Brief: Kimco Realty To Acquire RPT Realty In All-Stock Transaction

Kimco Realty

28/08/2023 12:07

Aug 28 (Reuters) - Kimco Realty Corp  KIM.N :
    * RPT REALTY - UPON CLOSING, KIMCO EXPECTS TO HAVE
ENTERPRISE
VALUE OF APPROXIMATELY $22 BILLION
    * KIMCO REALTY® TO ACQUIRE RPT REALTY IN ALL-STOCK
TRANSACTION
    * RPT REALTY - PROPOSED DEAL FOR $2 BILLION
    * RPT REALTY: UPON CLOSING, KIMCO EXPECTS TO HAVE A PRO
FORMA
EQUITY MARKET CAPITALIZATION OF APPROXIMATELY $13 BILLION
    * RPT REALTY: DEAL EXPECTED TO BE IMMEDIATELY ACCRETIVE TO
FUNDS
FROM OPERATIONS ("FFO") AND LEVERAGE NEUTRAL UPON CLOSING
    * RPT REALTY- RPT SHAREHOLDERS WILL RECEIVE 0.6049 OF A
NEWLY-ISSUED KIMCO SHARE FOR EACH RPT SHARE THEY OWN
    * RPT REALTY - KIMCO STOCKHOLDERS AND RPT SHAREHOLDERS ARE
EXPECTED TO OWN APPROXIMATELY 92% AND 8% OF COMBINED COMPANY,
RESPECTIVELY
    * RPT REALTY- WILL ACQUIRE RPT'S 6% STAKE IN A 49-PROPERTY
NET
LEASE JOINT VENTURE
    * RPT REALTY- ARE NO ANTICIPATED CHANGES TO KIMCO'S
EXECUTIVE
MANAGEMENT TEAM OR BOARD OF DIRECTORS
    * RPT REALTY- RPT IS EXPECTED TO ALIGN TIMING OF ITS REGULAR
QUARTERLY DIVIDEND PAYMENTS TO KIMCO'S DURING PENDENCY OF
ACQUISITION

Further company coverage:  KIM.N 

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