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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 25, 2020
KIMCO REALTY CORPORATION
(Exact Name of registrant as specified in its charter)
Maryland
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1-10899
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13-2744380
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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500 North Broadway
Suite 201
Jericho, NY 11753
(Address of principal executive offices) (Zip Code)
(516) 869-9000
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange on
which registered
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Common Stock, par value $.01 per share.
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KIM
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New York Stock Exchange
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Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share.
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KIMprL
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New York Stock Exchange
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Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share.
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KIMprM
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
During the third quarter, Kimco Realty Corporation (“Kimco” or the “Company”) initiated a restructuring plan, which includes a voluntary early retirement program (the “VERP”) and the merging of the Company’s Southern and Mid-Atlantic regions in order to streamline the organization.
The VERP was offered to certain eligible associates aged 55 or above with 10 years or more of service. The program excludes senior executive officers and other key Company leaders. Of the eligible employees that were able to participate in the VERP, 28 Kimco associates have elected to retire.
Separately, Paul D. Puma, Kimco’s Southern Region President, has informed the Company of his intention to retire at the end of this year. As a result of this, Kimco will combine the Company’s Mid-Atlantic and Southern regions, effective January 1, 2021, with the current Mid-Atlantic Region President, Wilbur Tom Simmons, overseeing the newly merged territory. This transition will enable Kimco to further consolidate several organizational functions between the two regions.
As a result of these activities, Kimco anticipates it will incur a one-time severance charge of approximately $9.0 million to $10.0 million which will impact Net Income and Funds From Operations during the third quarter of 2020.
The information set forth in this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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KIMCO REALTY CORPORATION
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Date: September 25, 2020
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By:
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/s/ Glenn G. Cohen
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Name: Glenn G. Cohen
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Title: Chief Financial Officer
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