Kimco Issuing $624 MM in Common Stock

Kimco Realty Corp., New Hyde Park, N.Y., has priced its public offering of 91,500,000 shares of its common stock at $7.10 per share.The company has granted the underwriters an option to purchase up to an additional 13,725,000 shares to cover over-allotments, if any. Merrill Lynch & Co., Deutsche Bank Securities Inc. and UBS Investment Bank are acting as joint book-running managers for the offering. Citi, RBC Capital Markets, Scotia Capital and Wachovia Securities are acting as joint lead managers. Barclays Capital, CIBC World Markets and Morgan Keegan & Company, Inc. are acting as co-managers. Subject to customary conditions, the offering is expected to close on or about April 8, 2009. The company intends to use the net proceeds from this offering, which are expected to be approximately $623.6 million (without giving effect to any exercise of the underwriters' over-allotment option), for debt repayment and for general corporate purposes. The pricing took place prior to the markets opening on April 3. The day before, Kimco closed at $7.49 per share. On April 3, it opened at $8.68 per share.