Kimco Realty Corporation (NYSE:KIM) today announced the establishment of
an “at the market” continuous offering program, pursuant to which the
company may offer and sell shares of its common stock, par value $0.01
per share, with an aggregate gross sales price of up to $500,000,000
through Citigroup Global Markets Inc., Barclays Capital Inc., BNY Mellon
Capital Markets, LLC, Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA)
Inc., UBS Securities LLC and Wells Fargo Securities, LLC, as sales
agents. Sales of the shares of common stock may be made, as needed, from
time to time by means of ordinary brokers’ transactions on the NYSE or
otherwise at market prices prevailing at the time of sale, at prices
related to prevailing market prices or at negotiated prices.
"While we see no immediate need to utilize the ATM program, the
establishment of this program provides the company an attractive
alternative, low-cost source of capital and greater flexibility in
managing our balance sheet. The program will be in effect for a three
year period," said Dave Henry, Kimco Chief Executive Officer.
The company intends to use any net proceeds from the program for general
corporate purposes, including, without limitation, the funding of future
acquisitions, the funding of development and redevelopment costs, the
redemption, from time to time, of depositary shares representing one or
more class or series of the company’s preferred stock and the reduction,
from time to time, of outstanding indebtedness, including borrowings
under the company’s revolving credit facility.
The company has filed a registration statement (including a prospectus
and a related prospectus supplement) with the Securities and Exchange
Commission (“SEC”) for the offering of shares of common stock described
in this press release. Prior to investing, prospective investors should
read the prospectus in that registration statement, the related
prospectus supplement and other documents the company has filed with the
SEC for more complete information about the company and this offering.
These documents may be obtained for free by visiting EDGAR on the SEC
website at www.sec.gov.
Alternatively, the company or the agents will arrange, upon request, to
send the prospectus. Please direct requests to: Citigroup Global Markets
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, toll free at (800) 831-9146 or email to prospectus@citi.com;
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, toll free at (888) 603-5847 or
email to Barclaysprospectus@broadridge.com;
BNY Mellon Capital Markets, LLC, 101 Barclay, 3rd Floor New
York, NY 10286, attention: Equity Capital Markets; Deutsche Bank
Securities Inc., 60 Wall Street, New York, New York, 10005, Attention:
Prospectus Group; J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, toll free
at (866) 803-9204; Merrill Lynch, Pierce, Fenner & Smith Incorporated,
222 Broadway, New York, New York 10038, Attention: Prospectus Department
or by emailing dg.prospectus_requests@baml.com;
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New
York 10014, Attention: Prospectus Dept.; RBC Capital Markets, LLC, Three
World Financial Center, 200 Vesey Street, 8th floor, New York, New
York 10281, Attention: Equity Syndicate, toll free at (877) 822-4089;
Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, New
York 10281, Attention: Equity Capital Markets, collect at (212) 225-6851
or by emailing us.ecm.syndicate@scotiabank.com;
UBS Securities LLC, 299 Park Avenue, New York, New York, 10171,
Attention: Prospectus Department, toll free at (888) 827-7275; Wells
Fargo Securities, LLC, 375 Park Avenue, New York, New York, 10152,
Attention: Equity Syndicate Department, toll free at (800) 326-5897 or
by emailing cmclientsupport@wellsfargo.com.
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 shares
of the company’s common stock 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
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
headquartered in New Hyde Park, N.Y., that owns and operates North
America’s largest publicly traded portfolio of neighborhood and
community shopping centers. As of December 31, 2014, the company owned
interests in 754 shopping centers comprising 110 million square feet of
leasable space across 39 states, Puerto Rico, Canada, Mexico and Chile.
Publicly traded on the NYSE since 1991, and included in the S&P 500
Index, the company has specialized in shopping center acquisitions,
development and management for more than 50 years.
SAFE HARBOR STATEMENT
The statements in this 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 that could 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) financing risks, such as the inability to obtain equity, debt or
other sources of financing or refinancing on favorable terms to the
company, (iv) the company’s ability to raise capital by selling its
assets, (v) changes in governmental laws and regulations, (vi) the level
and volatility of interest rates and foreign currency exchange rates and
management’s ability to estimate the impact thereof, (vii) risks related
to the company’s international operations, (viii) the availability of
suitable acquisition, disposition, development and redevelopment
opportunities, and risks related to acquisitions not performing in
accordance with our expectations, (ix) valuation and risks related to
the company’s joint venture and preferred equity investments, (x)
valuation of marketable securities and other investments, (xi) increases
in operating costs, (xii) changes in the dividend policy for the
company’s common stock, (xiii) the reduction in the company’s income in
the event of multiple lease terminations by tenants or a failure by
multiple tenants to occupy their premises in a shopping center, (xiv)
impairment charges and (xv) unanticipated changes in the company’s
intention or ability to prepay certain debt prior to maturity and/or
hold certain securities until maturity. Additional information
concerning factors that could cause actual results to differ materially
from those forward-looking statements is contained from time to time in
the company’s SEC filings, including but not limited to the company’s
Annual Report on Form 10-K for the year ended December 31, 2014 and any
subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q
or Current Reports on Form 8-K. Copies of each filing may be obtained
from the company or the SEC.
The company refers you to the documents filed by the company from time
to time with the SEC, specifically the section titled “Risk Factors” in
the company’s Annual Report on Form 10-K for the year ended December 31,
2014, as it may be updated or supplemented by subsequent Annual Reports
on Form 10-K or Quarterly Reports on Form 10-Q filed with the SEC, which
discuss these and other factors that could adversely affect the
company’s results.
Copyright Business Wire 2015