Kimco Realty Corp. became the 11th REIT to be added to the S&P 500 in early April. Since then it's enjoyed a rocky ride.

The day after the announcement was made, Kimco's stock shot up almost $3.00 to $41.06 from $38.15. This rapid increase — a 7.6 percent jump in one day — then got analysts worried. Bank of America promptly lowered its rating on the stock from buy to neutral, on concerns that the S&P bump was too much. And then soon after that, Kimco's stock fell even further as the broader REIT market fell back 9 percent. When it was all and said and done, Kimco's stock had fallen below where it was before the S&P announcement — all the way to $37.25.

However, the sudden volatility did not stop Kimco from proceeding with a planned secondary offering. The company put 10 million shares of common stock on the market.

UBS Investment Bank was bookrunning underwriter for the offering. Kimco also granted UBS an over-allotment option to purchase an addition 860,000 shares of common stock.