RPT Realty (RPT): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión inmobiliaria, RPT Realty surge como una potencia estratégica, transformando la administración de propiedades comerciales en una empresa sofisticada y basada en datos. Al crear meticulosamente un modelo de negocio integral que equilibra la tecnología innovadora, las asociaciones estratégicas y las diversas fuentes de ingresos, RPT Realty se ha posicionado como un jugador formidable en el panorama inmobiliario competitivo. Su enfoque único combina la gestión de la propiedad profesional con estrategias de inversión inteligentes, creando valor para inquilinos, inversores y partes interesadas por igual a través de un lienzo comercial holístico y con visión de futuro que promete estabilidad, crecimiento y rendimiento consistente.

RPT Realty (RPT) - Modelo de negocios: asociaciones clave

Empresas de administración de propiedades

RPT Realty colabora con las siguientes compañías de administración de propiedades:

nombre de empresa	Detalles de la asociación	Número de propiedades administradas
Cushman & Wakefield	Servicios integrales de administración de propiedades	32 propiedades minoristas
Grupo CBRE	Optimización de activos y gestión de inquilinos	18 propiedades comerciales

Fideicomisos de inversión inmobiliaria (REIT)

Las asociaciones clave de REIT incluyen:

• Kimco Realty Corporation
• Inversores de Weingarten Realty
• Fideicomiso de inversión de bienes raíces federales

Desarrolladores de propiedades comerciales y minoristas

Asociaciones de desarrollo estratégico:

Revelador	Tipo de colaboración	Valor total del proyecto
Grupo de propiedades Simon	Reurbanización del centro minorista	$ 175 millones
Centros de regencia	Desarrollo de propiedades de uso mixto	$ 225 millones

Instituciones y prestamistas financieros

Asociaciones financieras clave:

• JPMorgan Chase - Capacidad de crédito de $ 350 millones
• Bank of America - Préstamo giratorio de $ 250 millones
• Wells Fargo - $ 200 millones de financiamiento a largo plazo

Proveedores de servicios de tecnología

Métricas de asociación tecnológica:

Proveedor de tecnología	Tipo de servicio	Inversión tecnológica anual
VTS	Plataforma de gestión de arrendamiento	$ 1.2 millones
Sistemas de yardi	Software de administración de propiedades	$850,000

RPT Realty (RPT) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir del cuarto trimestre de 2023, RPT Realty posee 49 centros comerciales por un total de 12.7 millones de pies cuadrados en 19 estados. La cartera está valorada en aproximadamente $ 2.3 mil millones en activos de propiedad total.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros minoristas	49	12.7 millones de pies cuadrados

Arrendamiento y mantenimiento de espacios minoristas y de oficina

RPT mantiene una tasa de ocupación del 92.7% en su cartera al 31 de diciembre de 2023.

• Término de arrendamiento promedio: 5.4 años
• Alquiler base anualizado: $ 222.2 millones
• Tasa de retención de inquilinos: 72.4%

Optimización de cartera e inversiones de propiedad estratégica

En 2023, RPT completó las disposiciones de la propiedad por un total de $ 186.3 millones y las propiedades adquiridas por un valor de $ 78.5 millones.

Actividad de inversión	Valor total
Disposición de la propiedad	$ 186.3 millones
Adquisiciones de propiedades	$ 78.5 millones

Gestión de activos y seguimiento de rendimiento

RPT informó fondos de Operaciones (FFO) de $ 124.1 millones para el año fiscal 2023.

• Crecimiento de ingresos operativos netos (NOI) de la misma propiedad: 3.2%
• Relación de capitalización de deuda / total: 45.6%

Realización de valoración de propiedad e investigación de mercado

RPT se centra en centros minoristas anclados en comestibles y basados ​​en la necesidad en mercados de alto crecimiento.

Concentración de mercado	Porcentaje
Top 10 mercados	68% de la cartera total
Centros con manchas de comestibles	82% de la cartera total

RPT Realty (RPT) - Modelo de negocio: recursos clave

Cartera diversa de propiedades comerciales y minoristas

A partir del cuarto trimestre de 2023, RPT Realty posee 49 propiedades por un total de 12.9 millones de pies cuadrados de espacio minorista. La distribución de la propiedad incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales al aire libre	41	10.5 millones de pies cuadrados
Propiedades de uso mixto	8	2.4 millones de pies cuadrados

Equipo experimentado de gestión de bienes raíces

Composición de liderazgo a partir de 2024:

• Equipo ejecutivo total: 7 miembros
• Experiencia de la industria promedio: 22 años
• Promedio de tenencia con RPT: 9 años

Fondos de capital financiero y fondos de inversión fuertes

Métricas financieras para 2023:

Métrica financiera	Cantidad
Activos totales	$ 3.8 mil millones
Equidad total	$ 1.6 mil millones
Facilidad de crédito disponible	$ 500 millones

Plataformas de tecnología de administración de propiedades avanzadas

Inversiones de infraestructura tecnológica en 2023:

• Gasto anual de TI: $ 4.2 millones
• Sistemas de administración de propiedades basados ​​en la nube
• Tecnologías de seguimiento de ocupación en tiempo real

Extensa red de conexiones de la industria

Composición de red a partir de 2024:

• Relaciones activas de inquilinos: más de 350 minoristas nacionales y regionales
• Asociaciones estratégicas: 45 empresas de bienes raíces comerciales
• Red de inversión: 22 inversores institucionales

RPT Realty (RPT) - Modelo de negocio: propuestas de valor

Propiedades comerciales de alta calidad y ubicadas estratégicamente

RPT Realty posee 276 propiedades a partir del cuarto trimestre de 2023, por un total de 50.4 millones de pies cuadrados de espacio minorista. La composición de la cartera incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales al aire libre	274	49.2 millones de pies cuadrados
Centros con manchas de comestibles	202	35.6 millones de pies cuadrados

Flujos de ingresos estables y consistentes del arrendamiento de la propiedad

Rendimiento financiero para 2023:

• Ingresos totales: $ 631.2 millones
• Ingresos de alquiler: $ 567.9 millones
• Tasa de ocupación: 92.4%
• Término de arrendamiento promedio: 5.2 años

Gestión y mantenimiento de la propiedad profesional

Métricas de eficiencia de gestión:

Métrico	Valor
Gastos operativos	$ 163.5 millones
Costo de administración de propiedades	$ 42.6 millones
Gasto de mantenimiento	$ 37.8 millones

Opciones de inversión inmobiliaria transparente y amigable para los inversores

Indicadores financieros relacionados con el inversor:

• Capitalización de mercado: $ 3.2 mil millones
• Rendimiento de dividendos: 5.6%
• Relación de precio a FFO: 12.3x
• Rendimiento total de los accionistas en 2023: 17.4%

Potencial para la apreciación del capital a largo plazo

Métricas de apreciación de capital:

Período	Crecimiento del valor de la propiedad	Rendimiento de inversión total
2022-2023	6.7%	22.1%
Tasa de crecimiento anual compuesto a 5 años	4.9%	15.6%

RPT Realty (RPT) - Modelo de negocios: relaciones con los clientes

Gestión directa de cuentas para inquilinos de propiedades

RPT Realty administra 275 propiedades con aproximadamente 1,850 cuentas de inquilinos comerciales totales a partir del cuarto trimestre de 2023. La compañía mantiene un equipo de administración de cuentas dedicado de 42 profesionales que manejan las interacciones de los inquilinos.

Métricas de gestión de cuentas	2023 datos
Propiedades totales administradas	275
Cuentas de inquilinos totales	1,850
Tamaño del equipo de gestión de cuentas	42

Rendimiento regular e informes financieros

RPT proporciona informes financieros trimestrales con una tasa de participación del inquilino del 98.6%. La compañía genera paquetes integrales de informes que incluyen:

• Análisis de costos de ocupación
• Métricas de rendimiento del alquiler
• Actualizaciones de valoración de propiedades

Portales de inquilinos en línea y plataformas de comunicación

Estadísticas de uso de la plataforma digital para 2023:

Métrica de plataforma	Porcentaje
Tasa de adopción del portal del inquilino	87.3%
Utilización del pago del alquiler en línea	92.1%
Aplicación móvil usuarios activos	76.5%

Servicios de administración de propiedades personalizados

RPT ofrece enfoques de gestión personalizados con niveles de servicio especializados basados ​​en el tamaño y la complejidad de la cartera de inquilinos.

• Portafolio de inquilinos pequeños: paquete de soporte estándar
• Portafolio de inquilinos medianos: servicios de soporte mejorados
• Cartera de grandes inquilinos: Gestión de cuentas dedicada

Mantenimiento y soporte proactivo

Métricas de respuesta de mantenimiento para 2023:

Métrica de respuesta de mantenimiento	Actuación
Tiempo de respuesta promedio	2.3 horas
Solicitudes de mantenimiento anual	4,275
Tasa de resolución de primera llamada	89.7%

RPT Realty (RPT) - Modelo de negocio: canales

Sitio web corporativo y listados de propiedades en línea

RPT Realty utiliza su sitio web corporativo rptrealty.com con 247 listados de propiedades a partir del cuarto trimestre 2023. La plataforma digital genera el 38% de las consultas de arrendamiento totales.

Canal digital	Métricas de rendimiento
Tráfico del sitio web	1.2 millones de visitantes anuales
Vistas de propiedad en línea	523,000 Vistas de página de propiedades mensuales

Equipos directos de ventas y arrendamiento

RPT mantiene 42 profesionales de ventas directas en 12 mercados regionales. El equipo genera $ 214.6 millones en ingresos anuales de arrendamiento.

• El miembro promedio del equipo maneja 18-22 transacciones de propiedad anualmente
• El equipo de ventas directas cubre 89 centros minoristas en todo el país

Conferencias de inversión inmobiliaria

Participa en 17 conferencias anuales de inversores con una inversión de marketing de $ 8.3 millones.

Plataformas de marketing digital y relaciones con los inversores

Apalancamiento 4 canales de comunicación de inversores digitales primarios:

• Transmisiones web trimestrales de ganancias
• Plataformas de presentación de inversores
• SEC presenta repositorios
• Redes de comunicación de inversores institucionales

Redes de administración de corredores y propiedades

Mantiene las relaciones con 326 empresas de corretaje de bienes raíces comerciales. La red representa el 62% de los posibles canales de adquisición de inquilinos.

Métrico de red	2024 datos
Asociaciones activas de corredor	326 empresas
Volumen de referencia anual	412 Transacciones de propiedades comerciales

RPT Realty (RPT) - Modelo de negocio: segmentos de clientes

Inquilinos de propiedades comerciales

A partir del cuarto trimestre de 2023, RPT Realty administra 49 centros comerciales con 13.5 millones de pies cuadrados de área gruesa leable. La cartera consta de:

Tipo de inquilino	Porcentaje de cartera	Número de inquilinos
Centros con manchas de comestibles	58%	276 inquilinos
Centros minoristas al aire libre	42%	194 inquilinos

Arrendatarios de espacio minorista

Arrendatarios de espacio minorista de RPT profile Incluye:

• Tasa promedio de ocupación del inquilino: 92.4%
• Tasa de retención de inquilinos: 68.3%
• Término de arrendamiento promedio: 5.2 años

Inversores institucionales

RPT Realty atrae a inversores institucionales con:

Categoría de inversionista	Monto de la inversión	Porcentaje de inversión total
Fondos de pensiones	$ 412 millones	35%
Compañías de seguros	$ 287 millones	24%
Asesores de inversiones	$ 368 millones	31%

Fondos de inversión inmobiliaria

Desglose del fondo de inversión para RPT Realty:

• Activos totales del fondo de inversión inmobiliaria: $ 1.2 mil millones
• Número de fondos de inversión activa: 7
• Tamaño promedio del fondo: $ 171 millones

Empresas pequeñas a medianas

La composición de inquilinos de negocios pequeños a medianos de RPT:

Categoría de negocios	Número de inquilinos	Porcentaje de inquilinos totales
Servicios minoristas	126	42%
Comida y comida	84	28%
Servicios profesionales	90	30%

RPT Realty (RPT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, RPT Realty gastó $ 206.3 millones en adquisiciones de propiedades. La inversión total de la compañía en propiedades inmobiliarias se asignó estratégicamente en diferentes segmentos de mercado.

Tipo de propiedad	Costo de adquisición	Número de propiedades
Centros minoristas	$ 156.7 millones	28
Propiedades de uso mixto	$ 49.6 millones	12

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación de la propiedad para RPT Realty totalizaron $ 42.5 millones en 2023.

• Mantenimiento de rutina: $ 18.2 millones
• Renovaciones importantes: $ 24.3 millones

Salarios de empleados y sobrecarga operativa

Los gastos totales relacionados con los empleados para RPT Realty en 2023 fueron de $ 37.8 millones.

Categoría	Gastos
Salarios base	$ 28.5 millones
Beneficios y bonos	$ 9.3 millones

Infraestructura de tecnología y gestión

Las inversiones en tecnología e infraestructura ascendieron a $ 6.7 millones en 2023.

• Sistemas de TI: $ 3.9 millones
• Software y plataformas digitales: $ 2.8 millones

Gastos de marketing y relaciones con los inversores

Los gastos de marketing y relaciones con los inversores para 2023 fueron de $ 5.2 millones.

Canal de marketing	Gastos
Marketing digital	$ 2.6 millones
Comunicaciones de los inversores	$ 1.8 millones
Marketing de eventos	$ 0.8 millones

RPT Realty (RPT) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

En el año fiscal 2023, RPT Realty generó $ 242.1 millones en ingresos totales de alquiler. La cartera consta de 49 centros comerciales al aire libre en 14 estados, con un total de 12.5 millones de pies cuadrados de área leable.

Tipo de propiedad	Ingresos por alquiler	Tasa de ocupación
Centros con manchas de comestibles	$ 156.3 millones	94.2%
Centros de poder	$ 85.8 millones	92.7%

Contratos de arrendamiento de propiedades

El término de arrendamiento promedio para las propiedades RPT Realty es de 5.4 años. El alquiler de base promedio ponderado por pie cuadrado fue de $ 17.35 en 2023.

• Ingresos de arrendamiento total: $ 267.5 millones
• Tasa de renovación de arrendamiento: 68.3%
• Tasa de retención de inquilinos: 72.1%

Tarifas de administración de propiedades

Las tarifas de administración de propiedades para 2023 totalizaron $ 12.4 millones, lo que representa el 4.6% de los ingresos totales.

Apreciación de activos inmobiliarios

Valor total de la cartera de propiedades al 31 de diciembre de 2023: $ 3.2 mil millones. Apreciación del valor de la propiedad año tras año: 5.7%.

Retornos de inversión de la cartera de propiedades

Fondos de Operaciones (FFO) para 2023: $ 180.6 millones. FFO ajustado: $ 192.3 millones.

Métrico de inversión	Valor 2023
Rendimientos de inversión totales	7.9%
Rendimiento de dividendos	5.2%

RPT Realty (RPT) - Canvas Business Model: Value Propositions

Stable, necessity-based retail locations for national tenants

• RPT Realty portfolio occupancy before merger: 93.2% as of June 30, 2023.
• Kimco pro-rata portfolio occupancy as of Q3 2025: 95.7%.
• Kimco pro-rata anchor occupancy as of Q3 2025: 97.0%.
• Kimco pro-rata small shop occupancy as of Q3 2025: 92.5%.
• Kimco's SNO (Signed Not Open) pipeline at end of 2024: $56 million in future annual base rent.
• Expected additional annual base rent revenue from SNO leases commencing in 2025: approximately $25 million.
• Leased-to-economic occupancy spread (Kimco Q3 2025): 360 basis points, equating to $71 million in future ABR.
• RPT portfolio rent mark-to-market at merger: over 20%.

High-quality, grocery-anchored assets (nearly 90% aligned with Kimco strategy)

The RPT portfolio added 56 open-air centers, totaling 13.3 million square feet of gross leasable area to Kimco Realty. The alignment with Kimco's strategy is clear in the asset type.

Asset Metric	RPT Portfolio Detail	Data Point
Grocery-Anchored Alignment	Percentage of aligned RPT assets based on pro-rata ABR	nearly 90%
Total Centers Added	Number of open-air shopping centers	56
Gross Leasable Area Added	Total square feet	13.3 million
Wholly-Owned Centers	Number of wholly-owned centers	43
Grocery-Anchored JV Centers	Number of centers in grocery-anchored joint venture	13
Mary Brickell Village Acquisition Cost	Acquired by RPT in Fall 2022	$216 million

Value creation through redevelopment and mixed-use conversion potential

• Kimco's target for Net Operating Income (NOI) from mixed-use properties by 2025: 15 percent.
• Kimco's active development and redevelopment pipeline as of Q3 2025: over $600 million.
• Sequential increase in Kimco's development pipeline from Q2 2025: approximately $250 million.
• Kimco activated The Chester, a 214-unit multi-family project, in 2025.

Increased scale and balance sheet strength under the Kimco platform

The acquisition was structured to be leverage-neutral while providing immediate financial benefits and scale.

Financial/Scale Metric	Value	Context/Date
Expected Pro Forma Equity Market Cap	Approximately $13 billion	Post-merger expectation
Expected Pro Forma Total Enterprise Value	Approximately $22 billion	Post-merger expectation
Initial Cost Savings Synergies	Approximately $34 million	Expected annually
Synergies Expected Realized in 2024	About 85%	Of total expected synergies
Consolidated Net Debt-to-EBITDA	5.3x	Kimco end of 2024
Immediate Liquidity	$2.7 billion	Kimco end of 2024
S&P Global Ratings Credit Rating (Q3 2025)	'A-'	As of September 30, 2025
Moody's Credit Rating	Baa1 with a "Positive" outlook	Subsequent to year end 2024

RPT Realty's last reported Trailing Twelve Months (TTM) revenue as of November 2025 was approximately $0.20 Billion USD.

RPT Realty (RPT) - Canvas Business Model: Customer Relationships

The customer relationships for RPT Realty are now integrated following the all-stock transaction closing on January 3, 2024, with Kimco Realty.

Dedicated property management for long-term tenant retention focused on the portfolio that added 56 open-air shopping centers, comprising 13.3 million square feet of gross leasable area, to the acquiring company. This portfolio included assets that, at the time of the merger agreement, showed a 20% or greater mark-to-market leasing spread.

Standardized lease agreements and tenant support programs included participation in the Green Lease Leaders recognition program in 2025. The focus on tenant retention is critical, as turnover costs can be significant, with some data suggesting that modern platforms can help increase on-time rent payments by 25%.

Direct relationships with major national and regional retailers were centered on the acquired properties, such as Northborough Crossing, which featured major retailers including BJ's Wholesale Club, Dick's Sporting Goods, Kohl's, and TJ Maxx. The acquisition also included RPT Realty's 6% stake in a 49-property net lease joint venture.

Digital communication for property updates and tenant resources aligns with 2025 industry expectations where 88% of renters want to handle their rental tasks digitally. Tenants in 2025 expect instant replies, multi-channel communication, and digital logs of all interactions. The technology integration in property management is expected to cut management costs by 15% for managers using modern tools.

Key metrics related to the customer relationship focus areas:

Relationship Focus Area	Metric Type	Associated Value
Portfolio Size (Acquired)	Number of Shopping Centers	56
Portfolio Size (Acquired)	Gross Leasable Area (Millions of Sq. Ft.)	13.3
Leasing Potential (Legacy RPT)	Mark-to-Market Leasing Spread	20% or greater
Lease Standardization/Support	Green Lease Leaders Recognition Year	2025
Digital Adoption (2025 Industry)	Renters wanting digital task handling	88%

Proactive engagement strategies for tenant loyalty in 2025 often involve:

• Setting response time standards within a 24-hour window.
• Offering graduated rent increases of 3-5% annually.
• Achieving a 95% tenant satisfaction rate with maintenance response.
• Reducing maintenance costs by up to 35% via IoT sensors.

RPT Realty (RPT) - Canvas Business Model: Channels

You're looking at the channels that drove leasing and communication for the portfolio that was RPT Realty, now integrated into Kimco Realty as of January 2, 2024. The economics of the former RPT portfolio are now geared toward maximizing the value of the acquisition through operational synergies and aggressive re-leasing under the new platform.

Direct leasing teams for tenant acquisition and renewal

The direct leasing efforts, now part of the combined entity, are clearly showing pricing power on new agreements. The focus on tenant retention is critical, as turnover is costly, and in 2025, tenants prioritize an easy living experience.

• New leases signed across the portfolio in Q3 2025 generated blended pro-rata cash rent spreads of 11.1%.
• New leases specifically were up 21.1% in Q3 2025.
• As of September 30, 2025, there is an embedded growth pipeline of approximately $71 million in future Annual Base Rent (ABR) from leases signed but not yet commenced.
• As of June 30, 2023, the pro-rata share of the aggregate portfolio was 93.2% leased.

Commercial real estate brokers and advisory firms

While direct leasing is key, the use of external advisors and brokers is implied by the scale of the portfolio and the need to execute on the embedded growth pipeline. The historical portfolio size gives context to the volume these channels handle.

Metric	Value	Date/Context
Total Gross Leasable Area (GLA)	14.9 million square feet	As of June 30, 2023
Number of Wholly-Owned Shopping Centers	43	As of June 30, 2023
Number of Shopping Centers in Grocery-Anchored JV	13	As of June 30, 2023

Corporate investor relations for shareholder communication

Shareholder communication channels are now fully aligned with Kimco Realty's reporting structure. Prior to the acquisition, the ownership concentration showed where the primary shareholder communications were directed.

• Major shareholders, including BlackRock Inc. and Vanguard Group Inc., held about 74.07% of the outstanding shares before the merger.
• Kimco Realty's FFO for Q3 2025 was $0.44 per diluted share.
• Kimco Realty raised its full-year 2025 FFO guidance to a range of $1.75 to $1.76 per diluted share.

Digital property listings and company website

The digital channel strategy now follows the broader 2025 property management trends, where digital processes are expected by nearly all renters. The former RPT portfolio's performance contributes to the parent company's overall revenue.

Metric	Value	Date/Context
Trailing Twelve Months (TTM) Revenue (RPT Portfolio Contribution)	Approximately $0.20 Billion USD	As of November 2025
Renters Preferring Online Portal for Payments/Maintenance	75%	2025 Industry Report
Renters Wanting At Least Some Rental Processes Online	88%	2025 Industry Report

RPT Realty (RPT) - Canvas Business Model: Customer Segments

You're analyzing the Customer Segments for RPT Realty, but the defintely first thing to note is that RPT Realty was acquired by Kimco Realty Corporation (KIM) in an all-stock transaction that closed on January 2, 2024. So, in the 2025 fiscal year, the customer segments are now defined within the larger Kimco Realty structure, which absorbed the RPT portfolio.

The customer base is segmented across the types of tenants occupying the high-quality, open-air shopping centers that comprised the former RPT portfolio, now integrated into Kimco's operations. The focus remains heavily on necessity-based retail, which is a key driver of the portfolio's stability.

National necessity-based retailers (e.g., grocers, pharmacies)

This segment represents the core, high-traffic anchors for the properties. The strategy, which RPT Realty specialized in, is centered on grocery-anchored centers, a sector that appeals to investors seeking resilient cash flow.

• Nearly 90% of the aligned RPT assets, now part of Kimco, are grocery-anchored as of November 2025.
• The portfolio's leasing strength is evident in its high occupancy, which was at 93.2% just before the merger.

Large-format discount retailers (e.g., TJ Maxx, Dick's Sporting Goods)

These are the larger, established national retailers that draw significant customer volume. While specific 2025 RPT-only figures aren't available, the combined entity's tenant mix provides insight into the role of these larger national chains.

Tenant Category (Reflecting Combined Portfolio)	Metric	Data Point (Latest Available)
Established Retailers	Leasing Spread Growth	+6.8%
Emerging Retailers	Leasing Spread Growth	+13.9%
Annual Rental Revenue from Anchor Tenants (Legacy RPT)	Amount	$98.4 million (as of 2023)

Local service-based tenants (e.g., dental, hair salons)

These tenants provide essential, community-focused services, ensuring repeat visits and local relevance for the shopping centers. RPT Realty historically provided spaces for these types of businesses.

• Local tenants, including restaurants, medical/fitness, and personal services, derived 19% of the Annual Base Rent (ABR) in the combined portfolio (as of Q3 2024 data).
• Examples of these service providers include dental offices, hair salons, and urgent care facilities.

Institutional investors holding Kimco shares (former RPT shareholders)

This segment is the equity ownership base, which transitioned from direct RPT ownership to indirect ownership via Kimco stock following the merger. The approval of the merger by this group was nearly unanimous.

• Institutional investors held approximately 84.7% of RPT Realty's shares prior to the acquisition.
• The merger received approval from approximately 99.8% of the votes cast at the Special Meeting.
• The conversion ratio for former RPT shareholders was 0.6049 shares of Kimco common stock for every one RPT common share.

RPT Realty (RPT) - Canvas Business Model: Cost Structure

You're looking at the cost structure for RPT Realty as of late 2025, but you must remember the context: RPT Realty was acquired by Kimco Realty in an all-stock transaction that closed in early 2024. So, the costs you see for the 2025 fiscal year are embedded within Kimco Realty's consolidated financial statements, not reported separately for RPT. What we can detail here is the cost base that was assumed and the expected savings that should be impacting the current structure.

The cost structure for the portfolio RPT brought over is heavily weighted toward property-level expenses, which is typical for a Real Estate Investment Trust (REIT). To give you a concrete baseline, here are the last reported full-year expenses for RPT Realty before the merger, using the 2022 figures, which represent the operational costs before Kimco's integration and synergy realization efforts took full effect.

Here's the quick math on the historical cost components for RPT Realty (in thousands of USD for the twelve months ended December 31, 2022):

Cost Category Component	Amount (USD)	Notes
Property Operating Expenses (Total)	$39,189	Sum of Recoverable and Non-recoverable Operating Expenses
Recoverable Operating Expense	$28,642	Utilities, maintenance, etc., often reimbursed by tenants
Non-recoverable Operating Expense	$10,547	Operating costs borne directly by RPT
Real Estate Tax Expense	$27,517	Historical full-year expense for RPT
Interest Expense (Pre-Merger Debt)	$35,589	Historical full-year interest on RPT's own debt
General and Administrative Expense	$36,697	Historical corporate overhead before synergies

Property operating expenses (utilities, maintenance, security) are a major outflow. For RPT's portfolio in 2022, the sum of recoverable and non-recoverable operating expenses was $39,189 thousand. You should expect the 2025 figure to be higher due to inflation, but the key is the recovery rate. Kimco's focus on marking leases to market should help push more of these costs back to tenants.

Real estate taxes and insurance costs are a fixed component of property ownership. RPT's reported real estate tax expense for the full year 2022 was $27,517 thousand. Insurance costs are bundled into the general operating expenses, but as a large portfolio owner, RPT's insurance premiums would have been substantial, now managed at Kimco's scale.

Interest expense on assumed debt from the $2 billion acquisition is a critical new cost factor. The acquisition itself was valued at approximately $2 billion, including the assumption of debt. While RPT's historical interest expense in 2022 was $35,589 thousand, the 2025 interest expense reflects the financing structure Kimco put in place for the combined entity, which was intended to be leverage-neutral. You'll need to look at Kimco's 2025 debt schedule to see the exact interest rate and principal balance on the assumed RPT liabilities.

Integration and corporate overhead costs, defintely reduced by synergies is where the value creation is supposed to show up. The transaction was expected to deliver initial cost savings synergies of approximately $34 million. Of that total, about 85% was expected to be realized in 2024. This means that by late 2025, you should see a reduction in corporate overhead, general and administrative expenses, and potentially property management costs that directly offset the historical RPT G&A of $36,697 thousand in 2022.

• Expected initial cost synergies: $34 million.
• Synergy realization target for 2024: Approximately 85% of the total.
• Merger-related integration costs (Q3 2023): $4.8 million.

The TTM Operating Margin for the legacy RPT portfolio as of November 2025 is reported at 38.03%, which reflects the portfolio's core ability to generate income before interest and taxes, post-integration. Finance: draft 13-week cash view by Friday.

RPT Realty (RPT) - Canvas Business Model: Revenue Streams

You're analyzing the revenue streams for the portfolio that was RPT Realty, now integrated into Kimco Realty following the early 2024 acquisition. Honestly, the numbers reflect a strong, necessity-based real estate operation, even under the new structure as of late 2025.

The primary revenue drivers for the assets formerly held by RPT Realty are anchored in real estate leasing, which translates into consistent rental income for the combined entity. The Trailing Twelve Months (TTM) revenue associated with this portfolio as of November 2025 is approximately $0.20 Billion USD. This figure shows the ongoing earning power of the underlying shopping centers.

The revenue composition relies heavily on contractual obligations, but there's a clear component of growth embedded in the pipeline. Here's how the key components stack up:

• Minimum rent from long-term tenant leases forms the bulk of the base revenue.
• Tenant reimbursements for operating expenses (CAM, taxes, insurance) supplement the base rent.
• The portfolio is nearly 90% grocery-anchored based on pro-rata annual base rent.
• The pro-rata leased occupancy rate for the combined portfolio as of Q3 2025 was 95.7%.

A significant, quantifiable boost to the base revenue comes from leases that were signed but not yet open (SNO pipeline). This is where you see the immediate value creation from the RPT asset management strategy being realized under Kimco's scale. The expectation for the 2025 fiscal year was a direct contribution of approximately $25 million in additional annual base rent from this SNO pipeline. This growth was driven by an SNO pipeline that stood at 330 basis points prior to the merger.

The final piece of the revenue puzzle is percentage rent, which is variable and tied to tenant sales performance. While a precise 2025 figure for the legacy RPT assets isn't broken out separately, the underlying portfolio quality suggests this stream is active, especially given the high-quality, grocery-anchored nature of the centers.

Here is a summary of the key financial metrics related to the revenue base as of late 2025:

Revenue Component/Metric	Financial Number/Amount (2025 Data)
Trailing Twelve Months (TTM) Revenue (Legacy RPT Portfolio)	$0.20 Billion USD
Expected Additional Annual Base Rent from SNO Pipeline (2025)	$25 million
Implied Cost Synergies from Merger (Impact on Net Income)	$34 million
Portfolio Leased Occupancy (Pro-rata, Q3 2025)	95.7%
Signed Not Commenced (SNO) Pipeline Spread	330 basis points

To be fair, the TTM revenue of $0.20 Billion USD is a residual figure reflecting the portfolio's contribution to Kimco's consolidated results, so you must look at the $25 million in new base rent as the clearest indicator of organic growth being recognized in 2025. Finance: draft 13-week cash view by Friday.