(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW HYDE PARK, NY-With Kimco Realty Corp.'s plans to acquire San Diego-based Pan Pacific Retail Properties Inc. for $2.9 billion in cash and stock, or about $70 per share, still the buzz, its second-quarter conference call was all about acquisitions.
Pan Pacific owns a portfolio of 138 retail properties totaling approximately 22.6 million square feet. Kimco will assume Pan Pacific's outstanding debt of $1.1 billion for a total transaction value of $4 billion.
Kimco released that net income for the second quarter ended June 30 was $108.7 million compared to $83.8 million a year earlier, an increase of 29.7%. On a per share basis, net income increased 22.9% to $0.43 from $0.35 reported in the second quarter of 2005. All prior period per share have been adjusted for the company's 2-for-1 stock split that was effective Aug. 23, 2005.
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