RPT Realty Provides Rent Collection Update

Rhea-AI Summary

RPT Realty (NYSE:RPT) reported improved rental collections for August, reaching 86% compared to 79% in July and 70% in Q2 2020. With deferral agreements included, total collections address 93% of August billings. The company noted a resurgence in leasing activity, with 96% of tenants operational. RPT's portfolio consists of 49 shopping centers totaling 11.9 million square feet, with a leasing rate of 93.6%.

Positive

• 86% August rent collection, up from 79% in July and 70% in Q2 2020.
• 93% of August billed rent and recovery income addressed, including deferrals.
• 96% of tenants now operational.
• Reacceleration in new leasing activity with leading brands.

Negative

• None.

93% of August billings addressed

NEW YORK, Sept. 08, 2020 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (the “Company”) announced that August collections of rent and recovery income through September 4, 2020 were 86%, up from 79% in July and 70% in the second quarter. Including signed or approved deferral agreements totaling 7%, the Company has addressed 93% of its August billed rent and recovery income.

“Against the backdrop of a reacceleration in new leasing activity with several leading brands, continued progress on our grocer initiatives and 96% of our tenants now open, rent collections continue to materially improve, demonstrating the strength and resiliency of the portfolio,” said Brian Harper, President and Chief Executive Officer.

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 June 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 June 30, 2020, the Company’s pro-rata share of the aggregate portfolio was 93.6% 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