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Kimco and MART Merge

NEW HYDE PARK, NY-Kimco Realty Corp., which owns and operates the nation's largest portfolio of neighborhood and community shopping centers, will acquire all of the outstanding shares of Mid-Atlantic Realty Trust for $444 million.

By Barbara Jarvie | Updated on June 19, 2003

NEW HYDE PARK, NY-Kimco Realty Corp., based here, and Mid-Atlantic Realty Trust entered into a definitive merger agreement where Kimco will acquire all of the outstanding shares of MART for $21 per share in cash in a transaction in which MART will merge into a Kimco subsidiary. Following the acquisition, Kimco will bring its total interests to 684 properties comprising approximately 98 million sf of leasable space.

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.

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