Kimco Realty sells 10 former RPT Realty properties for $248m

Kimco Realty has sold 10 former RPT Realty (RPT) properties for an aggregate price of $248 million.

The company said these centers did not fully align with its long-term investment goals. Pricing for the 10 properties equaled about 8.5 percent blended in-place cap rate. As part of these sales, Kimco invested approximately $67 million under its Structured Investment program on seven of the properties and expects to earn a 10 percent blended return on these investments. With the sales, the company has achieved its 2024 disposition target for former RPT properties.

“We are very pleased to have completed, ahead of schedule, the sales of the former RPT properties we identified in our underwriting,” said Conor Flynn, Kimco CEO. “These centers, which were primarily power centers, were prioritized for disposition due to lower growth, higher risk profiles and/or the need for significant capital commitments, which were inconsistent with our long-term investment objectives.