Kimco Realty Realizes Additional Value from Albertsons Investment

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 it received approximately $71.4 million from its investment in Albertsons Companies, Inc. (NYSE: ACI) (Albertsons) upon the closing of its initial public offering (IPO). Kimco intends to use its share of proceeds to primarily reduce debt.

During the second quarter, Kimco expects to recognize a pre-tax gain in the range of $55 million to $65 million from the sale of its Albertsons shares during the IPO. This gain is in addition to the previously announced $125 million to $135 million gain the company will recognize from Albertsons repurchasing of common stock from existing shareholders in conjunction with its recent sale of convertible preferred stock.

The company’s remaining ownership interest in Albertsons is valued at approximately $628.2 million based on the remaining 39.8 million shares of Albertsons common stock it holds. Kimco will recognize a gain of approximately $524.7 million on the mark-to-market of its remaining investment in Albertsons based on today’s closing share price. There will be no impact to the company’s funds from operations (FFO) from the gains related to these transactions as well as on the mark-to-market of the remaining Albertsons stock held by Kimco.

Since its initial investment in Albertsons in 2006, Kimco has invested a total of approximately $207 million while realizing a total of approximately $569 million in proceeds.

“The Albertsons IPO is another validation of Kimco’s unique ability to identify value-creating opportunities in the retail real estate space,” stated Conor Flynn, Kimco’s Chief Executive Officer. “The immediate monetization from the IPO together with our continued investment in ACI will fortify our balance sheet and advance our long-term growth objectives.”

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.