<SEC-DOCUMENT>0001140361-24-038258.txt : 20240822
<SEC-HEADER>0001140361-24-038258.hdr.sgml : 20240822
<ACCEPTANCE-DATETIME>20240822172716
ACCESSION NUMBER:		0001140361-24-038258
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240822
FILED AS OF DATE:		20240822
DATE AS OF CHANGE:		20240822

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				132744380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10899
		FILM NUMBER:		241232919

	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>PRE 14A
<SEQUENCE>1
<FILENAME>ny20034130x2_pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">UNITED STATES<br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION<br>
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        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 12pt;">Washington, D.C. 20549</font></div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">SCHEDULE 14A</div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 18.5pt; text-align: center;">Proxy Statement Pursuant to Section 14(a) of the Securities<br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Exchange Act of 1934 (Amendment No. )</div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt;">Filed by the Registrant &#9746;</div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt;">Filed by a party other than the Registrant <font style="font-size: 1pt;">&#8201;</font>&#9744;</div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt;">Check the appropriate box:</div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">&#9746;</div>
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              <td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Preliminary Proxy Statement</div>
              </td>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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              <td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Definitive Proxy Statement</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Definitive Additional Materials</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Soliciting Material under &#167;240.14a-12</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 24pt; font-weight: bold; margin-top: 0pt;">KIMCO REALTY CORPORATION</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">(Name of Registrant as Specified In Its Charter)</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
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        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt;">Payment of Filing Fee (Check all boxes that apply):</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">No fee required</div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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              <td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Fee paid previously with preliminary materials </div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt;">&#8201;<font style="font-size: 10pt;">&#9744;</font></div>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_101-offer_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">KIMCO REALTY CORPORATION<br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">OFFER TO PURCHASE FOR CASH ANY AND ALL<br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">OF ITS OUTSTANDING DEPOSITARY SHARES REPRESENTING 1/1,000 <br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">OF A SHARE OF 7.25% CLASS N CUMULATIVE CONVERTIBLE <br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">PERPETUAL PREFERRED STOCK AND CONSENT SOLICITATION </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">THE OFFER (AS DEFINED BELOW) AND WITHDRAWAL RIGHTS WILL EXPIRE AT
          5:00 P.M., NEW YORK CITY TIME, ON &#8195;&#8195;&#8195;&#8195;, 2024, UNLESS KIMCO REALTY CORPORATION EXTENDS OR EARLIER TERMINATES THE OFFER (SUCH TIME AND DATE, AS IT MAY BE EXTENDED WITH RESPECT TO THE OFFER, THE &#8220;<u>EXPIRATION DATE</u>&#8221;). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On August&#160;28, 2023, Kimco Realty Corporation, a Maryland corporation
          (the &#8220;<u>Company</u>&#8221;), and RPT Realty, a Maryland real estate investment trust (&#8220;<u>RPT</u>&#8221;), entered into a definitive merger agreement (the &#8220;<u>Merger </u><u>Agreement</u>&#8221;) pursuant to which the Company would acquire RPT through a series of
          mergers (collectively, the &#8220;<u>RPT </u><u>Merger</u>&#8221;). On January&#160;2, 2024, RPT merged with and into the Company, with the Company continuing as the surviving public company. Under the terms of the Merger Agreement, each 7.25% Series&#160;D
          Cumulative Convertible Perpetual Preferred Share of RPT (the &#8220;<u>RPT Preferred Shares</u>&#8221;) was converted into the right to receive one depositary share issued by the Company (each, a &#8220;<u>Security</u>&#8221; and, collectively, the &#8220;<u>Securities</u>&#8221;)
          representing one one-thousandth of a share of the Company&#8217;s 7.25% Class&#160;N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (the &#8220;<u>Class&#160;N Preferred Stock</u>&#8221;). In connection with the RPT Merger, the Company issued
          1,848,539 Securities representing in the aggregate approximately 1,849 shares of Class&#160;N Preferred Stock. <font style="font-style: italic;">See</font> Section&#160;10. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company hereby offers to purchase for cash, upon the terms and
          subject to the conditions set forth in this offer to purchase (as it may be amended or supplemented from time to time, the &#8220;<u>Offer to Purchase and Consent </u><u>Solicitation</u>&#8221;) and in the accompanying letter of transmittal and consent (as
          it may be amended or supplemented from time to time, the &#8220;<u>Letter of Transmittal and Consent</u>,&#8221; and, together with this Offer to Purchase and Consent Solicitation, the &#8220;<u>Offer</u>&#8221;), any and all of its outstanding Securities at the offer
          price set forth below. The following table sets forth some of the terms of the Offer: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
        <table class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

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              <td style="width: 30.77%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Securities</div>
              </td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 13.77%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">CUSIP <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">No. / ISIN</div>
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              <td style="width: 10.68%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Aggregate <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Liquidation <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Preference <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Outstanding</div>
              </td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 10.94%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Liquidation <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Preference Per <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Security<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
              </td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 17.77%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Offer <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Price </div>
              </td>
            </tr>
            <tr>
              <td style="width: 30.77%; text-align: center; vertical-align: middle; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">Depositary Shares representing 1/1,000 of a Share of 7.25% Class&#160;N Cumulative Convertible Perpetual Preferred Stock
                  of the Company</div>
              </td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 13.77%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">49446R 687/ <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">US49446R6870</div>
              </td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 10.68%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$92,422,950</div>
              </td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 10.94%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$50.00</div>
              </td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 2.01%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 17.77%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt;">$&#8195;&#8195;per Security<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
              </td>
            </tr>

        </table>
        <div>
          <div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 11.25pt;"> </div>
        </div>
        <table style="margin-top: 3pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">As used herein, the term &#8220;<u>Liquidation Preference</u>&#8221; for a Security means an amount equal to the product of the liquidation
                  preference for a share of Class&#160;N Preferred Stock ($50,000.00 per share) and the fractional interest in such share of Class&#160;N Preferred Stock that such Security represents (1/1,000). For each Security, the Liquidation Preference is $50.00
                  plus accrued and unpaid dividends, if any, per Security. </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 3pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date, to, but not
                  including, the Settlement Date (as defined below). </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The consideration for each Security tendered and accepted for
          purchase will equal $&#8195;&#8195;,&#8195;&#8195; plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date, to, but not including, the Settlement Date (the &#8220;<u>Offer Price</u>&#8221;). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Concurrently with the Offer, we also are soliciting consents (the &#8220;<u>Consent

            Solicitation</u>&#8221;) from (i) holders of the outstanding Class&#160;N Preferred Stock (which requires soliciting the holders of the outstanding Securities) to, at any point during the 12-month period beginning on the Expiration Date (as defined
          below), amend (the &#8220;<u>Preferred </u><u>Amendment</u>&#8221;) the charter of the Company (the &#8220;<u>Charter</u>&#8221;) to provide the Company, from and after the effective date of the Preferred Amendment, with the option to redeem the Class&#160;N Preferred Stock
          during the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;&#8195;(which would mean a redemption price for each Security equal to $&#8195;&#8195;&#8195;), plus accrued and
          unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date) and (ii) holders of the Securities to amend the Deposit Agreement (as defined below) (the &#8220;<u>Deposit </u><u>Agreement

            Amendment</u>&#8221;) to make corresponding changes to the Deposit Agreement related to the Preferred </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Amendment, substantially as contemplated on Annex&#160;B hereto. Consent from the holders
          of at least two-thirds of the outstanding Class&#160;N Preferred Stock (which is two-thirds of the outstanding Securities) (the &#8220;<u>Requisite Preferred </u><u>Shareholder Consents</u>&#8221;) is required to approve the Preferred Amendment in order to
          effect the Preferred Amendment, as well as the affirmative vote of the holders of a majority of the outstanding shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;), voting as a single class and separate
          from holders of the Securities (the &#8220;<u>Requisite Common Stockholder Approval</u>&#8221;). Consent from the holders of at least two-thirds of the outstanding Securities is required to approve the Deposit Agreement Amendment (the &#8220;<u>Requisite Deposit
            Agreement Amendment </u><u>Approval</u>&#8221; and, together with the Requisite Preferred Shareholder Consents and the Requisite Common Stockholder Approval, the &#8220;<u>Requisite Approvals</u>&#8221;). We plan to solicit the Requisite Common Stockholder
          Approval from the holders of our Common Stock in support of the Preferred Amendment at the Company&#8217;s next annual meeting of stockholders, which is expected to be held in late April or early May of 2025 (the &#8220;<u>2025 Annual Meeting</u>&#8221;), but may
          do so prior or subsequent to such meeting and may do so more than once during the 12-month effectiveness of the Requisite Preferred Shareholder Consents. The Offer and Consent Solicitation do not constitute a solicitation of consents from holders
          of our Common Stock to the Preferred Amendment. The solicitation of consents from holders of our Common Stock to the Preferred Amendment is expected to be made pursuant to a definitive proxy statement on Schedule 14A to be filed with the SEC in
          advance of the 2025 Annual Meeting (the &#8220;<u>2025 Proxy Statement</u>&#8221;). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment
          and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during
          the 90 days following the date of effectiveness of the Preferred Amendment at the redemption price referred to in the prior paragraph. At such time, the Company&#8217;s Board of Directors intends to consider redeeming all shares of Class N Preferred
          Stock (and, consequently, Securities) that remain outstanding, subject to determining whether a redemption is advisable and in the best interests of the Company. A&#160;copy of the proposed Articles of Amendment effecting the Preferred Amendment (the
          &#8220;<u>Articles of Amendment</u>&#8221;) is attached hereto as <u>Annex&#160;A</u>. We urge you to carefully read the Articles of Amendment in its entirety. The filing and effectiveness of the Preferred Amendment is conditioned on obtaining the Requisite
          Approvals. If we fail to receive the Requisite Approvals during the 12-month period beginning on the Expiration Date, the Preferred Amendment will not be effectuated. If the Preferred Amendment is not effectuated, or if the Company&#8217;s Board of
          Directors determines that a redemption is not advisable and in the best interests of the Company, the Company&#8217;s redemption of Securities that remain outstanding following the Offer would not occur and holders may be left holding a highly illiquid
          security. <font style="font-style: italic;">See</font> &#8220;Potential Effects on Holders of Securities&#8212;Reduced Liquidity and Increased Volatility.&#8221; </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">You must validly tender all Securities that you own in order to
          participate in the Offer and Consent Solicitation. You may not consent to the Preferred Amendment without tendering your Securities in the Offer and Consent Solicitation, and you may not tender your Securities for exchange in the Offer and
          Consent Solicitation without consenting to the Preferred Amendment. The Offer and the Consent Solicitation are conditioned upon receipt of the Requisite Preferred Shareholder Consents. The consent to the Preferred Amendment is a part of the
          Letter of Transmittal and Consent, and therefore by tendering your Securities you will deliver to us your consent to the Preferred Amendment. You may revoke your consent to the Preferred Amendment with respect to any Securities you have tendered
          at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the Company&#8217;s acceptance for purchase of any and all of your validly tendered and not properly withdrawn
          Securities, you may not revoke your consent to the Preferred Amendment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Securities are traded on the New York Stock Exchange (&#8220;<u>NYSE</u>&#8221;).

          The last reported sale price on August&#160;21, 2024 was $58.51. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer Price for the Securities<font style="font-weight: bold;">
          </font>could be above or below the last reported sale price of the Securities on the Expiration Date. <font style="font-weight: bold;">Holders of Securities should obtain current market quotations for the Securities before deciding whether to
            tender their Securities and consent to the Preferred Amendment pursuant to the Offer and Consent Solicitation.</font> </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THE OFFER AND THE CONSENT SOLICITATION ARE CONDITIONED UPON RECEIPT
          OF THE REQUISITE PREFERRED SHAREHOLDER CONSENTS. THE OFFER AND CONSENT SOLICITATION ARE SUBJECT TO CERTAIN OTHER CONDITIONS. SEE SECTION 9 WHICH SETS FORTH IN FULL THE CONDITIONS TO THE OFFER AND CONSENT SOLICITATION. </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_101-offer_pg3"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THE COMPANY&#8217;S BOARD OF DIRECTORS HAS DETERMINED THAT THE OFFER
          AND CONSENT SOLICITATION ARE ADVISABLE AND IN THE BEST INTERESTS OF THE COMPANY AND THAT THE OFFER AND CONSENT SOLICITATION ARE FAIR TO HOLDERS OF THE SECURITIES, INCLUDING THE UNAFFILIATED HOLDERS THEREOF, AND HAS DECLARED THE PREFERRED
          AMENDMENT ADVISABLE AND IS SUBMITTING THE PREFERRED AMENDMENT TO THE HOLDERS OF THE CLASS N PREFERRED STOCK (AND THEREFORE THE HOLDERS OF THE SECURITIES) FOR CONSIDERATION; HOWEVER, NEITHER THE COMPANY NOR ITS BOARD OF DIRECTORS, NOR ANY OTHER
          PERSON, MAKES ANY RECOMMENDATION TO HOLDERS OF SECURITIES AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING THEIR SECURITIES OR TO PROVIDE OR REFRAIN FROM PROVIDING THEIR CONSENT TO THE PREFERRED AMENDMENT IN THE OFFER AND CONSENT SOLICITATION.
          YOU SHOULD READ CAREFULLY THE INFORMATION IN THIS OFFER TO PURCHASE AND CONSENT SOLICITATION AND IN THE LETTER OF TRANSMITTAL AND CONSENT BEFORE MAKING YOUR DECISION WHETHER TO TENDER YOUR SECURITIES AND TO CONSENT TO THE PREFERRED AMENDMENT IN
          THE OFFER AND CONSENT SOLICITATION. IN ADDITION, YOU SHOULD CONSULT YOUR OWN TAX, ACCOUNTING, FINANCIAL AND LEGAL ADVISERS AS YOU DEEM APPROPRIATE REGARDING THE TAX, ACCOUNTING, FINANCIAL AND LEGAL CONSEQUENCES OF PARTICIPATING OR DECLINING TO
          PARTICIPATE IN THE OFFER AND CONSENT SOLICITATION.</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This Offer to Purchase and Consent Solicitation
          has not been approved by the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) or any state securities commission, nor has the SEC or any state securities commission passed upon the merits or fairness of the Offer and Consent Solicitation or
          passed upon the adequacy or accuracy of the information contained in this Offer to Purchase and Consent Solicitation and related documents. Any representation to the contrary is a criminal offense. No person has been authorized to give any
          information or make any representations with respect to the Offer and Consent Solicitation other than the information and representations contained or incorporated by reference herein and, if given or made, such information or representations
          must not be relied upon as having been authorized.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither the delivery of this Offer to Purchase and Consent
          Solicitation and related documents nor any purchase of Securities by the Company will, under any circumstances, create any implication that the information contained in this Offer to Purchase and Consent Solicitation or in any related document is
          current as of any time subsequent to the date of such information. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">You may direct questions and requests for assistance to J.P. Morgan
          Securities LLC, the dealer manager (in such capacity, the &#8220;<u>Dealer Manager</u>&#8221;) and consent solicitation agent (in such capacity, the &#8220;<u>Solicitation Agent</u>&#8221;) for the Offer and Consent Solicitation, D.F. King &amp; Co., Inc., the
          information agent (the &#8220;<u>Information Agent</u>&#8221;) for the Offer and Consent Solicitation or Equiniti Trust Company, LLC, the tender agent (the &#8220;<u>Tender Agent</u>&#8221;) for the Offer and Consent Solicitation, at the contact information set forth on
          the last page of this Offer to Purchase and Consent Solicitation. You may direct requests for additional copies of this Offer to Purchase and Consent Solicitation to the Information Agent and Tender Agent. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In connection with the Offer and Consent Solicitation, our and our
          affiliates&#8217; officers and other representatives may solicit tenders and consents by use of the mails, personally or by telephone, facsimile, telegram, electronic communication or other similar methods. We will also pay a Soliciting Broker Fee (as
          defined herein) of $0.25 for each Security that is validly tendered and accepted for purchase pursuant to the Offer and for which a consent has been delivered pursuant to the Consent Solicitation to retail brokers that are appropriately
          designated by their tendering holder clients to receive this fee; provided that such fee will only be paid with respect to tenders by holders of 10,000 Securities or fewer. We will also pay brokerage houses and other custodians, nominees and
          fiduciaries the reasonable out-of-pocket expenses incurred by them in forwarding copies of this Offer to Purchase and Consent Solicitation and related documents to the beneficial owners of the Securities and in handling or forwarding tenders of
          Securities by their customers. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">The Dealer Manager and Solicitation Agent for the Offer and Consent Solicitation is: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8.5pt; text-align: center;">J.P. Morgan<font style="font-weight: normal;"> </font></div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">The date of this Offer to Purchase and Consent Solicitation is &#8195;&#8195;&#8195;, 2024. </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tIMP"><!--Anchor--></a>IMPORTANT </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer and Consent Solicitation have certain conditions and no
          assurance can be given that these conditions will be satisfied. <font style="font-style: italic;">See </font>Section&#160;9. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">All of the Securities are held in book-entry form through the
          facilities of The Depository Trust Company (&#8220;<u>DTC</u>&#8221;) and must be tendered through DTC. If you desire to tender Securities, a DTC participant must electronically transmit your acceptance of the applicable Offer and Consent Solicitation
          through DTC&#8217;s Automated Tender Offer Program (&#8220;<u>ATOP</u>&#8221;), for which the transaction will be eligible. In accordance with ATOP procedures, DTC will then verify the acceptance of such Offer and Consent Solicitation and send an agent&#8217;s message
          (as hereinafter defined) to the Tender Agent for its acceptance. An &#8220;agent&#8217;s message&#8221; is a message transmitted by DTC, received by the Tender Agent and forming part of the book-entry confirmation, which states that DTC has received an express
          acknowledgment from you that you have received the applicable Offer and Consent Solicitation and agree to be bound by the terms of such Offer and Consent Solicitation, and that the Company may enforce such agreement against you. Alternatively,
          you may also confirm your acceptance of the Offer and Consent Solicitation by delivering to the Tender Agent a duly executed Letter of Transmittal and Consent. A tender will be deemed to have been received only when the Tender Agent receives (i)
          either a duly completed agent&#8217;s message through the facilities of DTC at the Tender Agent&#8217;s DTC account or a properly completed Letter of Transmittal and Consent, and (ii) confirmation of book-entry transfer of the Securities into the Tender
          Agent&#8217;s applicable DTC account. If your Securities are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you should contact that person if you desire to tender your Securities. <font style="font-style: italic;">See </font>Section&#160;6. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There are no guaranteed delivery procedures
          available with respect to the Offer and Consent Solicitation under the terms of this Offer to Purchase and Consent Solicitation or any related materials. Holders must tender their Securities and consent to the Preferred Amendment in accordance
          with the procedures set forth in this Offer to Purchase and Consent Solicitation. <font style="font-style: italic;">See </font>Section&#160;6.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s Board of Directors has determined that the Offer and
          Consent Solicitation are advisable and in the best interests of the Company and that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof, and has declared the Preferred Amendment
          advisable and is submitting the Preferred Amendment to the holders of the Class&#160;N Preferred Stock (and therefore the holders of the Securities) for consideration; however, neither the Company nor its Board of Directors, nor any other person,
          makes any recommendation to holders of Securities as to whether to tender or refrain from tendering their Securities or to provide or refrain from providing their consent to the Preferred Amendment in the Offer and Consent Solicitation. You
          should read carefully the information in this Offer to Purchase and Consent Solicitation before making your decision whether to tender your Securities and to consent to the Preferred Amendment. The Company has not authorized any person to make
          any recommendation on its behalf as to whether you should tender or refrain from tendering your Securities or provide or refrain from providing your consent to the Preferred Amendment in the Offer and Consent Solicitation. The Company has not
          authorized any person to give any information or to make any representation in connection with respect to the Offer and Consent Solicitation other than those contained in this Offer to Purchase and Consent Solicitation or in the Letter of
          Transmittal and Consent. If given or made, you must not rely upon any such information or representation as having been authorized by the Company, the Information Agent and Tender Agent or the Dealer Manager and Solicitation Agent. You must make
          your own decision whether to tender your Securities and whether to consent to the Preferred Amendment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is not making the Offer and Consent Solicitation to (nor
          will it accept any tender of Securities from or on behalf of) any holders of Securities in any jurisdiction in which the making of the Offer and Consent Solicitation or the acceptance of any tender of Securities would not be in compliance with
          the laws of such jurisdiction, provided that we will comply with the requirements of Rule&#160;13e-4(f)(8) promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;). However, the Company may, at its discretion, take
          such action as the Company may deem necessary for it to make the Offer and Consent Solicitation in any such jurisdiction and extend the Offer and Consent Solicitation to holders of Securities in such jurisdiction. In any jurisdiction the
          securities or blue sky laws of which require the Offer and Consent Solicitation to be made by a licensed broker or dealer, the Offer and Consent Solicitation shall be deemed to be made on the Company&#8217;s behalf by one or more registered brokers or
          dealers which are licensed under the laws of such jurisdiction. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THIS OFFER TO PURCHASE AND CONSENT SOLICITATION
          AND THE LETTER OF TRANSMITTAL AND CONSENT CONTAIN IMPORTANT INFORMATION THAT HOLDERS ARE URGED TO READ BEFORE MAKING ANY DECISION WITH RESPECT TO THE OFFER AND CONSENT SOLICITATION.</div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">i<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_103-fls_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCNR"><!--Anchor--></a>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">When used in this Offer to Purchase and Consent Solicitation or any
          related document and in public stockholder communications, in other documents of the Company filed with or furnished to the SEC, or in oral statements made with the approval of an authorized executive officer, the words &#8220;believe,&#8221; &#8220;expect,&#8221;
          &#8220;intend,&#8221; &#8220;commit,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;will,&#8221; &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;forecast&#8221; and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of the
          Company to differ materially from those indicated by such forward-looking statements, including but not limited to the following. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date
          made. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Factors which may cause actual results to differ materially from
          current expectations include, but are not limited to, the following: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">general adverse economic and local real estate conditions; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the impact of competition, including the availability of acquisition or development opportunities and the costs associated with
                  purchasing and maintaining assets; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in
                  their business; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the reduction in the Company&#8217;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; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">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; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">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; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Company&#8217;s ability to raise capital by selling its assets; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">disruptions and increases in operating costs due to inflation and supply chain disruptions; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">risks associated with the development of mixed-use commercial properties, including risks associated with the development, and
                  ownership of non-retail real estate; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">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&#8217;s ability to estimate the impact of such changes; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Company&#8217;s failure to realize the expected benefits of the RPT Merger; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more
                  difficult, time-consuming or costly than expected; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">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; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent
                  anticipated by financial analysts or investors, the market price of the Common Stock could decline; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">valuation and risks related to the Company&#8217;s joint venture and preferred equity investments and other investments; </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">ii<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_103-fls_pg2"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <table style="margin-top: 6.75pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">valuation of marketable securities; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">impairment charges; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">criminal cybersecurity attacks disruption, data loss or other security incidents and breaches; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">risks related to artificial intelligence; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">impact of natural disasters and weather and climate-related events; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">pandemics or other health crises, such as coronavirus disease; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to attract, retain and motivate key personnel; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms
                  to the Company; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the level and volatility of interest rates and management&#8217;s ability to estimate the impact thereof; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the dividend policy for the Company&#8217;s common and preferred stock and the Company&#8217;s ability to pay dividends at
                  current levels; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">unanticipated changes in the Company&#8217;s intention or ability to prepay certain debt prior to maturity and/or hold certain
                  securities until maturity; and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Company&#8217;s ability to continue to maintain its status as a REIT (as defined below) for U.S. federal income tax purposes and
                  potential risks and uncertainties in connection with its UPREIT (as defined below) structure. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This list of risks is not exhaustive. Additional information
          regarding risk factors that may affect us is discussed in the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2023, filed with the SEC on February&#160;26, 2024, which is incorporated by reference herein. <font style="font-style: italic;">See </font>Section&#160;19. In light of the significant uncertainties inherent in the forward-looking statements included or incorporated by reference herein, the inclusion of such information should not be regarded as a representation by
          us or any other person that our objectives and plans will be achieved. Moreover, we assume no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such
          forward-looking statements, except as required by law. </div>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">iii<br>
      </div>
    </div>
  </div>
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    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_104-toc_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS </div>
        <a name="TOC"><!--Anchor--></a>
        <table class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr class="header">
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 5.13%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Page </div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tIMP">IMPORTANT<font style="padding-left: 1.58pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tIMP"><font style="padding-left: 12.77pt;">i</font> </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tCNR">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 4.2pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tCNR"><font style="padding-left: 9.99pt;">ii</font> </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSTS">SUMMARY TERM SHEET<font style="padding-left: 2.4pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSTS"><font style="padding-left: 10.55pt;">1</font> </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSF">SPECIAL FACTORS<font style="padding-left: 0.91pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSF"><font style="padding-left: 10.55pt;">9</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC1">Section&#160;1.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC1">Purpose of and Reasons for the Offer and Consent Solicitation.<font style="padding-left: 3.78pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC1"><font style="padding-left: 10.55pt;">9</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC2">Section&#160;2.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC2">Certain Effects of the Offer and Consent Solicitation.<font style="padding-left: 4.14pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC2"><font style="padding-left: 5.55pt;">10</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC3">Section&#160;3.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC3">Fairness of the Offer and Consent Solicitation.<font style="padding-left: 2.93pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC3"><font style="padding-left: 5.55pt;">13</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC4">Section&#160;4.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC4">Plans of the Company After the Offer and Consent Solicitation.<font style="padding-left: 2.94pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC4"><font style="padding-left: 5.55pt;">16</font> </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC5">THE OFFER AND CONSENT SOLICITATION<font style="padding-left: 0.09pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC5"><font style="padding-left: 5.55pt;">18</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC5">Section&#160;5.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC5">General.<font style="padding-left: 1.43pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC5"><font style="padding-left: 5.55pt;">18</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC6">Section&#160;6.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC6">Procedures for Tendering the Securities.<font style="padding-left: 1.61pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC6"><font style="padding-left: 5.55pt;">19</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC7">Section&#160;7.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC7">Withdrawal Rights.<font style="padding-left: 4.13pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC7"><font style="padding-left: 5.55pt;">22</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC8">Section&#160;8.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC8">Purchase of Securities and Payment of Purchase Price.<font style="padding-left: 1.47pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC8"><font style="padding-left: 5.55pt;">22</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC9">Section&#160;9.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC9">Conditions of the Offer and Consent Solicitation.<font style="padding-left: 2.65pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC9"><font style="padding-left: 5.55pt;">23</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC10">Section&#160;10.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC10">Historical Price Range of the Securities.<font style="padding-left: 1.18pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC10"><font style="padding-left: 5.55pt;">24</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC11">Section&#160;11.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC11">Source and Amount of Funds.<font style="padding-left: 1.99pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC11"><font style="padding-left: 5.55pt;">26</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC12">Section&#160;12.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC12">Certain Information Concerning the Company.<font style="padding-left: 3.43pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC12"><font style="padding-left: 5.55pt;">26</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC13">Section&#160;13.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC13">Interests of Directors and Executive Officers; Transactions and Arrangements
                    Concerning the Securities and the Common Stock.<font style="padding-left: 4.77pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC13"><font style="padding-left: 5.55pt;">27</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC14">Section&#160;14.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC14">Legal Matters; Regulatory Approvals.<font style="padding-left: 1.44pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC14"><font style="padding-left: 5.55pt;">28</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC15">Section&#160;15.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC15">Certain U.S. Federal Income Tax Consequences of the Offer.<font style="padding-left: 3.67pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC15"><font style="padding-left: 5.55pt;">28</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC16">Section&#160;16.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC16">Extension of the Offer and Consent Solicitation; Termination; Amendment.<font style="padding-left: 4.76pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC16"><font style="padding-left: 5.55pt;">35</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC17">Section&#160;17.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC17">Fees and Expenses.<font style="padding-left: 3.66pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC17"><font style="padding-left: 5.55pt;">36</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC18">Section&#160;18.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC18">Rule&#160;14e-4 &#8220;Net Long Position&#8221; Requirement.<font style="padding-left: 2.56pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC18"><font style="padding-left: 5.55pt;">37</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC19">Section&#160;19.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC19">Where You Can Find Additional Information.<font style="padding-left: 0.46pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC19"><font style="padding-left: 5.55pt;">37</font> </a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC20">Section&#160;20.</a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 79.49%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSEC20">Miscellaneous.<font style="padding-left: 3.37pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSEC20"><font style="padding-left: 5.55pt;">38</font> </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tSCHI">SCHEDULE I<font style="padding-left: 4.63pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tSCHI"><font style="padding-left: 3.89pt;">I-</font>1 </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tANNA">ANNEX A<font style="padding-left: 3.51pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tANNA">A-1 </a></div>
              </td>
            </tr>
            <tr>
              <td colspan="4" style="width: 91.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><a href="#tANNB">ANNEX B<font style="padding-left: 3.52pt;"></font></a></div>
              </td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.13%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.22pt;"><a href="#tANNB"><font style="padding-left: 0.55pt;">B-</font>1</a></div>
              </td>
            </tr>

        </table>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">iv<br>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20034130x2_pre14a_105-summary_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;">
      <div class="page-content" style="margin-left: 12pt;">
        <div class="block-main" style="width: 468pt; margin-left: 0pt;">
          <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSTS"><!--Anchor--></a>SUMMARY TERM SHEET </div>
          <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are providing this summary term sheet for your convenience. It
            highlights material information in this Offer to Purchase and Consent Solicitation, but it does not describe all of the details of the Offer and Consent Solicitation to the same extent described in this Offer to Purchase and Consent
            Solicitation. You should read the entire Offer to Purchase and Consent Solicitation and the Letter of Transmittal and Consent because they contain the full details of the Offer and Consent Solicitation. We have included references to the
            sections of this Offer to Purchase and Consent Solicitation where you will find a more complete discussion. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">The Offeror<font style="font-weight: normal; padding-left: 3.93pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Offer and Consent Solicitation are being made by Kimco Realty Corporation, a
            Maryland corporation. The Company is North America&#8217;s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. Our mission is to create destinations for everyday living that inspire a
            sense of community and deliver value to our many stakeholders. The Company&#8217;s principal executive offices are located at 500 North Broadway, Suite 201, Jericho, New York, 11753, and its telephone number is (516) 869-9000. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">Terms of the Offer and Consent Solicitation<font style="font-weight: normal; padding-left: 4.17pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">We are offering to purchase for cash, upon the terms and subject to the
            conditions set forth in this Offer to Purchase and Consent Solicitation and the Letter of Transmittal and Consent, any and all of the Securities. Below is a table that shows the Offer Price for each Security.</div>
          <table class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

              <tr class="header">
                <td style="width: 42.52%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
                </td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
                <td style="width: 17.95%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Securities</div>
                </td>
                <td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
                <td style="width: 10.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Liquidation <br>
                  </div>
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: justify;">Preference </div>
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Per <br>
                  </div>
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Security</div>
                </td>
                <td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
                <td style="width: 21.58%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Offer Price</div>
                </td>
              </tr>
              <tr>
                <td style="width: 42.52%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
                </td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td style="width: 17.95%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">Depositary Shares representing 1/1,000 of a Share of 7.25% Class&#160;N Cumulative Convertible Perpetual Preferred Stock
                    (NYSE: KIMprN)</div>
                </td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td style="width: 10.26%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$50.00</div>
                </td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
                <td style="width: 21.58%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;">
                  <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$&#8195;&#8195;&#8195; per Security, plus accrued and unpaid dividends, if any, for the period from and including the last dividend
                    payment date, to, but not including, the Settlement Date</div>
                </td>
              </tr>

          </table>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">At the time you tender your Securities, you will not know the extent of
            participation by other holders of Securities in the Offer and Consent Solicitation. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">Concurrently with the Offer, we also are soliciting consents from (i) holders of
            the outstanding Class&#160;N Preferred Stock (which requires soliciting the holders of the outstanding Securities) to, at any point during the 12-month period beginning on the Expiration Date, amend the Charter to provide the Company, from and after
            the effective date of the Preferred Amendment, with the option to redeem the Class&#160;N Preferred Stock during the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred
            Stock equal to $&#8195;&#8195;&#8195; (which would mean a redemption price for each Security equal to $&#8195;&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date)
            and (ii) holders of the Securities to amend the Deposit Agreement to make corresponding changes to the Deposit Agreement related to the Preferred Amendment. In </div>
        </div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;">
      <div class="page-content" style="margin-left: 12pt;">
        <div class="block-main" style="width: 468pt; margin-left: 0pt;">
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 209pt; text-align: justify;">addition to the Requisite Preferred Shareholder Consents, the Requisite Common
            Stockholder Approval is required to approve the Preferred Amendment in order to effect the Preferred Amendment. The Requisite Deposit Agreement Amendment Approval, in addition to approval by the Company and the Depositary, is required to
            approve the Deposit Agreement Amendment. We plan to solicit the Requisite Common Stockholder Approval from the holders of our Common Stock in support of the Preferred Amendment at the 2025 Annual Meeting, but may do so prior or subsequent to
            such meeting and may do so more than once during the 12-month effectiveness of the Requisite Preferred Shareholder Consents. The Offer and Consent Solicitation do not constitute a solicitation of consents from holders of our Common Stock to the
            Preferred Amendment. The solicitation of consents from holders of our Common Stock to the Preferred Amendment is expected to be made pursuant to the 2025 Proxy Statement.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment and Deposit
            Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90
            days following the date of effectiveness of the Preferred Amendment at the redemption price referred to in the prior paragraph. At such time, the Company&#8217;s Board of Directors intends to consider redeeming all shares of Class N Preferred Stock
            (and, consequently, Securities) that remain outstanding, subject to determining whether a redemption is advisable and in the best interests of the Company. A copy of the proposed Articles of Amendment effecting the Preferred Amendment is
            attached hereto as <u>Annex&#160;A</u>. We urge you to carefully read the Articles of Amendment in its entirety. The filing and effectiveness of the Preferred Amendment is conditioned on obtaining the Requisite Approvals. If we fail to receive the
            Requisite Approvals during the 12-month period beginning on the Expiration Date, the Preferred Amendment will not be effectuated. If the Preferred Amendment is not effectuated, or if the Company&#8217;s Board of Directors determines that a redemption
            is not advisable and in the best interests of the Company, the Company&#8217;s redemption of Securities that remain outstanding following the Offer would not occur and holders may be left holding a highly illiquid security. <font style="font-style: italic;">See</font> &#8220;Potential Effects on Holders of Securities&#8212;Reduced Liquidity and Increased Volatility.&#8221; </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">You must validly tender all Securities that you own in order to participate in the
            Offer and Consent Solicitation. You may not consent to the Preferred Amendment without tendering your Securities in the Offer and Consent Solicitation, and you may not tender your Securities for exchange in the Offer and Consent Solicitation
            without consenting to the Preferred Amendment. The Offer and the Consent Solicitation are conditioned upon receipt of the Requisite Preferred Shareholder Consents. The consent to the Preferred Amendment is a part of the Letter of Transmittal
            and Consent, and therefore by tendering your </div>
        </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;">
      <div class="page-content" style="margin-left: 12pt;">
        <div class="block-main" style="width: 468pt; margin-left: 0pt;">
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 209pt; text-align: justify;">Securities you will deliver to us your consent to the Preferred Amendment. You
            may revoke your consent to the Preferred Amendment with respect to any Securities you have tendered at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the
            Company&#8217;s acceptance for purchase of any and all your validly tendered and not properly withdrawn Securities, you may not revoke your consent to the Preferred Amendment.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Offer and the Consent Solicitation are conditioned upon receipt of the
            Requisite Preferred Shareholder Consents. The Offer and Consent Solicitation are subject to certain other conditions. <font style="font-style: italic;">See</font> Section&#160;9. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Source and Amount of Funds<font style="font-weight: normal; padding-left: 0.37pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Company expects to use cash on hand, including borrowings under the Company&#8217;s
            Revolving Credit Facility (as defined below), to pay the consideration payable by it pursuant to the Offer and Consent Solicitation and the fees and expenses incurred by it in connection therewith.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">Immediately prior to the consummation of the Offer and the subsequent surrender of
            the Securities by the Company to the depositary in exchange for shares of Class&#160;N Preferred Stock, Kimco OP (as defined below) shall purchase from the Company an equal number of Class&#160;N Preferred Units of Kimco OP as the number of shares of
            Class&#160;N Preferred Stock to be purchased by the Company in the Offer, upon the same terms and for the same price per Class&#160;N Preferred Unit of Kimco OP as the price per share of Class&#160;N Preferred Stock (based on the price for the Securities and
            the applicable exchange rate for the Securities). </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Time to Tender and Consent <font style="font-weight: normal; padding-left: 0.56pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">You may tender your Securities until the Offer and Consent Solicitation expires.
          </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Offer and Consent Solicitation will expire at 5:00&#160;p.m., New York City time on
            &#8195;&#8195;&#8195;, 2024, unless the Company extends them (such time and date, as the same may be extended, the &#8220;<u>Expiration Date</u>&#8221;).<font style="font-style: italic;"> See</font> Section&#160;5. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Company may choose to extend the Offer and Consent Solicitation for any reason,
            subject to applicable laws. The Company cannot assure you that it will extend the Offer and Consent Solicitation or, if it does, of the length of any extension that it may provide. <font style="font-style: italic;">See</font> Section&#160;16.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">You may revoke your consent to the Preferred Amendment with respect to any
            Securities you have tendered at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the Company&#8217;s acceptance for purchase of any and all your validly tendered and
            not properly withdrawn Securities, you may not revoke your consent to the Preferred Amendment. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">If a broker, dealer, commercial bank, trust company or other nominee holds your
            Securities, it may have an earlier deadline for you to act to instruct it to accept the Offer and provide your consent to the Preferred Amendment on your behalf. You should contact the broker, dealer, commercial bank, trust company or other
            nominee to determine its deadline. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6.75pt; margin-left: 0pt;">Fairness of the Offer<font style="font-weight: normal; padding-left: 1.44pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">On &#8195;&#8195;&#8195;, 2024, our Board of Directors determined that the Offer and Consent
            Solicitation are advisable and in the best interests of the Company and determined that the Offer and Consent Solicitation are fair to the holders of the Securities, including the unaffiliated holders of the Securities. See &#8220;Special Factors,
            Section&#160;3. Fairness of the Offer and Consent Solicitation.&#8221; </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">Extension, Amendment, and Termination of the Offer
            and Consent Solicitation <font style="font-weight: normal; padding-left: 2.3pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Company reserves the right to extend or amend the Offer and Consent
            Solicitation in its sole discretion. If the Company extends the Offer and Consent Solicitation, it will delay the acceptance of any Securities that have been tendered. The Company reserves the right to terminate the Offer and Consent
            Solicitation under certain circumstances. <font style="font-style: italic;">See</font> Section&#160;9 and Section&#160;16. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Company will issue a press release by 9:00 a.m., New York City time, on the
            business day after the scheduled Expiration Date if it decides to extend the Offer and Consent Solicitation. The Company will announce any amendment to the Offer and Consent Solicitation by making a public announcement of the amendment. <font style="font-style: italic;">See</font> Section&#160;16. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">Purpose of the Offer and Consent Solicitation <font style="font-weight: normal; padding-left: 0.84pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The principal purpose of the Offer and Consent Solicitation is to provide
            liquidity to holders of the Securities at a premium to recent market prices and where trading volumes in the Securities have historically been minimal. The Offer and Consent Solicitation also represent an opportunity for the Company to simplify
            its capital structure. <font style="font-style: italic;">See</font> Section&#160;1. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">Conditions of the Offer<font style="font-weight: normal;"> </font>and Consent Solicitation<font style="font-weight: normal; padding-left: 4.17pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Offer and the Consent Solicitation are conditioned upon receipt of the
            Requisite Preferred Shareholder Consents. The Offer and Consent Solicitation are subject to certain other conditions, including, among others, the absence of court and governmental action prohibiting, challenging or restricting the Offer and
            Consent Solicitation. The conditions to the Offer and Consent Solicitation are for the sole benefit of the Company and may be asserted by the Company, regardless of the circumstances giving rise to any such condition (other than any actions or
            inactions of the Company). The Company reserves the right, in its sole discretion, to waive any and all conditions of the Offer and Consent Solicitation prior to the Expiration Date. <font style="font-style: italic;">See</font> Section&#160;9. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Procedures for Tendering Securities<font style="font-weight: normal; padding-left: 2.98pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Offer and Consent Solicitation will expire on the Expiration Date, which is
            at 5:00 p.m. New York City time on &#8195;&#8195;,&#160;2024, unless the Company extends or earlier terminates the Offer and Consent Solicitation. To tender your Securities prior to the expiration of the Offer and Consent Solicitation, you must electronically
            transmit your acceptance of the applicable Offer and Consent Solicitation through ATOP, which is maintained by DTC, and by which you will agree to be bound by the terms and conditions set forth in the applicable Offer and Consent Solicitation,
            or deliver to the Tender Agent a duly executed Letter of Transmittal and Consent. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 209pt; text-align: justify;">A tender will be deemed to be received after you have expressly agreed to be
            bound by the terms of the Offer and Consent Solicitation, which is accomplished by the transmittal of an agent&#8217;s message to the Tender Agent by DTC in accordance with ATOP procedures, or by delivery to the Tender Agent of a duly executed Letter
            of Transmittal and Consent. You should contact the Information Agent for assistance at the contact information listed on the last page of this Offer to Purchase and Consent Solicitation. Please note that the Company will not purchase your
            Securities in the Offer and Consent Solicitation unless the Tender Agent receives the required confirmation prior to the Expiration Date. If a broker, dealer, commercial bank, trust company or other nominee holds your Securities, it is likely
            that it has an earlier deadline for you to act to instruct it to accept the Offer and provide your consent to the Preferred Amendment on your behalf. <font style="font-weight: bold;">We recommend that you contact your broker, dealer,
              commercial bank, trust company or other nominee to determine its applicable deadline. </font><font style="font-style: italic;">See</font> Section&#160;6. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Securities may be tendered and accepted only in whole shares. No alternative,
            conditional or contingent tenders will be accepted. We have no obligation to accept Securities that are not validly tendered in the Offer and Consent Solicitation before the Expiration Date. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 209pt; text-align: justify;">There are no guaranteed delivery procedures available with
            respect to the Offer<font style="font-weight: normal;"> </font>and Consent Solicitation under the terms of this Offer to Purchase and Consent Solicitation or any related materials. Holders must tender their Securities and consent to the
            Preferred Amendment in accordance with the procedures set forth in this Offer to Purchase and Consent Solicitation. <font style="font-style: italic;">See</font> Section&#160;6.<font style="font-weight: normal;"> </font></div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Withdrawal Rights<font style="font-weight: normal; padding-left: 3.92pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">You may withdraw any Securities you have tendered at any time before the
            Expiration Date, which will occur at 5:00 p.m., New York City time on &#8195;&#8195;&#8195;, 2024, unless the Company extends the Offer and Consent Solicitation. The Company cannot assure you that it will extend the Offer and Consent Solicitation or, if it does,
            of the length of any extension it may provide. <font style="font-style: italic;">See</font> Section&#160;7.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">You may revoke your consent to the Preferred Amendment with respect to any
            Securities you have tendered at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the Company&#8217;s acceptance for purchase of any and all your validly tendered and
            not properly withdrawn Securities, you may not revoke your consent to the Preferred Amendment.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">Subject to the conditions of the Offer and Consent Solicitation, on the Settlement
            Date, the Company will accept for purchase any and all validly tendered and not properly withdrawn Securities. The Company expects the Settlement Date to promptly follow the Expiration Date, unless extended pursuant to the Offer and Consent
            Solicitation. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Withdrawal Procedure<font style="font-weight: normal; padding-left: 5.62pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">You must deliver, on a timely basis prior to the Expiration Date, a written
            notice of your withdrawal, or a properly transmitted </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 209pt; text-align: justify;">&#8220;Request Message&#8221; through ATOP, to the Tender Agent at the address appearing on
            the last page of this Offer to Purchase and Consent Solicitation. Your notice of withdrawal must specify your name, the number of Securities to be withdrawn and the name of the registered holder of those Securities. Some additional requirements
            apply for Securities that have been tendered under the procedure for book-entry transfer set forth in Section&#160;6. <font style="font-style: italic;">See</font> Section&#160;7. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">No Recommendation as to Whether to Tender or Provide
            Consent <font style="font-weight: normal; padding-left: 3.78pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Company&#8217;s Board of Directors has determined that the Offer and Consent
            Solicitation are advisable and in the best interests of the Company and that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof, and has declared the Preferred Amendment
            advisable and is submitting the Preferred Amendment to the holders of the Class&#160;N Preferred Stock (and therefore the holders of the Securities) for consideration; however, neither the Company nor its Board of Directors, nor any other person,
            makes any recommendation to holders of Securities as to whether to tender or refrain from tendering their Securities or to provide or refrain from providing their consent to the Preferred Amendment in the Offer and Consent Solicitation. You
            should read carefully the information in this Offer to Purchase and Consent Solicitation before making your decision whether to tender your Securities and to consent to the Preferred Amendment. <font style="font-style: italic;">See</font>
            Section&#160;20. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Untendered or Unpurchased Securities<font style="font-weight: normal; padding-left: 2.21pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">Any tendered Securities that are not accepted for purchase by the Company will be
            returned without expense to their tendering holder and the related consent to the Preferred Amendment will be revoked. Securities not tendered or otherwise not purchased pursuant to the Offer and Consent Solicitation will remain outstanding. We
            have no obligation to accept Securities that are not validly tendered in the Offer and Consent Solicitation before the Expiration Date. If the Requisite Approvals are obtained and the Preferred Amendment and Deposit Agreement Amendment are
            approved, the Company will have the option to redeem all Securities that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90 days following the date of effectiveness of the Preferred Amendment at a
            redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;&#8195; (which would mean a redemption price for each Security equal to $&#8195;&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend
            payment date to, but not including, the redemption date). <font style="font-style: italic;">See</font> Section&#160;1. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Market Price of the Securities<font style="font-weight: normal; padding-left: 3.46pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Securities are traded on the NYSE. The last reported sale price on August&#160;21,
            2024 was $58.51.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">As of August&#160;21, 2024, the average daily trading volume for the Securities since
            January&#160;2, 2024, the initial issue date of the Securities, was 4,483, and the 20-day average daily trading volume for the Securities was 1,417.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Offer Price for the Securities could be above or below the last reported sale
            price of the Securities on the Expiration Date. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 209pt; text-align: justify;">Holders of Securities should obtain current market quotations for the Securities
            before deciding whether to tender their Securities and consent to the Preferred Amendment pursuant to the Offer and Consent Solicitation.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">Based upon the last reported trading price, it is unlikely that holders of the
            Securities would convert their Securities into Common Stock at the current exchange ratio of 2.3071 shares of Common Stock for each Security pursuant to the terms of the Class&#160;N Preferred Stock and the Charter. The exchange ratio is subject to
            increase in the event our quarterly common equity dividend were to exceed $0.27 per share. We believe that the Offer and Consent Solicitation set forth in this Offer to Purchase and Consent Solicitation will allow all holders of the Securities
            to receive a premium to recent market prices for the Securities where trading volumes in the Securities have historically been minimal. <font style="font-style: italic;">See</font> Section&#160;10. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Appraisal Rights<font style="font-weight: normal; padding-left: 1.18pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">You will have no appraisal rights in connection with the Offer and Consent
            Solicitation. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Time of Payment<font style="font-weight: normal; padding-left: 5.71pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Company will pay the purchase price to you in cash for the Securities it
            purchases promptly after the Expiration Date and the acceptance of the Securities for purchase. We refer to the date on which such payment is made as the &#8220;<u>Settlement Date</u>.&#8221; The Company expects the Settlement Date to promptly follow the
            Expiration Date. <font style="font-style: italic;">See</font> Section&#160;8. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Payment of Brokerage Commissions<font style="font-weight: normal; padding-left: 0.96pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">If you are a registered holder of Securities and you tender your Securities
            directly to the Tender Agent, you will not incur any brokerage commissions. If you hold Securities through a broker, dealer, commercial bank, trust company or other nominee, we recommend that you consult your broker, dealer, commercial bank,
            trust company or other nominee to determine whether transaction costs are applicable. <font style="font-style: italic;">See</font> Section&#160;6. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Soliciting Broker Fee<font style="font-weight: normal; padding-left: 0.66pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Company will pay a soliciting broker fee (the &#8220;<u>Soliciting </u><u>Broker
              Fee</u>&#8221;) of $0.25 for each Security that is validly tendered and accepted for purchase pursuant to the Offer and for which consents have been delivered pursuant to the Consent Solicitation to retail brokers that are appropriately designated
            by their tendering holder clients to receive this fee; provided that such fee will only be paid with respect to tenders by holders of 10,000 Securities or fewer. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt;">Certain U.S. Federal Income Tax Consequences of the
            Offer<font style="font-weight: normal; padding-left: 3.56pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The cash received in exchange for tendered Securities generally will be treated
            for U.S. federal income tax purposes either as (i)&#160;consideration received with respect to a sale or exchange of the tendered Securities, or (ii) a distribution from the Company in respect of its stock, depending on the particular circumstances
            of each holder of Securities. <font style="font-style: italic;">See</font> Section&#160;15 for a more detailed discussion. </div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">Holders of the Securities should consult their tax advisors to determine the
            particular tax consequences to them of participating in the Offer and Consent Solicitation, including the applicability and effect of any state, local or non-U.S. tax laws. </div>
        </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;">
      <div class="page-content" style="margin-left: 12pt;">
        <div class="block-main" style="width: 468pt; margin-left: 0pt;">
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 6.75pt; margin-left: 0pt;">Dealer Manager<font style="font-weight: normal;"> </font>and
            Solicitation Agent<font style="font-weight: normal; padding-left: 0.73pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Dealer Manager and Solicitation Agent for the Offer and Consent Solicitation
            is J.P. Morgan Securities LLC.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">The Company will pay the Dealer Manager and Solicitation Agent fees. <font style="font-style: italic;">See</font> Section&#160;17.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">See the last page of this Offer to Purchase and Consent Solicitation for additional
            information about the Dealer Manager and Solicitation Agent. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Information and Tender Agent<font style="font-weight: normal; padding-left: 1.37pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">The Information Agent is D.F. King &amp; Co., Inc., and the Tender Agent is
            Equiniti Trust Company, LLC. <font style="font-style: italic;">See</font> Section&#160;20.</div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 209pt; text-align: justify;">See the last page of this Offer to Purchase and Consent Solicitation for additional
            information about the Information Agent and the Tender Agent. </div>
          <div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 185pt; margin-top: 8pt; margin-left: 0pt;">Further Information<font style="font-weight: normal; padding-left: 3.27pt;"></font></div>
          <div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 209pt; text-align: justify;">You may call the Dealer Manager and Solicitation Agent with questions regarding
            the terms of the Offer and Consent Solicitation or the Information Agent and the Tender Agent with questions regarding how to tender and/or request additional copies of this Offer to Purchase and Consent Solicitation, the Letter of Transmittal
            and Consent or other documents related to the Offer and Consent Solicitation.</div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSF"><!--Anchor--></a>SPECIAL FACTORS </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC1"><!--Anchor--></a>Section&#160;1.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Purpose of and Reasons for the Offer and Consent Solicitation.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As discussed further below, the principal purpose of the Offer and
          Consent Solicitation is to provide liquidity to holders of the Securities at a premium to recent market prices and where trading volumes in the Securities have historically been minimal. The Offer and Consent Solicitation also represent an
          opportunity for the Company to simplify its capital structure. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer Price represents a premium as compared to the last
          reported trading price of $&#8195;&#8195; on &#8195;&#8195;, 2024. Based upon the last reported trading price, it is unlikely that holders of the Securities would convert their Securities into Common Stock at the current exchange ratio of 2.3071 shares of Common Stock
          for each Security pursuant to the terms of the Class&#160;N Preferred Stock and the Charter. The exchange ratio is subject to increase in the event our quarterly common equity dividend were to exceed $0.27 per share. We believe that the Offer and
          Consent Solicitation set forth in this Offer to Purchase and Consent Solicitation will allow all holders of the Securities to receive a premium to recent market prices for the Securities. <font style="font-style: italic;">See</font> Section&#160;10
          for high and low sale prices of the Securities since January&#160;2, 2024 (the date of the RPT Merger). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment
          and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during
          the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a redemption price for each Security equal to $&#8195;&#8195;), plus accrued and unpaid
          dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that the Offer also provides the holders of our
          Securities with an efficient way to sell their Securities without incurring transaction costs associated with open market sales. If you are a registered holder of Securities and you tender your Securities directly to the Tender Agent, you will
          not incur any brokerage commissions. If you hold Securities through a broker, dealer, commercial bank, trust company or other nominee, we recommend that you consult your broker, dealer, commercial bank, trust company or other nominee to determine
          whether transaction costs are applicable. <font style="font-style: italic;">See</font> Section&#160;5. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company considered several alternative methods of returning cash
          to holders of the Securities, in addition to the Offer and Consent Solicitation, including open market purchases and privately negotiated purchases. Pursuant to a previously established repurchase program authorized in January 2024 by the Board
          of Directors, the Company purchased a total of 80 Securities, representing 0.004% of the total outstanding Securities, through open market purchases at a weighted average price per share of $57.91 on August 19, 2024 and August 20, 2024. However,
          due to, among other factors, the relative illiquidity of the market and a desire to offer such returns proportionately to all holders of the Securities, additional open market purchases were not pursued. Privately negotiated purchases were also
          considered and rejected due to, among other factors, the fact that the widely dispersed nature of the holders of Securities would require a significant expenditure of time and effort to acquire any meaningful amount of Securities and a desire to
          offer such returns proportionately to all holders of the Securities. The return of cash through a tender offer was ultimately selected due to the fact that such an offer could be made to any and all holders of Securities, a securityholder&#8217;s
          determination to tender or not tender in the Offer and Consent Solicitation is purely voluntary and that in a tender offer securityholders are provided with sufficient time and information to make an informed decision. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Directors has determined that the Offer and Consent
          Solicitation are advisable and in the best interests of the Company and that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof, and has declared the Preferred Amendment advisable
          and is submitting the Preferred Amendment to the holders of the Class&#160;N Preferred Stock (and therefore the holders of the Securities) for consideration; however, neither the Company nor its Board of Directors, nor any other person, including the
          Dealer Manager, Information Agent and Tender Agent, has made, and they are not making, any recommendation to you as to whether to tender or refrain from tendering your Securities or to provide or refrain from providing your consent to the
          Preferred Amendment in the Offer and Consent Solicitation. We have not authorized any person to make any such recommendation. You must make your own decision as to whether to tender your Securities and provide your consent to the Preferred
          Amendment in the Offer and Consent Solicitation. In doing so, you should read carefully the </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">information contained in, or incorporated by reference in, this Offer to Purchase
          and Consent Solicitation and in the Letter of Transmittal and Consent, including the purposes and effects of the Offer and Consent Solicitation. You are urged to discuss your decisions with your own tax advisor, financial advisor and/or broker. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company does not believe, after reasonable inquiry, that any of
          the Company&#8217;s affiliates or its directors or executive officers own the Securities and thus does not believe, after reasonable inquiry, that any such persons will tender the Securities in connection with the Offer and Consent Solicitation. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company does not presently know, after reasonable inquiry,
          whether any of the Company&#8217;s directors, executive officers or affiliates have made any recommendation either in support of or opposed to the Offer and Consent Solicitation other than as expressly set forth in this Offer to Purchase and Consent
          Solicitation. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC2"><!--Anchor--></a>Section&#160;2.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Certain Effects of the Offer and Consent Solicitation.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt;">The following is a review of certain expected effects of the Offer and Consent
          Solicitation:. </div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt;">Potential Effects on Holders of Securities </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash Payment at a Premium to Recent Market
          Prices; Liquidity.<font style="font-style: normal;"> If the Offer and Consent Solicitation is consummated, the tendering holders of Securities will receive a purchase price that represents a premium (based on the closing price reported on &#8195;&#8195;,
            2024) over recent market prices. Tendering holders of Securities will receive a cash payment based on the applicable Offer Price, which we believe would be unlikely for all holders of Securities to receive in open market sales. Due to the
            illiquidity of the Securities, if a significant number of Securities were sold in the open market, those sales would likely reduce the market price of the Securities materially, which would likely reduce payments upon any later sales of
            Securities. If the Offer and Consent Solicitation is completed, however, all properly tendering holders of Securities will receive the same price, which is at a premium over recent market prices. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Security Obligations; Dividends<font style="font-style: normal;">. Holders of the Securities that tender their Securities and consent to the Preferred Amendment will not have the benefit of any dividends if and when declared and paid in the future, other than their payment of
            accrued and unpaid dividends, if any, to, but not including, the Settlement Date in connection with the tender. Any determination to pay dividends on the Securities in the future will be at the discretion of the Board of Directors and will
            depend upon the Company&#8217;s financial condition, availability of capital, a review of any regulatory, contractual and other constraints, and other factors deemed relevant by the Board of Directors. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If we complete the Offer and Consent Solicitation and obtain the
          Requisite Approvals, we intend to file the Preferred Amendment with the State Department of Assessments and Taxation of Maryland to permit the Company to have the option to redeem the Class&#160;N Preferred Stock during the 90 days following the date
          of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;&#8195;(which would be mean a redemption price for each Security equal to $&#8195;&#8195;, plus accrued and unpaid dividends, if any, for the
          period from and including the last dividend payment date to, but not including, the date of redemption). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment
          and Deposit Agreement Amendment are approved, we will have the option to redeem all Securities that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90 days following the date of effectiveness of the
          Preferred Amendment at the redemption price referred to in the prior paragraph. At such time, the Company&#8217;s Board of Directors intends to consider redeeming all shares of Class N Preferred Stock (and, consequently, Securities) that remain
          outstanding, subject to determining whether a redemption is advisable and in the best interests of the Company. A copy of the proposed Articles of Amendment effecting the Preferred Amendment is attached hereto as Annex&#160;A. We urge you to carefully
          read the Articles of Amendment in its entirety. The filing and effectiveness of the Preferred Amendment is conditioned on obtaining the Requisite Approvals. If we fail to receive the Requisite Approvals during the 12-month period beginning on the
          Expiration Date, the Preferred Amendment will not be effectuated. If the Preferred Amendment is not effectuated, or if the Company&#8217;s Board of Directors determines that a redemption is not advisable and in the best interests of the Company, the
          Company&#8217;s redemption of Securities that remain outstanding following the Offer would not occur and holders may be left holding a highly illiquid security. <font style="font-style: italic;">See</font> &#8220;&#8212;Reduced Liquidity and Increased Volatility&#8221;
          below. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">You must validly tender all Securities that you own in order to
          participate in the Offer and Consent Solicitation. You may not consent to the Preferred Amendment without tendering your Securities in the Offer and Consent Solicitation, and you may not tender your Securities for exchange in the Offer and
          Consent Solicitation without consenting to the Preferred Amendment. The Offer and the Consent Solicitation are conditioned upon receipt of the </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Requisite Preferred Shareholder Consents. The consent to the Preferred Amendment is
          a part of the Letter of Transmittal and Consent, and therefore by tendering your Securities you will deliver to us your consent to the Preferred Amendment. You may revoke your consent to the Preferred Amendment with respect to any Securities you
          have tendered at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the Company&#8217;s acceptance for purchase of any and all your validly tendered and not properly
          withdrawn Securities, you may not revoke your consent to the Preferred Amendment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Future Economic Position.<font style="font-style: normal;"> There is no guarantee that tendering your Securities and consenting to the Preferred Amendment in the Offer and Consent Solicitation will put you in a better future economic position. We can give no assurance as to
            the market value of our Securities in the future. If you choose to tender your Securities for exchange in the Offer and consent to the Preferred Amendment, future events may cause an increase of the market price of our Securities, which may
            result in a lower value realized by participating in the Offer and Consent Solicitation than you might have realized if you did not tender your Securities and consent to the Preferred Amendment. Similarly, if you do not tender your Securities
            and consent to the Preferred Amendment in the Offer and Consent Solicitation, there can be no assurance that you can sell your Securities in the future at a value equal to or higher than would have been obtained by participating in the Offer
            and Consent Solicitation. Furthermore, if the Preferred Amendment and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding
            following the consummation of the Offer and Consent Solicitation during the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a
            redemption price for each Security equal to $&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date). </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Loss of Any Future Benefits Associated with the
          Securities.<font style="font-style: normal;"> Holders of the Securities who tender their Securities and consent to the Preferred Amendment in the Offer and Consent Solicitation and whose Securities are accepted and purchased by the Company will
            no longer have any rights and benefits with respect to those Securities, including the right to receive future distributions with respect to any Securities tendered. Holders of our Securities are entitled to receive, when, as and if declared by
            the Board of Directors out of any funds legally available therefor, cumulative dividends on the liquidation preference. Future benefits could also include payments made to the holder of the Securities (i) upon any liquidation of the Company or
            (ii) at the election of the Company, to the extent permitted by the terms of the Charter and applicable law, voluntary repurchase by the Company of the Securities at a price agreed upon by the Company and the selling holder of Securities, in
            each case, at the Liquidation Preference of $50.00 plus accrued and unpaid dividends, if any, per Security. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders of the Securities who choose to participate in the Offer and
          Consent Solicitation by tendering Securities and consenting to the Preferred Amendment will only receive the cash payment of $&#8195;&#8195; per share, plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment
          date, to, but not including, the Settlement Date, less any applicable withholding taxes, and will lose the right to receive any accrued and unpaid dividends, if any, thereon and all future distributions with respect to such tendered Securities.
          In addition, if the Preferred Amendment and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of
          the Offer and Consent Solicitation during the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a redemption price for each
          Security equal to $&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Loss of Conversion Rights<font style="font-style: normal;">. Holders of Securities currently have the right, at their option and subject to the terms, conditions and adjustments set forth in the terms of the Class&#160;N Preferred Stock in the Charter, to convert some or all of
            their outstanding Securities to Common Stock. Holders who tender their Securities and consent to the Preferred Amendment in the Offer and Consent Solicitation will not be able to convert such Securities unless such holders of Securities
            withdraw their Securities tendered prior to the Expiration Date. Holders who do not tender their Securities and consent to the Preferred Amendment in the Offer and Consent Solicitation will continue to have the right to convert their Securities
            in accordance with the terms of the Class&#160;N Preferred Stock in the Charter. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Tax Consequences.<font style="font-style: normal;"> Holders whose Securities are accepted and purchased by the Company in this Offer to Purchase and Consent Solicitation may also incur tax liability (including possible U.S. federal withholding or backup withholding) with respect to the
            sale of their Securities. Given the absence of definitive authority as to the tax </font></div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">treatment of the payment for Securities purchased absent a complete termination of
          such holder&#8217;s interest in the Company, the tax consequences to any such holders whose Securities are so accepted and purchased will depend upon the facts and circumstances of each such holder&#8217;s specific situation. <font style="font-style: italic;">See</font> Section&#160;15. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Reduction in Outstanding Securities. <font style="font-style: normal;">The Securities purchased by the Company in the Offer will be retired and the underlying preferred stock, fractional interests in which such Securities represent, will be retired and returned to the status of
            authorized but unissued shares of the Company&#8217;s preferred stock, without designation as to class or series. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Reduced Liquidity and Increased Volatility.<font style="font-style: normal;"> Equity securities that have a small number of issued securities and a small number of holders have less liquidity, more volatile trading and may attract lower prices than comparable equity securities with a greater
            float and more holders. Any purchase of Securities in the Offer will reduce the number of Securities that trade publicly and will likely reduce the number of holders and beneficial owners of Securities. Therefore, the market price for
            Securities that are not tendered and purchased in the Offer may be lower and more volatile. If the Offer is completed, there can be no assurance that any trading market will exist for the Securities. To the extent a market continues to exist
            after completion of the Offer, the Securities may trade at a discount compared to current values. We can give no assurance, however, as to the price at which a holder of Securities may be able to sell his, her or its Securities in the future,
            if at all. The Securities are perpetual and there is no fixed date on which we are required to redeem or otherwise repurchase the Securities. In addition, no holder of Securities has the right to require the Company to redeem the Securities. If
            the Preferred Amendment and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and
            Consent Solicitation during the 90 days following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a redemption price for each Security equal to
            $&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date). </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Third-party determination<font style="font-style: normal;">. We have not obtained a third-party determination that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof. The Company&#8217;s Board of Directors has
            determined that the Offer and Consent Solicitation are advisable and in the best interests of the Company and that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof, and has
            declared the Preferred Amendment advisable and is submitting the Preferred Amendment to the holders of the Class&#160;N Preferred Stock (and therefore the holders of the Securities) for consideration; however, neither the Company nor its Board of
            Directors, nor any other person, makes any recommendation to holders of Securities as to whether to tender or refrain from tendering their Securities or to provide or refrain from providing their consent to the Preferred Amendment in the Offer
            and Consent Solicitation. We have not retained, and do not intend to retain, any unaffiliated representative to act on behalf of holders of the Securities, including the unaffiliated holders of the Securities, for purposes of negotiating the
            Offer and Consent Solicitation or preparing a report concerning the fairness of the Offer and Consent Solicitation. You must make your own independent decision regarding your participation in the Offer and Consent Solicitation. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Withdrawal, extension or delay<font style="font-style: normal;">. We may withdraw the Offer and Consent Solicitation under certain circumstances. </font>See<font style="font-style: normal;"> Section&#160;7. Upon any such withdrawal, we are required by Rule&#160;13e-4(f)(5) under the
            Exchange Act to promptly return the tendered Securities. We will announce our decision to withdraw the Offer and Consent Solicitation by disseminating notice by public announcement or otherwise as permitted by applicable law. Even if the Offer
            and Consent Solicitation is consummated, it may not be consummated on the schedule described hereunder. Accordingly, holders of our Securities participating in the Offer and Consent Solicitation may have to wait longer than expected to receive
            their cash, during which time such holder will not be able to effect transfers or sales of their Securities tendered in the Offer and Consent Solicitation. </font></div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt;">Potential Effects on the Company </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Reduced Cash Obligations.<font style="font-style: normal;"> A reduction in the number of outstanding shares of the Company&#8217;s preferred stock will reduce the amount of the Company&#8217;s future dividend obligations, as and when authorized by the Board of Directors and declared by
            the Company, thereby enhancing the Company&#8217;s operational flexibility by enabling the Company to use cash for other purposes. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Reduction in Liquidation Preference.<font style="font-style: normal;"> A reduction in the number of outstanding Securities will reduce the aggregate amounts payable to holders of Securities upon (i) any liquidation of the Company at the Liquidation </font></div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
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        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Preference of $50.00 plus accrued and unpaid dividends, if any, per Security, or
          (ii) at the election of the Company to the extent permitted by the terms of the Charter and applicable law, voluntary repurchase by the Company of the Securities at a price agreed upon by the Company and the selling holder of Securities. The
          Securities are perpetual and there is no fixed date on which we are required to redeem or otherwise repurchase of the Class&#160;N Preferred Stock (and, consequently, the Securities). Additionally, no holder of Securities has the right to require the
          Company to redeem the Securities. If the Preferred Amendment and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, the Securities) that remain outstanding
          following the consummation of the Offer and Consent Solicitation during the 90 days following the date of effectiveness of the Preferred Amendment, at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a
          redemption price for each Security equal to $&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period from and including the last dividend payment date to, but not including, the redemption date). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">No Change in Value. <font style="font-style: normal;">The Company does not believe that the Offer and Consent Solicitation will result in a material change to its net book value, net earnings or going concern value. </font></div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt;">Potential Effects on the Market for the Securities </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Consummation of the Offer and Implications for
          Trading Volume and Listing of the Securities.<font style="font-style: normal;"> The Securities are currently traded on the NYSE under the symbol &#8220;KIMprN.&#8221; The Securities acquired pursuant to the Offer will be retired and cancelled. Consequently,
            our purchase and subsequent cancellation of the Securities tendered in the Offer will reduce the number of the Securities that might otherwise be traded publicly and may reduce the number of holders of the Securities and the trading volume of
            the Securities on the NYSE. Our purchase and subsequent cancellation of the Securities tendered in the Offer may also result in the Securities failing to meet the continued listing standards on the NYSE. If the Securities are delisted from the
            NYSE it will reduce the liquidity of the Securities. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Redemption of the Securities Following
          Effectiveness of the Preferred Amendment and Deposit Agreement Amendment. <font style="font-style: normal;">Pursuant to the terms of the Offer and Consent Solicitation, if we obtain the Requisite Approvals for the Preferred Amendment and Deposit
            Agreement Amendment, we will have the option to redeem all the shares of Class&#160;N Preferred Stock (and, consequently, all of the Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90
            days following the date of effectiveness of the Preferred Amendment. In case we redeem the remaining Securities, which represent fractional interests in shares of Class&#160;N Preferred Stock, untendered in the Offer, the NYSE listing of the
            Securities will be terminated and we would seek to terminate the registration of the Securities pursuant to Section&#160;12(b) of the Exchange Act. However, whether or not the Offer is consummated and any non-tendered Securities are redeemed in
            connection with the redemption of the shares of Class&#160;N Preferred Stock of which such Securities represent fractional interests, the Common Stock will remain listed on the NYSE registered with the SEC pursuant to Section&#160;12(b) of the Exchange
            Act and we will remain an SEC registrant. </font></div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC3"><!--Anchor--></a>Section&#160;3.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Fairness of the Offer and Consent Solicitation.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On &#8195;&#8195;&#8195;, 2024, our Board of Directors determined that the Offer and
          Consent Solicitation are advisable and in the best interests of the Company and determined that the Offer and Consent Solicitation are fair to the holders of the Securities, including the unaffiliated holders of the Securities. The Board of
          Directors evaluated information assembled and provided by the Company&#8217;s management in reaching its determination. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Director&#8217;s determination regarding the fairness of the
          Offer and Consent Solicitation to the holders of Securities, including the unaffiliated holders of the Securities, is required under Item&#160;1014(a) of Regulation M-A and is not to be understood as an acknowledgment or admission by the Board of
          Directors that they have a duty to any holders of the Securities in this regard. Rather, as this transaction would be deemed a Rule&#160;13e-3 transaction because a successful completion of the Offer and Consent Solicitation would have a reasonable
          likelihood of causing the Securities to be delisted, this Offer to Purchase and Consent Solicitation is required by the SEC to address whether the Board of Directors has a reasonable belief regarding the fairness of the Offer and Consent
          Solicitation to the holders of the Securities, including the unaffiliated holders of Securities. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt;">Factors Considered </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Directors considered a number of factors when
          determining whether the Offer and Consent Solicitation are fair to the holders of the Securities, including the unaffiliated holders of the Securities, including: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that the Offer Price of $&#8195;&#8195; was based on price discovery efforts conducted by the Company to determine indicative levels of
                  interest in the Offer; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that the Offer Price represents a &#8195;&#8195;% premium as compared to the trailing 30-day volume weighted average price of the
                  Securities on NYSE ending as of &#8195;&#8195;, 2024; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that the Offer Price represents a &#8195;&#8195;% premium as compared to the trailing 60-day volume weighted average price of the
                  Securities on NYSE ending as of &#8195;&#8195;, 2024; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that the Offer Price represents a &#8195;&#8195;% premium as compared to the $50.00 per share liquidation preference of the Securities; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the minimal trading volumes of the Securities; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the current exchange ratio of 2.3071 shares of Common Stock for each Security, which, based on the closing price of our Common
                  Stock on the NYSE on August 21, 2024 of $22.80 per share, results in a conversion value of $52.60 per Security; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the year-to-date historical trading yields and prices of the Securities in relation to various developments in the Company&#8217;s
                  business and in comparison to certain selected market indices; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the implied yield for the Securities based on the Offer Price relative to preferred yields for the Depositary Shares
                  representing one one-thousandth of a share of 5.125% Class&#160;L Cumulative Redeemable Preferred Stock and the Depositary Shares representing one one-thousandth of a share of 5.250% Class&#160;M Cumulative Redeemable Preferred Stock, as well as
                  selected public REITs that have certain characteristics in common with the Company; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that the Offer and Consent Solicitation will provide cash consideration to, and immediate liquidity for, the holders of
                  Securities, whose ability to sell their Securities is currently adversely affected by the minimal trading volume of the Securities on the NYSE; and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">that participation in the Offer and Consent Solicitation is a voluntary transaction in which each holder of Securities can
                  determine individually whether to accept the Offer and Consent Solicitation. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In approving the Offer and Consent Solicitation, based on analysis
          assembled and prepared by management, the Board of Directors weighed the costs and risks, including the costs associated with the Offer and Consent Solicitation, the risks of not completing the Offer and Consent Solicitation, and the potential
          adverse impact of the Offer and Consent Solicitation on the trading market for untendered Securities. The Board of Directors determined that the benefits of the Offer and Consent Solicitation outweighed these costs and risks based on the factors
          described above. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The majority of directors who are not employees of the Company did
          not retain an unaffiliated representative to act solely on behalf of the unaffiliated holders of Securities for purposes of negotiating the terms of the Offer and Consent Solicitation (including any subsequent redemption of untendered
          Securities). Despite the lack of an unaffiliated representative acting solely on behalf of the unaffiliated holders of Securities, we believe that the Offer is procedurally fair and substantively fair to the unaffiliated holders of Securities.
          See factors listed under &#8220;&#8211;Approval from Holders of Securities&#8221; below. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt;">Alternatives Considered </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company considered several alternative methods of returning cash
          to holders of the Securities, in addition to the Offer and Consent Solicitation, including open market purchases and privately negotiated purchases. Pursuant to a previously established repurchase program authorized in January 2024 by the Board
          of Directors, the Company purchased a total of 80 Securities, representing 0.004% of the total outstanding Securities, through open market purchases at a weighted average price per share of $57.91 on August 19, 2024 and August 20, 2024. However,
          due to, among other factors, the relative illiquidity of the market and a desire to offer such returns proportionately to all holders of the Securities, additional open market purchases were not pursued. Privately negotiated purchases were also
          considered and rejected due to, among other factors, the fact that the widely dispersed nature of the holders of Securities would require a significant expenditure of time and effort to acquire any meaningful amount of Securities </div>
      </div>
    </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">and a desire to offer such returns proportionately to all holders of the Securities.
          The return of cash through a tender offer was ultimately selected due to the fact that such an offer could be made to any and all holders of the Securities in an organized and orderly process that will allow holders sufficient time and
          information to make an informed decision. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 16pt; margin-left: 0pt;">Premium Price </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Directors, based on the recommendation of management,
          has approved an Offer Price that includes a premium to the market value of the Securities, as the Board of Directors believes the premium offer price will maximize participation in the Offer and is fair to the Company and the holders of the
          Securities. As discussed above, the premium was determined based upon the input received from the Company&#8217;s price discovery efforts and a consideration of current and historical market prices. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 16pt; margin-left: 0pt;">No Third-Party Reports, Opinions or Presentations </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We did not retain any independent representative or consultant to
          render a fairness opinion or to provide any fairness analysis in connection with the Offer and the Consent Solicitation as we did not think the expense of such an opinion or analysis was necessary. Additionally, we did not obtain any appraisals
          or valuations in connection with the determination of the Offer consideration, other than the price discovery efforts discussed above. The Board of Directors determined that the Offer and Consent Solicitation are fair to the holders of the
          Securities, including the unaffiliated holders of the Securities, based on the Board of Directors&#8217; and management&#8217;s own analysis, including having considered the factors described above. The Company did not receive any third-party reports,
          presentations, opinions, valuations or appraisals with respect to the Offer. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, no outside party prepared a report or made a
          presentation to management or the Board of Directors that is materially related to the Offer or the Consent Solicitation, including with respect to the fairness of the Offer and Consent Solicitation offered to the holders of the Securities,
          including the unaffiliated holders of Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Directors elected not to obtain a fairness opinion
          regarding the fairness of the Offer Price because each holder of Securities will have the ability, at such holder&#8217;s sole discretion, to determine whether to tender their Securities in the Offer. Additionally, we did not obtain any appraisals or
          valuations in connection with determining the Offer consideration, other than the price discovery efforts discussed above. The Board of Directors determined that the Offer and Consent Solicitation are advisable and in the best interests of the
          Company, and that the Offer and Consent Solicitation are fair to the holders of the Securities, including the unaffiliated holders, based on the Board of Directors&#8217; and management&#8217;s own analysis, including consideration of the factors described
          above. The Company did not receive any third-party reports, presentations, opinions, valuations, or appraisals with respect to the Offer. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">After taking into account the factors set forth above, as well as
          others, the Offer and Consent Solicitation was unanimously approved by our Board of Directors, including all of our directors who are independent directors under NYSE listing and SEC audit committee standards, and all of the other directors who
          are not employees of the Company.</div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 16.5pt; margin-left: 0pt;">Weighing of Factors </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The foregoing discussion of factors considered by the Board of
          Directors is not intended to be exhaustive, but summarizes the material factors considered by the Board of Directors. In view of the wide variety of factors considered in connection with its evaluation of the Offer and Consent Solicitation, the
          Board of Directors has found it impractical to, and therefore has not, quantified or otherwise attempted to assign relative weights to the specific factors considered in reaching a decision to approve the Offer and Consent Solicitation. Moreover,
          each member of the Board of Directors applied his or her own personal business judgment to the process and may have given different weight to different factors. The Board of Directors did not undertake to make any specific determination as to
          whether any factor, or any particular aspect of any factor, supported or did not support their ultimate determinations. The Board of Directors based its recommendations on the totality of the information presented.</div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 16.5pt; margin-left: 0pt;">Approval from Holders of Securities </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer and Consent Solicitation are conditioned upon receipt of
          the Requisite Preferred Shareholder Consents, among other conditions. As a result, because none of the holders of the Securities are affiliates of the Company, the Offer and the Consent Solicitation are effectively conditioned upon the approval
          of at least a majority </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">of unaffiliated holders of the Securities. The conditions to the Offer and Consent
          Solicitation are for the sole benefit of the Company and may be asserted by the Company, regardless of the circumstances giving rise to any such condition (other than any actions or inactions of the Company). The Company reserves the right, in
          its sole discretion, to waive any and all conditions of the Offer and Consent Solicitation, including the receipt of the Requisite Preferred Shareholder Consents, prior to the Expiration Date. <font style="font-style: italic;">See</font> Section
          9. Should the Company elect to waive the receipt of the Requisite Preferred Shareholder Consents as a condition to the Offer, the Company may accept for purchase any Securities validly tendered (and not subsequently withdrawn) in the Offer on or
          prior to the Expiration Date without obtaining the approval of any unaffiliated holders of Securities. In such event, we continue to believe that the Offer would be procedurally fair and substantively fair to the unaffiliated holders of
          Securities. This belief is based on the unanimous approval of the Offer by all of our directors who are independent directors under NYSE listing and SEC audit committee standards, and all of the other directors who are not employees of the
          Company and on the following factors: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">all holders of Securities are offered the same consideration per Security; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">holders of Securities are offered a premium to the market price of the Securities; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">holders of Securities are provided with full disclosure of the terms and conditions of the Offer; and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">holders of Securities are afforded sufficient time to consider the Offer. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">All holders of Securities are being notified of the Offer and the
          implications of the Offer on their holdings, and all holders of Securities are afforded sufficient time to consider the Offer. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THE COMPANY&#8217;S BOARD OF DIRECTORS HAS DETERMINED THAT THE OFFER AND
          CONSENT SOLICITATION ARE ADVISABLE AND IN THE BEST INTERESTS OF THE COMPANY AND THAT THE OFFER AND CONSENT SOLICITATION ARE FAIR TO HOLDERS OF THE SECURITIES, INCLUDING THE UNAFFILIATED HOLDERS THEREOF, AND HAS DECLARED THE PREFERRED AMENDMENT
          ADVISABLE AND IS SUBMITTING THE PREFERRED AMENDMENT TO THE HOLDERS OF THE CLASS N PREFERRED STOCK (AND THEREFORE THE HOLDERS OF THE SECURITIES) FOR CONSIDERATION; HOWEVER, NEITHER THE COMPANY NOR ITS BOARD OF DIRECTORS, NOR ANY OTHER PERSON,
          MAKES ANY RECOMMENDATION TO HOLDERS OF SECURITIES AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING THEIR SECURITIES OR TO PROVIDE OR REFRAIN FROM PROVIDING THEIR CONSENT TO THE PREFERRED AMENDMENT IN THE OFFER AND CONSENT SOLICITATION. YOU
          SHOULD READ CAREFULLY THE INFORMATION IN THIS OFFER TO PURCHASE AND CONSENT SOLICITATION AND IN THE LETTER OF TRANSMITTAL AND CONSENT BEFORE MAKING YOUR DECISION WHETHER TO TENDER YOUR SECURITIES AND TO CONSENT TO THE PREFERRED AMENDMENT IN THE
          OFFER AND CONSENT SOLICITATION. </div>
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            <tr>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC4"><!--Anchor--></a>Section&#160;4.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Plans of the Company After the Offer and Consent Solicitation.</u> </div>
              </td>
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        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">It is expected that following the Offer and Consent Solicitation,
          our business and operations will be continued substantially as they are currently being conducted by management. Except as otherwise disclosed or incorporated by reference in this Offer to Purchase and Consent Solicitation, we have no current
          plans, proposals or negotiations that relate to or would result in: </div>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any extraordinary transaction, such as a merger, reorganization or liquidation, involving us or any of our subsidiaries; </div>
              </td>
            </tr>

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              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any purchase, sale or transfer of an amount of our assets or any of our subsidiaries&#8217; assets which is material to us and our
                  subsidiaries, taken as a whole; </div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any material change in our present dividend rate or policy, our indebtedness or capitalization; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any material change in our present Board of Directors or management or any plans or proposals to change the number or the terms
                  of directors (although we may fill vacancies arising on the Board of Directors) or to change any material term of the employment contract of any executive officer; </div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any material change in our corporate structure or business; </div>
              </td>
            </tr>

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            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any class of our equity securities to be delisted from the NYSE&#894; </div>
              </td>
            </tr>

        </table>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <table style="margin-top: 6.75pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any class of our equity securities becoming eligible for termination of registration under section 12(g)(4) of the Exchange Act
                  (except to the extent the results of the Offer and Consent Solicitation impact such eligibility with respect to the Securities)&#894; </div>
              </td>
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        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the termination or suspension of our obligation to file reports under Section&#160;15(d) of the Exchange Act&#894; </div>
              </td>
            </tr>

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            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the acquisition or disposition by any person of our securities; or </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any changes in our Charter, bylaws or other governing instruments or other actions that could impede the acquisition of control
                  of us. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have considered and may make additional repurchases of Securities
          following the completion of the Offer and Consent Solicitation, should our Board of Directors determine that the Company has sufficient available cash to do so, and as such, the Company retains the right, from time to time, to continue to
          repurchase Securities. At such time, the Company may purchase additional Securities in the open market subject to market conditions, or in private transactions, exchange offers, tender offers or otherwise. Any of these purchases may be on the
          same terms as, or on terms more or less favorable to holders of Securities than, the terms of the Offer and Consent Solicitation. However, Rule&#160;13e-4 under the Exchange Act generally prohibits us and our affiliates from purchasing the Securities,
          other than through the Offer and Consent Solicitation, until at least 10 business days after the expiration or termination of the Offer and Consent Solicitation. Any possible future purchases by us will depend on many factors, including the
          market price of the Securities, the results of the Offer and Consent Solicitation, our business and financial position and general economic and market conditions. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Preferred Amendment and Deposit Agreement Amendment are
          approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90 days following the date of
          effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;(which would mean a redemption price for each Security equal to $&#8195;&#8195;), plus accrued and unpaid dividends, if any, for the period
          from and including the last dividend payment date to, but not including, the redemption date). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although we do not currently have any plans, other than as disclosed
          or incorporated by reference in this Offer to Purchase and Consent Solicitation that relate to or would result in any of the events discussed above, we continue to evaluate opportunities for increasing stockholder value, and we may undertake or
          plan actions that relate to or could result in one or more of these events. In furtherance thereof, our management periodically assesses possible acquisitions, divestitures and other extraordinary corporate transactions as well as indebtedness,
          capitalization, special dividends or changes in dividend policy and other matters. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Nothing in the Offer and Consent Solicitation will preclude us from
          considering any of the foregoing events or pursuing, developing or engaging in future plans, proposals or negotiations that relate to or would result in one or more of the foregoing events, subject to applicable law, and we reserve the right to
          do so. Although we may not have any current plans, other than as disclosed or incorporated by reference in this Offer to Purchase and Consent Solicitation, that relate to or would result in any of the events discussed above, we consider from time
          to time, and may undertake or plan actions that relate to or could result in, one or more of these events. Holders tendering Securities in the Offer and Consent Solicitation may run the risk of foregoing the benefit of any appreciation in the
          market price of the Securities resulting from such potential future events. </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">THE OFFER AND CONSENT SOLICITATION </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC5"><!--Anchor--></a>Section&#160;5.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>General.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer<font style="font-style: normal;">. We
            are offering to purchase for cash, upon the terms and subject to the conditions set forth in this Offer to Purchase and Consent Solicitation and the Letter of Transmittal and Consent, any and all of the Securities. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt;">The following table sets forth some of the terms of the Offer: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
        <table class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr class="header">
              <td style="width: 25.64%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Series&#160;of Securities</div>
              </td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 25.64%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">CUSIP <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">No. / ISIN</div>
              </td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 25.64%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Liquidation <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Preference Per <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Security</div>
              </td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 19.23%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Offer <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Price </div>
              </td>
            </tr>
            <tr>
              <td style="width: 25.64%; text-align: center; vertical-align: middle; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">Depositary Shares representing 1/1,000 of a Share of 7.25% Class&#160;N Cumulative Convertible Perpetual Preferred Stock<br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">&#8195; <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">(NYSE: KIMprN)</div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 25.64%; text-align: center; vertical-align: middle; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">49446R 687/ <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">US49446R6870</div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 25.64%; text-align: center; vertical-align: middle; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$50.00</div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 19.23%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">$&#8195;&#8195; per Security, plus accrued and unpaid dividends, if any, through the day before the Settlement Date</div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At the time you tender your Securities, you will not know the extent
          of participation by other holders of Securities in the Offer and Consent Solicitation. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Consent Solicitation<font style="font-style: normal;">. Concurrently with the Offer, we also are soliciting (i) the Requisite Preferred Shareholder Consents to approve the Preferred Amendment to permit the Company to have the option to redeem the Class&#160;N Preferred Stock during the 90 days
            following the date of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195; (which would mean a redemption price for each Security equal to $&#8195;&#8195;), plus accrued and unpaid dividends,
            if any, for the period from and including the last dividend payment date to, but not including, the redemption date)) and (ii) the Requisite Deposit Agreement Amendment Approval. In addition to the Requisite Preferred Shareholder Consents, the
            Requisite Common Stockholder Approval is required to approve the Preferred Amendment in order to effect the Preferred Amendment. We plan to solicit the Requisite Common Stockholder Approval from the holders of our Common Stock in support of the
            Preferred Amendment at the Company&#8217;s 2025 Annual Meeting but may do so prior or subsequent to such meeting and may do so more than once during the 12-month effectiveness of the Requisite Preferred Shareholder Consents. The Offer and Consent
            Solicitation do not constitute a solicitation of consents from holders of our Common Stock to the Preferred Amendment. The solicitation of consents from holders of our Common Stock to the Preferred Amendment is expected to be made pursuant to
            the 2025 Proxy Statement. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment
          and Deposit Agreement Amendment are approved, we will have the option to redeem all shares of Class&#160;N Preferred Stock (and, consequently, Securities) that remain outstanding following the consummation of the Offer and Consent Solicitation during
          the 90 days following the date of effectiveness of the Preferred Amendment at the redemption price referred to in the prior paragraph. At such time, the Company&#8217;s Board of Directors intends to consider redeeming all shares of Class&#160;N Preferred
          Stock (and, consequently, Securities) that remain outstanding, subject to determining whether a redemption is advisable and in the best interests of the Company. A copy of the proposed Articles of Amendment effecting the Preferred Amendment is
          attached hereto as <u>Annex&#160;A</u>. We urge you to carefully read the Articles of Amendment in its entirety. The filing and effectiveness of the Preferred Amendment is conditioned on obtaining the Requisite Approvals. If we fail to receive the
          Requisite Approvals during the 12-month period beginning on the Expiration Date, the Preferred Amendment will not be effectuated. If the Preferred Amendment is not effectuated, or if the Company&#8217;s Board of Directors determines that a redemption
          is not advisable and in the best interests of the Company, the Company&#8217;s redemption of Securities that remain outstanding following the Offer would not occur and holders may be left holding a highly illiquid security. <font style="font-style: italic;">See</font> &#8220;Potential Effects on Holders of Securities&#8212;Reduced Liquidity and Increased Volatility.&#8221; </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders of Securities must validly tender all Securities that they
          own in order to participate in the Offer and Consent Solicitation. Holders of Securities may not consent to the Preferred Amendment without tendering their Securities in the Offer and Consent Solicitation, and holders of Securities may not tender
          their Securities in the Offer and Consent Solicitation without consenting to the Preferred Amendment. Thus, before deciding whether to tender any Securities and consent to the Preferred Amendment, holders of Securities should be aware that a
          tender of the Securities may result in the approval of the Preferred Amendment. The Offer and the Consent Solicitation are </div>
      </div>
    </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">conditioned upon receipt of the Requisite Preferred Shareholder Consents. The
          consent to the Preferred Amendment is a part of the Letter of Transmittal and Consent, and therefore by tendering your Securities you will deliver to us your consent to the Preferred Amendment. You may revoke your consent to the Preferred
          Amendment with respect to any Securities you have tendered at any time prior to the Expiration Date only by withdrawing the Securities you have tendered. Following the Expiration Date, assuming the Company&#8217;s acceptance for purchase of any and all
          of your validly tendered and not properly withdrawn Securities, you may not revoke your consent to the Preferred Amendment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Offer and the Consent Solicitation are conditioned upon receipt
          of the Requisite Preferred Shareholder Consents. The Offer and Consent Solicitation are subject to certain other conditions. <font style="font-style: italic;">See</font> Section&#160;9. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Expiration Date<font style="font-style: normal;">.
            The term &#8220;<u>Expiration Date</u>&#8221; means at 5:00 p.m., New York City time on &#8195;&#8195;&#8195;, 2024, unless and until the Company shall have extended the period of time during which the Offer and Consent Solicitation will remain open, in which event, the
            term Expiration Date shall refer to the latest time and date at which the Offer and Consent Solicitation, as so extended by the Company, shall expire. The Company will pay for all properly tendered and not properly withdrawn Securities that are
            accepted for purchase promptly after the Expiration Date. Following the Expiration Date, holders of Securities may not revoke their consent to the Preferred Amendment. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subject to the conditions of the Offer and Consent Solicitation, on
          the Settlement Date, the Company will accept for purchase any and all validly tendered and not properly withdrawn Securities. The Company expects the Settlement Date to promptly follow the Expiration Date, unless extended pursuant to the Offer
          and Consent Solicitation. If the Company materially changes the Offer and Consent Solicitation or information concerning the Offer and Consent Solicitation, it will extend the Offer and Consent Solicitation to the extent required by
          Rules&#160;13e-4(d)(2), 13e-4(e)(3), 13e-4(f)(1) and 14e-1(b) under the Exchange Act. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For the purposes of the Offer and Consent Solicitation, a &#8220;<u>business

            day</u>&#8221; means any day other than a Saturday, Sunday or U.S. federal holiday and consists of the time period from 12:01 a.m. through 12:00 Midnight, New York City time. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Company increases or decreases (i) the price to be paid for
          the Securities or (ii) the Soliciting Broker Fee for the Securities, then such Offer and Consent Solicitation must remain open for at least ten business days following the date that notice of the increase or decrease is first published, sent or
          given to holders of Securities in the manner specified in Section&#160;16. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THE OFFER AND THE CONSENT SOLICITATION ARE
          CONDITIONED UPON RECEIPT OF THE REQUISITE PREFERRED SHAREHOLDER CONSENTS. THE COMPANY&#8217;S OBLIGATION TO ACCEPT AND PAY FOR SECURITIES PROPERLY TENDERED PURSUANT TO THE OFFER AND CONSENT SOLICITATION IS SUBJECT TO OTHER CONDITIONS. <font style="font-style: italic;">SEE</font><font style="font-weight: normal;"> </font>SECTION 9. THE CONDITIONS TO THE OFFER AND CONSENT SOLICITATION ARE FOR THE SOLE BENEFIT OF THE COMPANY AND MAY BE ASSERTED BY THE COMPANY, REGARDLESS OF THE
          CIRCUMSTANCES GIVING RISE TO ANY SUCH CONDITION (OTHER THAN ANY ACTIONS OR INACTIONS OF THE COMPANY). THE COMPANY RESERVES THE RIGHT, IN ITS SOLE DISCRETION, TO WAIVE ANY AND ALL CONDITIONS OF THE OFFER AND CONSENT SOLICITATION PRIOR TO THE
          EXPIRATION DATE.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This Offer to Purchase and Consent Solicitation and the related
          Letter of Transmittal and Consent will be mailed to holders of record of Securities and will be furnished to brokers, dealers, commercial banks, trust companies or other nominee stockholders and similar persons whose names, or the names of whose
          nominees, appear on the Company&#8217;s stockholder list or, if applicable, who are listed as participants in a clearing agency&#8217;s security position listing for subsequent transmittal to beneficial owners of the Securities. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC6"><!--Anchor--></a>Section&#160;6.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Procedures for Tendering the Securities.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Securities are held in book-entry form through the facilities of
          DTC and must be tendered through DTC. If you desire to tender Securities and provide your consent to the Preferred Amendment, a DTC participant must electronically transmit your acceptance of the Offer and Consent Solicitation through DTC&#8217;s ATOP,
          for which the transaction will be eligible. In accordance with ATOP procedures, DTC will then verify the acceptance of the Offer and Consent Solicitation and send an agent&#8217;s message (as hereinafter defined) to the Tender Agent, for its
          acceptance. An &#8220;agent&#8217;s message&#8221; is a message transmitted by DTC, received by the Tender Agent and forming part of the book-entry confirmation, which states that DTC has received an express acknowledgment from you that you have </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">received the applicable Offer and Consent Solicitation and agree to be bound by the
          terms of such Offer and Consent Solicitation, and that the Company may enforce such agreement against you. Alternatively, you may also confirm your acceptance of the Offer and Consent Solicitation by delivering to the Tender Agent a duly executed
          Letter of Transmittal and Consent. A tender will be deemed to have been received only when the Tender Agent receives (i)&#160;either a duly completed agent&#8217;s message through the facilities of DTC at the Tender Agent&#8217;s DTC account or a properly
          completed Letter of Transmittal and Consent, and (ii) confirmation of book-entry transfer of the Securities into the Tender Agent&#8217;s applicable DTC account. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If a broker, dealer, commercial bank, trust
          company or other nominee holds your Securities, it is likely that it has an earlier deadline for you to act to instruct it to accept the Offer and provide your consent to the Preferred Amendment on your behalf. We recommend that you contact your
          broker, dealer, commercial bank, trust company or other nominee to determine its applicable deadline.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We recommend that investors who hold Securities through brokers,
          dealers, commercial banks, trust companies or other nominees consult the brokers, dealers, commercial banks, trust companies or other nominees to determine whether transaction costs are applicable if they tender Securities through the brokers,
          dealers, commercial banks, trust companies or other nominees and not directly to the Tender Agent. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Securities may be tendered and accepted only in whole shares. No
          alternative, conditional or contingent tenders will be accepted. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Signature Guarantees<font style="font-style: normal;">. Except as otherwise provided below, all signatures on a Letter of Transmittal and Consent must be guaranteed by a financial institution (including most banks, savings and loans associations and brokerage houses) which is a
            participant in the Securities Transfer Agents Medallion Program. Signatures on a Letter of Transmittal and Consent need not be guaranteed if: </font></div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Letter of Transmittal and Consent is signed by the registered holder (which term, for purposes of this Section&#160;6, shall
                  include any participant in DTC whose name appears on a security position listing as the owner of the Securities) of the Securities tendered therewith and the holder has not completed either of the boxes under &#8220;Special Payment and Delivery
                  Instructions&#8221; within the Letter of Transmittal and Consent; or </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Securities are tendered for the account of a bank, broker, dealer, credit union, savings association or other entity which
                  is a member in good standing of the Securities Transfer Agents Medallion Program or a bank, broker, dealer, credit union, savings association or other entity which is an &#8220;eligible guarantor institution,&#8221; as such term is defined in
                  Rule&#160;17Ad-15 under the Exchange Act. <font style="font-style: italic;">See </font>Instruction 1 of the Letter of Transmittal and Consent. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There are no guaranteed delivery procedures
          available with respect to the Offer and Consent Solicitation under the terms of this Offer to Purchase and Consent Solicitation or any related materials. Holders must tender their Securities and consent to the Preferred Amendment in accordance
          with the procedures set forth in this section.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company will make payment for Securities tendered and accepted
          for purchase in the Offer and Consent Solicitation only after the Tender Agent receives a timely confirmation of the book-entry transfer of the Securities into the Tender Agent&#8217;s applicable account at DTC, a properly completed and a duly executed
          Letter of Transmittal and Consent, or an agent&#8217;s message, and any other documents required by the Letter of Transmittal and Consent. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Book-Entry Delivery<font style="font-style: normal;">. Any financial institution that is a DTC participant may make book-entry delivery of the Securities by causing DTC to transfer Securities into the Tender Agent&#8217;s applicable account in accordance with DTC&#8217;s procedures for transfer.
            Although DTC participants may effect delivery of Securities into the Tender Agent&#8217;s applicable account at DTC, such deposit must be accompanied by either: </font></div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a message that has been transmitted to the Tender Agent through the facilities of DTC, or </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a properly completed and duly executed Letter of Transmittal and Consent, including any other required documents, that has been
                  transmitted to and received by the Tender Agent at its address as set forth on the back page of this Offer to Purchase and Consent Solicitation before the Expiration Date. </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg4"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Method of Delivery<font style="font-style: normal;">. The method of delivery of the Letter of Transmittal and Consent and any other required documents is at the election and risk of the tendering holder of Securities. If you choose to deliver required documents by mail, we recommend
            that you use registered mail with return receipt requested, properly insured. Delivery of the Letter of Transmittal and Consent and any other required documents to DTC does not constitute delivery to the Tender Agent. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt;">Appraisal Rights<font style="font-style: normal;">. You will have
            no appraisal rights in connection with the Offer and Consent Solicitation. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">U.S. Federal Backup Withholding<font style="font-style: normal;">. Under the U.S. federal income tax backup withholding rules, 24% of the gross proceeds payable to a holder of the Securities or other payee pursuant to the Offer and Consent Solicitation will be withheld and
            remitted to the U.S. Treasury, unless the holder of the Securities or other payee provides his or her taxpayer identification number (</font>i.e.<font style="font-style: normal;">, employer identification number or Social Security number) to
            the Tender Agent and certifies under penalties of perjury that such number is correct and that such holder of the Securities or other payee is exempt from backup withholding, or such holder of the Securities or other payee otherwise establishes
            an exemption from backup withholding. If the Tender Agent is not provided with the correct taxpayer identification number, the holder of the Securities or other payee may also be subject to certain penalties imposed by the Internal Revenue
            Service (the &#8220;<u>IRS</u>&#8221;). Therefore, each tendering U.S. Holder (as defined below in Section&#160;15) should complete and sign the IRS Form&#160;W-9 included as part of the Letter of Transmittal and Consent so as to provide the information and
            certification necessary to avoid backup withholding unless the U.S. Holder otherwise establishes to the satisfaction of the Tender Agent that such tendering U.S. Holder is not subject to backup withholding. Certain holders of the Securities
            (including, among others, C corporations) are not subject to these backup withholding and reporting requirements. Exempt U.S. Holders should indicate their exempt status on the IRS Form&#160;W-9 included as part of the Letter of Transmittal and
            Consent. In order for a Non-U.S. Holder (as defined below in Section&#160;15) to qualify as an exempt recipient, such holder of the Securities generally must submit an IRS Form&#160;W-8BEN, IRS Form&#160;W-8BEN-E or other applicable IRS Form&#160;W-8, signed under
            penalties of perjury, attesting to that Non-U.S. Holder&#8217;s non-U.S. status. Tendering holders of the Securities can obtain other applicable forms from the Tender Agent or from www.irs.gov. </font>See <font style="font-style: normal;">Instruction

            8 of the Letter of Transmittal and Consent. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Backup withholding is not an additional tax, and any amounts
          withheld under the backup withholding rules will be allowed as a refund or a credit against a holder&#8217;s U.S. federal income tax liability provided the required information is timely furnished to the IRS. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">TO PREVENT U.S. FEDERAL BACKUP WITHHOLDING ON THE GROSS PAYMENTS
          MADE TO YOU FOR THE SECURITIES PURCHASED PURSUANT TO THE OFFER AND CONSENT SOLICITATION, YOU MUST PROVIDE THE TENDER AGENT WITH A COMPLETED IRS FORM W-9 OR APPLICABLE IRS FORM&#160;W-8, AS APPROPRIATE, OR OTHERWISE ESTABLISH AN EXEMPTION FROM SUCH
          WITHHOLDING. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Where Securities are tendered on behalf of the holder of Securities
          by a broker or other DTC participant, the foregoing IRS Forms and certifications generally must be provided by the holder of Securities to the DTC participant, instead of the Tender Agent, in accordance with the DTC participant&#8217;s applicable
          procedures. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For a discussion of certain U.S. federal income tax consequences to
          tendering holders of the Securities, <font style="font-style: italic;">see</font> Section&#160;15. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Return of Withdrawn Securities<font style="font-style: normal;">. In the event of proper withdrawal of tendered Securities, the Tender Agent will credit the Securities to the appropriate account maintained by the tendering holder of Securities at DTC without expense to the holder
            of the Securities. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Determination of Validity; Rejection of
          Securities; Waiver of Defects; No Obligation to Give Notice of Defects<font style="font-style: normal;">. The Company will determine, in its sole discretion, all questions as to the validity, form, eligibility (including time of receipt) and
            acceptance for purchase of any tender of Securities, and its determination will be final and binding on all parties. The Company reserves the absolute right to reject any or all tenders of the Securities that it determines are not in proper
            form or the acceptance for purchase of or payment for which the Company determines may be unlawful. The Company also reserves the absolute right to waive any defect or irregularity in any tender with respect to the Securities or any particular
            holder of Securities, and the Company&#8217;s interpretation of the terms of the Offer and Consent Solicitation will be final and binding on all parties. No tender of Securities will be deemed to have been </font></div>
      </div>
    </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg5"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">properly made until the holder of the Securities cures, or the Company waives, all
          defects or irregularities. None of the Company, the Tender Agent, the Information Agent, the Dealer Manager and Solicitation Agent or any other person will be under any duty to give notification of any defects or irregularities in any tender or
          incur any liability for failure to give this notification. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Tendering Holder&#8217;s Representation and Warranty;
          The Company&#8217;s Acceptance Constitutes an Agreement<font style="font-style: normal;">. A tender of Securities under the procedures described above will constitute the tendering holder&#8217;s acceptance of the terms and conditions of the Offer and
            Consent Solicitation, as well as the tendering holder&#8217;s representation and warranty to the Company that (i) such holder of Securities has the full power and authority to tender, sell, assign and transfer the tendered Securities and (ii) when
            the same are accepted for purchase by the Company, it will acquire good and unencumbered title thereto, free and clear of all liens, restrictions, changes and encumbrances and not subject to any adverse claims. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s acceptance for purchase of Securities tendered and the
          provided consent to the Preferred Amendment under the Offer and Consent Solicitation will constitute a binding agreement between the tendering holder of Securities and the Company upon the terms and conditions of the Offer and Consent
          Solicitation. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC7"><!--Anchor--></a>Section&#160;7.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Withdrawal Rights.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders of Securities may withdraw Securities tendered into the
          Offer and Consent Solicitation at any time prior to the Expiration Date. Holders of Securities may also withdraw their Securities if the Company has not accepted the Securities for purchase after the expiration of forty business days from the
          commencement of the Offer and Consent Solicitation. Consents to the Preferred Amendment in connection with the Consent Solicitation may be revoked at any time before the Expiration Date by withdrawing tendered Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the Expiration Date, holders of Securities may not revoke
          their consent to the Preferred Amendment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subject to the conditions of the Offer and Consent Solicitation, on
          the Settlement Date, the Company will accept for purchase any and all validly tendered and not properly withdrawn Securities. The Company expects the Settlement Date to promptly follow the Expiration Date, unless extended pursuant to the Offer
          and Consent Solicitation. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For a withdrawal to be effective, the Tender Agent must receive,
          prior to the Expiration Date, a written notice of withdrawal, or a properly transmitted &#8220;Request Message&#8221; through ATOP, at the Tender Agent&#8217;s address set forth on the back page of this Offer to Purchase and Consent Solicitation. Any such notice
          of withdrawal must specify the name of the tendering holder of the Securities, the class and number of Securities that the holder of Securities wishes to withdraw and the name of the registered holder of the Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any notice of withdrawal must also specify the name and the number
          of the account at DTC to be credited with the withdrawn Securities and must otherwise comply with DTC&#8217;s procedures. The Company will determine all questions as to the form and validity (including the time of receipt) of any notice of withdrawal,
          in its sole discretion, and such determination will be final and binding. None of the Company, the Tender Agent, the Information Agent, the Dealer Manager and Solicitation Agent or any other person will be under any duty to give notification of
          any defects or irregularities in any notice of withdrawal or incur any liability for failure to give this notification. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A holder of Securities may not rescind a withdrawal and the Company
          will deem the Securities that a holder of Securities properly withdraws not properly tendered for purposes of the Offer and Consent Solicitation, unless the holder of Securities properly retenders the withdrawn Securities before the Expiration
          Date by following one of the procedures described in Section&#160;6. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC8"><!--Anchor--></a>Section&#160;8.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Purchase of Securities and Payment of Purchase Price.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subject to the conditions of the Offer and Consent Solicitation, on
          the Settlement Date, we will accept for purchase any and all validly tendered and not properly withdrawn Securities. We expect the Settlement Date to promptly follow the Expiration Date, unless extended pursuant to the Offer and Consent
          Solicitation. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of the Offer and Consent Solicitation, the Company will
          be deemed to have accepted for purchase, and therefore purchased, Securities that are properly tendered and are not properly withdrawn, only when, as and if it gives oral or written notice to the Tender Agent of its acceptance of the Securities
          for purchase under the Offer and Consent Solicitation. </div>
      </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg6"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company will pay for Securities that it purchases under the
          Offer and Consent Solicitation by depositing the aggregate purchase price for such Securities with DTC, which will act as an agent for tendering holders of the Securities for the purpose of receiving payment from the Company and transmitting
          payment to the tendering holders of the Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Offer and Consent Solicitation expires or terminates and the
          Securities have not been accepted for purchase by us following the expiration or termination of the Offer and Consent Solicitation, the holder of Securities that were not accepted for purchase will continue to own those Securities. The Tender
          Agent will credit those Securities to the appropriate account maintained by the tendering holder of Securities at DTC without expense to the holder of the Securities. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC9"><!--Anchor--></a>Section&#160;9.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Conditions of the Offer and Consent Solicitation.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Notwithstanding any other provision of the Offer and Consent
          Solicitation, the Company will not be required to accept for purchase, purchase or pay for the Securities tendered, and may terminate or amend the Offer and Consent Solicitation or may postpone the acceptance for purchase of, or the purchase of
          and the payment for Securities tendered, subject to Rule&#160;13e-4(f) under the Exchange Act, if, at any time on or after the date hereof and before the Expiration Date, any of the following events shall have occurred (or shall have been reasonably
          determined by the Company to have occurred) that, in the Company&#8217;s reasonable judgment and regardless of the circumstances giving rise to the event or events (other than actions or inactions of the Company), make it inadvisable to proceed with
          the Offer and Consent Solicitation or with acceptance for purchase: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">there shall have been threatened, instituted or pending any action or proceeding by any government or governmental, regulatory
                  or administrative agency or instrumentality, authority or tribunal or any other person, domestic or foreign, before any court, authority, agency or tribunal that directly or indirectly challenges the making of the Offer and Consent
                  Solicitation, the acquisition of some or all of the Securities under the Offer and Consent Solicitation or otherwise relates in any manner to the Offer and Consent Solicitation, or is, or is reasonably likely to be, in our reasonable
                  judgment, materially adverse to our business, operations, properties, condition, assets, liabilities or prospects, or which would or might, in our reasonable judgment, prohibit, prevent, restrict or delay consummation of the Offer and
                  Consent Solicitation or materially impair the contemplated benefits to the Company of the Offer and Consent Solicitation; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">there shall have been any action threatened, instituted, pending or taken, or approval withheld, or any statute, rule,
                  regulation, judgment, order or injunction threatened, proposed, sought, promulgated, enacted, entered, amended, enforced or deemed to be applicable to the Offer and Consent Solicitation or the Company or any of its subsidiaries, by any
                  court or any authority, agency, tribunal or other body that, in the Company&#8217;s reasonable judgment, would or might, directly or indirectly: </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">make the acceptance for purchase of, or payment for, some or all of the Securities illegal or
                    otherwise restrict or prohibit completion of the Offer and Consent Solicitation; or </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">delay or restrict the ability of the Company, or render the Company unable, to accept for
                    purchase or pay for some or all of the Securities; or </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in the Company&#8217;s reasonable judgment, there has occurred any of the following: </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any general suspension of trading in, or the imposition of any general curb on trading of
                    securities on any U.S. national securities exchange or in the over-the-counter market; </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">o any decrease of more than 10% in the market price for any of the Company&#8217;s securities on the
                    NYSE or in the general level of market prices for equity securities in the Dow Jones Industrial Average, New York Stock Exchange Index, NASDAQ Composite Index or the Standard &amp; Poor&#8217;s 500 Composite Index measured from the close of
                    trading on &#8195;&#8195;&#8195;, 2024 shall have occurred; </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: left;"><font style="font-size: 10pt;">the payment of the funds in the Tender Offer would be prohibited by law; </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">the declaration of a banking moratorium or any suspension of payments in respect of banks in the
                    United States, whether or not mandatory; </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">the commencement of any war, armed hostilities or other international calamity, including any act
                    of terrorism, on or after the date of this Offer to Purchase and Consent Solicitation, in or involving the </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br>
      </div>
    </div>
  </div>
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  <!--Begin Page 32-->
  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg7"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="ebl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 60pt; text-align: justify;">United States, or the material escalation of any such armed hostilities which had
          commenced before the date of this Offer to Purchase and Consent Solicitation, in each case which is reasonably likely to have a material adverse effect on the Company or on the Company&#8217;s ability to complete the Offer and Consent Solicitation; </div>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any limitation, whether or not mandatory, imposed by any governmental, regulatory,
                    self-regulatory or administrative authority, tribunal or other body, or any other event, that could materially affect the extension of credit by banks or other lending institutions in the United States; </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any change in tax law that would materially change the tax consequences of the Offer and Consent
                    Solicitation in a manner that would reasonably be expected to have a material and adverse effect on the Company; or </font></div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; text-align: justify;"><font style="font-size: 10pt;">any change or changes have occurred or likely to occur affecting the Company or any of its
                    subsidiaries&#8217; business or financial affairs that, in our reasonable judgment, (i) is, or is reasonably likely to be, materially adverse to the Company and its subsidiaries&#8217; business, condition (financial or otherwise), income, assets,
                    liabilities, operations, property or prospects, (ii) would or might prohibit, prevent, restrict or delay consummation of the Offer and Consent Solicitation, or (iii) would materially impair the contemplated benefits of the Offer and
                    Consent Solicitation to the Company or be material to holders of Securities in deciding whether to accept the Offer and consent to the Preferred Amendment. </font></div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, the Offer and Consent Solicitation are conditioned
          upon receipt of the Requisite Preferred Shareholder Consents. In addition, as to any holders of the Securities, the Offer and Consent Solicitation is conditioned upon such holder of the Securities desiring to tender Securities in the Offer
          delivering to the Transfer Agent in a timely manner the holder&#8217;s Securities to be tendered and any other required paperwork, all in accordance with the applicable procedures described in this Offer to Purchase and Consent Solicitation and set
          forth in the Letter of Transmittal and Consent. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, if completing the Offer and Consent Solicitation on
          their current or amended terms, or at all, may cause the Company to fail to qualify for taxation as a real estate investment trust (&#8220;<u>REIT</u>&#8221;) for U.S. federal income tax purposes, the Company may terminate or amend the Offer and Consent
          Solicitation or postpone the acceptance of the Securities for payment. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The foregoing conditions are for the sole benefit of the Company and
          may be waived by the Company, in whole or in part, at any time and from time to time, before the Expiration Date, in its reasonable discretion. The Company&#8217;s failure at any time to exercise any of the foregoing rights shall not be deemed a waiver
          of any of these rights, and each of these rights shall be deemed an ongoing right that may be asserted at any time and from time to time. Notwithstanding the foregoing, in the event that one or more events described above occurs before the
          Expiration Date, the Company will promptly notify the holders of Securities of the Company&#8217;s determination as to whether to (i) waive or modify, in whole or in part, the condition and continue the Offer and Consent Solicitation or (ii) terminate
          the Offer and Consent Solicitation. Any determination or judgment by the Company concerning the events described above will be final and binding on all parties, subject to a stockholder&#8217;s right to challenge our determination in a court of
          competent jurisdiction. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC10"><!--Anchor--></a>Section&#160;10.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Historical Price Range of the Securities.</u> </div>
              </td>
            </tr>

        </table>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt;">Market Price of and Dividends on the Securities </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Securities are traded on the NYSE under the symbol &#8220;KIMprN.&#8221; As
          of the date hereof, there were outstanding 1,848,459 Securities. The Securities are perpetual and there is no fixed date on which we are required to redeem or otherwise repurchase them. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On January&#160;2, 2024, pursuant to the Merger Agreement, RPT merged
          with and into the Company, with the Company continuing as the surviving public company. Under the terms of the Merger Agreement, each RPT Preferred Share was converted into the right to receive one depositary share representing one one-thousandth
          of a share of Class&#160;N Preferred Stock. </div>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br>
      </div>
    </div>
  </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg8"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table sets forth for the periods indicated, the
          high and low reported closing prices per Security on the NYSE and the cash dividends per Security. Prior to January&#160;2, 2024 (the date of the RPT Merger) the RPT Preferred Shares were traded on the NYSE under the ticker symbol KIMprN. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
        <table class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr class="header">
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td colspan="4" style="width: 14.32%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Securities </div>
              </td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" rowspan="2" style="width: 1.29%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td rowspan="2" style="width: 13.86%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Cash Distributions <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">per Security</div>
              </td>
            </tr>
            <tr class="header">
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 5.88%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">High</div>
              </td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 5.88%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Low </div>
              </td>
              <td class="gutter" style="width: 1.29%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
            </tr>
            <tr>
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Fiscal Year Ending December&#160;31, 2024<br>
                </div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 13.86%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Third Quarter (through August&#160;21, 2024)<font style="padding-left: 1.49pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">$58.51</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">$53.85</div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 13.86%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.68pt;">$0.90625 </div>
              </td>
            </tr>
            <tr>
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Second Quarter<font style="padding-left: 1.2pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><font style="padding-left: 5pt;">56.44</font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><font style="padding-left: 5pt;">53.29</font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 13.86%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.68pt;"><font style="padding-left: 5pt;">0.90625</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">First Quarter (beginning January&#160;2, 2024)<font style="padding-left: 3.73pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><font style="padding-left: 5pt;">58.00</font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.88%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;"><font style="padding-left: 5pt;">55.87</font></div>
              </td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.29%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 13.86%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.68pt;"><font style="padding-left: 5pt;">0.14097</font></div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On August&#160;21, 2024, the closing sales price of the Securities on the
          NYSE was $58.51, and the average daily trading volume for the Securities since January&#160;2, 2024, the initial issue date of the Securities, was 4,483, and the 20-day average daily trading volume for the Securities was 1,417. </div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt;">Holders of Securities are urged to obtain current market quotations for the Securities.
        </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Information Regarding Dividends<font style="font-style: normal; font-weight: bold;">.</font><font style="font-style: normal;"> Dividends on the Securities are paid when and if authorized by the Board of Directors and declared by the Company quarterly on January&#160;15, April&#160;15,
            July&#160;15 and October&#160;15 of each year and accumulate if not paid. In the event of a cumulative arrearage equal to six quarterly dividends, whether or not consecutive, the holders of the Securities will have the right to elect two additional
            members to serve on the Board of Directors until all events of default have been cured. Any determination to pay dividends on the Securities in the future will be at the Board of Directors discretion and will depend on the Company&#8217;s financial
            condition, availability of capital, a review of any regulatory, contractual and other constraints, and other factors deemed relevant by the Board of Directors. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If we complete the Offer and Consent Solicitation and obtain the
          Requisite Approvals, we intend to file the Preferred Amendment with the State Department of Assessments and Taxation of Maryland to permit the Company to have the option to redeem the Class&#160;N Preferred Stock during the 90 days following the date
          of effectiveness of the Preferred Amendment at a redemption price for each share of Class&#160;N Preferred Stock equal to $&#8195;&#8195;&#8195; (which would be mean a redemption price for each Security equal to $&#8195;&#8195;&#8195;, plus accrued and unpaid dividends, if any, for the
          period from and including the last dividend payment date to, but not including, the date of redemption). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Requisite Approvals are obtained and the Preferred Amendment
          and Deposit Agreement Amendment are approved, the Company will have the option to redeem all Securities that remain outstanding following the consummation of the Offer and Consent Solicitation during the 90 days following the date of
          effectiveness of the Preferred Amendment at the redemption price referred to above. At such time, the Company&#8217;s Board of Directors intends to consider redeeming all shares of Class N Preferred Stock (and, consequently, Securities) that remain
          outstanding, subject to determining whether a redemption is advisable and in the best interests of the Company. Subsequently, holders of the Securities who do not tender such shares in the Offer and Consent Solicitation will lose their right to
          receive any future Securities distributions, other than accrued and unpaid dividends, if any, in connection with a redemption or any distribution of assets upon liquidation, dissolution or winding up. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt;">Prior Public Offerings and Stock Purchases<font style="font-style: normal;">.</font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On January&#160;2, 2024, pursuant to the Merger Agreement, RPT merged
          with and into the Company, with the Company continuing as the surviving public company. Under the terms of the Merger Agreement, each RPT Preferred Share was converted into the right to receive one depositary share representing one one-thousandth
          of a share of Class&#160;N Preferred Stock. In connection with the RPT Merger, the Company issued 1,848,539 Securities representing in the aggregate approximately 1,849 shares of Class&#160;N Preferred Stock. The Company has not made any underwritten
          public offering of the Securities or purchased any of the Securities since the date of issuance of the Securities on January&#160;2, 2024.</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to a previously established repurchase program authorized
          in January 2024 by the Board of Directors, we purchased a total of 80 Securities, representing 0.004% of the total outstanding Securities, through open market purchases at a weighted average price per share of $57.91 on August&#160;19, 2024 and
          August&#160;20, 2024. </div>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg9"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <table style="margin-top: 6.75pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC11"><!--Anchor--></a>Section&#160;11.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Source and Amount of Funds.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company expects to use cash on hand, including borrowings under
          the Company&#8217;s Revolving Credit Facility, to pay the consideration payable by it pursuant to the Offer and Consent Solicitation and the fees and expenses incurred by it in connection therewith. There are no material conditions to the financing of
          the Offer and Consent Solicitation and the Company currently has no alternative financing plans or arrangements for the Offer and Consent Solicitation. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In February&#160;2023, Kimco OP obtained a new $2.0&#160;billion unsecured
          revolving credit facility (the &#8220;<u>Revolving </u><u>Credit Facility</u>&#8221;) with a group of banks, which replaced its existing $2.0&#160;billion unsecured revolving credit facility which was scheduled to mature in March&#160;2024. The Revolving Credit
          Facility is scheduled to expire in March&#160;2027 with two additional six-month options to extend the maturity date, at our discretion, to March&#160;2028. The Revolving Credit Facility is guaranteed by the Company. The Revolving Credit Facility can be
          increased to $2.75&#160;billion through an accordion feature. The Revolving Credit Facility is a green credit facility tied to sustainability metric targets, as described in the credit agreement governing the Revolving Credit Facility (the &#8220;<u>Revolving

            Credit Agreement</u>&#8221;). The Revolving Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the Revolving Credit Agreement, plus 77.5 basis points, and fluctuates in accordance with our credit ratings. The interest
          rate can be further adjusted upward or downward by a maximum of four basis points based on the sustainability metric targets, as defined in the Revolving Credit Agreement. The interest rate on the Revolving Credit Facility as of June&#160;30, 2024 was
          6.19% after a two basis point reduction was achieved. Effective July&#160;23, 2024, an additional two basis point reduction was achieved. As of the date of this Offer to Purchase and Consent Solicitation, there were no borrowings outstanding and no
          appropriations for letters of credit under the Revolving Credit Facility. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the terms of the Revolving Credit Facility, we, among
          other things, are subject to maintenance of various covenants. We are currently in compliance with these covenants. The financial covenants for the Revolving Credit Facility are as follows: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
        <table class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr class="header">
              <td style="width: 76.92%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt;">Covenant</div>
              </td>
              <td class="gutter" style="width: 1.65%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 6.26%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">Must Be</div>
              </td>
              <td class="gutter" style="width: 1.65%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 10.21%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">As of <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt;">June&#160;30, 2024 </div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Total Indebtedness to Gross Asset Value (&#8220;GAV&#8221;)<font style="padding-left: 0.69pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 6.26%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">&lt;60%</div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 10.21%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">35% </div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Total Priority Indebtedness to GAV<font style="padding-left: 2.88pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 6.26%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">&lt;35%</div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 10.21%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">1% </div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense<font style="padding-left: 0.75pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 6.26%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">&gt;1.75x</div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 10.21%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">4.5x </div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.92%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Fixed Charge Total Adjusted EBITDA to Total Debt Service<font style="padding-left: 0.07pt;"></font></div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 6.26%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">&gt;1.50x</div>
              </td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.65%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 10.21%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt;">4.0x</div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company plans to repay any borrowings under the Revolving Credit
          Facility used to fund the Offer with cash on hand. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Immediately prior to the consummation of the Offer and the
          subsequent surrender of the Securities by the Company to the depositary in exchange for shares of Class&#160;N Preferred Stock, Kimco OP shall purchase from the Company an equal number of Class&#160;N Preferred Units of Kimco OP as the number of shares of
          Class&#160;N Preferred Stock to be purchased by the Company in the Offer, upon the same terms and for the same price per Class&#160;N Preferred Unit of Kimco OP as the price per share of Class&#160;N Preferred Stock (based on the price for the Securities and
          the applicable exchange rate for the Securities). </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC12"><!--Anchor--></a>Section&#160;12.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Certain Information Concerning the Company.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is North America&#8217;s largest publicly traded owner and
          operator of open-air, grocery-anchored shopping centers, including mixed-use assets. Our mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a self-administered REIT and have owned and operated open-air
          shopping centers for over 60 years. We have not engaged, nor do we expect to retain, any REIT advisors in connection with the operation of our properties. As of June&#160;30, 2024, the Company had interests in 567 shopping center properties,
          aggregating 100.6&#160;million square feet of gross leasable area (&#8220;<u>GLA</u>&#8221;), located in 30 states. In addition, the Company had 67 other property interests, primarily through the Company&#8217;s preferred equity investments and other investments,
          totaling 5.3&#160;million square feet of GLA. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our ownership interests in real estate consist of our consolidated
          portfolio and portfolios where we own an economic interest, such as properties in our investment real estate management programs, where we partner with institutional investors and also retain management. </div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg10"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our primary business objective is to be the premier owner and
          operator of open-air, grocery-anchored shopping centers, including mixed-use assets, in the U.S. We believe we can achieve this objective by: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">increasing the value of our existing portfolio of properties and generating higher levels of portfolio growth; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">increasing cash flows for reinvestment and/or for distribution to stockholders while maintaining conservative payout ratios; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">improving debt metrics and obtaining upgraded unsecured debt ratings; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">increasing the number of entitlements for residential use. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is a Maryland corporation organized to qualify as a REIT
          under the Internal Revenue Code of 1986, as amended (the &#8220;<u>Code</u>&#8221;). We generally conduct substantially all of our operations through Kimco Realty OP, LLC, a Delaware limited liability company (&#8220;<u>Kimco OP</u>&#8221;) (either directly or
          indirectly through its subsidiaries). This structure is commonly referred to as an umbrella partnership real estate investment trust (an &#8220;<u>UPREIT</u>&#8221;). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our executive offices are located at 500 North Broadway, Suite 201,
          Jericho, New York 11753, and our telephone number is (516) 869-9000. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC13"><!--Anchor--></a>Section&#160;13.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Interests of Directors and Executive Officers; Transactions and Arrangements Concerning the </u><u>Securities and the Common
                    Stock.</u> </div>
              </td>
            </tr>

        </table>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt;">Arrangements Concerning the Securities </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt;">As of the date hereof, there were outstanding 1,848,459 Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company does not, and does not believe after reasonable inquiry
          that any of its executive officers and directors or any associates or majority-owned subsidiaries of the Company, beneficially owns any of the Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Based on the Company&#8217;s records and on information provided to it by
          its executive officers, directors, affiliates and subsidiaries, neither the Company nor any of its affiliates or subsidiaries nor, to its knowledge after reasonable inquiry, any of the Company&#8217;s or its subsidiaries&#8217; directors or executive
          officers, nor any associates or subsidiaries of any of the foregoing, have effected any transactions involving the Securities during the sixty days prior to &#8195;&#8195;&#8195;, 2024. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company entered into a Deposit Agreement, dated January&#160;2, 2024
          (the &#8220;<u>Deposit Agreement</u>&#8221;), among the Company, Equiniti Trust Company, LLC, as depositary, registrar and transfer agent, governing the terms of the Securities. The terms of the 7.25% Cumulative Preferred Stock, Series&#160;N, stated value
          $50,000 per share, of the Company underlying the Securities are governed by the Charter. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Except as otherwise described in this Offer to Purchase and Consent
          Solicitation, neither the Company nor, to its knowledge after reasonable inquiry, any of its affiliates, directors or executive officers, is a party to any contract, arrangement, understanding or relationship with any other person relating,
          directly or indirectly, to the Offer and Consent Solicitation or with respect to any of the Securities, including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of securities,
          joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties against loss or the giving or withholding of proxies, consents or authorizations. </div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt;">Arrangements Concerning the Common Stock </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In May&#160;2020, the Company&#8217;s stockholders approved the 2020 Equity
          Participation Plan (the &#8220;<u>2020 Plan</u>&#8221;), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March&#160;2020. The 2020 Plan provides for a maximum of 10.0&#160;million shares of Common Stock to
          be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, long term incentive plan units, stock payments and deferred stock awards to eligible
          employees, consultants, and directors. At June&#160;30, 2024, the Company had 3.0&#160;million shares of Common Stock available for issuance under the 2020 Plan. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company accounts for equity awards in accordance with FASB&#8217;s
          Compensation &#8211; Stock Compensation guidance which requires that all share-based payments to employees, including grants of employee stock options, </div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">27<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg11"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">restricted stock and performance shares, be recognized in the Consolidated
          Statements of Income over the service period based on their fair values. Fair value of performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Fair value of
          restricted shares is based on the price on the date of grant. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC14"><!--Anchor--></a>Section&#160;14.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Legal Matters; Regulatory Approvals.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is not aware of any license or regulatory permit that
          appears material to its business that might be adversely affected by its acquisition of Securities as contemplated by the Offer and Consent Solicitation. Nor is the Company aware of any approval or other action by any government or governmental,
          administrative or regulatory authority or agency, domestic, foreign or supranational that would be required for the acquisition of Securities by the Company as contemplated by the Offer and Consent Solicitation other than those that have been
          obtained. Should any approval or other action be required, the Company presently contemplates that it will seek that approval or other action. The Company is unable to predict whether it will be required to delay the acceptance for purchase of or
          payment for Securities tendered under the Offer and Consent Solicitation pending the outcome of any such matter. There can be no assurance that any approval or other action, if needed, would be obtained or would be obtained without substantial
          cost or conditions or that the failure to obtain the approval or other action might not result in adverse consequences to its business, results of operations and/or financial condition. The obligations of the Company under the Offer and Consent
          Solicitation to accept for purchase and pay for Securities is subject to conditions. <font style="font-style: italic;">See</font> Section&#160;9. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC15"><!--Anchor--></a>Section&#160;15.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Certain U.S. Federal Income Tax Consequences of the Offer.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a summary of certain U.S. federal income tax
          consequences that apply to &#8220;U.S. Holders&#8221; and &#8220;Non-U.S. Holders&#8221; (each as defined below) of the tender of Securities for cash pursuant to the Offer, but does not purport to be a complete analysis of all potential tax effects. The effects of other
          U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published
          rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively
          in a manner that could adversely affect a holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that
          discussed below regarding the tax consequences of the tender of Securities pursuant to the Offer. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This discussion is limited to holders that hold our Securities as
          &#8220;capital assets&#8221; within the meaning of Section&#160;1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder&#8217;s particular circumstances, including the
          impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to holders subject to special rules, including, without limitation: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

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              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">U.S. expatriates and former citizens or long-term residents of the United States; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">U.S. Holders whose functional currency is not the U.S. dollar; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons holding our Securities as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion
                  transaction or other integrated investment; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">banks, insurance companies, and other financial institutions; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">REITs or regulated investment companies; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">brokers, dealers, or traders in securities; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">&#8220;controlled foreign corporations,&#8221; &#8220;passive foreign investment companies,&#8221; and corporations that accumulate earnings to avoid
                  U.S. federal income tax; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes
                  (and investors therein); </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tax-exempt organizations or governmental organizations; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons subject to special tax accounting rules as a result of any item of gross income with respect to our Securities being
                  taken into account in an applicable financial statement; </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <table style="margin-top: 6.75pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons deemed to sell our Securities under the constructive sale provisions of the Code; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons who hold or receive our Securities pursuant to the exercise of any employee stock option or otherwise as compensation;
                  and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tax-qualified retirement plans. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If an entity or arrangement treated as a partnership for U.S.
          federal income tax purposes holds our Securities, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly,
          partnerships holding our Securities and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES
          ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE TENDER OF SECURITIES PURSUANT TO THE
          OFFER ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.<font style="font-weight: normal;"> </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of this discussion, a &#8220;<u>U.S. Holder</u>&#8221; is a
          beneficial owner of Securities that, for U.S. federal income tax purposes, is or is treated as: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an individual who is a citizen or resident of the United States; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia; </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a trust if it (1) is subject to the primary supervision of a U.S. court and the control of one or more &#8220;United&#160;States persons&#8221;
                  (within the meaning of Section&#160;7701(a)(30) of the Code), or (2) has a valid election in effect under applicable Treasury regulations to be treated as a United States person for U.S.&#160;federal income tax purposes. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of this discussion, a &#8220;<u>Non-U.S. Holder</u>&#8221; is a
          beneficial owner of Securities that is neither a U.S. Holder nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders that do not intend to tender their Securities are strongly
          advised to consult their own tax advisors regarding the consequences to them of the Offer. </div>
        <div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt;">U.S. Holders </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt;">Tender of Securities Pursuant to the Offer </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The tender of Securities pursuant to the Offer generally will be
          treated under Section&#160;302 of the Code as a distribution that is taxable as a dividend (as described below) unless it satisfies the requirements of Section&#160;302(b) of the Code. Pursuant to Section&#160;302(b) of the Code, the tender generally should be
          treated as a sale of the U.S.&#160;Holder&#8217;s Securities, with the tax consequences described below under &#8220;&#8212;U.S. Holders&#8212;Sale or Exchange Treatment&#8221; if it (i) is &#8220;substantially disproportionate&#8221; with respect to the holder&#8217;s interest in the Company&#8217;s
          stock, (ii) results in a &#8220;complete termination&#8221; of the holder&#8217;s interest in all of the Company&#8217;s classes of stock, or (iii) is &#8220;not essentially equivalent to a dividend&#8221; with respect to the holder, all within the meaning of Section&#160;302(b) of the
          Code (the &#8220;<u>Section&#160;302 Tests</u>&#8221;). </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The tender of Securities held by a U.S. Holder will be
          &#8220;substantially disproportionate&#8221; with respect to such U.S.&#160;Holder if (A) the percentage of the Company&#8217;s voting stock actually and constructively owned by the U.S.&#160;Holder immediately following the tender is less than 80% of the percentage of the
          Company&#8217;s voting stock actually and constructively owned by the U.S. Holder immediately before the tender and (B) immediately after the tender, the U.S. Holder owns less than 50% of the total combined voting power of all of the Company&#8217;s voting
          stock. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The tender of Securities held by a U.S. Holder will be a &#8220;complete
          termination&#8221; of the U.S. Holder&#8217;s equity interest in the Company if either (i) the U.S. Holder owns none of the Company&#8217;s capital stock either actually or constructively immediately after the tender of the U.S. Holder&#8217;s Securities or (ii) the
          U.S. Holder actually owns none </div>
      </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">29<br>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">of the Company&#8217;s capital stock immediately after the tender of the Securities and,
          with respect to shares of capital stock constructively owned by the U.S. Holder immediately after the tender, the U.S. Holder is eligible to waive, and effectively waives, constructive ownership of all such shares under procedures described in
          Section&#160;302(c) of the Code. U.S. Holders wishing to satisfy the &#8220;complete termination&#8221; test through waiver of attribution are advised to consult their tax advisors regarding the requirements, mechanics and desirability of such a waiver. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Even if the tender of the Securities fails to satisfy the &#8220;complete
          termination&#8221; test and the &#8220;substantially disproportionate&#8221; test, a U.S. Holder may nevertheless satisfy the &#8220;not essentially equivalent to a dividend&#8221; test if the sale results in a &#8220;meaningful reduction&#8221; in the U.S. Holder&#8217;s equity interest in
          the Company. Whether the receipt of cash by a U.S. Holder will be &#8220;not essentially equivalent to a dividend&#8221; will depend upon the U.S. Holder&#8217;s particular facts and circumstances; however, a sale that results in any reduction of the proportionate
          equity interest in the Company held by a U.S. Holder with a relative equity interest that is minimal and who does not exercise any control over or participate in the Company&#8217;s management may be treated as &#8220;not essentially equivalent to a
          dividend.&#8221; </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Special &#8220;constructive ownership&#8221; rules apply in determining whether
          any of the Section&#160;302 Tests has been satisfied. A U.S. Holder must take into account not only the shares of Company capital stock that are actually owned by the U.S. Holder, but also shares that are constructively owned by the U.S. Holder within
          the meaning of Section&#160;318 of the Code. Very generally, a U.S. Holder may be treated as constructively owning shares actually owned, and in some cases constructively owned, by certain members of the U.S. Holder&#8217;s family and certain entities (such
          as corporations, partnerships, trusts and estates) in which the U.S. Holder actually or constructively has an equity interest or which have an equity interest in the U.S. Holder, as well as shares the U.S. Holder has an option to purchase. U.S.
          Holders are strongly advised to consult their tax advisors regarding the application of the rules in Sections 302 and 318 of the Code to their particular circumstances. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If a sale of Securities held by a U.S. Holder does not meet any of
          the Section&#160;302 Tests, the sale proceeds will be treated as a distribution, with the tax consequences described under &#8220;&#8212;U.S. Holders&#8212;Distribution Treatment&#8221; below. In such a case, a U.S. Holder&#8217;s remaining adjusted tax basis in the redeemed
          Securities will be transferred to such holder&#8217;s retained shares of Company capital stock. If a tendering U.S. Holder does not actually retain any stock, the basis of any tendered Securities may (depending on circumstances) be added to stock
          retained by a person related to such U.S. Holder or the basis may be lost. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 17.5pt; margin-left: 0pt;">Sale or Exchange Treatment </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the tender of Securities pursuant to the Offer is treated as a
          sale or exchange by the U.S. Holder pursuant to the rules discussed above, the U.S. Holder generally will recognize capital gain or loss equal to the difference between the amount of cash received pursuant to the Offer (including cash received
          that is attributable to accrued but undeclared dividends, but excluding cash attributable to declared but unpaid dividends, which would be taxable in the manner described below under &#8220;&#8212;U.S. Holders&#8212;Distribution Treatment&#8221;) and the adjusted tax
          basis in the Securities sold or disposed of. Generally, a U.S. Holder&#8217;s tax basis for the tendered Securities will be equal to the cost of the Securities to the U.S. Holder, less any prior distributions treated as a return of capital. Any such
          capital gain or loss will be long-term capital gain or loss if the holder&#8217;s holding period for the Securities is more than one year at the time of disposition. Long-term capital gain recognized by non-corporate U.S. Holders (including
          individuals) generally is subject to a reduced rate of U.S. federal income tax. The deductibility of capital losses is subject to certain limitations. Gain or loss must be determined separately for each block of tendered Securities
          (i.e.,&#160;Securities acquired by the U.S. Holder at the same cost in a single transaction). </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 17.5pt; margin-left: 0pt;">Distribution Treatment </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions Generally<font style="font-style: normal;">. Payments that a U.S. Holder of Securities receives pursuant to the Offer that are treated as distributions pursuant to the rules discussed above will be treated as follows: first, distributions out of the Company&#8217;s current or
            accumulated earnings and profits will be treated as dividends and, other than with respect to capital gain dividends (discussed below) and certain amounts which have previously been subject to corporate level tax, will be taxable to U.S.
            Holders as ordinary income when actually or constructively received. </font>See<font style="font-style: normal;"> &#8220;&#8212;Tax Rates&#8221; below. As long as the Company qualifies as a REIT, these distributions will not be eligible for the
            dividends-received deduction in the case of U.S. Holders that are corporations or, except to the extent described in &#8220;&#8212;Tax Rates&#8221; below, the preferential rates on qualified dividend income applicable to non-corporate U.S. Holders, including
            individuals. For purposes of determining whether distributions to holders of the Company&#8217;s capital stock are out of its current or </font></div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">accumulated earnings and profits, the Company&#8217;s earnings and profits will be
          allocated first to its outstanding preferred stock and then to its outstanding Common Stock. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amounts treated as distributions in excess of the Company&#8217;s current
          and accumulated earnings and profits allocable to its capital stock will be treated first as a tax-free return of capital to a U.S. Holder to the extent of the U.S. Holder&#8217;s adjusted tax basis in such shares of stock. This treatment will reduce
          the U.S. Holder&#8217;s adjusted tax basis in such shares of stock by such amount, but not below zero. Distributions in excess of the Company&#8217;s current and accumulated earnings and profits and in excess of a U.S. Holder&#8217;s adjusted tax basis in its
          shares will be taxable as capital gain. Such gain will be taxable as long-term capital gain if the shares have been held for more than one&#160;year. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Capital Gain Dividends<font style="font-style: normal;">. Dividends that the Company properly designates as capital gain dividends will generally be taxable to taxable U.S. Holders as a gain from the sale or disposition of a capital asset held for more than one year, to the extent that such
            gain does not exceed the Company&#8217;s actual net capital gain for the taxable year, and may not exceed its dividends paid for the taxable year, including dividends paid in the following year that are treated as paid in the current year. U.S.
            Holders that are corporations may, however, be required to treat up to 20% of certain capital gain dividends as ordinary income. If the Company properly designates any portion of a dividend as a capital gain dividend, then, except as otherwise
            required by law, the Company presently intends to allocate a portion of the total capital gain dividends paid or made available to holders of all classes of its capital stock for the year to the holders of each class of its capital stock in
            proportion to the amount that its total dividends, as determined for U.S. federal income tax purposes, paid or made available to the holders of each such class of its capital stock for the year bears to the total dividends, as determined for
            U.S. federal income tax purposes, paid or made available to holders of all classes of its capital stock for the year. In addition, except as otherwise required by law, the Company may make a similar allocation with respect to any undistributed
            long-term capital gains which are to be included in its stockholders&#8217; long-term capital gains, based on the allocation of the capital gain amount which would have resulted if those undistributed long-term capital gains had been distributed as
            &#8220;capital gain dividends&#8221; by the Company to its stockholders. </font></div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 13pt; margin-left: 0pt;">Passive Activity Losses and Investment Interest Limitations </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions the Company makes and gain arising from the sale or
          exchange of its Securities by a U.S. Holder will not be treated as passive activity income. As a result, U.S. Holders generally will not be able to apply any &#8220;passive activity losses&#8221; against this income or gain. A U.S. Holder generally may elect
          to treat capital gain dividends, capital gains from the disposition of Securities and income designated as qualified dividend income as investment income for purposes of computing the investment interest limitation, but in such case, the holder
          will be taxed at ordinary income rates on such amount. Other distributions made by the Company, to the extent they do not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment
          interest limitation. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 13pt; margin-left: 0pt;">Tax Rates </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The maximum tax rate for non-corporate taxpayers for (1) long-term
          capital gains, including certain &#8220;capital gain dividends,&#8221; generally is 20% (although depending on the characteristics of the assets which produced these gains and on designations which the Company may make, certain capital gain dividends may be
          taxed at a 25% rate) and (2) &#8220;qualified dividend income&#8221; generally is 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding period
          requirements have been met and the REIT&#8217;s dividends are attributable to dividends received from taxable corporations (such as its taxable REIT subsidiaries) or to income that was subject to tax at the corporate/REIT level (for example, if the
          REIT distributed taxable income that it retained and paid tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they are properly designated by the REIT as &#8220;capital gain
          dividends.&#8221; U.S. Holders that are corporations may be required to treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S. holders, including individuals, generally may deduct up to 20% of dividends from
          a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for taxable years beginning before January&#160;1, 2026 for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare
          tax), subject to certain holding period requirements and other limitations. </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12.5pt; margin-left: 0pt;">Backup Withholding </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">See <font style="font-style: normal;">&#8220;U.S.
            Federal Backup Withholding&#8221; in Section&#160;6 for a discussion on the application of U.S. federal backup withholding to payments made pursuant to the Offer. </font></div>
      </div>
    </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt;">Non-U.S. Holders </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7.5pt; margin-left: 0pt;">Tender of Securities Pursuant to the Offer </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the tender of Securities pursuant to the Offer satisfies one of
          the Section&#160;302 Tests (as described above under &#8220;&#8212;U.S. Holders&#8212;Tender of Securities Pursuant to the Offer&#8221;), the tender generally should be treated as a taxable sale or exchange that is subject to the rules described below under &#8220;&#8212;Sale or
          Exchange Treatment.&#8221; Otherwise, the sale will be treated as a distribution subject to the rules described below under &#8220;&#8212;Distribution Treatment.&#8221; </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt;">Sale or Exchange Treatment </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the tender of Securities pursuant to the Offer is treated as a
          sale or exchange of such Securities by the Non-U.S. Holder pursuant to the rules discussed above, any gain realized by such Non-U.S. Holder (except to the extent of any cash attributable to declared but unpaid dividends, which would be treated as
          a distribution that is subject to the rules set forth below under &#8220;&#8212;Distribution Treatment&#8221;) generally will not be subject to U.S. federal income tax unless such stock constitutes a United States real property interest (a &#8220;<u>USRPI</u>&#8221;) under
          certain rules of the Code known as the Foreign Investment in Real Property Tax Act (&#8220;<u>FIRPTA</u>&#8221;). In general, stock of a domestic corporation that constitutes a &#8220;United States real property holding corporation&#8221; (a &#8220;<u>USRPHC</u>&#8221;) will
          constitute a USRPI. The Company believes that it is a USRPHC. Its Securities will not, however, constitute a USRPI so long as the Company is a &#8220;domestically controlled qualified investment entity.&#8221; A &#8220;domestically controlled qualified investment
          entity&#8221; includes a REIT in which at all times during a five-year testing period less than 50% in value of its stock is held directly or indirectly by non-United States persons, subject to certain ownership rules. For purposes of determining
          whether a REIT is a &#8220;domestically controlled qualified investment entity,&#8221; ownership by non-United States persons generally will be determined by looking through certain pass-through entities and U.S. corporations, including non-public REITs and
          certain non-public foreign-controlled domestic C corporations, and treating a public qualified investment entity as a non-United States person unless such entity is a &#8220;domestically controlled qualified investment entity.&#8221; Notwithstanding the
          foregoing ownership rules, a person who at all applicable times holds less than 5% of a class of a REIT&#8217;s stock that is &#8220;regularly traded&#8221; on an established securities market in the United States is treated as a United States person unless the
          REIT has actual knowledge that such person is not a United States person or is a foreign-controlled person. Because the Common Stock is (and, the Company anticipates, will continue to be) publicly traded, no assurance can be given that it will
          continue to be a &#8220;domestically controlled qualified investment entity.&#8221; </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Even if the Company does not qualify as a &#8220;domestically controlled
          qualified investment entity&#8221; at the time a Non-U.S. Holder tenders the Securities, gain realized from the sale or other taxable disposition by a Non-U.S. Holder of such Securities would not be subject to U.S. federal income tax under FIRPTA as a
          sale of a USRPI if: </div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Securities are &#8220;regularly traded,&#8221; as defined by applicable Treasury Regulations, on an established securities market such
                  as the NYSE; and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">such Non-U.S. Holder owned, actually and constructively, 10% or less of the Securities throughout the shorter of the five-year
                  period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder&#8217;s holding period. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Company&#8217;s Securities are not considered &#8220;regularly traded&#8221;
          for purposes of these rules, gain realized from the sale or other taxable disposition by a Non-U.S. Holder of such Securities would not be subject to U.S. federal income tax under FIRPTA if (1) the Common Stock is &#8220;regularly traded&#8221; on an
          established securities market, and (2) at the time that a Non-U.S. Holder acquired the Securities and at certain other times described in the applicable Treasury Regulations, the aggregate fair market value of Securities held (actually or
          constructively) by such Non-U.S. Holder did not exceed 10% of the total value of the Common Stock. Holders that acquired their Securities in exchange for RPT Preferred Shares in the RPT Merger should consult their tax advisors regarding the
          application of these rules to a disposition of their Securities in the Offer. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, dispositions of the Securities by certain non-U.S.
          publicly traded shareholders that meet certain record-keeping and other requirements (&#8220;<u>qualified shareholders</u>&#8221;) are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders
          own, actually or constructively, more than 10% of the Company&#8217;s capital stock. Furthermore, dispositions of the Securities by certain &#8220;qualified foreign pension funds&#8221; or entities all of the interests of which are held by such &#8220;qualified foreign
          pension funds&#8221; are exempt from FIRPTA. Non-U.S. Holders should consult their tax advisors regarding the application of these rules. </div>
      </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If gain on the tender of the Securities were subject to taxation
          under FIRPTA, the Non-U.S. Holder would be required to file a U.S. federal income tax return and would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. Holder (subject to any applicable
          alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the tender of the Securities were subject to taxation under FIRPTA, and if the Securities were not &#8220;regularly traded&#8221; on
          an established securities market, the Company generally would be required to withhold and remit to the IRS 15% of the purchase price. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Notwithstanding the foregoing, gain from the tender of the
          Securities not otherwise subject to FIRPTA will be taxable to a Non-U.S. Holder if either (a) the investment in the Securities is treated as effectively connected with the conduct by the Non-U.S. Holder of a trade or business within the United
          States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable), in which case the Non-U.S. Holder will be subject to the same treatment
          as U.S. Holders with respect to such gain, except that a Non-U.S. Holder that is a corporation may also be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted
          for certain items, or (b) the Non-U.S. Holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the Non-U.S. Holder will be
          subject to a 30% tax on the Non-U.S. Holder&#8217;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered
          a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses. In addition, even if the Company is a domestically controlled qualified investment entity, upon
          disposition of its Securities, a Non-U.S. Holder may be treated as having gain from the sale or other taxable disposition of a USRPI if the Non-U.S. Holder (1) disposes of such stock within a 30-day period preceding the ex-dividend date of a
          distribution, any portion of which, but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2) acquires, or enters into a contract or option to acquire, or is deemed to acquire, other shares of that
          stock during the 61-day period beginning with the first day of the 30-day period described in clause (1), unless the Securities are &#8220;regularly traded&#8221; and the Non-U.S. Holder did not own more than 10% of the Securities at any time during the
          one-year period ending on the date of the distribution described in clause&#160;(1). </div>
        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt;">Distribution Treatment </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions Generally<font style="font-style: normal;">. Payments that a Non-U.S. Holder of Securities receives pursuant to the Offer that are treated as distributions pursuant to the rules discussed above (and which are neither attributable to gains from sales or exchanges by us of USRPIs
            nor with certain exceptions, designated by the Company as capital gain dividends) will be treated as a dividend of ordinary income to the extent made from the Company&#8217;s current or accumulated earnings and profits. Such distributions ordinarily
            will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct by the Non-U.S.
            Holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable). Under certain
            treaties, however, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. Certain certification and disclosure requirements must be satisfied for a Non-U.S. Holder to be exempt from withholding under
            the effectively connected income exemption. Dividends that are treated as effectively connected with a U.S. trade or business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis at the
            regular rates, in the same manner as dividends paid to U.S. Holders are subject to U.S. federal income tax. Any such dividends received by a Non-U.S. Holder that is a corporation may also be subject to an additional branch profits tax at a 30%
            rate (applicable after deducting U.S. federal income taxes paid on such effectively connected income) or such lower rate as may be specified by an applicable income tax treaty. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions in excess of the Company&#8217;s current and accumulated
          earnings and profits will not be taxable to a Non-U.S. Holder to the extent that such distributions do not exceed the adjusted tax basis of the holder&#8217;s Securities, but rather will reduce the adjusted tax basis of such stock. To the extent that
          such distributions exceed the Non-U.S. Holder&#8217;s adjusted tax basis in such stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described above. However, such excess distributions may
          be treated as dividend income for certain Non-U.S. Holders. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Capital Gain Dividends and Distributions
          Attributable to the Sale or Exchange of United Stats Real Property Interests<font style="font-style: normal;">. Distributions to a Non-U.S. Holder that the Company properly designates as capital gain dividends, other than those arising from the
            disposition of a USRPI, generally should not be subject to U.S. federal income taxation, unless: </font></div>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the investment in the Securities is treated as effectively connected with the conduct by the Non-U.S. Holder of a trade or
                  business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), in which case the Non-U.S.
                  Holder will be subject to the same treatment as U.S. Holders with respect to such gain, except that a Non-U.S. Holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Non-U.S. Holder is a nonresident alien individual who is present in the United States for 183 days or more during the
                  taxable year and certain other conditions are met, in which case the Non-U.S. Holder will be subject to U.S. federal income tax at a rate of 30% on the Non-U.S. Holder&#8217;s capital gains (or such lower rate specified by an applicable income
                  tax treaty), which may be offset by U.S. source capital losses of such Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax
                  returns with respect to such losses. </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to FIRPTA, distributions to a Non-U.S. Holder that are
          attributable to gain from sales or exchanges by the Company of USRPIs, whether or not designated as capital gain dividends, will cause the Non-U.S. Holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or
          business. Non-U.S. Holders generally would be taxed at the regular rates applicable to U.S. Holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. The Company
          generally is required to withhold and to remit to the IRS 21% of any distribution to Non-U.S. Holders attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax in
          the hands of a Non-U.S. Holder that is a corporation. The amount withheld is creditable against the Non-U.S. Holder&#8217;s U.S. federal income tax liability. However, any distribution with respect to any class of stock that is &#8220;regularly traded,&#8221; as
          defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S. withholding tax described above, if the Non-U.S. Holder did not own
          more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally will be treated as ordinary dividend distributions and subject to withholding in the manner
          described above with respect to ordinary dividends. In addition, distributions to qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or
          constructively, more than 10% of the Company&#8217;s capital stock. Furthermore, distributions to certain &#8220;qualified foreign pension funds&#8221; or entities all of the interests of which are held by such &#8220;qualified foreign pension funds&#8221; are exempt from
          FIRPTA. Non-U.S. Holders should consult their tax advisors regarding the application of these rules. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Withholding For Non-U.S. Holders. <font style="font-style: normal;">Because, as described above, it is unclear whether the cash received by a Non-U.S. Holder pursuant to the Offer will be treated (i) as proceeds of a sale or exchange or (ii) as a distribution, an applicable
            withholding agent may treat such payment as a dividend distribution for withholding purposes. Accordingly, payments to Non-U.S. Holders may be subject to withholding at a rate of 30% of the gross proceeds paid, unless the Non-U.S. Holder
            establishes an entitlement to a reduced rate of withholding. To the extent Non-U.S. Holders tender Securities held in a United States brokerage account or otherwise through a United States broker, dealer, commercial bank, trust company, or
            other nominee, such Non-U.S. Holders should consult such United States broker or other nominee and their own tax advisors to determine the particular withholding procedures that will be applicable to them. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A Non-U.S. Holder may be eligible to obtain a refund of all or a
          portion of any United States federal tax withheld if such stockholder meets the &#8220;complete termination,&#8221; &#8220;substantially disproportionate&#8221; or &#8220;not essentially equivalent to a dividend&#8221; tests described above under &#8220;&#8212;U.S. Holders&#8212;Tender of Securities
          Pursuant to the Offer&#8221; or if the holder is entitled to a reduced rate of withholding pursuant to any applicable income tax treaty and a higher rate was withheld. Non-U.S. Holders are urged to consult their tax advisors regarding the United States
          federal income tax consequences of participation in the Offer, including the application of United States federal income tax withholding rules, eligibility for a reduction of or an exemption from withholding tax, and the refund procedure, as well
          as the applicability and effect of state, local, foreign and other tax laws. </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt;">Backup Withholding </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">See <font style="font-style: normal;">&#8220;U.S.
            Federal Backup Withholding&#8221; in Section&#160;6 for a discussion on the application of U.S. federal backup withholding to payments made pursuant to the Offer. </font></div>
        <div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt;">Additional Withholding Tax on Payments Made to Foreign Accounts </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Withholding taxes may be imposed under Sections 1471 to 1474 of the
          Code (such sections commonly referred to as the Foreign Account Tax Compliance Act (&#8220;<u>FATCA</u>&#8221;)) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may
          be imposed on dividends on the Securities or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of the Securities, in each case paid to a &#8220;foreign financial institution&#8221; or a
          &#8220;non-financial foreign entity&#8221; (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any
          &#8220;substantial United States owners&#8221; (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an
          exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among
          other things, that it undertake to identify accounts held by certain &#8220;specified United States persons&#8221; or &#8220;United States owned foreign entities&#8221; (each as defined in the Code), annually report certain information about such accounts, and withhold
          30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may
          be subject to different rules. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the applicable Treasury Regulations and administrative
          guidance, withholding under FATCA generally applies to payments of dividends on stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January&#160;1, 2019,
          proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Because, as discussed above, an
          applicable withholding agent may treat amounts paid to Non-U.S. Holders pursuant to the Offer as dividends for United States federal income tax purposes, such amounts may also be subject to withholding under FATCA if such requirements are not
          met. In such case, any withholding under FATCA may be credited against, and therefore reduce, any 30% withholding tax on dividend distributions as discussed above. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investors should consult their tax advisors regarding the potential
          application of withholding under FATCA to the tender of the Securities. </div>
        <div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt;">Non-Participation in the Offer </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Holders who do not participate in the Offer generally would not be
          expected to incur any U.S. federal income tax liability as a result of the consummation of the Offer. However, in the event that the payment by the Company for any purchase of Securities pursuant to the Offer is treated as a taxable dividend to a
          holder rather than as a sale or exchange, the other holders, including the holders who do not participate in the Offer, could be deemed to have received taxable stock distributions under certain circumstances. Holders are urged to consult their
          tax advisors regarding the consequences to them of the Offer and the Preferred Amendment, including the possibility of deemed distributions resulting from the purchase of Securities pursuant to the Offer. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC16"><!--Anchor--></a>Section&#160;16.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Extension of the Offer and Consent Solicitation; Termination; Amendment.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company expressly reserves the right, at any time and from time
          to time, and regardless of whether or not any of the events set forth in Section&#160;9 shall have occurred or shall be deemed by the Company to have occurred, to extend the period of time during which the Offer and Consent Solicitation is open and
          thereby delay acceptance for purchase of, and payment for, the Securities by giving oral or written notice of the extension to the Tender Agent and making a public announcement of the extension. The Company also expressly reserves the right to
          terminate the Offer and Consent Solicitation and not accept for purchase or pay for the Securities not theretofore accepted for purchase or paid for or, subject to applicable law, to postpone payment for Securities upon the occurrence of any of
          the conditions specified in Section&#160;9 by giving oral or written notice of termination or postponement to the Tender Agent and making a public announcement of termination or postponement. The Company&#8217;s reservation of these rights to delay payment
          for Securities that it has accepted for purchase is limited by Rule&#160;13e-4(f)(5) under the Exchange </div>
      </div>
    </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Act, which requires that the Company pay the consideration offered or return the
          Securities tendered promptly after termination or withdrawal of an Offer and Consent Solicitation. Subject to compliance with applicable law, the Company further reserves the right, regardless of whether any of the events set forth in Section&#160;9
          shall have occurred or shall be deemed by the Company to have occurred, to amend the Offer and Consent Solicitation in any respect, including, without limitation, by decreasing or increasing the consideration offered in the Offer and Consent
          Solicitation to holders of Securities or by decreasing or increasing the number of Securities being sought in the Offer and Consent Solicitation. Amendments to the Offer and Consent Solicitation may be made at any time and from time to time
          effected by public announcement, the announcement, in the case of an extension, to be issued no later than 9:00 a.m., New York City time, on the next business day after the last previously scheduled or announced Expiration Date. Any public
          announcement made under the Offer and Consent Solicitation will be disseminated promptly to holders of Securities in a manner reasonably designed to inform holders of Securities of the change. Without limiting the manner in which the Company may
          choose to make a public announcement, except as required by applicable law, the Company shall have no obligation to publish, advertise or otherwise communicate any public announcement other than by making a release through Business Wire. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Company materially changes the terms of the Offer and Consent
          Solicitation or the information concerning the Offer and Consent Solicitation, the Company will extend the Offer and Consent Solicitation to the extent required by Rules 13e-4(d)(2), 13e-4(e)(3), 13e-4(f)(1) and 14e-1(b) under the Exchange Act.
          These rules and certain related releases and interpretations of the SEC provide that the minimum period during which the Offer and Consent Solicitation must remain open following material changes in the terms of the Offer and Consent Solicitation
          or information concerning the Offer and Consent Solicitation (other than a change in price or a change in percentage of securities sought) will depend on the facts and circumstances, including the relative materiality of the terms or information.
          If: </div>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Company increases or decreases (i) the price to be paid for the Securities or (ii) the Soliciting Broker Fee, and </div>
              </td>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Offer and Consent Solicitation is scheduled to expire at any time earlier than the expiration of a period ending on the
                  tenth business day from, and including, the date that the notice of an increase or decrease is first published, sent or given to securityholders in the manner specified in this Section&#160;16, </div>
              </td>
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        </table>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;">the Offer and Consent Solicitation will be extended until the expiration of such ten business day period. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC17"><!--Anchor--></a>Section&#160;17.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Fees and Expenses.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to the retention of the Dealer Manager and Solicitation
          Agent, the Company has retained D.F. King &amp; Co., Inc. to act as the Information Agent and Equiniti Trust Company, LLC to act as the Tender Agent in connection with the Offer and Consent Solicitation. The Information Agent may contact holders
          of Securities by mail, telephone, telegraph and in person, and may request brokers, dealers, commercial banks, trust companies and other nominee holders of Securities to forward materials relating to the Offer and Consent Solicitation to
          beneficial owners. The Information Agent and the Tender Agent each will receive reasonable and customary compensation for their respective services and will be reimbursed by the Company for specified reasonable out-of-pocket expenses. The
          Information Agent and the Tender Agent each will be indemnified against certain liabilities in connection with the Offer and Consent Solicitation, including certain liabilities under the U.S. federal Securities laws. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">With respect to any Securities accepted for purchase by the Company,
          the Company will pay a soliciting broker fee (the &#8220;<u>Soliciting Broker Fee</u>&#8221;) of $0.25 for each Security that is validly tendered and accepted for purchase pursuant to the Offer and for which a consent has been delivered pursuant to the
          Consent Solicitation to retail brokers that are appropriately designated by their tendering holder clients to receive this fee, provided that such fee will only be paid with respect to tenders by holders of 10,000 Securities or fewer. The Company
          will, in its sole and absolute discretion, determine whether a broker has satisfied the criteria for being eligible to receive a Soliciting Broker Fee. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A soliciting broker is a broker or dealer in securities which is a
          member of any national securities exchange or of the Financial Industry Regulatory Authority, or a bank or trust company. Each soliciting broker will confirm that each holder that it solicits has received a copy of this Offer to Purchase and
          Consent Solicitation, or concurrently with such solicitation provides the holder with a copy of this Offer to Purchase and Consent Solicitation. No soliciting broker is required to make any recommendation to holders as to whether to tender its
          Securities or refrain from tendering its Securities in the Offer or whether to give a consent or withhold a consent with respect to the Consent Solicitation. No assumption is made, in making payments to any soliciting broker, that its activities
          in connection </div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">with the Offer and Consent Solicitation included any activities other than those
          described in this paragraph. For all purposes noted in materials relating to the Offer and Consent Solicitation, the term &#8220;solicit&#8221; shall be deemed to mean no more than &#8220;processing tenders&#8221; or &#8220;forwarding to customers material regarding the
          Offer.&#8221; </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Soliciting brokers are not eligible to receive a Soliciting Broker
          Fee with respect to Securities beneficially owned by such soliciting broker or with respect to any Securities that are registered in the name of a soliciting broker unless such Securities are held by such soliciting broker as nominee and the
          related Securities are tendered on behalf of the beneficial owner of such Securities. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Soliciting brokers should take care to ensure that proper records
          are kept to document their eligibility to receive any Soliciting Broker Fee. The Company and the Information Agent and Tender Agent reserve the right to require additional information at their discretion, as deemed warranted. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">No fees or commissions will be payable by the Company to brokers,
          dealers, commercial banks or trust companies (other than the Soliciting Broker Fee and fees to the Information Agent and the Tender Agent, as described above) for soliciting or recommending tenders of Securities under the Offer and Consent
          Solicitation. We recommend that investors who hold Securities through brokers, dealers, commercial banks, trust companies or other nominees consult the brokers, dealers, commercial banks, trust companies or other nominees to determine whether
          transaction costs are applicable if holders of Securities tender Securities through such brokers or banks and not directly to the Tender Agent. The Company, however, upon request, will reimburse brokers, dealers, commercial banks, trust companies
          and other nominees for customary mailing and handling expenses incurred by them in forwarding this Offer to Purchase and Consent Solicitation and the Letter of Transmittal and Consent and related materials to the beneficial owners of Securities
          held by them as a nominee or in a fiduciary capacity. No broker, dealer, commercial bank or trust company has been authorized to act as an agent of the Company, dealer manager, Information Agent, or Tender Agent for purposes of the Offer and
          Consent Solicitation. </div>
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            <tr>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC18"><!--Anchor--></a>Section&#160;18.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Rule&#160;14e-4 &#8220;Net Long Position&#8221; Requirement.</u> </div>
              </td>
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        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">It is a violation of Rule&#160;14e-4 under the Exchange Act for a person
          acting alone or in concert, directly or indirectly, to tender securities for that person&#8217;s own account unless, at the time of tender, the person so tendering their securities (i) has a net long position equal to or greater than the aggregate
          principal amount of the securities being tendered and (ii) will deliver or cause such securities to be delivered in accordance with the terms of the tender offer. Rule&#160;14e-4 imposes a similar requirement in respect of the tender or guarantee of a
          tender on behalf of another person. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A tender of Securities in the Offer under any of the procedures
          described above will constitute the tendering holder&#8217;s representation and warranty that (i) such holder has a net long position in the Securities being tendered pursuant to the Offer within the meaning of Rule&#160;14e-4 under the Exchange Act and
          (ii) the tender of such Securities complies with Rule&#160;14e-4. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The tender of Securities and consent to the Preferred Amendment and
          the Deposit Agreement Amendment, pursuant to any of the procedures described above, will constitute a binding agreement between you and the Company upon the terms and subject to the conditions of the Offer and Consent Solicitation. </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC19"><!--Anchor--></a>Section&#160;19.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Where You Can Find Additional Information.</u> </div>
              </td>
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        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additional Information<font style="font-style: normal;">. The Company files reports, proxy statements and other information with the SEC. The SEC maintains an internet site at www.sec.gov that contains reports, proxy and information statements and other information regarding companies that
            file electronically with the SEC, including the Company. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Incorporation by Reference<font style="font-style: normal;">. The SEC allows &#8220;incorporation by reference&#8221; into this Offer to Purchase and Consent Solicitation of information that the Company files with the SEC. This permits the Company to disclose important information to you
            by referencing these filed documents. Any information referenced this way is considered part of this Offer to Purchase and Consent Solicitation. Information furnished under Item&#160;2.02 and Item&#160;7.01 of the Company&#8217;s Current Reports on Form&#160;8-K is
            not incorporated by reference in this Offer to Purchase and Consent Solicitation. The Company incorporates by reference the documents listed below which the Company has filed with the SEC. </font></div>
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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Kimco Realty Corporation&#8217;s and Kimco OP&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2023 (filed with the SEC
                  on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000143774924005407/kim20231231_10k.htm">February&#160;26, 2024</a>); </div>
              </td>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
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        <table style="margin-top: 6.75pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

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                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The information specifically incorporated by reference into Kimco Realty Corporation&#8217;s and Kimco OP&#8217;s Annual Report on
                  Form&#160;10-K for the year ended December&#160;31, 2023 from Kimco Realty Corporation&#8217;s Definitive Proxy Statement on Schedule 14A, filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000120677424000289/kim4270851-def14a.htm">March&#160;25, 2024</a>; </div>
              </td>
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            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Kimco Realty Corporation&#8217;s and Kimco OP&#8217;s Quarterly Reports on Form&#160;10-Q for the quarterly periods ended March&#160;31, 2024 (filed
                  with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000143774924014590/kim20240331_10q.htm">May&#160;3, 2024</a>, as amended on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000143774924016080/kim20240331_10qa.htm">May&#160;13, 2024</a>) and June&#160;30, 2024 (filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000095017024089760/kim-20240630.htm">August&#160;2, 2024</a>); and </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 20pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Kimco Realty Corporation&#8217;s and Kimco OP&#8217;s Current Reports on Form&#160;8-K filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000114036124000247/ny20017682x2_8k.htm">January&#160;3, 2024</a> (excluding the information furnished pursuant to Item&#160;7.01 and the related exhibits), <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000115752324000196/a53893598.htm">February&#160;8, 2024</a>, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000143774924015447/kim20240508_8k.htm">May&#160;9, 2024</a>
                  and <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000089882224000006/kim8k071724.htm">July&#160;19, 2024</a> (excluding the information furnished pursuant to Item&#160;7.01 and the related exhibit). </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Please note that the Schedule TO to which this Offer to Purchase and
          Consent Solicitation relates does not permit forward &#8220;incorporation by reference.&#8221; If a material change occurs in the information set forth in this Offer to Purchase and Consent Solicitation, we will amend the Schedule TO accordingly. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any statement contained in a document incorporated or considered to
          be incorporated by reference in this Offer to Purchase and Consent Solicitation shall be considered to be modified or superseded for purposes of this Offer to Purchase and Consent Solicitation to the extent that a statement contained in this
          Offer to Purchase and Consent Solicitation is or is considered to be incorporated by reference modifies or supersedes such statement. Any statement that is modified or superseded will not, except as so modified or superseded, constitute a part of
          this Offer to Purchase and Consent Solicitation. Nothing herein shall be deemed to incorporate information furnished to, but not filed with, the SEC, unless otherwise specifically indicated in such document. The Company will provide to each
          person, including any beneficial owner, to whom this Offer to Purchase and Consent Solicitation is delivered, at no cost upon his or her written or oral request, a copy of any of the documents that are incorporated by reference in this Offer to
          Purchase and Consent Solicitation, other than exhibits to such documents that are not specifically incorporated by reference into this Offer to Purchase and Consent Solicitation, and the Company&#8217;s constitutional documents. You may request such
          documents by contacting us at: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt;">Kimco Realty Corporation <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt;">500 N. Broadway <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt;">Jericho, New York 11753 <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt;">(516) 869-9000 </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="tSEC20"><!--Anchor--></a>Section&#160;20.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><u>Miscellaneous.</u> </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is not aware of any jurisdiction where the making of the
          Offer and Consent Solicitation is not in compliance with applicable law, provided that we will comply with the requirements of Rule&#160;13e-4(f)(8) promulgated under the Exchange Act. If the Company becomes aware of any jurisdiction where the making
          of the Offer and Consent Solicitation or the acceptance of Securities pursuant thereto is not in compliance with applicable law, the Company will make a good faith effort to comply with the applicable law. If, after such good faith effort, the
          Company cannot comply with the applicable law, the Company will not make the Offer and Consent Solicitation to (nor will tenders be accepted from or on behalf of) the holders of Securities in that jurisdiction. In any jurisdiction where the
          securities, blue sky or other laws require the Offer and Consent Solicitation to be made by a licensed broker or dealer, the Offer and Consent Solicitation shall be deemed to be made on behalf of the Company by one or more registered brokers or
          dealers licensed under the laws of that jurisdiction. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to Rule&#160;13e-4(c)(2) under the Exchange Act, the Company has
          filed with the SEC an Issuer Tender Offer Statement on Schedule TO, which contains additional information with respect to the Offer and Consent Solicitation. The Schedule TO, including the exhibits and any amendments and supplements thereto, may
          be examined, and copies may be obtained, at the same places and in the same manner as is set forth in Section&#160;19 with respect to information concerning the Company. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s Board of Directors has determined that the Offer and
          Consent Solicitation are advisable and in the best interests of the Company and that the Offer and Consent Solicitation are fair to holders of the Securities, including the unaffiliated holders thereof, and has declared the Preferred Amendment
          advisable and is submitting the Preferred Amendment to the holders of the Class&#160;N Preferred Stock (and therefore the holders of the Securities) for consideration; however, neither the Company nor its Board of Directors, nor any other person,
          makes any recommendation to holders of Securities as to whether to tender or refrain from tendering their Securities or to </div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">38<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_107-solicitation_pg22"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">provide or refrain from providing their consent to the Preferred Amendment in the
          Offer and Consent Solicitation. The Company has not authorized any person to give any information or to make any representation in connection with the Offer and Consent Solicitation other than those contained in this Offer to Purchase and Consent
          Solicitation or in the Letter of Transmittal and Consent. If anyone makes any recommendation or representation to you or gives you any information other than as expressly set forth in this Offer to Purchase and Consent Solicitation, you must not
          rely upon that recommendation, representation or information as having been authorized by the Company or the Information Agent and Tender Agent. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">The Dealer Manager and Solicitation Agent for the Offer and Consent Solicitation is: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">J.P. Morgan Securities LLC<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">383 Madison Avenue<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">New York, New York 10179<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Telephone: (212) 622-4253 </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Letter of Transmittal and Consent and any other required
          documents should be sent or delivered by each holder of Securities or that holder&#8217;s broker, dealer, commercial bank, trust company or nominee to the Tender Agent at one of its addresses set forth below. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">The Tender Agent for the Offer and Consent Solicitation is: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">Equiniti Trust Company, LLC <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(For Eligible Institutions only):<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Voluntary Corporate Actions<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">1110 Centre Pointe Curve, Suite 101<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Mendota Heights, Minnesota 55120 </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Please contact the Dealer Manager and Solicitation Agent with
          questions regarding the terms of the Offer and Consent Solicitation at the contact information set forth above or the Information Agent with questions regarding how to tender and/or request additional copies of this Offer to Purchase and Consent
          Solicitation, the Letter of Transmittal and Consent or other documents related to the Offer and Consent Solicitation at the contact information set forth below. Holders of Securities also may contact their broker, dealer, commercial bank, trust
          company or nominee for assistance concerning the Offer and Consent Solicitation. Please contact the Tender Agent at the contact information set forth above to request documentation relating to the Offer and Consent Solicitation. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">The Information Agent for the Offer and Consent Solicitation is: </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">D.F. King &amp; Co., Inc. <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">48 Wall Street, 22nd Floor<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">New York, New York 10005 <br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Attn: Michael Horthman<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Banks and Brokers call: (212) 269-5550<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Toll free: (866) 356-7814<br>
        </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Email: kimco@dfking.com </div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">39<br>
      </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_200-schedulei_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSCHI"><!--Anchor--></a>SCHEDULE I </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; text-align: center;">Information Regarding the Directors and Executive Officers of the Company </div>
        <table style="margin-top: 12pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Directors and Executive Officers of the Company </div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The names and material occupations, positions, offices or employment
          during the past five years of the Company&#8217;s directors and executive officers are set forth below. Each of the Company&#8217;s directors and executive officers is a citizen of the United States. During the past five years, none of the Company or any of
          its directors or executive officers has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) party to any judicial or administrative proceeding that resulted in a judgment, decree or final
          order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws or a finding of any violation of federal or state securities laws. All the directors and executive officers of the
          Company can be reached c/o Kimco Realty Corporation, 500 North Broadway, Suite 201, Jericho, New York 11753, and the telephone number for each person listed below is (516) 869-9000. </div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt;"> </div>
        <table class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr class="header">
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt;">Name</div>
              </td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt;">Position with the Company </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Milton Cooper<font style="padding-left: 0.51pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Executive Chairman of the Board of Directors </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Conor C. Flynn<font style="padding-left: 1.34pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Chief Executive Officer and Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Philip E. Coviello<font style="padding-left: 1.89pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Frank Lourenso<font style="padding-left: 1.08pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Henry Moniz<font style="padding-left: 1.08pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Mary Hogan Preusse<font style="padding-left: 4.99pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Valerie Richardson<font style="padding-left: 3.31pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
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              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
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                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Richard B. Saltzman<font style="padding-left: 0.8pt;"></font></div>
              </td>
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              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Director </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Glenn G. Cohen<font style="padding-left: 3.58pt;"></font></div>
              </td>
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              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Executive Vice President and Chief Financial Officer </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Ross Cooper<font style="padding-left: 3.29pt;"></font></div>
              </td>
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              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">President and Chief Investment Officer </div>
              </td>
            </tr>
            <tr>
              <td style="width: 35.9%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">David Jamieson<font style="padding-left: 0.52pt;"></font></div>
              </td>
              <td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td>
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              <td style="width: 62.82%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Executive Vice President and Chief Operating Officer</div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Milton Cooper<font style="font-style: normal;">
            is the Executive Chairman of the Board of Directors of the Company. Mr.&#160;Cooper is also a voting member of the Company&#8217;s Investment Committee, which approves all new investments, development projects and property dispositions. Mr.&#160;Cooper served
            as the Chairman of the Board of Directors and CEO of the Company from November&#160;1991 to December&#160;2009. In addition, Mr.&#160;Cooper was Director and President of the Company for more than five years prior to November&#160;1991. In 1960, Mr.&#160;Cooper, along
            with a partner, founded the Company&#8217;s predecessor. Mr.&#160;Cooper led the Company through its initial public offering and growth over the past six decades. In addition, Mr.&#160;Cooper received a National Association of Real Estate Investment Trusts (&#8220;<u>Nareit</u>&#8221;)

            Industry Leadership Award for his significant and lasting contributions to the REIT industry. Mr.&#160;Cooper is also a Director at Getty Realty Corporation. Mr.&#160;Cooper holds degrees from City College in New York and Brooklyn Law School. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Conor C. Flynn <font style="font-style: normal;">has been the CEO of the Company since January&#160;2016. Mr.&#160;Flynn joined the Company in 2003 as an asset manager and has held a variety of senior leadership roles with the organization including President, Chief Operating Officer, Chief
            Investment Officer and President, Western Region. Mr.&#160;Flynn holds a B.A. from Yale University and a Master&#8217;s in Real Estate Development from Columbia University. Mr.&#160;Flynn is a member and First Vice Chair of Nareit. He is also a member of Real
            Estate Roundtable and a past trustee of the International Council of Shopping Centers (&#8220;<u>ICSC&#8221;)</u>. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Philip E. Coviello <font style="font-style: normal;">has been a Director of the Company since May&#160;2008. Mr.&#160;Coviello serves as a member of the Audit Committee, Executive Compensation and Nominating and Corporate Governance Committees. Mr.&#160;Coviello was a partner at Latham &amp; Watkins
            LLP, an international law firm, until his retirement from that firm in 2003. In addition, since 1996, Mr.&#160;Coviello has been a Director of Getty Realty Corporation, where he serves as Chair of the Audit Committee and is a member of its
            Compensation and Nominating/Corporate Governance Committees. Mr.&#160;Coviello holds an A.B. from Princeton University, an L.L.B. from the Columbia University School of Law and an M.B.A. from the Columbia University School of Business. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Frank Lourenso <font style="font-style: normal;">has been a Director of the Company since December&#160;1991. Mr.&#160;Lourenso serves as a member of the Executive Compensation Committee, the Audit Committee and Nominating and Corporate Governance Committee. Mr.&#160;Lourenso was an Executive Vice
            President of JPMorgan Chase &amp; Co. (&#8220;<u>J.P. Morgan</u>&#8221; and successor </font></div>
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        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">by merger to The Chase Manhattan Bank and Chemical Bank, N.A.) from 1990 until his
          retirement in June&#160;2013. Mr.&#160;Lourenso was a Senior Vice President of J.P. Morgan for more than five years prior to 1990. Mr.&#160;Lourenso holds a B.B.A. and an M.B.A. from Baruch College. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Henry Moniz <font style="font-style: normal;">has

            been a Director of the Company since January&#160;2021. Mr.&#160;Moniz is currently a member of the Audit, Executive Compensation and Nominating and Corporate Governance Committees. Mr.&#160;Moniz joined Meta Platforms, Inc. (formerly Facebook) as Chief
            Compliance Officer in February of 2021 and currently serves as the Chairman of the board of directors of Meta Payments, Inc. Prior to his move to Facebook, Mr.&#160;Moniz was the Executive Vice President and Chief Compliance Officer at Paramount
            Global (formerly ViacomCBS Inc.), where he also served as Chief Audit Executive. Mr.&#160;Moniz was at Paramount Global from 2004 - 2021, where he previously served as Chairman of the Privacy/IT Security Council; Vice President, Associate General
            Counsel; and Chairman of the Compliance Committee. Prior to joining Paramount Global, Mr.&#160;Moniz was a Partner at Bingham McCutchen (now part of Morgan Lewis), served as Minority Counsel to the U.S. House Judiciary Committee for the Impeachment
            Inquiry on President Clinton, and as a federal prosecutor in the Boston and Miami United States Attorney&#8217;s Offices for the U.S. Department of Justice. Mr.&#160;Moniz currently serves on the Advisory Board of the Center on the Legal Profession at
            Harvard Law School. Mr.&#160;Moniz previously served through January&#160;2021 on the Advisory Board for Acritas, the legal market data firm that is now part of Thomson Reuters. He holds a J.D. from the University of Pennsylvania Law School and an A.B.
            from Bowdoin College. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Mary Hogan Preusse <font style="font-style: normal;">has been a Director of the Company since February&#160;2017. Ms.&#160;Hogan Preusse currently serves as the Lead Independent Director, the Chair of the Nominating and Corporate Governance Committee and a member of the Audit and Executive
            Compensation Committees. Ms.&#160;Hogan Preusse retired from APG Asset Management US Inc., a leading manager of pension assets, in May&#160;2017. She joined APG&#8217;s predecessor in 2000 as a senior portfolio analyst and portfolio manager, and served from
            January&#160;2008 to May&#160;2017 as Managing Director and co-head of Americas Real Estate for APG Asset Management US Inc. She also served on the Executive Board of APG Asset Management US Inc. from 2008 until 2017. Prior to joining APG, Ms.&#160;Hogan
            Preusse spent eight years as a sell-side analyst covering the REIT sector and began her career at Merrill Lynch as an investment banking analyst. Ms.&#160;Hogan Preusse currently serves on the boards of directors of Digital Realty Trust, Inc., Host
            Hotels &amp; Resorts, Inc. and Realty Income Corporation, and serves as a senior adviser to Fifth Wall Ventures Management LLC. She previously served on the board of directors of VEREIT, Inc. until its merger with Realty Income Corporation in
            November&#160;2021. In 2015, she was the recipient of Nareit&#8217;s E. Lawrence Miller Industry Achievement Award for her contributions to the REIT industry. She also serves on the Advisory Board of Governors for the Nareit Investment Advisory Council
            and is a member of the Real Estate &amp; Infrastructure Advisory Board for the Carey Business School at Johns Hopkins University. Ms.&#160;Hogan Preusse holds an A.B. in Mathematics from Bowdoin College in Brunswick, Maine and has served as a member
            of Bowdoin&#8217;s Board of Trustees since 2012. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Valerie Richardson <font style="font-style: normal;">has been a Director of the Company since June&#160;2018. Ms.&#160;Richardson is currently the Chair of the Executive Compensation Committee and a member of the Audit and Nominating and Corporate Governance Committees. Ms.&#160;Richardson is the Chief
            Operating Officer of the ICSC, a position she has held since February&#160;2021 and since January&#160;2023 has served as a member of the board of directors of American Healthcare REIT, Inc. Ms.&#160;Richardson previously served as the Vice President of Real
            Estate for The Container Store, Inc. from September&#160;2000 until February&#160;2021. Prior to joining The Container Store in the fall of 2000, Ms.&#160;Richardson was Senior Vice President &#8211; Real Estate and Development for Ann Taylor, Inc., the specialty
            women&#8217;s apparel retailer, where she administered the company&#8217;s store expansion strategy for Ann Taylor and Ann Taylor Loft. Before Ann Taylor, Ms.&#160;Richardson was Vice President of Real Estate and Development of Barnes &amp; Noble, Inc., the
            country&#8217;s largest bookselling retailer. Prior to Barnes &amp; Noble, Ms.&#160;Richardson was a Partner in the Shopping Center Division of the Dallas-based developer, Trammell Crow Company. Since 2004, she has been a member of the Board of Trustees
            of ICSC. She was elected ICSC Chairman for the 2018-2019 term as the first Chairman associated with a retail company and ICSC Vice-Chairperson for the 2017-2018 term. Ms.&#160;Richardson previously served on the Board of the ICSC Foundation from
            2011 to 2019. Ms.&#160;Richardson served as a Trustee at Baylor Scott &amp; White Medical Center &#8211; Plano from 2010 to 2016. Ms.&#160;Richardson holds an M.B.A. in Real Estate from the University of North Texas and a B.S. in Education from Texas State
            University. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Richard B. Saltzman <font style="font-style: normal;">has been a Director of the Company since July&#160;2003. Mr.&#160;Saltzman is the Chair of the Audit Committee and a member of the Executive Compensation and Nominating and Corporate Governance Committees. Mr.&#160;Saltzman currently serves, since
            March&#160;2019, as Senior Advisor and Chairman of the Board of Managers at Ranger Global Real Estate Advisors, an independent SEC-registered investment advisor focused exclusively on the </font></div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">publicly traded global real estate universe. He also currently serves, since
          October&#160;2019, as Senior Advisor at Peaceable Street Capital, a provider of participating preferred equity capital to income producing commercial real estate owners and operators. Mr.&#160;Saltzman also serves on the board of directors of Equiem
          Holdings Pty. Ltd. Mr.&#160;Saltzman previously served as the Chief Executive Officer and President of Colony Capital, Inc. (NYSE: CLNY) from 2015 to 2018. He also served as Chairman of the Board of NorthStar Realty Europe Corp. until August&#160;2019 and
          Chairman of the Board of Colony Credit Real Estate, Inc., until May&#160;2020. Prior to joining various predecessors of Colony Capital in 2003, Mr.&#160;Saltzman spent 24 years in the investment banking business, most recently as a Managing Director and
          Vice Chairman of Merrill Lynch&#8217;s investment banking division. Mr.&#160;Saltzman holds a B.A. from Swarthmore College and an M.S. from Carnegie Mellon University. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Glenn G. Cohen <font style="font-style: normal;">was appointed Executive Vice President and Chief Financial Officer of the Company in June&#160;2010. Mr.&#160;Cohen served as Treasurer of the Company from 1997-2024. Mr.&#160;Cohen is a voting member of the Company&#8217;s Investment Committee, which
            approves all new investments, development projects and property dispositions. Mr.&#160;Cohen directs the Company&#8217;s financial and capital strategy and oversees the day-to-day accounting, financial reporting and planning, tax, and capital market
            activities. In addition, Mr.&#160;Cohen is responsible for the information technology activities of the Company. Mr.&#160;Cohen is an Independent Director for Piedmont Office Realty Trust, Inc. (NYSE: PDM), a real estate investment trust focused on the
            ownership and management of primarily Class&#160;A commercial office space. Mr.&#160;Cohen is Chairman of its Executive Compensation Committee and a member of its Audit Committee and Capital Committee. Mr.&#160;Cohen was an Independent Director for Quality
            Care Properties, Inc. (NYSE: QCP), one of the nation&#8217;s largest actively-managed real estate investment trusts, specializing in post acute/skilled nursing and managed care/assisted living properties. Mr.&#160;Cohen was a member of its Audit
            Committee. QCP was acquired by Welltower, Inc. (NYSE: WELL) in 2018. Prior to joining Kimco Realty Corporation in 1995 as Director of Accounting and Taxation, Mr.&#160;Cohen served as Chief Operating Officer and Chief Financial Officer for U.S.
            Balloon Manufacturing Company, Chief Financial Officer for EMCO Sales and Service, L.P. and six years at the public accounting firm Coopers &amp; Lybrand, LLP (predecessor to PricewaterhouseCoopers LLP), where he served as a manager in the
            audit group. Mr.&#160;Cohen received a Bachelor of Science degree in accounting from the State University of New York at Albany in 1985 and is a Certified Public Accountant. Mr.&#160;Cohen is a member of Nareit, ICSC, New York State Society of Certified
            Public Accountants and the American Institute of CPAs. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">David Jamieson<font style="font-style: normal;">
            was appointed Executive Vice President and Chief Operating Officer in February&#160;2017 and prior to that had served as Executive Vice President of Asset Management and Operations since 2015, where his role has been to identify, develop and
            implement opportunistic value creation strategies that optimize the Company&#8217;s portfolio performance, most notably by leading the Company&#8217;s redevelopment and emerging mixed-use platform. Mr.&#160;Jamieson is also a voting member of the Company&#8217;s
            Investment Committee, which approves all new investments, development projects and property dispositions. He is also instrumental in shaping the Company&#8217;s ESG strategy with a core focus on long-term sustainability objectives. Previously, he
            also served as Vice President of Asset Management and Leasing for the Western Region from 2012 to 2015 and as Director of Real Estate for the Western Region from 2009 to 2011. Mr.&#160;Jamieson holds a B.S. from Boston College and an M.B.A. from
            Babson College. </font></div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ross Cooper<font style="font-style: normal;">
            was appointed President and Chief Investment Officer in February&#160;2017, and prior to that had served as Executive Vice President and Chief Investment Officer since May&#160;2015, where he works closely with the Company&#8217;s Investment Committee, risk
            team, and regional leadership in overseeing development and implementation of the Company&#8217;s acquisition and disposition strategy. Mr.&#160;Cooper is also a voting member of the Company&#8217;s Investment Committee, which approves all new investments,
            development projects and property dispositions. Mr.&#160;Cooper is a member of the Board of Trustees of the ICSC, and holds a B.S. degree from the University of Michigan and a master&#8217;s degree in Real Estate from New York University. </font></div>
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    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
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        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: right;"><a name="tANNA"><!--Anchor--></a>Annex A</div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16pt; text-align: center;"><u>KIMCO REALTY CORPORATION</u><br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br>
        </div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">ARTICLES OF AMENDMENT</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Kimco Realty Corporation, a Maryland corporation (the &#8220;<u>Corporation</u>&#8221;),

          hereby certifies to the State Department of Assessments and Taxation of Maryland (the &#8220;<u>SDAT</u>&#8221;) that:</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><u>FIRST</u>: Under the power contained in Article IV, Paragraph D
          of the charter of the Corporation (the &#8220;<u>Charter</u>&#8221;), the Board of Directors of the Corporation (the &#8220;<u>Board</u>&#8221;) by duly adopted resolutions reclassified 1,849 shares of authorized but unissued preferred Stock, par value $1.00 per share,
          of the Corporation (the &#8220;<u>Class&#160;N Preferred </u><u>Stock</u>&#8221;), as a separate class of Preferred Stock and designated the aforesaid class of Preferred Stock as &#8220;7.25% Class&#160;N Cumulative Convertible Perpetual Preferred Stock&#8221; with the
          preferences, conversion and other rights, voting power, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption set forth in the Articles Supplementary for the Class&#160;N Preferred
          Stock that were filed with, and accepted for record by, the SDAT on December&#160;28, 2023 (the &#8220;<u>Articles Supplementary</u>&#8221;).</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><u>SECOND</u>: The terms of the Class&#160;N Preferred Stock, as
          originally set forth in Section 9 of the Articles Supplementary are hereby deleted in their entirety and substituted in lieu there is a new Section 9 to the terms of the Class&#160;N Preferred Stock to read as follows:</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt;">Section 9. Redemption by the Corporation.</div>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(A)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Class&#160;N Preferred Stock may be redeemed for cash, in whole or from time to time in part, on any date on or before &#8195;&#8195;&#8195;, 2025
                  (the &#8220;<u>Class&#160;N Redemption End Date</u>&#8221;), at the option of the Corporation at a price per share equal to $&#8195;&#8195;&#8195; plus accrued and unpaid dividends thereon, if any, to, but excluding, the Class&#160;N Redemption Date (as defined below), and as
                  adjusted in Subsection 9(B) below (the &#8220;<u>Class&#160;N Redemption Price</u>&#8221;). Following the Class&#160;N Redemption End Date, the Class&#160;N Preferred Stock shall not be redeemable by the Corporation. Subject to applicable law, the Corporation may
                  purchase shares of Class&#160;N Preferred Stock in the open market, by tender or by private agreement. </div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(B)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Each date fixed for redemption pursuant to Subsection (A) of this Section 9 is called a &#8220;Class&#160;N Redemption Date.&#8221; If the
                  Class&#160;N Redemption Date is after the Dividend Record Date and before the related Dividend Payment Date, the dividend payable on such Dividend Payment Date shall be paid to the holder in whose name the Class&#160;N Preferred Stock to be
                  redeemed is registered at the close of business on such Dividend Record Date notwithstanding the redemption thereof between such Dividend Record Date and the related Dividend Payment Date or the Corporation&#8217;s default in the payment of the
                  dividend due, and the Class&#160;N Redemption Price shall not include the amount of such dividend payable on such Dividend Payment Date.</div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(C)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In case of redemption of less than all shares of Class&#160;N Preferred Stock at the time outstanding, the shares to be redeemed
                  shall be selected by the Corporation pro rata from the holders of record of such shares in proportion to the number of shares held by such holders (with adjustments to avoid redemption of fractional shares) or by any other equitable
                  method prescribed by the Board of Directors that will not result in the issuance of any Class&#160;N Excess Preferred Stock.</div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(D)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In order to exercise its redemption option, the Corporation shall give written notice (&#8220;<u>Class&#160;N </u><u>Notice</u>&#8221;) of such
                  redemption to each holder of record of the shares of Class&#160;N preferred Stock to be redeemed not less than 30 days or more than 60 days prior to the Class&#160;N Redemption Date. The Class&#160;N Notice will be mailed by the Corporation, postage
                  prepaid, addressed to the respective holders of record of the Class&#160;N Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Corporation. The Class&#160;N Notice may be contingent on
                  the occurrence of a future event. No failure to give Class&#160;N Notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of Class&#160;N Preferred Stock, except as to any
                  holder to whom the Corporation has failed to give the Class&#160;N Notice or except as to any holder to whom the Class&#160;N Notice was defective. In addition to any information required by law or by the applicable rules of any exchange upon which
                  Class&#160;N Preferred Stock may be listed or admitted to trading, such Class&#160;N Notice shall state (i)&#160;the Class&#160;N Redemption Date; (ii)&#160;the Class&#160;N Redemption Price; (iii)&#160;the number of shares of Class&#160;N Preferred Stock to be </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">A-1<br>
      </div>
    </div>
  </div>
  <!--End Page 51-->
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      <hr style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
  </div>
  <!--Begin Page 52-->
  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_201-annexa_pg2"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 60pt; text-align: justify;">redeemed and, if less than all shares held by the particular holder are to be
          redeemed, the number of such shares to be redeemed from such holder; (iv)&#160;the place or places where certificates for such shares are to be surrendered for payment of the Class&#160;N Redemption Price; and (v)&#160;that dividends on the shares to be
          redeemed will cease to accrue on the Class&#160;N Redemption Date.</div>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(E)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Class&#160;N Notice having been mailed in accordance with Subsection (D) of this Section 9, from and after the Class&#160;N
                  Redemption Date (unless the Corporation shall fail to make available an amount of cash necessary to pay the Class&#160;N Redemption Price), (i)&#160;except as otherwise provided herein, dividends on the shares of Class&#160;N Preferred Stock so called
                  for redemption shall cease to accrue, (ii)&#160;said shares shall no longer be deemed to be outstanding, and (iii)&#160;all rights of the holders thereof as holders of Class&#160;N Preferred Stock shall cease (except the right to receive the Class&#160;N
                  Redemption Price in cash). The Corporation's obligation to provide cash in accordance with the preceding sentence shall be deemed fulfilled if, on or before the Class&#160;N Redemption Date, the Corporation shall deposit with a bank or trust
                  company (which may be an affiliate of the Corporation), cash necessary for such redemption, in trust, with irrevocable instructions that such cash be applied to the redemption of the shares of Class&#160;N Preferred Stock so called for
                  redemption. In this case, the Corporation's Class&#160;N Notice shall (i)&#160;specify the office of such bank or trust company as the place of payment of the Class&#160;N Redemption Price and (ii)&#160;call upon respective holders of record of the Class&#160;N
                  Preferred Stock to surrender certificates for such shares, on the Class&#160;N Redemption Date fixed in the Class&#160;N Notice, for payment of the Class&#160;N Redemption Price. No interest shall accrue for the benefit of any holder of shares of
                  Class&#160;N Preferred Stock to be redeemed on any cash so set aside by the Corporation. Subject to applicable escheat laws, any such cash unclaimed at the end of two years from the Class&#160;N Redemption Date shall revert to the general funds of
                  the Corporation, after which reversion, the holders of such shares so called for redemption shall look only to the general funds of the Corporation for the payment of such cash.</div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(F)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">As promptly as practicable after the surrender of the certificates for any such shares of Class&#160;N Preferred Stock so redeemed
                  (properly endorsed or assigned for transfer, if the Corporation shall so require and if the Class&#160;N Notice shall so state) in accordance with said Class&#160;N Notice, the Corporation (or the related bank or trust company, if applicable) shall
                  pay to the applicable holders the Class&#160;N Redemption Price in cash (without interest thereon). In the event of the redemption of less than all shares of Class&#160;N Preferred Stock at the time outstanding, the shares to be redeemed shall be
                  selected by the Corporation pro rata from the holders of record of such shares in proportion to the number of shares held by such holders (with adjustments to avoid redemption of fractional shares) or by any other equitable method
                  determined by the Board of Directors that will not result in the issuance of any Class&#160;N Excess Preferred Stock. If fewer than all the shares of Class&#160;N Preferred Stock represented by any certificate are redeemed, then new certificates
                  representing the unredeemed shares of Class&#160;N Preferred Stock shall be issued without cost to the holder thereof.</div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(G)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Unless full cumulative dividends on all outstanding shares of Class&#160;N Preferred Stock shall have been or contemporaneously are
                  declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, (i)&#160;no shares of any Class&#160;N Preferred Stock shall be redeemed, unless all outstanding shares of Class&#160;N
                  Preferred Stock are simultaneously redeemed and (ii)&#160;the Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Class&#160;N Preferred Stock (except by conversion into or exchange for Junior Stock); provided,
                  however, that the foregoing shall not prevent the purchase or acquisition of shares of Class&#160;N Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holder of all outstanding shares of Class&#160;N Preferred Stock.</div>
              </td>
            </tr>

        </table>
        <table style="margin-top: 6pt; margin-left: 40pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(H)<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All shares of Class&#160;N Preferred Stock redeemed pursuant to this Section 9, or otherwise acquired by the Corporation, shall be
                  retired and shall be reclassified as authorized and unissued shares of Preferred Stock, without designation as to class or series, and may thereafter be reissued as shares of any class or series of Preferred Stock.</div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><u>THIRD</u>: The foregoing amendments to the Charter have been duly
          advised by the Board and approved by the stockholders of the Corporation as required by law.</div>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">A-2<br>
      </div>
    </div>
  </div>
  <!--End Page 52-->
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      <hr style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_201-annexa_pg3"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><u>FOURTH</u>: There has been no increase in the authorized
          shares of stock of the Corporation effected by the amendments to the Charter as set forth above.</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><u>FIFTH</u>: The undersigned officer acknowledges these Articles of
          Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, tot the best of such officer&#8217;s knowledge, information and belief, these matters and facts
          are true in all material respects and that this statement is made under the penalties for perjury.</div>
        <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">[SIGNATURE PAGE FOLLOWS]</div>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">A-3<br>
      </div>
    </div>
  </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_201-annexa_pg4"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">IN WITNESS WHEREOF, the Corporation has caused these Articles of
          Amendment to be executed in its name and on its behalf by its Executive Vice President and Chief Financial Officer and attested to by its Assistant Secretary on this _____ day of &#8195;&#8195;&#8195;, 2025.</div>
        <table class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0">

            <tr>
              <td colspan="4" style="width: 26.14%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">ATTEST:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td>
              <td colspan="7" style="width: 43.17%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">KIMCO REALTY CORPORATION</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.13%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 18.45%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
            </tr>
            <tr>
              <td style="width: 5.13%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 18.45%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
            </tr>
            <tr>
              <td colspan="4" style="width: 26.14%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td style="width: 5.7%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">By:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td style="width: 25.58%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td>
              <td style="width: 6.76%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">(SEAL)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.13%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Name:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 18.45%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Kathleen M. Gazerro</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.7%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Name:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.58%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Glenn G. Cohen</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td>
            </tr>
            <tr>
              <td style="width: 5.13%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Title:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 18.45%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Assistant Secretary</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.56%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 5.7%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Title:</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
              <td style="width: 25.58%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;">
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Executive Vice President and <br>
                </div>
                <div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt;">Chief Financial Officer</div>
              </td>
              <td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td>
            </tr>

        </table>
      </div>
    </div>
    <div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;">
      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">A-4<br>
      </div>
    </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_202-annexb_pg1"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: right;"><a name="tANNB"><!--Anchor--></a>Annex B</div>
        <div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">Deposit Agreement Amendment</div>
        <table style="margin-top: 6pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A new Section 2.12 shall be added as follows:</div>
              </td>
            </tr>

        </table>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt;">Section 2.12. <font style="font-style: italic;">Optional Redemption of Class&#160;N
            Preferred Stock for Cash</font>.</div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Whenever the Company shall elect to redeem shares of deposited
          Class&#160;N Preferred Stock for cash in accordance with the terms thereof contained in the Charter, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 nor more than 60 days&#8217; prior written notice of
          the date fixed for redemption of such Class&#160;N Preferred Stock (the &#8220;<u>redemption date</u>&#8221;) and of the number of such shares of Class&#160;N Preferred Stock held by the Depositary to be redeemed and the applicable redemption price (the &#8220;<u>redemption
            price</u>&#8221;), as set forth in the terms of the Class&#160;N Preferred Stock contained in the Charter, including the amount, if any, of accrued and unpaid dividends thereon, to, but excluding, the redemption date. The Depositary shall, if requested in
          writing and provided with all necessary information and documents, mail, first-class postage prepaid, notice of the redemption of Class&#160;N Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Class&#160;N
          Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 hereof of the Receipts evidencing the
          Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice to one or more such holders nor any defect in any such notice shall affect
          the sufficiency of the proceedings for redemption except as to the holder to whom notice was defective or not given. The Company shall provide the Depositary with a written copy of such notice, and each such notice shall state: the redemption
          date; the redemption price, including accrued and unpaid dividends payable on the redemption date; the number of shares of deposited Class&#160;N Preferred Stock and Depositary Shares to be redeemed; if fewer than all Depositary Shares held by any
          holder are to be redeemed, the number of such Depositary Shares held by each such holder to be so redeemed; the place or places where the Class&#160;N Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered
          for payment of the redemption price, including accrued and unpaid dividends payable on the redemption date; and that from and after the redemption date dividends in respect of the Class&#160;N Preferred Stock represented by the Depositary Shares to be
          redeemed will cease to accrue. If fewer than all of the outstanding shares of Class&#160;N Preferred Stock and Depositary Shares are to be redeemed, the shares of Class&#160;N Preferred Stock and Depositary Shares to be redeemed shall be determined (such
          determination to be made by the Company, with prompt written notice thereof to the Depositary) <font style="font-style: italic;">pro rata</font> (as nearly as may be practicable without creating fractional Depositary Shares) or by any other
          equitable method determined by the Company (with prompt written notice thereof to the Depositary) that will not result in the issuance of any Class&#160;N Excess Preferred Stock, including Class&#160;N Excess Preferred Stock represented by Depositary
          Shares. </div>
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the event that notice of redemption has been made as described in
          the immediately preceding paragraph and the Company has paid in full to the Depositary the redemption price (determined pursuant to the terms of the Class&#160;N Preferred Stock contained in the Charter) of the Class&#160;N Preferred Stock deposited with
          the Depositary to be redeemed (including any accrued and unpaid dividends to, but excluding, the redemption date), the Depositary shall redeem the number of Depositary Shares representing such Class&#160;N Preferred Stock so called for redemption by
          the Company and from and after the redemption date (unless the Company shall have failed to pay for the shares of Class&#160;N Preferred Stock to be redeemed by it as set forth in the Company&#8217;s notice provided for in the preceding paragraph), all
          dividends in respect of the shares of Class&#160;N Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts
          evidencing such Depositary Shares (except the right to receive the redemption price (plus any accrued and unpaid dividends to, but excluding, the redemption date)) shall, to the extent of such Depositary Shares, cease and terminate. Upon
          surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed at a cash redemption price of
          $&#8195;&#8195;&#8195; per Depositary Share plus all accrued and unpaid dividends thereon, if any, to, but excluding, the redemption date. The foregoing shall be further subject to the terms and conditions of the terms of the Class&#160;N Preferred Stock contained in
          the Charter. In the event of any conflict between the provisions of the Deposit Agreement and the provisions of terms of the Class&#160;N Preferred Stock contained in the Charter, the provisions of terms of the Class&#160;N Preferred Stock contained in the
          Charter will govern and the Company will instruct the Depositary in writing accordingly of such governing terms. Unless and until such written notice is received by the Depositary, the Depositary may presume conclusively for all purposes that no
          such conflict exists.</div>
      </div>
    </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">B-1<br>
      </div>
    </div>
  </div>
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  <div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20034130x2_pre14a_202-annexb_pg2"><!--Anchor--></a>
    <p style="font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold;"><a href="#TOC">TABLE OF CONTENTS</a></p>
    <div class="page-content">
      <div class="block-main" style="width: 468pt; margin-left: 0pt;">
        <div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If fewer than all of the Depositary Shares evidenced by a Receipt
          are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called
          for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. </div>
        <table style="margin-top: 6pt; margin-left: 0pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20pt; text-align: left; vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br>
                </div>
              </td>
              <td style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Authorized Officers may approve such additional amendments to the Deposit Agreement, including revisions to the foregoing
                  Section 2.12, as any of the Authorized Officers deems advisable, including as is required by the Depositary. </div>
              </td>
            </tr>

        </table>
      </div>
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      <div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">B-2<br>
      </div>
    </div>
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