Kimco Realty Declares Common Stock Cash Dividend for Third Quarter 2020

Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, today announced that its Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on September 24, 2020 to shareholders of record on September 10, 2020.

Through the second quarter of 2020, Kimco had paid cash dividends totaling $0.56 per share on its common shares in 2020. The company subsequently suspended its dividend on common shares due to the economic uncertainties related to COVID-19, with the intention of reinstating it at some point during 2020 to maintain compliance with REIT taxable income distribution requirements.

The company continues to see improvement in foot traffic at its shopping centers as additional tenants re-open which has led to higher rent collections and a reduced need for rent deferral agreements. At the end of August, all Kimco’s shopping centers remain open and operational with approximately 96% of tenants, based on annualized base rent (ABR), currently open, including those that are operating on a limited basis. In addition, after collecting 76% of June rents and 82% of July rents, Kimco has now collected 85% of August base rents. The company has only granted rent deferrals approximating 2% of base rent for the month of August.

“In light of the company’s financial performance, including the improving level of rent collections, excellent liquidity position and the recent affirmation of our investment grade credit rating, this dividend declaration reflects the Board’s confidence in the strength and quality of our portfolio and its ability to provide successful last mile fulfillment opportunities for our tenants and shoppers," stated Conor Flynn, Kimco's Chief Executive Officer. “Declaring our dividend at this initial level accounts for the dividends already paid in 2020 and reflects continued focus on maintaining a strong balance sheet and financial flexibility. The Board will continue to monitor Kimco’s financial performance and intends to declare additional dividends on common shares in 2020, as needed, of at least the minimum amount required to maintain compliance with Kimco’s REIT taxable income distribution requirements. We expect to establish a more normalized and well-covered dividend level based on our adjusted funds from operations and REIT taxable income in 2021.”