Kimco Realty is acquiring RPT Realty in a stock transaction that has been valued at $2 billion including the assumption of debt and preferred stock. Upon closing, Kimco expects to have a pro forma equity market capitalization of $13 billion and a total enterprise value of $22 billion. The deal has been priced at $11.34 per RPT share based on Kimco's closing share price on August 25, 2023, representing a 19% premium to RPT's closing share price on August 25, 2023.'

The board of directors of Kimco and the board of trustees of RPT both unanimously approved the transaction, which is expected to close in the beginning of 2024, subject to RPT shareholder approval and other customary closing conditions.

Both companies focus on open-air retail centers with Kimco zeroing in on grocery-anchored centers and an increasing number of mixed use destinations. The RPT acquisition will "deepen our presence in key Coastal and Sun Belt markets, while accelerating our growth at an attractive valuation," said Conor Flynn, CEO of Kimco, in prepared remarks. "Approximately 70% of RPT's portfolio aligns with our key strategic markets. Furthermore, their substantial pipeline of signed, but not yet open leases and 20% or greater mark-to-market leasing spread across the portfolio, will drive higher growth for the combined company."