Kimco Realty® (NYSE: KIM) announced today that
its Board of Directors has declared a one-time, special dividend of
$0.09 per share of common stock to satisfy its distribution
requirements as a REIT. The special dividend is payable in cash on
December 21, 2023, to stockholders of record on December 7, 2023.
This special dividend is largely the result of a special dividend
payment Kimco received from Albertsons Companies Inc. (NYSE: ACI)
in January 2023.
The Board of Directors did not make any change in the company’s
policy with respect to regular quarterly dividends, with future
dividend declarations subject to the discretion of the Board of
Directors.
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in Jericho, NY that is North America’s largest
publicly traded owner and operator of open-air, grocery-anchored
shopping centers and a growing portfolio of mixed-use assets. The
company’s portfolio is primarily concentrated in the first-ring
suburbs of the top major metropolitan markets, including those in
high-barrier-to-entry coastal markets and rapidly expanding Sun
Belt cities, with a tenant mix focused on essential,
necessity-based goods and services that drive multiple shopping
trips per week. Kimco Realty is also committed to leadership in
environmental, social and governance (ESG) issues and is a
recognized industry leader in these areas. Publicly traded on the
NYSE since 1991, and included in the S&P 500 Index, the company
has specialized in shopping center ownership, management,
acquisitions, and value enhancing redevelopment activities for more
than
60 years. As of September 30, 2023, the company owned interests
in 527 U.S. shopping centers and mixed-use assets comprising 90
million square feet of gross leasable space. For further
information, please visit www.kimcorealty.com.
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the social media channels, including
Facebook (www.facebook.com/kimcorealty), X
(www.twitter.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
Safe Harbor Statement
This communication contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Kimco Realty
Corporation (the "Company”) intends such forward-looking statements
to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the Company’s future
plans, strategies and expectations, are generally identifiable by
use of the words “believe,” “expect,” “intend,” “commit,”
“anticipate,” “estimate,” “project,” “will,” “target,” “plan,”
“forecast” or similar expressions. You should not rely on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which, in some cases, are
beyond the Company’s control and could materially affect actual
results, performances or achievements. 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 impact of competition,
including the availability of acquisition or development
opportunities and the costs associated with purchasing and
maintaining assets; (iii) the inability of major tenants to
continue paying their rent obligations due to bankruptcy,
insolvency or a general downturn in their business, (iv) the
reduction in the Company’s income in the event of multiple lease
terminations by tenants or a failure of multiple tenants to occupy
their premises in a shopping center, (v) the potential impact of
e-commerce and other changes in consumer buying practices, and
changing trends in the retail industry and perceptions by retailers
or shoppers, including safety and convenience, (vi) the
availability of suitable acquisition, disposition, development and
redevelopment opportunities, and the costs associated with
purchasing and maintaining assets and risks related to acquisitions
not performing in accordance with our expectations, (vii) the
Company’s ability to raise capital by selling its assets, (viii)
disruptions and increases in operating costs due to inflation and
supply chain issues, (ix) risks associated with the development of
mixed-use commercial properties, including risks associated with
the development, and ownership of non-retail real estate, (x)
changes in governmental laws and regulations, including, but not
limited to changes in data privacy, environmental (including
climate change), safety and health laws, and management’s ability
to estimate the impact of such changes, (xi) risks and
uncertainties associated with the Company’s and RPT Realty’s
(“RPT”) ability to complete the proposed merger transaction (the
“proposed transaction”) on the proposed terms or on the anticipated
timeline, or at all, including risks and uncertainties related to
securing the necessary RPT shareholder approval and satisfaction of
other closing conditions to consummate the proposed transaction,
(xii) the occurrence of any event, change or other circumstance
that could give rise to the termination of the merger agreement
governing the proposed transaction, (xiii) risks related to
diverting the attention of management from ongoing business
operations, (xiv) the Company’s failure to realize the expected
benefits of the proposed transaction, (xv) significant transaction
costs and/or unknown or inestimable liabilities related to the
proposed transaction, (xvi) the risk of litigation, including
shareholder litigation, in connection with the proposed
transaction, including any resulting expense or delay, (xvii) the
ability to successfully integrate the operations of the Company and
RPT following the closing of the proposed transaction and the risk
that such integration may be more difficult, time-consuming or
costly than expected, (xviii) risks related to future opportunities
and plans for the combined company, including the uncertainty of
expected future financial performance and results of the combined
company following completion of the proposed transaction, (xix)
effects relating to the announcement of the proposed transaction or
any further announcements or the consummation of the proposed
transaction on the market price of the Company’s common stock or
RPT’s common shares or on each company’s respective relationships
with tenants, employees, joint venture partners and third parties,
(xx) the possibility that, if the Company does not achieve the
perceived benefits of the proposed transaction as rapidly or to the
extent anticipated by financial analysts or investors, the market
price of the Company’s common stock could decline, (xxi) valuation
and risks related to the Company’s joint venture and preferred
equity investments and other investments, (xxii) valuation of
marketable securities and other investments, including the shares
of Albertsons Companies, Inc. common stock held by the Company,
(xxiii) impairment charges, (xxiv) criminal cybersecurity attacks
disruption, data loss or other security incidents and breaches,
(xxv) impact of natural disasters and weather and climate-related
events, (xxvi) pandemics or other health crises, such as
coronavirus disease 2019 (“COVID-19”), (xxvii) our ability to
attract, retain and motivate key personnel, (xxviii) financing
risks, such as the inability to obtain equity, debt or other
sources of financing or refinancing on favorable terms to the
Company, (xxix) the level and volatility of interest rates and
management’s ability to estimate the impact thereof, (xxx) changes
in the dividend policy for the Company’s common and preferred stock
and the Company’s ability to pay dividends at current levels,
(xxxi) unanticipated changes in the Company’s intention or ability
to prepay certain debt prior to maturity and/or hold certain
securities until maturity, (xxxii) the Company’s ability to
continue to maintain its status as a REIT for U.S. federal income
tax purposes and potential risks and uncertainties in connection
with its UPREIT structure, and (xxxiii) other risks and
uncertainties identified under Item 1A, “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022 as
supplemented by the risks and uncertainties identified under Item
1A, “Risk Factors” in our Quarterly Reports on Form 10-Q.
Accordingly, there is no assurance that the Company’s expectations
will be realized. The Company disclaims any intention or obligation
to update the forward-looking statements, whether as a result of
new information, future events or otherwise. You are advised to
refer to any further disclosures the Company makes in other filings
with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113120948/en/
David F. Bujnicki Senior Vice President, Investor Relations and
Strategy Kimco Realty Corporation (833) 800-4343
dbujnicki@kimcorealty.com
Kimco Realty (NYSE:KIM)
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