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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 March 31, 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 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 April 30, 2021: 81,165,033



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)
 March 31,
2021
December 31,
2020
ASSETS  
Income producing properties, at cost:  
Land$325,150 $330,763 
Buildings and improvements1,480,675 1,489,997 
Less accumulated depreciation and amortization(400,004)(392,301)
Income producing properties, net1,405,821 1,428,459 
Construction in progress and land available for development37,052 34,789 
Net real estate1,442,873 1,463,248 
Equity investments in unconsolidated joint ventures126,015 126,333 
Cash and cash equivalents133,002 208,887 
Restricted cash and escrows10,353 2,597 
Accounts receivable (net of allowance for doubtful accounts of $14,309 and $12,996 as of March 31, 2021 and December 31, 2020, respectively)
26,790 26,571 
Acquired lease intangibles, net24,080 26,354 
Operating lease right-of-use assets18,423 18,585 
Other assets, net76,281 77,465 
TOTAL ASSETS$1,857,817 $1,950,040 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Notes payable, net$927,112 $1,027,751 
Finance lease obligation875 875 
Accounts payable and accrued expenses47,134 45,292 
Distributions payable256 1,723 
Acquired lease intangibles, net33,716 35,283 
Operating lease liabilities17,724 17,819 
Other liabilities12,064 19,928 
TOTAL LIABILITIES1,038,881 1,148,671 
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 March 31, 2021 and December 31, 2020, respectively
92,427 92,427 
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 80,156 and 80,055 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
802 801 
Additional paid-in capital1,174,961 1,174,315 
Accumulated distributions in excess of net income(461,887)(471,017)
Accumulated other comprehensive loss(6,770)(14,132)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT799,533 782,394 
Noncontrolling interest19,403 18,975 
TOTAL SHAREHOLDERS' EQUITY818,936 801,369 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,857,817 $1,950,040 

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 March 31,
 20212020
REVENUE  
Rental income$48,937 $51,722 
Other property income840 803 
Management and other fee income316 351 
TOTAL REVENUE50,093 52,876 
EXPENSES  
Real estate taxes8,489 8,151 
Recoverable operating expense6,193 5,979 
Non-recoverable operating expense2,557 2,277 
Depreciation and amortization18,379 20,848 
Transaction costs 174 
General and administrative expense7,370 6,222 
Insured expenses, net 60 
TOTAL EXPENSES42,988 43,711 
OPERATING INCOME 7,105 9,165 
OTHER INCOME AND EXPENSES  
Other (expense) income, net(107)353 
Gain on sale of real estate19,003  
Earnings from unconsolidated joint ventures801 256 
Interest expense(9,406)(9,401)
INCOME BEFORE TAX17,396 373 
Income tax provision(88)(31)
NET INCOME17,308 342 
Net income attributable to noncontrolling partner interest(398)(8)
NET INCOME ATTRIBUTABLE TO RPT16,910 334 
Preferred share dividends(1,675)(1,675)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS$15,235 $(1,341)
EARNINGS (LOSS) PER COMMON SHARE  
Basic$0.19 $(0.02)
Diluted$0.19 $(0.02)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  
Basic80,102 79,909 
Diluted81,123 79,909 
Cash Dividend Declared per Common Share$0.075 $0.220 
OTHER COMPREHENSIVE INCOME (LOSS)  
Net income$17,308 $342 
Other comprehensive gain (loss):  
Gain (loss) on interest rate swaps7,535 (17,311)
Comprehensive income (loss)24,843 (16,969)
Comprehensive (income) loss attributable to noncontrolling interest(571)393 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT$24,272 $(16,576)

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 March 31, 2021 and March 31, 2020
(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, 2020$92,427 $801 $1,174,315 $(471,017)$(14,132)$18,975 $801,369 
Issuance of common shares, net of issuance costs— — (182)— — — (182)
Share-based compensation, net of shares withheld for employee taxes— 1 828 — — — 829 
Dividends declared to common shareholders— — — (6,012)— — (6,012)
Dividends declared to preferred shareholders— — — (1,675)— — (1,675)
Distributions declared to noncontrolling interests— — — — — (143)(143)
Dividends declared to deferred shares— — — (93)— — (93)
Other comprehensive income adjustment— — — — 7,362 173 7,535 
Net income— — — 16,910 — 398 17,308 
Balance, March 31, 2021$92,427 $802 $1,174,961 $(461,887)$(6,770)$19,403 $818,936 
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— — (354)— — — (354)
Share-based compensation, net of shares withheld for employee taxes— 2 726 — — — 728 
Dividends declared to common shareholders— — — (17,593)— — (17,593)
Dividends declared to preferred shareholders— — — (1,675)— — (1,675)
Distributions declared to noncontrolling interests— — — — — (420)(420)
Dividends declared to deferred shares— — — (136)— — (136)
Other comprehensive loss adjustment— — — — (16,910)(401)(17,311)
Net income— — — 334 — 8 342 
Balance, March 31, 2020$92,427 $800 $1,169,929 $(455,431)$(15,091)$19,202 $811,836 

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

Page 5



RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Three Months Ended March 31,
 20212020
OPERATING ACTIVITIES  
Net income$17,308 $342 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization18,379 20,848 
Amortization of deferred financing fees374 343 
Income tax provision 88 31 
Earnings from unconsolidated joint ventures(801)(256)
Distributions received from operations of unconsolidated joint ventures2,235  
Gain on sale of real estate (19,003) 
Amortization of acquired above and below market lease intangibles, net(737)(1,096)
Amortization of premium on mortgages, net(211)(228)
Service-based restricted share expense1,049 820 
Long-term incentive cash and equity compensation expense1,166 279 
Changes in assets and liabilities, net of effect of acquisitions and dispositions:  
Accounts receivable, net(219)1,758 
Other assets, net1,333 698 
Accounts payable and other liabilities(2,076)(13,218)
Net cash provided by operating activities18,885 10,321 
INVESTING ACTIVITIES  
Development and capital improvements(5,347)(4,470)
Capital improvements covered by insurance (1,190)
Net proceeds from sales of real estate29,298  
Investment in equity interests in unconsolidated joint ventures (11)
Net cash provided by (used in) investing activities23,951 (5,671)
FINANCING ACTIVITIES  
Repayment of mortgages and notes payable(624)(542)
Proceeds on revolving credit facility 225,000 
Repayments on revolving credit facility(100,000) 
Payment of deferred financing costs (32)
Proceeds from issuance of common shares, net of issuance costs(182)(354)
Shares used for employee taxes upon vesting of awards(769)(667)
Dividends paid to preferred shareholders(3,350)(1,675)
Dividends paid to common shareholders(6,040)(17,668)
Distributions paid to operating partnership unit holders (420)
Net cash (used in) provided by financing activities(110,965)203,642 
Net change in cash, cash equivalents and restricted cash(68,129)208,292 
Cash, cash equivalents and restricted cash and escrows at beginning of period211,484 114,552 
Cash, cash equivalents and restricted cash and escrows at end of period$143,355 $322,844 

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)
Three Months Ended March 31,
20212020
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture$1,116 $ 
Contribution of real estate exchanged for preferred investment in unconsolidated entities2,610  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest (net of capitalized interest of $1 in both 2021 and 2020)
$6,574 $6,359 

As of March 31,
Reconciliation of cash, cash equivalents and restricted cash and escrows20212020
Cash and cash equivalents$133,002 $320,596 
Restricted cash and escrows10,353 2,248 
$143,355 $322,844 

The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 7


RPT REALTY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.  Organization and Basis of Presentations

Organization

RPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the 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 (“NYSE”). The common shares of beneficial interest of the Company, par value $0.01 per share (the “common share”), are listed and traded on the NYSE under the ticker symbol “RPT”. As of March 31, 2021, the Company's portfolio consisted of 49 multi-tenant shopping centers (including five shopping centers owned through a joint venture) and 13 net lease retail properties (all of which are owned through a separate joint venture) (the “aggregate portfolio”) which together represent 11.9 million square feet of gross leasable area (“GLA”).  As of March 31, 2021, the Company’s pro-rata share of the aggregate portfolio was 92.0% leased.

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.7% owned by the Company at March 31, 2021 and December 31, 2020), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of condensed consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation.

We have elected to be a REIT for federal income tax purposes.  The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020.

The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period.  We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources.  The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates.

Equity Distribution Agreement

In February 2020, the Company entered into an Equity Distribution Agreement (Equity Distribution Agreement) pursuant to which the Company may offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million. Sales of the shares of common stock may be made, in the Company's discretion, from time to time in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933. The Equity Distribution Agreement also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. For the three months ended March 31, 2021, we did not issue any common shares through the arrangement. As of March 31, 2021, we have full capacity remaining under the agreement.
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Significant Risks and Uncertainties

One of the most significant risks and uncertainties is the potential adverse effect of COVID-19. On February 28, 2020, the World Health Organization (“WHO”) raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. On March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result of COVID-19, we have received numerous rent relief requests, most often in the form of rent deferrals. We have evaluated, and continue to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. While the Company is unable at this time to reasonably estimate the impact that COVID-19 will continue to have on our business, financial position and operating results in future periods due to numerous uncertainties, the Company is closely monitoring the impact of the pandemic on all aspects of its business. A number of our tenants have closed their stores for a period of time as a result of COVID-19. The COVID-19 pandemic will likely to continue to have repercussions across local, national and global economies and financial markets, including a potential global recession.

COVID-19 may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following:
Reduced economic activity severely impacting our tenants' businesses, financial condition and liquidity and may cause tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income;
The negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and
Weaker economic conditions could cause us to recognize impairment in the value of our tangible and intangible assets based on the then Company's reasonable assessment.
The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As such, we are unable to predict the impact that it ultimately will have on our financial condition, results of operations and cash flows.

Recently Adopted Accounting Pronouncements

In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts.

The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are:
Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period.
Account for the deferred payments as variable lease payments.
In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our condensed consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable.
Page 9


In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable.

2.  Real Estate

Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in progress and land available for development.

We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable.  These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, net operating income, real estate values and expected holding period.

For the three months ended March 31, 2021 and 2020, we recorded no impairment provision.

Construction in progress represents existing development, redevelopment and tenant build-out projects.  When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate.  Construction in progress was $10.9 million and $8.6 million at March 31, 2021 and December 31, 2020, respectively. The increase in construction in progress from December 31, 2020 to March 31, 2021 was due primarily to the capital expenditures for ongoing projects, partially offset by completion of tenant build-outs and property dispositions.

Land available for development includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center or outparcel pad. The viability of all projects under construction or development, including those owned by our unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use.  Land available for development was $26.2 million at both March 31, 2021 and December 31, 2020.

Pursuant to the criteria established under ASC Topic 360 we classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and probable of closing within one year of the reporting date. As of March 31, 2021, and December 31, 2020, we had no properties and no land parcels classified as held for sale.

3.  Property Acquisitions and Dispositions

Acquisitions

There were no acquisitions in the three months ended March 31, 2021.

Page 10


Dispositions

The following table provides a summary of our disposition activity in the three months ended March 31, 2021:
    Gross
Property NameLocationProperty/ Parcel CountGLA Date SoldSales PriceGain on Sale
 (in thousands)(In thousands)
Buttermilk Towne Center - Land parcels (1)
Crescent Springs, KY2107 03/05/21$9,785 $3,809 
Deer Grove - Outparcel (1)
Palatine, IL18 03/05/212,500 1,456 
Front Range Village - Land parcel (1)
Fort Collins, CO15 03/05/212,750 1,709 
Front Range Village - Outparcel (1)
Fort Collins, CO14 03/05/212,475 1,197 
Merchants' Square - Outparcels (1)
Carmel, IN119 03/05/213,977 2,133 
Promenade at Pleasant Hill - Land parcel (1)
Duluth, GA14 03/05/211,250 467 
River City Marketplace - Land parcels (1)
Jacksonville, FL25 03/05/212,895 1,938 
Rivertowne Square - Land parcel (1)
Deerfield Beach, FL13 03/05/213,270 2,272 
Shoppes of Lakeland - Land parcel (1)
Lakeland, FL13 03/05/211,332 800 
Shoppes of Lakeland - Outparcel (1)
Lakeland, FL17 03/05/211,200 289 
West Broward - Land parcel (1)
Plantation, FL14 03/05/214,762 2,933 
Total income producing dispositions13 169  $36,196 $19,003 
Total dispositions169 $36,196 $19,003 
(1)We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.

4.  Equity Investments in Unconsolidated Joint Ventures

As of December 31, 2020, we had three joint venture agreements: 1) R2G Venture LLC (“R2G”), 2) Ramco/Lion Venture LP, and 3) Ramco HHF NP LLC, whereby we own 51.5%, 30%, and 7%, respectively, of the equity in each joint venture. Our R2G joint venture owns five income-producing shopping centers, and our other two joint ventures do not own any income producing properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  We cannot make significant decisions without our partner’s approval.  Accordingly, we account for our interest in the joint ventures using the equity method of accounting.

On March 4, 2021, we formed a new core net lease retail real estate joint venture, RGMZ Venture REIT LLC (“RGMZ”), with an affiliate of GIC Private Limited (“GIC”), an affiliate of Zimmer Partners (“Zimmer”) and an affiliate of Monarch Alternative Capital LP (“Monarch”). The Company has initially contributed 13 net lease retail properties that had been created by us upon the subdivision of certain parcels from our existing open-air shopping centers, valued at $36.2 million to RGMZ. Upon contribution, the Company received $32.4 million in gross cash proceeds ($29.3 million in net cash proceeds), as well as a combined $2.6 million preferred equity investment stake in the Zimmer and Monarch affiliates, in exchange for the 93.6% stake in RMGZ that was acquired by the other joint venture partners. The Company retained a 6.4% stake in RGMZ, maintains day-to-day management of the portfolio and earns management, leasing and construction fees. The asset management fee is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee of 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. The Company is also responsible for sourcing future acquisitions for RGMZ. RGMZ has a $21.7 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $500.0 million. RPT and certain of the other joint venture partners will have consent rights for all future acquisitions, and also have approval rights in connection with annual budgets and other specified major decisions. We cannot make significant decisions without our partners' approval. Accordingly, we account for our interest in the joint venture using the equity method of accounting.
Page 11




The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:
Balance SheetsMarch 31, 2021December 31, 2020
 (In thousands)
ASSETSR2GRGMZOtherTotalR2GRGMZOtherTotal
Investment in real estate, net$224,785 $26,946 $ $251,731 $226,083 $ $ $226,083 
Other assets24,904 12,755  37,659 26,125  47 26,172 
Total Assets$249,689 $39,701 $ $289,390 $252,208 $ $47 $252,255 
LIABILITIES AND OWNERS' EQUITY  
Notes payable $ $21,718 $ $21,718 $ $ $ $ 
Other liabilities14,728 417  15,145 14,474  11 14,485 
Owners' equity234,961 17,566  252,527 237,734  36 237,770 
Total Liabilities and Owners' Equity$249,689 $39,701 $ $289,390 $252,208 $ $47 $252,255 
RPT's equity investments in unconsolidated joint ventures$124,901 $1,114 $ $126,015 $126,333 $ $ $126,333 

 Three Months Ended March 31,
Statements of Operations20212020
 (In thousands)
R2GRGMZOtherTotalR2GRGMZOtherTotal
Total revenue$5,737 $156 $ $5,893 $6,032 $ $ $6,032 
Total expenses
4,157 114 7 4,278 5,534  4 5,538 
Income (loss) before other income and expense1,580 42 (7)1,615 498  (4)494 
Interest expense 82 82    
Net income (loss)$1,580 $(40)$(7)$1,533 $498 $ $(4)$494 
Preferred member dividends19   19 17   17 
Net income (loss) available to common members$1,561 $(40)$(7)$1,514 $481 $ $(4)$477 
RPT's share of earnings from unconsolidated joint ventures$803 $(2)$ $801 $256 $ $ $256 

Acquisitions

The following table provides a summary of our unconsolidated joint venture property acquisitions during the three months ended March 31, 2021:
    Gross
Property NameLocationGLA AcreageDate AcquiredPurchase PriceDebt Issued
 (in thousands)(In thousands)
RPT Realty - 13 Income Producing Properties (1)
Various (1)
169 N/A03/05/21$37,228 $(21,718)
Total acquisitions169 —  $37,228 $(21,718)
(1)Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky.

Page 12


The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
As of Acquisition Date
(In thousands)
Land$22,205 
Buildings and improvements4,749 
Above market leases7,773 
Lease origination costs2,779 
Below market leases(278)
Net assets acquired$37,228 

Dispositions

There was no disposition activity in the three months ended March 31, 2021 by any of our unconsolidated joint ventures.

Joint Venture Management and Other Fee Income

We receive a property management fee calculated as a percentage of gross revenues received for providing services to R2G and recognize these fees as the services are rendered.  We also receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. We also can receive fees from both joint ventures for leasing and investing services.

The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income:
 Three Months Ended March 31,
 20212020
 (In thousands)
R2GRGMZTotalR2GOtherTotal
Management fees$229 $11 $240 $229 $4 $233 
Leasing fees$76 $ $76 $118 $ $118 
Total$305 $11 $316 $347 $4 $351 

Page 13


5.  Debt

The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of March 31, 2021 and December 31, 2020:
Notes Payable and Finance Lease ObligationMarch 31,
2021
December 31,
2020
 (In thousands)
Senior unsecured notes$535,000 $535,000 
Unsecured term loan facilities310,000 310,000 
Fixed rate mortgages84,630 85,254 
Unsecured revolving credit facility 100,000 
 929,630 1,030,254 
Unamortized premium892 1,103 
Unamortized deferred financing costs(3,410)(3,606)
Total notes payable$927,112 $1,027,751 
Finance lease obligation $875 $875 
 
Senior Unsecured Notes

The following table summarizes the Company's senior unsecured notes:
March 31, 2021December 31, 2020
Senior Unsecured NotesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Senior unsecured notes 6/27/2021$37,000 3.75 %$37,000 3.75 %
Senior unsecured notes 6/27/202341,500 4.12 %41,500 4.12 %
Senior unsecured notes5/28/202450,000 4.65 %50,000 4.65 %
Senior unsecured notes11/18/202425,000 4.05 %25,000