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Listed on the New York Stock Exchange ( KIM ) NEWS RELEASE Kimco Realty and Weingarten Realty Announce Strategic Merger Creates Industry - Leading Open - Air , Grocery - Anchored Shopping Center and Mixed - Use Platform Strengthens High - Quality Portfolio in Growth Sun Belt Markets and Enhances Future Value Creation Opportunities Expected to be Immediately Accretive to Key Earnings Metrics While Deleveraging Balance Sheet With an Enterprise Value in Excess of $ 20 Billion , Combined Company to Benefit From Increased Scale and Diversification JERICHO , N.Y. & HOUSTON , TX ( April 15 , 2021 ) – Kimco Realty Corp. ( NYSE : KIM ) , one of North America's largest publicly traded owners and operators of open - air , grocery - anchored shopping centers and mixed- use assets , and Weingarten Realty Investors ( NYSE : WRI ) , a grocery - anchored Sun Belt shopping center owner , manager and developer , today announced that they have entered into a definitive merger agreement under which Weingarten will merge with and into Kimco , with Kimco continuing as the surviving public company . The transaction brings together two industry - leading retail real estate platforms with highly complementary portfolios , creating the preeminent open - air shopping center and mixed - use real estate owner in the country . The increased scale in targeted growth markets , coupled with a broader pipeline of redevelopment opportunities , positions the company to create significant value for its shareholders . The combined company is expected to have a pro forma equity market capitalization of approximately $ 12.0 billion and a pro forma total enterprise value of approximately $ 20.5 billion . Under the terms of the merger agreement , each Weingarten common share will be converted into 1.408 newly issued shares of Kimco common stock plus $ 2.89 in cash . Based on the closing stock price for Kimco on April 14 , 2021 , this represents a total consideration of approximately $ 30.32 per Weingarten share . On a pro forma basis , following the closing of the transaction , Kimco shareholders are expected to own approximately 71 % of the combined company's equity , and Weingarten shareholders are expected to own approximately 29 % . The parties currently expect the transaction to close during the second half of 2021 , subject to customary closing conditions , including the approval of both Kimco and Weingarten shareholders . This strategic transaction was unanimously approved by the Board of Directors of Kimco and the Board of Trust Managers of Weingarten . The merger will create a national operating portfolio of 559 open - air grocery - anchored shopping centers and mixed - use assets comprising approximately 100 million square feet of gross leasable area . These properties are primarily concentrated in the top major metropolitan markets in the United States . The combined company is expected to benefit from increased scale and density in key Sun Belt markets , enhanced asset quality , tenant diversity , a larger redevelopment pipeline and a deleveraged balance sheet . As a result , the combined company should be uniquely positioned to drive further sustained growth in net operating income ( NOI ) and asset value creation through continued strategic leasing and asset management . " This business combination is highly strategic , creating a stronger platform that is even more capable of delivering long - term growth and value creation , " said Conor Flynn , Kimco's Chief Executive Officer . " Not only will the merged company and its shareholders enjoy a larger , higher quality , more diversified