Kimco Realty Launches $750M Stock Offering And Repurchase Program

Kimco Realty Corporation has initiated a new "at the market" continuous equity offering program to raise up to $750 million through sales of common stock, replacing a previous agreement from 2023. The company has also approved a new $750 million share repurchase program, superseding the prior one, aimed at enhancing financial flexibility and supporting general corporate purposes such as acquisitions, development projects, and debt reduction. This initiative involves several major financial institutions, including BofA Securities, Barclays Capital, Morgan Stanley, and others acting as sales agents or forward sellers. Kimco operates as a leading real estate investment trust focusing on grocery-anchored shopping centers and mixed-use properties primarily in major U.S. metropolitan markets. Despite solid revenue growth and a strong dividend yield, the company faces challenges such as declining operating margins and an Altman Z-Score indicating potential financial distress risk. Analysts maintain a positive outlook on Kimco's stock, rating it as a Buy or Outperform based on its strategic positioning and financial foundation, though cautioning on valuation and market momentum.