Kimco Realty Prices Upsized $525 Million Exchangeable Senior Notes Offering Due 2031

Kimco Realty's operating subsidiary, Kimco Realty OP, LLC, announced the pricing of an upsized private offering of $525 million in exchangeable senior notes. The offering was increased from the previously announced $500 million. Net proceeds are estimated to be approximately $513.5 million, which will be used for a concurrent share repurchase and other general corporate purposes.

Key Details

• Offering Size: $525 million aggregate principal amount of 3.50% Exchangeable Senior Notes, with an option for purchasers to buy an additional $75 million.
• Terms: The notes mature on June 15, 2031. The initial exchange price is approximately $32.36 per share, representing a 27.5% premium over the closing stock price on June 10, 2026.
• Use of Proceeds: The company will use approximately $104.7 million of the net proceeds to repurchase 4,125,900 shares of its common stock. The remainder will be used for general corporate purposes, including debt repayment and funding investments.