Kimco chief operating officer says balance sheet 'back in order'

By Jennifer Lanning Drey

Savannah, Ga., June 7 - Kimco Realty Corp.'s balance sheet is "back in order," and the company is well on its way to achieving its leverage ratio target, Michael Pappagallo, Kimco's chief operating officer, said during a Tuesday presentation at the Nareit REITWeek conference in New York.

"We have an excellent liquidity position, very limited debt maturities and ongoing improvement in our debt metrics," Pappagallo said.

In addition, Kimco is on track to meet is previously stated goal of reaching a 6.0 net debt to EBITDA ratio by the end of 2012, he said.

Pappagallo also highlighted the company's solid triple-B credit ratings from each of the three agencies.

The company is focused on what it sees as slowly improving fundamentals in the shopping center business, he said.

"The leasing environment has really been on a positive track over the last year or year-and-a-half. The national retailers with strong balance sheets and improved financial results are looking to increase their footprints with more store growth and increased market share," he said.

At the same time, smaller national retails are also being aggressive as they look to improve market share, he said.

Kimco is a real estate investment trust based in New Hyde Park, N.Y.

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