JERICHO, N.Y.--(BUSINESS WIRE)--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, announced today that the company is piloting a Tenant Assistance Program (TAP), complimentary to tenants, to assist them in identifying and applying for applicable federal and state loans to help their businesses survive the financial impact of the coronavirus disease 2019 (COVID-19) pandemic.
Kimco and its subsidiaries are working in partnership with law firms to provide assistance to tenants seeking government-sponsored disaster relief loans. The company is providing this program at no cost to its tenants. Legal professionals will assist tenants in identifying suitable loan programs, identifying potential lending institutions, and preparing and submitting applications.
“We are fully committed to the long-term success of our tenants, and we understand that immediate access to capital may be critical in keeping their businesses afloat over the coming months,” stated Conor Flynn, Kimco’s Chief Executive Officer. “We’re also aware that the process of identifying, evaluating, and applying for the many available funding opportunities can be overwhelming and daunting for business owners. Our Tenant Assistance Program will enable our tenants to act quickly in applying for much-needed assistance that can help ensure their future viability.”
TAP services are now being rolled out to tenants in California and Florida with plans to extend the program to other states across the portfolio in the coming days.
The Tenant Assistance Program is one facet of Kimco’s multi-pronged approach to tenant support throughout the COVID-19 crisis. Since the outbreak of the virus in the U.S., Kimco has focused on regular communication with tenants both via email and through the company’s COVID-19 Response webpage, which includes a host of resources and funding opportunities for small businesses. Additionally, through Kimco’s national partnership with SCORE, America’s premier source of free and confidential advice for small businesses, the company is offering an exclusive webinar for its tenants that will provide an overview of various funding opportunities available through the U.S. Small Business Administration. Kimco tenants will also have access to SCORE’s free remote mentoring services.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of December 31, 2019, the company owned interests in 409 U.S. shopping centers and mixed-use assets comprising 72.4 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
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Safe Harbor Statement
The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (vii) pandemics or other health crises, such as COVID-19, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common and preferred stock and the company’s ability to pay dividends at current levels, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward- looking statements is contained from time to time in the company’s Securities and Exchange Commission (“SEC”) filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
