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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, 2020
 
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 1002 
New York,New York10036
(Address of principal executive offices) (Zip Code)

(212) 221-1261
(Registrant’s telephone number, including area code) 

Securities Registered Pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading Symbol(s)Name of Each Exchange
On Which Registered
Common Shares of Beneficial Interest ($0.01 Par Value Per Share)RPTNew York Stock Exchange
7.25% Series D Cumulative Convertible Perpetual Preferred RPT.PRDNew York Stock Exchange
Shares of Beneficial Interest ($0.01 Par Value Per Share)


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
Yes                          No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                         No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                          No 

Number of common shares of beneficial interest ($0.01 par value) of the registrant outstanding as of July 31, 2020: 80,946,445



INDEX

Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

Page 2


PART 1 – FINANCIAL INFORMATION
Item 1.  Unaudited Condensed Consolidated Financial Statements

RPT REALTY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
 June 30,
2020
December 31,
2019
ASSETS  
Income producing properties, at cost:  
Land$331,265  $331,265  
Buildings and improvements1,492,586  1,486,838  
Less accumulated depreciation and amortization(372,103) (352,006) 
Income producing properties, net1,451,748  1,466,097  
Construction in progress and land available for development35,104  42,279  
Net real estate1,486,852  1,508,376  
Equity investments in unconsolidated joint ventures128,804  130,321  
Cash and cash equivalents247,110  110,259  
Restricted cash and escrows2,549  4,293  
Accounts receivable (net of allowance for doubtful accounts of $7,130 and $1,037 as of June 30, 2020 and December 31, 2019, respectively)
35,602  24,974  
Acquired lease intangibles, net29,910  34,278  
Operating lease right-of-use assets18,905  19,222  
Other assets, net82,575  86,836  
TOTAL ASSETS$2,032,307  $1,918,559  
LIABILITIES AND SHAREHOLDERS' EQUITY  
Notes payable, net$1,103,996  $930,808  
Finance lease obligation926  926  
Accounts payable and accrued expenses41,063  55,360  
Distributions payable1,765  19,792  
Acquired lease intangibles, net36,857  38,898  
Operating lease liabilities18,002  18,181  
Other liabilities23,260  6,339  
TOTAL LIABILITIES1,225,869  1,070,304  
Commitments and Contingencies
RPT Realty ("RPT") Shareholders' Equity: 
Preferred shares of beneficial interest, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 1,849 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
92,427  92,427  
Common shares of beneficial interest, $0.01 par, 240,000 and 120,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively, and 80,008 and 79,850 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
800  798  
Additional paid-in capital1,171,287  1,169,557  
Accumulated distributions in excess of net income(459,994) (436,361) 
Accumulated other comprehensive (loss) income(17,167) 1,819  
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT787,353  828,240  
Noncontrolling interest19,085  20,015  
TOTAL SHAREHOLDERS' EQUITY806,438  848,255  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,032,307  $1,918,559  

The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 3



RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
REVENUE  
Rental income$43,686  $56,641  $95,408  $114,999  
Other property income713  681  1,516  1,980  
Management and other fee income228  39  579  90  
TOTAL REVENUE44,627  57,361  97,503  117,069  
EXPENSES  
Real estate taxes8,453  8,722  16,604  18,544  
Recoverable operating expense4,797  5,343  10,776  12,024  
Non-recoverable operating expense2,146  2,709  4,423  5,199  
Depreciation and amortization17,860  20,628  38,708  39,847  
Transaction costs12    186    
General and administrative expense6,695  6,530  12,917  12,596  
Insured expenses, net(1,713)   (1,653)   
TOTAL EXPENSES38,250  43,932  81,961  88,210  
OPERATING INCOME 6,377  13,429  15,542  28,859  
OTHER INCOME AND EXPENSES  
Other income (expense), net61  (123) 414  (231) 
Gain on sale of real estate  371    6,073  
Earnings from unconsolidated joint ventures802  26  1,058  80  
Interest expense(10,177) (10,084) (19,578) (20,433) 
Loss on extinguishment of debt  (622)   (622) 
(LOSS) INCOME BEFORE TAX(2,937) 2,997  (2,564) 13,726  
Income tax provision(19) (35) (50) (71) 
NET (LOSS) INCOME(2,956) 2,962  (2,614) 13,655  
Net loss (income) attributable to noncontrolling partner interest68  (69) 60  (319) 
NET (LOSS) INCOME ATTRIBUTABLE TO RPT(2,888) 2,893  (2,554) 13,336  
Preferred share dividends(1,675) (1,675) (3,350) (3,350) 
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS$(4,563) $1,218  $(5,904) $9,986  
(LOSS) EARNINGS PER COMMON SHARE  
Basic$(0.06) $0.01  $(0.08) $0.12  
Diluted$(0.06) $0.01  $(0.08) $0.12  
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  
Basic79,976  79,764  79,942  79,754  
Diluted79,976  80,156  79,942  80,148  
Cash Dividend Declared per Common Share$  $0.22  $0.22  $0.44  
OTHER COMPREHENSIVE INCOME   
Net (loss) income$(2,956) $2,962  $(2,614) $13,655  
Other comprehensive gain (loss):  
Loss on interest rate swaps(2,125) (2,534) (19,436) (4,073) 
Comprehensive (loss) income (5,081) 428  (22,050) 9,582  
Comprehensive loss (income) attributable to noncontrolling interest117  (10) 510  (224) 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RPT$(4,964) $418  $(21,540) $9,358  

The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 4






RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Three Months Ended June 30, 2020 and June 30, 2019
(In thousands)
(Unaudited)
Shareholders' Equity of RPT Realty
Preferred
Shares
Common
Shares
Additional
Paid-in Capital
Accumulated Distributions in Excess of Net IncomeAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestTotal Shareholders’ Equity
Balance, March 31, 2020$92,427  $800  $1,169,929  $(455,431) $(15,091) $19,202  $811,836  
Issuance of common shares, net of issuance costs—  —  (30) —  —  —  (30) 
Share-based compensation, net of shares withheld for employee taxes—  —  1,388  —  —  —  1,388  
Dividends declared to preferred shareholders—  —  —  (1,675) —  —  (1,675) 
Other comprehensive income - loss on interest rate swaps—  —  —  —  (2,076) (49) (2,125) 
Net loss—  —  —  (2,888) —  (68) (2,956) 
Balance, June 30, 2020$92,427  $800  $1,171,287  $(459,994) $(17,167) $19,085  $806,438  
Balance, March 31, 2019$92,427  $798  $1,166,048  $(459,365) $2,517  $19,366  $821,791  
Issuance of common shares, net of issuance costs—  —  (94) —  —  —  (94) 
Share-based compensation, net of shares withheld for employee taxes—  —  1,106  —  —  —  1,106  
Dividends declared to common shareholders—  —  —  (17,556) —  —  (17,556) 
Dividends declared to preferred shareholders—  —  —  (1,675) —  —  (1,675) 
Distributions declared to noncontrolling interests—  —  —  —  —  (420) (420) 
Dividends declared to deferred shares—  —  —  (116) —  —  (116) 
Other comprehensive income - loss on interest rate swaps—  —  —  —  (2,475) (59) (2,534) 
Net income—  —  —  2,893  —  69  2,962  
Balance, June 30, 2019$92,427  $798  $1,167,060  $(475,819) $42  $18,956  $803,464  


The accompanying notes are an integral part of these condensed consolidated financial statements.


Page 5


RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Six Months Ended June 30, 2020 and June 30, 2019
(In thousands)
(Unaudited)
 Shareholders' Equity of RPT Realty  
 Preferred
Shares
Common
Shares
Additional
Paid-in Capital
Accumulated Distributions in Excess of Net IncomeAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestTotal Shareholders’ Equity
Balance, December 31, 2019$92,427  $798  $1,169,557  $(436,361) $1,819  $20,015  $848,255  
Issuance of common shares, net of issuance costs—  —  (385) —  —  —  (385) 
Share-based compensation, net of shares withheld for employee taxes—  2  2,115  —  —  —  2,117  
Dividends declared to common shareholders—  —  —  (17,593) —  —  (17,593) 
Dividends declared to preferred shareholders—  —  —  (3,350) —  —  (3,350) 
Distributions declared to noncontrolling interests—  —  —  —  —  (420) (420) 
Dividends declared to deferred shares—  —  —  (136) —  —  (136) 
Other comprehensive income - loss on interest rate swaps—  —  —  —  (18,986) (450) (19,436) 
Net loss—  —  —  (2,554) —  (60) (2,614) 
Balance, June 30, 2020$92,427  $800  $1,171,287  $(459,994) $(17,167) $19,085  $806,438  
Balance, December 31, 2018$92,427  $797  $1,164,848  $(450,130) $4,020  $19,581  $831,543  
Adoption of ASU 2016-02
—  —  —  (325) —  (8) (333) 
Issuance of common shares, net of issuance costs—  —  (94) —  —  —  (94) 
Share-based compensation, net of shares withheld for employee taxes—  1  2,306  —  —  —  2,307  
Dividends declared to common shareholders—  —  —  (35,102) —  —  (35,102) 
Dividends declared to preferred shareholders—  —  —  (3,350) —  —  (3,350) 
Distributions declared to noncontrolling interests—  —  —  —  —  (841) (841) 
Dividends declared to deferred shares—  —  —  (248) —  —  (248) 
Other comprehensive income - loss on interest rate swaps—  —  —  —  (3,978) (95) (4,073) 
Net income—  —  —  13,336  —  319  13,655  
Balance, June 30, 2019$92,427  $798  $1,167,060  $(475,819) $42  $18,956  $803,464  

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 6



RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30,
 20202019
OPERATING ACTIVITIES  
Net (loss) income$(2,614) $13,655  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:  
Depreciation and amortization38,708  39,847  
Amortization of deferred financing fees685  718  
Income tax provision 50  71  
Earnings from unconsolidated joint ventures(1,058) (80) 
Distributions received from operations of unconsolidated joint ventures2,600  154  
Loss on extinguishment of debt  622  
Gain on sale of real estate   (6,073) 
Insured expenses, net(1,653)   
Amortization of acquired above and below market lease intangibles, net(1,733) (3,372) 
Amortization of premium on mortgages, net(454) (484) 
Service-based restricted share expense1,816  1,979  
Long-term incentive cash and equity compensation expense1,026  807  
Changes in assets and liabilities, net of effect of acquisitions and dispositions:  
Accounts receivable, net(10,642) 1,781  
Other assets, net(734) (3,139) 
Accounts payable and other liabilities(12,626) (9,175) 
Net cash provided by operating activities13,371  37,311  
INVESTING ACTIVITIES  
Development and capital improvements(8,603) (28,956) 
Capital improvements covered by insurance(3,868)   
Net proceeds from sales of real estate  67,863  
Insurance proceeds from insured expenses1,750    
Investment in equity interests in unconsolidated joint ventures(11)   
Net cash (used in) provided by investing activities(10,732) 38,907  
FINANCING ACTIVITIES  
Repayment of mortgages and notes payable(1,126) (29,417) 
Proceeds on revolving credit facility225,000    
Repayments on revolving credit facility(50,000)   
Payment of deferred financing costs(567)