The transaction has a total equity value of approximately $444 million based upon MART's approximately 21 million common shares and partnership units outstanding. Kimco will acquire the properties subject to MART's net debt, which, as of March 31, was approximately $236 million. The merger is subject to approval by MART's shareholders and to customary closing conditions, and is expected to close on or about September 15.

The Baltimore-based MART holds equity interests in 41 operating shopping centers in Maryland, Virginia, New York, Pennsylvania, Massachusetts and Delaware. Thirty six are wholly owned, while four are under redevelopment or expansion with a gross leasable area of approximately 4.7 million sf. Approximately 95% of the stabilized square footage is currently leased. There are also three shopping centers under development with a total estimated square footage of 183,500 and other commercial assets totaling approximately 856,000 sf as well as 80 acres of undeveloped land.

Kimco believes the acquisition will strengthen its presence in states where it currently owns interests in 114 properties. Following the closing of the acquisition, Kimco will own interests in 684 properties comprising approximately 98 million sf of leasable space.