Kimco to acquire RPT Realty in $2 billion

01 Sep 2023 CW Team

Kimco Realty, a commercial real estate investment trust, announced on Monday that it would acquire RPT Realty in an all-stock deal worth around $2 billion.

Investors in RPT Realty will get 0.6049 newly issued Kimco shares for every share they own, or $11.34; this is a 19% premium over RPT's closing price on August 25.

In premarket trading on the announcement of the deal, RPT's shares increased by roughly 15%.

The purchase of RPT Realty expands Kimco's portfolio of grocery-anchored shopping complexes in the United States, which already includes tenants like Dollar Tree, Ross Stores, and TJ Maxx.

According to a statement from CEO Conor Flynn, the agreement will increase Kimco's market share in the Coastal and Sun Belt regions.

The deal will instantly increase Kimco's finances from operations (FFO), which is anticipated to close at the start of 2024.

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