Kimco Realty Corporation (NYSE: KIM) has announced the final results of its tender offer to purchase for cash any and all of its outstanding depositary shares representing 1/1,000 of a share of the company’s 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, as well as the concurrent consent solicitation. The offer and consent solicitation expired at 5:00 p.m., New York City time, on December 12, 2024.
According to the final count by the tender agent, the company accepted for purchase a total of 409,772 securities properly tendered and not properly withdrawn before the expiration date. This represents approximately 22.17% of the outstanding securities as of December 12, 2024.
In connection with the consent solicitation, holders of less than two-thirds of the outstanding shares of Class N Preferred Stock (which corresponds to holders of less than two-thirds of the outstanding securities) have consented to the proposed amendment to the charter of the company. As a result, the required consents have not been obtained, and the proposed amendment to the charter of the company will not be effectuated.
The tender agent will issue payment for the securities properly tendered and accepted for purchase in the offer and consent solicitation on December 16, 2024. J.P. Morgan Securities LLC acted as the dealer manager and consent solicitation agent, while D.F. King & Co., Inc., acted as the information agent and Equiniti Trust Company, LLC acted as the tender agent for the offer and consent solicitation.
As of September 30, 2024, Kimco Realty owned interests in 567 U.S. shopping centers and mixed-use assets comprising 100.5 million square feet of gross leasable space. The company encourages investors, the media, and others interested in the company to review the information that it posts on its social media channels, including Facebook, Twitter, and LinkedIn.
Kimco Realty is a real estate investment trust and a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding sunbelt cities. As a result of these announcements, the company's shares have moved -0.4% on the market, and are now trading at a price of $24.38. For the full picture, make sure to review Kimco Realty's 8-K report.
