Kimco Realty® (NYSE: KIM) (“Kimco Realty” or the
“Company”), today announced that it will redeem (i) $299.67 million
aggregate principal amount of its 3.50% Notes due 2023 (CUSIP No.
948741 AJ2) (the “April 2023 Notes”), representing all of the
outstanding April 2023 Notes, and (ii) $313.925 million aggregate
principal amount of its 3.125% Senior Notes 2023 (CUSIP No. 49446R
AK5) (the “June 2023 Notes”), representing all of the outstanding
June 2023 Notes, in each case, on September 9, 2022 (the
“Redemption Date”). The April 2023 Notes were issued pursuant to an
Indenture, dated as of May 1, 1995 (the “Weingarten Base
Indenture”), between Kimco Realty (as successor in interest to
Weingarten Realty Investors) and The Bank of New York Mellon Trust
Company, N.A. (as successor in interest to JPMorgan Trust Company,
National Association, successor in interest to Texas Commerce Bank
National Association), as trustee (the “Weingarten Trustee”), as
supplemented and amended by the First Supplemental Indenture, dated
as of August 2, 2006 (the “First Weingarten Supplemental
Indenture”), the Second Supplemental Indenture, dated as of October
9, 2012 (the “Second Weingarten Supplemental Indenture”) and the
Third Supplemental Indenture, dated as of August 3, 2021 (together
with the Base Indenture, the First Supplemental Indenture and the
Second Supplemental Indenture, the “Weingarten Indenture”), in each
case entered into between Kimco Realty and the Weingarten Trustee.
The June 2023 Notes were issued pursuant to an Indenture, dated as
of September 1, 1993 (the “Company Base Indenture”), between the
Company and The Bank of New York Mellon (as successor in interest
to IBJ Schroder Bank & Trust Company), as trustee (the “Company
Trustee”), as supplemented and amended by the First Supplemental
Indenture, dated as of August 4, 1994 (the “Company First
Supplemental Indenture”), the Second Supplemental Indenture, dated
as of April 7, 1995 (the “Company Second Supplemental Indenture”),
the Third Supplemental Indenture, dated as of June 2, 2006 (the
“Company Third Supplemental Indenture”), the Fourth Supplemental
Indenture, dated as of April 26, 2007 (the “Company Fourth
Supplemental Indenture”), the Fifth Supplemental Indenture, dated
as of September 24, 2009 (the “Company Fifth Supplemental
Indenture”), the Sixth Supplemental Indenture, dated as of May 23,
2013 (the “Company Sixth Supplemental Indenture”), and the Seventh
Supplemental Indenture, dated as of April 24, 2014 (together with
the Company Base Indenture, the Company First Supplemental
Indenture, the Company Second Supplemental Indenture, the Company
Third Supplemental Indenture, the Company Fourth Supplemental
Indenture, the Company Fifth Supplemental Indenture and the Company
Sixth Supplemental Indenture, the “Company Indenture”), in each
case entered into between Kimco Realty and the Company Trustee.
Pursuant to the terms of the April 2023 Notes, the redemption
price will be equal to $1,000 plus a make-whole premium for each
$1,000 principal amount of April 2023 Notes redeemed, calculated in
accordance with the terms of the Weingarten Indenture, plus accrued
and unpaid interest to, but not including, the Redemption Date.
Pursuant to the terms of the June 2023 Notes, the redemption price
will be equal to $1,000 plus a make-whole premium for each $1,000
principal amount of June 2023 Notes redeemed, calculated in
accordance with the terms of the Company Indenture, plus accrued
and unpaid interest to, but not including, the Redemption Date. The
Company will incur a prepayment charge in connection with the
redemption of the April 2023 Notes and the June 2023 Notes of an
aggregate of approximately $0.4 million, which will impact Net
Income and Funds from Operations during the third quarter of
2022.
A notice of redemption and related materials will be mailed to
holders of record of the April 2023 Notes and the June 2023 Notes
on August 10, 2022. Holders that hold their April 2023 Notes and
June 2023 Notes through the Depository Trust Company (“DTC”) will
be redeemed in accordance with the applicable procedures of DTC.
Questions relating to the notices of redemption and related
materials should be directed to The Bank of New York Mellon, in its
capacity as paying agent for the redemption of the April 2023 Notes
and the June 2023 Notes (the “Paying Agent”), at 1-800-254-2826.
The address of the Paying Agent is The Bank of New York Mellon, 500
Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262.
This news release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in Jericho, N.Y. that is North America’s
largest publicly traded owner and operator of open-air,
grocery-anchored shopping centers, including mixed-use assets. The
company’s portfolio is primarily concentrated in the first-ring
suburbs of the top major metropolitan markets, including those in
high-barrier-to-entry coastal markets and rapidly expanding Sun
Belt cities, with a tenant mix focused on essential,
necessity-based goods and services that drive multiple shopping
trips per week. Kimco Realty is also committed to leadership in
environmental, social and governance (ESG) issues and is a
recognized industry leader in these areas. 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. As of June 30, 2022, the company owned interests in
533 U.S. shopping centers and mixed-use assets comprising 92
million square feet of gross leasable space. For further
information, please visit www.kimcorealty.com.
Safe Harbor Statement
The statements in this news release state the Company’s and
management’s intentions, beliefs, expectations or projections of
the future and are forward-looking statements. It is important to
note that the Company’s actual results could differ materially from
those projected in such forward-looking statements. 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 inability of
major tenants to continue paying their rent obligations due to
bankruptcy, insolvency or a general downturn in their business,
(iii) 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, (iv) the
availability of suitable acquisition, disposition, development and
redevelopment opportunities, and risks related to acquisitions not
performing in accordance with our expectations, (v) the Company’s
ability to raise capital by selling its assets, (vi) increases in
operating costs due to inflation and supply chain issues, (vii)
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 following the
merger between Kimco Realty and Weingarten Realty Investors (the
“Merger”), (viii) the possibility that, if the Company does not
achieve the perceived benefits of the Merger as rapidly or to the
extent anticipated by financial analysts or investors, the market
price of the Company’s common stock could decline, (ix) 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, (x) valuation and risks related to the
Company’s joint venture and preferred equity investments, (xi)
valuation of marketable securities and other investments, including
the shares of Albertsons Companies, Inc. common stock held by the
Company, (xii) impairment charges, (xiii) pandemics or other health
crises, such as coronavirus disease 2019 (“COVID-19”), (xiv)
financing risks, such as the inability to obtain equity, debt or
other sources of financing or refinancing on favorable terms to the
Company, (xv) the level and volatility of interest rates and
management’s ability to estimate the impact thereof, (xvi) changes
in the dividend policy for the Company’s common and preferred stock
and the Company’s ability to pay dividends at current levels,
(xvii) unanticipated changes in the Company’s intention or ability
to prepay certain debt prior to maturity and/or hold certain
securities until maturity, and (xviii) the other risks and
uncertainties identified under Item 1A, “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
supplemented by our subsequently filed reports with the SEC.
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 the Company’s
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that
the Company files with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20220810005517/en/
David F. Bujnicki Senior Vice President, Investor Relations and
Strategy Kimco Realty Corporation 1-866-831-4297
dbujnicki@kimcorealty.com
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