{"id":4036,"date":"2021-09-30T19:28:52","date_gmt":"2021-10-01T00:28:52","guid":{"rendered":"https:\/\/1reason.com\/re\/rpt-realty-announces-continued-execution-of-its-2021-strategic-acquisition-plan\/4036\/"},"modified":"2021-10-01T14:28:52","modified_gmt":"2021-10-01T19:28:52","slug":"rpt-realty-announces-continued-execution-of-its-2021-strategic-acquisition-plan","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/rpt-realty-announces-continued-execution-of-its-2021-strategic-acquisition-plan\/4036\/","title":{"rendered":"RPT Realty Announces Continued Execution of Its 2021 Strategic Acquisition Plan"},"content":{"rendered":"
<\/p>\n

RPT, through its grocery-anchor focused joint venture platform R2G Venture LLC (\u201cR2G\u201d), is under contract to acquire the Dedham shopping center located in the Boston market for a contract price of $131.5 million, or $67.7 million at RPT\u2019s pro-rata share. Additionally, the Company closed on the previously announced acquisition of Newnan Pavilion, a grocery-anchored shopping center in the Atlanta market, for $41.6 million. The Company has closed or is under contract on nine multi-tenant open-air shopping centers with a gross acquisition value of approximately $500 million, or about $350 million at the Company\u2019s pro-rata share. Net of RPT\u2019s share of expected parcel sales to its net lease joint venture platform RGMZ Venture REIT LLC (\u201cRGMZ\u201d), the Company will have deployed $285 million of capital into high growth, target markets of Boston, Nashville, Tampa and Atlanta. Boston is expected to become the Company\u2019s third largest market, while eight of the nine centers are grocery-anchored, demonstrating the cash flow strength of these acquisitions.<\/p>\n

Dedham is a 510,000 square foot grocery-anchored shopping center located in an affluent and densely populated infill location inside the 128 loop (Interstate 95) with three-mile average household income and population density of $136,000 and 109,000, respectively. Dedham is 91.8% occupied and anchored by a high performing Stop and Shop. The center is also shadow anchored by Lowe\u2019s and is home to a mix of other thriving retailers and quick service restaurants including T.J. Maxx, Dick\u2019s Sporting Goods, Starbucks, and Chipotle. This acquisition is expected to close in the fourth quarter 2021, subject to customary closing conditions.<\/p>\n

\u201cWe continue to drive the dramatic transformation of our portfolio, highlighted by our expected acquisition of Dedham in the Boston market,\u201d said Brian Harper, President and Chief Executive Officer. \u201cThe power of our strategic joint ventures coupled with our wholly owned platform have positioned RPT to quickly redeploy $500 million of capital into highly sought after top national markets, which we expect will allow for accelerated and accretive earnings growth in 2021 and 2022.\u201d<\/p>\n

Year-to-date Multi-tenant Acquisitions<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Property Name<\/strong><\/td>\nClosing Date<\/strong><\/td>\nMetro
Market<\/strong><\/td>\n		GLA<\/strong><\/td>\nContract
Price<\/strong><\/td>\n		Pro-rata
Contract
Price<\/strong><\/td>\n		Platform<\/strong><\/td>\n<\/tr>\n
\n\n\n(in thousands)<\/em><\/td>\n(in millions)<\/em><\/td>\n(in millions)<\/em><\/td>\n<\/tr>\n
Northborough Crossing1<\/sup><\/td>\n6\/18\/2021<\/td>\nBoston<\/td>\n646<\/td>\n$104.0<\/td>\n$104.0<\/td>\nRPT<\/td>\n<\/tr>\n
Village Shoppes of Canton<\/td>\n7\/12\/2021<\/td>\nBoston<\/td>\n284<\/td>\n$61.5<\/td>\n$31.7<\/td>\nR2G<\/td>\n<\/tr>\n
South Pasadena Shopping Center<\/td>\n7\/14\/2021<\/td>\nTampa<\/td>\n164<\/td>\n$32.7<\/td>\n$16.8<\/td>\nR2G<\/td>\n<\/tr>\n
Bedford Marketplace<\/td>\n7\/29\/2021<\/td>\nBoston<\/td>\n153<\/td>\n$54.5<\/td>\n$28.1<\/td>\nR2G<\/td>\n<\/tr>\n
Bellevue Place<\/td>\n7\/7\/2021<\/td>\nNashville<\/td>\n77<\/td>\n$10.4<\/td>\n$10.4<\/td>\nRPT<\/td>\n<\/tr>\n
East Lake Woodlands<\/td>\n7\/9\/2021<\/td>\nTampa<\/td>\n104<\/td>\n$25.5<\/td>\n$13.1<\/td>\nR2G<\/td>\n<\/tr>\n
Woodstock Square<\/td>\n7\/14\/2021<\/td>\nAtlanta<\/td>\n219<\/td>\n$37.7<\/td>\n$37.7<\/td>\nRPT<\/td>\n<\/tr>\n
Newnan Pavilion2<\/sup><\/td>\n8\/5\/2021<\/td>\nAtlanta<\/td>\n467<\/td>\n$41.6<\/td>\n$41.6<\/td>\nRPT<\/td>\n<\/tr>\n
Dedham<\/td>\nUnder Contract<\/td>\nBoston<\/td>\n510<\/td>\n$131.5<\/td>\n$67.7<\/td>\nR2G<\/td>\n<\/tr>\n
Total Closed or Under Contract<\/td>\n\n\n2,624<\/td>\n$499.4<\/td>\n$351.1<\/td>\n<\/tr>\n<\/table>\n

1<\/sup> The Company expects to sell up to $64.6 million of single-tenant, net lease parcels from this property to RGMZ.<\/em>
2<\/sup> The Company expects to sell up to $6.1 million of single-tenant, net lease parcels from this property to RGMZ.<\/em><\/p>\n

About RPT Realty<\/strong><\/p>\n

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 \u201cNYSE\u201d). The common shares of the Company, par value $0.01 per share are listed and traded on the NYSE under the ticker symbol \u201cRPT\u201d. As of June 30, 2021, the Company’s property portfolio consisted of 50 multi-tenant shopping centers (including five shopping centers owned through a joint venture), 15 net lease retail properties (all of which are owned through a separate joint venture) and 13 net lease retail properties that were held for sale by the Company (the \u201caggregate portfolio\u201d) which together represent 12.6 million square feet of gross leasable area (\u201cGLA\u201d). As of June 30, 2021, the Company\u2019s pro-rata share of the aggregate portfolio was 92.5% leased. For additional information about the Company please visit rptrealty.com.<\/p>\n

Contact Information<\/strong><\/p>\n

Vin Chao
Senior Vice President – Finance
vchao@rptrealty.com<\/a>
(212) 221-1752<\/p>\n

Forward-Looking Statements<\/strong><\/p>\n

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations, plans or beliefs concerning future events and may be identified by terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201ccontinue\u201d or similar terms. Although the forward-looking statements made in this document are based on our good faith beliefs, reasonable assumptions and our best judgment based upon current information, certain factors could cause actual results to differ materially from those in the forward-looking statements. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to predict or control. These factors include, without limitation, the Company’s ability to satisfy the closing conditions and\/or complete the acquisitions described herein on the terms currently contemplated or at all, the Company’s success or failure in implementing its business strategy; economic conditions generally and in the commercial real estate and finance markets specifically; the cost and availability of capital, which depends in part on the Company’s asset quality and its relationships with lenders and other capital providers; the effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants; the Company’s business prospects and outlook; and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including in particular those set forth under \u201cRisk Factors\u201d in the Company’s latest annual report on Form 10-K and quarterly report on Form 10-Q, which you should interpret as being heightened as a result of the numerous and ongoing adverse impacts of the COVID-19 pandemic. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.<\/p>\n

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NEW YORK, Sept. 08, 2021 (GLOBE NEWSWIRE) — RPT Realty (NYSE:RPT) (\u201cRPT\u201d or the \u201cCompany\u201d) announced today that it continues to make substantial progress towards the execution of its 2021 strategic acquisition plan.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4036"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=4036"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4036\/revisions"}],"predecessor-version":[{"id":4047,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4036\/revisions\/4047"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}