Kimco Realty Corporation Announces 2023 Dividend Tax Treatment

JERICHO, N.Y.--(BUSINESS WIRE)--Kimco Realty^® (“Kimco” or the “Company”) (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, announced today the allocations of the company’s 2023 dividend distributions on its common stock and preferred stock. The allocations as they will be reported on Form 1099-DIV are as follows:

Common Shares (CUSIP # 49446R-10-9)
Ex-				Ordinary Income			Capital Gains
Dividend	Record	Payable	Distribution		Non-			Unrecaptured	Return of	Sec 199A
Date	Date	Date	per Share	Total	Qualified	Qualified	Total	Sec 1250	Capital	Dividends
03/08/2023	03/09/2023	03/23/2023	$0.230000	$0.227155	$0.155962	$0.071193	$0.000000	$0.000000	$0.002845	$0.155962
06/07/2023	06/08/2023	06/22/2023	$0.230000	$0.227155	$0.155962	$0.071193	$0.000000	$0.000000	$0.002845	$0.155962
09/06/2023	09/07/2023	09/21/2023	$0.230000	$0.227155	$0.155962	$0.071193	$0.000000	$0.000000	$0.002845	$0.155962
12/06/2023	12/07/2023	12/21/2023	$0.240000	$0.237032	$0.162743	$0.074289	$0.000000	$0.000000	$0.002968	$0.162743
12/06/2023	12/07/2023	12/21/2023	$0.090000	$0.088887	$0.061029	$0.027858	$0.000000	$0.000000	$0.001113	$0.061029
		Totals	$1.020000	$1.007384	$0.691658	$0.315726	$0.000000	$0.000000	$0.012616	$0.691658
			100%		67.810%	30.953%	0.000%		1.237%
Preferred Series L (CUSIP # 49446R-73-7)
Ex-				Ordinary Income			Capital Gains
Dividend	Record	Payable	Distribution		Non-			Unrecaptured		Sec 199A
Date	Date	Date	per Share	Total	Qualified	Qualified	Total	Sec 1250		Dividends
12/29/2022	12/30/2022	01/17/2023	$0.320310	$0.320310	$0.219921	$0.100389	$0.000000	$0.000000		$0.219921
3/31/2023	04/03/2023	04/17/2023	$0.320310	$0.320310	$0.219921	$0.100389	$0.000000	$0.000000		$0.219921
6/30/2023	07/03/2023	07/17/2023	$0.320310	$0.320310	$0.219921	$0.100389	$0.000000	$0.000000		$0.219921
9/29/2023	10/02/2023	10/16/2023	$0.320310	$0.320310	$0.219921	$0.100389	$0.000000	$0.000000		$0.219921
		Totals	$1.281240	$1.281240	$0.879684	$0.401556	$0.000000	$0.000000		$0.879684
			100%	-	68.659%	31.341%	0.000%
Preferred Series M (CUSIP # 49446R-71-1)
Ex-				Ordinary Income			Capital Gains
Dividend	Record	Payable	Distribution		Non-			Unrecaptured		Sec 199A
Date	Date	Date	per Share	Total	Qualified	Qualified	Total	Sec 1250		Dividends
12/29/2022	12/30/2022	01/17/2023	$0.328125	$0.328125	$0.225286	$0.102839	$0.000000	$0.000000		$0.225286
3/31/2023	04/03/2023	04/17/2023	$0.328125	$0.328125	$0.225286	$0.102839	$0.000000	$0.000000		$0.225286
6/30/2023	07/03/2023	07/17/2023	$0.328125	$0.328125	$0.225286	$0.102839	$0.000000	$0.000000		$0.225286
9/29/2023	10/02/2023	10/16/2023	$0.328125	$0.328125	$0.225286	$0.102839	$0.000000	$0.000000		$0.225286
		Totals	$1.312500	$1.312500	$0.901144	$0.411356	$0.000000	$0.000000		$0.901144
			100%		68.659%	31.341%	0.000%

Separately, Kimco sold shares of the Albertsons Companies (NYSE: ACI) and recognized a long-term capital gain of approximately $241 million in 2023. The company elected to retain the proceeds from this stock sale for general corporate purposes and pay federal corporate income tax on the taxable gain. This undistributed long-term capital gain is treated as a distribution to shareholders of record on December 31, 2023, and each shareholder’s proportionate share of this undistributed capital gain will be reported on Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains. Correspondingly, each shareholder is entitled to a federal tax credit for its share of the federal income tax paid by the Company. This Form 2439 is in addition to the information reported on Form 1099-DIV. This Form 2439 is in addition to the information reported on Form 1099-DIV. Additional details can be found in a set of FAQs available on the company’s website at: investors.kimcorealty.com/2023_Undistributed_Cap_Gain_FAQ

About Kimco Realty^®

Kimco Realty^® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2023, the company owned interests in 527 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.

The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Safe Harbor Statement

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan”, “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. 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 impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain issues, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger transaction (the “transaction”) with RPT, (xii) significant transaction costs and/or unknown or inestimable liabilities related to the transaction, (xiii) the risk of litigation, including shareholder litigation, in connection with the transaction, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the transaction or any further announcements or the consummation of the transaction on the market price of the Company’s common stock or on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the transaction as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xviii) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xix) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xx) impairment charges, (xxi) criminal cybersecurity attacks disruption, data loss or other security incidents and breaches, (xxii) impact of natural disasters and weather and climate-related events, (xxiii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xxiv) our ability to attract, retain and motivate key personnel, (xxv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvi) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxvii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxviii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxix) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxx) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 as supplemented by the risks and uncertainties identified under Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission.