RPT Realty Announces 2022 Investment and Capital Markets Activity
10 Enero 2023 - 4:00PM
RPT Realty (NYSE:RPT) (“RPT” or the “Company”)
announced today investment and capital markets activity for the
quarter and year ended December 31, 2022.
“RPT continued to improve the strength of its
cash flows through its investment and capital markets activities,”
said Brian Harper, President and Chief Executive Officer. “We
diversified the portfolio into strong and vibrant markets like
Miami and Boston by capitalizing on the power of our three
investment platforms. Also, we were opportunistic with our balance
sheet management, completing $1.2 billion of total capital markets
activity in 2022 resulting in longer duration, higher liquidity and
lower floating rate exposure.”
2022 Investment Activity
For the full year 2022, the Company through its
three strategic investment platforms, closed on third-party
acquisitions totaling $375.0 million or $223.4 million at
the Company’s pro-rata share. The Company also closed on
dispositions and contributions into its two strategic joint venture
platforms totaling $282.9 million or $197.7 million at
the Company’s pro-rata share.
During the fourth quarter 2022, the Company
closed on the contribution of two wholly-owned properties into its
grocery-anchored joint venture platform for a total contract price
of $162.7 million, retaining a 51.5% stake in both properties.
The properties include The Shops on Lane Avenue in the Columbus
market valued at $80.8 million and Troy Marketplace in the
Detroit market valued at $81.9 million. Proceeds were used to
fund the Company’s share of the Mary Brickell Village acquisition
in the Miami market that closed in the third quarter 2022.
2022 Third-Party
Acquisitions
Property Name |
ClosingDate |
Metro Market |
GLA |
ContractPrice |
Pro-rataContractPrice |
|
|
|
|
(in thousands) |
(in millions) |
(in millions) |
RPT Platform |
|
|
|
|
|
|
The Crossings |
4/4/22 |
Boston |
510 |
$104.0 |
$104.0 |
|
Brookline Village |
6/7/22 |
Boston |
11 |
5.0 |
5.0 |
Total RPT |
|
|
521 |
$109.0 |
$109.0 |
|
|
|
|
|
|
|
R2G Platform |
|
|
|
|
|
|
Mary Brickell Village |
7/7/22 |
Miami |
199 |
$216.0 |
$111.2 |
Total R2G |
|
|
199 |
$216.0 |
$111.2 |
|
|
|
|
|
|
|
RGMZ Platform |
|
|
|
|
|
|
Single-Tenant Property |
4/1/22 |
Jackson |
2 |
$2.2 |
$0.1 |
|
Ansonia Landing |
5/3/22 |
New Haven-Milford |
91 |
14.0 |
0.9 |
|
Walgreens Portfolio |
5/25/22 |
Various |
71 |
33.8 |
2.2 |
Total RGMZ |
|
|
164 |
$50.0 |
$3.2 |
|
|
|
|
|
|
|
Total Acquisitions |
|
|
884 |
$375.0 |
$223.4 |
2022 Dispositions and
Contributions
Property Name |
ClosingDate |
Metro Market |
GLA |
ContractPrice |
Pro-rataContractPrice |
|
|
|
|
(in thousands) |
(in millions) |
(in millions) |
RPT Dispositions |
|
|
|
|
|
|
Rivertowne Square |
6/7/22 |
Miami |
144 |
$18.8 |
$18.8 |
|
Tel-Twelve |
7/21/22 |
Detroit |
194 |
45.0 |
45.0 |
|
Mount Prospect Plaza |
8/18/22 |
Chicago |
228 |
34.6 |
34.6 |
Total RPT Dispositions |
|
|
566 |
$98.4 |
$98.4 |
|
|
|
|
|
|
|
RPT Contributions to R2G |
|
|
|
|
|
|
The Shops on Lane Avenue |
10/27/22 |
Columbus |
184 |
$80.8 |
$39.2 |
|
Troy Marketplace |
10/27/22 |
Detroit |
249 |
81.9 |
39.7 |
Total RPT Contributions to R2G |
|
|
433 |
$162.7 |
$78.9 |
|
|
|
|
|
|
|
RPT Contributions to RGMZ |
|
|
|
|
|
|
2 Income Producing
Properties |
3/22/22 |
Various |
132 |
$11.6 |
$10.8 |
|
1 Income Producing
Property |
9/8/22 |
Boston |
55 |
10.2 |
9.6 |
Total RPT Contributions to RGMZ |
|
|
187 |
$21.8 |
$20.4 |
|
|
|
|
|
|
|
Total Dispositions & Contributions |
|
|
1,186 |
$282.9 |
$197.7 |
2022 Capital Market
Activities
“RPT demonstrated its proactive balance sheet
management by issuing debt and equity in early 2022 when cost of
capital was low and refinancing its unsecured credit facility ahead
of the dislocation in the capital markets that occurred in the
fall,” said Michael Fitzmaurice, Executive Vice President, Chief
Financial Officer. “At the end of 2022, the Company had no debt
maturing until 2025 and had fixed all remaining term loan debt
through maturity, significantly reducing RPT’s exposure to the
impact of rising interest rates.”
For the full year 2022, the Company, through its
three strategic platforms, raised and closed on $1.2 billion of
gross capital, comprised of an $810 million amended and restated
credit facility, a $350 million refinancing of its RGMZ acquisition
revolver, $52 million of R2G mortgage debt and $18 million of a
forward equity issuance under its at-the-market equity distribution
program (“ATM”).
Fourth Quarter 2022 Capital Market
Highlights
- In December, the
Company opportunistically executed forward starting swaps covering
$160 million of notional value that swap SOFR to a fixed rate of
3.04%, consisting of $60 million fixed at 3.35% that starts in
March 2023, $50 million fixed at 2.87% that starts in November 2024
and $50 million fixed at 2.86% that starts in January 2025. With
these swaps, the Company has fixed the rate on the SOFR component
of all outstanding term loan debt through their respective
maturities.
- In December, the
Company settled 1.2 million common shares that were previously
offered and sold on a forward basis under its ATM at a weighted
average gross price of $13.85 per share. The Company currently has
$133 million available for issuance under the ATM.
- In October, the
Company closed on the repayment of a $27 million mortgage secured
by The Shops on Lane Avenue, eliminating all debt maturities until
2025.
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 September 30, 2022, the Company's property
portfolio (the "aggregate portfolio") consisted of 46 wholly-owned
shopping centers, 11 shopping centers owned through its
grocery-anchored joint venture, and 48 retail properties owned
through its net lease joint venture, which together represent 15.0
million square feet of gross leasable area. As of
September 30, 2022, the Company’s pro-rata share of the
aggregate portfolio was 94.0% leased. For additional information
about the Company please visit rptrealty.com.
Company Contact:
Vin Chao, Managing Director - Finance and Investments19 W 44th
St. 10th Floor, Ste 1002New York, New York
10036vchao@rptrealty.com(212) 221-1752
RPT Realty (NYSE:RPT)
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