Financial Data and Key Metrics Changes - For Q1 2025, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $7.07 million or $0.02 per diluted share [8][9] - The first quarter dividend paid was $0.06, with expectations for future growth [9] - Cash and cash equivalents totaled approximately $97 million, with total equity at $295 million and a GAAP book value of $5.4 per share, while the stock trades at about $2.85, indicating significant undervaluation [10][11] Business Line Data and Key Metrics Changes - The company deployed $65 million in various commercial real estate (CRE) debt during the quarter, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, with increased deal flow opportunities despite volatility [21][22] Company Strategy and Development Direction - The company aims to grow earnings by focusing on opportunistic investments and diversifying across different asset classes, including CMBS, senior loans, and mezzanine investments [16][27] - The management is looking for strategic acquisitions to enhance earnings and capital growth, while being patient in deploying capital due to market volatility [12][15] - The company plans to maintain a clean balance sheet and continue moving away from legacy assets [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value and grow earnings, despite current market challenges [10][15] - The management highlighted the attractiveness of REITs in the current market, noting that the company trades at a significant discount to book value [33] - Future growth is expected to come from third-party partnerships and potential M&A opportunities [60] Other Important Information - The company raised $52 million in capital during the quarter, indicating strong financial positioning [11] - The management emphasized the importance of maintaining dividend policies while also focusing on capital deployment for growth [34] Q&A Session Summary Question: Has market volatility changed seller motivations and activity levels? - Management noted that while wider spreads are observed, there is still a robust deal flow from various counterparties, indicating ongoing opportunities despite market conditions [21][22] Question: How is the $17.5 million subordinate mortgage investment categorized? - Management clarified that this investment is viewed as opportunistic and part of a diversified portfolio strategy [26][27] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the 9.5% corporate debt will likely remain outstanding until the company scales further, with potential for a rate drop upon an upgrade [29][30] Question: What is the current status of the legacy portfolio? - Management stated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [40] Question: What percentage of the balance sheet is focused on commercial real estate? - Management indicated that the core balance sheet will increasingly focus on commercial real estate assets as capital is deployed [50] Question: What is the experience level of the team focusing on CRE? - Management highlighted the extensive experience of the team, including partnerships with established firms, ensuring a robust approach to commercial real estate investments [52] Question: What are the banks' current lending activities in the CRE space? - Management noted that banks are still lending on the senior side and are looking for partners, although they may sell non-performing loans if credit deteriorates [55]

Quarterly Supplement Q1 2025 Disclaimers Rithm Property Trust $1bn+ $296mm $298mm ~$97mm ~ ~ • – • – – Q1'25 Financial Highlights Q1'25 Business Highlights Earnings Growth Looking Ahead at the Opportunity Why CRE Debt? ✓ Why Rithm Property Trust? What to Expect? Driving Growth ✓ ✓ ✓ – ✓ – ✓ ✓ ✓ Illustrative Future State Portfolio(1) | Category | | Description | Target Levered Yield(2) | | --- | --- | --- | --- | | A Securities | Commercial Mortgage-Backed | Lower-risk, highly liquid, mostly senior bonds acr ...

Financial Data and Key Metrics Changes - For the first quarter, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $5 million or $0.02 per diluted share [9][10] - The first quarter dividend paid was $0.06, with expectations for future growth [10] - The company has approximately $295 million in total equity and a GAAP book value of $5.4, while the stock trades at about $2.85, indicating significant undervaluation [10][15] Business Line Data and Key Metrics Changes - In the first quarter, the company deployed $65 million in various commercial real estate (CRE) debt, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, indicating increased volatility and potential opportunities [21][22] Company Strategy and Development Direction - The company aims to grow earnings and shareholder value by focusing on opportunistic investments and diversifying across different asset classes [15][16] - The management is looking for strategic transactions or acquisitions to enhance earnings growth [12][13] - The company plans to maintain a clean balance sheet while gradually moving away from legacy assets [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value despite market volatility [10][21] - The company is focused on deploying capital at attractive returns while being patient in the current market [12][15] - There is a robust pipeline of opportunities, and management believes that the current valuation presents a significant growth opportunity [13][15] Other Important Information - The company raised $52 million in capital during the quarter [11] - Management emphasized the importance of maintaining a diversified portfolio to mitigate risks [16] Q&A Session Summary Question: Has market volatility changed sellers' motivations? - Management noted wider spreads across the board and observed stability in the market, indicating more opportunities for deal flow [21] Question: Are there shifts in thoughts on platform or transformative acquisitions? - Management clarified that they are still looking at platforms and origination businesses, focusing on how to leverage origination engines [23] Question: What is the status of the $17.5 million subordinate mortgage investment? - Management described it as an opportunistic investment and emphasized a diversified portfolio strategy [29] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the corporate debt at 9.5% will likely remain until the company scales further [31] Question: How is the dividend coverage progressing? - Management stated that growing earnings and reducing lower coupon assets are key to improving dividend coverage [34] Question: What is the outlook for selling legacy assets? - Management indicated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [42] Question: What percentage of the balance sheet is core long-term home versus commercial real estate? - Management stated that the goal is to deploy capital primarily in commercial real estate assets, with a focus on opportunistic investments [52] Question: What is the experience of the team focusing on CRE? - Management highlighted a robust team with extensive experience in commercial real estate, including partnerships with affiliates [54] Question: What are the banks' current lending activities? - Management noted that banks are still lending on the senior side and are looking for partners, while also being cautious with non-performing loans [57]

Financial Data and Key Metrics Changes - For the first quarter, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $7.07 million or $0.02 per diluted share [9][10] - The first quarter dividend paid was $0.06, with expectations for future growth [10] - The company has approximately $295 million in total equity and a GAAP book value of $5.4, while the stock trades at about $2.85, indicating significant undervaluation [10][14] Business Line Data and Key Metrics Changes - In the first quarter, the company deployed $65 million in various commercial real estate (CRE) debt, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, indicating increased volatility and potential opportunities [21][22] Company Strategy and Development Direction - The company aims to grow earnings and shareholder value by focusing on opportunistic investments and diversifying across different asset classes [15][16] - There is a strong emphasis on maintaining a clean balance sheet while seeking strategic acquisitions to enhance growth [30][31] - The management is cautious about market volatility but remains optimistic about future deal flow and investment opportunities [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value despite current market challenges [10][15] - The company is focused on deploying capital at attractive returns while being patient in the current volatile environment [12][15] - There is a belief that the commercial real estate sector is fundamentally undervalued, providing a favorable backdrop for future growth [34] Other Important Information - The company raised $52 million in capital during the quarter, enhancing its financial position [11] - The management team has extensive experience in commercial real estate, which is expected to drive the company's strategic initiatives [52][53] Q&A Session Summary Question: Has market volatility changed sellers' motivations? - Management noted wider spreads across the board and observed stability in the market, indicating more opportunities for deal flow [21][22] Question: Are there shifts in thoughts on platform or transformative acquisitions? - Management clarified that they are still looking at platforms and origination businesses, maintaining a focus on growth [23] Question: What is the status of the subordinate mortgage investment? - Management described the investment as opportunistic and emphasized a diversified portfolio approach [28][29] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the corporate debt would likely remain outstanding until the company scales further, with potential for a rate drop upon an upgrade [30][31] Question: How is the dividend coverage progressing? - Management highlighted the need to grow earnings and eliminate lower coupon assets to improve dividend coverage [32][33] Question: What is the outlook for selling legacy assets? - Management stated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [41] Question: What is the current balance sheet composition? - Management indicated that the core balance sheet will focus on commercial real estate assets, with a goal to deploy capital effectively [50] Question: What is the team's experience in commercial real estate? - Management emphasized a robust team with extensive experience in commercial real estate, which is crucial for navigating the current market [52][53] Question: What are the banks' current lending activities? - Management noted that banks are still lending on the senior side and are looking for partners, while also being cautious about non-performing loans [54][55]

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1] - iREIT®+HOYA Capital is highlighted as a premier income-focused investing service that emphasizes sustainable portfolio income, diversification, and inflation hedging [2] - The service offers a Free Two-Week Trial to explore top ideas across exclusive income-focused portfolios [2] Group 2 - The Retired Investor has a background in data analysis and pension fund management, providing insights for retirement preparation through investments in CEFs, ETFs, BDCs, and REITs [3] - The Retired Investor shares long-only investment strategies and options trading strategies with a focus on cash-secured puts [3]

Group 1 - The focus is on closed-end funds, with an emphasis on identifying directional and arbitrage opportunities due to market price deviations [1] - Timing is highlighted as a crucial factor in executing trades related to closed-end funds [1] Group 2 - The article is part of a series analyzing exchange-traded fixed-income security IPOs, specifically focusing on Rithm Property Trust Inc. (NYSE: RPT) [2] - The author discloses no current stock or derivative positions in the mentioned companies and has no plans to initiate any within the next 72 hours [2]

Property Portfolio and Leasing - As of September 30, 2023, the company's property portfolio consisted of 43 wholly-owned shopping centers, 13 shopping centers owned through a grocery-anchored joint venture, and 49 retail properties owned through a net lease joint venture, totaling 14.9 million square feet of GLA, with a pro-rata share of 93.5% leased[120]. - The company derives 96.7% of its multi-tenant retail annualized base rent from the top 40 national markets, including cities like Boston, Atlanta, Detroit, and Nashville[127]. - Approximately 66% of existing leases are triple net leases, allowing the company to recover operating expenses, with 97% of leases expected to recover increases in operating expenses during inflationary periods[130]. - The company has long-term lease agreements with 7% - 12% of leases expiring each year over the next three years, allowing for potential rent resets to market rates[133]. - As of September 30, 2023, the total Gross Leasable Area (GLA) for multi-tenant retail properties was 13,295,402 square feet, with an overall leased percentage of 93.4% and an occupied percentage of 88.6%[136]. - The company reported 229 leasing transactions during the nine months ended September 30, 2023, totaling 1,781,230 square feet, with a base rent of $17.32 per square foot[137]. Financial Performance - Total revenue for the three months ended September 30, 2023 was $54.7 million, a slight increase of $0.2 million or 0.3% compared to the same period in 2022[152]. - Total revenue for the nine months ended September 30, 2023 decreased by $7.9 million or 4.8% compared to the same period in 2022[166]. - Funds from operations (FFO) available to common shareholders for the three months ended September 30, 2023, was $16.6 million, compared to $24.1 million for the same period in 2022[214]. - Operating FFO available to common shareholders for the nine months ended September 30, 2023, was $65.9 million, down from $74.6 million in 2022[214]. - The company reported a net loss attributable to common shareholders for the three months ended September 30, 2023, was $7.9 million, compared to a net income of $11.3 million in 2022[214]. - The company reported a net loss available to common shareholders of $7.858 million for Q3 2023, compared to a net income of $11.299 million in Q3 2022[218]. Debt and Capital Structure - As of September 30, 2023, the company had net debt of $898.5 million, representing a net debt to total market capitalization ratio of 46.4%, down from 57.5% a year earlier[139]. - The company had $852.2 million in total debt outstanding as of September 30, 2023, which includes $511.5 million in senior unsecured notes and $310.0 million in unsecured term loan facilities[190]. - The company maintains a strong, flexible, and investment-grade balance sheet, with only 3% of total debt being variable-rate borrowings as of September 30, 2023[132]. - The company has $472.0 million of unused capacity under its $500.0 million unsecured revolving credit facility as of September 30, 2023[179]. - The company anticipates using net proceeds from property sales to reduce outstanding debt and support growth initiatives, subject to restrictions in the Merger Agreement[181]. Merger and Strategic Initiatives - The proposed merger with Kimco is expected to close in early 2024, subject to shareholder approval and customary closing conditions[126]. - Each common share of RPT will be converted into the right to receive 0.6049 shares of common stock of Kimco upon the merger[123]. - The company aims to capitalize on accretive acquisition opportunities and maintain a disciplined capital recycling strategy to enhance shareholder value[129]. - The company intends to pursue growth through strategic acquisitions and redevelopment of existing properties, while selectively disposing of maximized return properties[197]. Operating Expenses and Cost Management - Inflation has significantly increased operating expenses, but long-term leases with contractual rent escalations help mitigate some adverse impacts[130]. - Non-recoverable operating expense increased by $0.2 million or 5.5% for the three months ended September 30, 2023, mainly due to increased legal fees associated with tenant bankruptcies[155]. - General and administrative expense increased by $0.3 million or 3.2% for the three months ended September 30, 2023, mainly due to higher bonus and stock-based compensation expenses[158]. - Recoverable operating expense increased by $0.9 million or 4.1% for the nine months ended September 30, 2023, primarily due to higher common area maintenance expenses[167]. - Non-recoverable operating expense increased by $0.6 million or 7.6% for the nine months ended September 30, 2023, mainly due to increased property-related employee compensation[168]. Cash Flow and Investments - The company reported net cash provided by operating activities of $71.9 million for the nine months ended September 30, 2023, a decrease of $9.4 million compared to $81.3 million in 2022[183][184]. - Net cash used in investing activities decreased significantly by $110.2 million, totaling $(23.2) million for the nine months ended September 30, 2023, compared to $(133.5) million in 2022[183][184]. - The company recorded merger costs of $8.2 million for the three and nine months ended September 30, 2023, related to financial, legal, and tax advisory services[185]. Market and Economic Conditions - The company continues to face risks related to obtaining necessary governmental approvals and potential impairments for development projects[142]. - A 100 basis point increase in interest rates would decrease the fair value of the company's total outstanding debt by approximately $17.3 million as of September 30, 2023[219]. - The company’s fixed-rate debt totaled $824.173 million, with a weighted average interest rate of 3.7%[220]. Occupancy and NOI - Same Property NOI for Q3 2023 was $37.271 million, a 2.6% increase from $36.340 million in Q3 2022[218]. - Total NOI for Q3 2023 was $40.228 million, compared to $41.342 million in Q3 2022, reflecting a decrease of 2.7%[218]. - The period-end occupancy rate for Q3 2023 was 89.9%, slightly down from 90.1% in Q3 2022[218].

Property Portfolio and Leasing - As of June 30, 2023, the company's property portfolio consisted of 43 wholly-owned shopping centers, 13 shopping centers owned through a grocery-anchored joint venture, and 49 retail properties owned through a net lease joint venture, totaling 14.9 million square feet of GLA[111]. - The company's pro-rata share of the aggregate portfolio was 93.2% leased as of June 30, 2023[111]. - The company reported a total of 155 leasing transactions for 1,033,558 square feet, with a base rent of $17.40 per square foot[122]. - The company derives 96.5% of its multi-tenant retail annualized base rent from the top 40 national markets, including cities like Boston, Atlanta, and Detroit[113]. - The company has long-term lease agreements with tenants, with 7% - 13% of leases expiring each year over the next three years, allowing for potential rent resets[118]. Financial Performance - Total revenue for the three months ended June 30, 2023, decreased by $4.2 million, or 7.7%, compared to the same period in 2022, primarily due to the impact of properties disposed[140][141]. - Total revenue for the six months ended June 30, 2023 decreased by $8.1 million, or 7.3%, compared to the same period in 2022, totaling $103.3 million[149]. - Net income available to common shareholders for Q2 2023 was $(1,644) thousand, a decrease from $5,120 thousand in Q2 2022[196]. - The company reported a net loss of $(1,644) thousand for the first half of 2023, compared to a net income of $9,221 thousand for the same period in 2022[196]. - Funds from Operations (FFO) available to common shareholders for Q2 2023 was $24,113 thousand, compared to $21,972 thousand in Q2 2022, representing an increase of 5.2%[196]. - Operating FFO available to common shareholders and dilutive securities for the first half of 2023 was $47,776 thousand, down from $49,382 thousand in the first half of 2022[196]. Expenses and Cash Flow - Recoverable operating expenses increased by $0.4 million, or 6.0%, for the three months ended June 30, 2023, primarily due to higher common area maintenance expenses[142]. - Non-recoverable operating expenses rose by $0.2 million, or 9.9%, for the three months ended June 30, 2023, mainly due to increased property-related employee compensation[143]. - General and administrative expenses increased by $1.3 million, or 7.5%, primarily due to one-time employee termination benefits and higher stock-based compensation[156]. - Net cash provided by operating activities increased by $9.0 million, totaling $45.9 million for the six months ended June 30, 2023[166]. - Net cash used in investing activities decreased by $93.1 million compared to the same period in 2022[168]. Debt and Capital Structure - Net debt as of June 30, 2023, was $898.6 million, with a net debt to total market capitalization ratio of 46.9%, down from 51.2% a year earlier[124]. - The Company had $133.0 million of common shares remaining available for issuance under the Current ATM Program as of June 30, 2023[125]. - As of June 30, 2023, the company had $853.4 million in outstanding debt, including $511.5 million in senior unsecured notes and $310.0 million in unsecured term loan facilities[174]. - The interest rates on the senior unsecured notes and term loan facilities range from 2.50% to 4.74%, with maturity dates from June 2025 to November 2031[174]. - The company has $1.1 billion in total contractual obligations, including scheduled amortization and interest payments[182]. Inflation and Operating Expenses - Approximately 66% of existing leases are triple net leases, allowing the company to recover operating expenses, mitigating some inflation impacts[115]. - The company expects to recover increases in operating expenses from approximately 97% of existing leases during inflationary periods[115]. - Inflationary pressures may increase general and administrative expenses, impacting results of operations and operating cash flows over time[116]. Strategic Growth and Investments - The company plans to pursue growth through strategic acquisitions of attractively priced open-air shopping centers and disciplined capital recycling strategies[114]. - The company plans to pursue growth through strategic acquisitions of attractively priced open-air shopping centers and redeveloping existing properties[181]. - The company anticipates capital expenditures between $20.0 million and $30.0 million for the remainder of 2023, with ongoing expenditures of $13.0 million to $18.0 million and discretionary expenditures of $7.0 million to $12.0 million[188]. Interest Rate and Fair Value - A 100 basis point increase in interest rates would decrease the fair value of the company's total outstanding debt by approximately $18.3 million as of June 30, 2023[201]. - The company has entered into 11 interest rate swap agreements with an aggregate notional amount of $310.0 million to convert floating rate corporate debt to fixed rate debt[176]. - The fixed-rate debt obligations total $824.381 million, with a weighted average interest rate of 3.7%[202]. - The company has variable-rate debt obligations amounting to $29.000 million, with an average interest rate of 6.3%[202].

Property Portfolio and Leasing - As of March 31, 2023, the company's property portfolio consisted of 43 wholly-owned shopping centers, 13 shopping centers owned through a grocery-anchored joint venture, and 49 retail properties owned through a net lease joint venture, totaling 14.9 million square feet of GLA[106]. - The company's pro-rata share of the aggregate portfolio was 93.3% leased as of March 31, 2023[106]. - Approximately 66% of existing leases are triple net leases, allowing the company to recover operating expenses, with 97% of leases expected to recover increases in operating expenses during inflationary periods[108]. - The company reported a total of 67 leasing transactions during the three months ended March 31, 2023, with a total square footage of 506,118 and a base rent of $15.06 per square foot[115]. - The company derives 96.5% of its multi-tenant retail annualized base rent from the top 40 national markets, including cities like Boston, Atlanta, and Detroit[107]. - The company has long-term lease agreements with 7% - 13% of leases expiring each year over the next three years, allowing for potential rent resets to market rates[111]. Financial Performance - Total revenue for the three months ended March 31, 2023, decreased by $3.8 million, or 6.8%, compared to the same period in 2022, totaling $52.2 million[133]. - Funds from operations (FFO) available to common shareholders for the three months ended March 31, 2023, was $21.4 million, compared to $24.1 million for the same period in 2022, representing a decrease of approximately 11.3%[179]. - Operating FFO available to common shareholders for the same period was $24.3 million, slightly up from $24.1 million in 2022, indicating a marginal increase of about 0.8%[179]. - The company reported a net loss available to common shareholders of $0.4 million for the three months ended March 31, 2023, compared to a net income of $4.1 million in the same period of 2022[179]. - The market price per common share decreased from $13.77 in 2022 to $9.51 in 2023, reflecting a decline of approximately 30.5%[171]. - Same Property NOI for the three months ended March 31, 2023, includes 39 consolidated operating properties, with no new acquisitions in the same period[181]. - Same Property NOI for Q1 2023 was $36,918,000, representing a 3.8% increase from $35,581,000 in Q1 2022[183]. - Period-end occupancy remained stable at 91.2% for both Q1 2023 and Q1 2022[183]. Expenses and Costs - The company’s general and administrative expenses are expected to increase due to rising inflation rates impacting compensation and professional service fees[109]. - General and administrative expenses increased by $1.0 million, or 11.6%, primarily due to one-time employee termination benefits[138]. - Non-recoverable operating expenses increased by $0.2 million, or 7.8%, primarily due to increased property-related employee compensation[136]. - General and administrative expenses for Q1 2023 were $9,315,000, an increase from $8,348,000 in Q1 2022[183]. Debt and Liquidity - As of March 31, 2023, variable-rate borrowings accounted for 4% of total debt, limiting short-term exposure to interest rate increases[110]. - The company aims to maintain a strong, flexible, and investment-grade balance sheet, with low leverage and high liquidity[108]. - As of March 31, 2023, net debt was $904.2 million, reflecting a net debt to total market capitalization of 49.3%, up from 40.3% a year earlier[117]. - The company had $861.6 million of debt outstanding as of March 31, 2023, including $511.5 million in senior unsecured notes and $310.0 million in unsecured term loan facilities[155]. - The company has $463.0 million of unused capacity under its $500.0 million unsecured revolving credit facility as of March 31, 2023[144]. - The company had derivative instruments with an aggregate notional amount of $310 million as of March 31, 2023, with fixed interest rates ranging from 1.17% to 3.36%[185]. - A 100 basis point increase in interest rates would decrease the fair value of total outstanding debt by approximately $19.7 million as of March 31, 2023[184]. Capital Expenditures and Growth Strategy - For the remainder of 2023, the company anticipates capital expenditures between $40.0 million and $50.0 million, with ongoing expenditures of $27.0 million to $32.0 million and discretionary expenditures of $13.0 million to $18.0 million[169]. - The company plans to pursue growth through strategic acquisitions of attractively priced open-air shopping centers and redevelopment of existing properties[162]. - The company has entered into agreements for construction activities with an aggregate remaining cost of approximately $6.6 million as of March 31, 2023[167]. Market Capitalization and Shareholder Returns - As of March 31, 2023, the total market capitalization was $1.8 billion, down from $2.2 billion in 2022, reflecting a decrease of approximately 18.7%[171]. - The company intends to maintain a quarterly common dividend of at least $0.14 per share, having declared this amount for the quarter ending March 31, 2023[152][153]. - The company had 85.6 million common shares outstanding as of March 31, 2023, an increase from 84.2 million in 2022[171].

Property Portfolio and Acquisitions - As of December 31, 2022, RPT Realty's property portfolio consisted of 44 wholly-owned shopping centers and represented 15.0 million square feet of gross leasable area, with a pro-rata share of 93.8% leased[13]. - In 2022, RPT Realty closed on two shopping center acquisitions for an aggregate amount of $110.2 million and three shopping center dispositions for $100.4 million[23]. - RPT Realty's strategy includes acquiring high-quality open-air shopping centers in top U.S. metropolitan areas, focusing on strong demographics and job growth[19]. - The company intends to pursue growth through strategic acquisitions of attractively priced open-air shopping centers[151]. - The company has a diversified tenant mix with major tenants including Dick's Sporting Goods, Publix, and LA Fitness across various properties[121]. Financial Performance - Net income available to common shareholders was $77.3 million, or $0.89 per diluted share, for the year ended December 31, 2022, compared to $61.9 million, or $0.75 per diluted share, for the same period in 2021[154]. - FFO was $95.8 million, or $1.02 per diluted share, for the year ended December 31, 2022, compared to $70.2 million, or $0.85 per diluted share, for the same period in 2021[154]. - Total revenue for the year ended December 31, 2022, was $217.7 million, an increase of $4.2 million or 2.0% compared to 2021[171]. - Same property net operating income increased 4.3% for the year ended December 31, 2022, compared to the same period in 2021[154]. - Cash provided by operating activities for the year ended December 31, 2022, was $97.7 million, up from $92.9 million in 2021[206]. Leasing and Occupancy - The company reported 307 leasing transactions in 2022, totaling 2,208,591 square feet, with a total base rent of $17.18 per square foot[21]. - As of December 31, 2022, the Company's aggregate portfolio leased rate was 93.8%, up from 93.1% at December 31, 2021[154]. - The average base rent for properties in the portfolio is $16.12 per leased square foot, with significant variations across locations[118]. - The average annualized base rent for small shop tenants (less than 10,000 square feet) in 2023 is $26.26, contributing $9,007,199 to total annualized base rent[130]. - The total number of expiring leases for small shop tenants in 2024 is 165, with a total annualized base rent of $10,305,129, representing 13.5% of total annualized base rent[130]. Financial Risks and Challenges - The company faces competition from larger REITs and private institutional investors, which may affect property acquisition costs and growth potential[38]. - Economic challenges such as inflation and labor shortages may adversely impact tenants' ability to pay rent, affecting the company's financial performance[53]. - The company may incur additional operating costs due to compliance with new regulations and sanitation measures, affecting overall profitability[73]. - The reliance on anchor tenants is critical, as their insolvency or lease termination could adversely impact the performance of the company's properties[59]. - The company is susceptible to risks associated with joint ventures, including lack of sole decision-making authority and potential conflicts with partners[65]. Sustainability and Corporate Governance - The company published its second annual Corporate Sustainability Report in 2022, highlighting its ESG initiatives and goals[33]. - The company is focused on environmental sustainability initiatives to reduce its carbon footprint and improve energy efficiency, which may lower operating costs[35]. - The company engages with stakeholders regularly to discuss important issues, including ESG topics, enhancing transparency and accountability[35]. - The company’s governance structure emphasizes integrity and transparency, which is believed to contribute to long-term success[35]. - The company supports philanthropic initiatives and encourages employee volunteerism through its "Act Locally Give Globally" program[37]. Employee and Workforce - RPT Realty's workforce consisted of 138 full-time employees as of December 31, 2022, with 56% being female[34]. - The company offers a comprehensive benefits package, including health insurance, paid time off, and wellness programs, promoting employee satisfaction and work-life balance[37]. - The company emphasizes a commitment to diversity and inclusion, requiring all employees to complete training on business conduct and ethics[35]. Debt and Financing - As of December 31, 2022, the company had $855.4 million of outstanding indebtedness, net of deferred financing costs, including $0.8 million of finance lease obligations[81]. - The company is reliant on capital markets for refinancing debt upon maturity, with potential adverse effects if market conditions are restrictive[81]. - The company must distribute at least 90% of its REIT taxable income annually to maintain its REIT status, which may limit cash available for growth[86]. - The discontinuation of LIBOR may lead to higher borrowing costs as contracts transition to alternative reference rates[91]. - The company had 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[79].