Pan Pacific (NYSE:PNP)
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Pan Pacific Retail Properties, Inc. (NYSE:PNP) today announced that a
final pro rata dividend of $0.2365 per share has been declared and will
be paid to stockholders of record on October 30, 2006. The dividend will
be deposited with the paying agent for the proposed merger of Pan
Pacific with a subsidiary of Kimco Realty Corporation (NYSE:KIM) and
will be paid to stockholders of Pan Pacific along with the merger
consideration in accordance with the procedures in the relevant merger
agreement. The merger is expected to close on October 31, 2006. Pan
Pacific common stock will be delisted from the New York Stock Exchange
and trading will cease effective at the close of business on October 30,
2006.
ABOUT PAN PACIFIC RETAIL PROPERTIES
Pan Pacific Retail Properties, Inc. is an equity real estate investment
trust (REIT) traded on the New York Stock Exchange under the symbol PNP.
The Company is the largest neighborhood shopping center REIT focused
exclusively on the West Coast. Pan Pacific’s
portfolio currently totals 138 properties, encompassing approximately
22.6 million square feet of retail space. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California, Washington, Oregon and Nevada.
Pan Pacific specializes in the acquisition, ownership and management of
community and neighborhood shopping centers for everyday essentials. The
Company’s strategy is aimed at generating
long-term stable cash flow through maintaining a diverse portfolio and
tenant base, balanced with consistent growth through its acquisition and
property management programs.
Pan Pacific is headquartered in Vista (San Diego), California, and has
regional offices located in Sacramento, California; Kent, Washington;
Portland, Oregon; and Las Vegas, Nevada.
Additional information on Pan Pacific is available on the Company’s
web site at www.pprp.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. All statements other than statements of historical facts
included in this press release are forward-looking statements. All
forward-looking statements speak only as of the date of this press
release. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance, achievements or transactions of Kimco, Pan Pacific
and their affiliates or industry results or the benefits of the proposed
merger to be materially different from any future results, performance,
achievements or transactions expressed or implied by such
forward-looking statements. Such risks, uncertainties and other factors
relate to, among others, Kimco’s right under
the merger agreement to revoke its election to include stock in the
merger consideration, and the satisfaction of conditions to the closing
of the merger. Additional information or factors which could impact the
companies and the forward-looking statements contained herein are
included in each company’s filings with the
Securities and Exchange Commission. The companies assume no obligation
to update or supplement forward-looking statements that become untrue
because of subsequent events.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release does not constitute an offer of any securities for
sale. In connection with the proposed transaction, Kimco and Pan Pacific
have filed a definitive proxy statement/prospectus dated August 23, 2006
with the Securities and Exchange Commission as part of a registration
statement regarding the proposed merger. Investors and security holders
are urged to read the proxy statement/prospectus because it contains
important information about Kimco and Pan Pacific and the proposed
merger. Investors and security holders may obtain a free copy of the
definitive proxy statement/prospectus and other documents filed by Kimco
and Pan Pacific with the SEC at the SEC's website at www.sec.gov.
The definitive proxy statement/prospectus and other relevant documents
may also be obtained free of charge from Kimco or Pan Pacific by
directing such request to: Kimco Realty Corporation, 3333 New Hyde Park
Road, New Hyde Park, New York 11042-0020 Attention: Investor Relations
or Pan Pacific Retail Properties, Inc., 1631B South Melrose Drive,
Vista, California 92081 Attention: Investor Relations. Investors and
security holders are urged to read the proxy statement, prospectus and
other relevant material before making any investment decisions with
respect to the merger.
Pan Pacific Retail Properties, Inc. (NYSE:PNP) today announced
that a final pro rata dividend of $0.2365 per share has been declared
and will be paid to stockholders of record on October 30, 2006. The
dividend will be deposited with the paying agent for the proposed
merger of Pan Pacific with a subsidiary of Kimco Realty Corporation
(NYSE:KIM) and will be paid to stockholders of Pan Pacific along with
the merger consideration in accordance with the procedures in the
relevant merger agreement. The merger is expected to close on October
31, 2006. Pan Pacific common stock will be delisted from the New York
Stock Exchange and trading will cease effective at the close of
business on October 30, 2006.
ABOUT PAN PACIFIC RETAIL PROPERTIES
Pan Pacific Retail Properties, Inc. is an equity real estate
investment trust (REIT) traded on the New York Stock Exchange under
the symbol PNP. The Company is the largest neighborhood shopping
center REIT focused exclusively on the West Coast. Pan Pacific's
portfolio currently totals 138 properties, encompassing approximately
22.6 million square feet of retail space. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California, Washington, Oregon and
Nevada.
Pan Pacific specializes in the acquisition, ownership and
management of community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through its acquisition and
property management programs.
Pan Pacific is headquartered in Vista (San Diego), California, and
has regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada.
Additional information on Pan Pacific is available on the
Company's web site at www.pprp.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts included in this press
release are forward-looking statements. All forward-looking statements
speak only as of the date of this press release. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance, achievements
or transactions of Kimco, Pan Pacific and their affiliates or industry
results or the benefits of the proposed merger to be materially
different from any future results, performance, achievements or
transactions expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors relate to, among others,
Kimco's right under the merger agreement to revoke its election to
include stock in the merger consideration, and the satisfaction of
conditions to the closing of the merger. Additional information or
factors which could impact the companies and the forward-looking
statements contained herein are included in each company's filings
with the Securities and Exchange Commission. The companies assume no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release does not constitute an offer of any securities
for sale. In connection with the proposed transaction, Kimco and Pan
Pacific have filed a definitive proxy statement/prospectus dated
August 23, 2006 with the Securities and Exchange Commission as part of
a registration statement regarding the proposed merger. Investors and
security holders are urged to read the proxy statement/prospectus
because it contains important information about Kimco and Pan Pacific
and the proposed merger. Investors and security holders may obtain a
free copy of the definitive proxy statement/prospectus and other
documents filed by Kimco and Pan Pacific with the SEC at the SEC's
website at www.sec.gov. The definitive proxy statement/prospectus and
other relevant documents may also be obtained free of charge from
Kimco or Pan Pacific by directing such request to: Kimco Realty
Corporation, 3333 New Hyde Park Road, New Hyde Park, New York
11042-0020 Attention: Investor Relations or Pan Pacific Retail
Properties, Inc., 1631B South Melrose Drive, Vista, California 92081
Attention: Investor Relations. Investors and security holders are
urged to read the proxy statement, prospectus and other relevant
material before making any investment decisions with respect to the
merger.