Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Kimco Realty Completes Full Redemption of Its 5.500% Class J Cumulative Redeemable Preferred Stock


Kimco Realty Corp. (NYSE: KIM) today announced that in an effort to reduce leverage, it has completed the redemption of all 9,000 shares of its issued and outstanding 5.500% Class J Cumulative Redeemable Preferred Stock (the Class J Preferred Stock) and all 9,000,000 depositary shares representing the Class J Preferred Stock (the Class J Depositary Shares and, together with the Class J Preferred Stock, the Class J Shares) (NYSE: KIMprJ “ CUSIP No. 49446R778), representing an aggregate liquidation preference of $225 million.

The Class J Preferred Stock was redeemed at the price of $25,000.00 per share, plus $290.278 in accrued and unpaid dividends on each share, and the Class J Depositary Shares were redeemed at the price of $25.00 per depositary share, plus $0.29028 in accrued and unpaid dividends on each share. Dividends ceased to accrue on the Class J Shares as of the date of redemption.

Were committed to fortifying our balance sheet by prudently reducing leverage. The redemption of these preferred shares improves our net debt to recurring EBITDA on a look-through basis while also improving our fixed-charge coverage ratio, said Kimco CFO Glenn Cohen. We continue to carefully consider our capital allocation plan and will look to opportunistically further reduce leverage based on market conditions.

The redemption of the Class J Cumulative Redeemable Preferred Stock was primarily funded through the use of the companys at the market (ATM) common stock equity offering program. During the fourth quarter, Kimco issued 9.5 million shares of common stock at a weighted average price of $21.03 per share, net of commissions paid, under the ATM program, generating net proceeds of $200.1 million.

As previously announced, in connection with the redemption of the preferred stock, Kimco will recognize a non-cash charge of approximately $7.2 million or $0.02 cents per common share in the fourth quarter of 2019. This charge will reduce Net Income and NAREIT Funds From Operations per diluted share by the same amount but have no impact on Funds From Operations as adjusted per diluted share.

About Kimco

Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North Americas largest publicly traded owners and operators of open-air shopping centers. As of September 30, 2019, the company owned interests in 420 U.S. shopping centers and mixed-use assets comprising 73.6 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. 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 60 years.

Safe Harbor Statement

The statements in this news release state the companys and managements intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the companys 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) 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 companys ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and managements ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and managements ability to estimate the impact thereof, (vii) risks related to the companys 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 companys 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 companys common and preferred stock and the companys ability to pay dividends at current levels, (xiii) the reduction in the companys 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 companys 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 companys Securities and Exchange Commission (SEC) filings. 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 companys Annual Report on Form 10-K for the year ended December 31, 2018, as may be updated or supplemented in the companys Quarterly Reports on Form 10-Q and the companys other filings with the SEC, which discuss these and other factors that could adversely affect the companys results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

David F. Bujnicki

Senior Vice President, Investor Relations and Strategy

Kimco Realty Corporation


Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now


Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.