According to an SEC Filing on April 1, 2020 Kimco Realty Corporation entered into a $375 unsecured credit agreement with PNC Bank, US Bank, and Wells Fargo Bank. The funds will be used for general corporate purposes.
Kimco states that the company is in a strong position with the COVID-19 downturn with approximately $800 million on its balance sheet.
Commenting on the COVID-19 shutdowns, Kimco’s Chief Executive Officer, Conor Flynn stated “We know firsthand, through our ownership position in Albertsons, how valuable the grocery component has been in this time of need, and we appreciate the efforts of all medical professionals, grocers, pharmacies, and other heroes that are going above and beyond.”
In related news, on April 3, 2020 Kimco announced that Flynn tested positive for COVID-19. According to the SEC filing, Flynn had mild symptoms and continued to fulfill his position as CEO.