Property Portfolio - As of September 30, 2022, the company's property portfolio consisted of 46 wholly-owned shopping centers, 11 shopping centers owned through a grocery-anchored joint venture, and 48 retail properties owned through a net lease joint venture, totaling 15.0 million square feet of GLA [120]. - The company's pro-rata share of the aggregate portfolio was 94.0% leased as of September 30, 2022 [120]. - The company's total operating portfolio included 105 properties with a total GLA of 14,980 thousand square feet, with an overall leased percentage of 94.0% [133]. - The average base rent per square foot across the total portfolio was $16.32 [133]. Lease Agreements - The company derived 96.0% of its annualized base rent from the top 40 national markets, including cities like Boston, Atlanta, and Detroit [124]. - Approximately 67% of existing leases were triple net leases, allowing the company to recover operating expenses from tenants [127]. - The company reported that 6% to 10% of its long-term lease agreements will expire each year over the next three years, allowing for potential rent resets to market rates [130]. Financial Performance - Total revenue for the three months ended September 30, 2022, decreased by $0.4 million, or (0.8)%, compared to the same period in 2021, primarily due to a $5.5 million decrease related to properties disposed since the prior period [151]. - Total revenue for the nine months ended September 30, 2022, increased by $8.6 million, or 5.5%, to $166.1 million compared to $157.5 million in the same period in 2021 [164]. - Net income for the three months ended September 30, 2022, was $13.23 million, a decrease of 49.7% compared to $26.30 million in the same period of 2021 [215]. - Net income available to common shareholders for the three months ended September 30, 2022, was $11,299,000, down from $24,026,000 in 2021, indicating a decline of 53.0% [221]. Expenses and Costs - General and administrative expenses increased by $2.0 million, or 27.9%, for the three months ended September 30, 2022, primarily due to higher legal and professional fees [158]. - Recoverable operating expenses increased by $0.8 million, or 13.8%, for the three months ended September 30, 2022, primarily due to higher common area maintenance expenses [154]. - Non-recoverable operating expenses increased by $0.3 million, or 12.4%, for the three months ended September 30, 2022, primarily due to expenses associated with properties acquired since the prior period [155]. - General and administrative expense rose by $4.1 million, or 18.4%, to $26.4 million for the nine months ended September 30, 2022, mainly due to higher wages and professional fees [170]. Debt and Financing - As of September 30, 2022, the company had net debt of $993.7 million, reflecting a net debt to total market capitalization ratio of 57.5%, up from 43.6% a year earlier [137]. - The company had $100.0 million outstanding on its revolving credit facility as of September 30, 2022, with $400.0 million of unused capacity under its $500.0 million facility [178]. - The company recorded a gain on the sale of real estate of $11.1 million for the three months ended September 30, 2022, down from $22.2 million in the prior year [151]. - The company anticipates using net proceeds from property sales to reduce outstanding debt and support growth initiatives [180]. Joint Ventures and Acquisitions - The company has entered two strategic joint ventures over the past three years, focusing on major metropolitan U.S. markets in the Northeast and Southeast regions [124]. - The company closed two shopping center acquisitions for an aggregate amount of $110.2 million and three dispositions for $98.4 million during the nine months ended September 30, 2022 [135]. - Total properties increased from 86 in 2021 to 105 in 2022, with acquisitions rising from 5 to 19 in the RGMZ retail properties segment [219]. Shareholder Returns - The company declared a quarterly cash dividend of $0.13 per common share and $0.90625 per Series D Preferred Share, maintaining a policy to distribute at least 90% of REIT taxable income [187]. - Preferred share dividends for the three months ended September 30, 2022, remained constant at $1.68 million compared to the same period in 2021 [215]. Market and Economic Conditions - The company expects to recover increases in operating expenses from approximately 97% of existing leases during inflationary periods [127]. - A 100 basis point change in interest rates would impact future earnings and cash flows by approximately $1.0 million annually [222]. - The average interest rate for fixed-rate debt was 3.6% as of September 30, 2022, while the average interest rate for variable-rate debt was 3.9% [223]. - The company expects all LIBOR settings relevant to its operations to cease publication after June 30, 2023, necessitating a transition to alternative rates [225].

Property Portfolio and Leasing - As of June 30, 2022, the company's property portfolio consisted of 47 wholly-owned shopping centers, 10 shopping centers through a grocery-anchored joint venture, and 47 retail properties through a net lease joint venture, totaling 14.9 million square feet of GLA[116] - The company's pro-rata share of the aggregate portfolio was 93.3% leased as of June 30, 2022[116] - 96.1% of the company's annualized base rent was derived from the top 40 national markets, including cities like Boston, Atlanta, and Detroit[120] - Approximately 68% of existing leases were triple net leases, allowing the company to recover operating expenses from tenants[123] - The company reported that 6% to 11% of long-term lease agreements with tenants will expire each year over the next three years, allowing for potential rent resets[126] - The company's multi-tenant operating portfolio had an overall leased percentage of 93.3% and an occupied percentage of 90.3% as of June 30, 2022[129] Financial Performance - Total revenue for the three months ended June 30, 2022, increased by $3.1 million, or 5.9%, compared to the same period in 2021, primarily due to properties acquired since the prior period[147] - Total revenue for the six months ended June 30, 2022, increased by $9.1 million, or 8.9%, compared to the same period in 2021, reaching $111.4 million[159] - Net income available to common shareholders for the three months ended June 30, 2022, was $5,120,000, a decrease of 85.2% compared to $34,706,000 for the same period in 2021[205] - FFO available to common shareholders for the three months ended June 30, 2022, was $20,162,000, an increase of 10.0% from $18,326,000 in the same period of 2021[205] - Operating FFO available to common shareholders and dilutive securities for the three months ended June 30, 2022, was $25,303,000, representing a 41.5% increase from $17,878,000 in the same period of 2021[205] - Same Property NOI for the first half of 2022 was $67.38 million, up 7.5% from $62.80 million in the same period of 2021[211] Debt and Financing - Net debt as of June 30, 2022, was $989.8 million, reflecting a net debt to total market capitalization ratio of 51.2%, up from 41.4% at June 30, 2021[133] - As of June 30, 2022, the company had $964.5 million in total debt, including $511.5 million in senior unsecured notes and $310.0 million in unsecured term loan facilities, with interest rates ranging from 2.46% to 4.74%[182] - The company has ten interest rate swap agreements in effect for an aggregate notional amount of $310.0 million, converting floating rate corporate debt to fixed rate debt[184] - Total fixed-rate debt amounted to $852.53 million with a weighted average interest rate of 3.7%[213] - Variable-rate debt was $112 million with an average interest rate of 2.8%[213] - A 100 basis point increase in interest rates would decrease the fair value of total outstanding debt by approximately $23.3 million as of June 30, 2022[212] Expenses and Costs - General and administrative expenses increased by $1.1 million, or 14.2%, for the three months ended June 30, 2022, due to higher wages and payroll-related expenses[154] - Real estate tax expense decreased by $1.6 million, or 18.0%, for the three months ended June 30, 2022, due to lower net expenses at existing properties[149] - Recoverable operating expenses increased by $1.3 million, or 23.4%, for the three months ended June 30, 2022, primarily due to properties acquired since the prior period[150] - Depreciation and amortization expense increased by $2.6 million, or 15.5%, for the three months ended June 30, 2022, primarily due to properties acquired since the prior period[152] - Interest expense decreased by $1.6 million, or 8.7%, to $17.1 million for the six months ended June 30, 2022, due to a 30 basis point decrease in the weighted average interest rate[168] Strategic Initiatives - The company aims to pursue growth through strategic acquisitions of attractively priced open-air shopping centers and disciplined capital recycling strategies[121] - The company intends to pursue growth through strategic acquisitions of open-air shopping centers and redevelopment of existing properties, while selectively disposing of maximized value properties[189] - The company is focused on enhancing tenant relationships and reducing operating expenses to drive rent and occupancy[121] COVID-19 Impact - The company continues to monitor the impact of COVID-19 on its business and tenants, with current rent collections approaching pre-pandemic levels[119] Shareholder Returns - The Board of Trustees declared a quarterly cash dividend of $0.13 per common share and $0.90625 per Series D Preferred Share, maintaining a policy to distribute at least 90% of REIT taxable income[180] Capital Expenditures and Investments - The company plans to spend between $25.0 million and $35.0 million on capital expenditures for the remainder of 2022, focusing on leasing costs and targeted remerchandising[197] - The company closed on two shopping center acquisitions for an aggregate amount of $110.2 million during the six months ended June 30, 2022[131] - Net cash used in investing activities increased by $45.9 million to $103.9 million for the six months ended June 30, 2022, compared to $58.0 million in 2021[177] Market Conditions and Future Outlook - The transition from LIBOR to SOFR is expected to impact borrowing costs, with potential increases due to differences between the two rates[216] - The company has material contracts indexed to USD-LIBOR, which may require substantial negotiation for transitioning to alternative rates[215] - The discontinuation of LIBOR will not affect the company's ability to borrow or maintain existing borrowings, but may lead to higher interest costs if contracts are converted to SOFR[216]

Property Portfolio and Leasing - As of March 31, 2022, the company's property portfolio consisted of 47 wholly-owned shopping centers, 10 shopping centers through a grocery-anchored joint venture, and 40 retail properties through a net lease joint venture, totaling 14.6 million square feet of GLA[111]. - The company's pro-rata share of the aggregate portfolio was 93.2% leased as of March 31, 2022[111]. - The company's multi-tenant operating portfolio had an overall leased percentage of 93.2% and an occupied percentage of 90.6% as of March 31, 2022[124]. - Approximately 70% of existing leases were triple net leases, allowing the company to recover operating expenses from tenants[118]. - The company is focused on remerchandising and redeveloping existing properties to enhance tenant credit and improve the consumer experience[117]. Financial Performance - Total revenue for the three months ended March 31, 2022, increased by $6.0 million, or 12.0%, compared to the same period in 2021, reaching $56.1 million[141]. - Net income available to common shareholders for the three months ended March 31, 2022, was $4,101,000, a decrease of 73.0% from $15,235,000 in 2021[186]. - FFO available to common shareholders and dilutive securities increased to $25,908,000 for Q1 2022, up 60.0% from $16,115,000 in Q1 2021[186]. - Same Property NOI for the three months ended March 31, 2022, was $35,206,000, representing a 9.0% increase from $32,046,000 in 2021[190]. - Operating FFO available to common shareholders and dilutive securities for Q1 2022 was $24,079,000, compared to $16,054,000 in Q1 2021, marking a 50.0% increase[186]. Debt and Capital Structure - The company reported a net debt of $888.4 million as of March 31, 2022, with a net debt to total market capitalization ratio of 40.3%, down from 42.9% a year earlier[127]. - The company had $852.9 million of debt outstanding as of March 31, 2022, consisting of $511.5 million in senior unsecured notes and $310.0 million in unsecured term loan facilities[163]. - The company anticipates using net proceeds from property sales to reduce outstanding debt and support growth initiatives[155]. - The company has access to $350.0 million of unused capacity under its unsecured revolving credit facility as of March 31, 2022[153]. - The company entered into forward sale agreements to sell an aggregate of 1,226,271 shares at a weighted average offering price of $13.85 during the three months ended March 31, 2022[129]. Expenses and Cash Flow - General and administrative expenses rose by $1.0 million, or 13.3%, to $8.3 million for the three months ended March 31, 2022, primarily due to higher wages and payroll-related expenses[147]. - Net cash provided by operating activities decreased by $5.0 million to $13.9 million for the three months ended March 31, 2022, compared to $18.9 million in 2021[157][158]. - Net cash provided by investing activities was $6.0 million for the three months ended March 31, 2022, down from $24.0 million in the same period in 2021, primarily due to a decrease in proceeds from real estate sales[157][158]. - Interest expense decreased by $1.1 million, or 11.6%, to $8.3 million for the three months ended March 31, 2022, due to a decrease in average outstanding debt and a lower weighted average interest rate[150]. Market and Economic Conditions - The company anticipates that inflation will not significantly adversely affect its net operating income due to the structure of its leases[118]. - A 100 basis point increase in interest rates is estimated to decrease the fair value of total outstanding debt by approximately $25.8 million as of March 31, 2022[191]. - The company has exposure to interest rate risk on variable rate debt obligations and may use interest rate swap agreements to manage this risk[191]. - The company does not anticipate that the discontinuation of LIBOR will affect its ability to borrow or maintain outstanding borrowings[195]. Future Outlook and Strategy - The company intends to pursue growth through strategic acquisitions and redevelopment of existing properties, while also selectively disposing of maximized value properties[171]. - The company anticipates capital expenditures between $40,000,000 and $50,000,000 for the remainder of 2022, including $5,300,000 in construction commitments[178]. - The company is monitoring the transition from LIBOR to ensure minimal disruption to its financial operations[194].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10093 RPT Realty (Exact Name of Registrant as Specified in its Charter) | Maryland | | 13-6908486 | | --- | --- | --- | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES ACT OF 1934 For the quarterly period ended September 30, 2021 Commission file number 1-10093 RPT Realty | Maryland | | 13-6908486 | | --- | --- | --- | | (State of other jurisdiction of incorporation or organization) | | (I.R.S Employer Identification Numbers) | | 19 W 44th Street, | Suite 1002 | | | New York, | New York | 10036 | | (Address ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES ACT OF 1934 For the quarterly period ended June 30, 2021 Commission file number 1-10093 RPT Realty (Exact name of registrant as specified in its charter) | Maryland | | 13-6908486 | | --- | --- | --- | | (State of other jurisdiction of incorporation or organization) | | (I.R.S Employer Identification Numbers) | | 19 W 44th Street, | Suite 10 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-Q | Maryland | | 13-6908486 | | --- | --- | --- | | (State of other jurisdiction of incorporation or organization) | | (I.R.S Employer Identification Numbers) | | 19 W 44th Street, | Suite 1002 | | | New York, | New York | 10036 | | (Address of principal executive offices) | | (Zip Code) | (212) 221-1261 (Registrant's telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10093 RPT Realty (Exact Name of Registrant as Specified in its Charter) | Maryland | | 13-6908486 | | --- | --- | --- | | (State ...