Kimco redeems $225 million liquidation amount of class I preferreds

By Susanna Moon

Chicago, Sept. 7 – Kimco Realty Corp. said it redeemed $225 million liquidation value of its class I preferred stock.

Specifically Kimco redeemed 9,000 shares, or 56.25%, of its class I preferreds at the redemption price of $25,000.00 per share and 9 million depositary shares at $25.00 per share, according to a company announcement.

The issuer also paid accrued dividends.

In connection with the redemption, the company said it expects to incur a non-cash transaction charge of about $7 million.

The issuer also expects to incur a $1.6 million transaction charge for the previously announced tender of its outstanding 4.3% series E medium-term notes due 2018.

Kimco is a New Hyde Park, N.Y.-based real estate investment trust.

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