Kimco (KIM) to acquire Weingarten Realty in merger transaction.

Kimco Realty Corp. (KIM) announced today that it has reached agreement to acquire Weingarten Realty Investors (WRI) in a stock and cash transaction valued at approximately $5.9 billion.  Inclusive of WRI's sunbelt-focused properties, the combined portfolio will consist of 559 grocery-anchored and mixed-use assets comprising approximately 100 million square feet of gross leasable area.  Kimco noted that its pro forma enterprise value of approximately $20 billion will rank as the largest public shopping center REIT, enhancing liquidity and access to capital.  The transaction is expected to close in the second half of 2021.

Kimco Realty is one of the largest owners of community shopping centers in the U.S.  The company's current portfolio includes interests in 304 consolidated and 96 joint venture properties with an aggregate 70 million sf of GLA. KIM is a member of the S&P 500 and has a total market capitalization of approximately $12.5 billion.