{"id":1004677815,"date":"2023-08-28T06:34:10","date_gmt":"2023-08-28T14:34:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004677815"},"modified":"2023-08-29T07:01:10","modified_gmt":"2023-08-29T15:01:10","slug":"kimco-makes-2b-deal-for-rpt-realty","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/","title":{"rendered":"Kimco Makes $2B Deal for RPT Realty"},"content":{"rendered":"
\"Kimco<\/a>

The transaction will deepen Kimco\u2019s presence in Coastal and Sun Belt markets, commented Kimco CEO Conor Flynn. Image courtesy of Kimco Realty<\/em><\/p><\/div>\n

Kimco Realty <\/strong>has entered into a merger agreement to acquire RPT Realty <\/strong>in an all-stock transaction valued at approximately $2 billion, including preferred stock and debt assumption. This acquisition will bring Kimco\u2019s pro forma equity market capitalization to $13 billion and its total enterprise value to $22 billion.<\/p>\n

JP Morgan <\/strong>is acting as financial advisor and Wachtell, Lipton, Rosen & Katz <\/strong>as legal advisor on behalf of Kimco. On RPT\u2019s side Lazard <\/strong>serves as financial advisor and Goodwin Procter LLP <\/strong>as legal advisor. The deal is expected to close in the beginning of 2024.<\/p>\n

Following the merger, Kimco’s portfolio will expand with the addition of 56 open-air shopping centers, of which 43 are wholly owned and 13 are joint venture assets, comprising a total of 13.3 million square feet, along with a 6 percent stake in a 49-property net lease<\/a> joint venture. RPT\u2019s assets are nearly 90 percent grocery-anchored, and the transaction is expected to provide initial cost savings synergies of about $34 million. The acquisition serves to further Kimco\u2019s strategy of expanding its presence in Coastal and Sun Belt markets. To that end, the company has identified a number of midwestern assets that it plans to divest over time. Kimco currently owns a portfolio of 528 properties.<\/p>\n

More deal details<\/h2>\n

Following the acquisition, shareholders will receive 0.6049 of newly issued Kimco shares for each RPT share they own, representing approximately $11.34 per RPT share, a 19 percent premium to RPT\u2019s closing share price on August 25th. Kimco stockholders and RPT shareholders will own 92 and 8 percent of the combined company, respectively.<\/p>\n

Kimco CEO Conor Flynn stated in prepared remarks that 70 percent of RTP\u2019s portfolio aligns with the company\u2019s strategy, while also mentioning the advantageous 20 percent or greater mark-to-market leasing spread in the portfolio. RPT President & CEO Brian Harper added that the merger represents the best interests of stakeholders, emphasizing the share price premium and the better positioning for long-term value.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition will boost Kimco\u2019s strategy to expand in coastal and Sun Belt markets.<\/p>\n","protected":false},"author":3120,"featured_media":1004678001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21742,21749],"tags":[36759,32972,34368,44681],"class_list":["post-1004677815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-latest","category-retail","tag-goodwin-procter","tag-jp-morgan-chase-company","tag-kimco-realty-corporation","tag-rpt-realty"],"acf":[],"yoast_head":"\nKimco Makes $2B Deal for RPT Realty - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kimco Makes $2B Deal for RPT Realty\" \/>\n<meta property=\"og:description\" content=\"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T14:34:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-29T15:01:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/\",\"name\":\"Kimco Makes $2B Deal for RPT Realty - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg\",\"datePublished\":\"2023-08-28T14:34:10+00:00\",\"dateModified\":\"2023-08-29T15:01:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg\",\"width\":798,\"height\":600,\"caption\":\"The transaction will deepen Kimco\u2019s presence in Coastal and Sun Belt markets, commented Kimco CEO Conor Flynn. Image courtesy of Kimco Realty\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kimco Makes $2B Deal for RPT Realty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\",\"name\":\"Radu Corfus\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RaduCorfus_AuthorPhoto.png?w=72\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RaduCorfus_AuthorPhoto.png?w=72\",\"caption\":\"Radu Corfus\"},\"description\":\"Radu Corfus is an Associate Editor at Multi-Housing News and Commercial Property Executive with a background in creative writing and copywriting. He joined the Yardi team in 2022. Before writing for CPE and MHN, Radu collaborated on story writing for animations while finishing his studies in Japanese and English language and literature.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/radu-corfus\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Kimco Makes $2B Deal for RPT Realty - Commercial Property Executive","description":"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/","og_locale":"en_US","og_type":"article","og_title":"Kimco Makes $2B Deal for RPT Realty","og_description":"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.","og_url":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-08-28T14:34:10+00:00","article_modified_time":"2023-08-29T15:01:10+00:00","og_image":[{"width":798,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg","type":"image\/jpeg"}],"author":"Radu Corfus","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/","url":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/","name":"Kimco Makes $2B Deal for RPT Realty - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg","datePublished":"2023-08-28T14:34:10+00:00","dateModified":"2023-08-29T15:01:10+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2"},"description":"Kimco Realty has entered a merger agreement to acquire RPT Realty in an all-stock transaction valued at approximately $2 billion.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg","width":798,"height":600,"caption":"The transaction will deepen Kimco\u2019s presence in Coastal and Sun Belt markets, commented Kimco CEO Conor Flynn. Image courtesy of Kimco Realty"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/kimco-makes-2b-deal-for-rpt-realty\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Kimco Makes $2B Deal for RPT Realty"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2","name":"Radu Corfus","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RaduCorfus_AuthorPhoto.png?w=72","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RaduCorfus_AuthorPhoto.png?w=72","caption":"Radu Corfus"},"description":"Radu Corfus is an Associate Editor at Multi-Housing News and Commercial Property Executive with a background in creative writing and copywriting. He joined the Yardi team in 2022. Before writing for CPE and MHN, Radu collaborated on story writing for animations while finishing his studies in Japanese and English language and literature.","url":"https:\/\/www.commercialsearch.com\/news\/author\/radu-corfus\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Conor-Flynn-Kimco.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004677815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3120"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004677815"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004677815\/revisions"}],"predecessor-version":[{"id":1004678003,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004677815\/revisions\/1004678003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004678001"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004677815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004677815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004677815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}