UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 19, 2024

KIMCO REALTY CORPORATION
KIMCO REALTY OP, LLC
 (Exact name of registrant as specified in its charter)

Maryland (Kimco Realty Corporation)
 
1-10899
 
13-2744380
Delaware (Kimco Realty OP, LLC)
 
333-269102-01
 
92-1489725
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)

500 N. Broadway
Suite 201
Jericho, NY  11753
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (516) 869-9000

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


Securities registered pursuant to Section 12(b) of the Act:

Kimco Realty Corporation
Title of each class
Trading
Symbol(s)
Name of each exchange on
which registered
Common Stock, par value $.01 per share.
KIM
NYSE
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share.
KIMprL
NYSE
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share.
KIMprM
NYSE
Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Convertible Perpetual Preferred Stock, $1.00 par value per share.
KIMprN
NYSE

Kimco Realty OP, LLC
Title of each class
Trading
Symbol(s)
Name of each exchange on
which registered
None
N/A
N/A

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
 
Kimco Realty Corporation 
Kimco Realty OP, LLC 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 
Kimco Realty Corporation  
Kimco Realty OP, LLC  


Item 1.01. Entry into a Material Definitive Agreement.
Amendment to TD Bank Term Loan
On July 17, 2024, Kimco Realty OP, LLC (“Kimco OP”) entered into an amendment agreement (“Amendment No. 2”) together with Kimco Realty Corporation (“Kimco”), Toronto Dominion (Texas) LLC, as administrative agent, and certain lenders party thereto to that certain term loan agreement dated January 2, 2024 (as amended and modified from time to time, the “TD Credit Agreement”), among Kimco OP, TD Bank, N.A., as administrative agent, and the other parties party thereto.
Kimco OP borrowed an incremental principal amount of $300 million (the “New Term Loans”) pursuant to, and subject to the terms and conditions set forth in, Amendment No. 2. The aggregate principal amount of loans outstanding pursuant to the TD Credit Agreement after giving effect to Amendment No. 2 is $500 million.
The terms of the New Term Loans are the same as those applicable to the term loans outstanding under the TD Credit Agreement prior to giving effect to Amendment No. 2 (the “Original Term Loans”) as described in the Current Report on Form 8-K filed by Kimco OP and Kimco on January 3, 2024. The New Term Loans have the same maturity date as the Original Term Loans.
Kimco has guaranteed Kimco OP’s obligations under the TD Credit Agreement (including as amended by Amendment No. 2). The lenders party to Amendment No. 2 also allowed the replacement of the administrative agent party to the TD Credit Agreement from TD Bank, N.A. to Toronto Dominion (Texas) LLC.
The foregoing description of Amendment No. 2 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 2, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Item 7.01. Regulation FD Disclosure.

On July 17, 2024, Kimco issued a press release announcing Amendment No. 2. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information set forth in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

 Description
10.1
 
99.1
 
104
 
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
     
* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Kimco agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 
KIMCO REALTY CORPORATION

Date: July 19, 2024
By:
 /s/ Glenn G. Cohen
 
 
Name: Glenn G. Cohen
Title:   Chief Financial Officer
 



KIMCO REALTY OP, LLC
By: KIMCO REALTY CORPORATION, its
Managing Member

Date: July 19, 2024
By:
 /s/ Glenn G. Cohen
 
 
Name: Glenn G. Cohen
Title:   Chief Financial Officer




Exhibit 10.1

AMENDMENT NO. 2 TO TERM LOAN AGREEMENT
Dated as of July 17, 2024
among
KIMCO REALTY OP, LLC,
The Several Lenders
from time to time party hereto,
TORONTO DOMINION (TEXAS) LLC,
as Administrative Agent,
ROYAL BANK OF CANADA,
and
U.S. BANK NATIONAL ASSOCIATION,
as Syndication Agents
BNP PARIBAS
and
SCOTIA FINANCING (USA) LLC,
as Documentation Agents
TD SECURITIES (USA) LLC
as Sole Bookrunner and Joint Lead Arranger
and
ROYAL BANK OF CANADA
and
U.S. BANK NATIONAL ASSOCIATION,
as Joint Lead Arrangers

AMENDMENT NO. 2 TO TERM LOAN AGREEMENT
This AMENDMENT NO. 2 TO TERM LOAN AGREEMENT (this “Amendment No. 2”), dated as of July 17, 2024 (such date, the “Amendment Effective Date”), is by and among KIMCO REALTY OP, LLC, a Delaware limited liability company (the “Borrower”), TD BANK, N.A., as Lender and as resigning administrative agent, TORONTO DOMINION (TEXAS) LLC, as successor administrative agent for the Lenders defined below (the “Administrative Agent”), and Royal Bank of Canada, U.S. Bank National Association, BNP Paribas and Scotia Financing (USA) LLC (each, a “New Term Lender”, and, collectively, the “New Term Lenders”).  Reference is made to that certain Term Loan Agreement dated as of January 2, 2024, as amended by Amendment No. 1 to Term Loan Agreement dated as of May 3, 2024 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the several banks, financial institutions and other entities from time to time party thereto (collectively, the “Lenders”), and TD Bank, N.A., as administrative agent.  Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement, as amended hereby.
RECITALS
WHEREAS, the Borrower has requested, and the New Term Lenders have agreed, to make additional term loans under the Credit Agreement in an aggregate principal amount of $300,000,000, which are the same tranche as and governed by the same terms as the Term Loans;
WHEREAS, pursuant to Section 10.1 of the Credit Agreement, the Required Lenders (as defined in the Credit Agreement prior to giving effect to this Amendment No. 2 (the “Existing Credit Agreement”) party to this Amendment No. 2 consent to the amendments set forth herein;
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1.  AMENDMENT TO CREDIT AGREEMENT.  As of the Amendment Effective Date, the Credit Agreement is hereby amended in accordance with Section 10.1 of the Credit Agreement as follows:
SECTION 1.01.  Amendments to Credit Agreement.
(a) The introductory paragraph is restated in its entirety to read as follows:
“TERM LOAN AGREEMENT, dated as of January 2, 2024 among KIMCO REALTY OP, LLC, a Delaware limited liability company (“Kimco” or the “Borrower”), the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and Toronto-Dominion (Texas) LLC, a Delaware limited liability company, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”).”

(b) The definition of “Commitment” in Section 1.1 is restated in its entirety to read as follows:

Commitment”: for each Lender, (a) the obligation of such Lender to make a Term Loan to Borrower on the Effective Date on the terms and conditions set forth herein not exceeding the amount set forth for such lender on Schedule 1.1A as such Lender’s “Initial Commitment Amount” (the “Initial Commitment”) and (b) the obligation of such Lender to make a Term Loan to the Borrower on the Incremental Effective Date on the terms and conditions set forth herein not exceeding the amount set forth for such Lender on Schedule 1.1A as such Lender’s “Incremental Commitment Amount” (the “Incremental Commitment”).  The aggregate amount of the Initial Commitments on the Effective Date was $200,000,000 and the aggregate amount of the Incremental Commitments on the Incremental Effective Date is $300,000,000.

(c) The following definitions are added to Section 1.1 after the definition of “IBA”:

Incremental Commitment”: as defined in the definition of “Commitment”.

“Incremental Commitment Amount”: as defined in the definition of “Commitment”.

Incremental Effective Date”: the “Amendment Effective Date” as defined in the Second Amendment.

(d) The following definition is added to Section 1.1 after the definition of “Indemnified Taxes”:

Initial Commitment”: as defined in the definition of “Commitment”.

(e) The definition of “Lead Arranger” in Section 1.1 is restated in its entirety to read as follows:

Lead Arranger”: TD Securities (USA) LLC, Royal Bank of Canada and U.S Bank National Association, collectively.

(f) The following definition is added to Section 1.1 after the definition of “Sanctions”:

Second Amendment”: Amendment No. 2 to Term Loan Agreement dated as of July 17, 2024 among the Borrower, the Administrative Agent and the Lenders party thereto.

(g) Section 2.2(a)(i) is restated in its entirety to read as follows:

(i) Generally.  On the Funding Date, TD Bank, N.A. made a term loan to the Borrower in the amount of $200,000,000.  Subject to the terms and conditions hereof and the Second Amendment, each Lender severally agrees to make an additional term loan to the Borrower in Dollars on the Incremental Effective Date in the amount requested by the Borrower, which shall not exceed such Lender’s Incremental Commitment.

(h) Schedule 9.3 is amended by deleting the words “referred to on the cover of this Agreement” in the first line of such section.

(i) Schedule 1.1A of the Credit Agreement is restated in its entirety by the Schedule 1.1A attached hereto.

SECTION 1.02.  Making of the New Term Loan.  On the Amendment Effective Date, each New Term Lender agrees to make a term loan (a “New Term Loan”) to the Borrower pursuant to Section 2.2(a)(i) of the Credit Agreement.  Such New Term Loans shall be subject to the same terms (including, without limitation, the same Maturity Date) and shall be considered the same tranche as and pari passu with the existing Loans under the Credit Agreement.  From and after the Amendment Effective Date, each reference to the Loans and Term Loans in the Credit Agreement (including, without limitation,  in the definition of “Required Lenders”) shall be deemed to include the New Term Loans made by each New Term Lender. Notwithstanding anything to the contrary provided in the Credit Agreement or otherwise, the New Term Loans shall be made as Term Benchmark Loans with an initial Interest Period ending on the same date as the Interest Period then-outstanding with respect to Loans made on the Funding Date.  From and after the making of the New Term Loans on the Amendment Effective Date, the Lenders and the outstanding principal amount of the Loans shall be as set forth on Schedule 2 attached hereto.
SECTION 1.03.  New Term Lenders.  From and after the Amendment Effective Date, each  New Term Lender shall be deemed to be a Lender for all purposes of the Credit Agreement, and each reference to the Lenders in the Credit Agreement (including, without limitation,  in the definition of “Required Lenders”) shall be deemed to include each New Term Lender.  Without limiting the generality of the foregoing, each New Term Lender and the Required Lenders confirm its consent to the appointment of Toronto Dominion (Texas) LLC, as the Administrative Agent in accordance with Article IX of the Credit Agreement.
SECTION 1.04.  Representations, Warranties and Agreements of New Term Lenders.  Each of the New Term Lenders (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment No. 2 and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement and under applicable law that are required to be satisfied by it in order to become a Lender, (iii) from and after the Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its Incremental Commitments and New Term Loans, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.1 of the Credit Agreement, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Amendment No. 2, and (v) it has, independently and without reliance upon the Administrative Agent, the Lead Arranger or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment No. 2; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, the Lead Arranger or any other Lender and their Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
SECTION 1.05.  Resignation and Appointment of Administrative Agent.  On the Amendment Effective Date, TD Bank, N.A. hereby resigns as Administrative Agent under the Credit Agreement and the Lenders hereby (including, for the avoidance of doubt, the Required Lenders (as defined in the Existing Credit Agreement)) appoint Toronto Dominion (Texas) LLC as the successor Administrative Agent in accordance with section 9.01(f) for all purposes under the Credit Agreement.  The Borrower hereby consents to such appointment of Toronto Dominion (Texas) LLC as the successor Administrative Agent.
SECTION 2.  REPRESENTATIONS AND WARRANTIES OF THE BORROWER
In order to induce the Lenders and Administrative Agent to enter into this Amendment No. 2, the Borrower represents and warrants to each New Term Lender and the Administrative Agent as follows:
(i) The Borrower has the corporate power and authority, and the legal right, to make, deliver and perform each of this Amendment No. 2, the Credit Agreement, as amended by this Amendment No. 2 (the “Amended Credit Agreement”) and the Notes described in Section 3D below (collectively, the “Amendment Documents”) and, to borrow the New Term Loans hereunder, and the Borrower has taken all necessary corporate action to authorize the execution, delivery and performance of each Amendment Document and the borrowings of the New Term Loans on the terms and conditions of this Amendment No. 2.   Each Amendment Document has been duly executed and delivered on behalf of the Borrower;
(ii) Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the date hereof and will be true on and as of the Amendment Effective Date (after giving effect to the inclusion of this Amendment No. 2 as a “Loan Document’) as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; and
(iii) No Default or Event of Default has occurred and is continuing, or will occur after giving effect to this Amendment No. 2.
SECTION 3.  CONDITIONS TO EFFECTIVENESS
This Amendment No. 2 shall become effective on the Amendment Effective Date only upon the satisfaction of the following conditions precedent:
A.  The Borrower, the Administrative Agent, TD Bank, N.A. and the New Term Lenders and Required Lenders (as defined in the Existing Credit Agreement) shall have indicated their consent hereto by the execution and delivery of the signature pages hereof to the Administrative Agent.
B.  The Administrative Agent shall have received a secretary’s certificate from the Borrower (i) either confirming that there have been no changes to its organizational documents since January 2, 2024, or if there have been changes to the Borrower’s organizational documents since such date, certifying as to such changes, and (ii) certifying as to authorization of this Amendment No. 2, good standing of the Borrower and incumbency of officers with respect to this Amendment No. 2 and the transactions contemplated hereby;
C.  The Administrative Agent shall have received all reasonable and documented out-of-pocket costs and expenses for which the Borrower is responsible pursuant to Section 10.5 of the Credit Agreement and for which invoices have been presented (including the reasonable fees and expenses of legal counsel to the Administrative Agent for which the Borrower agrees it is responsible pursuant to Section 10.5 of the Credit Agreement), incurred in connection with this Amendment No. 2;
D.  Execution and delivery to the Administrative Agent by the Borrower in favor of each New Term Lender, if requested by such New Term Lender, of a Term Loan Note in an amount equal to its Incremental Commitment hereunder;
E.  Delivery to the Administrative Agent by Wachtell, Lipton, Rosen & Katz and Venable LLP, as counsel to the Borrower, of an opinion addressed to the New Term Lenders and the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent;
F.  Payment by the Borrower of any agreed upon compensation to the Lead Arranger, the New Term Lenders and the Administrative Agent due and payable on the Amendment Effective Date in respect of the Incremental Commitments as set forth in a separate fee letter;
G.  Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the Amendment Effective Date as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date;
H.  (i) No Default or Event of Default has occurred and is continuing on the Amendment Effective Date or after giving effect thereto and (ii) the Administrative Agent shall have received a certificate of the Borrower demonstrating compliance with each financial covenant set forth in paragraphs (a) through (f) of Section 7.1 of the Credit Agreement as if the ratio or amount referred to therein were to be calculated as of the most recent Test Period as to which a compliance certificate has been delivered pursuant to Section 6.2(b) of the Credit Agreement after giving pro forma effect to the incurrence of Indebtedness under the New Term Loans on the Amendment Effective Date, and the use of proceeds thereof; and
I.  The Administrative Agent and the New Term Lenders shall have received all documentation and other information regarding the Borrowers reasonably requested by them of the Borrowers in writing at least 10 Business Days prior to the Amendment Effective Date that is required in order to comply with their ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.
Upon satisfaction of the foregoing condition, the Administrative Agent shall deliver written notice to the Borrower and the New Term Lenders of the Amendment Effective Date.
SECTION 4.  ACKNOWLEDGEMENT AND CONSENT OF THE GUARANTOR
The Ultimate Parent (for purposes of this Amendment No. 2, the “Guarantor”) has read this Amendment No. 2 and consents to the terms hereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment No. 2, the obligations of the Guarantor under the Parent Guarantee dated as of January 2, 2024 (the “Guaranty”) and each of the other Loan Documents to which the Guarantor is a party shall not be impaired by this Amendment No. 2, and each of the Guaranty and the other Loan Documents to which the Guarantor is a party is, and shall continue to be, in full force and effect immediately after giving effect to this Amendment No. 2 and is hereby confirmed and ratified in all respects.
Each of the Guarantor and the Borrower hereby acknowledges and agrees that the Obligations guaranteed under the Guaranty will include all Obligations under, and as defined in, the Credit Agreement as amended by this Amendment No. 2.
SECTION 5.  MISCELLANEOUS
A.  Reference to and Effect on the Credit Agreement and the Other Loan Documents.
(i) On and after the effective date of this Amendment No. 2, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement.  This Amendment No. 2 shall be deemed to be a “Loan Document” under the Credit Agreement.
(ii) Except as specifically amended by this Amendment No. 2, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iii) The execution, delivery and performance of this Amendment No. 2 shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any of the other Loan Documents.
B.   Headings.  Section and subsection headings in this Amendment No. 2 are included herein for convenience of reference only and shall not constitute a part of this Amendment No. 2 for any other purpose or be given any substantive effect.
C.   Applicable Law.  THIS AMENDMENT NO. 2 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
D.   Counterparts; Effectiveness.  This Amendment No. 2 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of an executed counterpart of a signature page to this Amendment No. 2 by telecopy or other electronic means in accordance with Section 10.12 of the Credit Agreement shall be effective as delivery of a manually executed counterpart of this Amendment No. 2.
E.   Jurisdictions; Waivers.  The provisions of Section 10.16 and 10.18 of the Credit Agreement shall apply to this Amendment No. 2 and are hereby incorporated by reference.
[Signature Pages Follow]

[Lender Signature Pages on File with Administrative Agent]

[Schedules on File with Administrative Agent]



News Release


Kimco Realty® Upsizes Term Loan Facility to $500 Million

JERICHO, New York, July 17, 2024 – Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to $500 million from the prior amount of $200 million.

The amendment incorporates the inclusion of four additional banks with the terms, applicable spread, maturity date and credit covenants unchanged from the term loan agreement Kimco entered into on January 2, 2024 with TD Bank, N.A. Subsequently, the company entered into interest rate swap agreements, fixing the rate on the incremental term loans to a blended rate of 4.78%. Proceeds will be used for general corporate purposes including but not limited to, reduction of outstanding borrowings under the company’s unsecured revolving credit facility.

“We are grateful for the support of our banking partners. Their commitment to Kimco further strengthens our ability to maintain a robust balance sheet with ample liquidity,” said Glenn G. Cohen, Kimco Executive Vice President and Chief Financial Officer. “With their support, we will continue to invest opportunistically and build long-term value for our stakeholders.”

Toronto Dominion (Texas) LLC served as Administrative Agent, Royal Bank of Canada and U.S. Bank National Association served as Syndication Agents, BNP Paribas and Scotia Financing (USA) LLC, served as Documentation Agents, TD Securities (USA) LLC served as Sole Bookrunner and Joint Lead Arranger and Royal Bank of Canada and U.S. Bank National Association, served as Joint Lead Arrangers on the upsized $500 million unsecured term loan.

About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high- barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of March 31, 2024, the company owned interests in 569 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty) and LinkedIn


500 North Broadway, Suite 201 | Jericho, NY 11753 | (516) 869-9000
kimcorealty.com



News Release


(www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Safe Harbor Statement
This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 includes this statement for purposes of complying with the 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,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and 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 adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (the “RPT Merger”), (xii) significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time- consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xviii) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xix) collectability of mortgage and other financing receivables, (xx) impairment charges, (xxi) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) impact of natural disasters and weather and climate-related events, (xxiv) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xxv) our ability to attract, retain and motivate key



500 North Broadway, Suite 201 | Jericho, NY 11753 | (516) 869-9000
kimcorealty.com



News Release


personnel, (xxvi) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvii) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxviii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxix) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxx) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxi) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).

Furthermore, while future events discussed in this communication may be significant, any significance should not be read as necessarily rising to the level of materiality of certain disclosures included in our SEC filings. In addition, information discussed in this communication is subject to certain other important disclaimers, qualifiers, and/or additional information discussed in more detail in our 2023 Corporate Responsibility Report, which should be reviewed in concert with any assessment of these statements or other statements within the body of the report.

###

CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy Kimco Realty Corporation
1-866-831-4297
dbujnicki@kimcorealty.com


500 North Broadway, Suite 201 | Jericho, NY 11753 | (516) 869-9000
kimcorealty.com
v3.24.2
Document and Entity Information
Jul. 19, 2024
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 19, 2024
Entity File Number 1-10899
Entity Registrant Name KIMCO REALTY CORPORATION
Entity Central Index Key 0000879101
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 13-2744380
Entity Address, Address Line One 500 N. Broadway
Entity Address, Address Line Two Suite 201
Entity Address, City or Town Jericho
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11753
City Area Code 516
Local Phone Number 869-9000
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock, par value $.01 per share [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol KIM
Security Exchange Name NYSE
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock
Trading Symbol KIMprL
Security Exchange Name NYSE
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock
Trading Symbol KIMprM
Security Exchange Name NYSE
Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Convertible Perpetual Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Convertible Perpetual Preferred Stock
Trading Symbol KIMprN
Security Exchange Name NYSE
Kimco Realty OP, LLC [Member]  
Entity Information [Line Items]  
Entity File Number 333-269102-01
Entity Registrant Name KIMCO REALTY OP, LLC
Entity Central Index Key 0001959472
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 92-1489725
Entity Emerging Growth Company false

Kimco Realty (NYSE:KIM-M)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Kimco Realty Charts.
Kimco Realty (NYSE:KIM-M)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Kimco Realty Charts.