FEE 7.3
SKOKIE 1997 FEE 10.7
SPRINGFIELD 1998 GROUND LEASE (2028) 6.7
STREAMWOOD 1998 FEE 5.6
WAUKEGAN 1998 FEE 6.8
WOODRIDGE 1998 FEE 13.1
INDIANA
EVANSVILLE 1986 FEE 14.2
EVANSVILLE 1986 FEE 11.5
FELBRAM 1970 FEE 4.1
GREENWOOD 1970 FEE 25.7
GRIFFITH 1997 GROUND LEASE (2054) 10.6
INDIANAPOLIS 1967 FEE 11.9
INDIANAPOLIS 1998 FEE/JOINT VENTURE 17.4
INDIANAPOLIS 1986 FEE 20.6
INDIANAPOLIS 1997 FEE 9.6
LAFAYETTE 1971 FEE 12.4
LAFAYETTE 1997 FEE 24.3
LAFAYETTE 1998 FEE 43.2
MERRILLVILLE 1997 GROUND LEASE (2015) 12.7
MISHAWAKA 1998 FEE 7.5
SOUTH BEND 1998 FEE 1.8
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
ILLINOIS
ADDISON 93,289 46 CAPUTOS(2001),BLOCKBUSTER(2003)
ADDISON 115,130 100 KMART(2024/2054)
ALTON 159,824 82 VALUE CITY(2003/2023)
ARLINGTON HEIGHTS 80,040 100 KMART(2024/2054)
AURORA 91,182 100 KMART(2024/2054)
BELLEVILLE 81,490 100 KMART(2024/2054)
BLOOMINGTON 175,530 99 SCHNUCK MARKETS(2004/2024),TOYS R US(2015/2045),BARNES & NOBLE(2005/2015)
BRADLEY 80,535 100 CARSON PIRIE SCOTT(2014/2034)
BRIDGEVIEW 88,069 100 AMES(2020/2035)
CALUMET CITY 197,699 100 KMART(2024/2054),MARSHALLS(2003/2008),BEST BUY(2012/2032)
CARBONDALE 80,535 100 K'S MERCHANDISE(2012/2052)
CHAMPAIGN 102,615 100 K'S MERCHANDISE(2014/2034)
CHICAGO 123,001 100 KMART(2024/2054),PAYLESS SHOE(2003/2013)
CHICAGO 109,441 100 KMART(2020/0000)
CHICAGO 104,264 100 AMES(2005/2025)
CHICAGO 86,894 100 KMART(2024/2054)
CHICAGO 80,842 100 KMART(2024/2054)
COUNTRYSIDE 118,394 100 KMART(2024/2053)
CRESTHILL 90,313 100 AMES(2019/2034)
CRESTWOOD 79,903 100 KMART(2024/2051)
CRYSTAL LAKE 81,365 72 HOBBY LOBBY(2009/2019)
DOWNERS GROVE 87,639 100 HEILIG MEYERS(2008/2018)
DOWNERS GROVE 123,918 94 DOMINICK'S(2004/2019),WALGREENS(2022/0000)
DOWNERS GROVE 141,906 100 TJ MAXX(2009/2024),BEST BUY(2016/2031),OLD NAVY(2012/2032)
ELGIN 183,432 96 MENARD(2001/2006)
ELGIN 100,342 100 KMART(2024/2054)
FAIRVIEW HEIGHTS 159,587 100 KMART(2024/2050),OFFICEMAX(2015/2025),WALGREENS(2010/2029)
FOREST PARK 98,371 100 KMART(2021)
GENEVA 104,688 100 KMART(2024/2054)
MATTESON 164,987 100 KMART(2024/2054),MARSHALLS(2005/2010)
MT. PROSPECT 192,473 100 KMART(2024/2054),HOBBY LOBBY(2016/2026)
MUNDELIEN 85,018 100 KMART(2024/2054)
NAPERVILLE 101,822 100 KMART(2024/2054)
NILES 101,775 100 KMART(2022)
NORRIDGE 116,914 100 KMART(2024/2042)
OAK LAWN 165,337 100 KMART(2024/2054),CHUCK E CHEESE(2002/2007)
OAKBROOK TERRACE 163,892 100 KMART(2024/2054),LINENS N THINGS(2006)
ORLAND PARK 166,000 100 HEILIG MEYERS(2008/2018)
ORLAND PARK 121,011 100 VALUE CITY(2015/2030)
OTTAWA 60,000 100 VALUE CITY(2006/2011)
PEORIA 156,067 100 KMART(2024/2031),MARSHALLS(2009/2024)
ROCKFORD 102,971 100 SHOPKO(2018/2038)
SCHAUMBURG 167,690 100 HEILIG MEYERS(2008/2018)
SKOKIE 58,499 100 OLD NAVY (2010/2015), MARSHALLS (2010,2025)
SPRINGFIELD 115,526 100 KMART(2024/2028)
STREAMWOOD 81,000 100 VALUE CITY(2015/2030)
WAUKEGAN 90,555 100 MEGA MARTS(2009/2029)
WOODRIDGE 163,573 79 KOHLS (2010/2030)
INDIANA
EVANSVILLE 193,472 97 SHOPKO(2018/2038),OFFICEMAX(2012/2027),MICHAELS(2004/2019)
EVANSVILLE 149,182 98 SHOPKO(2018/2038)
FELBRAM 27,400 91 SAVE A LOT(2006/2016),BLOCKBUSTER(2004/2009)
GREENWOOD 110,162 100 BABY SUPERSTORE(2006/2021),TOYS R US(2011/2056),FRANKS NURSERY(2016)
GRIFFITH 114,684 100 KMART(2024/2054)
INDIANAPOLIS 75,000 100 DAVIS WHOLESALE(2003/2012)
INDIANAPOLIS 96,104 100 KROGER(2005/2020),CVS(2004/2024),US POST OFFICE(2006/2016)
INDIANAPOLIS 178,610 100 TARGET(2009/2029),DOLLAR TREE(2004/2014),RAINBOW SHOPS(2004/2019)
INDIANAPOLIS 96,476 -
LAFAYETTE 90,500 96 MENARD(2006)
LAFAYETTE 183,440 49 PAYLESS SUPERMARKET(2004/2014),JOANN FABRICS(2010/2020)
LAFAYETTE 208,376 95 PETSMART(2012/2032),STAPLES(2011/2026)
MERRILLVILLE 105,511 100 KMART(2015)
MISHAWAKA 82,100 100 K'S MERCHANDISE(2013/2023)
SOUTH BEND 81,668 100 MENARD(2010/2030)
18
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
IOWA
CLIVE 1996 FEE 8.8
DAVENPORT 1997 GROUND LEASE (2028) 9.1
DES MOINES 1999 FEE 23.0
DUBUQUE 1997 GROUND LEASE (2019) 6.5
SE DES MOINES 1996 FEE 9.6
WATERLOO 1996 FEE 9.0
KANSAS
KANSAS CITY 1998 FEE 19.6
E. WICHITA (8) 1996 FEE 6.5
OVERLAND PARK 1998 FEE 14.5
ROELAND PARK 1997 GROUND LEASE (2024) 12.7
W. WICHITA (8) 1996 FEE 8.1
WICHITA (8) 1998 FEE 13.5
KENTUCKY
BELLEVUE 1976 FEE 6.0
LEXINGTON 1993 FEE 35.8
PADUCAH 1998 GROUND LEASE (2039) 2.0
LOUISIANA
BATON ROUGE 1997 FEE 18.6
HOUMA 1999 FEE 10.1
LAFAYETTE 1997 FEE 21.9
NEW ORLEANS 1983 FEE/JOINT VENTURE 7.0
MARYLAND
GAITHERSBURG 1999 FEE 8.7
GLEN BURNIE 2000 FEE 6.0
HAGERSTOWN 1973 FEE 10.5
LANDOVER 1999 FEE 23.3
LAUREL 1964 FEE 18.0
LAUREL 1972 FEE 8.1
WHITE MARSH 1998 FEE 25.3
MASSACHUSETTS
FOXBOROUGH (8) 2000 FEE 11.9
GREAT BARRINGTON 1994 FEE 14.1
LEOMINSTER 1975 FEE 57.0
SHREWSBURY 2000 FEE 11.2
MICHIGAN
CLARKSTON 1996 FEE 20.0
CLAWSON 1993 FEE 13.5
FARMINGTON 1993 FEE 2.8
FLINT 1989 FEE 46.6
LIVONIA 1968 FEE 4.5
MUSKEGON 1985 FEE 12.2
TAYLOR 1993 FEE 13.0
WALKER 1993 FEE 41.8
MINNESOTA
MINNETONKA (8) 1998 FEE 12.1
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
IOWA
CLIVE 90,000 100 KMART(2021/2051)
DAVENPORT 91,035 100 KMART(2024/2028)
DES MOINES 150,143 78 BEST BUY(2008/2023),OFFICEMAX(2008/2018),JOANN FABRICS(2007/2017)
DUBUQUE 82,979 100 SHOPKO(2018/2019)
SE DES MOINES 111,847 100 HOME DEPOT(2020/2065)
WATERLOO 96,000 100 KMART(2021/2051)
KANSAS
KANSAS CITY 167,301 98 KMART(2024/2054),PRICE CHOPPER(2002/2017)
E. WICHITA (8) 97,992 100 SHOPKO(2018/2019)
OVERLAND PARK 162,982 100 HOME DEPOT(2005/2050)
ROELAND PARK 152,248 100 KMART(2024/2024),PRICE CHOPPER(2004/2009)
W. WICHITA (8) 96,319 100 SHOPKO(2018/2038)
WICHITA (8) 136,131 96 BEST BUY(2010/2025),TJ MAXX(2004/2019),MICHAELS(2005/2025)
KENTUCKY
BELLEVUE 53,695 100 KROGER(2005/2035)
LEXINGTON 258,713 95 BEST BUY(2009/2024),BED BATH & BEYOND(2013/2038),TOYS R US(2013/2038)
PADUCAH 85,229 100 SHOPKO(2018/2038)
LOUISIANA
BATON ROUGE 342,706 92 BURLINGTON COAT(2004/2024),STEIN MART(2006/2016)
HOUMA 98,586 83 OLD NAVY(2009/2014),OFFICEMAX(2013/2028),MICHAELS(2009/2019)
LAFAYETTE 222,923 96 STEIN MART(2005/2020),LINENS N THINGS(2009/2024)
NEW ORLEANS 190,000 100 MERCANTILE(2011/2031)
MARYLAND
GAITHERSBURG 87,061 100 FURNITURE 4 LESS(2005/2010)
GLEN BURNIE 60,173 100 FIRST UNION(2004/2022)
HAGERSTOWN 117,718 97 AMES(2007/2017),SUPER SHOE(2006/2016),CVS(2002)
LANDOVER 232,903 100 RAYTHEON(2003/2015)
LAUREL 75,924 100 DOLLAR TREE(2010/2015),OLD COUNTRY BUFFET(2009/2019)
LAUREL 81,550 100 AMES(2007/2017)
WHITE MARSH 187,331 100 COSTCO(2013/2048),SPORTS AUTHORITY(2011/2021),PETSMART(2010/2030)
MASSACHUSETTS
FOXBOROUGH (8) 118,844 100 STOP & SHOP(2002/2012)
GREAT BARRINGTON 134,817 94 KMART(2001/2016),PRICE CHOPPER(2016/2036)
LEOMINSTER 595,958 88 SEARS(2003/2033),JCPENNEY(2009/2034),STOP & SHOP(2009/2024)
SHREWSBURY 112,322 22 STAPLES(2006/2021)
MICHIGAN
CLARKSTON 156,864 99 FARMER JACKS(2015/2045),FRANKS NURSERY(2011/2031),CVS(2005/2020)
CLAWSON 179,655 100 FARMER JACKS(2006/2016),FRANKS NURSERY(2016),STAPLES(2011/2026)
FARMINGTON 97,038 99 DAMMAN HARDWARE(2015/2030),DOLLAR CASTLE(2005/2010)
FLINT 243,847 82 KESSEL FOOD MARKETS(2014/2034),RITE AID(2001/2011)
LIVONIA 44,185 95 DAMMAN HARDWARE(2004/2014),CENTURY 21(2005/2010),BLOCKBUSTER(2003)
MUSKEGON 71,215 91 PLUMB'S FOOD(2002/2022),JOANN FABRICS(2002/2012)
TAYLOR 121,364 69 KOHLS(2011/2031),DRUG EMPORIUM(2001/2021)
WALKER 283,668 100 KOHLS(2017/2037),OFFICE MAX(2013/2033)
MINNESOTA
MINNETONKA (8) 120,220 100 TOYS R US(2016/2031),OFFICEMAX(2006/2011)
19
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI
BRIDGETON 1997 GROUND LEASE (2040) 27.3
CAPE GIRARDEAU 1997 GROUND LEASE (2060) 7.0
CREVE COEUR 1998 FEE 12.2
ELLISVILLE 1970 FEE 18.4
HAZELWOOD 1970 FEE 15.0
INDEPENDENCE 1998 FEE 21.0
JENNINGS (6) 1971 FEE 8.2
JOPLIN 1998 FEE 12.6
JOPLIN (8) 1998 FEE 9.5
KANSAS CITY 1997 FEE 17.8
KANSAS CITY 1997 FEE 15.6
KIRKWOOD 1998 GROUND LEASE (2069) 19.8
LEMAY 1974 FEE 3.1
MANCHESTER (8) 1998 FEE 9.6
SPRINGFIELD 1994 FEE 41.5
SPRINGFIELD 1998 GROUND LEASE (2087) 18.5
ST.CHARLES (5) 1998 FEE 36.9
ST.CHARLES 1999 GROUND LEASE (2039) 8.4
ST.LOUIS 1972 FEE 13.1
ST.LOUIS 1998 FEE 17.5
ST.LOUIS 1997 GROUND LEASE (2025) 19.7
ST.LOUIS 1997 GROUND LEASE (2035) 37.7
ST.LOUIS 1997 GROUND LEASE (2040) 16.3
ST.LOUIS 1997 FEE 17.5
ST.PETERS 1997 FEE 14.8
NEVADA
HENDERSON (4) 1999 FEE/JOINT VENTURE 36.0
LAS VEGAS (8) 2000 FEE 22.9
NEW HAMPSHIRE
SALEM 1994 FEE 39.8
NEW JERSEY
BRIDGEWATER 1999 FEE 17.5
CHERRY HILL 1985 FEE/JOINT VENTURE 18.6
CHERRY HILL 1996 GROUND LEASE (2035) 15.2
CINNAMINSON 1996 FEE 13.7
DELRAN (8) 2000 FEE 16.1
FRANKLIN 1998 FEE 14.9
NORTH BRUNSWICK 1994 FEE 38.1
PISCATAWAY 1998 FEE 9.6
PLAINFIELD (8) 1998 FEE 16.2
RIDGEWOOD 1994 FEE 2.7
WESTMONT 1994 FEE 17.4
NEW MEXICO
ALBUQUERQUE 1998 FEE 4.7
ALBUQUERQUE 1998 FEE 26.0
ALBUQUERQUE 1998 FEE 4.8
NEW YORK
BRIDGEHAMPTON 1973 FEE 30.2
BRONX 1998 FEE/JOINT VENTURE 11.0
BROOKLYN (8) 2000 FEE 8.1
CARLE PLACE 1993 FEE 8.3
CENTEREACH 1993 FEE/JOINT VENTURE 40.7
COMMACK 1998 GROUND LEASE(2085)/JOINT VENTURE 35.7
COPIAGUE (8) 1998 FEE 15.4
FREEPORT (8) 2000 FEE 9.6
GLEN COVE (8) 2000 FEE 2.7
HAMPTON BAYS 1989 FEE 8.2
HEMPSTEAD (8) 2000 FEE 1.4
HENRIETTA 1988 FEE 14.9
IRONDEQUOIT 1988 FEE 12.8
LATHAM (8) 1999 FEE 59.0
MANHASSET 1999 FEE 9.3
MASSAPEQUA 1999 FEE 2.2
MERRICK (8) 2000 FEE 10.8
MIDDLETOWN (8) 2000 FEE 10.1
MUNSEY PARK (8) 2000 FEE 6.0
NANUET 1984 FEE 6.0
PLAINVIEW 1969 FEE 7.0
POUGHKEEPSIE (3) 1972 FEE 20.0
WEST GATES 1993 FEE 18.6
STATEN ISLAND (8) 2000 FEE 14.4
STATEN ISLAND 1989 FEE 16.7
STATEN ISLAND 1997 FEE 7.0
SYOSSET 1967 FEE 2.5
YONKERS (8) 2000 GROUND LEASE(2047) 6.3
YONKERS 1995 FEE 4.1
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
MISSOURI
BRIDGETON 101,592 100 KOHLS(2010/2020)
CAPE GIRARDEAU 80,803 100 SHOPKO(2018/2038)
CREVE COEUR 113,781 82 KOHLS(2018/2038)
ELLISVILLE 118,080 100 SHOP N SAVE(2005/2015)
HAZELWOOD 149,230 35 WALGREENS(2006)
INDEPENDENCE 160,795 95 KMART(2024/2054),OFFICE DEPOT(2012/2032)
JENNINGS (6) 155,095 15 WALGREENS(2056)
JOPLIN 143,540 94 GOODYS(2010/2015)
JOPLIN (8) 80,524 100 SHOPKO(2018/2038)
KANSAS CITY 143,781 81 HOME DEPOT(2005/2050)
KANSAS CITY 174,716 100 KMART(2024/2054),PRICE CHOPPER(2015/2030)
KIRKWOOD 169,736 100 KMART(2024/2054),FRANKS NURSERY(2011),HANCOCK FABRICS(2007/2017)
LEMAY 73,281 70 SHOP N SAVE(2003/2008),DOLLAR GENERAL(2003/2008)
MANCHESTER (8) 89,305 100 KOHLS(2018/2038)
SPRINGFIELD 277,552 96 BEST BUY(2011/2026),JCPENNEY(2005/2015)
SPRINGFIELD 167,828 100 KMART(2024/2054),OFFICE DEPOT(2005/2010)
ST.CHARLES (5) - -
ST.CHARLES 84,460 100 KOHLS(2019/2039)
ST.LOUIS 163,821 29 WALGREENS(2006)
ST.LOUIS 157,913 75 BURLINGTON COAT(2004/2024),FRANKS NURSERY(2011),OFFICE DEPOT(2005/2015)
ST.LOUIS 155,868 100 KMART(2024/2025),FRANKS NURSERY(2005/2015)
ST.LOUIS 168,367 82 KMART(2024/2035),FIRESTONE(2004/2018)
ST.LOUIS 128,765 100 KMART(2024/2040),LEMAY BUILDING(2010)
ST.LOUIS 163,097 98 KMART(2024/2054),ODD LOTS(2003/2009)
ST.PETERS 171,780 100 KMART(2024/2054),OFFICE DEPOT(2004/2009)
NEVADA
HENDERSON (4) - -
LAS VEGAS (8) 229,020 99 HOMEBASE(2009/2029)
NEW HAMPSHIRE
SALEM 340,626 100 STOP & SHOP(2003/2013),SHAWS SUPERMARKET(2008/2038),BOB'S STORES(2011/2021)
NEW JERSEY
BRIDGEWATER 157,695 100 BED BATH & BEYOND(2010/2030), MARSHALLS (2009/2019)
CHERRY HILL 121,673 86 GIANT FOOD (2016/2036),DOLLAR TREE(2005/2015)
CHERRY HILL 129,809 100 KOHLS(2016/2035),SEARS HARDWARE(2003/2013)
CINNAMINSON 138,408 100 AMES (2019/2034)
DELRAN (8) 161,128 96 KMART(2002/2017)
FRANKLIN 138,364 100 EDWARDS(2010/2020),NY SPORTS CLUB(2006/2016)
NORTH BRUNSWICK 403,079 100 WALMART(2018/2058),BURLINGTON COAT(2008/2013)
PISCATAWAY 97,348 96 SHOP RITE(2014/2024)
PLAINFIELD (8) 133,249 99 A&P(2018/2058),SEARS HARDWARE(2008/2028)
RIDGEWOOD 24,280 100 FRESH FIELDS(2015/2024)
WESTMONT 192,380 87 SUPER FRESH(2017/2081),SUPER FITNESS(2009),JOANN FABRICS(2010/2020)
NEW MEXICO
ALBUQUERQUE 37,735 100 SEARS HARDWARE(2006/2021)
ALBUQUERQUE 180,512 98 MOVIES WEST(2011/2021)
ALBUQUERQUE 59,722 95 PAGE ONE(2003/2013),WALGREENS(2027)
NEW YORK
BRIDGEHAMPTON 287,632 99 KMART(2019/2039),KING KULLEN(2015/2035),TJ MAXX(2007/2017)
BRONX 225,821 96 A&P(2011), NATIONAL AMUSEMENTS(2011)
BROOKLYN (8) 80,708 100 PERGAMENT(2011/2021),WALGREENS(2030)
CARLE PLACE 132,318 92 HARROWS(2002),STAPLES(2010/2025)
CENTEREACH 371,028 89 WALMART(2015/2044),KING KULLEN(2003/2033),MODELLS(2009/2019)
COMMACK 255,798 100 KING KULLEN(2017/2047),SPORTS AUTHORITY (2017/2037)
COPIAGUE (8) 154,692 100 HOME DEPOT(2011/2056),JACK-LALANNE(2008/2018)
FREEPORT (8) 173,031 100 MAYFAIR SUPERMARKET (2025),TOYS R US(2020/2040),MARSHALLS(2006/2016)
GLEN COVE (8) 49,597 89 STAPLES(2014/2029)
HAMPTON BAYS 70,990 100 STERNS(2005/2025),GENOVESE(2006/2016)
HEMPSTEAD (8) 13,905 100 WALGREENS(2059)
HENRIETTA 123,000 15 STAPLES(2010/2022),OUTBACK STEAKHOUSE(2006/2026)
IRONDEQUOIT 17,995 100 STAPLES(2010/2027)
LATHAM (8) 603,171 98 SAMS CLUB(2013/2043),WALMART(2013/2043),HOME DEPOT(2031/2071)
MANHASSET 236,373 51 VALUE CITY (2006/2011)
MASSAPEQUA 22,010 100 DUANE READE(2014)
MERRICK (8) 107,871 98 WALDBAUMS(2013/2016)
MIDDLETOWN (8) 80,000 100 BEST BUY(2016/2031),LINENS N THINGS(2016/2031)
MUNSEY PARK (8) 72,748 100 BED BATH & BEYOND(2007/2022),FRESH FIELDS(2011/2021)
NANUET 70,522 43
PLAINVIEW 88,222 99 FAIRWAY STORES(2017/2037),ASTORIA FEDERAL(2017/2037)
POUGHKEEPSIE (3) 165,733 86 STOP & SHOP (2020/2049)
WEST GATES 185,153 39 TOPS SUPERMARKET(2004/2024),BALLY'S(2000/2010)
STATEN ISLAND (8) 177,118 95 TJX(2005/2025),NATIONAL WHOLESALE(2010/2030),MICHAELS STORES(2006/2031)
STATEN ISLAND 210,990 98 KMART(2006/2011),PATHMARK(2011/2021)
STATEN ISLAND 95,893 98 WALDBAUMS(2006/2031),CVS(2000/2015)
SYOSSET 32,124 100 NEW YORK SPORTS (2016/2021)
YONKERS (8) 56,361 94 STAPLES(2014/2029)
YONKERS 43,560 100 SHOPRITE(2008/2028)
20
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA
CARY 2000 FEE 8.6
CARY 1998 FEE 10.9
CHARLOTTE 1968 FEE 13.5
CHARLOTTE 1993 FEE 14.0
CHARLOTTE 1986 GROUND LEASE(2048) 18.5
DURHAM 1996 FEE 13.2
GASTONIA 1989 FEE 24.9
GREENSBORO 1999 FEE 8.2
GREENSBORO (8) 1998 FEE 4.4
RALEIGH 1993 FEE 35.9
WINSTON-SALEM 1969 FEE 13.2
OHIO
AKRON 1975 FEE 6.9
AKRON 1988 FEE 24.5
AKRON 1988 FEE 12.6
AKRON 1988 GROUND LEASE (2012) 22.9
BARBERTON 1972 FEE 10.0
BEAVERCREEK 1986 FEE 18.2
BEDFORD 1988 GROUND LEASE (2019) 13.1
BROOKLYN 1988 FEE 14.4
BRUNSWICK 1975 FEE 20.0
CAMBRIDGE 1973 FEE 13.1
CANTON 1993 FEE 7.9
CANTON 1972 FEE 19.6
CANTON 1988 FEE 9.2
CANTON 1988 GROUND LEASE (2007) 20.6
CENTERVILLE 1988 FEE 15.2
CINCINATTI 1988 FEE 11.6
CINCINNATI 2000 FEE 8.8
CINCINNATI (8) 2000 FEE 36.7
CINCINNATI 1988 FEE 8.8
CINCINNATI 1988 FEE 29.2
CINCINNATI 1999 FEE 16.7
CLEVELAND 1975 GROUND LEASE (2035) 9.4
COLUMBUS 1967 FEE 13.8
COLUMBUS 1988 FEE 12.4
COLUMBUS 1988 FEE 13.7
COLUMBUS 1988 FEE 17.9
COLUMBUS 1988 FEE 12.4
COLUMBUS 1988 FEE 12.5
COLUMBUS (8) 1998 FEE 12.1
DAYTON 1969 GROUND LEASE (2043) 22.8
DAYTON 1984 FEE 27.0
DAYTON 1988 FEE 16.9
DAYTON (4) 1999 FEE 31.0
DAYTON 1988 FEE 11.2
ELYRIA 1988 FEE 8.3
HUBER HEIGHTS (8) 1999 FEE 40.0
KENT 1988 FEE 12.2
LIMA 1986 FEE 18.1
MENTOR 1987 FEE 20.6
MENTOR 1988 FEE 25.0
MIDDLEBURG HEIGHTS 1988 FEE 8.2
NORTH OLMSTED 1988 FEE 11.7
SHARONVILLE 1977 GROUND LEASE (2076)/JOINT VENTURE 15.0
SPRINGBORO PIKE 1985 FEE 13.0
SPRINGDALE (8) 2000 FEE 22.0
SPRINGFIELD 1988 FEE 14.3
UPPER ARLINGTON 1969 FEE 13.3
WESTERVILLE 1988/1993 FEE 25.4
WICKLIFFE 1995 FEE 10.0
WILLOUGHBY HILLS 1988 FEE 14.1
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA
CARY 86,015 100 BED BATH & BEYOND(2005/2014)
CARY 102,787 96 LOWES(2017/2037)
CHARLOTTE 110,300 100 MEDIA PLAY(2005/2019),TJ MAXX(2007/2017),CVS(2015/2035)
CHARLOTTE 135,269 100 BEST BUY(2038),BI-LO(2009/2029),MICHAELS(2003/2013)
CHARLOTTE 227,808 88 TOYS R8US(2012/2042),DRUG EMPORIUM(2005/2015),OFFICEMAX(2009/2024)
DURHAM 116,186 94 TJ MAXX(2003/2013),JOANN FABRICS(2010/2020)
GASTONIA 235,607 87 SERVICE MERCHANDISE(2003),TOYS R US(2015/2045),WINN DIXIE(2002)
GREENSBORO 100,794 87 WACCAMAW(2010/2025),BEN FRANKLIN(2010/2020),FASHION BUG(2006/2026)
GREENSBORO (8) 41,387 100 STAPLES(2011/2031)
RALEIGH 374,395 91 BEST BUY(2005/2020),PHAR-MOR(2010/2025),GENERAL CINEMA(2009/2029)
WINSTON-SALEM 137,868 98 KROGER(2016/2041),SPORTSMAN'S SUPPLY(2008),CVS(2004/2014)
OHIO
AKRON 56,975 79 GIANT EAGLE(2004/2024),DOLLAR GENERAL(2002)
AKRON 138,363 100 GABRIEL BROTHER(2005/2025)
AKRON 149,054 100 AMES(2014/2049),GIANT EAGLE(2002/2017)
AKRON 116,656 98 AMES(2012)
BARBERTON 38,175 19 GIANT EAGLE(2007/2012),CVS(2002/2004)
BEAVERCREEK 146,636 78 KROGER(2018/2048)
BEDFORD 133,147 100 AMES(2019)
BROOKLYN 133,563 100 AMES(2014/2049)
BRUNSWICK 168,523 92 KMART(2005/2050),GIANT EAGLE(2001/2031)
CAMBRIDGE 95,955 94 QUALITY STORES (TJX)(2010/2020),KROGER(2004/2014)
CANTON 63,989 93 CINEMARK(2001/2003),DOLLAR GENERAL(2003/2012)
CANTON 161,569 81 BURLINGTON COAT(2018/2043),TJ MAXX(2007/2017),HOMETOWN BUFFET(2010/2020)
CANTON 99,267 100 AMES(2014/2049)
CANTON 150,900 74 AMES(2007)
CENTERVILLE 115,114 85 WACCAMAW(2006/2021),ODD JOB(2007/2017)
CINCINATTI 139,985 67 CIRCUIT CITY(2008/2031),BIG LOTS(2004/2009),OFFICE DEPOT(2004/2024)
CINCINNATI 88,317 62 HOB-LOB (2011/2022)
CINCINNATI (8) 375,499 99 WALMART(2010/2040)
CINCINNATI 121,242 100 BURLINGTON COAT(2005/2025),TOYS R US(2019/2044)
CINCINNATI 321,537 61 SERVICE MERCHANDISE(2002/2012),TOYS R US(2016/2046),LINENS N THINGS(2005/2015)
CINCINNATI 168,635 64 FASHION BUG(2003/2018)
CLEVELAND 83,061 67 ALDI(2003/2023)
COLUMBUS 112,813 77
COLUMBUS 131,789 100 KOHLS (2011/2031),KROGER(2031/2071),TOYS R US(2015/2040)
COLUMBUS 140,993 100 KOHLS(2011/2031),STAPLES(2005/2010)
COLUMBUS 129,008 100 KOHLS(2011/2031)
COLUMBUS 135,650 100 KOHLS(2011/2031),CIRCUIT CITY(2019/2039)
COLUMBUS 99,262 100 SOUTHLAND EXPO(2001)
COLUMBUS (8) 113,183 99 BORDER BOOKS(2018/2038),ZANY BRAINY(2007/2017)
DAYTON 163,131 60 BEST BUY(2004/2024),JOANN FABRICS(2002/2012),BIG LOTS(2002/2008)
DAYTON 214,279 87 VICTORIAS SECRET(2004/2019),JO-ANN FABRICS(2006/2016),RITE AID(2000)
DAYTON 141,616 100 VALUE CITY(2010/2020),CIRCUIT CITY(2018/2038)
DAYTON (4) 72,000 100 QUINCY AMUSEMENTS (2020/2050)
DAYTON 116,374 100 VALUE CITY(2010/2015)
ELYRIA 103,400 100 KMART(2010/2029)
HUBER HEIGHTS (8) 309,768 99 ELDER BEERMAN(2014/2044),KOHLS (2015/2035),MARSHALLS(2009/2024)
KENT 106,500 100 AMES(2013)
LIMA 193,633 94 RAYS SUPERMARKET(2011/2026),JOANN FABRICS(2006/2011)
MENTOR 103,910 100 AMES(2020/2045)
MENTOR 271,209 100 GIANT EAGLE(2019/2029),BURLINGTON COAT(2014/0000),JOANN FABRICS(2009/2019)
MIDDLEBURG HEIGHTS 104,342 100 AMES(2014/2049)
NORTH OLMSTED 99,862 100 AMES(2014/2049)
SHARONVILLE 130,715 100 KMART(2004/2054),KROGER(2003/2028),FASHION BUG(2003/2010)
SPRINGBORO PIKE 99,147 97 OFFICEMAX(2002/2022)
SPRINGDALE (8) 243,929 98 WALMART(2015/2045),OFFICEMAX(2009/2024)
SPRINGFIELD 131,628 100 KMART(2010/2029),HOBBY LOBBY(2010/2020),STAPLES(2022)
UPPER ARLINGTON 158,395 90 TJ MAXX(2001/2006),CVS(2019/2039)
WESTERVILLE 242,124 100 KOHLS(2016/2036), OFFICEMAX(2002/2012)
WICKLIFFE 128,180 100 GABRIEL BROTHERS(2008/2023),BIG LOTS(2005/2010),DOLLAR GENERAL(2001/2004)
WILLOUGHBY HILLS 152,508 99 AMES(2014/2049)
21
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA
EDMOND 1997 FEE 9.8
MIDWEST CITY 1998 FEE 9.7
OKLAHOMA CITY 1998 FEE 19.8
TULSA 1996 FEE 8.8
PENNSYLVANIA
EXTON 1999 FEE 6.1
BLUE BELL 1996 FEE 17.7
CHIPPEWA 2000 FEE 22.4
DUQUESNE 1993 FEE 8.8
E. NORRITON 1984 FEE 12.5
E. STROUDSBURG 1973 FEE 15.3
EAGLEVILLE 1973 FEE 15.2
EASTWICK 1997 FEE 3.4
EXTON 1996 FEE 9.8
FEASTERVILLE 1996 FEE 4.6
GETTYSBURG 1986 FEE 2.3
HARRISBURG 1972 FEE/JOINT VENTURE 17.0
HARRISBURG 1972 FEE 11.7
HAVERTOWN 1996 FEE 9.0
LANDSDALE 1996 GROUND LEASE (2037) 1.4
MIDDLETOWN 1973 FEE 21.9
MIDDLETOWN 1986 FEE 4.7
NEW KENSINGTON 1986 FEE 12.5
PENN HILLS 1986 GROUND LEASE (2027) 31.1
PHILADELPHIA 1983 FEE/JOINT VENTURE 8.1
PHILADELPHIA 1995 FEE/JOINT VENTURE 22.6
PHILADELPHIA 1996 FEE 6.3
PHILADELPHIA 1996 GROUND LEASE (2035) 6.8
RICHBORO 1986 FEE 14.5
SCOTT TOWNSHIP 1999 GROUND LEASE (2052) 6.9
SPRINGFIELD 1983 FEE 19.7
TREXLERTOWN 1998 GROUND LEASE (2048)/J0INT VENTURE 1.2
UPPER ALLEN 1986 FEE 6.0
UPPER DARBY 1996 FEE/JOINT VENTURE 16.3
WEST MIFFLIN 1974 FEE 24.6
WEST MIFFLIN 1986 FEE 8.3
WHITEHALL 1996 GROUND LEASE (2081) 6.0
YORK 1986 FEE 8.0
YORK 1986 FEE 13.7
YORK 1986 FEE 3.3
ROHDE ISLAND
CRANSTON 1998 FEE 11.0
SOUTH CAROLINA
AIKEN 1989 FEE 16.6
CHARLESTON 1978 FEE 17.6
CHARLESTON 1995 FEE 17.2
FLORENCE 1997 FEE 21.0
GREENVILLE 1997 FEE 20.4
NORTH CHARLESTON 2000/1997 FEE 27.3
TENNESSEE
MEMPHIS 2000 FEE 8.8
CHATTANOOGA 1973 GROUND LEASE (2073) 7.6
MADISON (8) 1999 FEE 21.1
MADISON 1978 GROUND LEASE (2039) 14.5
MEMPHIS 1998 FEE 14.7
NASHVILLE (8) 1999 FEE 9.3
NASHVILLE 1998 FEE 10.2
NASHVILLE 1998 FEE 16.9
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- -------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA
EDMOND 97,527 100 KMART(2024/2054)
MIDWEST CITY 99,433 100 KMART(2024/2054)
OKLAHOMA CITY 232,635 100 HOME DEPOT(2014/2044),BEST BUY(2008/2023)
TULSA 96,100 100 KMART(2021/2051)
PENNSYLVANIA
EXTON 60,685 100 ACME MARKETS(2015/2045)
BLUE BELL 116,055 100 KOHLS (2016/2036),SEARS HARDWARE(2002/2007)
CHIPPEWA 215,206 100 KMART(2018/2068),HOME DEPOT(2018/2068))
DUQUESNE 69,733 100 ECKERD(2004)
E. NORRITON 134,860 97 SHOP N SAVE(2017/2037),STAPLES(2008/2023),JOANN FABRICS(2002/2012)
E. STROUDSBURG 168,218 100 KMART(2002/2022),WEIS MARKETS(2002/2012)
EAGLEVILLE 165,385 98 KMART(2004/2019),GENUARDIS(2011/2025)
EASTWICK 36,511 100 MERCY HOSPITAL(2012/2022)
EXTON 85,184 100 KOHLS (2016/2036)
FEASTERVILLE 86,575 100 VALUE CITY(2011/2026)
GETTYSBURG 30,706 94 GIANT FOOD(2005/2010)
HARRISBURG 175,917 100 AMES(2002/2032),MEDIA PLAY(2011/2026)
HARRISBURG 152,565 99 AMES(2002/2032),BIG LOTS(2015/2045)
HAVERTOWN 80,938 100 KOHLS (2016/2036)
LANDSDALE 84,470 100 KOHLS(2012)
MIDDLETOWN 140,481 66 SHARP SHOPPER (2010/2015),CVS(2008)
MIDDLETOWN 35,747 81 US POST OFFICE(2016/2026),FAMILY DOLLAR(2003/2008)
NEW KENSINGTON 106,624 100 GIANT EAGLE(2006/2026)
PENN HILLS 110,517 100 AMES(2017/2026)
PHILADELPHIA 214,970 52 JCPENNEY(2012/2037),TOYS R US(2002/2052)
PHILADELPHIA 208,330 100 SUPER FRESH(2022/2047),PETSMART(2006/2016)
PHILADELPHIA 82,345 100 KMART(2016/2036)
PHILADELPHIA 133,309 100 KMART(2010/2035)
RICHBORO 109,741 72 SUPER FRESH(2018/2058),RITE AID(2007/2017)
SCOTT TOWNSHIP 69,288 100 WALMART(2015/2052)
SPRINGFIELD 218,907 100 VALUE CITY(2013/2043),STAPLES(2008/2023),JOANN FABRICS(2006/2016)
TREXLERTOWN 41,680 96 LEHIGH VALLEY HEALTH (2008/2023)
UPPER ALLEN 59,470 92 GIANT FOOD(2010/2030),CVS(2008)
UPPER DARBY 48,936 96 MERCY HOSPITAL(2012/2022)
WEST MIFFLIN 194,283 100 AMES(2004/2034),GIANT EAGLE(2014/2039)
WEST MIFFLIN 84,279 100 AMES(2007/2032)
WHITEHALL 84,524 100 KOHLS (2016/2036)
YORK 61,979 77 SUPERPETZ (2004/2009),ECKERD(2004)
YORK 53,011 100 GIANT FOOD(2006/2026),CVS(2005/2020)
YORK 35,500 100 GIANT FOOD(2002/2017),RITE AID(2002/2012)
ROHDE ISLAND
CRANSTON 129,907 91 BOB'S(2003/2028),MARSHALLS(2011/2021)
SOUTH CAROLINA
AIKEN 11,200 62
CHARLESTON 165,973 96 STEIN MART(2001/2016)
CHARLESTON 186,000 90 TJ MAXX(2004),OFFICE DEPOT(2006/2016),MARSHALLS(2006/2011)
FLORENCE 113,922 98 HAMRICKS(2006/2011),STAPLES(2010/2035),ATHLETES FOOT(2007/2017)
GREENVILLE 148,532 98 PHAR-MOR(2005/2020),BABIES R US(2002/2022)
NORTH CHARLESTON 267,102 95 PHAR-MOR(2005/2010), SPORTS AUTHORITY (2013/2033), MARSHALLS (2003/2013)
TENNESSEE
MEMPHIS 87,962 100 OLD TIME POTTERY(2010/2025)
CHATTANOOGA 44,288 69 ECHOLS FURNITURE(2001)
MADISON (8) 189,299 98 SPORTS AUTHORITY(2013/2028),BEST BUY(2014/2029)
MADISON 182,256 71 OLD TIME POTTERY(2001/2006),HOLLYWOOD VIDEO(2008/2014)
MEMPHIS 167,283 97 TOYS R US(2017/2042),OFFICEMAX(2008/2028)
NASHVILLE (8) 99,159 100 BEST BUY(2014/2029),OFFICEMAX(2015/2035)
NASHVILLE 109,012 100 MARSHALLS(2002/2005),OFFICEMAX(2004/2019)
NASHVILLE 171,236 70 STEIN MART(2003/2013)
22
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS
AMARILLO (8) 1997 FEE 9.3
ARLINGTON 1997 GROUND LEASE (2043) 8.0
AUSTIN (8) 1998 FEE 18.2
AUSTIN 1998 FEE 15.1
BAYTOWN 1996 FEE 8.7
BURLESON (4) 2000 FEE 54.6
CEDAR HILLS CROSSING (4) 1998 FEE 40.1
CORSICANA 1997 FEE 10.3
DALLAS 1969 FEE/JOINT VENTURE 75.0
DALLAS (8) 1998 FEE 6.8
DUNCANVILLE 1996 FEE 6.8
E. PLANO 1996 FEE 9.0
FT. WORTH 1996 FEE 12.6
GARLAND (8) 1998 FEE 6.3
GARLAND 1996 FEE 2.9
GARLAND 1996 FEE 8.8
HOUSTON 1973 FEE 4.3
HOUSTON 1998 FEE 40.0
HOUSTON 1998 FEE 46.5
HOUSTON 1997 FEE 8.0
HOUSTON 1999 FEE 5.6
HOUSTON 1996 FEE 8.8
HOUSTON 1997 FEE 8.2
LEWISVILLE 1998 FEE 11.2
LEWISVILLE 1998 FEE 7.6
LEWISVILLE 1998 FEE 3.8
LUBBOCK 1998 FEE 9.6
MESQUITE 1974 FEE 9.0
MESQUITE 1998 FEE 15.0
N. ARLINGTON 1996 FEE 8.0
NORTH RICHLAND HILLS (5) 1997 FEE 9.2
PASADENA (8) 1999 FEE 15.1
RICHARDSON (8) 1998 FEE 11.7
SAN ANTONIO (4) 1999 FEE/JOINT VENTURE 147.6
W. OAKS - HOUSTON 1996 FEE 8.2
UTAH
OGDEN 1967 FEE 11.4
VIRGINIA
COLONIAL HEIGHTS 1999 FEE 6.1
FAIRFAX (8) 1998 FEE 37.0
HARRISONBURG 1999 FEE 3.1
MANASSAS 1997 FEE 13.5
RICHMOND 1995 FEE 11.5
RICHMOND 1999 FEE 8.5
WOODBRIDGE 1973 GROUND LEASE(2072) /JOINT VENTURE 19.6
WOODBRIDGE (8) 1998 FEE 54.0
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS
AMARILLO (8) 342,859 100 HOME DEPOT(2024/2054),CIRCUIT CITY(2010/2035)
ARLINGTON 96,127 100 HOBBY LOBBY(2008/2018)
AUSTIN (8) 191,760 100 CIRCUIT CITY(2017/2037),BABIES R US(2012/2027)
AUSTIN 153,625 85 HEB GROCERY(2006/2026),ACE HARDWARE(2006/2026)
BAYTOWN 104,050 54 HOBBY LOBBY(2008/2018)
BURLESON (4) - -
CEDAR HILLS CROSSING (4) 154,699 100 KOHLS(2021/2041),STAPLES(2015/2030)
CORSICANA 350,000 100 MONTGOMERY WARD(2020/2040)
DALLAS 682,635 56 MONTGOMERY WARD(2005/2015)
DALLAS (8) 83,867 100 ROSS STORES(2007/2017),OFFICEMAX(2009/2024)
DUNCANVILLE 96,500 100 KMART(2021/2051)
E. PLANO 97,798 100 HOME DEPOT EXPO(2024/2054)
FT. WORTH 106,000 100 KMART(2021/2051)
GARLAND (8) 62,000 100 OFFICE DEPOT(2001/2021),DRUG EMPORIUM(2006/2021)
GARLAND 41,364 100 KROGER(2005/2025)
GARLAND 103,600 100 KMART(2021/2051)
HOUSTON 45,494 100 KROGER(2002/2012)
HOUSTON 405,758 97 HOBBY LOBBY(2012/2032),BED BATH & BEYOND(2009/2019)
HOUSTON 166,180 98 BEST BUY(2016/2021), ROSS STORES (2011/2026)
HOUSTON 113,831 96 HEB PANTRY STORE(2007/2027),PALAIS ROYAL(2007/2022),FASHION BUG(2005/2015)
HOUSTON 84,188 100 OFFICE DEPOT(2002/2012)
HOUSTON 106,000 100 KMART(2021/2051)
HOUSTON 106,295 100 HOME DEPOT(2024/2054)
LEWISVILLE 74,837 97 BALLYS TOTAL FITNESS(2007/2022),TALBOTS OUTLET(2007/2017)
LEWISVILLE 124,103 100 WACCAMAW(2012/2027),BABIES R US(2009/2027)
LEWISVILLE 93,668 100 DRUG EMPORIUM(2013/2028),DSW SHOES(2008/2028)
LUBBOCK 108,326 96 PETSMART(2015/2040),OFFICEMAX(2009/2029),BARNES & NOBLE(2010/2025)
MESQUITE 79,550 100 KROGER(2012/2037),AUTO ZONE(2003/2013)
MESQUITE 209,582 89 BEST BUY(2009/2024), SEARS(2001/2026), PETSMART(2007/2027)
N. ARLINGTON 97,000 100 KMART(2021/2051)
NORTH RICHLAND HILLS (5) - 100 HOME DEPOT(2005/2050)
PASADENA (8) 169,203 100 PETSMART(2015/2030),OFFICEMAX(2014/2029),MICHAELS(2009/2024)
RICHARDSON (8) 112,604 100 OFFICEMAX(2011/2026),BALLYS TOTAL FITNESS(2009/2019)
SAN ANTONIO (4) 394,595 100 TOYS R US(2016/2041), BEST BUY(2016/2026)
W. OAKS - HOUSTON 96,500 100 KMART(2021/2051)
UTAH
OGDEN 121,449 88 KMART(2002)
VIRGINIA
COLONIAL HEIGHTS 60,909 100 THE OAK INC.(2008),BOOKS-A-MILLION(2008/2015)
FAIRFAX (8) 323,262 100 HOME DEPOT(2013/2033),COSTCO(2011/2046),SPORTS AUTHORITY(2003/2013)
HARRISONBURG 31,111 100 STAPLES(2004/2014),CIRCUIT CITY(2003/2013)
MANASSAS 117,525 97 SUPER FRESH(2006/2026),JOANN FABRICS(2003/2013)
RICHMOND 121,550 100 BURLINGTON COAT(2006/2035)
RICHMOND 84,683 -
WOODBRIDGE 187,063 79 AMES(2006/2021)
WOODBRIDGE (8) 480,001 91 LOWES(2012/2032),CHUCK E CHEESE(2009/2019),BOATER'S WORLD(2009/2019)
23
YEAR OWNERSHIP
DEVELOPED INTEREST/ LAND AREA
LOCATION OR ACQUIRED (EXPIRATION)(2) (ACRES)
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON
BELLINGHAM (8) 1998 FEE 20.0
FEDERAL WAY (8) 2000 FEE 17.0
WISCONSIN
RACINE 1988 FEE 14.2
WEST VIRGINIA
CHARLES TOWN 1985 FEE 22.0
CHARLESTON 1999 FEE 14.8
MARTINSBURG 1986 FEE 6.0
------------------
TOTAL 444 PROPERTY INTERESTS 7,383.6
ACQUISITIONS SUBSEQUENT TO DECEMBER 31, 2000
ILLINOIS
CHAMPAIGN(8) 2001 FEE 9.3
NORTH CAROLINA
RALEIGH(4) 2001 FEE 19.3
OHIO
COLUMBUS(4) 2001 FEE 20.6
DISPOSITIONS SUBSEQUENT TO DECEMBER 31, 2000
ARIZONA
CHANDLER(6) 1999 FEE/JOINT VENTURE 17.5
MISSOURI
JENNINGS(6) 1971 FEE 8.2
RETAIL STORE LEASES (7) 1995/97 LEASEHOLD -
------------------
GRAND TOTAL 495 PROPERTY INTERESTS 7,459
==================
[RESTUB]
LEASABLE PERCENT MAJOR LEASE
AREA LEASED (LEASE EXPIRATION/
LOCATION (SQ. FT.) (1) OPTION EXPIRATION)
- ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON
BELLINGHAM (8) 179,885 98 COSTCO(2064)
FEDERAL WAY (8) 200,209 100 ASSOCIATED GROCERS(2015/2045),JOANN FABRICS(2010/2030),
BARNES & NOBLE(2011/2026)
WISCONSIN
RACINE 156,430 88 PIGGLY WIGGLY(2001/2007),BIG LOTS(2005/2015)
WEST VIRGINIA
CHARLES TOWN 206,208 98 WALMART(2017/2047),STAPLES(2008/2018)
CHARLESTON 134,943 97 KROGER(2008/2038),TJ MAXX(2006/2021)
MARTINSBURG 43,212 100 GIANT FOOD(2010/2030),CVS(2003/2008)
-------------
TOTAL 444 PROPERTY INTERESTS 61,521,199
ACQUISITIONS SUBSEQUENT TO DECEMBER 31, 2000
ILLINOIS
CHAMPAIGN(8) 111,720 100 BEST BUY(2016/2031)), DICKS SPORTING GOODS(2016/2031),
MICHAELS(2011/2026)
NORTH CAROLINA
RALEIGH(4) -
OHIO
COLUMBUS(4) -
DISPOSITIONS SUBSEQUENT TO DECEMBER 31, 2000
ARIZONA
CHANDLER(6) 129,109 98.8
MISSOURI
JENNINGS(6) 155,095 14.0
RETAIL STORE LEASES (7) 4,579,498
-------------
GRAND TOTAL 495 PROPERTY INTERESTS 66,496,621
=============
(1) PERCENT LEASED INFORMATION AS OF DECEMBER 31, 2000 OR DATE OF
ACQUISITION IF ACQUIRED SUBSEQUENT TO DECEMBER 31, 2000.
(2) THE TERM "JOINT VENTURE" INDICATES THAT THE COMPANY OWNS THE PROPERTY IN
CONJUNCTION WITH ONE OR MORE JOINT VENTURE PARTNERS. THE DATE INDICATED
IS THE EXPIRATION DATE OF ANY GROUND LEASE AFTER GIVING AFFECT TO ALL
RENEWAL PERIODS.
(3) DENOTES REDEVELOPMENT PROJECT.
(4) DENOTES GROUND-UP DEVELOPMENT PROJECT.
(5) DENOTES UNDEVELOPED LAND.
(6) SOLD OR TERMINATED SUBSEQUENT TO DECEMBER 31, 2000.
(7) THE COMPANY HOLDS INTEREST IN VARIOUS RETAIL STORE LEASES RELATED TO THE
ANCHOR STORE PREMISES IN NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS.
(8) DENOTES PROPERTY INTEREST IN KIMCO INCOME REIT ("KIR").
24
Executive Officers and Other Significant Employees of the Registrant
The following table sets forth information with respect to the executive
officers and other significant employees of the Company as of February 1, 2001.
Name Age Position Since
---- --- -------- -----
Milton Cooper 72 Chairman of the Board of 1991
Directors and Chief
Executive Officer
Michael J. Flynn 65 Vice Chairman of the 1996
Board of Directors and
President and Chief 1997
Operating Officer
Patrick Callan, Jr. 38 Vice President - 1998
Eastern Region
Thomas A. Caputo 54 Executive Vice President 2000
Glenn G. Cohen 37 Vice President - 2000
Treasurer 1997
Joseph V. Denis 49 Vice President - 1993
Construction
Jerald Friedman 56 President, KDI and 2000
Executive Vice President 1998
Bruce M. Kauderer 54 Vice President - Legal 1995
General Counsel and 1997
Secretary
Joseph K. Kornwasser 53 Director and Senior 1998
Executive Vice President
Mitchell Margolis 40 Vice President - 2001
Chief Information Officer
Robert Nadler 42 President - 2000
Midwest Region
Michael V. Pappagallo 42 Vice President - 1997
Chief Financial Officer
Paul Weinberg 56 Vice President - 2000
Human Resources
Joel Yarmak 51 Vice President - 2000
Financial Operations
Michael J. Flynn has been President and Chief Operating Officer since January 2,
1997, Vice Chairman of the Board of Directors since January 2, 1996 and a
Director of the Company since December 1, 1991. Mr. Flynn was Chairman of the
Board and President of Slattery Associates, Inc. for more than five years prior
to joining the Company.
Patrick Callan, Jr. has been a Vice President of the Company since May 1998. Mr.
Callan was a Director of Leasing of the Company for more than five years prior
to 1999.
Thomas A. Caputo has been Executive Vice President of the Company since December
2000. Mr. Caputo was a principal with H & R Retail from January 2000 to December
2000. Mr. Caputo was a principal with the RREEF Funds, a pension advisor, for
more than five years prior to January 2000.
Glenn G. Cohen has been a Vice President of the Company since May 2000 and
Treasurer of the Company since June 1997. Mr. Cohen served as Director of
Accounting and Taxation of the Company from June 1995 to June 1997. Prior to
joining the Company in June 1995, Mr. Cohen served as Chief Operating Officer
and Chief Financial Officer for U.S. Balloon Manufacturing Co., Inc. from August
1993 to June 1995.
25
Jerald Friedman has been President of the Company's KDI subsidiary since April
2000 and Executive Vice President of the Company since June 1998. Mr. Friedman
was Senior Executive Vice President and Chief Operating Officer of The Price
REIT, Inc. from January 1, 1997 to June 1998. From 1994 through 1996, Mr.
Friedman was the Chairman and Chief Executive Officer of K & F Development
Company, an affiliate of The Price REIT, Inc.
Bruce M. Kauderer has been a Vice President of the Company since June 1995 and
since December 15, 1997, General Counsel and Secretary of the Company. Mr.
Kauderer was a founder of and partner with Kauderer & Pack P.C. from 1992 to
June 1995.
Joseph K. Kornwasser has been a Director and Senior Executive Vice President of
the Company since June 1998. Mr. Kornwasser was President, Chief Executive
Officer and a director of The Price REIT, Inc. from August 1993 to June 1998.
Mitchell Margolis has been a Vice President of the Company since January 2001.
Mr. Margolis was the Chief Information Officer with Tishman Speyer Properties
for more than five years prior to joining the Company.
Robert Nadler has been President - Midwest Region of the Company since June 2000
and was a Vice President of the Company from June 1998 to June 2000. Prior to
joining the Company, Mr. Nadler was Senior Vice President at LaSalle Partners
from April 1994 to June 1998.
Michael V. Pappagallo has been a Vice President and Chief Financial Officer of
the Company since May 27, 1997. Mr. Pappagallo was Chief Financial Officer of GE
Capital's Commercial Real Estate Financial and Services business from September
1994 to May 1997 and held various other positions within GE Capital for more
than five years prior to joining the Company.
Paul Weinberg has been a Vice President of the Company since May 2000. Mr.
Weinberg served as Director of Human Resources of the Company from January 1997
to May 2000. Mr. Weinberg was Vice President of Employee and Labor Relations at
American Express for more than five years prior to joining the Company.
Joel Yarmak has been a Vice President of the Company since June 2000. Mr. Yarmak
served as a partner at Rubin & Katz LLP from August 1998 to June 2000 and Chief
Financial Officer at Solow Realty from August 1997 to July 1998. Mr. Yarmak was
a partner with Deloitte & Touche for more than five years prior to August 1997.
The executive officers of the Company serve in their respective capacities for
approximate one-year terms and are subject to re-election by the Board of
Directors, generally at the time of the Annual Meeting of the Board of Directors
following the Annual Meeting of Stockholders.
26
PART II
Item 5. Market for the Registrant's Common Equity and Related Shareholder
Matters
Market Information The following table sets forth the common stock offerings
completed by the Company during the three year period ended December 31, 2000.
The Company's common stock was sold for cash at the following offering prices
per share.
Offering Date Offering Price(s)
------------- -----------------
April 1998 (4 Offerings) $36.0625, $36.025, $36.25
and $36.625, respectively
May 1998 $38.4375
July 1998 (3 Offerings) $38.2575, $38.56 and
$39.4375, respectively
September 1998 $38.75
November 1998 (4 Offerings) $39.00, $39.00, $39.6875
and $39.6875, respectively
December 1998 (3 Offerings) $38.25 for each offering
August 2000 $42.50
The table below sets forth, for the quarterly periods indicated, the high and
low sales prices per share reported on the NYSE Composite Tape for the Company's
common stock. The Company's common stock is traded under the trading symbol "KIM
".
Stock Price
-----------
Period High Low
------ ---- ---
1999:
First Quarter $39.81 $36.44
Second Quarter $40.63 $35.56
Third Quarter $39.00 $34.31
Fourth Quarter $35.31 $30.88
2000:
First Quarter $37.50 $32.75
Second Quarter $42.69 $36.25
Third Quarter $42.81 $39.13
Fourth Quarter $44.75 $39.00
Holders The approximate number of holders of record of the Company's common
stock, par value $0.01 per share, was 1,552 as of February 1, 2001.
Dividends Since the IPO, the Company has paid regular quarterly dividends to its
stockholders.
A quarterly dividend at the rate of $0.57 per share was declared and paid on
October 29, 1998 and January 15, 1999, respectively. On March 15, 1999 and April
15, 1999 and June 15, 1999 and July 15, 1999 and September 15, 1999 and October
15, 1999, the Company declared and paid quarterly dividends at an increased rate
of $0.60 per share. On December 7, 1999, the Company declared its dividend
payable during the first quarter of 2000 at the increased rate of $0.66 per
share payable on January 18, 2000 to shareholders of record January 3, 2000.
Quarterly dividends at the rate of $0.66 per share were declared and paid on
March 15, 2000 and April 17, 2000 and June 15, 2000 and July 17, 2000,
respectively. On September 15, 2000 and October 16, 2000, the Company declared
and paid its quarterly dividend at an increased rate of $0.68 per share. On
December 4, 2000, the Company declared its dividend payable during the first
quarter of 2001 at an increased rate of $0.72 per share payable on January 16,
2001 to shareholders of record January 2, 2001. This $0.72 per share dividend,
if annualized, would equal $2.88 per share or an annual yield of approximately
6.6% based on the closing price of $43.60 of the Company's common stock on the
NYSE as of February 1, 2001.
The Company has determined that 100% of the dividends paid during 2000 and 1999
totaling $2.66 and $2.37 per share, respectively, represented ordinary dividend
income to its stockholders.
27
While the Company intends to continue paying regular quarterly dividends, future
dividend declarations will be at the discretion of the Board of Directors and
will depend on the actual cash flow of the Company, its financial condition,
capital requirements, the annual distribution requirements under the REIT
provisions of the Code and such other factors as the Board of Directors deems
relevant. The actual cash flow available to pay dividends will be affected by a
number of factors, including the revenues received from rental properties, the
operating expenses of the Company, the interest expense on its borrowings, the
ability of lessees to meet their obligations to the Company and any
unanticipated capital expenditures.
In addition to its common stock offerings, the Company has capitalized the
growth in its business through the issuance of unsecured fixed and floating-rate
medium-term notes, underwritten bonds, mortgage debt, convertible preferred
stock and perpetual preferred stock. Borrowings under the Company's revolving
credit facility have also been an interim source of funds to both finance the
purchase of properties and meet any short-term working capital requirements. The
various instruments governing the Company's issuance of its unsecured public
debt, bank debt, mortgage debt and preferred stock impose certain restrictions
on the Company with regard to dividends, voting, liquidation and other
preferential rights available to the holders of such instruments. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and Notes 8 and 13 of the Notes to Consolidated Financial Statements
included in this annual report on Form 10-K.
The Company does not believe that the preferential rights available to the
holders of its Class A, Class B, Class C and Class D Preferred Stock, the
financial covenants contained in its public bond Indenture, as amended, or its
revolving credit agreement will have an adverse impact on the Company's ability
to pay dividends in the normal course to its common stockholders or to
distribute amounts necessary to maintain its qualification as a REIT.
The Company maintains a dividend reinvestment and direct stock purchase plan
(the "Plan") pursuant to which common and preferred stockholders and other
interested investors may elect to automatically reinvest their dividends to
purchase shares of the Company's common stock or, through optional cash
payments, purchase shares of the Company's common stock. The Company may, from
time to time, either (i) repurchase shares of its common stock in the open
market, or (ii) issue new shares of its common stock, for the purpose of
fulfilling its obligations under the Plan.
Item 6. Selected Financial Data
The following table sets forth selected, historical consolidated financial data
for the Company and should be read in conjunction with the Consolidated
Financial Statements of the Company and Notes thereto and Management's
Discussion and Analysis of Financial Condition and Results of Operations
included in this annual report on Form 10-K.
The Company believes that the book value of its real estate assets, which
reflects the historical costs of such real estate assets less accumulated
depreciation, is not indicative of the current market value of its properties.
Historical operating results are not necessarily indicative of future operating
performance.
28
Year ended December 31,
- ------------------------------------------------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
(in thousands, except per share information)
Operating Data:
Revenues from rental property(1) $ 459,407 $ 433,880 $ 338,798 $ 198,929 $ 168,144
Depreciation and amoritization $ 71,129 $ 67,416 $ 51,348 $ 30,053 $ 27,067
Income before extraordinary items $ 205,025(3) $ 176,778(3) $ 127,166(3) $ 85,836(3) $ 73,827(3)
Income per common share, before
extraordinary items:
Basic $ 2.89(3) $ 2.49(3) $ 2.05(3) $ 1.80(3) $ 1.61(3)
Diluted $ 2.86(3) $ 2.46(3) $ 2.02(3) $ 1.78(3) $ 1.59(3)
Interest expense $ 92,100 $ 83,646 $ 64,912 $ 31,745 $ 27,019
Weighted average number of share of common
stock:
Basic 61,792 60,473 50,071 37,388 35,906
Diluted 62,435 60,978 50,641 37,850 36,219
Cash dividends paid per common share $ 2.66 $ 2.37 $ 1.97 $ 1.72 $ 1.56
December 31
-----------------------------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Balance Sheet Data:
Real estate, before
accumulated depreciation $3,111,708 $2,951,050 $3,023,902 $1,404,196 $1,072,056
Total assets $3,171,348 $3,007,476 $3,051,178 $1,343,890 $1,023,033
Total debt $1,325,663 $1,249,571 $1,289,561 $ 531,614 $ 364,655
Other Data:
Year ended December 31,
---------------------------------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Funds from Operations(2):
Net income $ 205,025 $ 176,778 $ 122,266 $ 85,836 $ 73,827
Depreciation and amortization 71,129 $ 67,416 51,348 $ 30,053 27,067
Depreciation and amortization-KIR 6,083 3,819 - - -
Depreciation and amortization-other real estate
joint ventures 2,194 1,420 788 976 1,148
(Gain) loss on sales of properties and
early repayment of mortgage debt (3,962) (1,552) 3,999 (244) (802)
Preferred stock dividends (26,328) (26,478) (24,654) (18,438) (16,134)
---------- ---------- ---------- ---------- ----------
Funds from Operations $ 254,141 $ 221,403 $ 153,747 $ 98,183 $ 85,106
========== ========== ========== ========== ==========
Cash flow provided by operations $ 250,546 $ 237,153 $ 158,706 $ 125,107 $ 101,892
Cash flow used for investing activities $ (191,626) $ (205,219) $ (630,229) $ (280,823) $ (144,027)
Cash flow (used for) provided by financing
activities $ (67,899) $ (47,778) $ 484,465 $ 149,269 $ 63,395
(1) Does not include revenues from rental property relating to unconsolidated
joint ventures or revenues relating to the investment in retail stores
leases.
(2) Most industry analysis and equity REITs, including the Company, generally
consider funds from operations ("FFO") to be an appropriate supplemental
measure of the performance of an equity REIT. In March 1995, the National
Association of Real Estate Investment Trusts ("NAREIT") modified the
definition of FFO, among other things, to eliminate adding back amorization
of deferred financing costs and depreciation of non-real estate items to
net income when computing FFO. The Company adopted this new method as of
January 1, 1996. FFO is defined as net income applicable to common share
before depreciation and amortization, extraordinary items, gains or losses
on sales of real estate, plus the pro-rata amount of depreciation and
amortization of unconsolidated joint ventures determined on a consistent
basis. FFO does not represent cash generated from operating activities in
accordance with generally accepted accounting principals and therefore
should not be considered an alternative for net income as a measure of
liquidty. In addition, the comparability of the Company's FFO with the FFO
reported by other REIT's may be affected by the difference that exist
regarding certain accounting policies relating to expenditures for repairs
and other recurring items.
(3) Includes $4.0 million or $0.06 per share in 2000, $1.6 million or $0.03 per
share in 1999, $0.9 million or $0.02 per share in 1998, $0.2 million or
$0.01 per share in 1997 and $0.8 million or $0.02 per share in 1996
relating to non-recurring gains from the disposition of shopping center
properties in each year.
29
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
The following discussion should be read in conjunction with the Consolidated
Financial Statements and Notes thereto included in this annual report on Form
10-K. Historical results and percentage relationships set forth in the
Consolidated Statements of Income contained in the Consolidated Financial
Statements, including trends which might appear, should not be taken as
indicative of future operations.
Results of Operations
Comparison 2000 to 1999
Revenues from rental property increased $25.5 million or 5.9% to $459.4 million
for the year ended December 31, 2000, as compared with $433.9 million for the
year ended December 31, 1999. This net increase resulted primarily from the
combined effect of (i) the acquisition of 12 shopping center properties during
2000, providing revenues of $6.4 million for the year ended December 31, 2000,
(ii) the full year impact related to the 35 shopping center properties acquired
in 1999 providing incremental revenues of $13.0 million, and (iii) the
completion of certain development and redevelopment projects, new leasing, and
re-tenanting within the portfolio at improved rental rates providing incremental
revenues of approximately $22.4 million as compared to the corresponding year
ended December 31, 1999. These increases were reduced as a result of the
deconsolidation of 23 shopping center properties as of April 28, 1999 in
connection with the sale of a controlling interest in KIR. Revenues from these
23 properties totaled approximately $16.3 million for the period January 1, 1999
to April 28, 1999.
Rental property expenses, including depreciation and amortization, increased
$12.3 million or 4.7% to $275.2 million for the year ended December 31, 2000, as
compared with $262.9 million for the year ended December 31, 1999. These net
increases in rental property expenses are the result of the combined effect of
(i) increased expenses relating to new property acquisitions made throughout
calendar years 1999 and 2000, offset by (ii) the reduction of rental property
expenses relating to the deconsolidation of 23 shopping center properties as of
April 28, 1999, in connection with the sale of a controlling interest in KIR.
Interest expense increased $8.5 million for the year ended December 31, 2000,
reflecting higher average outstanding borrowings as compared to the preceding
year resulting primarily from (i) the issuance of additional unsecured debt
during 1999 and 2000, (ii) additional mortgage financing obtained on certain
properties totaling approximately $44.2 million during 2000 and (iii) the
assumption of mortgage debt during 1999 and 2000 in connection with certain
property acquisitions offset by (iv) the deconsolidation of $252.4 million of
mortgage debt on 19 properties as of April 28, 1999, in connection with the sale
of a controlling interest in KIR.
The Company has interests in various retail store leases relating to the anchor
stores premises in neighborhood and community shopping centers. These premises
have been substantially sublet to retailers which lease the stores pursuant to
net lease agreements. Income from the investment in retail store leases during
the years ended December 31, 2000 and 1999 was $4.0 million and $4.1 million,
respectively.
Operating and administrative expenses increased approximately $1.9 million for
the year ended December 31, 2000, as compared to the preceding calendar year.
The increase is due primarily to an increase in senior management and staff
levels and other personnel costs in connection with the growth of the Company.
During 1998, the Company formed KIR, a limited partnership established to invest
in high quality retail properties financed primarily through the use of
individual non-recourse mortgages. At the time of formation, the Company
contributed 19 property interests to KIR. On April 28, 1999, KIR sold a
significant interest in the partnership to an institutional investor. As a
result, the Company holds a non-controlling limited partnership interest in KIR
and accounts for its investment in KIR under the equity method of accounting.
The Company's equity in income of KIR for the year ended December 31, 2000 was
$9.5 million and for the period April 28, 1999 to December 31, 1999 was
approximately $6.0 million.
Other income, net increased $10.1 million for the year ended December 31, 2000,
as compared to the preceding calendar year. The net increase was primarily
attributed to higher interest and dividend income related to the Company's
investment in certain marketable equity and debt securities.
30
During 2000, the Company, in separate transactions, disposed of ten shopping
center properties. Sale prices from two of these dispositions aggregated
approximately $4.5 million which approximated their aggregate net book value.
Sale prices from eight of these dispositions aggregated approximately $29.7
million which resulted in net gains of approximately $4.0 million.
Net income for the year ended December 31, 2000 was $205.0 million as compared
to $176.8 million for the year ended December 31, 1999, representing an increase
of $28.2 million. After adjusting for the gains on sales of shopping center
properties in each year, net income for 2000 increased $25.8 million, or $0.36
per diluted share compared to 1999. This improved performance is primarily
attributable to the Company's strong acquisition and investment program,
internal growth from development and redevelopment projects and increased
leasing activity which strengthened operating profitability.
Comparison 1999 to 1998
Revenues from rental property increased $95.1 million or 28.1% to $433.9 million
for the year ended December 31, 1999, as compared with $338.8 million for the
year ended December 31, 1998. This net increase resulted primarily from the
combined effect of (i) the acquisition of 35 shopping center properties during
1999, two of which were subsequently sold to KIR, providing revenues of $13.5
million for the year ended December 31, 1999, (ii) the full year impact related
to the 62 shopping center properties and three retail properties acquired in
1998 providing incremental revenues of $37.4 million, (iii) the acquisition of
The Price REIT, Inc. as of June 19, 1998 (the "Price REIT Acquisition")
providing incremental revenues of $35.6 million and (iv) new leasing, property
redevelopments and re-tenanting within the portfolio at improved rental rates
providing incremental revenues of $11.0 million. These increases were reduced as
a result of the deconsolidation of 21 shopping center properties as of April 28,
1999 in connection with the sale of a controlling interest in KIR.
Rental property expenses, including depreciation and amortization, increased
$55.4 million or 26.7% to $262.9 million for the year ended December 31, 1999,
as compared with $207.5 million for the year ended December 31, 1998. The rental
property expense components of real estate taxes, operating and maintenance, and
depreciation and amortization increased by $10.2 million, $8.8 million and $16.1
million, respectively, for the year ended December 31, 1999 as compared to the
year ended December 31, 1998. These rental property expense increases are
primarily due to property acquisitions during the year ended December 31, 1999,
and the incremental costs associated with the Price REIT Acquisition and the
property acquisitions throughout 1998. These increases were reduced as a result
of the deconsolidation of 21 shopping center properties as of April 28, 1999 in
connection with the sale of a controlling interest in KIR. Interest expense
increased $18.7 million for the year ended December 31, 1999, reflecting higher
average outstanding borrowings as compared to the preceding year resulting from
(i) the issuance of additional unsecured debt during 1999 and 1998 and the
assumption of $250.0 million in connection with the Price REIT Acquisition, (ii)
the assumption of mortgage debt during 1999 and 1998 in connection with certain
property acquisitions and (iii) mortgage financing obtained on certain
properties in 1999 and 1998, offset by the deconsolidation of $252.4 million of
mortgage debt on 19 properties as of April 28, 1999 in connection with the sale
of a controlling interest in KIR.
The Company has interests in various retail store leases relating to the anchor
stores premises in neighborhood and community shopping centers. These premises
have been substantially sublet to retailers which lease the stores pursuant to
net lease agreements. Income from the investment in retail store leases during
the years ended December 31, 1999 and 1998 was $4.1 million and $3.7 million,
respectively.
Operating and administrative expenses increased approximately $5.2 million for
the year ended December 31, 1999, as compared to the preceding calendar year.
The increase is due primarily to an increase in senior management and staff
levels and other personnel costs in connection with the growth of the Company
and the Price REIT Acquisition.
During 1998, the Company formed KIR, a limited partnership established to invest
in high quality retail properties financed primarily through the use of
individual non-recourse mortgages. At the time of formation, the Company
contributed 19 property interests to KIR. On April 28, 1999, KIR sold a
significant interest in the partnership to an institutional investor. As a
result, the Company holds a non-controlling limited partnership interest in KIR
and accounts for its investment in KIR under the equity method of accounting.
The Company's equity in income of KIR for the period April 28, 1999 to December
31, 1999 was approximately $6.0 million.
31
During 1999, the Company disposed of six shopping center properties and a land
parcel. Cash proceeds from four of these dispositions aggregated approximately
$6.1 million, which approximated their aggregate net book value. During July
1999, the Company disposed of an additional shopping center property in New Port
Richey, FL. Cash proceeds from the disposition totaling $0.5 million, together
with an additional $5.5 million cash investment, were used to acquire an
exchange shopping center property located in Greensboro, NC during September
1999. The sale of this property resulted in a gain of approximately $0.3
million.
During October 1999, the Company, in separate transactions, disposed of a
shopping center and a land parcel for an aggregate sale price of approximately
$4.5 million, which resulted in a gain of approximately $1.3 million.
Net income for the year ended December 31, 1999 was $176.8 million as compared
to $122.3 million for the year ended December 31, 1998, representing an increase
of $54.5 million. After adjusting for the gains on sales of shopping center
properties in each year and the extraordinary charge in 1998, net income for
1999 increased $49.0 million, or $0.43 per basic share compared to 1998. This
improved performance is primarily attributable to the Company's strong
acquisition program, internal growth from development and redevelopment projects
and increased leasing activity which strengthened operating profitability.
Liquidity and Capital Resources Since the completion of the Company's IPO in
1991, the Company has utilized the public debt and equity markets as its
principal source of capital. Since the IPO, the Company has completed additional
offerings of its public unsecured debt and equity, raising in the aggregate over
$2.2 billion for the purposes of, among other things, repaying indebtedness,
acquiring interests in neighborhood and community shopping centers, funding
ground-up development projects and for expanding and improving properties in the
portfolio.
During August 2000, the Company established a $250.0 million, unsecured
revolving credit facility, which is scheduled to expire in August 2003. This
credit facility, which replaced the Company's $215.0 million unsecured revolving
credit facility has made available funds to both finance the purchase of
properties and meet any short-term working capital requirements. As of December
31, 2000 there was $45.0 million outstanding under the credit facility.
The Company has also implemented an MTN program pursuant to which it may from
time to time offer for sale its senior unsecured debt for any general corporate
purposes, including (i) funding specific liquidity requirements in its business,
including property acquisitions, development and redevelopment costs and (ii)
managing the Company's debt maturities (See Note 8 of the Notes to Consolidated
Financial Statements included in this annual report on Form 10-K.)
In addition to the public equity and debt markets as capital sources, the
Company may, from time to time, obtain mortgage financing on selected
properties. As of December 31, 2000, the Company had over 350 unencumbered
property interests in its portfolio.
During 1998, the Company filed a shelf registration on Form S-3 for up to $750.0
million of debt securities, preferred stock, depositary shares, common stock and
common stock warrants. As of February 1, 2001, the Company had approximately
$106.7 million available for issuance under this shelf registration statement.
In connection with its intention to continue to qualify as a REIT for Federal
income tax purposes, the Company expects to continue paying regular dividends to
its stockholders. These dividends will be paid from operating cash flows which
are expected to increase due to property acquisitions and growth in rental
revenues in the existing portfolio and from other sources. Since cash used to
pay dividends reduces amounts available for capital investment, the Company
generally intends to maintain a conservative dividend payout ratio, reserving
such amounts as it considers necessary for the expansion and renovation of
shopping centers in its portfolio, debt reduction, the acquisition of interests
in new properties and other investments as suitable opportunities arise, and
such other factors as the Board of Directors considers appropriate.
Cash dividends paid increased to $189.9 million in 2000, compared to $169.7
million in 1999 and $113.9 million in 1998. The Company's dividend payout ratio,
based on funds from operations on a per-basic common share basis, for 2000, 1999
and 1998 was approximately 64.7%, 64.8% and 64.2%, respectively.
Although the Company receives substantially all of its rental payments on a
monthly basis, it generally intends to continue paying dividends quarterly.
Amounts accumulated in advance of each quarterly distribution will be invested
by the Company in short-term money market or other suitable instruments.
32
The Company anticipates its capital commitment toward ground-up development and
redevelopment projects during 2001 will be approximately $190.0 million to
$240.0 million. It is management's intention that the Company continually have
access to the capital resources necessary to expand and develop its business.
Accordingly, the Company may seek to obtain funds through additional equity
offerings, unsecured debt financings and/or mortgage financings and other debt
and equity alternatives in a manner consistent with its intention to operate
with a conservative debt capitalization policy.
The Company anticipates that cash flows from operations will continue to provide
adequate capital to fund its operating and administrative expenses, regular debt
service obligations and all dividend payments in accordance with REIT
requirements in both the short-term and long-term. In addition, the Company
anticipates that cash on hand, borrowings under its revolving credit facility,
issuance of equity and public debt, as well as other debt and equity
alternatives, will provide the necessary capital required by the Company. Cash
flows from operations as reported in the Consolidated Statements of Cash Flows
increased to $250.5 million for 2000 from $237.2 million for 1999 and $158.7
million for 1998.
Effects of Inflation
Many of the Company's leases contain provisions designed to mitigate the adverse
impact of inflation. Such provisions include clauses enabling the Company to
receive payment of additional rent calculated as a percentage of tenants' gross
sales above pre-determined thresholds, which generally increase as prices rise,
and/or escalation clauses, which generally increase rental rates during the
terms of the leases. Such escalation clauses often include increases based upon
changes in the consumer price index or similar inflation indices. In addition,
many of the Company's leases are for terms of less than 10 years, which permits
the Company to seek to increase rents to market rates upon renewal. Most of the
Company's leases require the tenant to pay an allocable share of operating
expenses, including common area maintenance costs, real estate taxes and
insurance, thereby reducing the Company's exposure to increases in costs and
operating expenses resulting from inflation. The Company periodically evaluates
its exposure to short-term interest rates and will, from time to time, enter
into interest rate protection agreements which mitigate, but do not eliminate,
the effect of changes in interest rates on its floating-rate loans.
New Accounting Pronouncements
During December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101 "Revenue Recognition in Financial Statements" ("SAB
101") which, among other things, provides further guidance as to the recognition
of contingent rents (i.e. additional rents based on tenants' sales volumes). The
Company has elected early adoption of SAB 101 effective January 1, 2000. The
implementation of SAB 101 has not had a material impact on the Company's
financial position or results of operations.
In 1998, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging
Activities ("FASB No. 133"). In June 1999, the FASB delayed the implementation
date of FASB No. 133 making it effective for the Company for periods beginning
January 1, 2001. FASB No. 133 requires that all derivative instruments be
recorded on the balance sheet at their fair value. Changes in the fair value of
derivatives are recorded each period in current earnings or other comprehensive
income, depending on whether a derivative is designated as part of a hedge
transaction and, if it is, the type of hedge transaction. Management of the
Company anticipates that, due to its limited use of derivative instruments, the
adoption of FASB No. 133 will not have a significant effect on the Company's
financial position or results of operations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
As of December 31, 2000, the Company had approximately $267.1 million of
floating-rate debt outstanding. The interest rate risk on $110.0 million of such
debt has been mitigated through the use of an interest rate swap agreement (the
"Swap") with a major financial institution. The Company is exposed to credit
risk in the event of non-performance by the counter-parties to the Swap. The
Company believes it mitigates its credit risk by entering into this Swap with a
major financial institution.
The Company believes the interest rate risk represented by the remaining $157.1
million of floating-rate debt is not material in relation to the total debt
outstanding of the Company or its market capitalization.
33
The Company has not, and does not plan to, enter into any derivative financial
instruments for trading or speculative purposes. As of December 31, 2000, the
Company had no other material exposure to market risk.
Item 8. Financial Statements and Supplementary Data
The response to this Item 8 is included as a separate section of this annual
report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
34
PART III
Item 10. Directors and Executive Officers of the Registrant
Incorporated herein by reference to the Company's definitive proxy statement to
be filed with respect to its Annual Meeting of Stockholders expected to be held
on May 15, 2001.
Information with respect to the Executive Officers and other significant
employees of the Registrant follows Part I, Item 4 of this annual report on Form
10-K.
Item 11. Executive Compensation
Incorporated herein by reference to the Company's definitive proxy statement to
be filed with respect to its Annual Meeting of Stockholders expected to be held
on May 15, 2001.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Incorporated herein by reference to the Company's definitive proxy statement to
be filed with respect to its Annual Meeting of Stockholders expected to be held
on May 15, 2001.
Item 13. Certain Relationships and Related Transactions
Incorporated herein by reference to the Company's definitive proxy statement to
be filed with respect to its Annual Meeting of Stockholders expected to be held
on May 15, 2001.
35
PART IV
Item 14. Exhibits, Financial Statements, Schedules and Reports on Form 8-K
(a) 1. Financial Statements - Form 10-K
The following consolidated financial information Report
is included as a separate section of this annual Page
report on Form 10-K. ----
Report of Independent Accountants 42
Consolidated Financial Statements
Consolidated Balance Sheets as of December 31, 2000 and 1999 43
Consolidated Statements of Income for the years
ended December 31, 2000, 1999 and 1998 44
Consolidated Statements of Stockholders' Equity
for the years ended December 31, 2000, 1999 and 1998 45
Consolidated Statements of Cash Flows for the years ended
December 31, 2000, 1999 and 1998 46
Notes to Consolidated Financial Statements 47
2. Financial Statement Schedules -
Schedule II - Valuation and Qualifying Accounts 63
Schedule III - Real Estate and Accumulated Depreciation 64
All other schedules are omitted since the required information is
not present or is not present in amounts sufficient to require
submission of the schedule.
3. Exhibits
The exhibits listed on the accompanying Index to
Exhibits are filed as part of this report. 37
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company for the quarter ended December
31, 2000.
36
INDEX TO EXHIBITS
Form 10-K
Exhibits Page
2.1 --Form of Plan of Reorganization of Kimco Realty Corporation
[Incorporated by reference to Exhibit 2.1 to the
Company's Registration Statement on Form S-11
No. 33-42588].
2.2 --Agreement and Plan of Merger, dated as of January 13, 1998,
among Kimco Realty Corporation, REIT Sub, Inc. and
The Price REIT, Inc. (the "Merger Agreement").
[Incorporated by reference to Exhibit 99.2 to the
Company's Current Report on Form 8-K filed
January 21, 1998].
2.3 --First Amendment to the Merger Agreement, dated as
of March 5, 1998, among Kimco Realty Corporation,
REIT Sub, Inc. and The Price REIT, Inc. [Incorporated
by reference to the Company's Exhibit 99.1 of the
Company's Current Report on Form 8-K filed January
21, 1998.]
2.4 --Second Amendment to the Merger Agreement, dated as of
May 14, 1998, among Kimco Realty Corporation, REIT
Sub, Inc. and The Price REIT, Inc. [Incorporated by
reference to the Company's and The Price REIT, Inc.'s
Joint Proxy Statement/Prospectus on
Form S-4 No. 333-52667].
3.1 --Articles of Amendment and Restatement of the
Company, dated August 4, 1994 [Incorporated by
reference to Exhibit 3.1 to the Company's Annual
Report on Form 10-K for the year ended December 31,
1994].
3.2 --By-laws of the Company, as amended dated August 4, 1994.
3.3 --Articles Supplementary relating to the 8 1/2% Class
B Cumulative Redeemable Preferred Stock, par value
$1.00 per share, of the Company, dated July 25, 1995.
Incor- porated by reference to Exhibit 3.3 to the
Company's Annual Report on Form 10-K for the year
ended December 31, 1995 (file #1-10899) (the "1995
Form 10-K")].
3.4 --Articles Supplementary relating to the 8 3/8% Class
C Cumulative Redeemable Preferred Stock, par value
$1.00 per share, of the Company, dated April 9, 1996
[Incorp- orated by reference to Exhibit 3.4 to the
Company's Annual Report on Form 10-K for the year
ended December 31, 1996].
3.5 --Articles Supplementary relating to the 7 1/2% Class
D Cumulative Convertible Preferred Stock, par value
$1.00 per share, of the Company, dated May 14, 1998
[Incor- porated by reference to the Company's and The
Price REIT, Inc.'s Joint Proxy/Prospectus on Form S-4
No. 333-52667].
4.1 --Agreement of the Company pursuant to Item 601(b)(4)(iii)(A)
of Regulation S-K [Incorporated by reference to
Exhibit 4.1 to Amendment No. 3 to the Company's
Registration Statement on Form S-11 No. 33-42588].
4.2 --Certificate of Designations [Incorporated by reference to
Exhibit 4(d) to Amendment No. 1 to the Registration
Statement on Form S-3 dated September 10, 1993 (the
"Registration Statement", Commission File No. 33-67552)].
37
INDEX TO EXHIBITS (continued)
Form 10-K
Page
Exhibits
4.3 --Indenture dated September 1, 1993 between Kimco
Realty Corporation and IBJ Schroder Bank and Trust
Company [Incorporated by reference to Exhibit 4(a) to
the Registration Statement].
4.4 --First Supplemental Indenture, dated as of August 4, 1994.
[Incorporated by reference to Exhibit 4.6 to the 1995
Form 10-K.]
4.5 --Second Supplemental Indenture, dated as of April 7,
1995 [Incorporated by reference to Exhibit 4(a) to
the Company's Current Report on Form 8-K dated April
7, 1995 (the "April 1995 8-K")].
4.6 -- Form of Medium-Term Note (Fixed Rate)
[Incorporated by reference to Exhibit 4(b) to the
April 1995 8-K].
4.7 -- Form of Medium-Term Note (Floating Rate)
[Incorporated by reference to Exhibit 4(c) to the
April 1995 8-K].
4.8 -- Form of Remarketed Reset Note [Incorporated by reference
to Exhibit 4(j) to the Company's Current Report on
Form 8-K dated March 26, 1999].
10.1 -- Form of Acquisition Option Agreement between the Company
and the subsidiary named therein [Incorporated by
reference to Exhibit 10.1 to Amendment No. 3 to the
Company's Registration Statement on Form S-11
No. 33-42588].
10.2 -- Management Agreement between the Company and
KC Holdings, Inc. [Incorporated by reference to
Exhibit 10.2 to the Company's Registration Statement
on Form S-11 No. 33-47915].
10.3 -- Amended and Restated Stock Option Plan
[Incorporated by reference to Exhibit 10.3 to the
1995 Form 10-K.]
10.4 -- Employment Agreement between Kimco Realty
Corporation and Michael J. Flynn, dated
November 1, 1998.
10.5 -- Restricted Equity Agreement, Non-Qualified
and Incentive Stock Option Agreement, and
Price Condition Non-Qualified and Incentive
Stock Option Agreement between Kimco Realty
Corporation and Michael J. Flynn, each dated
November 1, 1995 [Incorporated by reference to
Exhibit 10.5 to the 1995 Form 10-K].
10.6 -- Employment Agreement between Kimco Realty Corporation and
Michael V. Pappagallo, dated April 30, 1997 [Incor-
porated by Reference to Exhibit 10.7 to the Company's
Annual Report on Form 10-K for the year ended
December 31, 1997].
10.7 -- Employment Agreement between Kimco Realty Corporation and
Joseph K. Kornwasser, dated January 13, 1998
[Incorporated by Reference to Exhibit 10.9 to the
Company's and the Price REIT, Inc.'s Joint Proxy
Statement/Prospectus on Form S-4 No. 333-52667].
38
INDEX TO EXHIBITS (continued)
Form 10-K
Page
10.8 -- Employment Agreement between Kimco Realty Corporation and
Jerald Friedman, dated January 13, 1998
[Incorporated by Reference to Exhibit 10.10 to the
Company's and the Price REIT, Inc.'s Joint Proxy
Statement/Prospectus on Form S-4 No. 333-52667].
10.9 -- Credit Agreement among Kimco Realty Corporation, The
Several Banks, financial institutions
and other entities from Time to Time Parties Hereto,
Chase Manhattan Bank and The First National
Bank of Chicago, as Co-Managers and Chase
Manhattan Bank, as Administrative Agent,
dated as of August 11, 1998. [Incorporated by
reference to Exhibit 4(b) to the Company's
Current Report of Form 8-K filed November 10, 1998].
10.10 --Amended and Restated Stock Option Plan [Incorporated by
reference to the Company's and The Price REIT, Inc.'s
Joint Proxy/Prospectus on Form S-4 No. 333-52667].
*12.1 --Computation of Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends. 71
*12.2 --Computation of Ratio of Funds from Operations to Combined
Fixed Charges and Preferred Stock Dividends. 72
*21.1 --Subsidiaries of the Company 73
*23.1 --Consent of PricewaterhouseCoopers LLP 85
- -----------------------------------------------------------
* Filed herewith.
39
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
KIMCO REALTY CORPORATION
(Registrant)
By: /s/ Milton Cooper
--------------------------------
Milton Cooper
Chief Executive Officer
Dated: March 16, 2001
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Signature Title Date
- --------- ----- ----
/s/ Martin S. Kimmel Chairman (Emeritus) of March 16, 2001
- ---------------------------- the Board of Directors
Martin S. Kimmel
/s/ Milton Cooper Chairman of the Board March 16, 2001
- ---------------------------- of Directors and Chief
Milton Cooper Executive Officer
/s/ Michael J. Flynn Vice Chairman of the March 16, 2001
- ---------------------------- Board of Directors,
Michael J. Flynn President and
Chief Operating Officer
/s/ Joseph K. Kornwasser Director and Senior March 16, 2001
- ---------------------------- Executive Vice President
Joseph K. Kornwasser
/s/ Richard G. Dooley Director March 16, 2001
- ----------------------------
Richard G. Dooley
/s/ Joe Grills Director March 16, 2001
- ----------------------------
Joe Grills
/s/ Frank Lourenso Director March 16, 2001
- ----------------------------
Frank Lourenso
/s/ Michael V. Pappagallo Vice President - March 16, 2001
- ---------------------------- Chief Financial Officer
Michael V. Pappagallo
/s/ Glenn G. Cohen Vice President - March 16, 2001
- ---------------------------- Treasurer
Glenn G. Cohen
/s/ Einat Dekel Manager of Accounting March 16, 2001
- ----------------------------
Einat Dekel
40
ANNUAL REPORT ON FORM 10-K
ITEM 8, ITEM 14 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
FORM 10-K
Page No.
--------
KIMCO REALTY CORPORATION AND SUBSIDIARIES
Report of Independent Accountants 42
Consolidated Financial Statements and Financial Statement Schedules:
Consolidated Balance Sheets as of December 31, 2000 and 1999 43
Consolidated Statements of Income for the years ended
December 31, 2000, 1999 and 1998 44
Consolidated Statements of Stockholders' Equity
for the years ended December 31, 2000, 1999 and 1998 45
Consolidated Statements of Cash Flows for the years ended
December 31, 2000, 1999 and 1998 46
Notes to Consolidated Financial Statements 47
Financial Statement Schedules:
II. Valuation and Qualifying Accounts 63
III. Real Estate and Accumulated Depreciation 64
41
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders
of Kimco Realty Corporation:
In our opinion, the consolidated financial statements listed in the
accompanying index present fairly, in all material respects, the financial
position of Kimco Realty Corporation and Subsidiaries at December 31, 2000
and 1999, and the results of their operations and their cash flows for each
of the three years in the period ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States of America. In
addition, in our opinion, the financial statement schedules listed in the
accompanying index present fairly, in all material respects, the information
set forth therein when read in conjunction with the related consolidated
financial statements. These financial statements and financial statement
schedules are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements and
financial statement schedules based on our audits. We conducted our audits of
these statements in accordance with auditing standards generally accepted in
the United States of America, which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 15, 2001, except as to Note 20,
which is dated as of March 15, 2001
42
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
December 31, December 31,
2000 1999
----------- ------------
Assets:
Real Estate
Rental property
Land $ 519,814 $ 490,414
Buildings and improvements 2,590,546 2,459,288
----------- -----------
3,110,360 2,949,702
Less, accumulated depreciation and amortization 391,946 323,738
----------- -----------
2,718,414 2,625,964
Undeveloped land parcels 1,348 1,348
----------- -----------
Real estate, net 2,719,762 2,627,312
Investment and advances in KIR 142,437 114,217
Investments and advances in other real estate joint ventures 61,601 68,553
Investment in retail store leases 11,316 12,709
Cash and cash equivalents 19,097 28,076
Accounts and notes receivable 44,673 31,689
Deferred charges and prepaid expenses 40,054 31,752
Other assets 132,408 93,168
----------- -----------
$ 3,171,348 $ 3,007,476
=========== ===========
Liabilities & Stockholders' Equity:
Notes payable $ 1,080,250 $ 1,037,250
Mortgages payable 245,413 212,321
Accounts payable and accrued expenses 64,024 64,954
Dividends payable 50,570 45,290
Other liabilities 12,985 29,097
----------- -----------
1,453,242 1,388,912
----------- -----------
Minority interests in partnerships 13,767 13,129
----------- -----------
Commitments and contingencies
Stockholders' equity
Preferred Stock, $1.00 par value, authorized 5,000,000 shares
Class A Preferred Stock, $1.00 par value, authorized 345,000 shares
Issued and outstanding 300,000 shares 300 300
Aggregate liquidation preference $75,000
Class B Preferred Stock, $1.00 par value, authorized 230,000 shares
Issued and outstanding 200,000 shares 200 200
Aggregate liquidation preference $50,000
Class C Preferred Stock, $1.00 par value, authorized 460,000 shares
Issued and outstanding 400,000 shares 400 400
Aggregate liquidation preference $100,000
Class D Convertible Preferred Stock, $1.00 par value, authorized 700,000 shares
Issued and outstanding 418,254 and 428,514 shares, respectively
Aggregate liquidation preference $104,564 and $107,129, respectively 418 429
Common stock, $.01 par value, authorized 200,000,000 shares
Issued and outstanding 63,144,859 and 60,795,593 shares, respectively 631 608
Paid-in capital 1,819,446 1,730,278
Cumulative distributions in excess of net income (113,110) (122,959)
----------- -----------
1,708,285 1,609,256
Notes receivable from officer stockholders (3,946) (3,821)
----------- -----------
1,704,339 1,605,435
----------- -----------
$ 3,171,348 $ 3,007,476
=========== ===========
The accompanying notes are an integral part of these consolidated
financial statements.
43
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share information)
Year Ended December 31,
----------------------------------------------
2000 1999 1998
--------- --------- ---------
Revenues from rental property $ 459,407 $ 433,880 $ 338,798
--------- --------- ---------
Rental property expenses:
Rent 13,522 14,167 12,568
Real estate taxes 55,996 55,644 45,472
Interest 92,100 83,646 64,912
Operating and maintenance 42,449 42,003 33,246
Depreciation and amortization 71,129 67,416 51,348
--------- --------- ---------
275,196 262,876 207,546
--------- --------- ---------
Income from rental property 184,211 171,004 131,252
Income from investment in retail store leases 3,985 4,099 3,703
--------- --------- ---------
188,196 175,103 134,955
Management fee income 6,131 5,091 3,646
Operating and administrative expenses (25,691) (23,833) (18,583)
Equity in income of KIR 9,508 5,974 -
Equity in income of other real estate
joint ventures, net 5,062 4,537 3,106
Minority interests in income of partnerships, net (2,054) (1,489) (1,275)
Other income, net 19,911 9,843 4,416
--------- --------- ---------
Income before gain on sale of shopping
center properties and extraordinary items 201,063 175,226 126,265
Gain on sale of shopping center properties, net 3,962 1,552 901
--------- --------- ---------
Income before extraordinary items 205,025 176,778 127,166
Extraordinary items - - (4,900)
--------- --------- ---------
Net income $ 205,025 $ 176,778 $ 122,266
========= ========= =========
Net income applicable to common shares $ 178,697 $ 150,300 $ 97,612
========= ========= =========
Per common share:
Income before extraordinary items
Basic $2.89 $2.49 $2.05
===== ===== =====
Diluted $2.86 $2.46 $2.02
===== ===== =====
Net Income
Basic $2.89 $2.49 $1.95
===== ===== =====
Diluted $2.86 $2.46 $1.93
===== ===== =====
The accompanying notes are an integral part of these consolidated
financial statements.
44
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2000, 1999 and 1998
(in thousands, except per share information)
Preferred Stock Common Stock
----------------------------- ------------------------- Paid-in
Issued Amount Issued Amount Capital
--------------- ------------ ------------ ----------- -----------
Balance, December 31, 1997 900 $ 900 40,395 $ 404 $ 857,658
Net income
Dividends ($2.06 per common share; $1.9375, $2.125,
$2.0938, $1.0729 and $2.9609 per Class A, Class B, Class
C, Class D and Class E Depositary Share, respectively)
Issuance of preferred stock 494 494 171,796
Issuance of common stock 19,588 195 739,591
Exercise of common stock options 151 2 3,162
Redemption of preferred stock (65) (65) (64,935)
------ ------- ------- ----- -----------
Balance, December 31, 1998 1,329 1,329 60,134 601 1,707,272
Net income
Dividends ($2.46 per common share; $1.9375, $2.125,
$2.0938, and $1.875 per Class A, Class B, Class
C, and Class D Depositary Share, respectively)
Issuance of common stock 501 6 19,257
Exercise of common stock options 321 3 8,827
Repurchase of common stock (160) (2) (5,078)
------ ------- ------- ----- -----------
Balance, December 31, 1999 1,329 1,329 60,796 608 1,730,278
Net income
Dividends ($2.72 per common share; $1.9375, $2.125,
$2.0938, and $1.875 per Class A, Class B, Class
C, and Class D Depositary Share, respectively)
Issuance of common stock 2,156 21 86,728
Exercise of common stock options 193 2 4,934
Repurchase of Class D Preferred Stock (11) (11) (2,494)
Collection of notes receivable
------ ------- ------- ----- -----------
Balance, December 31, 2000 1,318 $ 1,318 63,145 $ 631 $ 1,819,446
====== ======= ======= ===== ===========
Cumulative Notes
Distributions Receivable Total
in Excess from Officer Stockholders'
of Net Income Stockholders Equity
------------------- ------------- -------------
Balance, December 31, 1997 $ (115,643) $ - $ 743,319
Net income 122,266 122,266
Dividends ($2.06 per common share; $1.9375, $2.125,
$2.0938, $1.0729 and $2.9609 per Class A, Class B, Class
C, Class D and Class E Depositary Share, respectively) (130,806) (130,806)
Issuance of preferred stock 172,290
Issuance of common stock 739,786
Exercise of common stock options 3,164
Redemption of preferred stock (65,000)
---------- -------- -----------
Balance, December 31, 1998 (124,183) - 1,585,019
Net income 176,778 176,778
Dividends ($2.46 per common share; $1.9375, $2.125,
$2.0938, and $1.875 per Class A, Class B, Class
C, and Class D Depositary Share, respectively) (175,554) (175,554)
Issuance of common stock 19,263
Exercise of common stock options (3,821) 5,009
Repurchase of common stock (5,080)
---------- -------- -----------
Balance, December 31, 1999 (122,959) (3,821) 1,605,435
Net income 205,025 205,025
Dividends ($2.72 per common share; $1.9375, $2.125,
$2.0938, and $1.875 per Class A, Class B, Class
C, and Class D Depositary Share, respectively) (195,176) (195,176)
Issuance of common stock 86,749
Exercise of common stock options (387) 4,549
Repurchase of Class D Preferred Stock (2,505)
Collection of notes receivable 262 262
---------- -------- -----------
Balance, December 31, 2000 $ (113,110) $ (3,946) $ 1,704,339
========== ======== ===========
The accompanying notes are an integral part of these consolidated
financial statements.
45
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
---------------------------------------
2000 1999 1998
--------- --------- -----------
Cash flow from operating activities:
Net income $ 205,025 $ 176,778 $ 122,266
Adjustments for noncash items -
Depreciation and amortization 71,129 67,416 51,348
Extraordinary items - - 4,900
Gain on sale of shopping center properties, net (3,962) (1,552) (901)
Minority interests in income of partnerships, net 2,054 1,489 1,275
Equity in income of KIR (9,508) (5,974) -
Equity in income of other real estate joint ventures, net (5,062) (4,537) (3,106)
Change in accounts and notes receivable (12,806) (2,832) (11,422)
Change in accounts payable and accrued expenses (1,176) 1,177 (6,608)
Change in other operating assets and liabilities 4,852 5,188 954
--------- --------- -----------
Net cash flow provided by operations 250,546 237,153 158,706
--------- --------- -----------
Cash flow from investing activities:
Acquisition of and improvements to real estate (158,515) (278,726) (583,979)
Acquisition of real estate through joint venture investment - (10,562) (23,314)
Advances to real estate joint ventures - (2,705) (1,905)
Reimbursement of advances to real estate joint ventures 2,400 29,287 -
Investment in KIR (29,566) - -
Net proceeds from sale of interest in KIR - 68,179 -
Investment in marketable securities (45,616) (17,159) (7,089)
Proceeds from sale of marketable securities 16,055 11,590 -
Investments and advances to affiliated companies (6,866) (1,450) -
Investments and advances to joint ventures, net (500) (10,649) -
Investment in mortgage loans receivable - (8,646) (27,698)
Collection of mortgage loans receivable 2,967 4,545 1,456
Proceeds from sale of real estate interests 28,015 11,077 12,300
--------- --------- -----------
Net cash flow used for investing activities (191,626) (205,219) (630,229)
--------- --------- -----------
Cash flow from financing activities:
Principal payments on debt, excluding
normal amortization of rental property debt (17,024) (61,098) (84,056)
Principal payments on rental property debt, net (4,510) (4,417) (4,403)
Proceeds from mortgage financing 44,396 28,733 281,275
Payment of unsecured obligation (18,172) (26,816) -
Proceeds from issuance of medium-term notes 210,000 100,000 290,000
Repayment of medium-term notes (60,000) - (50,000)
Proceeds from issuance of senior notes - 130,000 -
Repayment of senior notes (100,000) (100,000) -
Borrowings under senior term loan - 52,000 -
Repayment of borrowings under senior term loan (52,000) - -
Borrowings under revolving credit facility 90,000 95,000 220,000
Repayment of borrowings under revolving credit facility (45,000) (95,000) (265,000)
Financing origination costs (2,863) - (7,324)
Dividends paid (189,896) (169,708) (113,908)
Proceeds from issuance of stock 79,675 8,608 282,881
Payment for repurchase of stock (2,505) (5,080) -
Redemption of preferred stock - - (65,000)
--------- --------- -----------
Net cash flow (used for)/provided by financing activities (67,899) (47,778) 484,465
--------- --------- -----------
Change in cash and cash equivalents (8,979) (15,844) 12,942
Cash and cash equivalents, beginning of year 28,076 43,920 30,978
--------- --------- -----------
Cash and cash equivalents, end of year $ 19,097 $ 28,076 $ 43,920
========= ========= ===========
Supplemental schedule of noncash investing/financing activity:
Acquisition of real estate interests by issuance of stock
and/or assumption of mortgage debt $ 30,986 $ 98,770 $ 1,005,713
========= ========= ===========
Notes received upon exercise of stock options $ 387 $ 3,821 $ -
========= ========= ===========
Disposition of real estate interests by assignment of
mortgage debt $ 9,124 $ - $ -
========= ========= ===========
Proceeds held in escrow from sale of real estate interest $ 2,700 $ - $ -
========= ========= ===========
Declaration of dividends paid in succeeding year $ 50,570 $ 45,290 $ 39,444
========= ========= ===========
The accompanying notes are an integral part of these consolidated
financial statements
46
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
Business
Kimco Realty Corporation (the "Company" or "Kimco"), its subsidiaries,
affiliates and related real estate joint ventures are engaged
principally in the operation of neighborhood and community shopping
centers which are anchored generally by discount department stores,
supermarkets or drugstores. The Company also provides management
services for shopping centers owned by affiliated entities and
various real estate joint ventures. Additionally, the Company is
engaged in the ground-up development of neighborhood and community
shopping centers and the subsequent sale thereof upon completion.
The Company seeks to reduce its operating and leasing risks through
diversification achieved by the geographic distribution of its
properties, avoiding dependence on any single property, and a large
tenant base. At December 31, 2000, the Company's single largest
neighborhood and community shopping center accounted for only 1.4%
of the Company's annualized base rental revenues and only 1.0% of
the Company's total shopping center gross leasable area ("GLA"). At
December 31, 2000, the Company's five largest tenants include Kmart
Corporation, Kohl's, The Home Depot, Ames and TJX Companies, which
represented approximately 13.3%, 2.9%, 2.6%, 2.6% and 1.9%,
respectively, of the Company's annualized base rental revenues.
The above statistics do not include the KIR Portfolio, as defined in
Note 4 to the Consolidated Financial Statements.
Principles of Consolidation and Estimates
The accompanying Consolidated Financial Statements include the accounts
of the Company, its subsidiaries, all of which are wholly-owned,
and all partnerships in which the Company has a controlling
interest. All significant intercompany balances and transactions
have been eliminated in consolidation.
Generally accepted accounting principles require the Company's
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities and the reported amounts of
revenues and expenses during a reporting period. Actual results may
differ from such estimates. The most significant assumptions and
estimates relate to depreciable lives, valuation of real estate and
the recoverability of trade accounts receivable.
Real Estate
Real estate assets are stated at cost, less accumulated depreciation
and amortization. If there is an event or a change in circumstances
that indicates that the basis of a property may not be recoverable,
then management will assess any impairment in value by making a
comparison of (i) the current and projected operating cash flows
(undiscounted and without interest charges) of the property over
its remaining useful life and (ii) the net carrying amount of the
property. If the current and projected operating cash flows
(undiscounted and without interest charges) are less than the
carrying value of its property, the carrying value would be written
down to an amount to reflect the fair value of the property.
Depreciation and amortization are provided on the straight-line method
over the estimated useful lives of the assets, as follows:
Buildings 15 to 39 years
Fixtures and leasehold improvements Terms of leases or useful
lives, whichever is shorter
Expenditures for maintenance and repairs are charged to operations as
incurred. Significant renovations are capitalized.
47
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Investments in Real Estate Joint Ventures
Investments in real estate joint ventures are accounted for on the
equity method.
Deferred Leasing and Financing Costs
Costs incurred in obtaining tenant leases and long-term financing,
included in deferred charges and prepaid expenses in the
accompanying Consolidated Balance Sheets, are amortized over the
terms of the related leases or debt agreements, as applicable.
Revenue Recognition
Minimum revenues from rental property are recognized on a straight-line
basis over the terms of the related leases.
Income Taxes
The Company and its subsidiaries file a consolidated Federal income tax
return. The Company has made an election to qualify, and believes
it is operating so as to qualify, as a Real Estate Investment Trust
(a "REIT") for Federal income tax purposes. Accordingly, the
Company generally will not be subject to Federal income tax,
provided that distributions to its stockholders equal at least the
amount of its REIT taxable income as defined under the Code.
However, in connection with the Tax Relief Extension Act of 1999,
which became effective January 1, 2001, the Company is now
permitted to participate in certain activities which it was
previously precluded from in order to maintain its qualification as
a REIT, so long as these activities are conducted in entities which
elect to be treated as taxable subsidiaries under the Code. As
such, the Company will be subject to federal income tax on the
income from these activities.
Per Share Data
The following table sets forth the reconciliation between basic and
diluted weighted average number of shares outstanding for each
period:
2000 1999 1998
----------- ---------- ----------
Basic EPS - weighted average number of common shares
outstanding 61,792,047 60,472,768 50,071,425
Effect of dilutive securities -
Stock options 643,394 504,749 569,113
---------- ---------- ----------
Diluted EPS - weighted average number of common shares 62,435,441 60,977,517 50,640,538
========== ========== ==========
The effect of the conversion of the Class D Preferred Stock (as defined
in Note 3) would have an anti-dilutive effect upon the calculation
of net income per common share. Accordingly, the impact of such
conversion has not been included in the determination of diluted
net income per common share.
New Accounting Pronouncements
During December 1999, the Securities and Exchange Commission issued
Staff Accounting Bulletin No. 101 "Revenue Recognition in Financial
Statements" ("SAB 101") which, among other things, provides further
guidance as to the recognition of contingent rents (i.e. additional
rents based on tenants' sales volumes). The Company has elected
early adoption of SAB 101 effective January 1, 2000. The
implementation of SAB 101 has not had a material impact on the
Company's financial position or results of operations.
48
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities ("FASB No. 133"). In June 1999,
the FASB delayed the implementation date of FASB No. 133 by one
year making it effective for the Company for periods beginning
January 1, 2001. FASB No. 133 requires that all derivative
instruments be recorded on the balance sheet at their fair value.
Changes in the fair value of derivatives are recorded each period
in current earnings or other comprehensive income, depending on
whether a derivative is designated as part of a hedge transaction
and, if it is, the type of hedge transaction. Management of the
Company anticipates that, due to its limited use of derivative
instruments, the adoption of FASB No. 133 will not have a
significant effect on the Company's financial position or results
of operations.
2. Property Acquisitions and Developments:
Shopping Centers -
During the years 2000, 1999 and 1998 certain subsidiaries and
affiliates of the Company acquired real estate interests, in
separate transactions, at aggregate costs of approximately $62.5
million, $249.0 million and $303.0 million, respectively.
Ground-Up Development -
During the years 2000 and 1999 certain subsidiaries and affiliates of
the Company expended approximately $74.0 million and $80.0 million,
respectively, in connection with the purchase of land and
construction costs related to its ground-up development projects.
Venture Stores, Inc. Properties Transactions -
During the period January 1996 through August 1997, the Company
acquired 65 fee and leasehold interests from Venture Stores, Inc.
("Venture") for an aggregate purchase price of approximately $170.0
million. Simultaneously with these transactions, the Company
entered into long-term unitary net leases with Venture covering all
premises occupied by Venture on these properties.
In January 1998, Venture filed for protection under Chapter 11 of the
United States Bankruptcy Code. On April 27, 1998, Venture announced
it would discontinue its retail operations and that it had reached
an agreement to sell its leasehold position at 89 locations to the
Company, including 56 properties pursuant to two unitary leases
already in place with the Company, 30 properties pursuant to a
master lease with Metropolitan Life Insurance Company
("Metropolitan Life") and three properties leased by Venture from
others. On July 1, 1998, the Company reached an agreement with
Metropolitan Life to purchase the 30 fee and leasehold positions
which were leased by Metropolitan Life to Venture, for an aggregate
purchase price of $167.5 million. During August 1998, the Company
acquired from Venture 5 additional leasehold positions, including
two leases already in place with the Company, for an aggregate
purchase price of approximately $2.2 million.
The purchase price for the 89 leasehold positions was $95.0 million,
less certain closing adjustments, but was subject to upward
adjustment based on the Company's success in re-tenanting the
properties over a two-year period. On July 17, 1998, the Company
purchased the leasehold positions with an initial cash payment to
Venture of approximately $53.3 million. During April and December
1999, the Company paid Venture an additional $21.0 million and $5.8
million, respectively. During August 2000, the Company paid Venture
a final cash payment of approximately $14.9 million.
The Company has substantially completed its re-tenanting efforts with
regard to the former Venture locations.
49
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Retail Property Acquisitions -
During January 1998, the Company, through a partnership interest,
acquired fee interest in three properties from a retailer in the
Chicago, IL market comprising approximately 516,000 square feet of
GLA for a aggregate purchase price of approximately $23.7 million.
These properties include approximately 70,000 square feet of
showroom space and adjoining warehouses of approximately 100,000
square feet at each location. Simultaneous with this transaction,
the Company leased, to a national furniture retailer, the showroom
portion of each property under individual long-term leases.
Other Acquisitions -
In January 2000, the Company acquired fee title to a shopping center
property in which the Company held a leasehold interest for an
aggregate purchase price of approximately $2.5 million.
During 1998, in connection with the Company's merger with The Price
REIT, Inc., the Company acquired a 50% interest in a joint venture
in Houston, TX. During March 2000, the Company acquired the
remaining 50% interest in such partnership for $5.0 million and now
accounts for its investment under the consolidation method of
accounting.
During December 1998, the Company acquired a first mortgage on a
shopping center in Manhasset, New York for approximately $21.0
million. During April 1999, the Company acquired fee title to this
property.
These property acquisitions have been funded principally through the
application of proceeds from the Company's public unsecured debt
and equity offerings and proceeds from mortgage financings (see
Notes 8, 9 and 13).
3. Price REIT Merger:
On January 13, 1998, the Company, REIT Sub, Inc., a Maryland
corporation and a wholly owned subsidiary of the Company ("Merger
Sub") and The Price REIT, Inc., a Maryland corporation, ("Price
REIT"), signed a definitive Agreement and Plan of Merger dated
January 13, 1998, as amended March 5, 1998 and May 14, 1998, (the
"Merger Agreement"). On June 19, 1998, upon approval by the
shareholders of the Company and the shareholders of Price REIT,
Price REIT was merged into Merger Sub, whereupon the separate
existence of Price REIT ceased (the "Merger"). For financial
reporting purposes, the Merger was accounted for using the purchase
method of accounting.
Prior to the Merger, Price REIT was a self-administered and
self-managed equity REIT that was focused on the acquisition,
development, management and redevelopment of large community
shopping center properties concentrated in the western part of the
United States. In connection with the Merger, the Company acquired
interests in 43 properties, consisting of 39 retail community
centers, one stand-alone retail warehouse, one project under
development and two undeveloped land parcels, located in 17 states
containing approximately 8.0 million square feet of GLA. The
overall occupancy rate of the retail community centers was 98%.
In connection with the Merger, holders of Price REIT common stock
received one share of Kimco common stock and 0.36 shares of Kimco
Class D Depositary Shares ("the Class D Depositary Shares"), each
Class D Depositary Share representing a one-tenth fractional
interest in a new issue of Kimco 7.5% Cumulative Convertible
Preferred Stock, par value $1.00 per share (the "Class D Preferred
Stock"), for each share of Price REIT common stock. On June 19,
1998, the Company issued 11,921,992 shares of its common stock and
429,159 shares of Class D Preferred Stock (represented by 4,291,590
Class D Depositary Shares) in connection with the Merger.
Additionally, in connection with the Merger, the Company issued
65,000 shares of a new issue of Kimco Class E Floating Rate
Cumulative Preferred Stock, par value $1.00 per share ((the "Class
E Preferred Stock"), represented by 650,000 Class E Depositary
Shares, (the "Class E Depositary Shares")), each Class E Depositary
Share representing a one-tenth fractional interest in the Class E
Preferred Stock. The Class E Preferred Stock was redeemable at the
option of the Company for 150 days after its issuance at a price
equal to the liquidation preference of $1,000 per share plus
accrued and unpaid dividends. The Company exercised its option in
November 1998 to redeem all of the Class E Preferred Stock for
$65.065 million representing the liquidation preference of $65
million and approximately $65,000 of accrued dividends.
50
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The total Merger consideration was approximately $960.0 million,
including the assumption of approximately $310.0 million of debt.
Management has allocated the purchase price based on the fair value
of assets and liabilities assumed.
4. Investment and Advances in Kimco Income REIT ("KIR"):
During 1998, the Company formed KIR, an entity in which the Company
held a 99.99% limited partnership interest. KIR was established for
the purpose of investing in high quality real estate properties
financed primarily with individual non-recourse mortgages. These
properties include, but are not limited to, fully developed
properties with strong, stable cash flows from credit-worthy
retailers with long-term leases. The Company believes these type of
properties are more appropriately financed with greater leverage
than the Company traditionally uses. During April 1999, the Company
entered into an agreement whereby an institutional investor
purchased a significant interest in KIR. Under the terms of the
agreement, the agreed equity value for the properties previously
contributed by the Company to KIR was approximately $107.0 million
and the Company agreed to contribute an additional $10.0 million
for a total investment of $117.0 million. During August 1999, KIR
admitted three additional limited partners. The limited partners
other than the Company subscribed for a total of $152.0 million in
KIR. As a result of these transactions, the Company had a 43.3%
non-controlling limited partnership interest in KIR as of December
31, 1999, and accounts for its investment in KIR under the equity
method of accounting.
During 2000, all unfunded subscriptions related to the initial
commitments were contributed. During August 2000, KIR obtained
additional subscriptions aggregating $300.0 million from the
existing limited partners, of which the Company subscribed for an
additional $130.0 million. As of December 31, 2000, the Company had
contributed $19.5 million of such subscriptions and KIR had
unfunded capital commitments of $255.0 million. The Company
maintained its 43.3% non-controlling limited partnership interest
in KIR as of December 31, 2000.
The Company's equity in income from KIR for the year ended December 31,
2000 and for the period April 28, 1999 to December 31, 1999 was
approximately $9.5 million and $6.0 million, respectively.
In addition, KIR entered into a master management agreement with the
Company, whereby the Company will perform services for fees
relating to the management, leasing, operation, supervision and
maintenance of the joint venture properties. For the year ended
December 31, 2000 and for the period April 28, 1999 through
December 31, 1999, the Company earned management fees of
approximately $2.0 million and $0.9 million, respectively,
reimbursement of administrative fees of approximately $1.4 million
and $0.5 million, respectively, and leasing commissions of
approximately $0.1 million and $0.1 million, respectively.
During the year ended December 31, 2000, KIR purchased 24 shopping
center properties, in separate transactions, aggregating 3.8
million square feet of GLA for approximately $421.0 million,
including the assumption of approximately $152.0 million of
mortgage debt.
During the period April 28, 1999 through December 31, 1999, KIR
purchased ten shopping center properties, aggregating 2.2 million
square feet of GLA for approximately $218.3 million including the
assumption of approximately $36.1 million of mortgage debt. Four of
these properties were purchased from the Company for an aggregate
purchase price of $70.1 million.
During 2000, KIR obtained individual non-recourse, non-cross
collateralized ten-year fixed-rate first mortgages aggregating
$137.3 million on 12 of its properties, with interest rates ranging
from 7.97% to 8.36% per annum. During 1999, KIR obtained individual
non-recourse, non-cross collateralized ten-year fixed-rate first
mortgages aggregating $52.6 million on four of its properties, with
interest rates ranging from 7.57% to 7.72% per annum. The net
proceeds were used to finance the acquisition of various shopping
center properties.
51
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During November 2000, KIR established a two year $100.0 million secured
revolving credit facility with a group of banks which is scheduled
to expire in November 2002. This facility is collateralized by the
unfunded subscriptions of certain partners, including those of the
Company. Under the terms of the facility, funds may be borrowed for
general corporate purposes including funding the acquisition of
institutional quality properties. Borrowings under the facility
accrue interest at LIBOR plus .80%. A fee of 0.15% per annum is
payable quarterly in arrears on the unused portion of the facility.
As of December 31, 2000, there was $58.0 million outstanding under
this facility.
As of December 31, 2000, the KIR portfolio was comprised of 53
shopping center properties totaling approximately 9.2 million
square feet of GLA.
Summarized financial information for the recurring operations of KIR is
as follows (in millions):
December 31, 2000 December 31, 1999
----------------- -----------------
Assets:
Real estate, net $ 985.6 $569.4
Other assets 43.5 32.3
-------- ------
$1,029.1 $601.7
======== ======
Liabilities and Partners' Capital:
Notes payable $ 58.0 $ -
Mortgages payable 623.3 338.9
Other liabilities 15.9 7.9
Minority interest 10.8 .3
Partners' capital 321.1 254.6
-------- ------
$1,029.1 $601.7
======== ======
For the period
For the year ended April 28, 1999 to
December 31, 2000 December 31, 1999
------------------ -----------------
Revenues from rental property $86.5 $39.9
----- -----
Operating expenses (18.9) (8.7)
Mortgage interest (31.0) (14.5)
Depreciation and amortization (14.1) (6.6)
Other, net .4 .6
----- -----
(63.6) (29.2)
----- -----
Net income $22.9 $10.7
===== =====
5. Investments and Advances in Other Real Estate Joint Ventures:
The Company and its subsidiaries have investments in and advances to
various other real estate joint ventures. These joint ventures are
engaged primarily in the operation of shopping centers, which are
either owned or held under long-term operating leases.
During 1999, the Company invested approximately $4.9 million in a
partnership which is developing an office and retail center in
Dover, DE and separately, through a partnership investment, the
Company invested approximately $5.7 million in a joint venture
which acquired a parcel of land in Henderson, NV for the
development of a retail shopping center. The Company has a 50%
interest in each of these partnerships.
52
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 1998, in connection with the Merger, the Company acquired two
additional joint venture interests. The Company also invested
approximately $19.0 million in a partnership which has acquired and
leased-back 11 automotive dealerships and invested approximately
$3.6 million in a partnership which acquired a shopping center for
approximately $34.0 million, including mortgage debt of
approximately $27.0 million. The Company has a 50% interest in each
of these partnerships.
Summarized financial information for the recurring operations of these
real estate joint ventures is as follows (in millions):
December 31,
-------------------------------------
2000 1999
--------------- ---------------
Assets:
Real estate, net $235.7 $248.4
Other assets 19.3 20.4
------ ------
$255.0 $268.8
====== ======
Liabilities and Partners' Capital:
Mortgages payable $175.3 $173.2
Other liabilities 23.9 27.1
Partners' capital 55.8 68.5
------ ------
$255.0 $268.8
====== ======
Year Ended December 31,
-----------------------
2000 1999 1998
------ ------ ------
Revenues from rental property $48.4 $45.7 $26.8
----- ----- -----
Operating expenses (16.1) (15.9) (9.7)
Mortgage interest (13.8) (10.8) (6.2)
Depreciation and amortization (5.7) (5.0) (2.9)
Other, net .2 .3 .1
----- ----- -----
(35.4) (31.4) (18.7)
----- ----- -----
Net income $13.0 $14.3 $8.1
===== ===== =====
Other liabilities in the accompanying Consolidated Balance Sheets
include accounts with certain real estate joint ventures totaling
approximately $4.8 million and $5.4 million at December 31, 2000
and 1999, respectively. The Company and its subsidiaries have
varying equity interests in these real estate joint ventures, which
may differ from their proportionate share of net income or loss
recognized in accordance with generally accepted accounting
principles.
6. Investment in Retail Store Leases:
The Company has interests in various retail store leases relating to
the anchor store premises in neighborhood and community shopping
centers. These premises have been substantially sublet to retailers
who lease the stores pursuant to net lease agreements. Income from
the investment in these retail store leases during the years ended
December 31, 2000 and 1999 was approximately $4.0 million and $4.1
million, respectively. These amounts represent sublease revenues
during the years ended December 31, 2000 and 1999 of approximately
$19.0 million and $20.3 million, respectively, less related
expenses of $13.6 million and $14.7 million, respectively, and an
amount, which in management's estimate, reasonably provides for the
recovery of the investment over a period representing the expected
remaining term of the retail store leases. The Company's future
minimum revenues under the terms of all noncancellable tenant
subleases and future minimum obligations through the remaining
terms of its retail store leases, assuming no new or renegotiated
leases are executed for such premises, for future years are as
follows (in millions): 2001, $15.2 and $11.2; 2002, $14.3 and
$10.2; 2003, $13.2 and $8.7; 2004, $10.0 and $6.3; 2005, $7.5 and
$4.5 and thereafter, $12.5 and $4.1, respectively.
7. Cash and Cash Equivalents:
Cash and cash equivalents (demand deposits in banks, commercial paper
and certificates of deposit with original maturities of three
months or less) includes tenants' security deposits, escrowed funds
and other restricted deposits approximating $0.1 million at
December 31, 2000 and 1999.
53
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Cash and cash equivalent balances may, at a limited number of banks and
financial institutions, exceed insurable amounts. The Company
believes it mitigates its risks by investing in or through major
financial institutions. Recoverability of investments is dependent
upon the performance of the issuers.
8. Notes Payable:
The Company has implemented a medium-term notes ("MTN") program
pursuant to which it may, from time to time, offer for sale its
senior unsecured debt for any general corporate purposes, including
(i) funding specific liquidity requirements in its business,
including property acquisitions, development and redevelopment
costs, and (ii) managing the Company's debt maturities.
During October 2000, the Company issued an aggregate $100.0 million of
senior fixed rate MTNs under its MTN program. These issuances
consisted of (i) a $50.0 million MTN which matures in November 2005
and bears interest at 7.68% per annum, and (ii) a $50.0 million MTN
which matures in November 2007 and bears interest at 7.86% per
annum. Interest on these notes is payable semi-annually in arrears.
The proceeds from these MTN issuances were used to repay a $100.0
million senior note that bore interest at 7.25% and matured in
November 2000.
During October and December 1999, the Company issued an aggregate
$100.0 million of senior fixed-rate MTN's (the "October and
December MTNs") under its MTN program. The October and December
MTNs mature in October 2004 and December 2007, respectively, and
bear interest at 7.62% and 7.90% per annum, respectively. Interest
on these notes is payable semi-annually in arrears.
As of December 31, 2000, a total principal amount of $490.25 million,
in senior fixed-rate MTNs had been issued under the MTN program
primarily for the acquisition of neighborhood and community
shopping centers, the expansion and improvement of properties in
the Company's portfolio and the repayment of certain debt of the
Company. These fixed-rate notes had maturities ranging from five to
twelve years at the time of issuance and bear interest at rates
ranging from 6.70% to 7.91%. Interest on these fixed-rate senior
unsecured notes is payable semi-annually in arrears.
During August 2000, the Company issued $110.0 million of floating rate
MTNs under its MTN program. These floating rate MTNs were priced at
99.7661% of par, mature in August 2002, and bear interest at LIBOR
plus .25%. Interest on these MTNs is payable quarterly in arrears.
As of November 2000, the Company entered into an interest rate swap
agreement for the term of these MTNs, which effectively fixed the
interest rate at 6.865% per annum. The proceeds from this MTN
issuance were used to (i) repay a $60.0 million MTN that matured in
August 2000 and bore interest at LIBOR plus .15% per annum and (ii)
to prepay a $52.0 million term loan that matured in November 2000
and bore interest at LIBOR plus .70% per annum.
During February 1999, the Company issued $130.0 million of 6.875%
fixed-rate Senior Notes due 2009. Interest on the notes is payable
semi-annually in arrears. The notes were sold at 99.85% of par
value. Net proceeds from the issuance totaling approximately $128.9
million, after related transaction costs of approximately $0.9
million, were used, in part, to repay $100.0 million floating-rate
senior notes that matured during February 1999 and for general
corporate purposes.
As of December 31, 2000, the Company had outstanding $100.0 million of
remarketed reset notes. The remarketed reset notes mature in August
2008 and bore interest at the initial issuance in August 1998 at a
floating rate of LIBOR plus .30% per annum. After an initial period
of one year, the interest rate spread applicable to each subsequent
period is determined pursuant to a remarketing agreement between
the Company and a financial institution. The interest rate resets
quarterly and is payable quarterly in arrears. During August 2000
and 1999, the Company remarketed the notes for a one-year period at
Libor plus .65% per annum during each period.
As of December 31, 2000, the Company had outstanding $105.0 million of
fixed-rate unsecured senior notes consisting of: (i) $50.0 million
which mature in June 2004 and bear interest at 7.125% and (ii)
$55.0 million which mature November 2006 and bear interest at
7.50%. These notes were assumed in connection with the Price REIT
merger and interest on these notes is payable semi-annually in
arrears.
54
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 2000, the Company had $100.0 million in 6.50%
fixed-rate unsecured Senior Notes due 2003. Interest on these
senior unsecured notes is paid semi-annually in arrears.
In accordance with the terms of the Indenture, as amended, pursuant to
which the Company's senior, unsecured notes have been issued, the
Company is (a) subject to maintaining certain maximum leverage
ratios on both unsecured senior corporate and secured debt, minimum
debt service coverage ratios and minimum equity levels, and (b)
restricted from paying dividends in amounts that exceed by more
than $26 million the funds from operations, as defined, generated
through the end of the calendar quarter most recently completed
prior to the declaration of such dividend; however, this dividend
limitation does not apply to any distributions necessary to
maintain the Company's qualification as a REIT providing the
Company is in compliance with its total leverage limitations.
During August 2000, the Company established a $250.0 million, unsecured
revolving credit agreement with a group of banks which is scheduled
to expire in August 2003. This credit facility, which replaced the
Company's $215.0 million unsecured revolving credit facility has
made available funds for general corporate purposes, including the
funding of property acquisitions, development and redevelopment
costs. Interest on borrowings accrues at a spread (currently .55%)
to LIBOR or money-market rates, as applicable, which fluctuates in
accordance with changes in the Company's senior debt ratings. As
part of this Credit Facility, the Company has a competitive bid
option where the Company may auction up to $100.0 million of its
requested borrowings to the bank group. This competitive bid option
provides the Company the opportunity to obtain pricing below the
currently stated spread to LIBOR of .55%. A facility fee of .15%
per annum is payable quarterly in arrears. Pursuant to the terms of
the agreement, the Company, among other things, is (a) subject to
maintaining certain maximum leverage ratios on both unsecured
senior corporate and secured debt, a minimum debt service coverage
ratio and minimum unencumbered asset and equity levels, and (b)
restricted from paying dividends in amounts that exceed 90% of
funds from operations, as defined, plus 10% of the Company's
stockholders' equity determined in accordance with generally
accepted accounting principles. As of December 31, 2000, there was
$45.0 million outstanding under this facility.
The scheduled maturities of all unsecured senior notes payable as of
December 31, 2000 are approximately as follows (in millions): 2002,
$110.0; 2003, $145.0; 2004, $100.0; 2005, $200.25 and thereafter,
$525.0.
9. Mortgages Payable:
During 2000, the Company obtained individual non-recourse, fixed-rate
mortgage financing on five Kmart anchored shopping centers,
providing aggregate proceeds to the Company of approximately $44.2
million. These ten-year loans mature in 2010 and have effective
interest rates ranging from 7.91% to 8.15% per annum.
During 1999, the Company obtained individual non-recourse, fixed-rate
mortgage financing aggregating approximately $28.7 million on five
of its properties. The mortgages bear interest at rates ranging
from 7.00% to 8.25% per annum and mature at various dates through
2009.
During 1998, the Company obtained mortgage financing aggregating
approximately $272.3 million on 20 of its properties. These
individual mortgages were non-recourse, non-cross collateralized,
ten year fixed-rate first mortgages, bearing interest at a weighted
average rate of 6.585% per annum over the term of the loans. The
proceeds from the mortgages were used primarily for the acquisition
of neighborhood and community shopping centers. During April 1999,
mortgages encumbering 19 of these properties totaling approximately
$252.4 million were deconsolidated in connection with the sale of a
controlling interest in KIR (See Note 4).
Also during 1998, the Company, through an affiliated entity, obtained
mortgage financing of approximately $9.0 million on two other
properties. These ten-year fixed-rate mortgages, which are
cross-collateralized, bear interest at 7.00% per annum for the term
of the loans.
55
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Mortgages payable, collateralized by certain shopping center properties
and related tenants' leases, are generally due in monthly
installments of principal and/or interest which mature at various
dates through 2023. Interest rates range from approximately 6.57%
to 9.50% (weighted average interest rate of 7.91% as of December
31, 2000). The scheduled maturities of all mortgages payable as of
December 31, 2000, are approximately as follows (in millions):
2001, $4.6; 2002, $7.6; 2004, $9.0; 2005, $15.2 and thereafter,
$209.0.
Three of the Company's properties are encumbered by approximately $12.1
million in floating-rate, tax-exempt mortgage bond financing. The
rates on the bonds are reset annually, at which time bondholders
have the right to require the Company to repurchase the bonds. The
Company has engaged a remarketing agent for the purpose of offering
for resale those bonds that are tendered to the Company. All bonds
tendered for redemption in the past have been remarketed and the
Company has arrangements, including letters of credit, with banks
to both collateralize the principal amount and accrued interest on
such bonds and to fund any repurchase obligations.
10. Extraordinary Items:
During 1998, the Company prepaid certain mortgage loans resulting in
extraordinary charges of approximately $4.9 million, or, on a
per-basic share and diluted share basis, $0.10 and $0.09,
respectively, representing the premiums paid and other costs
written-off in connection with the early satisfaction of these
mortgage loans.
11. KC Holdings, Inc.:
To facilitate the Company's November 1991 initial public stock
offering (the "IPO"), 46 shopping center properties and certain
other assets, together with indebtedness related thereto, were
transferred to subsidiaries of KC Holdings, Inc. ("KC Holdings"), a
newly-formed corporation that is owned by the stockholders of the
Company prior to the IPO. The Company was granted ten-year,
fixed-price acquisition options to reacquire the real estate assets
owned by KC Holdings' subsidiaries, subject to any liabilities
outstanding with respect to such assets at the time of an option
exercise. As of December 31, 2000, KC Holdings' subsidiaries had
conveyed 29 shopping centers back to the Company and had disposed
of ten additional centers in transactions with third parties. The
members of the Company's Board of Directors who are not also
shareholders of KC Holdings unanimously approved the purchase of
each of the 29 shopping centers that have been reacquired by the
Company from KC Holdings. The Company manages three of KC Holdings
seven remaining shopping center properties pursuant to a management
agreement (See Note 15).
12. Fair Value Disclosure of Financial Instruments:
All financial instruments of the Company are reflected in the
accompanying Consolidated Balance Sheets at amounts which, in
management's estimation based upon an interpretation of available
market information and valuation methodologies (including
discounted cash flow analyses with regard to fixed rate debt)
considered appropriate, reasonably approximate their fair values.
Such fair value estimates are not necessarily indicative of the
amounts that would be realized upon disposition of the Company's
financial instruments.
13. Preferred and Common Stock Transactions:
During May 2000, the Company repurchased from an officer and director
of the Company 100,217 depositary shares of its Class D Preferred
Stock at a price of $25.00 per depositary share, totaling
approximately $2.5 million.
During June 2000, the Company issued 285,148 shares of common stock at
$40.7625 per share in connection with the exercise of its option to
acquire two shopping center properties from KC Holdings (See Note
15).
56
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During August 2000, the Company completed a primary public stock
offering of 1,800,000 shares of common stock priced at $42.50 per
share. The net proceeds from this sale of common stock, totaling
approximately $72.4 million (after related transaction costs of
$4.1 million) were used for general corporate purposes, including
(i) the investment of additional equity capital in KIR (see Note
4), and (ii) the development, redevelopment and expansion of
properties in the Company's portfolio.
During July 1999, the Company issued 401,646 shares of common stock at
$39.00 per share in connection with the exercise of its option to
acquire 13 shopping center properties from KC Holdings (See Note
15).
During December 1999, the Company purchased and retired 160,000 shares
of its common stock at a price of $31.75 per share, totaling
approximately $5.1 million. The Company did not have a share
repurchase program but acquired the shares when it received an
unsolicited offer to buy them from an institutional investor.
At December 31, 2000, the Company had outstanding 3,000,000 Depositary
Shares (the "Class A Depositary Shares"), each such Class A
Depositary Share representing a one-tenth fractional interest of a
share of the Company's 7-3/4% Class A Cumulative Redeemable
Preferred Stock, par value $1.00 per share (the "Class A Preferred
Stock"), 2,000,000 Depositary Shares (the "Class B Depositary
Shares"), each such Class B Depositary Share representing a
one-tenth fractional interest of a share of the Company's 8-1/2%
Class B Cumulative Redeemable Preferred Stock, par value $1.00 per
share (the "Class B Preferred Stock"), 4,000,000 Depositary Shares
("the Class C Depositary Shares"), each such Class C Depositary
Share representing a one-tenth fractional interest of a share of
the Company's 8-3/8% Class C Cumulative Redeemable Preferred Stock,
par value $1.00 per share (the "Class C Preferred Stock"),
4,182,542 Depositary Shares (the "Class D Depositary Shares"), each
such Class D Depositary Share representing a one-tenth fractional
interest of a share of the Company's 7-1/2% Cumulative Convertible
Preferred Stock, par value $1.00 per share (the "Class D Preferred
Stock").
Dividends on the Class A Depositary Shares are cumulative and payable
quarterly in arrears at the rate of 7-3/4% per annum based on the
$25.00 per share initial offering price, or $1.9375 per depositary
share. The Class A Depositary Shares are redeemable, in whole or in
part, for cash on or after September 23, 1998 at the option of the
Company, at a redemption price of $25 per depositary share, plus
any accrued and unpaid dividends thereon. The Class A Depositary
Shares are not convertible or exchangeable for any other property
or securities of the Company. The Class A Preferred Stock
(represented by the Class A Depositary Shares outstanding) ranks
pari passu with the Company's Class B Preferred Stock, Class C
Preferred Stock and Class D Preferred Stock as to voting rights,
priority for receiving dividends and liquidation preferences as set
forth below.
Dividends on the Class B Depositary Shares are cumulative and payable
quarterly in arrears at the rate of 8-1/2% per annum based on the
$25.00 per share initial offering price, or $2.125 per depositary
share. The Class B Depositary Shares are redeemable, in whole or in
part, for cash on or after July 15, 2000 at the option of the
Company at a redemption price of $25.00 per depositary share, plus
any accrued and unpaid dividends thereon. The redemption price of
the Class B Preferred Stock may be paid solely from the sale
proceeds of other capital stock of the Company, which may include
other classes or series of preferred stock. The Class B Depositary
Shares are not convertible or exchangeable for any other property
or securities of the Company. The Class B Preferred Stock
(represented by the Class B Depositary Shares outstanding) ranks
pari passu with the Company's Class A Preferred Stock, Class C
Preferred Stock and Class D Preferred Stock as to voting rights,
priority for receiving dividends and liquidation preferences as set
forth below.
57
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Dividends on the Class C Depositary Shares are cumulative and payable
quarterly in arrears at the rate of 8-3/8% per annum based on the
$25.00 per share initial offering price, or $2.0938 per depositary
share. The Class C Depositary Shares are redeemable, in whole or in
part, for cash on or after April 15, 2001 at the option of the
Company at a redemption price of $25.00 per depositary share, plus
any accrued and unpaid dividends thereon. The redemption price of
the Class C Preferred Stock may be paid solely from the sale
proceeds of other capital stock of the Company, which may include
other classes or series of preferred stock. The Class C Depositary
Shares are not convertible or exchangeable for any other property
or securities of the Company. The Class C Preferred Stock
(represented by the Class C Depositary Shares outstanding) ranks
pari passu with the Company's Class A Preferred Stock, Class B
Preferred Stock and Class D Preferred Stock as to voting rights,
priority for receiving dividends and liquidation preferences as set
forth below.
Dividends on the Class D Depositary Shares are cumulative and payable
at the rate per depositary share equal to the greater of (i) 7-1/2%
per annum based upon a $25.00 per share initial value or $1.875 per
share or (ii) the cash dividend on the shares of the Company's
common stock into which a Class D Depositary Share is convertible
plus $0.0275 per quarter. The Class D Depositary Shares are
convertible into the Company's common stock at a conversion price
of $40.25 per share of common stock at any time by the holder and
may be redeemed by the Company at the conversion price in shares of
the Company's common stock at any time after June 19, 2001 if, for
any 20 trading days within any period of 30 consecutive trading
days, including the last day of such period, the average closing
price per share of the Company's common stock exceeds 120% of the
conversion price or $48.30 per share, subject to certain
adjustments.
The Class D Preferred Stock (represented by the Class D Depositary
Shares outstanding) ranks pari passu with the Company's Class A
Preferred Stock, Class B Preferred Stock and Class C Preferred
Stock as to voting rights, priority for receiving dividends and
liquidation preferences as set forth below.
Voting Rights - As to any matter on which the Class A Preferred Stock,
Class B Preferred Stock, Class C Preferred Stock and Class D
Preferred Stock (collectively, the "Preferred Stock") may vote,
including any action by written consent, each share of Preferred
Stock shall be entitled to 10 votes, each of which 10 votes may be
directed separately by the holder thereof. With respect to each
share of Preferred Stock, the holder thereof may designate up to 10
proxies, with each such proxy having the right to vote a whole
number of votes (totaling 10 votes per share of Preferred Stock).
As a result, each Class A, each Class B, each Class C and each
Class D Depositary Share is entitled to one vote.
Liquidation Rights - In the event of any liquidation, dissolution or
winding up of the affairs of the Company, the Preferred Stock
holders are entitled to be paid, out of the assets of the Company
legally available for distribution to its stockholders, a
liquidation preference of $250.00 per share ($25.00 per Class A,
Class B, Class C and Class D Depositary Share, respectively), plus
an amount equal to any accrued and unpaid dividends to the date of
payment, before any distribution of assets is made to holders of
the Company's common stock or any other capital stock that ranks
junior to the Preferred Stock as to liquidation rights.
14. Dispositions of Real Estate:
During the year ended December 31, 2000, the Company, in separate
transactions, disposed of ten shopping center properties. Sale
prices from two of these dispositions aggregated approximately $4.5
million which approximated their aggregate net book value. Sale
prices from eight of these dispositions aggregated approximately
$29.7 million which resulted in net gains of approximately $4.0
million.
In addition, during 2000, the Company disposed of various land
parcels, in separate transactions, for aggregate proceeds of
approximately $5.6 million.
During the year ended December 31, 1999, the Company disposed of six
shopping center properties and a land parcel. Cash proceeds from
four of these dispositions aggregated approximately $6.1 million,
which approximated their aggregate net book value.
58
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During July 1999, the Company disposed of a shopping center property in
New Port Richey, FL. Cash proceeds from the disposition totaling
$0.5 million, together with an additional $5.5 million cash
investment, were used to acquire an exchange shopping center
property located in Greensboro, NC during September 1999. The sale
of this property resulted in a gain of approximately $0.3 million.
During October 1999, the Company, in separate transactions, disposed of
a shopping center property and a land parcel for an aggregate sale
price of approximately $4.5 million, which resulted in a gain of
approximately $1.3 million.
15. Transactions with Related Parties:
The Company provides management services for shopping centers owned
principally by affiliated entities and various real estate joint
ventures in which certain stockholders of the Company have economic
interests. Such services are performed pursuant to management
agreements which provide for fees based upon a percentage of gross
revenues from the properties and other direct costs incurred in
connection with management of the centers. The Consolidated
Statements of Income include management fee income from KC Holdings
of approximately $0.1 million, $0.4 million and $0.6 million for
the years ended December 31, 2000, 1999 and 1998, respectively.
In June 2000, the Company exercised its option to acquire two shopping
center properties from KC Holdings. The properties were acquired
for an aggregate option price of approximately $12.2 million, paid
approximately $11.6 million in shares of the Company's common stock
(valued at $40.7625 per share at June 1, 2000) and $0.6 million
through the assumption of mortgage debt encumbering one of the
properties.
During July 1999, the Company exercised its option to acquire 13
shopping center properties from KC Holdings. The properties were
acquired for an aggregate option price of approximately $39.8
million, paid $15.7 million in shares of the Company's common stock
(valued at $39.00 per share at July 1, 1999) and $24.1 million
through the assumption of mortgage debt encumbering the properties.
Reference is made to Notes 4, 5, 11 and 13 for additional information
regarding transactions with related parties.
16. Commitments and Contingencies:
The Company and its subsidiaries are primarily engaged in the operation
of shopping centers which are either owned or held under long-term
leases which expire at various dates through 2087. The Company and
its subsidiaries, in turn, lease premises in these centers to
tenants pursuant to lease agreements which provide for terms
ranging generally from 5 to 25 years and for annual minimum rentals
plus incremental rents based on operating expense levels and
tenants' sales volumes. Annual minimum rentals plus incremental
rents based on operating expense levels comprised approximately
99%, 98% and 98% of total revenues from rental property for each of
the three years ended December 31, 2000, 1999 and 1998,
respectively.
The future minimum revenues from rental property under the terms of all
noncancellable tenant leases, assuming no new or renegotiated
leases are executed for such premises, for future years are
approximately as follows (in millions): 2001, $366.6; 2002, $348.4;
2003, $320.9; 2004, $297.5; 2005, $270.5 and thereafter, $2,132.3.
Minimum rental payments under the terms of all noncancellable operating
leases pertaining to its shopping center portfolio for future years
are approximately as follows (in millions): 2001, $13.9; 2002,
$13.8; 2003, $12.7; 2004, $12.0; 2005, $10.9 and thereafter,
$156.8.
59
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
17. Incentive Plans:
The Company maintains a stock option plan (the "Plan") pursuant to
which a maximum 6,000,000 shares of the Company's common stock may
be issued for qualified and non-qualified options. Options granted
under the Plan generally vest ratably over a three-year term,
expire ten years from the date of grant and are exercisable at the
market price on the date of grant, unless otherwise determined by
the Board in its sole discretion. In addition, the Plan provides
for the granting of certain options to each of the Company's
non-employee directors (the "Independent Directors") and permits
such Independent Directors to elect to receive deferred stock
awards in lieu of directors' fees.
Information with respect to stock options under the Plan for the years
ended December 31, 2000, 1999 and 1998 is as follows:
Weighted Average
Exercise Price
Shares Per Share
------ ---------
Options outstanding, December 31, 1997 1,895,096 $25.37
Exercised (150,766) $20.99
Granted 1,023,500 $37.32
---------
Options outstanding, December 31, 1998 2,767,830 $30.03
Exercised (320,781) $27.54
Granted 799,050 $32.33
---------
Options outstanding, December 31, 1999 3,246,099 $30.84
Exercised (193,404) $25.54
Granted 898,425 $40.63
Forfeited (258,583) $28.60
---------
Options outstanding, December 31, 2000 3,692,537 $33.66
=========
Options exercisable -
December 31, 1998 1,326,224 $24.13
========= ======
December 31, 1999 1,605,886 $27.24
========= ======
December 31, 2000 1,947,825 $30.20
========= ======
The exercise prices for options outstanding as of December 31, 2000
range from $13.33 to $42.53 per share. The weighted average
remaining contractual life for options outstanding as of December
31, 2000 was approximately 7.6 years. Options to purchase 608,695,
1,507,120 and 2,306,170 shares of the Company's common stock were
available for issuance under the Plan at December 31, 2000, 1999
and 1998, respectively.
The Company has elected to adopt the disclosure-only provisions of
Statement of Financial Accounting Standards No. 123 "Accounting for
Stock-Based Compensation". Accordingly, no compensation cost has
been recognized with regard to options granted under the Plan in
the accompanying Consolidated Statements of Income. If stock-based
compensation costs had been recognized based on the estimated fair
values at the dates of grant for options awarded during 2000, 1999
and 1998 net income and net income per common share for these
calendar years would have been reduced by approximately $2.2
million or $0.04 per diluted share, $1.7 million, or $0.03 per
diluted share and $1.4 million, or $0.03 per diluted share,
respectively.
These pro forma adjustments to net income and net income per diluted
common share assume fair values of each option grant estimated
using the Black-Scholes option pricing formula. The more
significant assumptions underlying the determination of such fair
values for options granted during 2000, 1999 and 1998 include: (i)
weighted average risk-free interest rates of 5.69%, 6.30% and
5.07%, respectively; (ii) weighted average expected option lives of
4.4 years, 5.4 years and 5.6 years, respectively; (iii) an expected
volatility of 15.82%, 15.91% and 15.76%, respectively, and (iv) an
expected dividend yield of 6.95%, 7.30% and 6.40%, respectively.
The per share weighted average fair value at the dates of grant for
options awarded during 2000, 1999 and 1998 was $3.07, $2.53 and
$2.86, respectively.
60
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company maintains a 401(k) retirement plan covering substantially
all officers and employees which permits participants to defer up
to a maximum 10% of their eligible compensation. This deferred
compensation, together with Company matching contributions which
generally equal employee deferrals up to a maximum of 5% of their
eligible compensation, is fully vested and funded as of December
31, 2000. Company contributions to the plan were approximately $0.6
million, $0.4 million and $0.3 million for the years ended December
31, 2000, 1999 and 1998, respectively.
18. Supplemental Financial Information:
The following represents the results of operations, expressed in
thousands except per share amounts, for each quarter during years
2000 and 1999.
2000 (Unaudited)
---------------------------------------------------------------------
Mar. 31 June 30 Sept. 30 Dec. 31
------- ------- -------- -------
Revenues from rental property $112,356 $114,867 $115,726 $116,458
Net income $48,709 $50,946 $51,512 $53,858
Net income per common share:
Basic $.69 $.73 $.72 $.75
Diluted $.69 $.72 $.71 $.74
1999 (Unaudited)
-------------------------------------------------------------------
Mar. 31 June 30 Sept. 30 Dec. 31
------- ------- -------- -------
Revenues from rental property $112,876 $106,072 $106,044 $108,888
Net income $39,488 $42,441 $45,614 $49,235
Net income per common share:
Basic $.55 $.59 $.64 $.70
Diluted $.54 $.59 $.64 $.70
Interest paid during years 2000, 1999 and 1998 approximated $89.9
million, $80.0 million and $60.7 million, respectively.
Accounts and notes receivable in the accompanying Consolidated Balance
Sheets are net of estimated unrecoverable amounts of approximately
$4.0 million and $3.8 million at December 31, 2000 and 1999,
respectively.
19. Pro Forma Financial Information (Unaudited):
As discussed in Notes 2 and 14, the Company and certain of its
subsidiaries acquired and disposed of interests in shopping center
properties during 2000. The pro forma financial information set
forth below is based upon the Company's historical Consolidated
Statements of Income for the years ended December 31, 2000 and
1999, adjusted to give effect to these transactions as of January
1, 1999.
The pro forma financial information is presented for informational
purposes only and may not be indicative of what actual results of
operations would have been had the transactions occurred on January
1, 1999, nor does it purport to represent the results of operations
for future periods. (Amounts presented in millions, except per
share figures.)
Years ended December 31,
2000 1999
---- ----
Revenues from rental property $458.3 $440.5
Net income $201.6 $182.6
Net income per common share:
Basic $2.83 $2.57
===== =====
Diluted $2.80 $2.55
===== =====
61
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
20. Subsequent Events:
During March 2001, the Company, through a joint venture (the "Ward
Venture") in which the Company has a 50% interest, acquired asset
designation rights for substantially all of the real estate
property interests of the bankrupt estate of Montgomery Ward LLC
and its affiliates. These asset designation rights will enable the
Ward Venture to direct the ultimate disposition of the 315 fee and
leasehold interests held by the bankrupt estate. The Ward Venture
acquired the asset designation rights for an initial purchase price
of $60.5 million, however, the price may ultimately exceed $435.5
million under the terms of the designation rights agreement.
The asset designation rights expire in February 2002 for the leasehold
positions and December 2004 for the fee owned locations. During the
marketing period, the Ward Venture will be responsible for all
carrying costs associated with the properties until the site is
designated to a user.
62
KIMCO REALTY CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
For Years Ended December 31, 2000, 1999 and 1998
(in thousands)
Balance at Adjustments to
Beginning of Charged to valuation Balance at end
Period expenses accounts Deductions of period
----------------------------------------------------------------------------------------
Year Ended December 31, 2000
Allowance for uncollectable
accounts $3,750 $2,650 $ - ($2,400) $4,000
----------------------------------------------------------------------------------------
Year Ended December 31, 1999
Allowance for uncollectable
accounts $3,150 $3,650 $350 ($3,400) $3,750
========================================================================================
Year Ended December 31, 1998
Allowance for uncollectable
accounts $1,800 $2,050 $1,300 ($2,000) $3,150
========================================================================================
63
KIMCO REALTY CORPORATION AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2000
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
HOOVER 279,106 7,735,873 - 279,106
CASA PALOMA SHOPPING CENTER 4,111,061 - 17,028,800 4,111,061
KIMCO MESA 679, INC. AZ 2,915,000 11,686,291 388,564 2,915,000
METRO SQUARE 4,101,017 16,410,632 452,006 4,101,017
PEORIA CROSSING 7,212,588 - 194,772 7,212,588
HAYDEN PLAZA NORTH 2,015,726 4,126,509 4,983,587 2,015,726
PHOENIX, COSTCO 5,324,501 21,269,943 176,056 5,324,501
PHOENIX 2,450,341 9,802,046 105,331 2,450,341
ALHAMBRA, COSTCO 4,995,639 19,982,557 - 4,995,639
MADISON PLAZA 5,874,396 23,476,190 16,333 5,874,396
CHULA VISTA, COSTCO 6,460,743 25,863,153 1,409,635 6,460,743
CORONA HILLS, COSTCO 3,360,965 53,373,453 339,231 13,360,965
LA MIRADA THEATRE CENTER 8,816,741 35,259,965 5,800 8,816,741
THE CENTRE 3,403,724 13,625,899 - 3,403,724
SANTA ANA, HOME DEPOT 4,592,364 18,345,257 - 4,592,364
SANTEE TOWN CENTER 2,252,812 9,012,256 763,037 2,252,812
VILLAGE ON THE PARK 2,194,463 8,885,987 (31,543) 2,194,463
AURORA QUINCY 1,148,317 4,608,249 107,971 1,148,317
AURORA EAST BANK 1,500,568 6,180,103 97,864 1,500,568
SPRING CREEK COLORADO 1,423,260 5,718,813 11,939 1,423,260
DENVER WEST 38TH STREET 161,167 646,983 - 161,167
ENGLEWOOD PHAR MOR 805,837 3,232,650 2,800 805,837
FORT COLLINS 1,253,497 7,625,278 - 1,253,497
HERITAGE WEST 1,526,576 6,124,074 79,252 1,526,576
WEST FARM SHOPPING CENTER 5,805,969 23,348,024 62,312 5,805,969
N.HAVEN, HOME DEPOT 7,704,968 30,797,640 59,287 7,704,968
WATERBURY 2,253,078 9,017,012 70,956 2,253,078
ELSMERE - 3,185,642 - -
ALTAMONTE SPRINGS 770,893 3,083,574 - 770,893
BOCA RATON 573,875 2,295,501 970,306 573,875
BRADENTON 125,000 299,253 323,963 125,000
BAYSHORE GARDENS, BRADENTON FL 2,901,000 11,738,955 166,636 2,901,000
CORAL SPRINGS 710,000 2,842,907 3,139,840 710,000
CORAL SPRINGS 1,649,000 6,626,301 67,683 1,649,000
EAST ORLANDO 491,676 1,440,000 2,590,760 1,007,882
FERN PARK 225,000 902,000 2,362,617 225,000
REGENCY PLAZA 2,410,000 9,671,160 122,937 2,410,000
KISSIMMEE 1,328,536 5,296,652 1,552,471 1,328,536
LARGO 293,686 792,119 1,211,503 293,686
LEESBURG - 171,636 141,685 -
LARGO EAST BAY 2,832,296 11,329,185 792,283 2,832,296
LAUDERHILL 1,002,733 2,602,415 9,135,669 1,774,443
LAUDERDALE LAKES 342,420 2,416,645 2,332,388 342,420
MELBOURNE - 1,754,000 2,709,819 -
GROVE GATE 365,893 1,049,172 1,139,954 365,893
NORTH MIAMI 732,914 4,080,460 10,497,615 732,914
MILLER ROAD 1,138,082 4,552,327 1,523,289 1,138,082
MARGATE 2,948,530 11,754,120 1,711,080 2,948,530
MELBOURNE 715,844 2,878,374 351,895 715,844
MT. DORA 1,011,000 4,062,890 23,004 1,011,000
ORLANDO 923,956 3,646,904 1,871,649 1,172,119
ST. PETERSBURG - 917,360 660,115 -
RENAISSANCE CENTER 9,104,379 36,540,873 209,368 9,104,379
SAND LAKE 3,092,706 12,370,824 910,761 3,092,706
ORLANDO 560,800 2,268,112 1,987,990 580,030
OCALA 1,980,000 7,927,484 595,120 1,980,000
POMPANO BEACH 97,169 874,442 1,318,149 97,169
PALATKA 130,844 556,658 960,149 130,844
TUTTLE BEE SARASOTA 254,961 828,465 1,635,355 254,961
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
HOOVER 7,735,873 8,014,979 198,529
CASA PALOMA SHOPPING CENTER 17,028,800 21,139,861 -
KIMCO MESA 679, INC. AZ 12,074,855 14,989,855 828,377
METRO SQUARE 16,862,638 20,963,655 1,052,010
PEORIA CROSSING 194,772 7,407,361 -
HAYDEN PLAZA NORTH 9,110,096 11,125,822 191,318
PHOENIX, COSTCO 21,445,999 26,770,500 1,370,353
PHOENIX 9,907,377 12,357,718 795,834
ALHAMBRA, COSTCO 19,982,557 24,978,196 1,294,636
MADISON PLAZA 23,492,523 29,366,919 1,508,618
CHULA VISTA, COSTCO 27,272,788 33,733,531 1,671,739
CORONA HILLS, COSTCO 53,712,684 67,073,649 3,413,799
LA MIRADA THEATRE CENTER 35,265,765 44,082,506 2,263,892
THE CENTRE 13,625,899 17,029,623 392,742
SANTA ANA, HOME DEPOT 18,345,257 22,937,621 1,169,139
SANTEE TOWN CENTER 9,775,293 12,028,105 462,115
VILLAGE ON THE PARK 8,854,444 11,048,907 662,690
AURORA QUINCY 4,716,220 5,864,537 347,258
AURORA EAST BANK 6,277,967 7,778,535 459,925
SPRING CREEK COLORADO 5,730,752 7,154,012 427,416
DENVER WEST 38TH STREET 646,983 808,150 48,363
ENGLEWOOD PHAR MOR 3,235,450 4,041,287 241,658
FORT COLLINS 7,625,278 8,878,775 162,933
HERITAGE WEST 6,203,326 7,729,902 459,972
WEST FARM SHOPPING CENTER 23,410,336 29,216,305 1,444,881
N.HAVEN, HOME DEPOT 30,856,927 38,561,895 1,955,763
WATERBURY 9,087,968 11,341,046 1,666,327
ELSMERE 3,185,642 3,185,642 2,340,955
ALTAMONTE SPRINGS 3,083,574 3,854,467 395,330
BOCA RATON 3,265,807 3,839,682 711,728
BRADENTON 623,216 748,216 350,428
BAYSHORE GARDENS, BRADENTON FL 11,905,591 14,806,591 773,929
CORAL SPRINGS 5,982,747 6,692,747 678,177
CORAL SPRINGS 6,693,984 8,342,984 524,210
EAST ORLANDO 3,514,554 4,522,436 1,651,478
FERN PARK 3,264,617 3,489,617 1,277,771
REGENCY PLAZA 9,794,097 12,204,097 247,604
KISSIMMEE 6,849,123 8,177,659 766,810
LARGO 2,003,622 2,297,308 1,562,698
LEESBURG 313,321 313,321 204,011
LARGO EAST BAY 12,121,468 14,953,764 2,939,001
LAUDERHILL 10,966,374 12,740,817 4,483,812
LAUDERDALE LAKES 4,749,033 5,091,453 3,262,306
MELBOURNE 4,463,819 4,463,819 1,847,665
GROVE GATE 2,189,126 2,555,019 1,306,610
NORTH MIAMI 14,578,075 15,310,989 3,890,585
MILLER ROAD 6,075,616 7,213,698 3,711,025
MARGATE 13,465,200 16,413,730 2,330,910
MELBOURNE 3,230,269 3,946,113 523,334
MT. DORA 4,085,894 5,096,894 321,212
ORLANDO 5,270,390 6,442,509 812,649
ST. PETERSBURG 1,577,475 1,577,475 608,025
RENAISSANCE CENTER 36,750,241 45,854,620 2,272,995
SAND LAKE 13,281,585 16,374,291 2,190,354
ORLANDO 4,236,872 4,816,902 366,779
OCALA 8,522,604 10,502,604 750,563
POMPANO BEACH 2,192,591 2,289,760 1,165,078
PALATKA 1,516,807 1,647,651 751,449
TUTTLE BEE SARASOTA 2,463,820 2,718,781 1,399,967
SCHEDULE III
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
HOOVER 7,816,450 - 1999(A)
CASA PALOMA SHOPPING CENTER 21,139,861 - 1999(C)
KIMCO MESA 679, INC. AZ 14,161,477 - 1998(A)
METRO SQUARE 19,911,645 - 1998(A)
PEORIA CROSSING 7,407,361 - 2000(C)
HAYDEN PLAZA NORTH 10,934,504 - 1998(A)
PHOENIX, COSTCO 25,400,147 - 1998(A)
PHOENIX 11,561,884 7,837,058 1997(A)
ALHAMBRA, COSTCO 23,683,560 - 1998(A)
MADISON PLAZA 27,858,301 - 1998(A)
CHULA VISTA, COSTCO 32,061,792 - 1998(A)
CORONA HILLS, COSTCO 63,659,850 - 1998(A)
LA MIRADA THEATRE CENTER 41,818,614 - 1998(A)
THE CENTRE 16,636,881 8,183,372 1999(A)
SANTA ANA, HOME DEPOT 21,768,482 - 1998(A)
SANTEE TOWN CENTER 11,565,989 - 1998(A)
VILLAGE ON THE PARK 10,386,218 - 1998(A)
AURORA QUINCY 5,517,279 2,648,212 1998(A)
AURORA EAST BANK 7,318,611 - 1998(A)
SPRING CREEK COLORADO 6,726,597 - 1998(A)
DENVER WEST 38TH STREET 759,787 - 1998(A)
ENGLEWOOD PHAR MOR 3,799,629 1,299,238 1998(A)
FORT COLLINS 8,715,841 3,108,370 2000(A)
HERITAGE WEST 7,269,930 - 1998(A)
WEST FARM SHOPPING CENTER 27,771,424 13,930,375 1998(A)
N.HAVEN, HOME DEPOT 36,606,133 - 1998(A)
WATERBURY 9,674,719 - 1993(A)
ELSMERE 844,687 - 1979(C)
ALTAMONTE SPRINGS 3,459,137 - 1995(A)
BOCA RATON 3,127,954 - 1992(A)
BRADENTON 397,788 - 1968(C)
BAYSHORE GARDENS, BRADENTON FL 14,032,662 - 1998(A)
CORAL SPRINGS 6,014,570 - 1994(A)
CORAL SPRINGS 7,818,774 - 1997(A)
EAST ORLANDO 2,870,958 - 1971(C)
FERN PARK 2,211,846 - 1968(C)
REGENCY PLAZA 11,956,494 8,963,779 1999(A)
KISSIMMEE 7,410,849 - 1996(A)
LARGO 734,611 - 1968(C)
LEESBURG 109,309 - 1969(C)
LARGO EAST BAY 12,014,763 - 1992(A)
LAUDERHILL 8,257,005 - 1974(C)
LAUDERDALE LAKES 1,829,147 - 1968(C)
MELBOURNE 2,616,154 - 1968(C)
GROVE GATE 1,248,409 - 1968(C)
NORTH MIAMI 11,420,404 - 1985(A)
MILLER ROAD 3,502,673 - 1986(A)
MARGATE 14,082,820 - 1993(A)
MELBOURNE 3,422,779 - 1994(A)
MT. DORA 4,775,682 - 1997(A)
ORLANDO 5,629,860 - 1995(A)
ST. PETERSBURG 969,449 - 1968(C)
RENAISSANCE CENTER 43,581,625 - 1998(A)
SAND LAKE 14,183,937 - 1994(A)
ORLANDO 4,450,123 - 1996(A)
OCALA 9,752,040 - 1997(A)
POMPANO BEACH 1,124,682 - 1968(C)
PALATKA 896,202 - 1970(C)
TUTTLE BEE SARASOTA 1,318,814 - 1970(C)
64
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
SOUTH EAST SARASOTA 1,283,400 5,133,544 1,552,349 1,440,264
SANFORD 3,406,565 13,648,041 1,600,450 3,406,565
STUART 2,109,677 8,415,323 358,292 2,109,677
SOUTH MIAMI 1,280,440 5,133,825 2,327,737 1,280,440
TALLAHASSEE - 2,431,659 - -
TAMPA 2,820,000 11,283,189 837,144 2,820,000
VILLAGE COMMONS S.C. 2,192,331 8,774,158 100,285 2,192,331
WEST PALM BEACH 550,896 2,298,964 398,193 550,896
THE SHOPS AT WEST MELBOURNE 2,200,000 8,829,541 38,320 2,200,000
JONESBORO RD. &I-285 468,118 1,872,473 53,114 468,118
AUGUSTA 1,482,564 5,928,122 98,790 1,482,564
MACON 262,700 1,487,860 1,772,182 349,326
SAVANNAH 2,052,270 8,232,978 327,564 2,052,270
SAVANNAH 652,255 2,616,522 184,023 652,255
CLIVE 500,525 2,002,101 - 500,525
SOUTHDALE SHOPPING CENTER 1,720,330 6,916,294 736,528 1,720,330
DES MOINES 500,525 2,559,019 37,079 500,525
DUBUQUE - 2,152,476 - -
WATERLOO 500,525 2,002,101 - 500,525
ADDISON - 753,343 1,115,267 -
ALTON, BELTLINE HWY 329,532 1,987,981 59,934 329,532
AURORA, N. LAKE 2,059,908 9,531,721 - 2,059,908
KRC ARLINGTON HEIGHT 1,983,517 9,178,272 - 1,983,517
ADDISON, IL 2,837,548 13,128,480 - 2,837,548
BLOOMINGTON 805,521 2,222,353 2,579,854 805,521
BELLEVILLE, WESTFIELD PLAZA - 5,372,253 - -
BRADLEY 500,422 2,001,687 - 500,422
KRC BRIDGEVIEW - - 491,565 -
CALUMET CITY 1,479,217 8,815,760 21,730 1,479,217
CHICAGO, S. PULASKI RD. 1,611,612 8,252,282 24,437 1,614,319
COUNTRYSIDE - 4,770,671 35,625 -
CARBONDALE - 500,000 - -
CHICAGO 2,577,473 3,716,745 33,214 2,577,473
CHICAGO - 2,687,046 48,916 -
JOLIET - - 109,865 -
CHAMPAIGN, NEIL ST. 230,519 1,285,460 49,327 230,519
ELSTON 1,010,375 5,692,211 - 1,010,375
S. CICERO - 1,541,560 149,203 -
CRYSTAL LAKE, NW HWY 179,964 1,025,811 120,240 180,269
KRC PETERSON AVE 2,215,960 10,253,981 - 2,215,960
DOWNERS PARK PLAZA 2,510,455 10,164,494 181,550 2,510,455
DOWNER GROVE 811,778 4,322,956 1,584,007 811,778
ELGIN 842,555 2,108,674 1,458,722 842,555
ELGIN, AIRPORT RD. 2,728,647 12,624,998 - 2,728,647
FOREST PARK - 2,335,884 - -
FAIRVIEW HTS, BELLVILLE RD. - 11,866,880 89,973 -
GENEVA 500,422 12,917,712 - 500,422
MATTERSON 950,515 6,292,319 21,585 950,515
MT. PROSPECT 1,017,345 6,572,176 1,217,808 1,017,345
MUNDELIEN, S. LAKE 1,127,720 5,826,129 1,914 1,129,634
NORRIDGE - 2,918,315 - -
NAPERVILLE 669,483 4,464,998 - 669,483
NILES - 2,217,231 134,809 -
OTTAWA 137,775 784,269 303,414 137,775
ORLAND PARK, S. HARLEM 476,972 2,764,775 864,354 476,972
OAK LAWN 1,530,111 8,776,631 86,885 1,530,111
OAKBROOK TERRACE 1,527,188 8,679,108 - 1,527,188
PEORIA - 5,081,290 1,315,822 -
PLAZA AT ROCKFORD, IL - 83,158 - -
SPRINGFIELD, MACARTHUR - 131,091 - -
SKOKIE - 2,276,360 7,007,395 2,628,440
KRC STREAMWOOD 181,962 1,057,740 181,885 181,962
WOODGROVE FESTIVAL 5,049,149 20,822,993 1,252,380 5,049,149
WAUKEGAN, BELVIDERE 203,427 1,161,847 37,012 203,772
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
SOUTH EAST SARASOTA 6,529,029 7,969,293 1,931,073
SANFORD 15,248,491 18,655,056 5,100,437
STUART 8,773,615 10,883,292 1,413,743
SOUTH MIAMI 7,461,562 8,742,002 892,628
TALLAHASSEE 2,431,659 2,431,659 -
TAMPA 12,120,333 14,940,333 1,132,385
VILLAGE COMMONS S.C. 8,874,443 11,066,774 449,709
WEST PALM BEACH 2,697,157 3,248,053 307,756
THE SHOPS AT WEST MELBOURNE 8,867,861 11,067,861 640,886
JONESBORO RD. &I-285 1,925,587 2,393,705 671,542
AUGUSTA 6,026,912 7,509,476 768,675
MACON 3,173,416 3,522,742 1,424,098
SAVANNAH 8,560,542 10,612,812 1,589,521
SAVANNAH 2,800,545 3,452,800 362,479
CLIVE 2,002,101 2,502,626 252,402
SOUTHDALE SHOPPING CENTER 7,652,821 9,373,151 308,777
DES MOINES 2,596,098 3,096,623 308,773
DUBUQUE 2,152,476 2,152,476 174,790
WATERLOO 2,002,101 2,502,626 252,402
ADDISON 1,868,610 1,868,610 1,103,692
ALTON, BELTLINE HWY 2,047,915 2,377,447 494,930
AURORA, N. LAKE 9,531,721 11,591,629 589,405
KRC ARLINGTON HEIGHT 9,178,272 11,161,789 567,544
ADDISON, IL 13,128,480 15,966,028 811,865
BLOOMINGTON 4,802,207 5,607,728 1,772,966
BELLEVILLE, WESTFIELD PLAZA 5,372,253 5,372,253 332,763
BRADLEY 2,001,687 2,502,109 278,168
KRC BRIDGEVIEW 491,565 491,565 9,212
CALUMET CITY 8,837,490 10,316,707 648,558
CHICAGO, S. PULASKI RD. 8,274,012 9,888,331 506,198
COUNTRYSIDE 4,806,296 4,806,296 355,002
CARBONDALE 500,000 500,000 25,641
CHICAGO 3,749,959 6,327,431 285,292
CHICAGO 2,735,962 2,735,962 215,654
JOLIET 109,865 109,865 -
CHAMPAIGN, NEIL ST. 1,334,787 1,565,306 60,960
ELSTON 5,692,211 6,702,586 352,398
S. CICERO 1,690,763 1,690,763 139,409
CRYSTAL LAKE, NW HWY 1,145,746 1,326,015 62,344
KRC PETERSON AVE 10,253,981 12,469,941 634,077
DOWNERS PARK PLAZA 10,346,044 12,856,499 493,508
DOWNER GROVE 5,906,963 6,718,741 342,000
ELGIN 3,567,396 4,409,951 1,667,967
ELGIN, AIRPORT RD. 12,624,998 15,353,645 780,725
FOREST PARK 2,335,884 2,335,884 194,439
FAIRVIEW HTS, BELLVILLE RD. 11,956,853 11,956,853 734,983
GENEVA 12,917,712 13,418,134 926,801
MATTERSON 6,313,904 7,264,419 444,302
MT. PROSPECT 7,789,984 8,807,329 468,079
MUNDELIEN, S. LAKE 5,826,129 6,955,763 359,800
NORRIDGE 2,918,315 2,918,315 237,194
NAPERVILLE 4,464,998 5,134,481 312,630
NILES 2,352,040 2,352,040 196,420
OTTAWA 1,087,683 1,225,458 972,599
ORLAND PARK, S. HARLEM 3,629,129 4,106,101 138,139
OAK LAWN 8,863,516 10,393,627 656,769
OAKBROOK TERRACE 8,679,108 10,206,296 662,110
PEORIA 6,397,112 6,397,112 410,092
PLAZA AT ROCKFORD, IL 83,158 83,158 4,976
SPRINGFIELD, MACARTHUR 131,091 131,091 7,792
SKOKIE 6,655,315 9,283,755 468
KRC STREAMWOOD 1,239,625 1,421,587 54,686
WOODGROVE FESTIVAL 22,075,373 27,124,522 1,311,789
WAUKEGAN, BELVIDERE 1,198,514 1,402,286 54,544
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
SOUTH EAST SARASOTA 6,038,220 - 1989(A)
SANFORD 13,554,619 - 1989(A)
STUART 9,469,549 - 1994(A)
SOUTH MIAMI 7,849,374 - 1995(A)
TALLAHASSEE 2,431,659 - 2000(C)
TAMPA 13,807,947 - 1997(A)
VILLAGE COMMONS S.C. 10,617,065 - 1998(A)
WEST PALM BEACH 2,940,297 - 1995(A)
THE SHOPS AT WEST MELBOURNE 10,426,975 - 1998(A)
JONESBORO RD. &I-285 1,722,163 - 1988(A)
AUGUSTA 6,740,801 - 1995(A)
MACON 2,098,644 - 1969(C)
SAVANNAH 9,023,291 - 1993(A)
SAVANNAH 3,090,320 - 1995(A)
CLIVE 2,250,224 - 1996(A)
SOUTHDALE SHOPPING CENTER 9,064,374 5,398,888 1999(A)
DES MOINES 2,787,850 - 1996(A)
DUBUQUE 1,977,686 - 1997(A)
WATERLOO 2,250,224 - 1996(A)
ADDISON 764,918 - 1968(C)
ALTON, BELTLINE HWY 1,882,518 - 1998(A)
AURORA, N. LAKE 11,002,224 6,944,267 1998(A)
KRC ARLINGTON HEIGHT 10,594,245 - 1998(A)
ADDISON, IL 15,154,163 - 1998(A)
BLOOMINGTON 3,834,762 - 1972(C)
BELLEVILLE, WESTFIELD PLAZA 5,039,490 - 1998(A)
BRADLEY 2,223,941 - 1996(A)
KRC BRIDGEVIEW 482,353 - 1998(A)
CALUMET CITY 9,668,149 - 1997(A)
CHICAGO, S. PULASKI RD. 9,382,133 - 1998(A)
COUNTRYSIDE 4,451,294 - 1997(A)
CARBONDALE 474,359 - 1997(A)
CHICAGO 6,042,139 9,515,125 1997(A)
CHICAGO 2,520,308 - 1997(A)
JOLIET 109,865 - 1997(A)
CHAMPAIGN, NEIL ST. 1,504,346 - 1998(A)
ELSTON 6,350,188 - 1997(A)
S. CICERO 1,551,354 - 1997(A)
CRYSTAL LAKE, NW HWY 1,263,671 - 1998(A)
KRC PETERSON AVE 11,835,864 7,875,815 1998(A)
DOWNERS PARK PLAZA 12,362,991 - 1999(A)
DOWNER GROVE 6,376,741 - 1997(A)
ELGIN 2,741,984 - 1972(C)
ELGIN, AIRPORT RD. 14,572,920 - 1998(A)
FOREST PARK 2,141,445 - 1997(A)
FAIRVIEW HTS, BELLVILLE RD. 11,221,870 - 1998(A)
GENEVA 12,491,333 9,797,450 1996(A)
MATTERSON 6,820,117 - 1997(A)
MT. PROSPECT 8,339,250 - 1997(A)
MUNDELIEN, S. LAKE 6,595,963 - 1998(A)
NORRIDGE 2,681,121 - 1997(A)
NAPERVILLE 4,821,851 - 1997(A)
NILES 2,155,620 - 1997(A)
OTTAWA 252,859 - 1970(C)
ORLAND PARK, S. HARLEM 3,967,962 - 1998(A)
OAK LAWN 9,736,858 - 1997(A)
OAKBROOK TERRACE 9,544,186 - 1997(A)
PEORIA 5,987,019 - 1997(A)
PLAZA AT ROCKFORD, IL 78,182 - 1998(A)
SPRINGFIELD, MACARTHUR 123,299 - 1998(A)
SKOKIE 9,283,287 - 1997(A)
KRC STREAMWOOD 1,366,900 - 1998(A)
WOODGROVE FESTIVAL 25,812,733 - 1998(A)
WAUKEGAN, BELVIDERE 1,347,743 - 1998(A)
65
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
PLAZA EAST 1,236,149 4,944,597 2,206,400 1,236,149
PLAZA WEST 808,435 3,210,187 617,809 808,435
FELBRAM 72,971 302,579 414,574 72,971
GREENWOOD 423,371 1,883,421 1,363,732 423,371
GRIFFITH - 2,495,820 (19,188) -
INDIANAPOLIS 447,600 3,607,193 2,148,983 447,600
LAFAYETTE 230,402 1,305,943 156,924 230,402
LAFAYETTE 812,810 3,252,269 953,535 812,810
KIMCO LAFAYETTE MARKET PLACE 4,184,000 16,752,165 10,374 4,184,000
MERRILLVILLE - 1,965,694 74,450 -
KRC MISHAWAKA 895 378,088 1,999,079 642 378,730
SOUTH BEND, S. HIGH ST. 183,463 1,070,401 196,858 183,463
OVERLAND PARK, MELCALF 1,183,911 6,335,308 132,624 1,185,906
ROELAND PARK - 5,120,323 1,539,372 296,000
SHAWNEE, KANSAS - 405,770 - -
BELLEVUE 405,217 1,743,573 101,153 405,217
LEXINGTON 1,675,031 6,848,209 4,952,755 1,675,031
PADUCAH MALL, KY - 1,047,281 (123,196) -
BATON ROUGE 3,813,873 15,260,609 595,817 3,813,873
KIMCO HOUMA 274, LLC 1,980,000 7,945,784 - 1,980,000
LAFAYETTE 2,115,000 8,508,218 8,270,174 3,678,274
GREAT BARRINGTON 642,170 2,547,830 7,192,859 1,427,963
LEOMINSTER 3,732,508 6,754,092 32,338,948 4,933,640
GAITHERSBURG 244,890 6,787,534 107,680 244,890
GLEN BURNIE - 1,000,000 - -
HAGERSTOWN 541,389 2,165,555 1,038,280 541,389
LAUREL 349,562 1,398,250 812,715 349,562
LAUREL 274,580 1,100,968 - 274,580
LARGO/LANDOVER 982,266 27,223,105 - 982,266
WHITE MARSH, COSTCO 3,517,018 14,049,542 6,913 3,517,018
CLAWSON 1,624,771 6,578,142 2,321,243 1,624,771
WHITE LAKE 2,300,050 9,249,607 1,104,416 2,300,050
FARMINGTON 1,098,426 4,525,723 1,972,156 1,098,426
FLINT 984,338 8,053,218 74,795 984,338
LIVONIA 178,785 925,818 630,242 178,785
MUSKEGON 391,500 958,500 752,926 391,500
TAYLOR 1,451,397 5,806,263 59,406 1,451,397
WALKER 3,682,478 14,730,060 1,727,101 3,682,478
BRIDGETON - 2,196,834 - -
CREVE COEUR, WOODCREST 1,044,598 5,475,623 588,262 1,046,371
CRYSTAL CITY, MI - 234,378 - -
CAPE GIRARDEAU - 2,242,469 - -
HAZELWOOD, MO - - 274,258 -
INDEPENDENCE, NOLAND DR. 1,728,367 8,951,101 27,912 1,731,300
JENNINGS 257,782 1,031,128 1,264,324 257,782
NORTH POINT SHOPPING CENTER 1,935,380 7,800,746 112,922 1,935,380
KRIKWOOD - 9,704,005 213,563 -
KANSAS CITY, STATE AVE. 1,692,301 8,763,689 2,872 1,695,173
KANSAS CITY 574,777 2,971,191 221,335 574,777
LEMAY 125,879 503,510 187,384 125,879
GRAVOIS 1,032,416 4,455,514 902,961 1,032,416
SPRINGFIELD 2,745,595 10,985,778 3,936,995 2,904,022
KRC ST. CHARLES - 550,204 - -
ST. LOUIS, CHRISTY BLVD. 809,087 4,430,514 859,185 809,087
OVERLAND - 4,928,677 138,127 -
ST. LOUIS - 5,756,736 194,712 -
ST. LOUIS - 2,766,644 - -
ST. PETERS 1,182,194 7,423,459 36,206 1,182,194
MAPLEWOOD 604,803 4,619,578 161,796 604,803
SPRINGFIELD,GLENSTONE AVE. - 608,793 1,075,342 -
ST. CHARLES-UNDEVELOPED LAND 431,960 - 729,205 431,960
KANSAS CITY 775,025 5,046,021 - 775,025
CHARLOTTE 919,251 3,570,981 1,019,447 919,251
CHARLOTTE 1,783,400 7,139,131 113,883 1,783,400
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
PLAZA EAST 7,150,997 8,387,146 758,989
PLAZA WEST 3,827,996 4,636,431 380,704
FELBRAM 717,153 790,124 451,545
GREENWOOD 3,247,153 3,670,524 1,522,773
GRIFFITH 2,476,632 2,476,632 191,002
INDIANAPOLIS 5,756,176 6,203,776 3,029,395
LAFAYETTE 1,462,867 1,693,269 990,521
LAFAYETTE 4,205,804 5,018,614 373,177
KIMCO LAFAYETTE MARKET PLACE 16,762,538 20,946,538 1,071,610
MERRILLVILLE 2,040,144 2,040,144 171,086
KRC MISHAWAKA 895 1,999,079 2,377,809 122,977
SOUTH BEND, S. HIGH ST. 1,267,259 1,450,722 52,597
OVERLAND PARK, MELCALF 6,465,937 7,651,843 348,375
ROELAND PARK 6,363,695 6,659,695 473,196
SHAWNEE, KANSAS 405,770 405,770 23,755
BELLEVUE 1,844,726 2,249,943 1,478,628
LEXINGTON 11,800,964 13,475,995 1,920,961
PADUCAH MALL, KY 924,085 924,085 72,646
BATON ROUGE 15,856,426 19,670,298 1,207,240
KIMCO HOUMA 274, LLC 7,945,784 9,925,784 237,518
LAFAYETTE 15,215,118 18,893,392 964,875
GREAT BARRINGTON 8,954,896 10,382,859 821,001
LEOMINSTER 37,891,908 42,825,548 11,598,374
GAITHERSBURG 6,895,214 7,140,104 176,800
GLEN BURNIE 1,000,000 1,000,000 -
HAGERSTOWN 3,203,835 3,745,224 1,684,026
LAUREL 2,210,965 2,560,527 424,484
LAUREL 1,100,968 1,375,548 754,501
LARGO/LANDOVER 27,223,105 28,205,372 698,028
WHITE MARSH, COSTCO 14,056,455 17,573,473 893,256
CLAWSON 8,899,385 10,524,156 1,381,309
WHITE LAKE 10,354,023 12,654,073 1,108,617
FARMINGTON 6,497,879 7,596,305 966,874
FLINT 8,139,928 9,124,266 2,691,357
LIVONIA 1,556,060 1,734,845 521,154
MUSKEGON 1,711,426 2,102,926 1,100,960
TAYLOR 5,865,669 7,317,066 1,070,025
WALKER 16,457,161 20,139,639 2,720,317
BRIDGETON 2,196,834 2,196,834 183,100
CREVE COEUR, WOODCREST 6,062,112 7,108,483 352,365
CRYSTAL CITY, MI 234,378 234,378 13,082
CAPE GIRARDEAU 2,242,469 2,242,469 175,034
HAZELWOOD, MO 274,258 274,258 6,182
INDEPENDENCE, NOLAND DR. 8,976,080 10,707,380 552,558
JENNINGS 2,295,452 2,553,234 280,968
NORTH POINT SHOPPING CENTER 7,913,668 9,849,048 414,139
KRIKWOOD 9,917,568 9,917,568 600,898
KANSAS CITY, STATE AVE. 8,763,689 10,458,862 540,996
KANSAS CITY 3,192,526 3,767,303 242,178
LEMAY 690,894 816,773 437,295
GRAVOIS 5,358,475 6,390,891 3,627,617
SPRINGFIELD 14,764,346 17,668,368 1,906,104
KRC ST. CHARLES 550,204 550,204 28,216
ST. LOUIS, CHRISTY BLVD. 5,289,699 6,098,786 174,505
OVERLAND 5,066,804 5,066,804 427,413
ST. LOUIS 5,951,448 5,951,448 500,031
ST. LOUIS 2,766,644 2,766,644 223,912
ST. PETERS 7,459,665 8,641,859 567,544
MAPLEWOOD 4,781,374 5,386,177 341,322
SPRINGFIELD,GLENSTONE AVE. 1,684,135 1,684,135 38,232
ST. CHARLES-UNDEVELOPED LAND 729,205 1,161,165 -
KANSAS CITY 5,046,021 5,821,046 382,913
CHARLOTTE 4,590,428 5,509,679 599,417
CHARLOTTE 7,253,014 9,036,414 1,343,217
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
PLAZA EAST 7,628,157 - 1995(A)
PLAZA WEST 4,255,726 - 1995(A)
FELBRAM 338,579 - 1970(C)
GREENWOOD 2,147,751 - 1970(C)
GRIFFITH 2,285,630 - 1997(A)
INDIANAPOLIS 3,174,380 - 1986(A)
LAFAYETTE 702,748 - 1971(C)
LAFAYETTE 4,645,437 - 1997(A)
KIMCO LAFAYETTE MARKET PLACE 19,874,929 - 1998(A)
MERRILLVILLE 1,869,058 - 1997(A)
KRC MISHAWAKA 895 2,254,832 - 1998(A)
SOUTH BEND, S. HIGH ST. 1,398,124 - 1998(A)
OVERLAND PARK, MELCALF 7,303,467 - 1998(A)
ROELAND PARK 6,186,499 - 1997(A)
SHAWNEE, KANSAS 382,015 - 1997(A)
BELLEVUE 771,315 - 1976(A)
LEXINGTON 11,555,034 - 1993(A)
PADUCAH MALL, KY 851,439 - 1998(A)
BATON ROUGE 18,463,059 - 1997(A)
KIMCO HOUMA 274, LLC 9,688,266 - 1999(A)
LAFAYETTE 17,928,517 - 1997(A)
GREAT BARRINGTON 9,561,858 - 1994(A)
LEOMINSTER 31,227,174 - 1975(A)
GAITHERSBURG 6,963,304 - 1999(A)
GLEN BURNIE 1,000,000 - 2000(A)
HAGERSTOWN 2,061,198 - 1973(C)
LAUREL 2,136,043 - 1995(A)
LAUREL 621,047 - 1972(C)
LARGO/LANDOVER 27,507,343 - 1999(A)
WHITE MARSH, COSTCO 16,680,217 - 1998(A)
CLAWSON 9,142,847 - 1993(A)
WHITE LAKE 11,545,456 - 1996(A)
FARMINGTON 6,629,431 - 1993(A)
FLINT 6,432,909 - 2000(A)
LIVONIA 1,213,691 - 1968(C)
MUSKEGON 1,001,966 - 1985(A)
TAYLOR 6,247,041 - 1993(A)
WALKER 17,419,322 - 1993(A)
BRIDGETON 2,013,734 - 1997(A)
CREVE COEUR, WOODCREST 6,756,118 - 1998(A)
CRYSTAL CITY, MI 221,296 - 1997(A)
CAPE GIRARDEAU 2,067,435 - 1997(A)
HAZELWOOD, MO 268,076 - 1971(C)
INDEPENDENCE, NOLAND DR. 10,154,823 - 1998(A)
JENNINGS 2,272,266 - 1971(C)
NORTH POINT SHOPPING CENTER 9,434,909 7,320,781 1998(A)
KRIKWOOD 9,316,670 - 1998(A)
KANSAS CITY, STATE AVE. 9,917,866 - 1998(A)
KANSAS CITY 3,525,126 - 1997(A)
LEMAY 379,478 - 1974(C)
GRAVOIS 2,763,274 - 1972(C)
SPRINGFIELD 15,762,264 - 1994(A)
KRC ST. CHARLES 521,988 - 1998(A)
ST. LOUIS, CHRISTY BLVD. 5,924,281 - 1998(A)
OVERLAND 4,639,391 - 1997(A)
ST. LOUIS 5,451,417 - 1997(A)
ST. LOUIS 2,542,732 - 1997(A)
ST. PETERS 8,074,315 - 1997(A)
MAPLEWOOD 5,044,856 - 1997(A)
SPRINGFIELD,GLENSTONE AVE. 1,645,903 - 1998(A)
ST. CHARLES-UNDEVELOPED LAND 1,161,165 - 1998(A)
KANSAS CITY 5,438,133 - 1997(A)
CHARLOTTE 4,910,263 - 1995(A)
CHARLOTTE 7,693,197 - 1993(A)
66
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
TYVOLA RD. - 4,736,345 1,694,784 -
KIMCO CARY 696, INC. 2,180,000 8,756,865 383,993 2,256,799
DURHAM 1,882,800 7,551,576 951,059 1,882,800
LANDMARK STATION S.C. 1,200,000 4,808,785 - 1,200,000
GASTONIA 2,467,696 9,870,785 510,596 2,467,696
RALEIGH 5,208,885 20,885,792 1,831,490 5,208,885
WINSTON-SALEM 540,667 719,655 3,784,485 540,667
ROCKINGHAM 2,660,915 10,643,660 9,997,780 2,660,915
BRIDEWATER NJ 14,306,306 27,571,970 8,616,320 14,306,306
CHERRY HILL 2,417,583 6,364,094 1,025,738 2,417,583
MARLTON PIKE - 4,318,534 - -
CINNAMINSON 652,123 2,608,491 1,338,867 652,123
FRANKLIN TOWNE CENTER 4,903,113 19,608,193 31,592 4,903,113
NORTH BRUNSWICK 3,204,978 12,819,912 12,612,160 3,204,978
PISCATAWAY TOWN CENTER 3,851,839 15,410,851 27,827 3,851,839
RIDGEWOOD 450,000 2,106,566 91,802 450,000
WESTMONT 601,655 2,404,604 9,437,090 601,655
SYCAMORE PLAZA 1,404,443 5,613,270 500 1,404,443
PLAZA PASEO DEL-NORTE 4,653,197 18,633,584 196,851 4,653,197
JUAN TABO, ALBUQUERQUE 1,141,200 4,566,817 147,904 1,141,200
BRIDGEHAMPTON 1,811,752 3,107,232 22,064,863 1,811,752
CARLE PLACE 1,183,290 4,903,642 10,473,808 1,314,540
KING KULLEN PLAZA 5,968,082 23,243,404 29,555 5,968,082
HAMPTON BAYS 1,495,105 5,979,320 80,495 1,495,105
HENRIETTA 1,075,358 6,635,486 54,713 1,075,358
IRONDEQUOIT 213,617 546,101 1,004,064 213,617
MANHASSET VENTURE LLC 4,567,003 19,165,808 1,118,473 4,567,003
NANUET 798,932 2,361,900 1,473,214 798,932
PLAINVIEW 263,693 584,031 9,611,746 263,693
POUGHKEEPSIE 876,548 4,695,659 9,892,087 876,548
SYOSSET, NY 106,655 76,197 205,544 -
STATEN ISLAND 2,280,000 9,027,951 4,248,102 2,280,000
STATEN ISLAND 2,940,000 11,811,964 166,917 2,940,000
WEST GATES 1,784,718 9,721,970 153,649 1,784,718
YONKERS 871,977 3,487,909 - 871,977
AKRON WATERLOO 437,277 1,912,222 1,918,038 437,277
WEST MARKET ST. 560,255 3,909,430 168,875 560,255
ROMIG ROAD 855,713 5,472,635 - 855,713
AKRON, OH - 2,491,079 - -
BARBERTON 505,590 1,948,135 1,462,530 505,590
BRUNSWICK 771,765 6,058,560 333,433 771,765
BEAVERCREEK 635,228 3,024,722 2,604,781 635,228
MEMPHIS AVE 696,495 4,048,722 - 696,495
NORTHFIELD ROAD - 2,997,232 - -
CANTON HILLS 500,980 2,020,274 1,114,224 500,980
CANTON 792,985 1,459,031 4,609,719 792,985
CAMBRIDGE - 1,848,195 832,182 473,060
MORSE RD. 835,386 2,097,600 2,587,666 835,386
HAMILTON RD. 856,178 2,195,520 3,559,083 856,178
OLENTANGY RIVER RD. 764,517 1,833,600 2,197,502 764,517
W. BROAD ST. 982,464 3,929,856 3,101,136 982,464
RIDGE ROAD 1,285,213 4,712,358 1,291,828 1,285,213
GLENWAY AVE 530,243 3,788,189 487,354 530,243
SPRINGDALE 3,205,653 14,619,732 4,717,730 3,205,653
EVERHARD RD 633,046 3,729,612 - 633,046
SOUTH HIGH ST. 602,421 2,737,004 - 602,421
CANTON, OH - 2,708,276 - -
HIGHLAND RIDGE PLAZA 1,540,000 6,178,398 97,720 1,540,000
SHILOH SPRING RD. - 1,735,836 2,379,021 -
OAKCREEK 1,245,870 4,339,637 4,015,052 1,245,870
SALEM AVE. 665,314 347,818 5,329,978 665,314
ELYRIA 781,728 3,126,912 52,741 781,728
KETTERING 1,190,496 4,761,984 635,571 1,190,496
KENT, OH 6,254 3,028,914 - 6,254
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
TYVOLA RD. 6,431,129 6,431,129 3,551,039
KIMCO CARY 696, INC. 9,064,059 11,320,858 598,291
DURHAM 8,502,635 10,385,435 945,906
LANDMARK STATION S.C. 4,808,785 6,008,785 153,846
GASTONIA 10,381,381 12,849,077 2,891,364
RALEIGH 22,717,282 27,926,167 3,467,773
WINSTON-SALEM 4,504,140 5,044,807 1,395,894
ROCKINGHAM 20,641,440 23,302,355 2,376,955
BRIDEWATER NJ 36,188,290 50,494,596 1,893,509
CHERRY HILL 7,389,832 9,807,415 3,257,794
MARLTON PIKE 4,318,534 4,318,534 479,837
CINNAMINSON 3,947,358 4,599,481 147,616
FRANKLIN TOWNE CENTER 19,639,785 24,542,898 1,258,167
NORTH BRUNSWICK 25,432,072 28,637,050 3,059,452
PISCATAWAY TOWN CENTER 15,438,678 19,290,517 988,295
RIDGEWOOD 2,198,368 2,648,368 380,989
WESTMONT 11,841,694 12,443,349 980,897
SYCAMORE PLAZA 5,613,770 7,018,213 361,175
PLAZA PASEO DEL-NORTE 18,830,435 23,483,632 1,187,879
JUAN TABO, ALBUQUERQUE 4,714,721 5,855,921 282,861
BRIDGEHAMPTON 25,172,095 26,983,847 6,875,754
CARLE PLACE 15,246,200 16,560,740 1,342,121
KING KULLEN PLAZA 23,272,959 29,241,041 1,547,850
HAMPTON BAYS 6,059,815 7,554,920 2,130,130
HENRIETTA 6,690,199 7,765,557 1,529,065
IRONDEQUOIT 1,550,165 1,763,782 376,224
MANHASSET VENTURE LLC 20,284,281 24,851,284 500,100
NANUET 3,835,114 4,634,046 1,654,309
PLAINVIEW 10,195,777 10,459,470 2,216,622
POUGHKEEPSIE 14,587,746 15,464,294 3,656,031
SYOSSET, NY 281,741 281,741 114,542
STATEN ISLAND 13,276,053 15,556,053 3,939,435
STATEN ISLAND 11,978,881 14,918,881 910,291
WEST GATES 9,875,619 11,660,337 1,769,997
YONKERS 3,487,909 4,359,886 482,565
AKRON WATERLOO 3,830,260 4,267,537 1,549,656
WEST MARKET ST. 4,078,305 4,638,560 1,509,362
ROMIG ROAD 5,472,635 6,328,348 1,897,394
AKRON, OH 2,491,079 2,491,079 690,987
BARBERTON 3,410,665 3,916,255 1,526,340
BRUNSWICK 6,391,993 7,163,758 4,789,417
BEAVERCREEK 5,629,503 6,264,731 2,882,280
MEMPHIS AVE 4,048,722 4,745,218 1,479,754
NORTHFIELD ROAD 2,997,232 2,997,232 699,276
CANTON HILLS 3,134,498 3,635,478 404,233
CANTON 6,068,750 6,861,735 2,676,066
CAMBRIDGE 2,207,317 2,680,377 1,404,784
MORSE RD. 4,685,266 5,520,652 1,605,749
HAMILTON RD. 5,754,603 6,610,781 1,835,962
OLENTANGY RIVER RD. 4,031,102 4,795,619 1,716,112
W. BROAD ST. 7,030,992 8,013,456 2,105,092
RIDGE ROAD 6,004,186 7,289,399 1,352,642
GLENWAY AVE 4,275,543 4,805,786 1,478,793
SPRINGDALE 19,337,462 22,543,115 4,855,097
EVERHARD RD 3,729,612 4,362,658 1,249,622
SOUTH HIGH ST. 2,737,004 3,339,425 1,222,608
CANTON, OH 2,708,380 2,708,380 959,214
HIGHLAND RIDGE PLAZA 6,276,117 7,816,117 171,589
SHILOH SPRING RD. 4,114,857 4,114,857 2,751,921
OAKCREEK 8,354,689 9,600,559 3,291,216
SALEM AVE. 5,677,796 6,343,110 1,560,115
ELYRIA 3,179,653 3,961,381 1,216,315
KETTERING 5,397,555 6,588,051 1,930,286
KENT, OH 3,028,914 3,035,168 792,146
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
TYVOLA RD. 2,880,090 - 1986(A)
KIMCO CARY 696, INC. 10,722,567 - 1998(A)
DURHAM 9,439,529 - 1996(A)
LANDMARK STATION S.C. 5,854,939 - 1999(A)
GASTONIA 9,957,714 - 1989(A)
RALEIGH 24,458,394 - 1993(A)
WINSTON-SALEM 3,648,913 - 1969(C)
ROCKINGHAM 20,925,400 - 1994(A)
BRIDEWATER NJ 48,601,088 - 1998(C)
CHERRY HILL 6,549,621 4,425,000 1985(C)
MARLTON PIKE 3,838,697 - 1996(A)
CINNAMINSON 4,451,865 - 1996(A)
FRANKLIN TOWNE CENTER 23,284,731 12,561,333 1998(A)
NORTH BRUNSWICK 25,577,598 - 1994(A)
PISCATAWAY TOWN CENTER 18,302,222 - 1998(A)
RIDGEWOOD 2,267,379 - 1993(A)
WESTMONT 11,462,452 - 1994(A)
SYCAMORE PLAZA 6,657,038 1,784,668 1998(A)
PLAZA PASEO DEL-NORTE 22,295,753 7,634,715 1998(A)
JUAN TABO, ALBUQUERQUE 5,573,060 - 1998(A)
BRIDGEHAMPTON 20,108,093 - 1972(C)
CARLE PLACE 15,218,619 - 1993(A)
KING KULLEN PLAZA 27,693,191 - 1998(A)
HAMPTON BAYS 5,424,790 - 1989(A)
HENRIETTA 6,236,492 - 1993(A)
IRONDEQUOIT 1,387,558 - 1993(A)
MANHASSET VENTURE LLC 24,351,184 - 1999(A)
NANUET 2,979,737 - 1984(A)
PLAINVIEW 8,242,849 - 1969(C)
POUGHKEEPSIE 11,808,263 - 1972(C)
SYOSSET, NY 167,199 - 1990(C)
STATEN ISLAND 11,616,618 4,606,199 1989(A)
STATEN ISLAND 14,008,590 4,655,774 1997(A)
WEST GATES 9,890,340 - 1993(A)
YONKERS 3,877,321 - 1998(A)
AKRON WATERLOO 2,717,881 - 1975(C)
WEST MARKET ST. 3,129,198 - 1999(A)
ROMIG ROAD 4,430,954 - 1999(A)
AKRON, OH 1,800,092 - 1999(A)
BARBERTON 2,389,915 - 1972(C)
BRUNSWICK 2,374,341 - 1975(C)
BEAVERCREEK 3,382,451 - 1986(A)
MEMPHIS AVE 3,265,464 - 1999(A)
NORTHFIELD ROAD 2,297,955 - 1999(A)
CANTON HILLS 3,231,245 - 1993(A)
CANTON 4,185,669 - 1972(C)
CAMBRIDGE 1,275,593 - 1973(C)
MORSE RD. 3,914,903 - 1988(A)
HAMILTON RD. 4,774,820 - 1988(A)
OLENTANGY RIVER RD. 3,079,507 - 1988(A)
W. BROAD ST. 5,908,364 - 1988(A)
RIDGE ROAD 5,936,757 - 1992(A)
GLENWAY AVE 3,326,993 - 1999(A)
SPRINGDALE 17,688,019 - 1992(A)
EVERHARD RD 3,113,036 - 1999(A)
SOUTH HIGH ST. 2,116,817 - 1999(A)
CANTON, OH 1,749,166 - 1999(A)
HIGHLAND RIDGE PLAZA 7,644,528 - 1999(A)
SHILOH SPRING RD. 1,362,936 - 1969(C)
OAKCREEK 6,309,343 4,605,000 1984(A)
SALEM AVE. 4,782,995 - 1988(A)
ELYRIA 2,745,066 - 1988(A)
KETTERING 4,657,765 - 1988(A)
KENT, OH 2,243,022 - 1999(A)
67
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
KENT 2,261,530 - - 2,261,530
LIMA 695,121 3,080,479 638,731 695,121
MENTOR 503,981 2,455,926 560,593 503,981
MIDDLEBURG HEIGHTS 639,542 3,783,096 - 639,542
MENTOR ERIE CMNS. 2,234,474 9,648,000 4,394,909 2,234,474
MALLWOODS CENTER 1,975,561 - 3,667,221 1,975,561
NORTH OLMSTED 626,818 3,712,045 - 626,818
SPRINGBORO PIKE 1,854,527 2,572,518 2,530,678 1,854,527
SPRINGFIELD 842,976 3,371,904 1,473,238 842,976
UPPER ARLINGTON 504,256 2,198,476 7,381,044 1,255,544
WHITEHALL 432,652 770,159 205,323 432,652
WICKLIFFE 610,991 2,471,965 1,269,488 610,991
CHARDON ROAD 481,167 5,947,751 - 481,167
WESTERVILLE 1,050,431 4,201,616 7,509,789 1,050,431
EDMOND 477,036 3,591,493 - 477,036
MIDWEST CITY 1,435,506 7,370,459 2,424 1,437,930
CENNTENIAL PLAZA 4,650,634 18,604,307 53,997 4,650,634
SOUTH SHIELDS, OKLAHOMA - 457,015 - -
TULSA 500,950 2,002,508 - 500,950
TULSA - - 131,399 -
CHIPPEWA 2,881,525 11,526,101 - 2,881,525
CARNEGIE - 3,298,908 17,747 -
CENTER SQUARE 731,888 2,927,551 - 731,888
WEST MIFFLIN 475,815 1,903,231 700,469 475,815
EAST STROUDSBURG 1,050,000 2,372,628 968,507 1,050,000
EXTON 176,666 4,895,360 - 176,666
EXTON 731,888 2,927,551 - 731,888
EASTWICK 889,001 2,762,888 2,386,166 889,001
FEASTERVILLE 520,521 2,082,083 29,197 520,521
GETTYSBURG 74,626 671,630 101,519 74,626
SIMPSON FERRY 658,346 6,908,711 193,328 658,346
HAVERTOWN 731,888 2,927,551 - 731,888
OLMSTED 167,337 2,815,856 1,061,456 167,337
MIDDLETOWN 207,283 1,174,603 447,331 207,283
NORRISTOWN 686,134 2,664,535 3,255,327 774,084
NEW KENSINGTON 521,945 2,548,322 725,212 521,945
PENN HILLS - 1,737,289 - -
PHILADELPHIA 731,888 2,927,551 - 731,888
GALLERY, PHILADELPHIA PA - - 258,931 -
RICHBORO 788,761 3,155,044 10,757,553 976,439
SPRINGFIELD 919,998 4,981,589 2,524,720 919,998
UPPER ALLEN 445,743 1,782,972 196,055 445,743
UPPER DARBY 231,821 927,286 3,049,951 285,828
WEST MIFFLIN HILLS 636,366 3,199,729 6,983,473 636,366
WEST MIFFLIN 1,468,341 - - 1,468,341
WHITEHALL - 5,195,577 9,231 -
EASTERN BLVD. 412,016 1,876,962 169,942 412,016
E. PROSPECT ST. 604,826 2,755,314 272,790 604,826
W. MARKET ST. 188,562 1,158,307 - 188,562
MARSHALL PLAZA, CRANSTON RI 1,886,600 7,575,302 175,885 1,886,600
AIKEN 183,901 1,087,979 43,200 183,901
CHARLESTON 730,164 3,132,092 4,404,712 730,164
CHARLESTON 1,744,430 6,986,094 2,356,795 1,744,430
FLORENCE 1,465,661 6,011,013 35,458 1,465,661
GREENVILLE 2,209,812 8,850,864 53,428 2,209,812
NORTH CHARLESTON 744,093 2,974,990 9,000 744,093
N. CHARLESTON 2,965,748 11,895,294 107,187 2,965,748
MADISON - 4,133,904 2,442,947 -
TROLLEY STATION 3,303,682 13,218,740 - 3,303,682
MARKET PLACE AT RIVERGATE 2,574,635 10,339,449 367,533 2,574,635
RIVERGATE, TN 3,038,561 12,157,408 170,454 3,038,561
CENTER OF THE HILLS, TX 2,923,585 11,706,145 243,710 2,923,585
ARLINGTON 500,414 2,001,656 - 500,414
ARLINGTON 3,160,203 2,285,377 - 3,160,203
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
KENT - 2,261,530 -
LIMA 3,719,210 4,414,331 511,817
MENTOR 3,016,519 3,520,500 1,245,626
MIDDLEBURG HEIGHTS 3,783,096 4,422,637 1,303,951
MENTOR ERIE CMNS. 14,042,909 16,277,383 3,604,551
MALLWOODS CENTER 3,667,221 5,642,781 -
NORTH OLMSTED 3,712,045 4,338,862 1,249,060
SPRINGBORO PIKE 5,103,196 6,957,723 2,476,975
SPRINGFIELD 4,845,142 5,688,118 1,334,718
UPPER ARLINGTON 8,828,232 10,083,776 4,091,434
WHITEHALL 975,482 1,408,134 813,901
WICKLIFFE 3,741,453 4,352,444 460,990
CHARDON ROAD 5,947,751 6,428,918 1,571,292
WESTERVILLE 11,711,405 12,761,836 2,571,798
EDMOND 3,591,493 4,068,529 265,877
MIDWEST CITY 7,370,459 8,808,389 470,734
CENNTENIAL PLAZA 18,658,304 23,308,938 1,195,751
SOUTH SHIELDS, OKLAHOMA 457,015 457,015 26,962
TULSA 2,002,508 2,503,458 252,638
TULSA 131,399 131,399 7,953
CHIPPEWA 11,526,101 14,407,626 270,913
CARNEGIE 3,316,655 3,316,655 85,042
CENTER SQUARE 2,927,551 3,659,439 325,284
WEST MIFFLIN 2,603,700 3,079,515 404,550
EAST STROUDSBURG 3,341,135 4,391,135 1,859,459
EXTON 4,895,360 5,072,026 125,522
EXTON 2,927,551 3,659,439 325,284
EASTWICK 5,149,054 6,038,055 149,683
FEASTERVILLE 2,111,280 2,631,801 215,045
GETTYSBURG 773,149 847,775 583,810
SIMPSON FERRY 7,102,039 7,760,384 2,156,009
HAVERTOWN 2,927,551 3,659,439 325,284
OLMSTED 3,877,312 4,044,649 2,805,130
MIDDLETOWN 1,621,934 1,829,217 932,287
NORRISTOWN 5,831,912 6,605,996 2,987,441
NEW KENSINGTON 3,273,534 3,795,479 2,318,007
PENN HILLS 1,737,289 1,737,289 1,282,282
PHILADELPHIA 2,927,551 3,659,439 325,284
GALLERY, PHILADELPHIA PA 258,931 258,931 2,692
RICHBORO 13,724,919 14,701,358 3,570,401
SPRINGFIELD 7,506,309 8,426,307 4,483,244
UPPER ALLEN 1,979,027 2,424,770 1,428,892
UPPER DARBY 3,923,230 4,209,058 144,948
WEST MIFFLIN HILLS 10,183,202 10,819,568 4,229,692
WEST MIFFLIN - 1,468,341 -
WHITEHALL 5,204,808 5,204,808 577,287
EASTERN BLVD. 2,046,904 2,458,920 1,462,817
E. PROSPECT ST. 3,028,104 3,632,930 2,187,731
W. MARKET ST. 1,158,307 1,346,869 889,026
MARSHALL PLAZA, CRANSTON RI 7,751,187 9,637,787 549,866
AIKEN 1,131,179 1,315,080 405,620
CHARLESTON 7,536,804 8,266,968 1,764,942
CHARLESTON 9,342,889 11,087,319 1,081,963
FLORENCE 6,046,471 7,512,132 505,302
GREENVILLE 8,904,292 11,114,104 666,412
NORTH CHARLESTON 2,983,990 3,728,083 31,750
N. CHARLESTON 12,002,481 14,968,229 763,872
MADISON 6,576,851 6,576,851 3,624,661
TROLLEY STATION 13,218,740 16,522,422 762,399
MARKET PLACE AT RIVERGATE 10,706,982 13,281,617 639,205
RIVERGATE, TN 12,327,862 15,366,423 756,619
CENTER OF THE HILLS, TX 11,949,855 14,873,440 725,909
ARLINGTON 2,001,656 2,502,070 252,343
ARLINGTON 2,285,377 5,445,580 184,276
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
KENT 2,261,530 - 1995(A)
LIMA 3,902,515 - 1995(A)
MENTOR 2,274,874 - 1987(A)
MIDDLEBURG HEIGHTS 3,118,687 - 1999(A)
MENTOR ERIE CMNS. 12,672,832 - 1988(A)
MALLWOODS CENTER 5,642,781 - 1999(C)
NORTH OLMSTED 3,089,803 - 1999(A)
SPRINGBORO PIKE 4,480,748 - 1985(C)
SPRINGFIELD 4,353,400 - 1988(A)
UPPER ARLINGTON 5,992,342 - 1969(C)
WHITEHALL 594,233 - 1967(C)
WICKLIFFE 3,891,454 - 1995(A)
CHARDON ROAD 4,857,626 - 1999(A)
WESTERVILLE 10,190,038 - 1988(A)
EDMOND 3,802,652 9,764,473 1997(A)
MIDWEST CITY 8,337,655 9,977,634 1998(A)
CENNTENIAL PLAZA 22,113,187 10,449,421 1998(A)
SOUTH SHIELDS, OKLAHOMA 430,053 - 1997(A)
TULSA 2,250,820 - 1996(A)
TULSA 123,446 - 1997(A)
CHIPPEWA 14,136,714 12,971,379 2000(A)
CARNEGIE 3,231,613 - 1999(A)
CENTER SQUARE 3,334,155 - 1996(A)
WEST MIFFLIN 2,674,965 - 1993(A)
EAST STROUDSBURG 2,531,676 - 1973(C)
EXTON 4,946,504 - 1999(A)
EXTON 3,334,155 - 1996(A)
EASTWICK 5,888,372 4,921,026 1997(A)
FEASTERVILLE 2,416,756 - 1996(A)
GETTYSBURG 263,965 - 1986(A)
SIMPSON FERRY 5,604,375 - 2000(A)
HAVERTOWN 3,334,155 - 1996(A)
OLMSTED 1,239,518 - 1973(C)
MIDDLETOWN 896,930 - 1986(A)
NORRISTOWN 3,618,555 - 1984(A)
NEW KENSINGTON 1,477,472 - 1986(A)
PENN HILLS 455,007 - 1986(A)
PHILADELPHIA 3,334,155 - 1996(A)
GALLERY, PHILADELPHIA PA 256,239 - 1996(A)
RICHBORO 11,130,957 - 1986(A)
SPRINGFIELD 3,943,063 3,080,000 1983(A)
UPPER ALLEN 995,878 - 1986(A)
UPPER DARBY 4,064,110 3,866,520 1996(A)
WEST MIFFLIN HILLS 6,589,876 - 1973(C)
WEST MIFFLIN 1,468,341 - 1986(A)
WHITEHALL 4,627,521 - 1996(A)
EASTERN BLVD. 996,103 - 1987(A)
E. PROSPECT ST. 1,445,199 - 1986(A)
W. MARKET ST. 457,843 - 1986(A)
MARSHALL PLAZA, CRANSTON RI 9,087,920 - 1998(A)
AIKEN 909,460 - 1989(A)
CHARLESTON 6,502,026 - 1978(C)
CHARLESTON 10,005,356 - 1995(A)
FLORENCE 7,006,830 - 1997(A)
GREENVILLE 10,447,692 - 1997(A)
NORTH CHARLESTON 3,696,333 2,241,558 2000(A)
N. CHARLESTON 14,204,357 - 1997(A)
MADISON 2,952,190 - 1978(C)
TROLLEY STATION 15,760,023 11,373,228 1998(A)
MARKET PLACE AT RIVERGATE 12,642,411 - 1998(A)
RIVERGATE, TN 14,609,804 - 1998(A)
CENTER OF THE HILLS, TX 14,147,531 - 1998(A)
ARLINGTON 2,249,727 - 1996(A)
ARLINGTON 5,261,304 - 1997(A)
68
INITIAL COST
BUILDING AND SUBSEQUENT
PROPERTIES LAND IMPROVEMENT TO ACQUISITION LAND
--------- ------------ -------------- ----------
BURLESON 8,600,698 - 49,927 8,600,698
BAYTOWN 500,422 2,431,651 - 500,422
CEDAR HILL CROSSING 4,091,048 - 10,813,886 4,091,048
CORSICANA 989,061 3,990,595 - 989,061
CORPUS CHRISTI, TX - 944,562 708,924 -
DALLAS 1,299,632 5,168,727 5,422,290 1,299,632
DUNCANVILLE 500,414 2,001,656 - 500,414
FT. WORTH 500,414 2,426,533 - 500,414
GARLAND 210,286 845,845 - 210,286
GARLAND 500,414 2,001,656 - 500,414
HOUSTON 275,000 507,588 191,639 275,000
CENTER AT BAYBROOK 6,941,017 27,727,491 2,408 6,941,017
HOUSTON 4,634,186 5,932,821 5,772,326 4,634,186
HARRIS COUNTY 1,843,000 7,372,420 565,401 2,003,260
SHARPSTOWN COURT 1,560,010 6,245,807 25,917 1,560,010
HOUSTON 500,422 2,001,687 - 500,422
HOUSTON 406,513 1,939,253 32,984 406,513
SHOPS AT VISTA RIDGE 3,257,199 13,029,416 82,992 3,257,199
VISTA RIDGE PLAZA 2,926,495 11,716,483 - 2,926,495
VISTA RIDGE PHASE II 2,276,575 9,106,300 - 2,276,575
SOUTH PLAINES PLAZA, TX 1,890,000 7,577,145 83,854 1,890,000
MESQUITE 520,340 2,081,356 528,652 520,340
MESQUITE TOWN CENTER 3,757,324 15,061,644 293,011 3,757,324
N. RICHLAND HILLS 1,000,000 - 65,837 1,065,837
FORUM AT OLYMPIA PARKWAY 8,653,373 - 39,477,176 8,653,373
PLANO 500,414 2,830,835 - 500,414
WEST OAKS 500,422 2,001,687 - 500,422
OGDEN 213,818 855,275 501,288 213,818
COLONIAL HEIGHTS 125,376 3,476,073 - 125,376
HARRISONBURG 69,885 1,938,239 - 69,885
MANASSAS 1,788,750 7,162,661 116,219 1,788,750
RICHMOND 82,544 2,289,288 133,302 82,544
RICHMOND 670,500 2,751,375 - 670,500
RACINE 1,403,082 5,612,330 1,435,250 1,403,082
CHARLES TOWN 602,000 3,725,871 10,403,344 602,000
MARTINSBURG 242,634 1,273,828 628,937 242,634
RIVERWALK PLAZA 2,708,290 10,841,674 14,624 2,708,290
KIMCO SELECT 7,801,436 39,789,628 5,845,829 9,800,607
BALANCE OF PORTFOLIO 2,555,629 3,759,865 21,818,956 3,182,856
-----------
521,161,371
===========
BUILDINGS AND ACCUMULATED
PROPERTIES IMPROVEMENTS TOTAL DEPRECIATION
------------- ---------- ------------
BURLESON 49,927 8,650,625 -
BAYTOWN 2,431,651 2,932,073 281,062
CEDAR HILL CROSSING 10,813,886 14,904,934 267,236
CORSICANA 3,990,595 4,979,656 423,450
CORPUS CHRISTI, TX 1,653,486 1,653,486 64,098
DALLAS 10,591,017 11,890,649 8,815,111
DUNCANVILLE 2,001,656 2,502,070 252,343
FT. WORTH 2,426,533 2,926,947 252,343
GARLAND 845,845 1,056,131 100,933
GARLAND 2,001,656 2,502,070 252,343
HOUSTON 699,227 974,227 591,489
CENTER AT BAYBROOK 27,729,899 34,670,916 1,760,684
HOUSTON 11,705,147 16,339,333 170,320
HARRIS COUNTY 7,777,561 9,780,821 667,958
SHARPSTOWN COURT 6,271,724 7,831,734 306,669
HOUSTON 2,001,687 2,502,109 252,343
HOUSTON 1,972,237 2,378,750 159,424
SHOPS AT VISTA RIDGE 13,112,408 16,369,607 842,769
VISTA RIDGE PLAZA 11,716,483 14,642,978 757,692
VISTA RIDGE PHASE II 9,106,300 11,382,875 505,485
SOUTH PLAINES PLAZA, TX 7,661,000 9,551,000 536,106
MESQUITE 2,610,008 3,130,348 331,348
MESQUITE TOWN CENTER 15,354,655 19,111,979 952,733
N. RICHLAND HILLS - 1,065,837 -
FORUM AT OLYMPIA PARKWAY 39,477,176 48,130,549 -
PLANO 2,830,835 3,331,249 302,844
WEST OAKS 2,001,687 2,502,109 252,343
OGDEN 1,356,563 1,570,381 860,762
COLONIAL HEIGHTS 3,476,073 3,601,449 89,130
HARRISONBURG 1,938,239 2,008,123 49,698
MANASSAS 7,278,880 9,067,630 575,091
RICHMOND 2,422,590 2,505,134 -
RICHMOND 2,751,375 3,421,875 210,843
RACINE 7,047,580 8,450,662 2,287,238
CHARLES TOWN 14,129,215 14,731,215 4,400,078
MARTINSBURG 1,902,765 2,145,399 1,290,122
RIVERWALK PLAZA 10,856,298 13,564,588 509,251
KIMCO SELECT 43,636,286 53,436,893 2,971,895
BALANCE OF PORTFOLIO 25,162,537 28,345,392 8,685,271
----------------------------------------------------------------
2,590,546,099 3,111,707,470 391,945,913
================================================================
TOTAL COST, DATE OF
NET OF ACCUMULATED CONSTRUCTION(C)
PROPERTIES DEPRECIATION ENCUMBRANCES ACQUISITION(A)
------------------ ------------ ---------------
BURLESON 8,650,625 - 2000(C)
BAYTOWN 2,651,011 - 1996(A)
CEDAR HILL CROSSING 14,637,697 - 1998(A)
CORSICANA 4,556,206 - 1997(A)
CORPUS CHRISTI, TX 1,589,388 - 1997(A)
DALLAS 3,075,538 - 1969(C)
DUNCANVILLE 2,249,727 - 1996(A)
FT. WORTH 2,674,604 - 1996(A)
GARLAND 955,198 - 1996(A)
GARLAND 2,249,727 - 1996(A)
HOUSTON 382,738 - 1973(C)
CENTER AT BAYBROOK 32,910,232 - 1998(A)
HOUSTON 16,169,013 - 2000(C)
HARRIS COUNTY 9,112,863 - 1997(A)
SHARPSTOWN COURT 7,525,065 5,931,070 1999(A)
HOUSTON 2,249,766 - 1996(A)
HOUSTON 2,219,325 - 1997(A)
SHOPS AT VISTA RIDGE 15,526,838 6,698,433 1998(A)
VISTA RIDGE PLAZA 13,885,286 5,954,163 1998(A)
VISTA RIDGE PHASE II 10,877,390 5,954,163 1998(A)
SOUTH PLAINES PLAZA, TX 9,014,893 6,029,248 1998(A)
MESQUITE 2,799,000 - 1995(A)
MESQUITE TOWN CENTER 18,159,246 - 1998(A)
N. RICHLAND HILLS 1,065,837 - 1997(A)
FORUM AT OLYMPIA PARKWAY 48,130,549 - 1999(C)
PLANO 3,028,405 - 1996(A)
WEST OAKS 2,249,766 - 1996(A)
OGDEN 709,619 - 1967(C)
COLONIAL HEIGHTS 3,512,319 - 1999(A)
HARRISONBURG 1,958,425 - 1999(A)
MANASSAS 8,492,539 - 1997(A)
RICHMOND 2,505,134 - 1999(A)
RICHMOND 3,211,032 - 1995(A)
RACINE 6,163,424 - 1988(A)
CHARLES TOWN 10,331,138 - 1985(A)
MARTINSBURG 855,277 - 1986(A)
RIVERWALK PLAZA 13,055,336 8,241,548 1999(A)
KIMCO SELECT 50,464,997 4,863,510 VARIOUS
BALANCE OF PORTFOLIO 19,660,121 - VARIOUS
----------------------------------------
2,719,761,557 245,412,792
========================================
69
Depreciation and amortization of the Company's investment in buildings and
improvements reflected in the statements of income is calculated over the
estimated useful lives of the assets as follows:
Buildings..................15 to 39 years
Improvements...............Terms of leases or useful lives, whichever is shorter
The aggregate cost for Federal income tax purposes was approximately $3.01
billion at December 31, 2000.
The changes in total real estate assets for the years ended December 31, 2000,
1999 and 1998 are as follows:
2000 1999 1998
-----------------------------------------------------
Balance, beginning of period .............................................. $2,951,050,304 $3,023,901,985 $1,404,196,159
Acquisitions ............................................................ 93,347,128 306,425,242 1,573,163,394
Improvements ............................................................ 101,030,279 81,041,623 58,298,913
Transfers from (to) unconsolidated joint ventures ....................... 5,567,007 (450,227,174) -
Sales ................................................................... (39,287,247) (10,091,372) (11,756,481)
-----------------------------------------------------
Balance, end of period .................................................... $3,111,707,470 $2,951,050,304 $3,023,901,985
=====================================================
The changes in accumulated depreciation for the years ended December 31, 2000,
1999 and 1998 are as follows:
2000 1999 1998
----------------------------------------------------
Balance, beginning of period .............................................. $323,737,853 $255,949,923 $207,408,091
Charged to accumulated depreciation ..................................... 4,474,484 13,194,587 -
Depreciation for year ................................................... 68,590,773 65,164,826 48,934,560
Transfers from (to) unconsolidated joint ventures ....................... 42,580 (9,678,518) -
Sales ................................................................... (4,899,777) (892,465) (392,728)
----------------------------------------------------
Balance, end of period..................................................... $391,945,913 $323,737,853 $255,949,923
====================================================
70