After Kimco buys RPT, further tie-ups await in the world of real estate investment trusts: analyst

Real-estate investment trusts remain under pressure to build scale in the face of more difficult borrowing conditions nowadays, KeyBanc analyst Todd Thomas says.

“The transaction represents another M&A deal in the REIT space, which we suspect may continue given today’s relatively challenging capital markets environment,”“Notably, the transaction by KIM management demonstrates confidence in the ongoing retail real estate recovery and ability to realize upside embedded in RPT’s portfolio over time,” Thomas said.

The deal was part of a mini-flurry of merger announcements on Monday as deal-makers predict a rebound in activity from multi-year lows in 2023.Kimco’s deal for RPT, which owns open-air shopping centers around the U.S., comes after a series of public-to-public REIT mergers such as Kimco’s acquisition of Weingarten Realty Investors for about $3.9 billion in stock as well as Kite Realty Group Trust’s KRG, +0.86% ‘s $7.5 billion merger with Retail Properties of America Inc., and Prologis Inc.

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