Kimco Realty Corp 8-K, filed Jan 3, 2024

Kimco Realty Corp (KIM)

8-K 2024-01-03 For: 2024-01-02

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Added on April 06, 2026

About this 8-K

Kimco Realty Corp filed this 8-K on January 3, 2024, reporting on events of January 2, 2024.

Items reported

Item 1.01: Entered into a material agreement
Item 3.02: Unregistered sale of equity
Item 3.03: Change to shareholders' rights
Item 5.03: Charter or bylaw amendment, or fiscal year change
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Maryland (Kimco Realty Corporation)	1-10899	13-2744380
Delaware (Kimco Realty OP, LLC)	333-269102-01	92-1489725
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share.	KIM	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share.	KIMprL	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share.	KIMprM	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Convertible, Preferred Stock, $1.00 par value per share.	KIMprN	New York Stock Exchange

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Kimco Realty Corporation Yes ☐ No ☒	Kimco Realty OP, LLC Yes ☐ No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Exhibit No.	Description

2.1	Agreement and Plan of Merger, dated as of August 28, 2023, by and among Kimco Realty Corporation, Kimco Realty OP, LLC, Tarpon Acquisition Sub, LLC, Tarpon OP Acquisition Sub, LLC, RPT Realty, and RPT Realty, L.P.(incorporated by reference to Exhibit 2.1 to Kimco Realty Corporation’s and Kimco Realty OP, LLC’s Form 8-K filed on August 28, 2023)*

3.1	Amended and Restated Limited Liability Company Agreement of Kimco Realty OP, LLC, dated as of January 2, 2024

3.2	Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock (incorporated by reference to Exhibit 3.2 to Kimco Realty Corporation’s Registration Statement on Form 8-A filed on December 29, 2023)

4.1	Form of Deposit Agreement, dated as of January 2, 2024, between Kimco Realty Corporation and Equiniti Trust Company, LLC, and the holders from time to time of the Depositary Receipts described therein, dated as of January 2, 2024 (incorporated by reference to Exhibit 4.2 to Kimco Realty Corporation’s Registration Statement on Form 8-A, filed on December 29, 2023)

10.1	Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024 among Kimco Realty OP, LLC (as successor by assumption to RPT Realty, L.P.), the several banks, financial institutions and other entities from time to time parties thereto, BMO Bank, N.A., as syndication agent, Truist Bank and Regions Bank, as documentation agents, J.P. Morgan Securities LLC, as sustainability structuring agent, and JPMorgan Chase Bank, N.A., as administrative agent

10.2	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of JPMorgan Chase Bank, N.A., as administrative agent

10.3	Term Loan Agreement, dated as of January 2, 2024 among Kimco Realty O.P., LLC, the several banks, financial institutions and other entities from time to time parties thereto, and TD BANK, N.A., as administrative agent

10.4	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of TD Bank, N.A., as administrative agent

99.1	Press Release, dated January 2, 2024

104	Cover Page Interactive Data File (embedded within the iXBRL document)

	KIMCO REALTY CORPORATION

Date: January 2, 2024	By:	/s/ Glenn G. Cohen
		Name:	Glenn G. Cohen
		Title:	Chief Financial Officer

	KIMCO REALTY OP, LLC
	By: KIMCO REALTY CORPORATION, its Managing Member

Date: January 2, 2024	By:	/s/ Glenn G. Cohen
		Name:	Glenn G. Cohen
		Title:	Chief Financial Officer

ARTICLE 1	DEFINED TERMS		2
ARTICLE 2	ORGANIZATIONAL MATTERS		18
Section 2.1		Formation	18
Section 2.2		Name	18
Section 2.3		Principal Office and Resident Agent; Principal Executive Office	18
Section 2.4		Power of Attorney	19
Section 2.5		Term	19
Section 2.6		Membership Interests Are Securities	19
ARTICLE 3	PURPOSE		20
Section 3.1		Purpose and Business	20
Section 3.2		Powers	20
Section 3.3		Nature of Relationship of Members	20
Section 3.4		Representations and Warranties by the Members	20
ARTICLE 4	CAPITAL CONTRIBUTIONS		22
Section 4.1		Capital Contributions of the Members	22
Section 4.2		Issuances of Additional Membership Interests	22
Section 4.3		Additional Funds and Capital Contributions	23
Section 4.4		Equity Incentive Plans	24
Section 4.5		Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Incentive Plan or Other Plan	24
Section 4.6		No Interest; No Return	24
Section 4.7		Conversion or Redemption of Capital Shares	25
Section 4.8		Other Contribution Provisions	25
ARTICLE 5	DISTRIBUTIONS		26
Section 5.1		Requirement and Characterization of Distributions	26
Section 5.2		Distributions in Kind	26
Section 5.3		Amounts Withheld	26
Section 5.4		Distributions upon Liquidation	26
Section 5.5		Distributions to Reflect Additional Membership Units	26
Section 5.6		Restricted Distributions	26
ARTICLE 6	ALLOCATIONS		27
Section 6.1		Timing and Amount of Allocations of Net Income and Net Loss	27
Section 6.2		General Allocations	27
Section 6.3		Additional Allocation Provisions	29
Section 6.4		Regulatory Allocation Provisions	29
Section 6.5		Tax Allocations	31

ARTICLE 7	MANAGEMENT AND OPERATIONS OF BUSINESS		31
Section 7.1		Management	31
Section 7.2		Certificate of Formation	34
Section 7.3		Restrictions on Managing Member’s Authority	35
Section 7.4		Reimbursement of the Managing Member	36
Section 7.5		Outside Activities of the Managing Member	37
Section 7.6		Transactions with Affiliates	38
Section 7.7		Indemnification	38
Section 7.8		Duties and Liability of the Managing Member	40
Section 7.9		Title to Company Assets	42
Section 7.10		Reliance by Third Parties	42
ARTICLE 8	RIGHTS AND OBLIGATIONS OF NON-MANAGING MEMBERS		42
Section 8.1		Duties; Limitation of Liability	42
Section 8.2		Management of Business	43
Section 8.3		Outside Activities of Members	43
Section 8.4		Return of Capital	43
Section 8.5		Rights of Members Relating to the Company	43
Section 8.6		Company Right to Call Common Units	44
ARTICLE 9	BOOKS, RECORDS, ACCOUNTING AND REPORTS		44
Section 9.1		Records and Accounting.	44
Section 9.2		Fiscal Year	44
Section 9.3		Reports	45
Section 9.4		Waiver of Statutory Inspection Rights	45
ARTICLE 10	TAX MATTERS		45
Section 10.1		Preparation of Tax Returns	45
Section 10.2		Tax Elections	45
Section 10.3		Company Representative	45
Section 10.4		Withholding	46
Section 10.5		Organizational Expenses	47
Section 10.6		Membership Provisions	47
Section 10.7		Survival	47
ARTICLE 11	MEMBER TRANSFERS AND WITHDRAWALS		47
Section 11.1		Transfer	47
Section 11.2		Transfer of Managing Member’s Membership Interest	47
Section 11.3		Members’ Rights to Transfer	49
Section 11.4		Admission of Substituted Members	51
Section 11.5		Assignees	51
Section 11.6		General Provisions	52
ARTICLE 12	ADMISSION OF MEMBERS		52
Section 12.1		Admission of Successor Managing Member	52
Section 12.2		Admission of Additional Members	53
Section 12.3		Amendment of Agreement and Certificate of Formation	53
Section 12.4		Limit on Number of Members	54
Section 12.5		Admission	54

ARTICLE 13	DISSOLUTION, LIQUIDATION AND TERMINATION		54
Section 13.1		Dissolution	54
Section 13.2		Winding Up	54
Section 13.3		Rights of Holders	55
Section 13.4		Notice of Dissolution	56
Section 13.5		Cancellation of Certificate of Formation	56
Section 13.6		Reasonable Time for Winding-Up	56
ARTICLE 14	PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS		56
Section 14.1		Procedures for Actions and Consents of Members	56
Section 14.2		Amendments	56
Section 14.3		Actions and Consents of the Members	56
ARTICLE 15	GENERAL PROVISIONS		58
Section 15.1		Redemption Rights of Qualifying Parties	58
Section 15.2		Addresses and Notice	60
Section 15.3		Titles and Captions	60
Section 15.4		Pronouns and Plurals	61
Section 15.5		Further Action	61
Section 15.6		Binding Effect	61
Section 15.7		Waiver	61
Section 15.8		Counterparts	61
Section 15.9		Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial	61
Section 15.10		Entire Agreement	62
Section 15.11		Invalidity of Provisions	62
Section 15.12		Limitation to Preserve REIT Status	62
Section 15.13		No Partition	62
Section 15.14		No Third-Party Rights Created Hereby	63
Section 15.15		No Rights as Stockholders	63
ARTICLE 16	LTIP UNITS		63
Section 16.1		Designation	63
Section 16.2		Vesting	63
Section 16.3		Adjustments	64
Section 16.4		Distributions	64
Section 16.5		Allocations	65
Section 16.6		Transfers	65
Section 16.7		Redemption	65
Section 16.8		Legend	65
Section 16.9		Conversion to Common Units	65
Section 16.10		Voting	67
Section 16.11		Section 83 Safe Harbor	68

ARTICLE 17	CLASS L PREFERRED UNITS		68
Section 17.1		Designation	68
Section 17.2		Distributions	68
Section 17.3		Liquidation Proceeds	69
Section 17.4		Ranking	69
Section 17.5		Voting Rights	69
Section 17.6		Transfer Restrictions	69
Section 17.7		No Sinking Fund	69
ARTICLE 18	CLASS M PREFERRED UNITS		70
Section 18.1		Designation	70
Section 18.2		Distributions	70
Section 18.3		Liquidation Proceeds	71
Section 18.4		Ranking	71
Section 18.5		Voting Rights	71
Section 18.6		Transfer Restrictions	71
Section 18.7		No Sinking Fund	71
ARTICLE 19	CLASS N PREFERRED UNITS		71
Section 19.1		Designation	71
Section 19.2		Distributions	71
Section 19.3		Liquidation Proceeds	72
Section 19.4		Ranking	73
Section 19.5		Voting Rights	73
Section 19.6		Transfer Restrictions	73
Section 19.7		No Sinking Fund

Exhibit A	EXAMPLES REGARDING ADJUSTMENT FACTOR	A-1
Exhibit B	NOTICE OF REDEMPTION	B-1
Exhibit C	CONVERSION NOTICE	C-1
Exhibit D	FORCED CONVERSION NOTICE	D-1

	MANAGING MEMBER:
	KIMCO REALTY CORPORATION a Maryland corporation
	By:	/s/ Conor C. Flynn
	Name:	Conor C. Flynn
	Its:	Chief Executive Officer

Name of LTIP Unit Holder:
	Please Print Name as Registered with the Company
Number of LTIP Units to be Converted:
Date of this Notice:
	(Signature of LTIP Unit Holder)
	(Street Address)
	(City) (State) (Zip Code)
	Signature Medallion Guaranteed by:

Name of LTIP Unit Holder:
	Please Print Name as Registered with the Company
Number of LTIP Units to be Converted:
Date of this Notice:

		Page

ARTICLE I DEFINITIONS		2
Section 1.1	Defined Terms	2
Section 1.2	Other Definitional Provisions; Interpretation	33
Section 1.3	Accounting Terms; GAAP	34
Section 1.4	[Reserved]	34
Section 1.5	Interest Rates; Benchmark Notification	35
Section 1.6	[Reserved]	35
Section 1.7	Divisions	35
ARTICLE II THE LOANS		35
Section 2.1	[Reserved]	35
Section 2.2	Loans; Etc.	35
Section 2.3	Prepayments	38
Section 2.4	Conversion and Continuation Options	38
Section 2.5	Fees	39
Section 2.6	Interest Rates and Payment Dates	39
Section 2.7	Computation of Interest and Fees	39
Section 2.8	Market Disruption and Alternate Rate of Interest	40
Section 2.9	Pro Rata Treatment and Payments	42
Section 2.10	Illegality	43
Section 2.11	Requirements of Law	44
Section 2.12	Taxes	45
Section 2.13	Indemnity	48
Section 2.14	Change of Lending Office	48
Section 2.15	Replacement of Lenders under Certain Circumstances	48
Section 2.16	[Reserved]	49
Section 2.17	Defaulting Lenders	49
Section 2.18	[Reserved]	50
Section 2.19	Sustainability Adjustments	50
ARTICLE III [RESERVED]		52
ARTICLE IV REPRESENTATIONS AND WARRANTIES		52
Section 4.1	Financial Condition	52
Section 4.2	No Change	52

		Page

Section 4.3	Corporate Existence; Compliance with Law	52
Section 4.4	Corporate Power; Authorization; Enforceable Obligations	53
Section 4.5	No Legal Bar	53
Section 4.6	No Material Litigation	53
Section 4.7	No Default	54
Section 4.8	Ownership of Property	54
Section 4.9	Intellectual Property	54
Section 4.10	No Burdensome Restrictions; Disclosure	54
Section 4.11	Taxes	54
Section 4.12	Federal Regulations	55
Section 4.13	ERISA	55
Section 4.14	Investment Company Act	55
Section 4.15	Anti-Corruption Laws and Sanctions	55
Section 4.16	Purpose	56
Section 4.17	Environmental Matters	56
Section 4.18	Insurance	56
Section 4.19	Condition of Properties	57
Section 4.20	[Reserved]	57
Section 4.21	REIT Status	57
Section 4.22	Solvency	57
Section 4.23	Affected Financial Institutions	57
ARTICLE V CONDITIONS		58
Section 5.1	Conditions to Effectiveness / Effective Date	58
ARTICLE VI AFFIRMATIVE COVENANTS		60
Section 6.1	Financial Statements	60
Section 6.2	Certificates; Other Information	60
Section 6.3	Payment of Obligations	61
Section 6.4	Maintenance of Existence, etc.	61
Section 6.5	Maintenance of Property; Insurance	61
Section 6.6	Inspection of Property; Books and Records; Discussions	62
Section 6.7	Notices	62
Section 6.8	Environmental Laws	62

		Page

Section 10.16	Submission to Jurisdiction; Waivers	86
Section 10.17	Acknowledgments	86
Section 10.18	WAIVERS OF JURY TRIAL	87
Section 10.19	Confidentiality	87
Section 10.20	[Reserved]	88
Section 10.21	USA Patriot Act	88
Section 10.22	[Reserved]	88
Section 10.23	Amendment and Restatement; Transitional Agreements	88
Section 10.24	Interest Rate Limitation	89
Section 10.25	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	89
Section 10.26	Acknowledgement Regarding Any Supported QFCs	90

EXHIBITS:

Exhibit A	--	Form of Assignment and Assumption
Exhibit B	--	Form of Term Loan Note
Exhibit C	--	Form of Subsidiary Guarantee
Exhibit E	--	Form of Closing Certificate of a Borrower
Exhibit F	--	Form of Compliance Certificate
Exhibit G	--	[Reserved]
Exhibit H1-H4	--	Forms of U.S. Tax Certificate
Exhibit I	--	Form of Pricing Certificate

SCHEDULES:
Schedule 1.1A	--	Lenders and Commitments Immediately After Giving Effect to Effective Date
Schedule 4.1	--	Certain Financial Disclosure
Schedule 4.19	--	Condemnation Proceedings
Schedule 7.2	--	Transaction(s) Referred to in Section 7.2
Schedule 7.7	--	Restrictive Agreements
Schedule ST	--	Sustainability Table

	The Borrower:	Kimco Realty OP, LLC 500 North Broadway, Suite 201 Jericho, New York 11753 Attention: Glenn G. Cohen Telecopy: (516) 869-2572

	JPMCB, as Administrative Agent	JPMorgan Chase Bank, N.A. Loan and Agency Services Group 10 S. Dearborn St., Floor 7 Chicago, Illinois 60603 Attention: Mary Hackett, Loan Servicer, CLS REB Chicago Telecopy: (312) 385-7101 Email: Cls.reb.chicago@jpmchase.com

	with a copy for borrowing requests and interest elections
	to:	JPMorgan Chase Bank, N.A. 10 S. Dearborn St. Floor L2 Chicago, IL 60603 Mailcode: IL1-0480 Telephone: 312-385-7025 Fax: 312-233-2257 Contact: Joyce King joyce.p.king@jpmorgan.com cls.reb.chicago@jpmorgan.com

		Page

ARTICLE VII NEGATIVE COVENANTS		63
Section 7.1	Financial Covenants	63
Section 7.2	Limitation on Certain Fundamental Changes	64
Section 7.3	Anti-Corruption Laws and Sanctions	65
Section 7.4	[Reserved]	65
Section 7.5	Limitation on Transactions with Affiliates	65
Section 7.6	Limitation on Changes in Fiscal Year	65
Section 7.7	Limitation on Lines of Business; Creation of Subsidiaries; Negative Pledges; Swap Agreements	65
ARTICLE VIII EVENTS OF DEFAULT		66
ARTICLE IX THE AGENTS		69
Section 9.1	The Agents	69
Section 9.2	Indemnification	72
Section 9.3	The Syndication Agent, Documentation Agents, Sustainability Structuring Agent, Joint Lead Arrangers, and Bookrunners	73
Section 9.4	Certain ERISA Matters	73
Section 9.5	Erroneous Payments	75
ARTICLE X MISCELLANEOUS		76
Section 10.1	Amendments and Waivers	76
Section 10.2	Notices	77
Section 10.3	No Waiver; Cumulative Remedies	80
Section 10.4	Survival of Representations and Warranties	80
Section 10.5	Payment of Expenses and Taxes	80
Section 10.6	Successors and Assigns	81
Section 10.7	Disclosure	83
Section 10.8	[Reserved]	83
Section 10.9	[Reserved]	84
Section 10.10	Subsidiary Guarantors	84
Section 10.11	Adjustments; Set-off	84
Section 10.12	Counterparts; Electronic Execution	85
Section 10.13	Severability	85
Section 10.14	Integration	85
Section 10.15	GOVERNING LAW	86

Metric	2018 Baseline	Annual Sustainability Targets and Thresholds
		CY2023	CY2024	CY2025	CY2026	CY2027
		>12.5%	>15.0%	>17.5%	>20.0%	>22.5%	KPI Target A
		>12.0%	>14.5%	>17.0%	>19.5%	>22.0%	KPI Target B
KPI	0%
		<11.5%	<14.0%	<16.5%	<19.0%	<21.5%	KPI Threshold B
		<11.0%	<13.5%	<16.0%	<18.5%	<21.0%	KPI Threshold A

	JPMORGAN CHASE BANK, N.A., as Lender as Administrative Agent

	By:	/s/ Austin Lotito
	Name:	Austin Lotito
	Title:	Executive Director

	BANK OF AMERICA, N.A., as a Lender

	By:	/s/ Cheryl Sneor
	Name:	Cheryl Sneor
	Title:	Vice President

	REGIONS BANK., as a Lender

	By:	/s/ Nicholas R. Frerman
	Name:	Nicholas R. Frerman
	Title:	Senior Vice President

	TRUIST BANK, as a Lender

	By:	/s/ Ryan Almond
	Name:	Ryan Almond
	Title:	Director

	MIZUHO BANK, LTD., as a Lender

	By:	/s/ Donna DeMagistris
	Name:	Donna DeMagistris
	Title:	Executive Director

	BMO BANK, N.A., as a Lender

	By:	/s/ Rebecca Liu Chabanaon
	Name:	Rebecca Liu Chabanon
	Title:	Director

	GOLDMAN SACHS BANK USA, as a Lender

	By:	/s/ Jonathan Dworkin
	Name:	Jonathan Dworkin
	Title:	Authorized Signatory

	Kimco Realty Corporation

	By:	/s/ Glenn G. Cohen
	Name: Glenn G. Cohen Title: Executive Vice President, Chief Financial Officer and Treasurer

	Address for Notices for Ultimate Parent: Kimco Realty Corporation 500 North Broadway, Suite 201 Jericho, New York 11753 Attn: Glenn G. Cohen Tel: (516) 869-7290 Fax: (516) 869-2572

	Level I Status	Level II Status	Level III Status	Level IV Status	Level V Status	Level VI Status
Term Benchmark Loans	0.750%	0.800%	0.850%	1.000%	1.200%	1.600%
ABR Loans	0.000%	0.000%	0.000%	0.000%	0.200%	0.600%

The Borrower:	Kimco Realty OP, LLC
	500 North Broadway, Suite 201
	Jericho, New York 11753
	Attention: Glenn G. Cohen
	Telecopy: (516) 869-2572

The Administrative Agent	TD Bank, N.A.
	1 Vanderbilt Ave., 14^th Floor
	New York, NY 10017
	Attention: George Skoufis
	Telephone: 212-651-2730
	Email: george.skoufis@td.com

	TD BANK, N.A., as Lender as Administrative Agent

	By:	/s/ George Skoufis
	Name:	George Skoufis
	Title:	Vice President