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New York & Tri-State  + Long Island  + Retail  | 

Kimco Reduces Stake in Albertsons

Kimco Realty Corp. will partially monetize its investment in Albertsons Companies Inc. in conjunction with Albertsons’ $1.75-billion sale of convertible preferred stock. The Jericho, NY-based REIT, which currently holds a 9.29% interest in the grocery giant, will retain a 7.5% ownership interest.

“Our shareholders continue to benefit from the company’s Albertsons investment, especially at a time when liquidity remains paramount,” said Kimco CEO Conor Flynn. “Our Albertsons investment continues to be the hallmark of Kimco’s Plus business, which has a long and successful history of investing in real estate-rich retailers and other companies.

“With our remaining 7.5% residual ownership interest in Albertsons, this investment will further benefit our shareholders well into the future while strengthening and diversifying Kimco’s balance sheet,” Flynn continued.

The size of Kimco’s gain from the monetization will be determined after the stock sale closes. Kimco has already received more than $300 million from its Albertsons investment in recent years.

Pictured: Kimco headquarters in Jericho, NY.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).