Kimco Prices Upsized $525 Mln Exchangeable Notes Due 2031

Kimco Realty

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(RTTNews) - Retail property owner Kimco Realty Corp. (KIM) on Thursday announced that its operating subsidiary Kimco Realty OP, LLC priced an upsized $525 million offering of 3.50 percent exchangeable senior notes due 2031 in a private placement.

The offering was increased from a previously announced $500 million. Kimco also granted initial purchasers a 13-day option to buy up to an additional $75 million of notes.

The notes will mature on June 15, 2031 and pay interest semi-annually at 3.50 percent per annum, beginning December 15, 2026.

The issuance is scheduled to settle on June 15, 2026. Kimco Realty will fully and unconditionally guarantee the notes on a senior, unsecured basis.

The initial exchange rate is 30.9028 shares of Kimco common stock per $1,000 principal amount of notes, representing an exchange price of about $32.36 per share. That reflects a premium of approximately 27.5 percent to the last reported sale price of $25.38 per share of Kimco common stock on June 10, 2026.

Net proceeds are estimated at $513.5 million, or $587.0 million if the initial purchasers fully exercise their option, after discounts, commissions and expenses.

Kimco intends to use about $104.7 million of the net proceeds to repurchase 4.13 million shares of its common stock concurrently with the pricing, in privately negotiated transactions. The remainder will be used for general corporate purposes, including the redemption or repayment of indebtedness and funding for acquisition, investment and redevelopment opportunities.

In the pre-market activity on NYSE, shares of Kimco were up 0.08 percent, changing hands at $25.40, after closing Wednesday's regular session 0.75 percent higher.