Kimco Realty closes acquisition of RPT Realty
Kimco Realty has completed its previously announced acquisition of RPT Realty.
The acquisition of RPT adds 56 open-air shopping centers, 43 of which are wholly owned, comprising 13.3 million square feet of gross leasable area, to Kimco’s existing portfolio of 527 properties. The all-stock transaction, including the assumption of debt and preferred stock, results in a number of benefits, including earnings accretion stemming from initial cost savings synergies of approximately $34 million, of which approximately 85 percent is expected to be realized in 2024. Additional benefits include increased scale in high-growth target markets, expanded partnership opportunities and preservation of balance sheet strength. The company will incorporate the impact of the RPT acquisition, including merger-related costs, on net income and FFO as part of its full-year 2024 outlook when it reports fourth-quarter earnings.