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RPT Merger (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Summary of Converted to Shares/Units | The number of RPT shares/units outstanding as of January 2, 2024, converted to shares of the Company’s shares/units were determined as follows (amounts presented in thousands, except per share data):
|  | Common Shares (1) |  |  | OP Units |  |  | Cumulative Convertible Perpetual Preferred Shares |
RPT shares/units outstanding as of January 2, 2024 |  |  | 87,675 |  |  |  | 1,576 |  |  |  | 1,849 |
Exchange ratio |  |  | 0.6049 |  |  |  | 0.6049 |  |  |  | 1.0000 |
Kimco shares/units issued |  |  | 53,034 |  |  |  | 953 |  |  |  | 1,849 |
Value of Kimco stock per share/unit |  | $ | 22.0005 |  |  | $ | 22.0005 |  |  | $ | 57.13 |
Equity consideration given from Kimco shares/units issued |  | $ | 1,166,775 |  |  | $ | 20,975 |  |  | $ | 105,607 |
(1) The Company paid cash in lieu of issuing fractional Kimco common shares, which is included in “Cash Consideration” caption in the table below.
Summary of Consideration Paid | The following table presents the total value of consideration paid by Kimco at the close of the RPT Merger (in thousands):
|  | Calculated Value of RPT Consideration |  |  | Cash Consideration* |  |  | Total Value of Consideration |
As of January 2, 2024 |  | $ | 1,293,357 |  |  | $ | 149,103 |  |  | $ | 1,442,460 |
* Amount includes $130.0 million to pay off the outstanding balance on RPT’s credit facility at closing, additional consideration of approximately $19.1 million relating to transaction costs incurred by RPT and $0.1 million of cash paid in lieu of issuing fractional Kimco common shares.
Summary of Provisional Purchase Price Allocation | The following table summarizes the provisional purchase price allocation based on the Company’s initial valuation and subsequent adjustments, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
|  | Provisional Allocation as of January 2, 2024 |  |  | Adjustments |  |  | Provisional Allocation as of September 30, 2024 |
Land |  | $ | 312,663 |  |  | $ | (320 | ) |  | $ | 312,343 |
Building and improvements |  |  | 1,340,164 |  |  |  | 2,992 |  |  |  | 1,343,156 |
In-place leases |  |  | 220,607 |  |  |  | (376 | ) |  |  | 220,231 |
Above-market leases |  |  | 12,872 |  |  |  | (11 | ) |  |  | 12,861 |
Real estate assets |  |  | 1,886,306 |  |  |  | 2,285 |  |  |  | 1,888,591 |
Investments in and advances to real estate joint ventures |  |  | 433,345 |  |  |  | - |  |  |  | 433,345 |
Investments in and advances to other investments |  |  | 12,672 |  |  |  | - |  |  |  | 12,672 |
Operating lease right-of-use assets, net |  |  | 6,128 |  |  |  | - |  |  |  | 6,128 |
Accounts receivable and other assets |  |  | 57,529 |  |  |  | - |  |  |  | 57,529 |
Total assets acquired |  |  | 2,395,980 |  |  |  | 2,285 |  |  |  | 2,398,265 |
Notes payable |  |  | (821,500 | ) |  |  | - |  |  |  | (821,500 | )
Accounts payable and other liabilities |  |  | (50,713 | ) |  |  | (2,500 | ) |  |  | (53,213 | )
Operating lease liabilities |  |  | (13,506 | ) |  |  | - |  |  |  | (13,506 | )
Below-market leases |  |  | (67,801 | ) |  |  | 215 |  |  |  | (67,586 | )
Total liabilities assumed |  |  | (953,520 | ) |  |  | (2,285 | ) |  |  | (955,805 | )
Total purchase price |  | $ | 1,442,460 |  |  | $ | - |  |  | $ | 1,442,460 |
The following table details the provisional weighted average useful lives, in years, of the purchase price provisionally allocated to real estate and related intangible assets and liabilities acquired arising from the RPT Merger:
|  | Weighted Average Useful Life (in Years) |
Land |  | n/a |
Building |  |  | 50.0 |
Building improvements |  |  | 45.0 |
Tenant improvements |  |  | 3.9 |
In-place leases |  |  | 3.1 |
Above-market leases |  |  | 3.7 |
Below-market leases |  |  | 22.1 |
Operating right-of-use assets |  |  | 81.3 |
Summary of Pro Forma Information |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues from rental properties, net |  | $ | 502.9 |  |  | $ | 485.8 |  |  | $ | 1,498.0 |  |  | $ | 1,452.5 |
Net income (1) |  | $ | 138.4 |  |  | $ | 131.7 |  |  | $ | 276.7 |  |  | $ | 511.4 |
Net income available to the Company’s common shareholders (1) |  | $ | 128.0 |  |  | $ | 120.9 |  |  | $ | 246.1 |  |  | $ | 478.0 |
(1) The pro forma earnings for the three months ended September 30, 2023 and nine months ended September 30, 2024 were adjusted to excl ude merger-related charges of $3.8 million and $25.2 million, respectively, while the pro forma earnings for the nine months ended September 30, 2023 was adjusted to include merger-related charges of $25.2 million.

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