The 100 Day Sprint: Mastering the Art of Real Estate Integration with Kimco Realty Corp.

RealFoundations Leads Technology Consolidation Following $2 Billion Acquisition

 

Completing any real estate portfolio transaction in 100 days is a feat in itself. Yet doing so with a $2 billion multi-property real estate acquisition requires heightened collaboration, technology, and the right strategic partners.

In late August 2023, Kimco Realty Corporation—a Fortune 500 retail real estate investment trust (REIT)—struck a $2 billion deal with RPT Realty to acquire 56 open-air shopping centers totaling 13.3 million square feet. The agreement involving two robust real estate entities stood among Kimco’s largest transactions, requiring a significant migration of operations and data from one customized MRI software platform to another—all within about 100 days.

Kimco tapped RealFoundations to assist in completing the transaction. This was an easy decision since RealFoundations led a previous integration for Kimco in 2021 when the firm acquired Weingarten Realty. During the Weingarten merger, RealFoundations developed a playbook with Kimco for them to follow for all future M&A activity. RealFoundations’ and Kimco’s playbook has been instrumental in acquiring RPT Realty as it outlines how to approach the consolidation of two unique operating platforms and transitioning all processes to the Kimco technology stack.

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“RealFoundations has built a strong foundation of trust with Kimco, originating from the first project managing the Weingarten merger. The playbook we designed made it possible to integrate the platforms, transition all process to Kimco’s technology and complete the project in such a short time span.”

– Gregg Haverstick, Enterprise Management Consultant at RealFoundations

 

Completing the RPT Realty transaction required immense speed and accuracy in migrating thousands of files and one million records onto a combined MRI platform. Collaboratively, MRI, RealFoundations & Kimco designed and executed an automated process to migrate and abstract more than 1,650 RPT lease packages (~63,000 files). Purpose-built technical environments, temporary integrations, automated processes and AI were leveraged to streamline document extraction, re-coding/mapping, migration, abstraction, validation, and data alignment with MRI core. This was a significant achievement that was largely completed in just 10 weeks start to finish.

Robotic process automation (RPA) played a crucial role in meeting that aggressive timeline. Automated processes facilitated the seamless migration and validation of data from RPT’s on-prem environment to Kimco’s cloud-based systems. Approximately 24 tables containing 1.2 million records were converted using RPA, significantly reducing manual labor and eliminating the risk of human error.

Extensive efforts were also made to migrate RPT’s Salesforce data into Kimco’s Salesforce environment while keeping the two core systems updated and in sync throughout the entire process. Using RPA and Salesforce Data Loader, nearly all active records associated with the 56-property portfolio were successfully transferred and validated. This process saved over 1,400 man-hours, lowered overall migration costs, safeguarded data integrity, and ensured business continuity within leasing operations after the merger was complete.

The successful integration marks a key milestone in Kimco’s digital transformation and underscores the importance of technology in achieving business goals. The flexibility of their core technology platforms—MRI, Salesforce, and Workday—along with the expertise of RealFoundations and other key partners, enabled Kimco to fast-track the integration, stabilize a unified organization, and optimize operating synergies.

The success of this project is not just about the playbook, but also the people involved. Kimco worked closely with the RealFoundations team of experts who know the industry well. Kimco’s rapid and efficient integration of the $2 billion acquisition stands as a testament to the power of advanced automation and strategic technology partnerships in the real estate sector.

Connect With Us

To learn more about this initiative and how we can help your company run better, contact our Enterprise Managing Consultant Gregg Haverstick by email or +1 646 825 7988.

Gregg Haverstick, Enterprise Managing Consultant

Gregg Haverstick
Enterprise Managing Consultant
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About Kimco Realty

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week.

 

About RealFoundations

RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.