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Filed pursuant to Rule 433
September 12, 2024
Relating to
Preliminary Prospectus Supplement dated September 12, 2024 to
Prospectus dated January 3, 2023
Registration Statement Nos. 333-269102 and 333-269102-01
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Kimco Realty OP, LLC
Pricing Term Sheet
$500,000,000 4.850% Notes due 2035
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Issuer:
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Kimco Realty OP, LLC
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Guarantor:
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Kimco Realty Corporation
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Ratings*:
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Baa1 (stable) by Moody’s Investors Service, Inc.
BBB+ (positive) by Standard & Poor’s Ratings Services
A- (stable) by Fitch, Inc.
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Aggregate Principal Amount Offered Hereby:
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$500,000,000
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Pricing Date:
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September 12, 2024
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Settlement Date:
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September 16, 2024 (T+2)
The Settlement Date of September 16, 2024 is the second business day following the date of the preliminary prospectus supplement.
Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the Notes before the business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the
time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.
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Maturity Date:
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March 1, 2035
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Interest Payment Dates:
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March 1 and September 1, commencing on March 1, 2025
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Coupon:
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4.850%
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Price to Public:
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99.815% of the principal amount plus accrued interest from September 16, 2024 if settlement occurs after the Settlement Date
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Gross Proceeds to Issuer (before expenses):
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$499,075,000
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Use of Proceeds:
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The Issuer intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, funding for suitable investments and redevelopment opportunities and the repayment of the Issuer’s outstanding
indebtedness at or in advance of maturity.
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Benchmark Treasury:
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3.875% due August 15, 2034
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Benchmark Treasury Yield:
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3.693%
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Spread to Benchmark Treasury:
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+118 bps
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Yield to Maturity:
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4.873%
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Redemption Provisions:
Make-whole Call:
Par Call:
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Prior to December 1, 2034 (the date that is three months prior to the Maturity Date), the Issuer may redeem the Notes at its option, in whole or in part, at any time
and from time to time, at a redemption price equal to the greater of:
(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
redemption date at the treasury rate plus 20 basis points less (b) interest accrued to, but excluding, the redemption date; and
(2) 100% of the principal amount of the Notes to be redeemed.
At any time on or after December 1, 2034, the Notes will be redeemable at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid
interest thereon to, but not including, the redemption date.
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CUSIP / ISIN:
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49447B AB9 / US49447BAB99
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Joint Book-Running Managers:
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BofA Securities, Inc.
Mizuho Securities USA LLC
Regions Securities LLC
U.S. Bancorp Investments, Inc.
Scotia Capital (USA) Inc.
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Truist Securities, Inc.
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Senior Co-Managers:
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PNC Capital Markets LLC
RBC Capital Markets, LLC
TD Securities (USA) LLC
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Co-Managers:
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Barclays Capital Inc.
BNY Mellon Capital Markets, LLC
Deutsche Bank Securities Inc.
Goldman Sachs & Co. LLC
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* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal by the assigning rating organization at any time.
The Issuer and the Guarantor have filed a registration statement (including a prospectus dated January 3, 2023 as supplemented by a preliminary prospectus supplement dated September 12, 2024) with the Securities and
Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you make a decision to invest, you should read the prospectus and preliminary prospectus supplement in that registration statement, this communication
and other documents the Issuer and the Guarantor have filed with the SEC for more complete information about the Issuer, the Guarantor and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, you may request the prospectus and preliminary prospectus supplement by contacting BofA Securities, Inc. at 1-800-294-1322; Mizuho Securities USA LLC at 1-866-271-7403; Regions Securities LLC at 1-800-850-7758; Scotia Capital (USA)
Inc. at 1-800-372-3930; or U.S. Bancorp Investments, Inc. at 1-877-558-2607.