JERICHO, N.Y. & HOUSTON–(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, and Weingarten Realty Investors (NYSE: WRI), a grocery-anchored Sun Belt shopping center owner, manager and developer, today announced that Kimco stockholders and Weingarten shareholders approved all of the proposals necessary for the closing of the previously announced merger of Weingarten with and into Kimco.
At the special meeting of Kimco stockholders, approximately 99.9% of the votes cast were voted in favor of the merger, which represented approximately 85.3% of the outstanding shares of Kimco common stock.
At the special meeting of Weingarten shareholders, approximately 99.6% of the votes cast were voted in favor of the merger agreement, which represented approximately 78.7% of the outstanding Weingarten common shares.
The final voting results will be filed with the Securities and Exchange Commission on a Form 8-K filing by both Kimco and Weingarten with respect to their applicable special meetings.
The merger is currently expected to close on August 3, 2021, subject to the satisfaction or waiver of the remaining closing conditions. Upon completion of the merger, pursuant to the terms of the definitive merger agreement entered into by and between Kimco and Weingarten on April 15, 2021, Weingarten shareholders are entitled to receive 1.408 newly issued shares of Kimco common stock plus $2.20 in cash, after adjustment for the Weingarten special dividend of $0.69 per Weingarten common share paid on August 2, for each Weingarten common share that they owned immediately prior to the effective time of the merger. Upon completion of the merger, the common stock of the combined company will trade under the symbol “KIM” on the NYSE, and Weingarten’s common shares will be suspended from trading on the NYSE effective as of the opening of trading on August 4, 2021.
About Kimco
Kimco Realty Corp. (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 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 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 June 30, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com
Kimco 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. Kimco also uses social media to communicate with its investors and the public, and the information Kimco posts on social media may be deemed material information. Therefore, Kimco encourages investors, the media, and others interested in Kimco to review the information that it posts on the social media channels, including Facebook (www.facebook.com/KimcoRealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that Kimco uses may be updated on its investor relations website from time to time.
About Weingarten
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 30, 2021, Weingarten owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 155 properties which are located in 15 states spanning the country from coast to coast. These properties represent approximately 29.7 million square feet of which our interests in these properties aggregated approximately 20.3 million square feet of leasable area. To learn more about Weingarten’s operations and growth strategies, please visit www.weingarten.com.
