Kimco Realty® Announces Pricing of $500 Million Aggregate Principal Amount of 4.850% Notes due 2035
Kimco Realty (NYSE: KIM) has announced the pricing of a $500 million public offering of 4.850% notes due 2035 through its subsidiary, Kimco Realty OP, The notes, maturing on March 1, 2035, have an effective yield of 4.873% and will be fully guaranteed by Kimco Realty. The offering is expected to settle on September 16, 2024.
The company plans to use the net proceeds for general corporate purposes, including funding investments, redevelopment opportunities, and repaying outstanding debt. Several major financial institutions served as joint book-running managers and co-managers for the offering. Kimco Realty, a leading REIT specializing in open-air, grocery-anchored shopping centers, currently owns interests in 567 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space.
Kimco Realty (NYSE: KIM) ha annunciato la determinazione del prezzo per un'offerta pubblica di 500 milioni di dollari di note al 4,850% in scadenza nel 2035 attraverso la sua sussidiaria, Kimco Realty OP. Le note, con scadenza il 1 marzo 2035, hanno un rendimento effettivo del 4,873% e saranno completamente garantite da Kimco Realty. Si prevede che l'offerta si concluderà il 16 settembre 2024.
L'azienda intende utilizzare i proventi netti per esigenze aziendali generali, comprese le opportunità di investimento, di riqualificazione e il rimborso del debito in essere. Diverse importanti istituzioni finanziarie hanno svolto il ruolo di co-managers e book-running managers per l'offerta. Kimco Realty, un REIT leader specializzato in centri commerciali all'aperto ancorati a negozi di alimentari, possiede attualmente interessi in 567 centri commerciali negli Stati Uniti e attivi a uso misto, per un totale di 101 milioni di piedi quadrati di spazio affittabile lordo.
Kimco Realty (NYSE: KIM) ha anunciado el precio de una oferta pública de 500 millones de dólares de notas al 4.850% que vencen en 2035 a través de su filial, Kimco Realty OP. Las notas, que vencerán el 1 de marzo de 2035, tienen un rendimiento efectivo del 4.873% y estarán totalmente garantizadas por Kimco Realty. Se espera que la oferta se liquide el 16 de septiembre de 2024.
La compañía planea utilizar los ingresos netos para fines corporativos generales, incluyendo financiamiento de inversiones, oportunidades de reurbanización y el pago de deudas pendientes. Varias importantes instituciones financieras actuaron como co-gestores y book-running managers de la oferta. Kimco Realty, un REIT líder especializado en centros comerciales al aire libre anclados en supermercados, posee actualmente intereses en 567 centros comerciales en EE. UU. y activos de uso mixto, totalizando 101 millones de pies cuadrados de espacio arrendable bruto.
김코 리얼티(Kimco Realty, NYSE: KIM)는 자회사 김코 리얼티 OP를 통해 5억 달러 규모의 4.850%의 2035년 만기 채권 공개 주문의 가격을 발표했습니다. 2035년 3월 1일에 만기가 도래하는 이 채권은 4.873%의 실질 수익률을 가지며 김코 리얼티가 전적으로 보증합니다. 이번 공모는 2024년 9월 16일에 정산될 예정입니다.
회사는 투자 자금 조달, 재개발 기회, 남아 있는 부채 상환 등 일반 기업 목적을 위해 순수익을 사용할 계획입니다. 여러 주요 금융 기관들이 이번 공모의 공동 주관 및 북러닝 매니저 역할을 수행했습니다. 김코 리얼티는 식료품점이 위치한 오픈 에어 쇼핑 센터를 전문으로 하는 선두 REIT로, 현재 미국 내 567개의 쇼핑 센터와 혼합 용도의 자산에서 1억 1백만 평방피트의 총 임대 가능한 공간을 소유하고 있습니다.
Kimco Realty (NYSE: KIM) a annoncé le prix d'une offre publique de 500 millions de dollars de notes à 4,850% venant à échéance en 2035 par l'intermédiaire de sa filiale, Kimco Realty OP. Les notes, arrivant à échéance le 1er mars 2035, présentent un rendement effectif de 4,873% et seront entièrement garanties par Kimco Realty. L'offre devrait se régler le 16 septembre 2024.
La société prévoit d'utiliser le produit net pour des besoins d'entreprise généraux, y compris le financement des investissements, les opportunités de réaménagement et le remboursement de dettes en cours. Plusieurs grandes institutions financières ont servi de co-managers et de book-running managers pour l'offre. Kimco Realty, un REIT de premier plan spécialisé dans les centres commerciaux de plein air ancrés par des supermarchés, possède actuellement des participations dans 567 centres commerciaux aux États-Unis et des actifs à usage mixte, totalisant 101 millions de pieds carrés d'espace locatif brut.
Kimco Realty (NYSE: KIM) hat die Preisfestsetzung für eine öffentliche Ausgabe von 500 Millionen Dollar von 4,850% Anleihen mit Fälligkeit 2035 über ihre Tochtergesellschaft, Kimco Realty OP, bekannt gegeben. Die Anleihen, die am 1. März 2035 fällig werden, haben eine effektive Rendite von 4,873% und sind vollständig von Kimco Realty garantiert. Die Begebung wird voraussichtlich am 16. September 2024 abgeschlossen sein.
Das Unternehmen plant, die Nettoerlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich der Finanzierung von Investitionen, Umbauprojekten und der Rückzahlung ausstehender Schulden. Mehrere große Finanzinstitute fungierten als Co-Manager und Book-Running-Manager für die Emission. Kimco Realty, ein führendes REIT, das sich auf freistehende, lebensmittelgestützte Einkaufszentren spezialisiert hat, besitzt derzeit Anteile an 567 US-Einkaufszentren und gemischt genutzten Anlagen mit einer Gesamtfläche von 101 Millionen Quadratfuß vermietbarer Fläche.
- Successful pricing of $500 million in notes, indicating strong market interest
- Long-term debt with 4.850% interest rate, potentially locking in favorable financing
- Proceeds to be used for investments, redevelopment, and debt repayment, supporting growth and financial stability
- Large portfolio of 567 properties with 101 million square feet, demonstrating significant market presence
- Increased debt load of $500 million, which could impact the company's leverage ratios
- Interest expenses will rise due to the new notes issuance, potentially affecting profitability
Insights
Kimco Realty's
The involvement of multiple top-tier financial institutions as joint book-running managers indicates strong market interest. This successful bond issuance enhances Kimco's financial flexibility and demonstrates its ability to access capital markets efficiently, which is important for a REIT focused on high-quality retail properties in prime locations.
This debt offering aligns with Kimco Realty's strategy as a leading owner of grocery-anchored shopping centers and mixed-use properties. The company's focus on first-ring suburbs in major metropolitan areas and expanding Sun Belt cities positions it well in the evolving retail landscape. The
Kimco's emphasis on necessity-based goods and services tenants is particularly relevant in the current economic climate, potentially providing stability to their rental income streams. This bond issuance strengthens Kimco's ability to capitalize on market opportunities and maintain its competitive edge in the REIT sector.
JERICHO, N.Y., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Kimco Realty Corporation (NYSE: KIM) (the “Company”) today announced that its subsidiary, Kimco Realty OP, LLC (“Kimco OP” and, together with the Company, “Kimco”), has priced a public offering of
Kimco intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, funding for suitable investments and redevelopment opportunities and the repayment of outstanding indebtedness at or in advance of maturity.
BofA Securities, Inc., Mizuho Securities USA LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc., Scotia Capital (USA) Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp. and Truist Securities, Inc. served as joint book-running managers in connection with the offering. PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC served as senior co-managers in connection with the offering. Barclays Capital Inc., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC served as co-managers in connection with the offering.
The offering of the notes is being made pursuant to an effective shelf registration statement, base prospectus and related prospectus supplement. Copies of the base prospectus and prospectus supplement, when available, may be obtained by contacting BofA Securities, Inc. at 1-800-294-1322; Mizuho Securities USA LLC at 1-866-271-7403; Regions Securities LLC at 1-800-850-7758; Scotia Capital (USA) Inc. at 1-800-372-3930; or U.S. Bancorp Investments, Inc. at 1-877-558-2607. 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) 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.
Safe Harbor Statement
This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 Realty 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, (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 SEC.
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-833-800-4343
dbujnicki@kimcorealty.com
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