Weather Alert  

HIGH RIP CURRENT RISK REMAINS IN EFFECT THROUGH FRIDAY EVENING ...High Rip Current Risk through Friday Evening... * LOCATIONS...Atlantic ocean beaches of Southern Nassau, Southern Queens, Kings (Brooklyn), Southeastern Suffolk and Southwestern Suffolk. * TIMING...Through Friday evening. * SURF ZONE IMPACTS...Very strong rip currents will be dangerous to anyone who enters the surf, through Friday evening, and possibly into Saturday. High surf of 5 to 8 feet is possible late Thursday through Friday. Beach flooding and erosion are possible during the times of high tide.

Kimco Redeeming $350M in Preferred Stock

LongIsland.com

Kimco is redeeming $350 in notes.

Print Email

Kimco owns and operates Hicksville Plaza along with many other shopping centers on Long Island and nationwide.

Photo by: Courtesy of Kimco

Real estate investment trust Kimco Realty is issuing $350 million in notes to buy back that amount in preferred stock.

The New Hyde Park-based company is issuing $350 million in debt at a rate of 3.7 percent due 2049. And it’s redeeming $175 million preferred stock that the company issued at 6 percent and $175 million issued at 5.625 percent.

Kimco will recognize a $11.4 million non-cash charge or 3 cents a share related to the transaction in the third quarter of 2019.

Until it redeems the stock, Kimco plans to use the proceeds from the offering for general corporate purposes and to reduce its borrowings, which stood at $135 million as of June 30, under its revolving credit facility.

"By paying down its debt obligations and credit facility, this offering is anticipated to provide flexibility to the company," according to Zacks Investment Research. "In addition, it highlights Kimco's focus to address its financial obligations in an efficient way."

Kimco is one of North America’s largest publicly traded owners and operators of open-air shopping centers.

The company as of June 30 owned interests in 428 U.S. shopping centers and related assets comprising 74.6 million square feet of leasable space, primarily in major metropolitan markets.

Its stock has been traded on the New York Stock Exchange since 1991 and is included in the S&P 500 Index.

Kimco has specialized in acquiring, developing and managing shopping centers for more than 60 years.