JERICHO, N.Y.--(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, today announced that the company has received $156.1 million from Albertsons Companies, Inc. (Albertsons) as part of the completion of Albertsons’ previously announced repurchase of common stock from existing shareholders in conjunction with its recent sale of convertible preferred stock.
Albertsons, which received approximately $1.68 billion in net proceeds from the sale of $1.75 billion of convertible preferred stock, used the proceeds to repurchase approximately 17.5% of the common stock owned by Albertsons’ current shareholders based on the preferred stock conversion level. Kimco, which held a 9.29% ownership interest in Albertsons, received $156.1 million as its allocable portion of the share repurchase and is using the proceeds to reduce the amount outstanding on its $590 million unsecured term loan.
Kimco retains an approximately 7.5% ownership interest in Albertsons with the completion of this transaction and expects to recognize a gain in the range of $125 million to $135 million during the second quarter. There will be no impact on the company’s funds from operations (FFO) from this transaction.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of March 31, 2020, the company owned interests in 401 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
