<SEC-DOCUMENT>0001140361-23-046389.txt : 20231002
<SEC-HEADER>0001140361-23-046389.hdr.sgml : 20231002
<ACCEPTANCE-DATETIME>20231002172916
ACCESSION NUMBER:		0001140361-23-046389
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231002
DATE AS OF CHANGE:		20231002

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132744380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-269102
		FILM NUMBER:		231300831

	BUSINESS ADDRESS:	
		STREET 1:		500 NORTH BROADWAY
		STREET 2:		SUITE 201, P.O. BOX 9010
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
		BUSINESS PHONE:		(516) 869-9000

	MAIL ADDRESS:	
		STREET 1:		500 NORTH BROADWAY
		STREET 2:		SUITE 201
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132744380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		500 NORTH BROADWAY
		STREET 2:		SUITE 201, P.O. BOX 9010
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
		BUSINESS PHONE:		(516) 869-9000

	MAIL ADDRESS:	
		STREET 1:		500 NORTH BROADWAY
		STREET 2:		SUITE 201
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20011607x5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">October 2, 2023</div>
    <div><br>
    </div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">Relating to</div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">Preliminary Prospectus Supplement dated October 2, 2023 to</div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">Prospectus dated January 3, 2023</div>
    <div style="text-align: right; margin-right: 6pt; font-style: italic; font-weight: bold;">Registration Statement Nos. 333-269102 and 333-269102-01</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Kimco Realty OP, LLC</div>
  <div><br>
  </div>
  <div style="text-align: center;"><u>Pricing Term Sheet</u></div>
  <div><br>
  </div>
  <div style="text-align: center; color: #000000; font-weight: bold;"><u>$500,000,000 6.400% Notes due 2034</u></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3189abb1db3347d79342012327b0d38e" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Issuer:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">Kimco Realty OP, LLC</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Guarantor:</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">Kimco Realty Corporation</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Ratings*:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">Baa1 (stable) by Moody&#8217;s Investors Service, Inc.</div>
          <div style="color: #000000;">BBB+ (stable) by Standard &amp; Poor&#8217;s Ratings Services</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Aggregate Principal Amount Offered Hereby:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">$500,000,000</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Pricing Date:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>October 2, 2023<br>
            <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Settlement Date:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>October 12, 2023<font style="color: #000000;"> (T+7)</font></div>
          <div><font style="color: #000000;"> <br>
            </font></div>
          <div><font style="color: #000000;">The Settlement Date of </font>October 12, 2023 <font style="color: #000000;">is the </font>seventh <font style="color: #000000;">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.</font></div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Maturity Date:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>March 1, 2034</div>
          <div> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Interest Payment Dates:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>March 1 <font style="color: #000000;">and </font>September 1<font style="color: #000000;">, commencing on </font>March 1, 2024</div>
          <div> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Coupon:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">6.400%</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Price to Public:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">99.590% of the principal amount plus accrued interest from October 12, 2023 if settlement occurs after the Settlement Date</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Gross Proceeds to Issuer (before expenses):</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">$497,950,000</div>
          <div style="color: #000000;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Use of Proceeds:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>The Issuer intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, funding for suitable investments and redevelopment opportunities and the repayment of the Issuer&#8217;s outstanding
            indebtedness at or in advance of maturity. <br>
          </div>
        </td>
      </tr>
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        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Benchmark Treasury:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>3.875% due August 15, 2033</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Benchmark Treasury Yield:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div><font style="color: #000000;">4.676</font>%</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Spread to Benchmark Treasury:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>+<font style="color: #000000;">178 bps</font></div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Yield to Maturity:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">6.456%</div>
        </td>
      </tr>

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      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div>&#160;</div>
          <div style="color: #000000;">Redemption Provisions:</div>
          <div style="margin-left: 36pt; color: #000000;">Make-whole Call:</div>
          <br>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>&#160;</div>
          <div>&#160;</div>
          <div><font style="color: #000000;">Prior to </font>December 1, 2033 (the date that is three months prior to the Maturity Date), the Issuer<font style="color: #000000;"> may redeem the Notes at its option, in whole or in part, at any time and
              from time to time, at a redemption price equal to the greater of:</font></div>
          <div>&#160;</div>
          <div style="text-indent: 18pt;"><font style="color: #000000;">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
              date at the treasury rate plus 30 basis points less (b) interest accrued to, but excluding, the redemption date; and</font></div>
          <div style="text-indent: 18pt;"><font style="color: #000000;">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">100% of the principal amount of the Notes to be redeemed.</font></div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">
          <div style="margin-left: 36pt; color: #000000;">&#160;Par Call:</div>
        </td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">
          <div><font style="color: #000000;">At any time on or after December 1</font>, 2033<font style="color: #000000;">, the Notes will be redeemable at the Issuer&#8217;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.</font></div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">CUSIP / ISIN:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div style="color: #000000;">49446R BB4 / US49446RBB42</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 41.06%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 58.94%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Joint Book-Running Managers:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>Wells Fargo Securities, LLC</div>
          <div>Morgan Stanley &amp; Co. LLC</div>
          <div>RBC Capital Markets, LLC</div>
          <div>TD Securities (USA) LLC</div>
          <div>BofA Securities, Inc.</div>
          <div>Mizuho Securities USA LLC</div>
          <div>Scotia Capital (USA) Inc.</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Senior Co-Managers:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>BNY Mellon Capital Markets, LLC</div>
          <div>Regions Securities LLC</div>
          <div>Truist Securities, Inc</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.06%; vertical-align: top;">
          <div style="color: #000000;">Co-Managers:</div>
        </td>
        <td style="width: 58.94%; vertical-align: top;">
          <div>Barclays Capital Inc.</div>
          <div>BMO Capital Markets Corp.</div>
          <div>BNP Paribas Securities Corp.</div>
          <div>Citigroup Global Markets Inc.</div>
          <div>J.P. Morgan Securities LLC</div>
          <div>PNC Capital Markets LLC</div>
          <div>U.S. Bancorp Investments, Inc.</div>
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: #000000; font-weight: bold;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal by the assigning rating organization at any time.</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">The Issuer and the Guarantor have filed a registration statement (including a prospectus dated January 3, 2023 as supplemented by a preliminary prospectus supplement dated October 2, 2023) with the Securities and Exchange
    Commission (the &#8220;SEC&#8221;) for the offering to which this communication relates. Before you make a decision to invest, you should read the prospectus and preliminary prospectus supplement in that registration statement, this communication and other
    documents the Issuer and the Guarantor have filed with the SEC for more complete information about the Issuer, the Guarantor and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
    you may request the prospectus and preliminary prospectus supplement by contacting Wells Fargo Securities, LLC at 1-800-645-3751; Morgan Stanley &amp; Co. LLC at 1-866-718-1649; RBC Capital Markets, LLC at 1-866-375-6829; TD Securities (USA) LLC at
    1-855-495-9846.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>&#160;</div>
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