Kimco Realty Corporation (NYSE: KIM) has announced the waiver of a condition for the receipt of requisite preferred shareholder consents and the extension of a cash tender offer to purchase all of its outstanding depositary shares representing 1/1,000 of a share of 7.25% Class N Cumulative Convertible Perpetual Preferred Stock and consent solicitation.
The offer was previously conditioned upon the valid tender of a minimum of at least two-thirds of the outstanding securities. However, the company has waived this condition, and the offer and consent solicitation are now not conditioned upon the tender of a minimum of at least two-thirds of the outstanding securities. The expiration date for the offer and consent solicitation has been extended to December 12, 2024.
To date, 521,991 securities have been tendered for purchase in the offer and consent solicitation.
Kimco Realty is a Real Estate Investment Trust (REIT) and a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. As of September 30, 2024, the company owned interests in 567 U.S. shopping centers and mixed-use assets comprising 100.5 million square feet of gross leasable space.
J.P. Morgan Securities LLC is acting as the dealer manager and consent solicitation agent for the offer and consent solicitation.
The company encourages investors, the media, and others interested in the company to review the information it posts on its social media channels, including Facebook, Twitter, and LinkedIn.
This story is developing, and the company will provide updates as the situation evolves. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $25.07. For more information, read the company's full 8-K submission here.
