Kimco Realty OP, LLC intends to offer $500,000,000 aggregate principal amount of exchangeable senior notes due 2031 in a private offering to qualified institutional buyers. The notes will be senior, unsecured obligations of Kimco OP and will be fully and unconditionally guaranteed by Kimco Realty Corporation on a senior, unsecured basis. The offering is subject to market and other conditions.

The notes will accrue interest payable semi-annually in arrears and will mature on June 15, 2031, unless earlier repurchased, redeemed, or exchanged. Noteholders will have the right to exchange their notes in certain circumstances and during specified periods, with settlements made in cash and, if applicable, shares of Kimco's common stock. The interest rate, initial exchange rate, and other terms will be determined at the pricing of the offering.

Kimco OP expects to grant the initial purchasers an option to purchase up to an additional $75,000,000 aggregate principal amount of notes within 13 days of the initial issuance date. The notes will be redeemable at Kimco OP's option on or after June 20, 2029, and on or before the 25th scheduled trading day immediately before the maturity date, subject to specific conditions regarding the trading price of Kimco's common stock. Additionally, the notes may be redeemed to preserve Kimco's status as a real estate investment trust for U.S. federal income tax purposes.

Kimco OP intends to use up to approximately $125.0 million of the net proceeds to repurchase shares of Kimco's common stock concurrently with the pricing of the offering. The remainder of the net proceeds will be allocated for general corporate purposes, including the redemption or repayment of indebtedness and funding for acquisition, investment, and redevelopment opportunities.

The offer and sale of the notes have not been registered under the Securities Act of 1933, as amended. Kimco OP and Kimco intend to enter into a registration rights agreement to register the resale of shares of Kimco's common stock issuable upon exchange of the notes, subject to certain limitations. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any such shares in any jurisdiction where such offer would be unlawful.