Kimco Realty to acquire RPT Realty in all-stock transaction

Kimco Realty has acquired RPT Realty an all-stock transaction valued at approximately $2 billion.

“This transaction presents another exciting opportunity for our company to deepen our presence in key coastal and Sun Belt markets while accelerating our growth at an attractive valuation,” said Conor Flynn, CEO of Kimco. “Approximately 70 percent of RPT’s portfolio aligns with our key strategic markets. Furthermore, their substantial pipeline of signed but not yet open leases and 20 percent or greater mark-to-market leasing spread across the portfolio will drive higher growth for the combined company. The transaction is immediately accretive to FFO, and the addition of these properties further positions Kimco as the country’s premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets.”

Brian Harper, president and CEO of RPT, added, “Since joining RPT five years ago, the team and I have worked tirelessly to create long-term