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Alaris Equity Partners Announces the Redemption Of Kimco

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CALGARY, Alberta, April 01, 2022 (GLOBE NEWSWIRE) -- Alaris Equity Partners Income Trust (the “Trust” and collectively with its subsidiaries “Alaris”) (TSX: AD.UN) is pleased to announce the redemption of Alaris’ interest in Kimco Holdings, LLC (“Kimco”) in connection with a sale (the “Kimco Sale”) of Kimco to a third party. The Kimco Sale closed on April 1, 2022 and resulted in gross proceeds to Alaris of US$68.2 million (CA$85.9 million) (the “Kimco Proceeds”), consisting of (i) US$44.7 million for the redemption of all of Alaris’ preferred equity, (ii) the payment of US$13.7 million (the “Previously Deferred Distributions”) owed to Alaris and (iii) the repayment of US$9.8 million of promissory notes. In connection with the Kimco Sale, Alaris agreed to fund US$1.1 million of the Kimco Proceeds into an escrow account to cover potential indemnification obligations. Alaris further agreed to fund a portion of any additional indemnification obligations in connection with the Kimco Sale, up to a maximum amount of US$9.0 million, if such obligations arise in the future.

Alaris Equity Partners Announces the Redemption Of Kimco