RPT Realty Announces Inaugural Investment Grade Credit Rating From Fitch Ratings, Inc.

Rhea-AI Summary

RPT Realty (NYSE:RPT) has received its first investment-grade credit rating from Fitch Ratings, Inc. with a Long-Term Issuer Default Rating of ‘BBB-‘ and a stable outlook. The rating reflects RPT's solid management, enhanced operational performance, and strong financial position, including below-average tenant exposure and proactive balance sheet management. Brian Harper, President and CEO, emphasized that this rating underscores their commitment to maintaining a sound balance sheet despite challenging market conditions. RPT Realty operates 49 shopping centers across the U.S., with a 93.3% leasing rate as of September 30, 2020.

Positive

• Assigned 'BBB-' investment-grade credit rating by Fitch Ratings.
• Stable outlook indicates strong financial management.
• Experienced management team enhances operational performance.
• 93.3% leased portfolio shows strong demand in the retail sector.

Negative

• None.

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (the “Company” or “RPT”) announced today that Fitch Ratings, Inc. (“Fitch”) has assigned a first time rating to RPT, including a Long-Term Issuer Default Rating of ‘BBB-‘ with a stable outlook. According to Fitch’s published report, the rating and outlook reflects RPT’s experienced management team, meaningful improvements to operating performance and the balance sheet prior to the pandemic, performance through the pandemic to-date, below average exposure to local tenants, financial flexibility and conservative balance sheet management.

“We are pleased that we were able to obtain RPT’s inaugural investment grade credit rating, particularly during these unprecedented times,” said Brian Harper, President and CEO. “We believe the investment grade rating validates our track record of delivering strong operational results and the quality of our long-term cash flows, as well as, demonstrating our commitment to a best-in-class balance sheet.”

More information regarding RPT’s rating assignment can be found on Fitch's website at: fitchratings.com.

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 are listed and traded on the NYSE under the ticker symbol “RPT”. As of September 30, 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 September 30, 2020, the Company’s pro-rata share of the aggregate portfolio was 93.3% leased. For additional information about the Company please visit rptrealty.com.

Contact Information

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

FAQ

What credit rating did RPT Realty receive from Fitch Ratings?

RPT Realty received a Long-Term Issuer Default Rating of 'BBB-' from Fitch Ratings.

What is the outlook for RPT Realty's credit rating?

The outlook for RPT Realty's credit rating is stable.

What factors contributed to RPT Realty's credit rating?

Factors include RPT's experienced management, improved operating performance, and conservative balance sheet management.

How many shopping centers does RPT Realty operate?

As of September 30, 2020, RPT Realty operates 49 shopping centers.

What is RPT Realty's leasing rate as of September 30, 2020?

RPT Realty's leasing rate is 93.3% as of September 30, 2020.