Kimco Realty® Achieves ‘A-’ Credit Rating from Fitch
Kimco Realty® (NYSE: KIM), a leading REIT specializing in open-air, grocery-anchored shopping centers, has achieved an 'A-' credit rating with a stable outlook from Fitch Ratings. This accomplishment places Kimco among just 12 publicly-listed U.S. REITs with an 'A-' equivalent or better credit rating. Fitch highlighted Kimco's long-term stewardship, capable management, and strong board oversight as key factors in their decision.
The rating reflects Kimco's large, geographically diversified portfolio in desirable markets, superior capital access, and stable leverage levels. Glenn Cohen, Kimco's CFO, expressed pride in this achievement, noting it as an aspirational goal that showcases the company's disciplined approach and strategic vision execution.
Kimco Realty® (NYSE: KIM), un REIT leader specializzato in centri commerciali all'aperto ancorati ai generi alimentari, ha ottenuto un rating di credito 'A-' con un outlook stabile da Fitch Ratings. Questo risultato colloca Kimco tra solo 12 REITs statunitensi quotati in borsa con un rating di credito equivalente a 'A-' o migliore. Fitch ha evidenziato la gestione a lungo termine, la capacità gestionale e un forte controllo da parte del consiglio come fattori chiave nella loro decisione.
Il rating riflette il grande portafoglio diversificato geograficamente di Kimco in mercati desiderabili, un accesso al capitale superiore e livelli di leva finanziaria stabili. Glenn Cohen, CFO di Kimco, ha espresso orgoglio per questo risultato, notando che rappresenta un obiettivo aspirazionale che dimostra l'approccio disciplinato e l'esecuzione della visione strategica dell'azienda.
Kimco Realty® (NYSE: KIM), un REIT líder especializado en centros comerciales al aire libre anclados en supermercados, ha logrado un rating de crédito 'A-' con perspectiva estable de Fitch Ratings. Este logro coloca a Kimco entre solo 12 REITs estadounidenses cotizados que tienen un rating de crédito equivalente a 'A-' o mejor. Fitch destacó la gestión a largo plazo, la capacidad directiva y una fuerte supervisión por parte de la junta como factores clave en su decisión.
La calificación refleja el gran portafolio diversificado geográficamente de Kimco en mercados deseables, un acceso superior al capital y niveles de endeudamiento estables. Glenn Cohen, CFO de Kimco, expresó su orgullo por este logro, señalando que representa un objetivo aspiracional que muestra el enfoque disciplinado y la ejecución de la visión estratégica de la empresa.
Kimco Realty® (NYSE: KIM)은 슈퍼마켓이 중심이 되는 야외 쇼핑 센터 전문 REIT 리더로서 Fitch Ratings로부터 'A-' 신용 등급과 안정적인 전망을 달성했습니다. 이 성과는 Kimco를 'A-' 또는 그보다 나은 신용 등급을 가진 12개의 공개 상장 미국 REIT 중 하나로 위치시킵니다. Fitch는 Kimco의 장기적인 관리, 능력 있는 경영 및 강력한 이사회 감독을 주요 결정 요인으로 강조했습니다.
이 등급은 Kimco의 원하는 시장에서의 대규모 지리적으로 다양화된 포트폴리오, 우수한 자본 접근성 및 안정적인 레버리지 수준을 반영합니다. Kimco의 CFO인 Glenn Cohen은 이 성과에 대한 자부심을 표현하며, 이는 회사의 규율 있는 접근 방식과 전략적 비전 실행을 보여주는 목표라고 언급했습니다.
Kimco Realty® (NYSE: KIM), un REIT leader spécialisé dans les centres commerciaux en plein air ancrés dans l'alimentation, a obtenu un rating de crédit 'A-' avec une perspective stable de Fitch Ratings. Cette réalisation place Kimco parmi seulement 12 REITs américains cotés en bourse ayant un rating de crédit équivalent ou meilleur que 'A-'. Fitch a souligné la gestion à long terme, la gestion compétente et un fort contrôle du conseil d'administration comme des facteurs clés dans leur décision.
Le rating reflète le grand portefeuille géographiquement diversifié de Kimco sur des marchés prisés, un accès supérieur au capital et des niveaux de levier stables. Glenn Cohen, le CFO de Kimco, a exprimé sa fierté pour cet accomplissement, le qualifiant de but aspirational qui démontre l'approche disciplinée et l'exécution de la vision stratégique de l'entreprise.
Kimco Realty® (NYSE: KIM), ein führender REIT, der sich auf Einkaufszentren im Freien mit Lebensmittelanbindung spezialisiert hat, hat eine 'A-' Kreditbewertung mit stabiler Aussicht von Fitch Ratings erhalten. Dieses Ergebnis platziert Kimco unter nur 12 börsennotierten US-REITs mit einer Kreditbewertung von 'A-' oder besser. Fitch hob Kimcos langfristige Unternehmensführung, fähige Geschäftsführung und starke Aufsicht durch den Vorstand als Schlüsselfaktoren für ihre Entscheidung hervor.
Die Bewertung spiegelt Kimcos großes, geografisch diversifiziertes Portfolio in begehrten Märkten, überlegenen Zugang zu Kapital und stabile Verschuldungsniveaus wider. Glenn Cohen, CFO von Kimco, äußerte stolz auf diesen Erfolg und bezeichnete ihn als ein erstrebenswertes Ziel, das den disziplinierten Ansatz und die Umsetzung der strategischen Vision des Unternehmens verdeutlicht.
- Achieved 'A-' credit rating from Fitch Ratings, joining an elite group of REITs
- Recognition of strong management and board oversight
- Large, geographically diversified portfolio in desirable markets
- Superior capital access noted by Fitch
- Stable leverage levels contributing to strong financial position
- None.
Insights
Kimco Realty's achievement of an 'A-' credit rating from Fitch is a significant milestone, positioning it among the top-tier REITs in terms of creditworthiness. This upgrade reflects the company's strong financial health and operational stability.
The rating improvement could lead to lower borrowing costs, enhancing Kimco's ability to fund growth initiatives and potentially boosting profitability. It may also attract more conservative investors, possibly leading to increased demand for Kimco's stock and bonds.
However, investors should note that while this is positive news, it's already reflected in the current stock price. The real value lies in how Kimco leverages this improved rating for future growth and shareholder returns.
Kimco's upgraded credit rating underscores its resilience in the evolving retail landscape. The company's focus on grocery-anchored centers and mixed-use properties in prime locations has proven to be a winning strategy, especially in the post-pandemic era where convenience and essential retail have gained importance.
The geographical diversification in high-barrier-to-entry coastal markets and expanding Sun Belt cities positions Kimco well for stable cash flows and potential growth. This strategy aligns with demographic shifts and urbanization trends, potentially leading to long-term value appreciation.
Investors should watch for Kimco's ability to capitalize on redevelopment opportunities within its portfolio, which could drive future growth and maintain its competitive edge in the REIT sector.
JERICHO, N.Y., Sept. 09, 2024 (GLOBE NEWSWIRE) -- 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-used properties in the United States, today announced the company achieved an ‘A-’ credit rating with a stable outlook from Fitch Ratings (“Fitch”), making it one of just 12 publicly-listed U.S. REITs with a credit rating of ‘A-’ equivalent or better.
In its public announcement, Fitch noted “Kimco's rating reflects the long-term stewardship of its highly capable management teams and board oversight, allowing it to flourish across many commercial real estate cycles. The company's large and geographically diversified portfolio in desirable markets, combined with its superior capital access, is indicative of the higher end of the ratings category.” Other notable factors included Kimco’s strong, diverse tenant base and stable leverage levels.
“We are appreciative of Fitch’s recognition of Kimco’s deep-rooted commitment to operational excellence, access to capital markets, and balance sheet strength,” said Glenn Cohen, Kimco’s Executive Vice President and Chief Financial Officer. “Achieving an ‘A-’ credit rating has been an aspirational goal for our company, and we take great pride in this remarkable accomplishment. It reflects our disciplined approach and the outstanding efforts of our team in executing our strategic vision.”
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 June 30, 2024, the company owned interests in 567 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 (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 the coronavirus disease 2019 (“COVID-19”), (xxv) our ability to attract, retain and motivate key 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”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-833-800-4343
dbujnicki@kimcorealty.com
FAQ
What credit rating did Kimco Realty (KIM) receive from Fitch Ratings in September 2024?
How many U.S. REITs have a credit rating of 'A-' equivalent or better, including Kimco (KIM)?
What factors did Fitch Ratings highlight in awarding Kimco Realty (KIM) its 'A-' credit rating?
How many properties did Kimco Realty (KIM) own as of June 30, 2024?
