Kimco puts $800 million cash on its balance sheet to ride out the pandemic
One of North America’s largest publicly traded owners and operators of grocery-anchored centers and mixed-use assets has girded itself against coronavirus by obtaining a $375 million unsecured term loan.
Kimco Realty now claims approximately $800 million of cash on its balance sheet. The Jericho, N.Y. based company stated that this strong cash position, together with a $1.3 billion revolving credit facility and more than 300 unencumbered properties provides it with the capacity to meet its debt obligations through the end of 2020.
In light of the ongoing spread of COVID-19 and the uncertainty related to its unfolding economic impact, Kimco will withdraw the 2020 guidance it published in January and will provide additional updates beginning with its first-quarter 2020 earnings results.
“The health and well-being of our employees, our tenants and the communities we serve is Kimco’s utmost priority, and we extend our thoughts to all those being impacted by the COVID-19 pandemic,” said Kimco CEO Conor Flynn. “We know firsthand, through our ownership position in Albertsons, how valuable the grocery component has been in this time of need.”