RPT Realty Announces Acquisition of Highland Lakes in the Tampa, FL Market
NEW YORK, Dec. 16, 2021 (GLOBE NEWSWIRE) — RPT Realty (NYSE:RPT) (“RPT” or the “Company”) announced today that it acquired the Highland Lakes shopping center in Palm Harbor, FL for a contract price of $15.0 million. Highland Lakes is an 82,000 square foot open-air community center in the Tampa market, which is RPT’s fifth largest market based on annualized base rent. The Company is finalizing a new lease with an investment grade grocer to replace a vacant former Steinmart box, which will increase occupancy to over 95%, while significantly enhancing the value of the center. Upon commencement of the new grocer lease, the Company expects to generate a stabilized yield to current market cap rate spread of approximately 150 basis points.
“Highland Lakes is an off market deal that was identified by our leasing team, highlighting the importance of our local, decentralized operating model,” said Brian Harper, President and Chief Executive Officer. “Our ability to accretively source high-quality acquisitions in our core markets across our three investment platforms in today’s compressing cap rate environment will be a key differentiator for us as we head into 2022.”
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 are listed and traded on the NYSE under the ticker symbol “RPT”. As of September 30, 2021, the Company’s property portfolio (the “aggregate portfolio”) consisted of 57 multi-tenant shopping centers (including nine shopping centers owned through a joint venture) and 30 net lease retail properties (all of which are owned through a separate joint venture) which together represent 14.0 million square feet of gross leasable area (“GLA”). As of September 30, 2021, the Company’s pro-rata share of the aggregate portfolio was 92.5% leased. For additional information about the Company please visit rptrealty.com.
Contact Information
Vin Chao
Senior Vice President – Finance
vchao@rptrealty.com
(212) 221-1752
Forward-Looking Statements
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 “may,” “will,” “expect,” “continue” 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 “Risk Factors” 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.
