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Kimco keeps investment in Albertsons stake, optimistic on RAD acquisition

Feb. 20, 2018 9:38 AM ETKimco Realty Corporation (KIM) StockBy: Omer I., SA News Editor2 Comments
  • Kimco Realty Corp. (NYSE:KIM) confirms it will keep its 9.74% ownership in Albertsons following today's announcement by the grocer to acquire Rite Aid Corp.
  • Kimco says it will treat this investment as a marketable security, which can be used to reduce debt, pay for future investments, and fund stock buybacks.
  • Kimco's stake in Albertsons resulted after a series of investments in partnership with Cerebreus which acquired Supervalu, and Safeway. Through 2017, Kimco has made over $300M in cash distributions from its Albertsons investment.
  • Source: Press Release
  • Previously: Albertsons to buy rest of Rite Aid not being sold to Walgreens; RAD up 29% premarket (Feb. 20)

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