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].

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 ...