Kimco Realty said it completed its merger with RPT Realty on January 2, 2024. Under the terms, each RPT common share was to receive 0.6049 shares of Kimco common stock, plus cash in lieu of fractional shares.

1. 01

   Kimco Realty said it completed its merger with RPT Realty on January 2, 2024. Under the terms, each RPT common share was to receive 0.6049 shares of Kimco common stock, plus cash in lieu of fractional shares.

2. 02

   The company said it issued approximately 53.0 million shares of Kimco common stock and approximately 1,849 shares of Class N Preferred Stock, represented by approximately 1,848,539 depositary shares, in the merger.

3. 03

   Kimco OP assumed RPT OP's existing unsecured term loans and became the borrower on 4 tranches, $50 million, $100 million, $50 million and $110 million, the company said. It also said Kimco OP borrowed $200,000,000 under a new unsecured term loan from TD Bank on January 2, 2024.

4. 04

   The company said the RPT acquisition adds 56 open-air shopping centers, with total gross leasable area of 13.3 million square feet. It said initial cost savings synergies are approximately $34 million, of which approximately 85% is expected to be realized in 2024.

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Original filing

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