RPT Realty convertible preferreds will exchange into Kimco preferreds

Chicago, Aug. 28 – RPT Realty is being acquired by Kimco Realty in an all-stock transaction valued at approximately $2 billion, including the assumption of debt and preferred stock, according to a press release and an 8-K filing with the Securities and Exchange Commission.

RPT lists 7.25% series D cumulative convertible perpetual preferred shares (NYSE: RPTPrD) as outstanding.

As of June 30, there were 1,849 convertible shares outstanding. The market price was then $49.00 per share.

Holders will automatically have their shares converted into a right to 1/1,000th of a share of newly created Kimco preferred stock.

J.P. Morgan is acting as financial adviser and Wachtell, Lipton, Rosen & Katz is acting as legal adviser to Kimco. Lazard is acting as financial adviser and Goodwin Procter LLP is acting as legal adviser to RPT.

The transaction is expected to close in the beginning of 2024, subject to RPT shareholder approval and other customary closing conditions.

RPT is a New York-based real estate investment trust that owns and operates a portfolio of open-air shopping destinations. Kimco is a Jericho, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers.

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