Kimco Realty® Announces Pricing of $650 Million Aggregate Principal Amount of 4.600% Notes due 2033
10 Agosto 2022 - 10:41PM
Business Wire
Kimco Realty® (NYSE: KIM) (“Kimco Realty” or the
“Company”) today announced the pricing of its public offering of
$650 million aggregate principal amount of 4.600% notes due 2033
(the “notes”) with an effective yield of 4.670%, maturing February
1, 2033. The offering is expected to settle on August 24, 2022,
subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering to
redeem all of its outstanding 3.50% Notes due 2023 and all of its
outstanding 3.125% Notes due 2023, and any additional proceeds will
be used for general corporate purposes, including, but not limited
to, funding for suitable investments and redevelopment
opportunities.
BMO Capital Markets Corp., PNC Capital Markets LLC, U.S. Bancorp
Investments, Inc., Wells Fargo Securities, LLC, BofA Securities,
Inc. and Regions Securities LLC served as joint book-running
managers for the notes. Credit Suisse Securities (USA) LLC, Morgan
Stanley & Co. LLC and TD Securities (USA) LLC served as senior
co-managers for the notes. BNP Paribas Securities Corp., BNY Mellon
Capital Markets, LLC, Deutsche Bank Securities Inc., Mizuho
Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA)
Inc., Truist Securities, Inc. and UBS Securities LLC served as
co-managers for the notes.
The offering of the notes is being made pursuant to an effective
shelf registration statement, prospectus and related prospectus
supplement. Copies of the prospectus supplement and the base
prospectus, when available, may be obtained by contacting BMO
Capital Markets Corp. toll-free at 1-866-864-7760, PNC Capital
Markets LLC toll-free at 1-855-881-0697, U.S. Bancorp Investments,
Inc. toll-free at 1-877-558-2607 or Wells Fargo Securities, LLC
collect at 1-800-645-3751. Investors may also obtain these
documents for free by visiting EDGAR on the Securities and Exchange
Commission’s (“SEC”) website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
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 91.7
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/20220810005798/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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