9. Notes and Mortgages Payable

Notes Payable

In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks. The Credit Facility is scheduled to expire in March 2030 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2031. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Term Secured Overnight Financing Rate (“SOFR”), as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company’s credit rating, as defined in the agreement. As of June 30, 2026, the interest rate on the Credit Facility is Term SOFR plus 63.5 basis points (4.27% as of June 30, 2026) after reductions for sustainability metrics achieved and the Company’s current credit rating. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of June 30, 2026, the Credit Facility had no outstanding balance and no appropriations for letters of credit, and the Company was in compliance with its covenants.

During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the “Commercial Paper Program”). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program. As of June 30, 2026, the Commercial Paper Program had no outstanding balance.

The Company has $310.0 million of unsecured term loans (the “Term Loans”) with a group of banks, which were scheduled to expire between November 2026 to February 2028. In March 2026, the Company amended the Term Loans to add two one-year options to extend the maturity dates, at the Company’s discretion, to November 2028 through February 2030. The Term Loans accrue interest at the rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating and sustainability metric targets, as described in the agreement. As of June 30, 2026, the interest rates on the Term Loans are Adjusted Term SOFR plus 71.0 basis points after reductions for sustainability metrics achieved and the Company’s current credit rating. As of June 30, 2026, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.38% to 4.58%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which is scheduled to mature in January 2027 with two one-year options to extend the maturity date, at the Company’s discretion, to January 2029. The Term Loan Credit Facility, as amended, accrues interest at a rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating, as described in the agreement. As of June 30, 2026, the interest rate on the Term Loan Credit Facility is Adjusted Term SOFR plus 75.0 basis points based on the Company’s current credit rating. As of June 30, 2026, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.46%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

In June 2026, the Company issued $600.0 million in exchangeable senior notes (the “Exchangeable Senior Notes”), including $75.0 million of option notes issued pursuant to an option granted to the initial purchasers and exercised in full. The Exchangeable Senior Notes are scheduled to mature in June 2031 and bear interest at a rate of 3.50% per annum. Before March 17, 2031, noteholders will have the right to exchange their notes only upon the occurrence of certain events. On and after March 17, 2031, noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle exchanges in cash and, if applicable, shares of the Company’s common stock, at the election of the Company. The initial exchange rate is 30.9028 shares of the Company's common stock per $1,000 principal amount of Exchangeable Senior Notes, which represents an initial exchange price of approximately $32.36 per share of the Company’s common stock. The Exchangeable Senior Notes will be exchangeable for cash up to the aggregate principal amount of the Exchangeable Senior Notes to be exchanged and, in respect of the remainder of the exchange obligation, if any, in excess thereof, cash, common shares or a combination thereof, at the election of the Company.

The Exchangeable Senior Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after June 20, 2029 and on or before the 25th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price for a specified period of time and certain other conditions are satisfied. In addition, the Exchangeable Senior Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time to the extent necessary to preserve the Company’s status as a real estate investment trust for U.S. federal income tax purposes, so long as certain conditions are satisfied. The redemption price will be equal to the principal amount of the Exchangeable Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The Company used a portion of the proceeds from the offering to repurchase 4.1 million shares of its common stock for a total purchase price of $104.7 million (at a price of $25.38 per share). The Company intends to use the remainder of the net proceeds for general corporate purposes, including, but not limited to, the redemption or repayment of indebtedness and funding for suitable acquisition, investment and redevelopment opportunities.

During June 2025, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in February 2036 and accrue interest at a rate of 5.30% per annum.

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments.

Mortgages Payable

During the six months ended June 30, 2026, the Company (i) repaid $31.0 million of mortgage debt that encumbered an operating property and (ii) refinanced a mortgage loan on a consolidated joint venture operating property by obtaining a $23.0 million mortgage loan, of which $17.4 million has been funded, and was used to repay the $16.1 million outstanding on the prior mortgage loan.

During the six months ended June 30, 2025, the Company repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.