1Q20 Supplement Cover TOC...2020/03/31 · •...

RPT RealtyQuarterly Financial and Operating SupplementMarch 31, 2020

TABLE OF CONTENTSPage

EARNINGS RELEASE i - viCondensed Consolidated Balance Sheets 1Condensed Consolidated Statements of Operations 2Funds from Operations 3Reconciliation of Non-GAAP Financial Measures 4-5Non-GAAP Financial Definitions 6-7

FINANCIAL SUMMARYConsolidated Balance Sheet Detail 8Consolidated Statements of Operations Detail 9Other Supplemental Information - Consolidated Portfolio 10Same Property Analysis at Pro-Rata 11Consolidated Market Data 12

DEBT SUMMARY 13Consolidated Summary of Outstanding Debt 14Consolidated Summary of Debt Maturities 15Debt Covenants 16

INVESTMENT ACTIVITY 17Redevelopment / Outlots / Expansion Projects 18-19Acquisitions / Dispositions 20

PORTFOLIO SUMMARY at PRO-RATA 21Portfolio Summary at Pro-Rata 22Summary of Expiring GLA at Pro-Rata 23Top Twenty-Five Retail Tenants (ranked by annualized base rent) - Portfolio at Pro-Rata 24Leasing Activity - Portfolio at Pro-Rata 25Portfolio Detail Report 26-29

UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY 30Unconsolidated Joint Venture Balance Sheets at Pro-Rata 31Unconsolidated Joint Venture Statements of Operations at Pro-Rata 32Other Unconsolidated Joint Venture Supplemental Information at Pro-Rata 33

MISCELLANEOUS 34Analyst Coverage 35

Forward-Looking StatementsCertain information contained in this Quarterly Financial and Operating Supplemental Information Package may contain forward-lookingstatements that represent RPT Realty (the "Company") and it's management's hopes, intentions, beliefs, expectations or projections concerning thefuture. Management of RPT Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions,however the Company can give no assurance that such expectations will be attained or achieved. Many of the factors that will determine theoutcome of forward-looking statements are beyond our ability to predict or control. Currently, one of the most significant factors is the potentialadverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows, and performance of the Company andits tenants (including their ability to timely make rent payments), the real estate market (including the local markets where our properties arelocated), the financial markets and general global economy as well as the potential adverse impact on our ability to enter into new leases or renewleases with existing or favorable terms or at all. The impact of COVID-19 has, and will continue to have, on the Company and its tenants is highlyuncertain, cannot be predicted and will vary based upon the duration, magnitude and scope of the pandemic as well as the actions taken by federal,state and local governments to mitigate the impact of COVID-19, including social distancing protocols, restrictions on business activities and"shelter-in-place" and "stay at home" mandates. Additional factors that could cause actual results to vary from current expectations include, butare not limited to, (i) changes in general economic and real estate conditions; (ii) changes in the interest rate and/or other changes in interest rateenvironment; (iii) the availability of financing; (iv) adverse changes in the retail industry; and (v) our ability to qualify as a REIT. Additionalinformation concerning factors that could cause actual results to differ from such forward-looking statements is contained in the company's SECfilings, including but not limited to the company's report on Form 10-K for the year ended December 31, 2019, which you should interpret as beingheightened as a result of the numerous and ongoing adverse impacts of COVID-19. Copies of each filing may be obtained from the company or theSecurities & Exchange Commission. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result ofnew information, future events or otherwise.

RPT REALTY REPORTS FIRST QUARTER 2020 RESULTS; PROVIDES COVID-19 UPDATE

• Net income (loss) attributable to common shareholders for the first quarter 2020 of $(1.3) million, or$(0.02) per diluted share, compared to $8.8 million, or $0.11 per diluted share for the same period in2019.

• Same property net operating income ("Same property NOI") increased 2.3% in the first quarter comparedto the same period in 2019, primarily driven by a 3.9% increase in base rent. Higher rental income notprobable of collection reduced Same property NOI growth by 120 basis points due to the initial impactsfrom the COVID-19 pandemic.

• Borrowed $225 million on the unsecured revolving line of credit and ended first quarter 2020 with $323million in cash, cash equivalents and restricted cash.

• Temporarily suspended payment of the common dividend. Decisions regarding future dividend paymentswill be made quarterly based on liquidity needs and REIT taxable income distribution requirements.

NEW YORK, May 11, 2020 - RPT Realty (NYSE:RPT) (the "Company") today announced its financial andoperating results for the quarter ended March 31, 2020.

"Our top priority continues to be the health and safety of all our employees and their families, our tenants and ourshopping center customers,” said Brian Harper, President and CEO. “During this unprecedented time, we areinspired and grateful for the heroic efforts of all the essential workers and volunteers who are working tirelessly inthe service of others to fight this pandemic, some of which are tenants at our properties. Through our tenantassistance programs and our local community charities, we are committed to finding common ground with all ofour stakeholders to ensure our mutual success. Our liquidity position has never been stronger with $323 million ofcash and restricted cash on hand at the end of the quarter, and we will continue to make deliberate, and at timesdifficult, decisions to further enhance liquidity in the face of the uncertainties created by the COVID-19 pandemicas demonstrated by our recent decisions to suspend our common dividend, reduce employee headcount andlower executive salaries. While the full extent of the impact of the COVID-19 crisis on our business is stillunknown, we take great comfort that the portfolio, organizational and balance sheet improvements made beforeand since the pandemic began will allow us to successfully navigate the near-term disruption and position us forlong-term value-creation after the pandemic has passed."

FINANCIAL RESULTS

Net income (loss) attributable to common shareholders for the first quarter 2020 of $(1.3) million, or $(0.02) perdiluted share, compared to $8.8 million, or $0.11 per diluted share for the same period in 2019.

Funds from operations ("FFO") for the first quarter 2020 of $22.5 million, or $0.25 per diluted share, compared to$24.1 million, or $0.27 per diluted share for the same period in 2019.

Operating FFO for the first quarter 2020 of $23.2 million, or $0.26 per diluted share, compared to $24.0 million or$0.27 per diluted share for the same period in 2019. Operating FFO for the first quarter 2020 excludes certain netcosts that totaled $0.7 million, primarily attributable to costs associated with terminated acquisitions. The changein Operating FFO was primarily driven by the contribution of a 51.5% interest in five assets into a joint ventureformed in fourth quarter 2019 and the Company's non-core asset disposition program that concluded in the firstquarter 2019, partially offset by higher same property NOI growth and lower interest expense.

News Release (NYSE:RPT)

i

OPERATING RESULTS

The Company's operating results include its consolidated properties and its pro-rata share of unconsolidated jointventures.

Same property NOI during the first quarter 2020 increased 2.3% compared to the same period in 2019. Sameproperty NOI growth for the first quarter 2020 was primarily driven by higher base rent of 3.9%. Higher rentalincome not probable of collection detracted 120 basis points from Same property NOI growth due to the initialimpacts from the COVID-19 pandemic.

During the first quarter 2020, the Company signed 46 leases totaling 557,874 square feet. Blended re-leasingspreads on comparable leases were 6.2% with an Annualized Base Rent ("ABR") of $12.63 per square foot. Re-leasing spreads on comparable new and renewal leases were 5.2% and 6.2%, respectively.

As of March 31, 2020, the Company had $2.1 million of signed not commenced ABR that is scheduled tocommence over the next twelve months.

The table below summarizes the Company's leased rate and occupancy results at March 31, 2020, December 31,2019 and March 31, 2019.

March 31, 2020 December 31, 2019 March 31, 2019Consolidated & Joint Venture PortfolioLeased rate 94.1% 94.7% 94.8%

Occupancy 93.3% 94.3% 91.8%

Anchor (GLA of 10,000 square feet or more)Leased rate 96.9% 97.4% 97.1%

Occupancy 96.5% 97.2% 94.7%

Small Shop (GLA of less than 10,000 square feet)Leased rate 87.3% 88.2% 89.6%

Occupancy 85.6% 87.4% 85.0%

BALANCE SHEET

The Company ended the first quarter 2020 with $322.8 million in cash, cash equivalents and restricted cash. AtMarch 31, 2020, the Company had approximately $1.2 billion of consolidated debt and finance lease obligations,which resulted in a net debt to annualized proforma adjusted EBITDA ratio of 6.4x. Consolidated debt had aweighted average interest rate of 3.53% and a weighted average maturity, excluding scheduled amortization, of5.1 years.

DISPOSITIONS

The sale of Market Plaza in Glen Ellyn, Illinois that was under contract to sell for $36 million as of February 19,2020 was terminated by the buyer as a result of the uncertainties created by the COVID-19 pandemic.

FINANCING ACTIVITY

During the first quarter 2020, and as previously-announced, the Company borrowed $225 million on its unsecuredrevolving line of credit. In February, the Company entered into four interest rate swap agreements for anaggregate notional amount of $100 million with a weighted average fixed rate of 1.28% and expirations in 2024and 2026.

ii

DIVIDEND

In light of the disruption caused by the COVID-19 pandemic, the Board of Trustees has temporarily suspended thequarterly common dividend to retain cash. The Board of Trustees will continue to evaluate the Company’sdividend policy based upon the Company’s financial performance and economic outlook and, at a later date,intends to reinstate the quarterly common dividend in at least the amount required to continue qualifying as aREIT for U.S. federal income tax purposes.

On May 8, 2020, the Company’s Board of Trustees declared a second quarter 2020 Series D convertiblepreferred share dividend of $0.90625 per share. The conversion ratio of the series D preferred shares is 3.7964as of March 21, 2020. The preferred dividend, for the period April 1, 2020 through June 30, 2020 is payable onJuly 1, 2020 to shareholders of record on June 20, 2020. To the extent the record date is not a business day, theshareholders of record on such date will be the same as the shareholders of record as of the end of the mostrecent prior business day.

2020 GUIDANCE

As announced on March 31, 2020, and in light of the continued uncertainties surrounding the impact of theCOVID-19 pandemic on the economy, the Company has withdrawn all previously provided guidance for 2020 asdisclosed in the Company’s fourth quarter 2019 earnings press release dated February 19, 2020.

COVID-19 UPDATE

The Company is closely monitoring the COVID-19 pandemic, including the impact on our business, ouremployees, our tenants, our shopping centers and our communities. The following summary is intended toprovide information pertaining to the impacts of the COVID-19 pandemic on the Company’s business andmanagement’s strategy and actions to respond to those impacts. Unless otherwise specified, the statistical andother information regarding the Company’s portfolio are estimates based on information available to the Companyand includes its consolidated properties and its pro-rata share of unconsolidated joint ventures.

Description Categories % of Total ABR1

April % Rent Collected2

April % Open by ABR3

Tier 1 Essential businesses and other less pandemic impacted businesses

Automotive, banks, convenience, dollar stores, grocers, educational electronics, home improvement, medical, office supply, pet, pharmacy, professional services, quick-service & fast casual dining, sporting goods

35.3% 83.9% 87.9%

Tier 2 Investment grade or investment grade quality tenants

Investment grade or investment grade quality tenants with strong balance sheets not in Tier 1

11.2% 78.7% 27.2%

Tier 3 Non-essential uses Full-price apparel, book stores, health & beauty, home & furniture, personal services, non-professional services, soft goods

35.6% 42.2% 41.8%

Tier 4 Theaters, restaurants, fitness uses

Dance studios, entertainment, fitness centers, spa, full-service dining, swim schools, theaters

17.9% 24.3% 23.2%

Total 100.0% 57.8% 53.1%1 As of March 31, 2020

2 As of May 8, 2020 and includes base rent and recoverable expense reimbursements

3 As of May 7, 2020

Portfolio

• 100% of the Company’s 49 shopping centers remain open and operating.• As of May 8, 2020, approximately 57.8% of contractual base rent and recoverable expense

reimbursements were received for the month of April.

iii

• As of May 7, 2020, approximately 53.1% of the Company’s tenants (based on ABR) were open andoperating.

• As of May 7, 2020, approximately 73.3% of Tier 1 and Tier 2 tenants were open and operating and 82.7%paid April rent through May 8, 2020.

• As of May 7, 2020, approximately 48.5% of the Company’s tenants (based on ABR) requested rent relief,which the Company is evaluating on a case-by-case basis.

• As of May 7, 2020, 121 of the Company's tenants have been granted relief in the form of rent deferralstotaling $3.8 million and six tenants have been granted rent abatements totaling less than $0.1 million.

• As of March 31, 2020, 66.9% of the Company’s properties by ABR had a grocery or grocer componentand over 86.6% of ABR stemmed from national or regional tenants.

Liquidity

• Borrowed $225 million on its unsecured revolving credit facility in March 2020 and ended first quarter2020 with $323 million in cash, cash equivalents and restricted cash.

• Temporarily suspended the quarterly common dividend distribution, preserving $18 million in the secondquarter 2020.

• Effected a workforce reduction and instituted temporary compensation reductions for the executiveofficers ranging from 10% to 20% of their annual cash base salaries. Certain executive officers alsoagreed to further reductions of 10% to 20% of their annual cash base salaries in exchange for restrictedcommon shares with an equal value.

• Refinanced $710 million of debt in the fourth quarter 2019, which reduced the Company’s debt maturitiesthrough 2022 to just 8% of total debt with no debt maturities in 2020.

• Suspended acquisition and disposition activity until further notice with no transactions made sinceDecember 31, 2019, preserving $125 million of previously forecasted cash outlays.

• Suspended all new development and redevelopment project starts until further notice and currently haveno committed development or redevelopment projects in progress.

• Deferred all but essential maintenance capital expenditures and leasing capital associated with signed butnot commenced leases preserving $5 million in 2020 and suspended the Parkway Shops outlotexpansion saving $6 million.

• Reduced expected 2020 common area maintenance property expenses by 12%, or $3 million.

Employee, Tenant and Community Support

• Moved to remote working one day a week a year ago with new supporting investments in technology.

• Mandated that all office employees work from home (WFH) starting in early March, with limitedproductivity impact due to the existing WFH infrastructure already in place prior to the onset of COVID-19.

• Implemented work from home wellness programs to support mental, physical and emotional health.

• Donated over 20,000 meals to support school lunch programs, at-risk populations, essential workers andnursing home employees in its local communities.

• Offering the medical community vacant spaces for storage.

• Matching employee donations to support hospital workers and volunteers.

• Created Tenant Concierge Service to provide small business tenants with direct access to a law firm thatwill assist in applying for governmental aid, which is paid for by the Company.

• Hosted Coronavirus Aid, Relief, and Economic Security (CARES) Act Webinars for over 200 smallbusiness tenants.

• Issuing approximately 1,500 “Retailer Kits” to our tenants including hand sanitizer, masks and gloves.

• Installing approximately 400 sanitizer wall-mounted dispensers at each of the Company’s shoppingcenters.

iv

• Creating approximately 1,300 reserved parking spaces for our tenants to provide curb side pickup for theircustomers.

• Installing nearly 1,300 social distancing reminders and approximately 3,500 queue line markers that willcreate more than four miles of safe distancing lines throughout each of the Company’s shopping centers.

CONFERENCE CALL/WEBCAST:The Company will host a live broadcast of its first quarter 2020 conference call on Tuesday, May 12, 2020 at 9:00a.m. (ET) to discuss its financial and operating results.

Date: Tuesday, May 12, 2020Time: 9:00 a.m. ETDial in #: (877) 705-6003International Dial in # (201) 493-6725Webcast: investors.rptrealty.com

A telephonic replay of the call will be available through May 19, 2020. The replay can be accessed by dialing(844) 512-2921 or (412) 317-6671 for international callers and entering passcode 13699700. A webcast replaywill also be archived on the Company’s website for twelve months.

SUPPLEMENTAL MATERIALS

The Company’s quarterly financial and operating supplement is available on its corporate web site atrptrealty.com. If you wish to receive a copy via email, please send requests to [email protected].

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in topU.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflectthe lifestyles of their surrounding communities and meet the modern expectations of the Company's retailpartners. The Company is a fully integrated and self-administered REIT publicly traded on the New York StockExchange (the “NYSE”). The common shares of the Company, par value $0.01 per share (the “common shares”)are listed and traded on the NYSE under the ticker symbol “RPT”. As of March 31, 2020, our property portfolioconsisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing11.9 million square feet of gross leasable area. As of March 31, 2020, the Company’s pro-rata share of theaggregate portfolio was 94.1% leased. For additional information about the Company please visit rptrealty.com.

Company Contact:

Vin Chao, Senior Vice President - Finance19 W 44th St. 10th Floor, Ste 1002New York, New York [email protected](212) 221-1752

v

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-lookingstatements represent our expectations, plans or beliefs concerning future events and may be identified byterminology such as “may,” “will,” “should,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” “predict” orsimilar terms. Although the forward- looking statements made in this document are based on our good faithbeliefs, reasonable assumptions and our best judgment based upon current information, certain factors couldcause actual results to differ materially from those in the forward- looking statements. Many of the factors that willdetermine the outcome of forward-looking statements are beyond our ability to predict or control. Currently, one ofthe most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financialcondition, results of operations, cash flows and performance of the Company and our tenants (including theirability to timely make rent payments), the real estate market (including the local markets where our properties arelocated), the financial markets and general global economy as well as the potential adverse impact on our abilityto enter into new leases or renew leases with existing tenants on favorable terms or at all. The impact COVID-19has, and will continue to have, on the Company and its tenants is highly uncertain, cannot be predicted and willvary based upon the duration, magnitude and scope of the COVID-19 pandemic as well as the actions taken byfederal, state and local governments to mitigate the impact of COVID-19, including social distancing protocols,restrictions on business activities and “shelter-in- place” and “stay at home” mandates. Additional factors whichmay cause actual results to differ materially from current expectations include, but are not limited to: our successor failure in implementing our business strategy; economic conditions generally and in the commercial real estateand finance markets specifically; the cost and availability of capital, which depends in part on our asset qualityand our relationships with lenders and other capital providers; risks associated with bankruptcies or insolvenciesor general downturn in the businesses of tenants; the potential adverse impact from tenant defaults generally orfrom the unpredictability of the business plans and financial condition of the Company's tenants, which areheightened as a result of the COVID-19 pandemic; our business prospects and outlook; changes in governmentalregulations, tax rates and similar matters; our continuing to qualify as a REIT; and other factors detailed from timeto time in our filings with the Securities and Exchange Commission ("SEC"), including in particular those set forthunder “Risk Factors” in our latest annual report on Form 10-K and our latest quarterly report on Form 10-Q, whichyou should interpret as being heightened as a result of the numerous and ongoing adverse impacts of COVID-19.Given these uncertainties, you should not place undue reliance on any forward-looking statements. Except asrequired by law, we assume no obligation to update these forward-looking statements, even if new informationbecomes available in the future.

vi

RPT REALTYCONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)(unaudited)

March 31,2020

December 31, 2019

ASSETSIncome producing properties, at cost:

Land $ 331,265 $ 331,265Buildings and improvements 1,486,031 1,486,838Less accumulated depreciation and amortization (360,220) (352,006)

Income producing properties, net 1,457,076 1,466,097Construction in progress and land available for development 40,099 42,279

Net real estate 1,497,175 1,508,376Equity investments in unconsolidated joint ventures 130,602 130,321Cash and cash equivalents 320,596 110,259Restricted cash and escrows 2,248 4,293Accounts receivable, net 23,202 24,974Acquired lease intangibles, net 31,653 34,278Operating lease right-of-use assets 19,064 19,222Other assets, net 82,130 86,836TOTAL ASSETS $ 2,106,670 $ 1,918,559

LIABILITIES AND SHAREHOLDERS' EQUITY Notes payable, net $ 1,155,176 $ 930,808Finance lease obligation 926 926Accounts payable and accrued expenses 41,826 55,360Distributions payable 19,853 19,792Acquired lease intangibles, net 37,650 38,898Operating lease liabilities 18,092 18,181Other liabilities 21,311 6,339TOTAL LIABILITIES 1,294,834 1,070,304

Commitments and Contingencies

RPT Realty ("RPT") Shareholders' Equity: Preferred shares of beneficial interest, $0.01 par, 2,000 shares authorized: 7.25% Series D CumulativeConvertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 1,849 sharesissued and outstanding as of March 31, 2020 and December 31, 2019, respectively 92,427 92,427Common shares of beneficial interest, $0.01 par, 240,000 and 120,000 shares authorized as of March31, 2020 and December 31, 2019, respectively, and 79,969 and 79,850 shares issued and outstandingas of March 31, 2020 and December 31, 2019, respectively 800 798Additional paid-in capital 1,169,929 1,169,557Accumulated distributions in excess of net income (455,431) (436,361)Accumulated other comprehensive income (15,091) 1,819TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT 792,634 828,240Noncontrolling interest 19,202 20,015TOTAL SHAREHOLDERS' EQUITY 811,836 848,255TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,106,670 $ 1,918,559

Page 1

RPT REALTYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months EndedMarch 31,

2020 2019REVENUE

Rental income $ 51,722 $ 58,358Other property income 803 1,299Management and other fee income 351 51

TOTAL REVENUE 52,876 59,708

EXPENSESReal estate tax expense 8,151 9,822Recoverable operating expense 5,979 6,681Non-recoverable operating expense 2,277 2,490Depreciation and amortization 20,848 19,219Transaction costs 174 —General and administrative expense 6,222 6,066Insured expenses, net 60 —

TOTAL EXPENSES 43,711 44,278

OPERATING INCOME 9,165 15,430

OTHER INCOME AND EXPENSESOther income (expense), net 353 (108)Gain on sale of real estate — 5,702Earnings from unconsolidated joint ventures 256 54Interest expense (9,401) (10,349)

INCOME BEFORE TAX 373 10,729Income tax provision (31) (36)

NET INCOME 342 10,693Net income attributable to noncontrolling partner interest (8) (250)

NET INCOME ATTRIBUTABLE TO RPT 334 10,443Preferred share dividends (1,675) (1,675)

NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS $ (1,341) $ 8,768

EARNINGS PER COMMON SHAREBasic $ (0.02) $ 0.11Diluted $ (0.02) $ 0.11

WEIGHTED AVERAGE COMMON SHARES OUTSTANDINGBasic 79,909 79,744Diluted 79,909 79,931

Page 2

RPT REALTYRECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FUNDS FROM OPERATIONS(In thousands, except per share data)

(unaudited)Three Months Ended March 31,

2020 2019Net income $ 342 $ 10,693Net income attributable to noncontrolling partner interest (8) (250)Preferred share dividends (1,675) (1,675)Net income available to common shareholders (1,341) 8,768Adjustments:

Rental property depreciation and amortization expense 20,720 19,122Pro-rata share of real estate depreciation from unconsolidated joint ventures (6) 1,412 14Gain on sale of depreciable real estate — (5,702)

FFO available to common shareholders 20,791 22,202Noncontrolling interest in Operating Partnership (1) 8 250Preferred share dividends (assuming conversion) (2) 1,675 1,675

FFO available to common shareholders and dilutive securities $ 22,474 $ 24,127Transaction costs (3) 174 —Insured expenses, net 60 —Severance expense (4) 62 98Executive management reorganization, net (4)(5) — (252)Pro-rata share of acquisition costs from unconsolidated joint ventures (6) 617 —Bond interest proceeds (7) (213) —

Operating FFO available to common shareholders and dilutive securities $ 23,174 $ 23,973

Weighted average common shares 79,909 79,744Shares issuable upon conversion of Operating Partnership Units (“OP Units”) (1) 1,909 1,909Dilutive effect of restricted stock 445 187Shares issuable upon conversion of preferred shares (2) 7,014 6,891Weighted average equivalent shares outstanding, diluted 89,277 88,731

FFO available to common shareholders and dilutive securities per share, diluted $ 0.25 $ 0.27

Operating FFO available to common shareholders and dilutive securities per share, diluted $ 0.26 $ 0.27

Dividend per common share $ 0.22 $ 0.22Payout ratio - Operating FFO 84.6% 81.5%

(1) The total noncontrolling interest reflects OP units convertible on a one-of-one basis into common shares. (2) 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest, $0.01 par (“Series D Preferred Shares”) are paid annual dividends of $6.7

million and are currently convertible into approximately 7.0 million shares of common stock. They are dilutive only when earnings or FFO exceed approximately$0.24 per diluted share per quarter and $0.96 per diluted share per year. The conversion ratio is subject to adjustment based upon a number of factors, and suchadjustment could affect the dilutive impact of the Series D convertible preferred shares on FFO and earning per share in future periods.

(3) Costs associated with a terminated acquisition and a terminated disposition.(4) Amounts noted are included in General and administrative expense.(5) 1Q19 is largely comprised of a performance award benefit related to the Company's former chief executive officer.(6) Amounts noted are included in Earnings from unconsolidated joint ventures.(7) Amounts noted are included in Other income (expense), net.

Page 3


(amounts in thousands)(unaudited)

Reconciliation of net income available to common shareholders to Same Property Net Operating Income (NOI) at Pro-Rata

Three Months Ended March 31,2020 2019

Net income available to common shareholders $ (1,341) $ 8,768Preferred share dividends 1,675 1,675Net income attributable to noncontrolling partner interest 8 250Income tax provision 31 36Interest expense 9,401 10,349Earnings from unconsolidated joint ventures (256) (54)Gain on sale of real estate — (5,702)Insured expenses, net 60 —Other (income) expense, net (353) 108Management and other fee income (351) (51)Depreciation and amortization 20,848 19,219Transaction costs 174 —General and administrative expenses 6,222 6,066Pro-rata share of NOI from unconsolidated joint venture (1) 2,232 —Lease termination fees (141) (149)Amortization of lease inducements 137 96Amortization of acquired above and below market lease intangibles, net (1,095) (909)Straight-line ground rent expense 77 77Straight-line rental income (301) (810)

NOI at Pro-Rata (2) 37,027 38,969NOI from Other Investments 462 (2,306)

Same Property NOI at Pro-Rata (3) $ 37,489 $ 36,663

(1) Represents 51.5% of the NOI from the five properties contributed to R2G Venture LLC after December 9, 2019. (2) Includes 100.0% of the NOI from the five properties contributed to R2G Venture LLC prior to December 10, 2019 and 51.5% of the NOI from the same five

properties after December 9, 2019.(3) Includes 51.5% of the NOI from the five properties contributed to R2G Venture LLC for all periods presented.

Page 4


(amounts in thousands)(unaudited)


Reconciliation of net income to annualized proforma adjusted EBITDANet income $ 342 $ 10,693Interest expense 9,401 10,349Income tax provision 31 36Depreciation and amortization 20,848 19,219Gain on sale of depreciable real estate — (5,702)Pro-rata adjustments from unconsolidated entities 1,412 14EBITDAre 32,034 34,609

Severance expense 62 98Executive management reorganization, net — (252)Transaction costs 174 —Pro-rata share of acquisition costs from unconsolidated entities 617 —Insured expenses, net 60 —Bond interest proceeds (213) —Adjusted EBITDA 32,734 34,455Proforma adjustments (1) (337) (1,058)Proforma adjusted EBITDA $ 32,397 $ 33,397Annualized proforma adjusted EBITDA $ 129,588 $ 133,588

Reconciliation of Notes Payable, net to Net DebtNotes payable, net $ 1,155,176 $ 962,433Unamortized premium (1,767) (2,706)Deferred financing costs, net 3,630 2,878Consolidated notional debt 1,157,039 962,605Finance lease obligation 926 975Cash, cash equivalents and restricted cash (322,844) (88,313)Pro-rata share of unconsolidated entities cash, cash equivalents and restricted cash (3,537) —Net debt $ 831,584 $ 875,267

Reconciliation of interest expense to total fixed chargesInterest expense $ 9,401 $ 10,349Preferred share dividends 1,675 1,675Scheduled mortgage principal payments 542 654Total fixed charges $ 11,618 $ 12,678

Net debt to annualized proforma adjusted EBITDA 6.4 x 6.6 xInterest coverage ratio (proforma adjusted EBITDA / interest expense) 3.4 x 3.2 xFixed charge coverage ratio (proforma adjusted EBITDA / fixed charges) 2.8 x 2.6 x

(1) 1Q20 excludes $0.3 million benefit from the acceleration of a below market lease. 1Q19 excludes $1.1 million from dispositions. The proforma adjustmentstreat the activity as if they occurred at the start of each quarter.

Page 5

RPT RealtyNon-GAAP Financial Definitions

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with ourGAAP financial statements in order to evaluate our operations results. We believe these measures provide additional and useful means toassess our performance. These measures do not represent alternatives to GAAP measures as indicators of performance and a comparison ofthe Company's presentations to similarly titled measures of other REITs may not necessarily be meaningful due to possible differences indefinition and application by such REITs.

Funds From Operations (FFO)As defined by the National Association of Real Estate Investment Trusts (NAREIT), Funds From Operations (FFO) represents net incomecomputed in accordance with generally accepted accounting principles, excluding gains (or losses) from sales of depreciable property andimpairment provisions on depreciable real estate or on investments in non-consolidated investees that are driven by measurable decreasesin the fair value of depreciable real estate held by the investee, plus depreciation and amortization of depreciable real estate, (excludingamortization of financing costs). Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds fromoperations on the same basis. We have adopted the NAREIT definition in our computation of FFO.

Operating FFOIn addition to FFO, we include Operating FFO as an additional measure of our financial and operating performance. Operating FFOexcludes acquisition costs and periodic items such as gains (or losses) from sales of land and impairment provisions on land, bargainpurchase gains, severance expense, executive management reorganization costs, net, accelerated amortization of debt premiums, gains orlosses on extinguishment of debt, insured expenses, net and R2G Venture LLC related costs that are not adjusted under the currentNAREIT definition of FFO. We provide a reconciliation of FFO to Operating FFO. In future periods, Operating FFO may also includeother adjustments, which will be detailed in the reconciliation for such measure, that we believe will enhance comparability of OperatingFFO from period to period. FFO and Operating FFO should not be considered alternatives to GAAP net income available to commonshareholders or as alternatives to cash flow as measures of liquidity.

While we consider FFO available to common shareholders and Operating FFO available to common shareholders useful measures forreviewing our comparative operating and financial performance between periods or to compare our performance to different REITs, ourcomputations of FFO and Operating FFO may differ from the computations utilized by other real estate companies, and therefore, may notbe comparable. We recognize the limitations of FFO and Operating FFO when compared to GAAP net income available to commonshareholders. FFO and Operating FFO available to common shareholders do not represent amounts available for needed capitalreplacement or expansion, debt service obligations, or other commitments and uncertainties. In addition, FFO and Operating FFO do notrepresent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fundcash needs, including the payment of dividends.

Net Operating Income (NOI) / Same Property NOI / NOI from Other InvestmentsNOI consists of (i) rental income and other property income, before straight-line rental income, amortization of lease inducements,amortization of acquired above and below market lease intangibles and lease termination fees less (ii) real estate taxes and all recoverableand non-recoverable operating expenses other than straight-line ground rent expense, in each case, including our share of these items fromour R2G Venture LLC unconsolidated joint venture.

NOI, Same Property NOI and NOI from Other Investments are supplemental non-GAAP financial measures of real estate companies'operating performance. Same Property NOI is considered by management to be a relevant performance measure of our operations becauseit includes only the NOI of comparable operating properties for the reporting period. Same Property NOI for the three months endedMarch 31, 2020 and 2019 represents NOI from the Company's same property portfolio consisting of 41 consolidated operating propertiesacquired or placed in service and stabilized prior to January 1, 2019 and five previously consolidated properties contributed to the newlyformed joint venture, R2G Venture LLC, in December 2019. Same property NOI from these five properties includes 51.5% of their NOI asa consolidated property for the period January 1, 2019 through March 31, 2019 and 51.5% of their NOI as an unconsolidated propertyaccounted for under the equity method for the period January 1, 2020 through March 31, 2020. Same Property NOI excludes propertiesunder redevelopment or where activities have started in preparation for redevelopment. A property is designated as a redevelopment whenplanned improvements significantly impact the property. NOI from Other Investments for the three months ended March 31, 2020 and2019 represents NOI primarily from (i) properties disposed of and acquired during 2019, (ii) 48.5% of the NOI prior to December 10, 2019from the five previously consolidated properties contributed to the R2G Venture LLC unconsolidated joint venture, (iii) Webster Place andRivertowne Square where the Company has begun activities in anticipation of future redevelopment, (iv) certain property related employeecompensation, benefits, and travel expense and (v) noncomparable operating income and expense adjustments.

NOI, Same Property NOI and NOI from Other Investments should not be considered as alternatives to net income in accordance withGAAP or as measures of liquidity. Our method of calculating these measures may differ from methods used by other REITs and,accordingly, may not be comparable to such other REITs.

Page 6

RPT RealtyNon-GAAP Financial Definitions (continued)

EBITDAre/Adjusted EBITDA/Proforma Adjusted EBITDANAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit),depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gainsor losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share ofunconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent withthe NAREIT definition. The Company also presents Adjusted EBITDA which is EBITDAre net of other items that we believe enhancecomparability of Adjusted EBITDA across periods and are listed as adjustments in the applicable reconciliation. EBITDAre and AdjustedEBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordancewith GAAP.

Pro-RataWe present certain financial information on a “pro-rata” basis or including “pro-rata” adjustments. Unless otherwise specified, pro-ratafinancial information includes our proportionate economic ownership of each of our unconsolidated joint ventures derived on an entity-by-entity basis by applying the ownership percentage interest used to arrive at our share of the net operations for the period consistent with theapplication of the equity method of accounting to each of our unconsolidated joint ventures. See page 30 of our quarterly financial andoperating supplement for a discussion of important considerations and limitations that you should be aware of when review financialinformation that we present on a pro-rata basis or including pro-rata adjustment.

OccupancyOccupancy is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of suchproperty economically occupied by tenants under leases with an initial term of greater than one year, to (b) the aggregate number of squarefeet for such property.

Leased RateLease Rate is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of suchproperty under leases with an initial term of greater than one year, including signed leases not yet commenced, to (b) the aggregate numberof square feet for such property.

Metropolitan Statistical Area (MSA)Metropolitan Statistical Area (MSA) information is sourced from the United States Census Bureau and rank is determined based on themost recently available population estimates.

Page 7

RPT RealtyConsolidated Balance Sheet DetailMarch 31, 2020 and December 31, 2019(in thousands)(unaudited)

March 31, December 31,2020 2019

Construction in progress and land available for developmentConstruction in progress $ 11,391 $ 13,777Land available for development 28,708 28,502

Construction in progress and land available for development $ 40,099 $ 42,279

Equity investments in unconsolidated joint venturesR2G Venture LLC (51.5%) $ 130,562 $ 130,281Ramco/Lion Venture LP (30%) 40 40

Equity investments in unconsolidated joint ventures $ 130,602 $ 130,321

Other assets, netDeferred leasing costs, net $ 29,258 $ 30,442Deferred financing costs on unsecured revolving credit facility, net 2,486 2,659Straight-line rent receivable, net 19,907 19,605Cash flow hedge mark-to-market asset — 2,331Prepaid and other deferred expenses, net 1,639 2,662Acquired development agreements (1) 17,756 18,017Other, net 11,084 11,120

Other assets, net $ 82,130 $ 86,836

Other liabilities, netCash flow hedge mark-to-market liability $ 15,449 $ 469Deferred liabilities 2,951 2,957Tenant security deposits 2,911 2,913

Other liabilities, net $ 21,311 $ 6,339

(1) Acquired development agreements are amortized over the life of the agreements.

Page 8

RPT RealtyConsolidated Statements of Operations DetailFor the Three Months Ended March 31, 2020 and 2019(in thousands)(unaudited)


Rental IncomeBase rent, net $ 38,620 $ 42,123Straight-line rental income, net 301 810Amortization of acquired above and below market lease intangibles, net 1,095 909Rental income not probable of collection (544) (122)Percentage rent 100 281Recovery income from tenants 12,150 14,357

Total rental income $ 51,722 $ 58,358

Other Property IncomeLease termination income $ 141 $ 149Other property income 662 1,150

Total other property income $ 803 $ 1,299

Gain on Sale of Real EstateGain on sale of depreciable real estate $ — $ 5,702

Total gain on sale of real estate $ — $ 5,702

Earnings from Unconsolidated Joint VenturesNet income $ 256 $ 54

Total earnings from unconsolidated joint ventures $ 256 $ 54

Other Operating Expense Supplemental InformationGround rent expense $ 214 $ 214Ground rent straight-line 77 77

$ 291 $ 291

Page 9

RPT Realty

Other Supplemental Information - Consolidated Portfolio

For the Three Months Ended March 31, 2020 and 2019

(in thousands)

(unaudited)

Three Months Ended March 31,

2020 2019Non-Cash Rental Income

Straight-line rental income, net $ 301 $ 810Amortization of acquired above and below market lease intangibles, net 1,095 909

$ 1,396 $ 1,719

Non-Cash General and Administrative ExpenseShare-based compensation expense (1) $ 820 $ 812Long-term incentive plan expense (2) 279 206Straight-line rent expense (8) 13

$ 1,091 $ 1,031

Non-Cash Interest Expense and Other Non Cash ExpenseCapitalized interest (benefit) $ (1) $ (24)Amortization of premium on mortgage debt (benefit) (228) (242)Amortization of debt issuance costs 343 362Straight-line ground rent expense (3) 77 77

Ongoing Capital ExpendituresLeasing capital expenditures $ 1,152 $ 4,589Building improvements (4) 1,255 1,040

Total ongoing capital expenditures $ 2,407 $ 5,629

Discretionary Capital ExpendituresTargeted remerchandising $ 1,726 $ 4,903Outlots/expansions 112 5,854Development/redevelopment 225 374

Total discretionary capital expenditures $ 2,063 $ 11,131

(1) Represents amortization of service based restricted share awards to management and trustees.(2) Expense on certain awards are marked-to-market each quarter based on the Company's total shareholder's return relative to a group of

designated peers which can produce volatility in earnings. Expense on equity-classified awards are valued as of the grant date basedupon the Company's total shareholder's return relative to a group of designated peers and amortized ratably throughout the performanceperiod. The Company uses a third party compensation consultant to assist in estimating the fair value of these awards.

(3) Amounts are included in Non-recoverable operating expense.(4) For 2020, excludes $1.2 million of insurance reimbursable capital expenditures.

Page 10

RPT RealtySame Property Analysis at Pro-RataFor the Three Months Ended March 31, 2020 and 2019(in thousands)(unaudited)

Three Months Ended March 31,2020 2019 Change

Number of operating properties in retail portfolio 46 46Annualized Base Rent per square foot (ABR/SF) $ 15.20 $ 15.05 1.0%Leased Rate 94.4 % 94.7 % (0.3)%Occupancy 93.5 % 91.6 % 1.9%

RevenueBase rent, net $ 39,489 $ 38,023 3.9%Rental income not probable of collection (553) (114) 385.1%Percentage rent 153 242 (36.8)%Recovery income from tenants 12,446 12,997 (4.2)%

Same property rental income 51,535 51,148 0.8%Other property income 611 1,095 (44.2)%

$ 52,146 $ 52,243 (0.2)%Expenses

Real estate taxes $ 7,991 $ 8,781 (9.0)%Recoverable operating expense 5,938 5,957 (0.3)%Non-recoverable operating expense 728 842 (13.5)%

$ 14,657 $ 15,580 (5.9)%

Same Property NOI at Pro-Rata (1) $ 37,489 $ 36,663 2.3%

Operating Expense Recovery Ratio 89.4 % 88.2 % 1.2%

(1) Refer to pages 3-7 for reconciliations and definitions of Non-GAAP financial measures.

Page 11

RPT RealtyConsolidated Market DataMarch 31, 2020 and 2019(in thousands, except per share amounts)

March 31,2020 2019

Market price per common share $ 6.03 $ 12.01

Market price per convertible perpetual preferred share $ 30.60 $ 50.56

Common shares outstanding 79,969 79,757Operating Partnership Units outstanding 1,909 1,909Restricted share awards (treasury method) 445 187 Total common shares and equivalents 82,323 81,853

Equity market capitalization $ 496,408 $ 983,055

Fixed rate debt (excluding unamortized premium & deferred financing costs) $ 932,039 $ 934,480Variable rate debt 225,000 28,125

Total consolidated fixed and variable rate debt 1,157,039 962,605Finance lease obligation 926 975Cash, cash equivalents and restricted cash (322,844) (88,313)Pro-rata share of unconsolidated entities cash, cash equivalents and restricted cash (3,537) —

Net debt $ 831,584 $ 875,267

Equity market capitalization 496,408 983,055Convertible perpetual preferred shares (at market) 56,579 93,485Total market capitalization $ 1,384,571 $ 1,951,807

Page 12

DEBT SUMMARY

Page 13

RPT RealtyConsolidated Summary of Outstanding DebtMarch 31, 2020(in thousands)

Balanceat

3/31/20

StatedInterest

RateLoanType

Maturity DateProperty Name Lender or Servicer

Mortgage DebtBridgewater Falls Shopping Center Wells Fargo Bank, N.A. $ 53,137 5.70 % Fixed Feb-22The Shops on Lane Avenue New York Life 28,564 3.76 % Fixed Jan-23Nagawaukee II Principal Life Insurance 5,338 5.80 % Fixed Jun-26

Subtotal mortgage debt 87,039 5.07 % Unamortized premium 1,767

Total mortgage debt, net $ 88,806

Unsecured Credit FacilitiesUnsecured Term Loan (1) Key Bank, as agent $ 60,000 2.97 % Fixed Mar-23Unsecured Revolving Credit Facility Key Bank, as agent 225,000 2.09 % Variable Nov-23Unsecured Term Loan (2) Key Bank, as agent 50,000 2.46 % Fixed Nov-24Unsecured Term Loan (3) Key Bank, as agent 50,000 2.66 % Fixed Feb-25Unsecured Term Loan (4) Key Bank, as agent 50,000 2.90 % Fixed Nov-26Unsecured Term Loan (5) Key Bank, as agent 100,000 3.25 % Fixed Feb-27

Subtotal unsecured credit facilities 535,000 2.57 %

Senior Unsecured DebtSenior Unsecured Notes Various $ 37,000 3.75 % Fixed Jun-21Senior Unsecured Notes Various 41,500 4.12 % Fixed Jun-23Senior Unsecured Notes Prudential Capital Group 50,000 4.65 % Fixed May-24Senior Unsecured Notes AIG 25,000 4.05 % Fixed Nov-24Senior Unsecured Notes Various 31,500 4.27 % Fixed Jun-25Senior Unsecured Notes Prudential Capital Group 50,000 4.20 % Fixed Jul-25Senior Unsecured Notes AIG 50,000 4.09 % Fixed Sep-25Senior Unsecured Notes Prudential Capital Group 50,000 4.74 % Fixed May-26Senior Unsecured Notes AIG 25,000 4.28 % Fixed Nov-26Senior Unsecured Notes Various 30,000 4.57 % Fixed Dec-27Senior Unsecured Notes TIAA, AIG 75,000 3.64 % Fixed Nov-28Senior Unsecured Notes Various 20,000 4.72 % Fixed Dec-29Senior Unsecured Notes Various 50,000 4.15 % Fixed Dec-29

Subtotal senior unsecured notes 535,000 4.20 % Deferred financing costs (3,630)

Total unsecured debt, net $ 1,066,370

Total consolidated debt, net $ 1,155,176

Finance Lease ObligationButtermilk Towne Center (6) City of Crescent Springs $ 926 5.23 % Finance Lease Dec-32 Total Finance Lease Obligation $ 926

(1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020(2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020.(3) Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020.(4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020.(5) Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020.(6) At expiration, the Company has the right to purchase the land under the center for one dollar.

Page 14

RPT RealtyConsolidated Summary of Debt MaturitiesMarch 31, 2020(in thousands)

Year

Consolidated Scheduled Maturities

Weighted Average

Interest Rate +

Consolidated Scheduled

Amortization Payments =

Total Scheduled Debt Maturing

Percentage of Debt Maturing

2020 $ — — % $ 1,785 $ 1,785 0.2 %2021 37,000 3.75 % 2,508 39,508 3.4 %2022 50,949 5.70 % 1,448 52,397 4.5 %2023 353,559 2.61 % 829 354,388 30.6 %2024 125,000 3.83 % 879 125,879 10.9 %2025 181,500 3.76 % 931 182,431 15.8 %2026 125,000 4.08 % 651 125,651 10.9 %2027 130,000 3.55 % — 130,000 11.2 %2028 75,000 3.64 % — 75,000 6.5 %2029 70,000 4.31 % — 70,000 6.0 % Debt $ 1,148,008 3.53 % $ 9,031 $ 1,157,039 100.0 % Unamortized premium 1,767 Deferred financing costs (3,630) Total debt $ 1,155,176

Weighted average term of debt, excluding scheduled amortization: 5.1 years.

Page 15

RPT RealtyDebt CovenantsMarch 31, 2020

Unsecured Revolving Credit Facility, Term Loans due 2023, 2024, 2025, 2026 & 2027 (1)

Covenant March 31, 2020

Leverage ratio ≤ 60.0% 37.8 %

Secured leverage ratio ≤ 40.0% — %

Fixed charge coverage ratio ≥ 1.50x 2.6x

Unencumbered leverage ratio ≤ 60.0% 57.2% (2)

Unencumbered interest coverage ratio ≥ 1.75x 3.8x

(1) For a complete listing of all covenants and related definitions for our Unsecured Revolving Credit Facility, refer tothe Fifth Amended and Restated Unsecured Master Loan Agreement, dated November 6, 2019, filed as Exhibit 10.1to our Current Report on Form 8-K filed on November 8, 2019 (the “credit agreement”). Covenants are calculated inaccordance with the credit agreement and are included to demonstrate our compliance with such covenants andshould not be viewed as a measure of our historical or future financial performance, financial position or cash flows.

(2) The unencumbered leverage ratio would have been 45.3% as of March 31, 2020 without the additional $225.0million of borrowings under our unsecured revolving credit facility that occurred in March 2020. The additional$225.0 million of borrowings was to strengthen our liquidity position due to the COVID-19 pandemic. Theunencumbered leverage ratio as of December 31, 2019 was 45.4%.

Page 16

INVESTMENT ACTIVITY

Page 17

RPT RealtyRedevelopment / Outlots / Expansion ProjectsMarch 31, 2020(in thousands)

ACTIVE OUTLOTS / EXPANSION

Property Name MSAOwnership

%

Property Included in Same Property

Portfolio Project DescriptionIncremental

New GLA

Actual/ Projected

Construction Completion(1)

Projected Stabilization(2)

Projected Net

Costs(3)Cost in Period

Cost to Date

Cost to Complete

Estimated Return on

Cost(4)

River City Marketplace

Jacksonville, FL 100.0% Yes Construct new multi-tenant outparcel building

11,100 2Q19 2Q20 2,900 82 2,714 186 9.5%-10.5%

Total 11,100 $ 2,900 $ 82 $ 2,714 $ 186

RECENTLY STABILIZED PROJECTS IN THE LAST 12 MONTHS

Property Name MSAOwnership

%


Portfolio Project DescriptionIncremental

New GLA Stabilization(2)Net Project

Costs(3)

The Shops on Lane Avenue

Columbus, OH 100.0% Yes Lease 2nd floor over existing retail building for new co-working space 10,700 2Q19 $ 1,600

Parkway Shops Jacksonville, FL 100.0% Yes Site work to accommodate new ground lease pad with Aldi 26,000 1Q20 1,200

Total 36,700 $ 2,800

(1) Construction Completion represents the date that construction is expected to be substantially complete.(2) Stabilization represents the earlier of the project reaching 90% occupancy or one year from the completion of major construction activity.(3) Net costs denote the Company's estimated project costs.(4) Estimated Return on Cost (ROC) reflects unleveraged incremental NOI generated by the project upon stabilization divided by incremental cost.

Page 18

RPT RealtyRedevelopment / Outlots / Expansion Projects (continued)March 31, 2020

DEVELOPMENT / REDEVELOPMENT OPPORTUNITIES

Property Name MSA Ownership %


Portfolio Project Description

Marketplace of Delray Miami, FL 100.0% Yes Extensive repositioning of the underutilized portion of the center with potential mixed-use components

Mission Bay Plaza Miami, FL 51.5% Yes South side redevelopment

Parkway Shops Jacksonville, FL 100.0% Yes Densification of site on undeveloped parcel

Rivertowne Square(1) Miami, FL 100.0% No Redevelopment and densification with potential mixed-use components

The Shops on Lane Avenue Columbus, OH 100.0% Yes Extensive redevelopment and repositioning including potential mixed-use portions

Webster Place(1) Chicago, IL 100.0% No Redevelopment, densification and rebranding with mixed-use components

OUTLOTS / EXPANSION OPPORTUNITIES

Property Name MSA Ownership %


Portfolio Project Description

Buttermilk Towne Center Cincinnati, OH 100.0% Yes 15,000 to 25,000 SF in pad opportunities along the southeast portion of the site

Front Range Village Denver, CO 100.0% Yes Ground lease opportunity along Council Tree Avenue and East Harmony Road

Tel-Twelve Detroit, MI 100.0% Yes 5,000 SF pad for potential restaurant tenant on Telegraph Road

Town & Country Crossing St. Louis, MO 51.5% Yes 4,000 to 15,000 SF of pad development opportunities

Village Lakes Tampa, FL 100.0% Yes 7,000 SF pad for retail use adjacent to State Rd. 54

Olentangy Plaza Columbus, OH 100.0% Yes 4,000 to 5,000 SF pad for retail use on Bethel Road

(1) Not included in the same property portfolio as the Company has begun preparation activities for near-term redevelopment.

Page 19

RPT RealtyAcquisitions / DispositionsFor the Three Months Ended March 31, 2020(in thousands, except acreage)

CONSOLIDATED PORTFOLIO

No acquisition or disposition activity during the three months ended March 31, 2020.

UNCONSOLIDATED JOINT VENTURES

No acquisition or disposition activity during the three months ended March 31, 2020.

Page 20

PORTFOLIO SUMMARY at PRO-RATA

Page 21

RPT RealtyPortfolio Summary at Pro-Rata (1)

March 31, 2020

Portfolio Data

ConsolidatedJoint

Ventures

Aggregate Portfolio

Totals / Average

Number of Properties 44 5 49Gross Leasable Area (GLA) 11,125,527 400,076 11,525,603Ground Lease GLA 953,809 15,080 968,889Annualized Base Rent per square foot (ABR/SF) $ 15.02 $ 22.90 $ 15.30Leased Rate 94.0 % 94.7 % 94.1 %

Anchor 97.0 % 94.7 % 96.9 %Small Shop 86.9 % 94.7 % 87.3 %

Occupancy 93.2 % 94.7 % 93.3 %Anchor 96.5 % 94.7 % 96.5 %Small Shop 85.0 % 94.7 % 85.6 %

Market Summary

MSANumber of Properties (2)

Owned GLA (100%) Owned GLA Leased % Occupied % ABR/SF % of ABR

Top 40 MSAs:Atlanta 3 527,291 527,291 96.5 % 95.8 % $ 12.16 3.7 %Austin 1 75,923 75,923 96.3 % 96.3 % 25.90 1.2 %Baltimore 1 252,230 252,230 96.3 % 96.3 % 9.79 1.4 %Chicago 4 766,824 766,824 85.8 % 85.4 % 14.81 5.9 %Cincinnati 3 1,262,582 1,262,582 94.5 % 92.9 % 15.93 11.4 %Columbus 2 435,311 435,311 92.7 % 89.0 % 18.07 4.3 %Denver 1 504,008 504,008 89.0 % 88.6 % 19.97 5.4 %Detroit 9 2,316,662 2,269,730 96.2 % 96.0 % 14.79 19.6 %Indianapolis 1 251,433 251,433 95.7 % 87.9 % 14.05 1.9 %Jacksonville 2 756,492 756,492 93.1 % 93.1 % 16.99 7.3 %Miami 6 1,034,876 795,518 92.7 % 91.7 % 16.72 7.4 %Milwaukee 2 546,306 546,306 91.7 % 91.1 % 12.59 3.8 %Minneapolis 2 445,234 445,234 89.8 % 89.8 % 25.48 6.2 %Nashville 1 632,554 632,554 97.9 % 97.2 % 13.41 5.0 %St. Louis 4 827,431 736,950 95.4 % 95.4 % 14.47 6.2 %Tampa 4 751,286 751,286 99.2 % 98.2 % 12.80 5.7 %Top 40 MSA subtotal 46 11,386,443 11,009,672 94.1 % 93.3 % $ 15.44 96.4 %Not Top 40 MSA 3 515,931 515,931 92.7 % 92.7 % 12.40 3.6 %Total 49 11,902,374 11,525,603 94.1 % 93.3 % $ 15.30 100.0 %

(1) Shown at pro-rata except for number of properties and as otherwise indicated.(2) Properties in MSA that are in JV: Detroit (1), Miami (3) and St. Louis (1).

Page 22

RPT RealtySummary of Expiring GLAPortfolio at Pro-Rata (1)

March 31, 2020

All LeasesExpiration Year Number of Leases Owned GLA % of Owned GLA % of ABR (2) ABR/sf2020 76 333,327 2.9 % 3.4 % $ 16.912021 206 1,441,248 12.5 % 14.6 % 16.622022 178 1,116,561 9.7 % 11.8 % 17.382023 195 1,695,069 14.7 % 15.6 % 15.182024 129 1,106,368 9.6 % 9.4 % 13.962025 93 1,143,114 9.9 % 10.1 % 14.542026 64 1,006,633 8.7 % 7.9 % 12.972027 58 485,283 4.2 % 5.0 % 16.892028 83 779,488 6.8 % 7.9 % 16.632029 93 780,556 6.8 % 6.5 % 13.762030+ 54 721,718 6.3 % 6.5 % 14.65Tenants month to month 33 139,418 1.2 % 1.3 % 15.53Sub-Total 1,262 10,748,783 93.3 % 100.0 % $ 15.30Leased (3) 21 93,619 0.8 % N/A N/A Vacant 165 683,201 5.9 % N/A N/A Total 1,448 11,525,603 100.0 % 100.0 % N/A

Anchor Tenants - GLA of 10,000 square feet or moreExpiration Year Number of Leases Owned GLA % of Owned GLA % of ABR (2) ABR/sf2020 5 156,540 1.9 % 1.6 % $ 9.692021 42 996,794 12.3 % 14.6 % 13.812022 30 691,206 8.5 % 9.9 % 13.502023 38 1,270,436 15.7 % 15.9 % 11.842024 30 791,673 9.8 % 8.9 % 10.682025 31 919,402 11.3 % 12.1 % 12.492026 20 871,562 10.7 % 10.1 % 10.902027 16 334,605 4.1 % 4.7 % 13.372028 18 590,955 7.3 % 8.1 % 12.972029 17 580,507 7.2 % 6.3 % 10.262030+ 17 585,531 7.2 % 7.5 % 12.09Tenants month to month 2 41,612 0.5 % 0.3 % 6.21Sub-Total 266 7,830,823 96.5 % 100.0 % $ 12.07Leased (3) 2 33,002 0.4 % N/A N/A Vacant 13 251,417 3.1 % N/A N/A Total 281 8,115,242 100.0 % 100.0 % N/A

Small Shop - GLA of less than 10,000 square feetExpiration Year Number of Leases Owned GLA % of Owned GLA % of ABR (2) ABR/sf2020 71 176,787 5.2 % 5.9 % $ 23.302021 164 444,454 13.0 % 14.6 % 22.922022 148 425,355 12.5 % 14.4 % 23.672023 157 424,633 12.5 % 15.3 % 25.152024 99 314,695 9.2 % 10.0 % 22.222025 62 223,712 6.6 % 7.3 % 22.982026 44 135,071 4.0 % 5.1 % 26.292027 42 150,678 4.4 % 5.3 % 24.692028 65 188,533 5.5 % 7.6 % 28.132029 76 200,049 5.9 % 6.8 % 23.902030+ 37 136,188 3.9 % 5.0 % 25.65Tenants month to month 31 97,806 2.9 % 2.7 % 19.50Sub-Total 996 2,917,961 85.6 % 100.0 % $ 23.97Leased (3) 19 60,617 1.7 % N/A N/A Vacant 152 431,784 12.7 % N/A N/A Total 1,167 3,410,362 100.0 % 100.0 % N/A

(1) Shown at pro-rata except for number of leases and as otherwise indicated.(2) Annualized base rent is based upon rents currently in place.(3) Includes signed leases where rent has not yet commenced.

Page 23

RPT RealtyTop Twenty-Five Retail Tenants (ranked by annualized base rent)Portfolio at Pro-Rata (1)

March 31, 2020

Tenant Name by RankCredit RatingS&P / Moody's (2) Number of

Leases

Number of Leases in

JV GLA

% of Total Company

Owned GLA

Total Annualized Base Rent

Annualized Base Rent

PSF

% of Annualized Base Rent

1 TJX Companies (3) A/A2 23 1 709,770 6.2 % $ 7,534,711 $ 10.62 4.6 %2 Dick's Sporting Goods (4) --/-- 10 1 451,967 3.9 % 5,486,121 12.14 3.3 %3 Regal Cinemas --/Ba1 4 — 219,160 1.9 % 4,968,395 22.67 3.0 %4 Bed Bath & Beyond (5) B+/Ba2 14 — 418,062 3.6 % 4,849,232 11.60 3.0 %5 LA Fitness B/B2 6 1 233,419 2.0 % 4,407,080 18.88 2.7 %6 Michaels Stores B/Ba2 9 — 217,456 1.9 % 2,844,359 13.08 1.7 %7 PetSmart B-/B3 8 — 178,250 1.5 % 2,832,681 15.89 1.7 %8 Ross Stores (6) BBB+/A2 12 — 307,212 2.7 % 2,722,432 8.86 1.7 %9 Gap, Inc. (7) BB/Ba1 13 1 155,336 1.3 % 2,682,821 17.27 1.6 %10 DSW Designer Shoe Warehouse --/-- 6 — 119,656 1.0 % 2,309,145 19.30 1.4 %11 ULTA Salon --/-- 9 — 93,137 0.8 % 2,307,520 24.78 1.4 %12 Burlington Coat Factory BB/Bal 4 — 213,945 1.9 % 2,191,486 10.24 1.3 %13 Best Buy BBB/Baa1 4 — 134,129 1.2 % 2,089,147 15.58 1.3 %14 Dollar Tree BBB-/Baa3 19 1 191,356 1.7 % 2,007,163 10.49 1.2 %15 Whole Foods A+/A2 3 1 92,198 0.8 % 1,872,358 20.31 1.1 %16 Jo-Ann Fabrics and Craft Stores CCC/B3 4 — 134,949 1.2 % 1,787,817 13.25 1.1 %17 Office Depot (8) B/Ba3 5 — 116,894 1.0 % 1,624,963 13.90 1.0 %18 Ascena Retail (9) CCC-/Caa2 15 — 75,633 0.7 % 1,558,892 20.61 1.0 %19 Meijer --/-- 1 — 189,635 1.6 % 1,530,650 8.07 0.9 %20 Ashley Furniture HomeStore --/-- 4 — 147,778 1.3 % 1,463,243 9.90 0.9 %21 Pinstripes --/-- 1 — 32,414 0.3 % 1,365,926 42.14 0.8 %22 At Home --/-- 2 — 177,946 1.5 % 1,362,504 7.66 0.8 %23 Five Below --/-- 9 1 77,316 0.7 % 1,317,120 17.04 0.8 %24 The Container Store B/B2 2 — 45,011 0.4 % 1,251,857 27.81 0.8 %25 Nordstrom BBB-/Baa2 2 — 69,803 0.6 % 1,236,846 17.72 0.8 %Sub-Total top 25 tenants 189 7 4,802,432 41.7 % $ 65,604,469 $ 13.66 39.9 %

(1) Shown at pro-rata except for number of leases and as otherwise indicated.(2) Source: Latest Company filings, as of March 31, 2020, per CreditRiskMonitor. Credit ratings relate to the parent or other affiliated entity that has obtained a

rating and may not relate solely to the entities that are financially responsible for the lease(3) Marshalls (10) / TJ Maxx (8) / HomeGoods (4) / Sierra Trading Post (1)(4) Dick's Sporting Goods (8) / Field & Stream (1) / Golf Galaxy (1)(5) Bed Bath & Beyond (7) / Buy Buy Baby (5) / Cost Plus World Market (2)(6) Ross Dress for Less (11) / DD's Discounts (1)(7) Old Navy (7) / Gap (2) / Banana Republic (1) / Athleta (3)(8) OfficeMax (3) / Office Depot (2)(9) Ann Taylor (3) / Catherine's (2) / Justice (4) / Lane Bryant (6)

Page 24

RPT RealtyLeasing ActivityPortfolio at Pro-Rata (5)

March 31, 2020

Leasing Transactions

Owned GLA

Base Rent PSF (1)

Prior Rent PSF (2)

Rent Growth %

Wtd. Avg. Lease Term

TIs, LCs & LL Costs

PSF (3)

Total Comparable Leases (4)

1st Quarter 2020 36 505,632 $12.63 $11.89 6.2 % 4.8 $1.144th Quarter 2019 27 94,783 $20.96 $18.67 12.3 % 5.5 $17.373rd Quarter 2019 42 184,942 $18.78 $17.54 7.1 % 4.6 $3.682nd Quarter 2019 50 268,535 $17.63 $16.61 6.2 % 5.7 $3.62Total 155 1,053,892 $15.73 $14.69 7.1 % 5.1 $3.66

Renewals1st Quarter 2020 32 497,512 $12.31 $11.59 6.2 % 4.8 $0.044th Quarter 2019 15 67,053 $19.20 $17.27 11.2 % 4.4 $2.723rd Quarter 2019 35 170,323 $17.85 $16.67 7.1 % 4.2 $0.332nd Quarter 2019 45 260,581 $17.29 $16.38 5.5 % 5.6 $2.65Total 127 995,469 $15.02 $14.09 6.6 % 4.9 $0.95

New Leases - Comparable1st Quarter 2020 4 8,120 $32.12 $30.54 5.2 % 9.0 $68.644th Quarter 2019 12 27,730 $25.08 $21.96 14.2 % 8.0 $51.763rd Quarter 2019 7 14,619 $29.64 $27.58 7.5 % 9.2 $42.662nd Quarter 2019 5 7,954 $28.80 $24.06 19.7 % 8.4 $35.63Total 28 58,423 $27.70 $24.84 11.5 % 8.5 $49.63

Total Comparable and Non-Comparable1st Quarter 2020 46 557,874 $13.50 N/A N/A 5.2 $8.234th Quarter 2019 34 109,138 $21.66 N/A N/A 5.8 $20.213rd Quarter 2019 54 227,516 $18.61 N/A N/A 5.4 $14.202nd Quarter 2019 62 339,253 $17.54 N/A N/A 6.5 $16.97Total 196 1,233,781 $16.27 N/A N/A 5.6 $12.78

(1) Base rent represents contractual minimum rent under the new lease for the first 12 months of the term. (2) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.(3) Includes estimated tenant improvement cost, tenant allowances, and landlord costs. Excludes first generation space and leases related to

development and redevelopment activity. (4) Non-comparable lease transactions include (i) leases for space vacant for greater than 12 months and (ii) leases signed where the previous and current

lease do not have a consistent lease structure.(5) Shown at pro-rata except for number of leasing transactions and owned GLA.

Page 25

RPT RealtyPortfolio Detail ReportMarch 31, 2020

Owned GLA (at 100%)

Property by Metro Market Property Category

Total Center

GLA Total Anchor (2) Small Shop

Leased Rate at

pro-rataOccupancy at pro-rata

ABR psfat pro-rata (1)

Grocery/Grocer Component (Shadow) Major Tenants (unowned)

Atlanta [MSA Rank 9]

Holcomb Center Community Center 107,193 107,193 58,256 48,937 91.3 % 89.7 % $ 13.04 Studio Movie Grill, Zoo Health Club

Peachtree Hill Community Center 154,700 154,700 110,625 44,075 98.3 % 98.3 % 14.32 Kroger LA Fitness

Promenade at Pleasant Hill Community Center 265,398 265,398 181,138 84,260 97.6 % 96.8 % 10.55 Publix K1 Speed, LA Fitness

Total / Average 527,291 527,291 350,019 177,272 96.5 % 95.8 % $ 12.16

Austin [MSA Rank 31]

Lakehills Plaza Community Center 75,923 75,923 12,582 63,341 96.3 % 96.3 % $ 25.90 (Target) TruFusion

Total / Average 75,923 75,923 12,582 63,341 96.3 % 96.3 % $ 25.90

Baltimore [MSA Rank 20]

Crofton Centre Community Center 252,230 252,230 210,318 41,912 96.3 % 96.3 % $ 9.79 Shoppers Food Warehouse

Gold's Gym, At Home

Total / Average 252,230 252,230 210,318 41,912 96.3 % 96.3 % $ 9.79

Chicago [MSA Rank 3]

Deer Grove Centre Community Center 357,644 237,644 183,928 53,716 82.2 % 82.2 % $ 10.41 Aldi Hobby Lobby, Ross Dress for Less, T.J. Maxx, (Target)

Market Plaza Community Center 166,572 166,572 90,954 75,618 91.8 % 90.0 % 15.54 Jewel-Osco Ross Dress for Less

Mount Prospect Plaza Community Center 227,690 227,690 174,320 53,370 94.2 % 94.2 % 14.15 Aldi Burlington Coat Factory, LA Fitness, Marshalls, Ross Dress for Less, (Walgreens)

Webster Place Lifestyle Center 134,918 134,918 113,162 21,756 70.6 % 70.6 % 24.16 Barnes & Noble, Regal Cinema

Total / Average 886,824 766,824 562,364 204,460 85.8 % 85.4 % $ 14.81

Cincinnati [MSA Rank 29]

Bridgewater Falls Lifestyle Center 627,040 503,340 337,989 165,351 94.2 % 94.2 % $ 14.57 Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Five Below, J.C. Penney, Michaels, PetSmart, T.J. Maxx, (Target)

Buttermilk Towne Center Community Center 290,033 290,033 258,787 31,246 100.0 % 100.0 % 10.22 Remke Market Field & Stream, Home Depot, LA Fitness, Petco

Deerfield Towne Center Lifestyle Center 469,209 469,209 278,859 190,350 91.6 % 87.2 % 21.56 Whole Foods Market

Ashley Furniture HomeStore, Bed Bath & Beyond, buybuy Baby, CoHatch (3), Crunch Fitness, Dick's Sporting Goods, Five Below, Regal Cinemas

Total / Average 1,386,282 1,262,582 875,635 386,947 94.5 % 92.9 % $ 15.93

Columbus [MSA Rank 32]

Olentangy Plaza Community Center 252,181 252,181 139,130 113,051 92.6 % 87.2 % $ 12.49 Aveda Institute Columbus, Eurolife Furniture, Marshalls, Micro Center, Tuesday Morning

The Shops on Lane Avenue Lifestyle Center 183,130 183,130 84,566 98,564 92.8 % 91.6 % 25.38 Whole Foods Market

Bed Bath & Beyond, CoHatch

Total / Average 435,311 435,311 223,696 211,615 92.7 % 89.0 % $ 18.07

Page 26


Owned GLA (at 100%)


Total Center


Leased Rate at




Denver [MSA Rank 19]

Front Range Village Lifestyle Center 837,646 504,008 261,917 242,091 89.0 % 88.6 % $ 19.97 Sprouts Farmers Market

2nd and Charles, Cost Plus World Market, DSW, Microsoft Corporation, Party City, Staples, TruFit Athletic Club, Ulta Beauty, Urban Air Adventure Park, (Fort Collins Library), (Lowes), (Target)

Total / Average 837,646 504,008 261,917 242,091 89.0 % 88.6 % $ 19.97

Detroit [MSA Rank 14]

Clinton Pointe Power Center 248,326 135,450 105,280 30,170 91.9 % 91.9 % $ 9.85 Gibralter Rug, OfficeMax, T.J. Maxx, (Target)

Hunter's Square Power Center 352,772 352,772 232,176 120,596 99.1 % 99.1 % 17.25 Bed Bath & Beyond, buybuy Baby, DSW Shoe Warehouse , Old Navy, Marshalls, Saks Fifth Avenue Off 5th, T.J. Maxx

Southfield Plaza Community Center 190,099 190,099 140,814 49,285 95.3 % 95.3 % 9.58 Big Lots, Burlington Coat Factory, Forman Mills

Tel-Twelve Community Center 523,382 523,382 490,850 32,532 94.8 % 94.8 % 12.04 Meijer Best Buy, DSW Shoe Warehouse, Lowe's, Michaels, PetSmart, Ulta

The Shops at Old Orchard (51.5%) Community Center 96,768 96,768 46,267 50,501 95.3 % 95.3 % 19.22 Plum Market

Troy Marketplace Power Center 265,730 245,130 188,921 56,209 97.7 % 97.7 % 20.04 Airtime, Golf Galaxy, LA Fitness, Nordstrom Rack, PetSmart, (REI)

West Oaks I Shopping Center Power Center 259,183 259,183 252,704 6,479 100.0 % 100.0 % 17.30 Gardner White Furniture, Home Goods, Michaels, Nordstrom Rack, Old Navy, Rally House, The Container Store

West Oaks II Shopping Center Power Center 526,713 193,744 116,543 77,201 85.5 % 83.3 % 18.47 Jo-Ann, Marshalls, (ABC Warehouse), (Bed Bath & Beyond), (Bob's Discount Furniture), (Kohl's), (Value City Furniture)

Winchester Center Power Center 320,134 320,134 276,829 43,305 100.0 % 100.0 % 12.78 Bed Bath & Beyond, Dick's Sporting Goods, Marshalls, Michaels, Party City, PetSmart, Stein Mart

Total / Average 2,783,107 2,316,662 1,850,384 466,278 96.2 % 96.0 % $ 14.79

Indianapolis [MSA Rank 34]

Merchants' Square Lifestyle Center 331,433 251,433 135,986 115,447 95.7 % 87.9 % $ 14.05 Flix Brewhouse, Planet Fitness

Total / Average 331,433 251,433 135,986 115,447 95.7 % 87.9 % $ 14.05

Jacksonville [MSA Rank 40]

Parkway Shops Community Center 170,568 170,568 151,454 19,114 100.0 % 100.0 % $ 10.75 Aldi, (Wal-Mart Supercenter)

Dick's Sporting Goods, Hobby Lobby, Marshalls

River City Marketplace Lifestyle Center 928,425 585,924 360,780 225,144 91.1 % 91.1 % 18.99 Aldi, (Wal-Mart Supercenter)

Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Burlington Coat Factory, Duluth Trading, Hollywood Theaters, Michaels, PetSmart, Ross Dress for Less, (Lowe's)

Total / Average 1,098,993 756,492 512,234 244,258 93.1 % 93.1 % $ 16.99

Page 27


Owned GLA (at 100%)


Total Center


Leased Rate at




Miami [MSA Rank 7]

Coral Creek Shops (51.5%) Community Center 109,312 109,312 42,112 67,200 94.3 % 94.3 % $ 19.80 Publix

Marketplace of Delray Community Center 241,715 241,715 133,316 108,399 93.3 % 93.3 % 16.83 Winn-Dixie Office Depot, Ross Dress for Less

Mission Bay Plaza (51.5%)Community Center 262,701 262,701 156,016 106,685 90.0 % 90.0 % 26.61 The Fresh

MarketDick's Sporting Goods, Five Below, LA Fitness, Tuesday Morning

Rivertowne Square Community Center 146,666 146,666 117,583 29,083 92.6 % 92.6 % 11.00 Winn-Dixie Bealls

The Crossroads (51.5%) Community Center 121,509 121,509 65,363 56,146 100.0 % 100.0 % 17.83 Publix

West Broward Shopping Center Community Center 152,973 152,973 106,883 46,090 90.8 % 85.3 % 11.44 Save-A-Lot Badcock, DD's Discounts

Total / Average 1,034,876 1,034,876 621,273 413,603 92.7 % 91.7 % $ 16.72

Milwaukee [MSA Rank 39]

Nagawaukee Center Community Center 280,083 220,083 159,005 61,078 100.0 % 100.0 % $ 15.37 (Sentry Foods) HomeGoods, Kohl's, Marshalls, Sierra Trading Post

West Allis Towne Centre Power Center 326,223 326,223 272,087 54,136 86.2 % 85.1 % 10.38 Burlington Coat Factory, Five Below, Hobby Lobby, Ross Dress for Less, Xperience Fitness

Total / Average 606,306 546,306 431,092 115,214 91.7 % 91.1 % $ 12.59

Minneapolis [MSA Rank 16]

Centennial Shops Community Center 85,206 85,206 66,574 18,632 97.3 % 97.3 % $ 41.52 Pinstripes, The Container Store, West Elm

Woodbury Lakes Community Center 372,545 360,028 171,654 188,374 88.1 % 88.1 % 21.29 (Trader Joe's) Alamo Drafthouse Cinema, Athleta, DSW, H&M, Michaels

Total / Average 457,751 445,234 238,228 207,006 89.8 % 89.8 % $ 25.48

Nashville [MSA Rank 36]

Providence Marketplace Lifestyle Center 829,798 632,554 494,296 138,258 97.9 % 97.2 % $ 13.41 (Kroger) Belk, Best Buy, Books A Million, Dick's Sporting Goods, J C Penney, JoAnn Fabrics, Old Navy, PetSmart, Regal Cinema, Ross Dress for Less, Staples, T.J. Maxx/HomeGoods, (Target)

Total / Average 829,798 632,554 494,296 138,258 97.9 % 97.2 % $ 13.41

St. Louis [MSA Rank 21]

Central Plaza Power Center 163,625 163,625 117,477 46,148 91.6 % 91.6 % $ 12.79 buybuy Baby, Jo-Ann, Old Navy, Ross Dress for Less

Deer Creek Shopping Center Power Center 208,122 208,122 158,688 49,434 96.9 % 96.9 % 10.55 GFS buybuy Baby, Club Fitness, Marshalls, Ross Dress for Less

Heritage Place Community Center 269,127 269,127 172,512 96,615 95.7 % 95.7 % 14.63 Dierbergs Markets

Marshalls, Office Depot, T.J. Maxx

Town & Country (51.5%) Community Center 323,394 186,557 105,684 80,873 97.9 % 97.9 % 25.10 Whole Foods Market

HomeGoods, Starbucks, Stein Mart, (Target)

Total / Average 964,268 827,431 554,361 273,070 95.4 % 95.4 % $ 14.47

Page 28


Owned GLA (at 100%)


Total Center


Leased Rate at




Tampa [MSA Rank 18]

Cypress Point Community Center 168,736 168,736 121,537 47,199 98.9 % 98.9 % $ 12.76 The Fresh Market

At Home

Lakeland Park Center Community Center 231,113 231,113 204,680 26,433 98.3 % 95.3 % 14.08 (Target) Dick's Sporting Goods, Floor & Décor, Northern Tool, Ross Dress for Less

Shoppes of Lakeland Power Center 307,102 183,702 138,523 45,179 100.0 % 100.0 % 13.59 (Target) Ashley Furniture HomeStore, Michaels, Staples, T.J. Maxx

Village Lakes Shopping Center Community Center 167,735 167,735 99,651 68,084 100.0 % 99.4 % 10.26 Bealls Outlet, Marshalls, Ross Dress for Less

Total / Average 874,686 751,286 564,391 186,895 99.2 % 98.2 % $ 12.80

Properties Not in Top 40 MSA's

Spring Meadows Place - Holland, OH

Community Center 818,466 314,514 247,641 66,873 88.1 % 88.1 % $ 11.27 (Wal-Mart) Ashley Furniture HomeStore, Big Lots, DSW, Guitar Center, HomeGoods, Michaels, OfficeMax, PetSmart, T.J. Maxx, (Best Buy), (Dick's Sporting Goods), (Sam's Club), (Target)

Treasure Coast Commons - Jensen Beach, FL

Community Center 91,656 91,656 91,656 — 100.0 % 100.0 % 12.92 Barnes&Noble, Beall's Outlet Store, Dick's Sporting Goods

Vista Plaza - Jensen Beach, FL Community Center 109,761 109,761 78,658 31,103 100.0 % 100.0 % 14.83 Bed Bath & Beyond, Michaels, Total Wine & More

Total / Average 1,019,883 515,931 417,955 97,976 92.7 % 92.7 % $ 12.40

AGGREGATE PORTFOLIO TOTAL / AVG 14,402,608 11,902,374 8,316,731 3,585,643 94.1 % 93.3 % $ 15.30

(1) Average base rent per SF is calculated based on annual minimum contractual base rent pursuant to the tenant lease, excluding percentage rent, recovery income from tenants, and is net of tenant concessions. Percentage rent and recovery income from tenants is presented separately in our condensed consolidated statements of operations and comprehensive income (loss) statement.

(2) Anchor tenants is defined as any tenant leasing 10,000 square feet or more. Tenants in parenthesis represent non-company owned GLA.

(3) Space delivered to tenant.

Page 29

UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY

Unconsolidated Joint Venture Financial Information:The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each of our unconsolidated joint ventures. The amounts ineach column were derived on an entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at ourshare of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidatedjoint ventures.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do notrepresent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners mayreceive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3)upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement andvaries depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to prioritydistributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have beenrepaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in ourunconsolidated joint ventures when read in conjunction with our reported results under GAAP. The presentation of pro-rata financialinformation has limitations as an analytical tool. Some of these limitations include:

• The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentagedetermined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets andliabilities, or the revenues and expenses;

• the ownership percentages used in calculating these pro-rata amounts may not completely and accurately depict all of the legal andeconomic implications of holding an interest in an unconsolidated joint venture. For example, in addition to partners’ interests inprofits and capital, operating agreements vary in the allocation of rights regarding decision making (both routine and majordecisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters; and

• Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as acomparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financialstatements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-ratafinancial information only supplementally.

Page 30

RPT REALTYUNCONSOLIDATED JOINT VENTURE BALANCE SHEETS AT PRO-RATA


March 31, 2020

December 31, 2019

ASSETSIncome producing properties, at cost:

Land $ 40,180 $ 40,180Buildings and improvements 80,301 80,301Less accumulated depreciation and amortization (1,048) (213)

Income producing properties, net 119,433 120,268Construction in progress and land available for development 13 —

Net real estate 119,446 120,268Cash and cash equivalents 3,533 939Restricted cash and escrows 4 181Accounts receivable, net 748 195Acquired lease intangibles, net 8,460 9,009Other assets, net 3,789 3,763TOTAL ASSETS $ 135,980 $ 134,355

LIABILITIES AND SHAREHOLDERS' EQUITYAccounts payable and accrued expenses $ 1,366 $ 123Acquired lease intangibles, net 7,515 7,690Other liabilities 401 388TOTAL LIABILITIES 9,282 8,201

Owner's Equity 126,698 126,154TOTAL SHAREHOLDERS' EQUITY 126,698 126,154

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 135,980 $ 134,355

Page 31

RPT REALTY

UNCONSOLIDATED JOINT VENTURE STATEMENTS OF OPERATIONS AT PRO-RATA

(In thousands, except per share amounts)

(unaudited)

Three Months EndedMarch 31,

2020 2019REVENUE

Rental income $ 3,095 $ 65Other property income 11 17

TOTAL REVENUE 3,106 82

EXPENSESReal estate tax expense 412 6Recoverable operating expense 237 4Non-recoverable operating expense 128 3Depreciation and amortization 1,412 14Acquisition costs 617 —General and administrative expense 44 1

TOTAL EXPENSES 2,850 28

OPERATING INCOME 256 54

OTHER INCOME AND EXPENSESOther expense, net — —Gain on sale of real estate — —

INCOME BEFORE TAX 256 54Income tax provision — —

NET INCOME $ 256 $ 54

Page 32

RPT Realty

Other Unconsolidated Joint Venture Supplemental Information at Pro-Rata

As of and for the Three Months Ended March 31, 2020 and 2019

(in thousands)

(unaudited)

March 31, 2020 December 31, 2019Other assets, net

Deferred leasing costs, net $ 3,653 $ 3,686Straight-line rent receivable, net 133 27Prepaid and other deferred expenses, net 3 50

Other assets, net $ 3,789 $ 3,763

Other liabilities, netDeferred liabilities $ — $ —Tenant security deposits 401 388

Other liabilities, net $ 401 $ 388


Rental IncomeBase rent, net $ 2,165 $ 35Straight-line rental income, net 107 1Amortization of acquired above and below market lease intangibles, net 109 —Rental income not probable of collection (1) (5) —Percentage rent 53 —Recovery income from tenants 666 29

Total rental income $ 3,095 $ 65

Other Property IncomeLease termination income $ — $ —Other property income 11 14

Total other property income $ 11 $ 14

Gain on Sale of Real EstateGain on sale of depreciable real estate $ — $ —Gain (loss) on land sales — —

Total gain on sale of real estate $ — $ —

Ongoing Capital ExpendituresLeasing capital expenditures $ 66 $ 5Building improvements — —

Total ongoing capital expenditures $ 66 $ 5

Discretionary Capital ExpendituresTargeted remerchandising $ — $ —Outlots/expansions — —Development/redevelopment — —

Total discretionary capital expenditures $ — $ —

Page 33

MISCELLANEOUS

Page 34

RPT RealtyAnalyst Coverage

Bank of America Merrill Lynch Craig Schmidt 646.855.3640 [email protected]

J.P. Morgan Michael W. Mueller, CFA 212.622.6689 [email protected]

KeyBanc Capital Markets Todd M. Thomas, CFA 917.368.2286 [email protected]

Robert W. Baird & Co. RJ Milligan 813.273.8252 [email protected]

Raymond James Collin Mings 727.567.2585 [email protected]

Deutsche Bank Derek Johnston 212.250.5683 [email protected]

Jefferies Linda Tsai 212.778.8011 [email protected]

Compass Point Floris van Dijkum 646.757.2621 [email protected]

Corporate Address:19 W 44th St. 10th Floor, Ste 1002New York, New York 10036(212) 221-1261www.rptrealty.com

Investor Relations Contact:Vin ChaoSenior Vice President - [email protected](212) 221-1752

Page 35

1Q20 Supplement Cover TOC...2020/03/31 · •...

Documents

Transcript of 1Q20 Supplement Cover TOC...2020/03/31 · •...