Kimco Realty hits 4-year high after upsized exchangeable offering

Kimco Realty

11/06/2026 15:37

** Kimco Realty's KIM.N shares up 1.7% at $25.81 and hit over four-year high on Thurs after above-target raise
** KIM rises as much as 2% to $25.90, highest since Apr 2022
** Grocery-anchored shopping center REIT early Thurs announced pricing private offering of $525 mln 3.5% exchangeable notes due 2031
** Offering size increased from $500 mln; initial exchange price set at $32.36, 27.5% premium to stock's last close
** It intends to use net offering proceeds for general purposes, including debt repayment, and funding acquisition, investment and redevelopment opportunities
** It also plans to use about $104 mln to repurchase its shares to facilitate hedging by investors in the exchangeable notes
** With the advance, stock up 27% YTD compared to 12% gain in S&P 500 Real Estate sector .SPLRCR  and 6.5% rise in S&P 500 index .SPX
** Avg rating of 23 analysts is "buy"; median PT $25, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))