Kimco Realty closes acquisition of RPT Realty; adds 56 shopping centers, expects $34M cost synergies

Kimco filed Articles Supplementary (the “Articles Supplementary”) with the State Department of Assessments and Taxation of the State of Maryland, which Articles Supplementary became effective on January 2, 2024, designating the preferences, rights and limitations of the 7.25% Class N Cumulative Convertible Perpetual Preferred Stock

On January 2, 2024, Kimco OP and the lenders under RPT OP's then-existing unsecured credit agreement agreed to terminate the revolving commitments under RPT OP's existing unsecured credit agreement and that Kimco OP would assume RPT OP's obligations under its then-existing unsecured term loans and amend and restate the terms of those unsecured term loans in the form of the Seventh Amended and Restated Credit Agreement (the "Syndicated Term Loan Agreement"), dated January 2, 2024, by and between Kimco OP, JPMorgan Chase Bank, N.A. and the other parties thereto.

On January 2, 2024, Kimco OP entered into a new unsecured term loan credit facility pursuant to a credit agreement (the "TD Credit Agreement"), among Kimco OP, TD Bank, N.A., as administrative agent and the other parties thereto.

On January 2, 2024, Kimco, as managing member of Kimco OP, entered into an amended and restated limited liability company agreement of Kimco OP (the "Amended and Restated Limited Liability Company Agreement"), providing for, among other things, the creation of Class N Preferred Units of Kimco OP, having the preferences, rights and limitations set forth therein (the "Kimco OP Class N Preferred Units"), and certain modifications to the provisions regarding LTIP Units (as defined in the Amended and Restated Limited Liability Company Agreement), including provisions governing distribution and tax allocation requirements and the procedures for converting LTIP Units.