Exhibit 99.1
Listed on the New York Stock Exchange (KIM)
|
NEWS RELEASE
|
Kimco Realty® Announces Pricing of $650 Million Aggregate Principal Amount
of 4.600% Notes due 2033
JERICHO, N.Y., August 10, 2022 – 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.
Listed on the New York Stock Exchange (KIM)
|
NEWS RELEASE
|
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.
###
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation