- 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)