NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) — RPT Realty (NYSE: RPT) (“RPT” or the “Company”), a publicly traded real estate investment trust that owns and operates a portfolio of open-air shopping destinations principally located in top U.S. markets, has hired Tyler Sorenson as Managing Director to lead investments for its newly formed core net lease retail real estate platform (the “Platform”) with co-investors GIC Private Limited, Zimmer Partners and Monarch Alternative Capital LP.
Mr. Sorenson joins RPT from Spirit Realty Capital, where he most recently served as Vice President of Acquisitions. In this role, Mr. Sorenson oversaw nearly $1.5 billion of retail acquisitions over the past two and a half years. Prior to leading Spirit’s retail acquisitions Mr. Sorenson was Vice President, Asset Management where he was responsible for leading a team that managed a portfolio of approximately 800 net-lease properties. Mr. Sorenson has more than 16 years of shopping center and net lease experience including roles at GE Capital and Regency Centers, where he developed a strong reputation among leading franchisees, retail operators, brokers, private equity sponsors and investment bankers across the real estate industry.
At RPT, Mr. Sorenson will work closely with RPT’s management team and the Company’s co-investors to deploy the Platform’s committed capital over the next three years. The Platform will target the acquisition of over $1.2 billion of net lease retail assets that deliver attractive risk-adjusted returns, including the acquisition of assets that have been sub-divided from multi-tenant retail centers acquired or owned by RPT. Mr. Sorenson will report to Brian Harper, President and Chief Executive Officer of RPT.
“I share Brian and RPT’s vision that this platform will be a disruptive force in the net-lease and open-air retail sectors and when this opportunity presented itself, I immediately put my name forward for consideration,” said Mr. Sorenson. “With over a billion dollars in potential buying power and backed by three renowned co-investors as well as RPT’s deep operational and financial expertise, our platform is well positioned to serve as a long-term strategic partner to both best-in-class regional essential retailers and larger national operators, as they face a shifting market environment. To be able to do this while unlocking value for our co-investors and RPT shareholders is a true win-win.”
“Tyler is one of the most highly qualified net lease real estate investment professionals in the country, and to have him join our team to lead this new platform is a tremendous endorsement of our thesis,” said Mr. Harper. “The value dislocation between shopping center and net lease assets has created attractive new investment opportunities for the platform and for RPT shareholders that can enhance our returns on capital. I am confident Tyler is the right person to help us fully capture these opportunities. We are excited to have him as a partner within RPT.”
Redpath Partners was the recruitment agency that led a national search process for the Company.
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 (the “common shares”) are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 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 December 31, 2020, the Company’s pro-rata share of the aggregate portfolio was 92.8% leased. For additional information about the Company please visit rptrealty.com.
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as ended, 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 “may,” “will,” “should,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” “predict” 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. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our success or failure in implementing our 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 our asset quality and our relationships with lenders and other capital providers; risks associated with bankruptcies or insolvencies or general downturn in the businesses of tenants; the potential adverse impact from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company’s tenants, which are heightened as a result of the COVID-19 pandemic; changes in governmental regulations, tax rates and similar matters; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including in particular those set forth under “Risk Factors” in our latest annual report on Form 10-K, which you should interpret as being heightened as a result of the numerous and ongoing adverse impacts of COVID-19. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
Company Contact Information:
Vin Chao
Senior Vice President of Finance
vchao@rptrealty.com
(212) 221-1752