RPT Realty (RPT): Business Model Canvas [Dec-2025 Updated]

You're looking at the business model of RPT Realty, but honestly, the focus shifts entirely now that Kimco Realty has taken the reins in late 2025. As an analyst who has tracked these deals for years, the real question isn't what RPT was, but how its $\mathbf{56}$ grocery-anchored centers, covering $\mathbf{13.3}$ million square feet of GLA, immediately start driving value for the acquirer. The immediate financial story is clear: realizing initial cost savings synergies of approximately $\mathbf{\$34}$ million while capturing an additional $\mathbf{\$25}$ million in annual base rent from the signed-but-not-open (SNO) pipeline, both expected in 2025. If you want to see precisely how the key activities, like strategic divestitures, and the value proposition of necessity-based retail translate into Kimco's consolidated revenue streams, you need to break down the nine building blocks below.

RPT Realty (RPT) - Canvas Business Model: Key Partnerships

Since RPT Realty was acquired by Kimco Realty in January 2024, the Key Partnerships reflect the integrated structure under Kimco Realty as of late 2025.

Kimco Realty (Acquirer) for Operational Scale and Capital Access

The partnership with Kimco Realty is the defining relationship, as RPT Realty is now a wholly-owned subsidiary. This integration was a $\mathbf{\$2}$ billion all-stock acquisition, which added $\mathbf{56}$ open-air shopping centers, comprising $\mathbf{13.3}$ million square feet of gross leasable area, to Kimco Realty's portfolio. The immediate benefit was projected initial cost savings synergies of approximately $\mathbf{\$34}$ million, with about $\mathbf{85\%}$ expected to be realized in 2024. You must look at the combined entity's performance for 2025 figures.

For the nine months ended September 30, 2025, Kimco Realty's pro-rata portfolio occupancy increased to $\mathbf{95.7\%}$. Funds From Operations (FFO) per diluted share for the third quarter of 2025 was $\mathbf{\$0.44}$. Kimco Realty raised its full-year 2025 FFO guidance to a range of $\mathbf{\$1.75}$ to $\mathbf{\$1.76}$ per diluted share.

The absorbed RPT Realty balance sheet prior to the merger showed a conservative Debt-to-Equity (D/E) ratio of $\mathbf{0.72}$ (based on $\mathbf{\$898.4}$ million Total Debt to $\mathbf{\$1.24}$ billion Total Equity at the end of 2023), which helped preserve the combined entity's balance sheet strength in 2025. The average D/E ratio for US Retail REITs in January 2025 was around $\mathbf{1.043}$.

Singapore Sovereign Wealth Fund GIC for the RPT-GIC Joint Venture

The relationship with Singapore sovereign wealth fund GIC predates the Kimco acquisition, stemming from RPT Realty's successful platform creation. The initial RPT-GIC Venture (RGV), established in late 2019, involved GIC purchasing a $\mathbf{48.5\%}$ stake in five retail assets valued at $\mathbf{\$244.0}$ million for $\mathbf{\$118.3}$ million in gross proceeds. GIC also committed up to $\mathbf{\$200.0}$ million of additional capital for future grocery-anchored shopping center acquisitions.

A subsequent platform, RGMZ, was formed with GIC, Zimmer Partners, and Monarch Alternative Capital, targeting over $\mathbf{\$1.2}$ billion in acquisitions, with initial equity commitments from all partners totaling $\mathbf{\$470}$ million. As of Q3 2025, Kimco Realty reported $\mathbf{\$6.0}$ million higher equity in income of joint ventures for the quarter.

Here are the capital commitments related to the GIC partnerships:

Partnership/Commitment	Amount	Year/Period Referenced
RGV Initial GIC Investment	$118.3 million	2019
RGV Initial Portfolio Value (5 properties)	$244.0 million	2019
RGV Additional Capital Commitment (GIC)	Up to $200.0 million	2019
RGMZ Total Initial Equity Commitments	$470 million	2021
RGMZ Target Acquisitions	Over $1.2 billion	2021

National Grocery Anchors like Ahold Delhaize for Resilient Foot Traffic

The portfolio's strength is heavily reliant on necessity-based tenants like grocery anchors. By the end of 2024, the concentration of annual base rent from grocery-anchored centers within the combined Kimco portfolio reached $\mathbf{84\%}$. This focus validates the strategy of partnering with resilient operators.

While specific 2025 rent contribution from Ahold Delhaize to the Kimco portfolio is not explicitly detailed, Ahold Delhaize's scale in the US market, where RPT Realty's assets are concentrated, is significant. For Q2 2025, Ahold Delhaize reported US net sales of $\mathbf{€13.2}$ billion. Their overall Q2 2025 net sales were $\mathbf{€23.1}$ billion.

The quality of the anchor tenants is reflected in the occupancy figures:

• Pro-rata leased occupancy for anchor spaces ended Q3 2025 at $\mathbf{97.0\%}$.
• Pro-rata small shop occupancy ended Q3 2025 at $\mathbf{92.5\%}$.

Financial Institutions for Debt Financing and Capital Markets Access

Access to capital markets remains a critical partnership, evidenced by Kimco Realty's strong credit ratings and liquidity management as of late 2025. The company ended 2024 with approximately $\mathbf{\$2.7}$ billion in immediate liquidity, including full access to its $\mathbf{\$2.0}$ billion unsecured revolving credit facility.

Credit rating agencies affirmed strong investment-grade ratings for Kimco Realty's senior unsecured debt:

• Moody's rating: $\mathbf{Baa1}$ with a positive outlook.
• Fitch Ratings rating: $\mathbf{A-}$.
• S\&P Global Ratings rating: $\mathbf{BBB+}$ with a positive outlook.

The company proactively managed debt by prefunding a $\mathbf{\$500}$ million unsecured bond maturing in 2025 with a new $\mathbf{10}$-year, $\mathbf{\$500}$ million bond issued in September 2024 at $\mathbf{4.85\%}$. At the end of 2024, Kimco Realty reported Consolidated Net Debt-to-EBITDA of $\mathbf{5.3x}$.

For the third quarter of 2025, Kimco Realty declared a cash dividend of $\mathbf{\$0.26}$ per common share, equivalent to $\mathbf{\$1.04}$ per annum.

Finance: review the Q4 2025 debt maturity schedule against the $\mathbf{\$2.7}$ billion liquidity position by Monday.

RPT Realty (RPT) - Canvas Business Model: Key Activities

The Key Activities for RPT Realty, as defined by its operational focus leading up to its acquisition by Kimco Realty in January 2024, centered on core property management, strategic asset enhancement, and portfolio optimization.

Leasing and property management for 13.3 million square feet of GLA

This activity involved the day-to-day operation and leasing across the entire portfolio, which, at the time of the merger, added 56 open-air shopping centers, comprising 13.3 million square feet of gross leasable area (GLA) to the acquiring entity. Before the transaction, RPT Realty's portfolio was highly leased, with a pro-rata share occupancy of 93.2% as of June 30, 2023. The core of this activity was managing stabilized assets, such as the 49 stabilized shopping centers that represented 6.9 million square feet of GLA with an average occupancy rate of 92.3% as of Q4 2023.

Portfolio Metric	Value
Total Open-Air Centers Added	56
Total Gross Leasable Area (GLA) Added	13.3 million square feet
Stabilized Properties (Q4 2023)	49
Stabilized GLA (Q4 2023)	6.9 million square feet
Average Stabilized Occupancy Rate (Q4 2023)	92.3%

The last reported Trailing Twelve Months (TTM) revenue for RPT Realty, reflecting the revenue generation power of this portfolio before full integration, stood at approximately $0.20 Billion USD as of November 2025.

Redevelopment and repositioning of key assets, like Mary Brickell Village

A crucial activity was unlocking value through redevelopment, exemplified by the acquisition of Mary Brickell Village (MBV) in Miami for a contract price of $216 million in August 2022. This asset is a 200,000-square-foot mixed-use center situated on 5.2 acres. The repositioning strategy focused on the site's significant density potential, where zoning allows for the vertical development of up to 4.1 million square feet of additional space. This focus was intended to help the combined entity achieve a target of generating 15 percent of its Net Operating Income (NOI) from mixed-use properties by 2025.

• Mary Brickell Village Acquisition Cost: $216 million
• MBV Square Footage: 200,000 square feet
• Potential Additional Development Square Footage: 4.1 million square feet

Realizing initial cost savings synergies of approximately $34 million

The merger activity was underpinned by the expectation of immediate financial benefits derived from combining operations. The expected initial cost savings synergies totaled approximately $34 million annually. Of this total synergy amount, about 85 percent was projected to be obtained within the first full year post-close, meaning within 2024.

Strategic divestiture of non-core Midwest properties

The portfolio optimization activity included a plan to divest assets deemed inconsistent with the combined company's core strategy. Specifically, Kimco identified a limited group of RPT's Midwest properties for later divestiture. No specific financial amount or final count of divested properties for the 2025 period is available, as this was a post-merger strategic action planned for execution over time following the January 2, 2024, closing.

RPT Realty (RPT) - Canvas Business Model: Key Resources

You're analyzing the core assets that defined RPT Realty, even though the company is now part of Kimco Realty following the January 2, 2024, acquisition valued at approximately $2 billion. These resources are the foundation of the value now integrated into the larger entity.

The physical real estate holdings are the primary resource. Before the merger, RPT Realty's aggregate portfolio consisted of a specific number of properties and square footage, which now contributes to Kimco Realty's overall scale. This portfolio is heavily weighted toward necessity-based retail, which is defintely a stabilizing factor in the current environment.

The embedded growth pipeline represents future realized value from leasing decisions made prior to the acquisition. This pipeline is a crucial, near-term financial driver for the assets now under Kimco's management, translating directly into higher Net Operating Income (NOI).

The geographic concentration of the real estate is a strategic asset, positioning the portfolio in areas benefiting from strong demographic and migration trends. This focus on high-growth regions mitigates risk associated with slower-growing legacy markets.

The human capital-the property management and leasing teams-is the mechanism that unlocks the value in the physical assets and the SNO pipeline. Their experience is evidenced by the high projected occupancy rate for these assets in 2025.

Here's a look at the scale of the assets that form this key resource base:

Resource Metric	Value/Amount	Context/Date
Total Open-Air Shopping Centers (Acquired)	56	Pre-acquisition portfolio size
Wholly Owned Centers (Acquired)	43	Pre-acquisition portfolio composition
Gross Leasable Area (GLA) (Acquired)	13.3 million square feet	Pre-acquisition portfolio size
TTM Revenue Contribution (as of Nov 2025)	$0.20 Billion USD	Trailing Twelve Months figure
Projected Annual Base Rent from SNO Pipeline (2025)	Approximately $25 million	2025 projection for former RPT assets
SNO Lease Spread	330-basis points	Pre-acquisition metric
Projected Occupancy Rate (2025)	Around 96.5%	2025 projection for former RPT assets

The strategic value of the real estate is further defined by its location, which is a direct reflection of management's past investment thesis. Approximately 70% of the portfolio aligns with Kimco's key target markets, which are the high-barrier-to-entry Coastal and Sun Belt markets.

The operational teams are responsible for maintaining high performance, as shown by the following operational highlights now attributed to the integrated portfolio:

• Leasing activity realizing a 20% or greater mark-to-market spread across the portfolio.
• The portfolio is nearly 90% grocery-anchored based on pro-rata annual base rent.
• The management team has deep experience operating open-air real estate.

Finance: draft 13-week cash view by Friday.

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.