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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 September 30, 2022
 
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 October 28, 2022: 85,249,068



INDEX
Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
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)
 September 30,
2022
December 31,
2021
ASSETS  
Income producing properties, at cost:  
Land$316,124 $315,687 
Buildings and improvements1,480,304 1,512,455 
Less accumulated depreciation and amortization(400,694)(422,270)
Income producing properties, net1,395,734 1,405,872 
Construction in progress and land available for development38,530 43,017 
Real estate held for sale727 3,808 
Net real estate1,434,991 1,452,697 
Equity investments in unconsolidated joint ventures340,338 267,183 
Cash and cash equivalents7,611 13,367 
Restricted cash and escrows951 666 
Accounts receivable (net of allowance for doubtful accounts of $10,536 and $13,107 as of September 30, 2022 and December 31, 2021, respectively)
23,228 23,954 
Acquired lease intangibles, net43,933 37,854 
Operating lease right-of-use assets17,437 17,934 
Other assets, net114,762 88,424 
TOTAL ASSETS$1,983,251 $1,902,079 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Notes payable, net$946,758 $884,185 
Finance lease obligation821 821 
Accounts payable and accrued expenses50,912 47,034 
Distributions payable14,285 12,555 
Acquired lease intangibles, net34,737 36,207 
Operating lease liabilities17,121 17,431 
Other liabilities5,987 8,392 
TOTAL LIABILITIES1,070,621 1,006,625 
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 September 30, 2022 and December 31, 2021, respectively
92,427 92,427 
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 84,293 and 83,894 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
843 839 
Additional paid-in capital1,235,627 1,227,791 
Accumulated distributions in excess of net income(454,776)(441,478)
Accumulated other comprehensive income (loss)21,216 (2,635)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT895,337 876,944 
Noncontrolling interest17,293 18,510 
TOTAL SHAREHOLDERS' EQUITY912,630 895,454 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,983,251 $1,902,079 

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 September 30,Nine Months Ended September 30,
 2022202120222021
REVENUE  
Rental income$52,487 $53,385 $160,032 $153,203 
Other property income1,012 1,364 3,227 3,017 
Management and other fee income1,231 426 2,848 1,272 
TOTAL REVENUE54,730 55,175 166,107 157,492 
EXPENSES  
Real estate taxes7,329 8,249 22,731 25,558 
Recoverable operating expense6,832 6,003 21,119 17,935 
Non-recoverable operating expense2,817 2,507 7,792 7,186 
Depreciation and amortization18,442 18,487 57,825 53,463 
Transaction costs405 389 4,881 389 
General and administrative expense9,372 7,330 26,394 22,298 
Provision for impairment  5  5 
TOTAL EXPENSES45,197 42,970 140,742 126,834 
Gain on sale of real estate11,144 22,196 26,234 75,415 
OPERATING INCOME 20,677 34,401 51,599 106,073 
OTHER INCOME AND EXPENSES  
Other income (expense), net530 (38)895 (223)
Earnings from unconsolidated joint ventures1,779 1,074 467 2,947 
Interest expense(9,568)(9,297)(26,650)(28,008)
Loss on extinguishment of debt(121) (121) 
INCOME BEFORE TAX13,297 26,140 26,190 80,789 
Income tax (provision) benefit(71)157 (142)47 
NET INCOME13,226 26,297 26,048 80,836 
Net income attributable to noncontrolling partner interest(251)(595)(502)(1,843)
NET INCOME ATTRIBUTABLE TO RPT12,975 25,702 25,546 78,993 
Preferred share dividends(1,676)(1,676)(5,026)(5,026)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$11,299 $24,026 $20,520 $73,967 
EARNINGS PER COMMON SHARE  
Basic$0.13 $0.30 $0.24 $0.92 
Diluted$0.13 $0.29 $0.23 $0.89 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  
Basic84,259 80,418 84,133 80,228 
Diluted84,855 88,851 84,861 88,544 
Cash Dividend Declared per Common Share$0.130 $0.120 $0.390 $0.270 
OTHER COMPREHENSIVE INCOME  
Net income$13,226 $26,297 $26,048 $80,836 
Other comprehensive gain:  
Gain on interest rate swaps, net7,501 1,201 24,319 7,906 
Comprehensive income20,727 27,498 50,367 88,742 
Comprehensive income attributable to noncontrolling interest(388)(620)(970)(2,022)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT$20,339 $26,878 $49,397 $86,720 

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 September 30, 2022 and September 30, 2021
(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, June 30, 2022$92,427 $842 $1,232,466 $(454,740)$13,852 $17,895 $902,742 
Issuance of common shares, net of issuance costs— — (46)— — — (46)
Redemption of Operating Partnership Unit holders— — 781 — — (781) 
Share-based compensation, net of shares withheld for employee taxes— 1 2,426 — — — 2,427 
Dividends declared to common shareholders— — — (10,953)— — (10,953)
Dividends declared to preferred shareholders— — — (1,676)— — (1,676)
Distributions declared to noncontrolling interests— — — — — (209)(209)
Dividends declared to deferred shares— — — (382)— — (382)
Other comprehensive income adjustment— — — — 7,364 137 7,501 
Net income— — — 12,975 — 251 13,226 
Balance, September 30, 2022$92,427 $843 $1,235,627 $(454,776)$21,216 $17,293 $912,630 
Balance, June 30, 2021$92,427 $802 $1,177,262 $(433,360)$(7,581)$19,952 $849,502 
Issuance of common shares, net of issuance costs— 30 38,869 — — — 38,899 
Redemption of Operating Partnership Unit holders— 1 721 — — (722) 
Share-based compensation, net of shares withheld for employee taxes— 1 2,051 — — — 2,052 
Dividends declared to common shareholders— — — (9,644)— — (9,644)
Dividends declared to preferred shareholders— — — (1,676)— — (1,676)
Distributions declared to noncontrolling interests— — — — — (220)(220)
Dividends declared to deferred shares— — — (202)— — (202)
Other comprehensive income adjustment— — — — 1,176 25 1,201 
Net income— — — 25,702 — 595 26,297 
Balance, September 30, 2021$92,427 $834 $1,218,903 $(419,180)$(6,405)$19,630 $906,209 
Page 5

RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Nine Months Ended September 30, 2022 and September 30, 2021
(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, 2021$92,427 $839 $1,227,791 $(441,478)$(2,635)$18,510 $895,454 
Issuance of common shares, net of issuance costs— 1 524 — — — 525 
Redemption of Operating Partnership Unit holders— 1 1,539 — — (1,540) 
Share-based compensation, net of shares withheld for employee taxes— 2 5,773 — — — 5,775 
Dividends declared to common shareholders— — — (32,836)— — (32,836)
Dividends declared to preferred shareholders— — — (5,026)— — (5,026)
Distributions declared to noncontrolling interests— — — — — (647)(647)
Dividends declared to deferred shares— — — (982)— — (982)
Other comprehensive income adjustment— — — — 23,851 468 24,319 
Net income— — — 25,546 — 502 26,048 
Balance, September 30, 2022$92,427 $843 $1,235,627 $(454,776)$21,216 $17,293 $912,630 
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— 30 38,583 — — — 38,613 
Redemption of Operating Partnership Unit holders— 1 721 (37)— (862)(177)
Share-based compensation, net of shares withheld for employee taxes— 2 5,284 — — — 5,286 
Dividends declared to common shareholders— — — (21,670)— — (21,670)
Dividends declared to preferred shareholders— — — (5,026)— — (5,026)
Distributions declared to noncontrolling interests— — — — — (505)(505)
Dividends declared to deferred shares— — — (423)— — (423)
Other comprehensive income adjustment— — — — 7,727 179 7,906 
Net income— — — 78,993 — 1,843 80,836 
Balance, September 30, 2021$92,427 $834 $1,218,903 $(419,180)$(6,405)$19,630 $906,209 


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)
 Nine Months Ended September 30,
 20222021
OPERATING ACTIVITIES  
Net income$26,048 $80,836 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization57,825 53,463 
Amortization of deferred financing fees1,089 1,104 
Income tax provision (benefit)142 (47)
Earnings from unconsolidated joint ventures(467)(2,947)
Distributions received from operations of unconsolidated joint ventures13,469 6,610 
Provision for impairment 5 
Loss on extinguishment of debt121  
Gain on sale of real estate (26,234)(75,415)
Amortization of acquired above and below market lease intangibles, net(3,768)(2,139)
Amortization of premium on mortgages, net(56)(628)
Service-based restricted share expense3,117 3,081 
Long-term incentive compensation expense4,050 3,405 
Changes in assets and liabilities, net of effect of acquisitions and dispositions:  
Accounts receivable, net(812)2,695 
Other assets, net(1,116)(9,584)
Accounts payable, accrued expenses and other liabilities7,917 486 
Net cash provided by operating activities81,325 60,925 
INVESTING ACTIVITIES  
Acquisition of real estate(110,245)(187,452)
Development and capital improvements(21,156)(18,159)
Net proceeds from sales of real estate112,705 97,334 
Investment in equity interests in unconsolidated joint ventures(113,818)(90,425)
Acquisitions of preferred investments(4,822)(289)
Redemption of preferred investments3,864 403 
Net cash used in investing activities(133,472)(198,588)
FINANCING ACTIVITIES  
Repayment of mortgages and notes payable(1,005)(38,866)
Proceeds on revolving credit facility240,958 135,000 
Repayments on revolving credit facility(175,958)(180,000)
Payment of deferred financing costs(6,353) 
Distributions received from financing activities of unconsolidated joint ventures27,661  
Proceeds from issuance of common shares, net of issuance costs525 38,613 
Redemption of operating partnership units for cash (177)
Payment of employee taxes upon vesting of awards(1,392)(1,326)
Dividends paid to preferred shareholders(5,026)(5,026)
Dividends paid to common shareholders(32,086)(12,079)
Distributions paid to operating partnership unit holders(648)(285)
Net cash provided by (used in) financing activities46,676 (64,146)
Net change in cash, cash equivalents and restricted cash and escrows(5,471)(201,809)
Cash, cash equivalents and restricted cash and escrows at beginning of period14,033 211,484 
Cash, cash equivalents and restricted cash and escrows at end of period$8,562 $9,675 

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

RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture$ $3,263 
Contribution of real estate exchanged for preferred investment in unconsolidated entities 7,720 
   Redemption of Operating Partnership Unit holders1,540 722 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest (net of capitalized interest of $45 in both 2022 and 2021)
$22,331 $25,095 


As of September 30,
Reconciliation of cash, cash equivalents and restricted cash and escrows20222021
Cash and cash equivalents$7,611 $7,174 
Restricted cash and escrows951 2,501 
$8,562 $9,675 

The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 8

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 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 (“GLA”).  As of September 30, 2022, the Company’s pro-rata share of the aggregate portfolio was 94.0% 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 98.1% and 98.0% owned by the Company at September 30, 2022 and December 31, 2021, respectively), 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, 2021.

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. Actual results could differ from those estimates.

Equity Distribution Agreements

In February 2020, the Company entered in to an Equity Distribution Agreement (“2020 Equity Distribution Agreement”) pursuant to which the Company could offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million (the “Prior ATM Program”). During the nine months ended September 30, 2022, the Company entered into forward sale agreements under the Prior ATM Program to sell an aggregate of 75,000 shares of common shares. During the nine months ended September 30, 2022, the Company settled all forward sale agreements under the Prior ATM Program, receiving $1.0 million of gross proceeds before issuance costs, which were used for working capital and general corporate purposes.

Page 9

In February 2022, the Company entered into an Equity Distribution Agreement (“2022 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 $150.0 million (the “Current ATM Program”). In connection with the establishment of the Current ATM Program, the 2020 Equity Distribution Agreement was terminated effective February 18, 2022, and there will be no future issuances under the Prior ATM Program. Under the Current ATM Program, sales of the shares of common shares 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, as amended. The 2022 Equity Distribution Agreement also provides that the Company may enter into forward sale agreements for shares of its common shares with forward sellers and forward purchasers. During the nine months ended September 30, 2022, the Company entered into forward sale agreements to sell an aggregate of 1,226,271 shares of its common shares, at a weighted average offering price of $13.85 before discounts and offering expenses. The Company has not settled any shares pursuant to these forward sale agreements as of September 30, 2022, and is required to settle the outstanding shares of common shares by March 2023. As of September 30, 2022, $133.0 million of common shares remained available for issuance under the Current ATM Program after reducing the program capacity for shares currently under contract on a forward basis.

To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.

The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement.

Recently Adopted Accounting Pronouncements

In July 2021, the FASB updated Accounting Standards Codification (“ASC”) Topic 842 “Leases” with ASU 2021-05 “Lessors-Certain Leases with Variable Lease Payments” (“ASU 2021-05”). ASU 2021-05 affects lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840, whereby lessors classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease when certain criteria are met. ASU 2016-13 is effective for annual periods beginning after December 15, 2021, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements, as the Company's customary lease terms do not result in sales-type or direct financing classifications, although future leases may.

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 the London Interbank Offered Rate (“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.

During the three months ended September 30, 2022, the Company amended each of its unsecured term loan facilities and unsecured revolving credit facility, as well as a portion of its interest rate swap agreements to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the reference rate. In accordance with ASU 2020-04, as amended, these amendments will be accounted for as non-substantial modifications. See Note 5 for more information regarding amendments made to the Company’s unsecured term loan facilities, unsecured revolving credit facility and senior unsecured notes. See Note 7 for more information regarding amendments made to the Company's interest rate swap agreements.
Page 10

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, land available for development and real estate held for sale.

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 nine months ended September 30, 2022, we recorded no impairment provision. For the nine months ended September 30, 2021, impairment provisions were negligible.

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 $13.4 million and $16.8 million at September 30, 2022 and December 31, 2021, respectively. The decrease in construction in progress from December 31, 2021 to September 30, 2022 was due primarily to the completion of tenant build-outs and property dispositions, partially offset by capital expenditures for ongoing projects.

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 $25.1 million and $26.2 million at September 30, 2022 and December 31, 2021, respectively.

Pursuant to the criteria established under ASC Topic 360 we classify properties as held for sale when the following criteria are met (i) management, having the authority to approve the action, commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of September 30, 2022, we had one land parcel classified as held for sale with a net book value of $0.7 million included in Net real estate, which was subsequently sold in October 2022. As of December 31, 2021, certain net lease retail assets held by the consolidated portfolio had been fully subdivided from our wholly-owned shopping centers, and the Company had a legally binding agreement to contribute these properties to our RGMZ Venture REIT LLC (“RGMZ”) joint venture. As of December 31, 2021, these properties were classified as held for sale with a net book value of $3.8 million, and were subsequently sold during March 2022.

3.  Property Acquisitions and Dispositions

Acquisitions

The following table provides a summary of our acquisition activity for the nine months ended September 30, 2022:
Gross
Property NameLocationGLADate Acquired
Contract Price (1)
Purchase PriceAssumed Debt
(in thousands)(In thousands)
The CrossingsNewington, NH5104/04/22$104,000 $105,153 $ 
Brookline VillageBrookline, MA116/07/225,000 5,092  
Total acquisitions521 $109,000 $110,245 $ 
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs.

Page 11

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$18,875 
Buildings and improvements75,189 
Above market leases2,167 
Lease origination costs17,933