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{{short description|American publicly traded real estate investment trust}}
{{short description|Defunct real estate investment trust}}
{{Infobox company
{{Infobox company
| name = RPT Realty
| name = RPT Realty
| logo = Logo_for_RPT_Realty.jpg
| logo = File:2021 RPT Realty Logo.png
| type = [[Public company]]
| type = [[Private company | Private]]
| traded_as = {{nyse|RPT}}<BR>[[S&P 600]] component
| industry = [[Real estate investment trust]]
| industry = [[Real estate investment trust]]
| foundation = {{Start date and age|1955}}
| foundation = {{Start date and age|1975}}
| defunct = {{end date and age|2024|01|02}}
| location = [[New York, NY]]
| location = [[New York, NY]]
| founder = Aaron & William Gershenson
| founder = Dennis Gershenson, Michael Ward, Joel Gershenson, Richard Gerhsenson and Bruce Gershenson
| key_people = {{nowrap | Brian Harper, [[CEO]]}}
| key_people = {{nowrap | Brian Harper, [[CEO]]}}
| products = Open-air [[shopping center]]s
| products = Open-air [[shopping center]]s
| revenue = {{decrease}} $234 million (2019)
| revenue = {{increase}} $2`7 million (2022)
| net_income = {{increase}} $91 million (2019)
| net_income = {{increase}} $84 million (2022)
| assets = {{decrease}} $1.918 billion (2019)
| assets = {{increase}} $1.946 billion (2022)
| equity = {{increase}} $848 million (2019)
| equity = {{increase}} $978 million (2022)
| num_employees = 104 (2019)
| num_employees = 138 (2022)
⚫
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/842183/000084218323000015/rpt-20221231.htm | title=Ramco-Gershenson Properties Trust 2022 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| website = {{URL|http://rptrealty.com/}}
⚫
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/842183/000084218320000009/rpt-20191231.htm | title=Ramco-Gershenson Properties Trust 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
'''[[RPT Realty]],''' formerly known as '''RAMCO Properties Trust''' and '''Ramco-Gershenson Properties Trust''', is a publicly traded [[real estate investment trust]] that owns and operates open-air [[shopping center]]s. As of December 31, 2019, the company owned 49 shopping centers comprising 11.9 million square feet.<ref name=10K/>


'''RPT Realty''' was a [[real estate investment trust]] that owned and operated open-air [[shopping center]]s. 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]].<ref name=10K/> The company was formerly known as '''RAMCO Properties Trust''' and '''Ramco-Gershenson Properties Trust'''.
Notable properties owned by the company include [[River City Marketplace]] in [[Jacksonville, Florida|Jacksonville]], Florida, [https://www.theshopsonlaneavenue.com/ The Shops on Lane Avenue] in [[Upper Arlington, Ohio|Upper Arlington]], Ohio, [https://www.woodburylakes.com/ Woodbury Lakes] in [[Woodbury, Minnesota|Woodbury]], Minnesota, and Webster Place in Chicago.


==History==
==History==
In 1955, Aaron & William Gershenson founded A & W Management Company.<ref name=nrei>{{cite news | url=https://www.nreionline.com/mag/wall-streets-well-kept-secret | title=Wall Street's well-kept secret | first=John | last=Frantz | work=[[National Real Estate Investor]] | date=October 1, 2000}}</ref>
In 1955, Aaron & William Gershenson founded A & W Management Company.<ref name=nrei>{{cite news | url=https://www.nreionline.com/mag/wall-streets-well-kept-secret | title=Wall Street's well-kept secret | first=John | last=Frantz | work=[[National Real Estate Investor]] | date=October 1, 2000}}</ref>


In 1975, William Gershenson's four sons, Joel, Dennis, Richard and Bruce Alan, along with associate Mike Ward, took over leadership of the company, with each son responsible for a different division.<ref name=nrei/><ref>{{Cite news |title=Richard Gershenson Obituary | publisher=[[Detroit News]] |date=July 2, 2010 | url=https://www.legacy.com/obituaries/detroitnews/obituary.aspx?n=richard-gershenson&pid=182223508&fhid=16291}}</ref>
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.<ref name=nrei/><ref>{{Cite news |title=Richard Gershenson Obituary | publisher=[[Detroit News]] |date=July 2, 2010 | url=https://www.legacy.com/obituaries/detroitnews/obituary.aspx?n=richard-gershenson&pid=182223508&fhid=16291}}</ref>
In the late 1970s and early 1980s, the company developed 35 [[Kmart]] stores.<ref name=nrei/>
In the late 1970s and early 1980s, the company developed 35 [[Kmart (United States)|Kmart]] stores.<ref name=nrei/>


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.<ref name=nrei/>
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.<ref name=nrei/>
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In 2004, the company acquired 7 properties for $138.3 million.<ref>{{cite news | url=https://www.nytimes.com/2004/11/25/business/company-news-ramcogershenson-to-buy-shopping-centers-in-florida.html | title=RAMCO-GERSHENSON TO BUY SHOPPING CENTERS IN FLORIDA | work=[[The New York Times]] | date=November 25, 2004 | url-access=subscription}}</ref>
In 2004, the company acquired 7 properties for $138.3 million.<ref>{{cite news | url=https://www.nytimes.com/2004/11/25/business/company-news-ramcogershenson-to-buy-shopping-centers-in-florida.html | title=RAMCO-GERSHENSON TO BUY SHOPPING CENTERS IN FLORIDA | work=[[The New York Times]] | date=November 25, 2004 | url-access=subscription}}</ref>


In 2017, the company was added to the [[S&P 600]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/ramco-gershenson-properties-set-to-join-sp-smallcap-600-300452630.html | title=Ramco-Gershenson Properties Set to Join S&P SmallCap 600 | publisher=[[PR Newswire]] | date=May 5, 2017}}</ref>
The company changed its name to RAMCO in May 2018<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2018/05/02/1495399/0/en/Ramco-Gershenson-Properties-Trust-Unveils-New-Corporate-Brand.html | title=Ramco-Gershenson Properties Trust Unveils New Corporate Brand | publisher=[[Globe Newswire]] | date=May 2, 2018}}</ref> and RPT Realty in October 2018.<ref>{{Cite press release | url=https://globenewswire.com/news-release/2018/10/31/1639979/0/en/RAMCO-Properties-Announces-Name-Change-to-RPT-Realty.html | title=RAMCO Properties Announces Name Change to RPT Realty | publisher=[[Globe Newswire]] | date=October 31, 2018}}</ref>


On May 2, 2018, the company changed its name to RAMCO.<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2018/05/02/1495399/0/en/Ramco-Gershenson-Properties-Trust-Unveils-New-Corporate-Brand.html | title=Ramco-Gershenson Properties Trust Unveils New Corporate Brand | publisher=[[Globe Newswire]] | date=May 2, 2018}}</ref>
On January 2, 2024, the company was acquired by [[Kimco Realty]].<ref>{{cite press release | url=https://www.businesswire.com/news/home/20231228749228/en/ | title=Kimco Realty® Closes Acquisition of RPT Realty | publisher=[[Business Wire]] | date=January 2, 2024}}</ref>

On October 31, 2018, the company changed its name to RPT Realty.<ref>{{Cite press release | url=https://globenewswire.com/news-release/2018/10/31/1639979/0/en/RAMCO-Properties-Announces-Name-Change-to-RPT-Realty.html | title=RAMCO Properties Announces Name Change to RPT Realty | publisher=[[Globe Newswire]] | date=October 31, 2018}}</ref>


==References==
==References==
{{Reflist|1}}
{{Reflist}}


{{Authority control}}
==External links==

{{Finance links
⚫
{{DEFAULTSORT:RAMCO Properties}}
| name = RPT Realty
| google = RPT
| yahoo = RPT
| bloomberg = RPT:US
| symbol = RPT
| sec_cik = RPT
}}
[[Category:1950 establishments in Michigan]]
[[Category:1950 establishments in Michigan]]
[[Category:Companies based in Oakland County, Michigan]]
[[Category:2024 mergers and acquisitions]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Real estate companies established in 1950]]
[[Category:Real estate companies established in 1950]]
[[Category:Real estate investment trusts of the United States]]
[[Category:Shopping center management firms]]

⚫
{{DEFAULTSORT:RAMCO Properties}}

Latest revision as of 16:20, 7 January 2024

RPT Realty
Company type Private
IndustryReal estate investment trust
Founded1975; 49 years ago (1975)
FounderDennis Gershenson, Michael Ward, Joel Gershenson, Richard Gerhsenson and Bruce Gershenson
DefunctJanuary 2, 2024; 10 months ago (2024-01-02)
HeadquartersNew York, NY
Key people
 Brian Harper, CEO
ProductsOpen-air shopping centers
RevenueIncrease $2`7 million (2022)
Increase $84 million (2022)
Total assetsIncrease $1.946 billion (2022)
Total equityIncrease $978 million (2022)
Number of employees
138 (2022)
Footnotes / references
[1]

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.

History

[edit]

In 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]
  1. ^ a b "Ramco-Gershenson Properties Trust 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d Frantz, John (October 1, 2000). "Wall Street's well-kept secret". National Real Estate Investor.
  3. ^ "Richard Gershenson Obituary". Detroit News. July 2, 2010.
  4. ^ "RAMCO-GERSHENSON TO BUY SHOPPING CENTERS IN FLORIDA". The New York Times. November 25, 2004.
  5. ^ "Ramco-Gershenson Properties Trust Unveils New Corporate Brand" (Press release). Globe Newswire. May 2, 2018.
  6. ^ "RAMCO Properties Announces Name Change to RPT Realty" (Press release). Globe Newswire. October 31, 2018.
  7. ^ "Kimco Realty® Closes Acquisition of RPT Realty" (Press release). Business Wire. January 2, 2024.
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