Kimco Realty Corporation (NYSE:KIM) subsidiary, Price Legacy Holdings, LLC has announced the completion a merger transaction. The merger involved the merger of Price Legacy Corporation (OTC:PLREP) with and into Price Legacy Holdings, LLC. All outstanding shares of 6.82% Series 1 Cumulative Redeemable Preferred Stock have been cancelled in exchange for cash of $17.25 per share as a result of the merger. The total value of shares cancelled equated to $50.8 million, reflecting the liquidation preference of shares that accrued interest through the effective date of the merger which was April 20, 2010.
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Kimco Realty Corporation (Kimco) is a self-administered real estate investment trust (REIT). The Company is an owner and operator of neighborhood and community shopping centers. The Company’s ownership interests in real estate consist of its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management programs, where the Company partners with institutional investors and also retains management. As of December 31, 2009, the Company had interests in 1,915 properties, totaling approximately 176.9 million square feet of gross leasable area (GLA) located in 45 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru.
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