RPT Realty
RPT-PD
New York Stock Exchange57.13
USD
-0.14
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RPT Realty
RPT-PD
(New York Stock Exchange)
Recent
price
57.13
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- RPT Realty, a real estate investment trust founded in 1996 and headquartered in New York City, owns, manages, develops, and operates a national portfolio of open-air shopping centers and retail properties principally located in top U.S. markets, including high-growth Sun Belt and coastal regions; its core offerings encompass grocery-anchored shopping centers, community shopping destinations with necessity-based retail tenants such as grocery stores, discount retailers, and service-oriented businesses, property leasing and management services to maintain high occupancy rates above 90%, redevelopment and value-enhancing activities, as well as interests in joint ventures including a grocery-anchored portfolio of 13 shopping centers and a net lease joint venture comprising approximately 48-49 retail properties, totaling around 13-15 million square feet of gross leasable area across roughly 56 properties prior to its acquisition. The company, formerly known as Ramco-Gershenson Properties Trust, rebranded to RPT Realty in 2018 and relocated its headquarters to signal a strategic focus on higher-growth markets and asset quality improvements. In January 2024, RPT Realty was acquired by Kimco Realty Corporation in an all-stock transaction valued at approximately $2 billion including debt and preferred stock assumption, adding its portfolio to Kimco's holdings and resulting in RPT operating as a subsidiary with embedded growth opportunities from mark-to-market leasing spreads, redevelopment pipelines, and cost synergies of about $34 million, while RPT-PD preferred shares were converted to Kimco's equivalent Class N Cumulative Convertible Perpetual Preferred Stock.