The company's additional 200,000 series A convertible preferred shares, held by Kimco Realty Corp., automatically converted into common shares upon completion of the company's recent public common share offering.
"Morgan Stanley and Kimco invested with us in 1997 and they have consistently been knowledgeable and supportive partners," says Dennis Gershenson, president and chief executive officer. "The agreement to redeem the preferred shares coincided with Morgan Stanley's decision to liquidate the Special Situations investment program that invested in a number of real estate companies. The transaction was very accretive for the company and Morgan Stanley achieved an efficient vehicle to monetize Special Situations'investment."
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