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NEW HYDE PARK, NY-Kimco Realty Corp. has agreed to sell 2.4 million shares of its common stock to Banc of America Securities LLC. Kimco intends to use the net proceeds to invest equity capital in its co-investment programs, for future property acquisitions and for general corporate purposes. Kimco stock closed at $42.05 on Tuesday.

Banc of America will act as sole bookrunning underwriter for the offering. The company has also granted Banc of America Securities LLC an over-allotment option to purchase an additional 360,000 shares of its common stock.

In late August, Kimco sold the Searstown Mall in Leominster, MA for approximately $64.5 million and will recognize a gain of approximately $30 million in the third quarter. Proceeds will fund its investment pipeline of neighborhood and community shopping centers. In June, Kimco issued just over two million shares of common stock in a primary public offering, which raised net proceeds of approximately $76 million. The company intended to use the net proceeds to repay a portion of the outstanding balance on its revolving credit facility.

Mid-Atlantic Realty Trust shareholders will vote Sept. 30 on MART’s proposed merger with Kimco. In June, the pair entered into a definitive merger agreement where Kimco will acquire all of the outstanding shares of MART for $21 per share in cash in a transaction in which MART will merge into a Kimco subsidiary. Following the acquisition, Kimco will bring its total interests to 684 properties comprising approximately 98 million sf of leasable space. The transaction has a total equity value of approximately $444 million based upon MART’s approximately 21 million common shares and partnership units outstanding.

Kimco has specialized in shopping center acquisitions, development and management for more than 35 years. It has interests in 634 properties comprising approximately 94 million sf of leasable space located throughout 40 states, Canada and Mexico.

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