RPT Realty to Participate in the Nareit REITweek Virtual Investor Conference

Rhea-AI Summary

RPT Realty (NYSE:RPT) will host investor meetings during the Nareit REITweek Virtual Investor Conference on June 2-3, 2020. An investor presentation is available on their website. As of May 28, 2020, rent and expense reimbursement collections are in line with April. Over 65% of tenants are operational, enhancing collection efforts. CEO Brian Harper will provide detailed updates during the August earnings call. As of March 31, 2020, RPT owned 49 shopping centers, with 94.1% leased.

NEW YORK, June 01, 2020 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (the “Company”) announced today that it will be hosting meetings with investors during the Nareit REITweek Virtual Investor Conference on Tuesday, June 2, 2020 and Wednesday, June 3, 2020. The Company posted an investor presentation to its website at investors.rptrealty.com that management will reference during the conference. Through May 28, 2020, May base rent and expense reimbursement collections are trending in-line with April at the same time one month ago.

“With over 65% of our tenants now open based on base rent, we remain optimistic on furthering our collection efforts for April and May,” said Brian Harper, President and CEO. “Given the fluidity of short-term rent deferment discussions and the ongoing re-opening of our tenant locations, we will provide a more complete update in conjunction with our earnings call in August. In the meantime, our high caliber team will continue to take a disciplined approach to securing and enhancing our long-term underlying cash flows.”

About RPT Realty

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's shopping centers offer diverse, locally curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the Company, par value $0.01 per share (the “common shares”) are listed and traded on the NYSE under the ticker symbol “RPT”. As of March 31, 2020, our property portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing 11.9 million square feet of gross leasable area. As of March 31, 2020, the Company’s pro-rata share of the aggregate portfolio was 94.1% leased. For additional information about the Company please visit rptrealty.com.

Forward-Looking Statements

This press release contains forward-looking statements that represent the Company’s expectations and projections for the future. Management of the Company believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions, however, the Company can give no assurances that such expectations will be attained or achieved. Certain factors could occur that might cause actual results to vary, including, among others, economic, business and financial conditions, including the impact of the COVID-19 pandemic on the Company’s business, tenants, and operations and changes in the Company’s industry and changes in the real estate markets in particular, economic and other developments in markets where the Company has a high concentration of properties, the Company’s business strategy, the Company’s projected operating results, bankruptcy or insolvency of a key tenant or a significant number of smaller tenants, adverse impact of e-commerce developments and shifting consumer retail behavior on tenants, interest rates or operating costs, the potential discontinuation of LIBOR, the Company’s leverage, the Company’s ability to generate sufficient cash flows to service outstanding indebtedness and make distributions to shareholders, the Company’s continued compliance with debt covenants, general volatility of the capital and credit markets and the market price of the Company’s common shares, risks generally associated with real estate acquisitions and dispositions, including the Company’s ability to identify and pursue acquisition and disposition opportunities, risks generally associated with redevelopment, including the impact of construction delays and cost overruns and the Company’s ability to lease redeveloped space and identify and pursue redevelopment opportunities, risks generally associated with joint ventures, the Company’s ability to enter into new leases or renew leases on favorable terms, the Company’s ability to create long-term shareholder value, the Company’s ability to continue to qualify as a REIT, regulatory changes and other risk factors, including those detailed in the sections of the Company’s most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission titled “Risk Factors.” Forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation to update any forward-looking statements.

Contact Information

Vin Chao
Senior Vice President of Finance
vchao@rptrealty.com
(212) 221-1752 

FAQ

What are the dates for RPT Realty's investor meetings during the Nareit REITweek?

RPT Realty's investor meetings will take place on June 2-3, 2020.

What percentage of RPT Realty's tenants are currently open?

As of the announcement, over 65% of RPT Realty's tenants are open.

How is RPT Realty's rent collection trending as of May 28, 2020?

Rent and expense reimbursement collections are trending in line with April 2020.

When will RPT Realty provide a more complete update on their performance?

A complete update will be provided during the earnings call in August 2020.

What is the occupancy rate of RPT Realty's portfolio as of March 31, 2020?

RPT Realty's portfolio was 94.1% leased as of March 31, 2020.