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Notes and Mortgages Payable | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Notes and Mortgages Payable | 11. Notes and Mortgages Payable Notes Payable The Company has a $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term Secured Overnight Financing Rate (“SOFR”), as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets, as defined in the agreement. As of March 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plu s 68.5 basis points (5.12% as of March 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of March 31, 2025, the Credit Facility had an outstanding balance of $120.0 million and no appropriations for letters of credit, and the Company was in compliance with its covenants. The Company has $310.0 million of unsecured term loans (the “Term Loans”) with a group of banks, which are scheduled to expire between November 2026 to February 2028. The Term Loans accrue interest at the rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating outlook and sustainability metric targets, as described in the agreement. As of March 31, 2025, the interest rates on the Term Loans is Adjusted Term SOF R plus 81.0 basis points a fter reductions for an upgraded credit rating profile and sustainability metrics achieved. As of March 31, 2025, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.5793% to 4.7801%. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure. The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which is scheduled to mature in January 2026 with three one-year options to extend the maturity date, at the Company’s discretion, to January 2029. The Term Loan Credit Facility accrues interest at a spread (currently 80.0 basis points after reductions for an upgraded credit rating profile) to the Adjusted Term SOFR Rate (as defined in the credit agreement), that fluctuates in accordance with changes in the Company’s senior debt ratings. As of March 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the $550.0 million Term Loan Credit Facility to an all-in fixed rate of 4.6122%. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure. During the three months ended March 31, 2025 and 2024, the Company fully repaid the following notes payable (dollars in millions):
Type |  | Date Paid |  | Amount Repaid |  |  | Interest Rate |  | Maturity Date
Unsecured note |  | Feb-25 |  | $ | 500.0 |  |  | 3.30% |  | Feb-25
Unsecured notes (1) |  | Jan-24 |  | $ | 511.5 |  |  | 3.64%-4.74% |  | Jun-25-Nov-31
Unsecured term loan |  | Jan-24 |  | $ | 50.0 |  |  | 4.15% |  | Nov-26
Unsecured term loan |  | Jan-24 |  | $ | 100.0 |  |  | 4.11% |  | Feb-27
Unsecured term loan |  | Jan-24 |  | $ | 50.0 |  |  | 3.43% |  | Aug-27
Unsecured term loan |  | Jan-24 |  | $ | 110.0 |  |  | 3.71% |  | Feb-28
(1) The Company incurred a make-whole charge of $0.3 million resulting from this early repayment of these notes, which are included in Merger charges on the Company’s Condensed Consolidated Statements of Operations. The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments. Mortgages Payable During the three months ended March 31, 2025, the Company repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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