Kimco Realty (KIM) announced it acquired a private, multi-generationally-owned portfolio of eight Long Island, NY shopping centers for $375.8M. The acquisition was funded by the issuance of a combination of cash and redeemable units and the assumption of $88.8M of 4.1% mortgage debt with a remaining term of approximately six years. As of September 30, 2022, the company had $123.5M in cash and cash equivalents on its balance sheet and subsequently received approximately $301.1M of proceeds from the sale of 11.5 million shares of its Albertsons (ACI) common shares.
Published first on TheFly
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