X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW HYDE PARK, NY-Kimco Realty Corp. has signed a merger agreement to acquire Atlantic Realty Trust for $82.5 million. The New York City-based Atlantic is a Maryland REIT formed for the purpose of liquidating its interests in real properties, its mortgage loan portfolio and certain other assets and liabilities which were transferred from Ramco-Gershenson Properties Trust. It owns one retail property, the Hylan Plaza Shopping Center in Staten Island.

Under the terms of the agreement, Kimco will also acquire the amount of Atlantic Realty’s cash on hand at closing and certain agreed-upon lease expenses less merger expenses and other liabilities. On the last business day prior to closing Atlantic Realty will declare a dividend in an amount necessary for it to qualify as a REIT. The merger consideration will be paid in shares of Kimco common stock valued on the final full trading day before closing.

Atlantic Realty currently estimates that as of today it has cash on hand and has incurred approved lease expenses of $9.6 million and anticipates that it will have merger expenses and other liabilities for which it is responsible of at least $10.4 million.The merger is subject to approval by Atlantic Realty shareholders and to customary closing conditions.

Kimco has interests in 946 properties comprising approximately 127 million sf of leasable space located throughout 43 states, Canada and Mexico.For the third quarter, ended Sept. 30, Kimco had announced net income of $85.3 million compared to $78.5 million a year earlier, an increase of 8.7%. Kimco’s third quarter funds from operations rose 14.4% to $116.3 million from $101.6 million for the same period last year. During the quarter, Kimco’s acquired all the shares of GDE Properties Corp., a private entity that owned a portfolio of three supermarket anchored properties located in Southern and Central California for approximately $104.5 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.