Now that the dust has settled around Kimco Realty's announcement of its acquisition of RPT, a deal valued at $2 billion, analysts are taking the measure of the transaction. 

Mizuho Americas research analysts called the pricing for the stock-for-stock deal attractive for Kimco at a low-8% implied cap rate and 85% of NAV, offering a number of benefits to shareholders ranging from the increased presence the REIT will gain in several key markets to the immediate accretion via NOI cost synergies. "For RPT shareholders, while the transaction pricing was below our expectations / private market estimate, the deal offers longer-term upside via a better-capitalized company with better long-term growth prospects," it said. 

BTIG Investment Bank noted that the implied valuation of the deal is a 19% premium to the prior close but a 22% discount to consensus NAV. In addition to the equity, Kimco will assume about $850 million of debt with a weighted-average rate of 3.75%. Due to the smaller size of the transaction, Kimco shareholders don't have to provide approval.