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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 17. Stockholders’ Equity Preferred Stock The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):
As of September 30, 2024
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,902 |  |  | $ | 222,543 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,465 |  |  |  | 261,636 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  |  | 12/20/2022
Class N (1) |  |  | 1,849 |  |  |  | 1,849 |  |  |  | 92,423 |  |  |  | 7.250 | % |  | $ | 3.62500 |  |  | $ | 1.00 |  |  | N/A
|  |  |  |  |  | 21,216 |  |  | $ | 576,602 |  |  |  |  |  |  |  |  |  |  |  |
(1) In connection with the RPT Merger, the Company issued 1,849 shares of Class N Preferred Stock with a par value of $1.00 per share, represented by 1,848,539 depositary shares, which had a fair market value of $105.6 million. The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election. As of September 30, 2024, the Class N Preferred Stock was potentially convertible into 4.3 million shares of common stock.
As of December 31, 2023
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,902 |  |  | $ | 222,543 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,465 |  |  |  | 261,636 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  |  | 12/20/2022
|  |  |  |  |  | 19,367 |  |  | $ | 484,179 |  |  |  |  |  |  |  |  |  |  |  |
During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock through February 28, 2026. During the nine months ended September 30, 2024, the Company repurchased the following preferred stock:
Class of Preferred Stock |  | Depositary Shares Repurchased |  |  | Purchase Price (in thousands) |
Class N |  |  | 80 |  |  | $ | 5 |
The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below. As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote. Common Stock The Company has a common share repurchase program, which is scheduled to expire February 28, 2026. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. The Company did no t repurchase any shares of common stock under the share repurchase program during the nine months ended September 30, 2024. As of September 30, 2024, the Company had $224.9 million available under this common share repurchase program. During September 2023, the Company established an at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, t he Company may, from time to time, enter into separate forward sale agreements with one or more banks. The Company did no t issue any shares under the ATM Program during the nine months ended September 30, 2024. As of September 30, 2024, the Company had $500.0 million available und er this ATM Program. In connection with the RPT Merger, each RPT common share was converted into 0.6049 shares of newly issued Kimco common stock, resulting in approximately 53.0 million common shares being issued in connection with the RPT Merger. Dividends Declared The following table provides a summary of the dividends declared per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Common Shares |  | $ | 0.24000 |  |  | $ | 0.23000 |  |  | $ | 0.72000 |  |  | $ | 0.69000 |
Class L Depositary Shares |  | $ | 0.32031 |  |  | $ | 0.32031 |  |  | $ | 0.96093 |  |  | $ | 0.96093 |
Class M Depositary Shares |  | $ | 0.32813 |  |  | $ | 0.32813 |  |  | $ | 0.98439 |  |  | $ | 0.98439 |
Class N Depositary Shares |  | $ | 0.90625 |  |  | $ | - |  |  | $ | 2.71875 |  |  | $ | - |

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