RPT Realty was a real estate investment trust that owned and operated open-air shopping centers. As of December 31, 2022, the company owned 44 wholly-owned shopping centers, 13 shopping centers owned through its grocery anchored joint venture, and 48 retail properties owned through its net lease joint venture comprising 15 million square feet. In 2024, the company was acquired by Kimco Realty.[1] The company was formerly known as RAMCO Properties Trust and Ramco-Gershenson Properties Trust.
 | |
| Company type | Private |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1975 |
| Founder | Dennis Gershenson, Michael Ward, Joel Gershenson, Richard Gerhsenson and Bruce Gershenson |
| Defunct | January 2, 2024 |
| Headquarters | New York, NY |
Key people | Brian Harper, CEO |
| Products | Open-air shopping centers |
| Revenue |  $2`7 million (2022) |
| $84 million (2022) | |
| Total assets | $1.946 billion (2022) |
| Total equity | $978 million (2022) |
Number of employees | 138 (2022) |
| Footnotes / references [1] | |
History
editIn 1955, Aaron & William Gershenson founded A & W Management Company.[2]
In 1975, William Gershenson's four sons, Joel, Dennis, Richard, and Bruce Alan, along with Mike Ward, founded Ramco Gershenson, with each partner responsible for a different division of the Company.[2][3] In the late 1970s and early 1980s, the company developed 35 Kmart stores.[2]
In 1996, the company merged with RPS Realty Trust and became a public company via a reverse merger, changing its name to Ramco-Gershenson Properties Trust.[2]
In 2004, the company acquired 7 properties for $138.3 million.[4]
The company changed its name to RAMCO in May 2018[5] and RPT Realty in October 2018.[6]
On January 2, 2024, the company was acquired by Kimco Realty.[7]
References
edit- ^ a b "Ramco-Gershenson Properties Trust 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d Frantz, John (October 1, 2000). "Wall Street's well-kept secret". National Real Estate Investor.
- ^ "Richard Gershenson Obituary". Detroit News. July 2, 2010.
- ^ "RAMCO-GERSHENSON TO BUY SHOPPING CENTERS IN FLORIDA". The New York Times. November 25, 2004.
- ^ "Ramco-Gershenson Properties Trust Unveils New Corporate Brand" (Press release). Globe Newswire. May 2, 2018.
- ^ "RAMCO Properties Announces Name Change to RPT Realty" (Press release). Globe Newswire. October 31, 2018.
- ^ "Kimco Realty® Closes Acquisition of RPT Realty" (Press release). Business Wire. January 2, 2024.