Issuer:

Kimco Realty Corporation

Ratings*:

Baa1 (stable) by Moody’s Investors Service, Inc.

BBB+ (stable) by Standard & Poor’s Ratings Services

BBB+ (stable) by Fitch Ratings, Inc.

Aggregate Principal Amount Offered Hereby:

$350,000,000

Pricing Date:

August 15, 2019 

Settlement Date:

August 29, 2019 (T+10)

The settlement date of August 29, 2019 is the tenth business day following the date of the preliminary prospectus supplement. Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes before the second business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.

Maturity Date:

October 1, 2049

Interest Payment Dates:

April 1 and October 1, commencing on April 1, 2020 (long first coupon)

Coupon:

3.700%

Price to Public:

98.832% of the principal amount

Proceeds to Issuer (before expenses and the underwriting discount):

$345,912,000

Use of Proceeds:

The Issuer intends to use the net proceeds from this offering, together with amounts drawn on its revolving credit facility, to fund the redemption in full of depositary shares representing its outstanding 6.000% Class I Cumulative Redeemable Preferred Stock and 5.625% Class K Cumulative Redeemable Preferred Stock. In connection with the redemption of the preferred stock, the Issuer will recognize a non-cash charge of approximately $11.4 million or $0.03 per common share.  This charge will reduce NAREIT Funds From Operations per share by the same amount but have no impact on Funds From Operations as adjusted per share.

Benchmark Treasury:

2.875% due May 15, 2049

Benchmark Treasury Yield:

1.945%

Spread to Benchmark Treasury:

+182 bps

Yield to Maturity:

3.765%

Redemption Provisions:

Make-whole Call:

Par Call:

Prior to April 1, 2049, the Notes will be redeemable at the Issuer’s option, at a redemption price equal to the sum of (1) an amount equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date and (2) a make-whole premium (T+30 bps).

At any time on or after April 1, 2049, the Notes will be redeemable at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

CUSIP / ISIN:

49446RAV1 / US49446RAV15

Joint Book-Running Managers:

Barclays Capital Inc.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC
BofA Securities, Inc.
RBC Capital Markets, LLC
Jefferies LLC

Senior Co-Managers:

Deutsche Bank Securities Inc.

Regions Securities LLC

Co-Managers:

BB&T Capital Markets, a division of BB&T Securities, LLC

BNY Mellon Capital Markets, LLC

Scotia Capital (USA) Inc.

U.S. Bancorp Investments, Inc.