Kimco Realty® further increases term loan amount to $550 million

JERICHO, NY, Sept. 4, 2024 (GLOBE NEWSWIRE) — Kimco Realty^® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, outdoor grocery-dominated shopping centers and mixed-use properties in the United States, today announced the amendment and increase of its unsecured term loan facility from $500 million to $550 million.

The amendment added a single bank with terms, applicable spread, maturity date and credit covenants unchanged from the January 2, 2024 Term Loan Agreement (as amended on May 3, 2024 and July 17, 2024 prior to the date hereof) with Toronto Dominion (Texas) LLC, as administrative agent, and certain of the lenders thereto. The Company then entered into an interest rate swap agreement setting the interest rate on the additional term loan at 4.3175%. The proceeds will be used for general corporate purposes, including managing debt maturities and opportunistic investing.

Toronto Dominion (Texas) LLC acted as administrative agent, Royal Bank of Canada and US Bank National Association acted as syndication agents, BNP Paribas and Scotia Financing (USA) LLC acted as documentation agents, Regions Bank acted as senior managing agent, TD Securities (USA) LLC acted as sole lead arranger and co-lead manager and Royal Bank of Canada and US Bank National Association acted as joint lead managers on the $550 million upsized unsecured term loan.

About Kimco Realty^®

Kimco Real Estate^® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open, 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 major metropolitan markets, including high-barrier-to-entry coastal markets and fast-growing Sun Belt cities. Its tenant mix focuses on essential, essential goods and services that drive many weekly shopping trips. The company has been listed on the NYSE since 1991 and is included in the S&P 500 Index. It has specialized in owning, managing, acquiring and enhancing the value of shopping centers for over 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this space. As of June 30, 2024, the company had interests in 567 U.S. shopping center and mixed-use assets comprising 101 million square feet of gross leasable area.

The Company provides important information to its investors through its 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 information the Company posts on social media may be considered material information. Accordingly, the Company encourages investors, media and others interested in the Company to review information it posts on its social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). A list of the social media channels used by the company may be updated from time to time on its investor relations website.

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 that such forward-looking statements will be covered by the Safe Harbor provisions for forward-looking statements under the Private Securities Litigation Reform Act of 1995 and is including this statement in order to comply with the Safe Harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies or expectations, are generally identified by the use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “project” or similar expressions. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: (i) general adverse economic conditions and local real estate conditions; (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with acquiring and maintaining assets; (iii) the inability of major tenants to continue to pay rent due to bankruptcy, insolvency or a general decline in their business, (iv) a reduction in the Company’s income in the event of multiple tenant terminations of leases or the absence of multiple tenants from occupying their premises in the shopping center, (v) the potential impact of e-commerce and other changes in consumer shopping practices and changing trends in the retail industry and retailers’ or shoppers’ perceptions, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities and the costs associated with acquiring and maintaining assets and the risks associated with acquisitions that do not perform as we expect, (vii) the Company’s ability to raise capital through the sale of 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 real estate, including risks associated with the development and ownership of non-retail properties, (x) changes in governmental laws and regulations, including, but not limited to, (including, without limitation, changes in data privacy, environmental (including climate change), health and safety and security laws and the ability of management to assess the impact of such changes, (xi) the inability of the Company to achieve the anticipated benefits of the merger with RPT Realty (the “RPT Merger”), (xii) significant transaction costs and/or unknown or unassessed liabilities associated with the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any costs arising therefrom, (xiv) the ability to successfully integrate the businesses of the Company and RPT and the risk that such integration may be more difficult, time-consuming or expensive than expected, (xv) risks related to the future opportunities and plans of the combined company, including the uncertainty of the expected future financial results and results of the combined company, (xvi) the effects of 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 anticipated benefits of the RPT Merger as quickly or to the extent anticipated by analysts or investors, the price of the RPT Merger may be lower than expected, (xviii) the valuation of and risks related to the Company’s joint venture and preferred stock investments and other investments, (xix) the collectibility of mortgage and other financial receivables, (xx) impairment charges, (xxi) criminal cyberattacks, disruptions, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) the impact of natural disasters and weather- and climate-related events, (xxiv) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xxv) our ability to attract, retain and motivate key personnel, (xxvi) financial risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on terms favorable 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 ability to pay dividends dividends at current levels, (xxix) unexpected changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities to maturity, (xxx) the Company’s ability to continue to maintain its REIT status for U.S. corporate income tax purposes and the potential risks and uncertainties associated with the UPREIT structure; and (xxxi) other risks and uncertainties identified in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there can be no assurance that the Company’s expectations will be achieved. The Company disclaims any intention or obligation to update forward-looking statements, whether as a result of new information, future events or otherwise. You are urged to refer to any further disclosures that the Company files in other filings with the Securities and Exchange Commission (the “SEC”).

CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-833-800-4343
[email protected]