Kimco Realty Corp. closed the full redemption of its 6.000% class I cumulative redeemable preferred stock and its 5.625% class K cumulative redeemable preferred stock.
The shopping center real estate investment trust redeemed its 7,000 class I preferred shares at $25,000.00 per share, plus $245.833 in accrued and unpaid dividends, and 7.0 million depositary shares representing the class I preferred stock at $25.00 per depositary share, plus 24.583 cents in accrued and unpaid dividends.
It redeemed its 7,000 class K preferred shares at $25,000.00 per share, plus $230.468 in accrued and unpaid dividends, and 7.0 million depositary shares representing the class K preferred stock at $25.00 per depositary share, plus 23.047 cents in accrued and unpaid dividends.
The REIT said it expects to record an approximately $11.4 million noncash transaction charge during the third quarter as a result of the redemption. The charge will cut its Nareit funds from operations per share by the same amount but have no impact on FFO as adjusted per diluted share.
Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.
