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NEW HYDE PARK, NY- Kimco Realty Corp. said late Monday afternoon it’s issuing seven million shares of preferred stock worth $175 million. The locally based retail REIT, led by president and CEO David Henry, said it would use net proceeds to repay $150 million worth of mortgage loans and for general corporate purposes.

Banc of America Securities, Morgan Stanley, UBS Securities and Wells Fargo Securities are the joint book-running managers. Morgan Keegan, Piper Jaffray, RBC Capital Markets and Stifel, Nicolaus & Co. are the co-managers for the offering. The stock offering is expected to be completed on August 30, according to Kimco.

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