Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: trustmanic who wrote (2449)	1/21/2002 3:16:11 PM
From: David Alon	Respond to of 11633

RioCan Real Estate Investment Trust And Kimco Realty Corporation Announce Expansion Of Joint Venture By $200 Million 10:06 GMT-05:00 Monday, January 21, 2002 TORONTO, ONTARIO--RioCan Real Estate Investment Trust ("RioCan") and Kimco Realty Corporation ("Kimco") today announced that they have agreed to expand the joint venture initiated in August, 2001. In the original agreement, RioCan and Kimco each committed to invest $50 million (Cdn) on a joint venture basis to acquire and develop shopping centres in Canada. This initial commitment has been invested or firmly committed. RioCan and Kimco have now agreed to each invest a further sum of $100 million (Cdn) to acquire and/or develop additional shopping centres. As with the current portfolio, RioCan will be providing all property management services for the joint venture acquisitions. Edward Sonshine, Q.C., President & CEO of RioCan, said, "The relationship with Kimco has progressed more quickly and better than we even hoped at its inception. We are therefore gratified at Kimco's continued confidence in our ability to source and manage shopping centre assets. Equally, we are pleased to expand our commitment to the joint venture." Milton Cooper, Kimco's Chairman and CEO, said, "We have been excited with the quality of the opportunities that RioCan is presenting to the joint venture and look forward to further investment in Canada along side RioCan, thereby accelerating our efforts at income diversification while still capitalizing on our core expertise in retail real estate." David Henry, Kimco's Chief Investment Officer, added, "We are extremely happy at the manner in which the relationship with RioCan has developed. The opportunities RioCan has brought to us have been exciting and the joint venture has already proved to be the right platform for us in Canada. In addition to the expansion of the joint venture announced today, we are looking forward to working more closely with RioCan in joint marketing efforts to American and global retailers." About RioCan RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust. RioCan has total assets of approximately $2.8 billion consisting of ownership interests in a portfolio of 144 retail properties across Canada containing an aggregate of well over 21 million square feet of gross leasable area. RioCan derives about 76% of its gross revenue from national and anchor tenants with no one tenant providing more than 5.9% of gross revenue. RioCan's largest tenant is Wal-Mart and about 15.4% of RioCan's revenue is provided by food supermarkets. About Kimco Kimco is the United States' largest publicly traded owner and operator of neighborhood community shopping centres. Kimco currently has interests in 518 properties totaling approximately 70 million square feet of gross leasable area in 42 states and Canada. Kimco's primary objective has been to generate superior investment returns from its expertise derived from more than 35 years of experience developing, owning, operating and managing retail real estate properties. Kimco operates from three primary business platforms: its Core Portfolio, Kimco Income REIT (KIR) and its taxable REIT subsidiaries. FOR FURTHER INFORMATION PLEASE CONTACT: RioCan Real Estate Investment Trust, Edward Sonshine, Q.C., President & CEO, (416) 866-3018, RioCan's website: riocan.com, or, Kimco Realty Corporation, David Henry, Vice Chairman &