JERICHO, N.Y., July 17, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to $500 million from the prior amount of $200 million. The amendment incorporates the inclusion of four additional banks with the terms, applicable spread, maturity date and credit covenan ...

Core Viewpoint - Kimco Realty has amended and increased its unsecured term loan to $500 million from $200 million, indicating strong support from banking partners and a focus on maintaining liquidity and a robust balance sheet [1][2]. Financial Details - The amended loan includes four additional banks, with unchanged terms, applicable spread, maturity date, and credit covenants from the previous agreement made on January 2, 2024 [1]. - The company has entered into interest rate swap agreements, fixing the rate on the incremental term loans to a blended rate of 4.78% [1]. - Proceeds from the loan will be utilized for general corporate purposes, including the reduction of outstanding borrowings under the unsecured revolving credit facility [1]. Company Overview - Kimco Realty is a leading real estate investment trust (REIT) focused on high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [3]. - The company's portfolio includes 569 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space as of March 31, 2024 [3]. - Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index, with over 60 years of experience in shopping center ownership and management [3].

Market Overview - Marko Kolanovic, JPMorgan's MD and Global Head of Macro Quantitative and Derivatives Strategy, predicts a stock market decline of over 20% to 4,200 by year-end, citing a disconnect between US equity valuations and the business cycle [2] - The S&P 500 currently trades at a multiple of approximately 21x earnings, one of the highest valuations since the Dot-com bubble [7] - Historically, valuations above 20x earnings indicate annual returns of only 0-4% over the next five years, suggesting poor risk/reward dynamics [9] Real Estate Sector Insights - Real estate has underperformed the S&P 500 since 2012, making it the cheapest sector in the index [9][11] - Blackstone's global co-head of real estate noted a significant increase in bidders for apartment buildings, indicating a return of buyers to the market [13] - The article highlights two attractive REITs: Kimco Realty Corp. (KIM) and Terreno Realty Corp. (TRNO), both of which are positioned well in their respective markets [28] Kimco Realty Corp. (KIM) - KIM is America's largest publicly traded operator of open-air grocery-anchored shopping centers, focusing on acquiring existing assets and developing mixed-use properties [14][15] - The company benefits from high demand and low vacancy rates, with occupancy rates for anchor spaces over 98% [17] - KIM has a BBB+ credit rating and a 5.6x net leverage ratio, with a current dividend yield of 4.9% and expected AFFO growth of 3% this year [18] Terreno Realty Corp. (TRNO) - TRNO focuses on industrial real estate in six major coastal U.S. markets, with 76.8% of its rent coming from warehouse/distribution assets [22] - The company targets functional properties in supply-constrained markets, maintaining a conservative debt strategy with a net leverage ratio of 2.9x EBITDA [25] - TRNO has returned close to 12% per year since its IPO, with a current yield of 3.0% and expected AFFO growth of 10% this year [27]

Core Insights - Kimco Realty has published its 2023 Corporate Responsibility Report, showcasing its commitment to environmental, social, and governance (ESG) topics, which have been a focus for over a decade [1][2] - The company emphasizes the integration of financial performance with corporate responsibility and sustainability excellence [1] ESG Progress - Kimco has made significant strides in reducing greenhouse gas (GHG) emissions, including a Science-Based Target and a net zero goal for Scope 1 and 2 GHG emissions [1] - The company implemented a renewable energy credit (REC) procurement pilot to enhance operational efficiency and explore pathways to net zero emissions [1] - In 2023, Kimco received the Nareit's Retail Leader in the Light Award for outstanding sustainability practices for the second consecutive year, marking a total of four awards [1] - Kimco achieved a top ranking in its peer group by GRESB and received the Great Place to Work® certification for the sixth consecutive year [1] Certification and Community Engagement - The company launched the IREM® Certified Sustainable Properties Volume Program, achieving 19 third-party certifications for excellence in sustainability [1] - Kimco introduced Employee Resource Groups (ERGs) and conducted its first annual volunteerism drive to enhance organizational culture [1] - The company achieved its goal of installing Curbside Pickup® infrastructure at 100% of qualified sites ahead of the 2025 target [1] Company Overview - Kimco Realty is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio of 569 shopping centers and mixed-use assets totaling 101 million square feet of gross leasable space as of March 31, 2024 [3] - The company focuses on essential goods and services that drive frequent shopping trips, strategically concentrating its portfolio in major metropolitan markets [3]

JERICHO, N.Y., June 27, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-used properties in the United States, has published its 2023 Corporate Responsibility Report. The report highlights the company's progress in addressing environmental, social, and governance (ESG) topics, which have been an area of focus for Kimco and its stakeholders for over a decade. "We take ...

Kimco Realty (KIM) is well-poised to benefit from its portfolio of premium retail properties in top major metro Sunbelt and coastal markets. Its focus on grocery-anchored shopping centers, mixed-use assets and a solid balance sheet position bode well for long-term growth. However, higher e-commerce adoption and an elevated interest rate environment remain key woes.What’s Aiding it?Kimco’s properties are located in the drivable first-ring suburbs of its top major metropolitan Sunbelt and coastal markets. Par ...

JERICHO, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) will announce its second quarter 2024 earnings on Thursday, August 1, 2024, before market open. You are invited to listen to our quarterly earnings conference call. The webcast information is as follows: When: 8:30 AM ET, August 1, 2024 Live Webcast: 2Q24 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 1566978 Audio from the ...

JERICHO, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM) will announce its second quarter 2024 earnings on Thursday, August 1, 2024, before market open. You are invited to listen to our quarterly earnings conference call. The webcast information is as follows: When: 8:30 AM ET, August 1, 2024 Live Webcast: 2Q24 Kimco Realty Earnings Conference Call or on Kimco Realty's website investors.kimcorealty.com Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 1566978 Audio from the ...

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Luis Alvarez I added aggressively to my position in Kimco Realty Corporation (NYSE:KIM) last week as the stock went through a short period of unearned selling weakness. Kimco Realty profited from strong lease activity in the first quarter and continued to exhibit very health pay-out metrics as far as the real estate investment trust’s dividend is concerned. Kimco Realty's low pay-out variability and favorable leasing spreads make the trust a compelling buy from a cash flow and dividend growth angle. My ...