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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 March 31, 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 April 29, 2022: 85,110,742



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)
 March 31,
2022
December 31,
2021
ASSETS  
Income producing properties, at cost:  
Land$312,113 $315,687 
Buildings and improvements1,512,451 1,512,455 
Less accumulated depreciation and amortization(433,060)(422,270)
Income producing properties, net1,391,504 1,405,872 
Construction in progress and land available for development41,027 43,017 
Real estate held for sale 3,808 
Net real estate1,432,531 1,452,697 
Equity investments in unconsolidated joint ventures237,719 267,183 
Cash and cash equivalents12,249 13,367 
Restricted cash and escrows651 666 
Accounts receivable (net of allowance for doubtful accounts of $13,222 and $13,107 as of March 31, 2022 and December 31, 2021, respectively)
26,062 23,954 
Acquired lease intangibles, net34,360 37,854 
Operating lease right-of-use assets17,769 17,934 
Other assets, net98,524 88,424 
TOTAL ASSETS$1,859,865 $1,902,079 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Notes payable, net$849,033 $884,185 
Finance lease obligation821 821 
Accounts payable and accrued expenses37,401 47,034 
Distributions payable13,570 12,555 
Acquired lease intangibles, net33,721 36,207 
Operating lease liabilities17,329 17,431 
Other liabilities5,784 8,392 
TOTAL LIABILITIES957,659 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 March 31, 2022 and December 31, 2021, respectively
92,427 92,427 
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 84,162 and 83,894 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
842 839 
Additional paid-in capital1,230,060 1,227,791 
Accumulated distributions in excess of net income(448,543)(441,478)
Accumulated other comprehensive income (loss)9,526 (2,635)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT884,312 876,944 
Noncontrolling interest17,894 18,510 
TOTAL SHAREHOLDERS' EQUITY902,206 895,454 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,859,865 $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 March 31,
 20222021
REVENUE
Rental income$53,998 $48,937 
Other property income1,350 840 
Management and other fee income741 316 
TOTAL REVENUE56,089 50,093 
EXPENSES
Real estate taxes8,171 8,489 
Recoverable operating expense7,208 6,193 
Non-recoverable operating expense2,630 2,557 
Depreciation and amortization20,211 18,379 
Transaction costs114  
General and administrative expense8,348 7,370 
TOTAL EXPENSES46,682 42,988 
Gain on sale of real estate3,547 19,003 
OPERATING INCOME 12,954 26,108 
OTHER INCOME AND EXPENSES
Other income (expense), net184 (107)
Earnings from unconsolidated joint ventures1,101 801 
Interest expense(8,312)(9,406)
INCOME BEFORE TAX5,927 17,396 
Income tax provision(35)(88)
NET INCOME5,892 17,308 
Net income attributable to noncontrolling partner interest(116)(398)
NET INCOME ATTRIBUTABLE TO RPT5,776 16,910 
Preferred share dividends(1,675)(1,675)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$4,101 $15,235 
EARNINGS PER COMMON SHARE
Basic$0.05 $0.19 
Diluted$0.05 $0.19 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic83,975 80,102 
Diluted85,582 81,123 
Cash Dividend Declared per Common Share$0.130 $0.075 
OTHER COMPREHENSIVE INCOME
Net income$5,892 $17,308 
Other comprehensive gain:
Gain on interest rate swaps, net12,406 7,535 
Comprehensive income18,298 24,843 
Comprehensive income attributable to noncontrolling interest(361)(571)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT$17,937 $24,272 

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 March 31, 2022 and March 31, 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— 1 644 — — — 645 
Redemption of Operating Partnership Unit holders— 1 758 — — (759) 
Share-based compensation, net of shares withheld for employee taxes— 1 867 — — — 868 
Dividends declared to common shareholders— — — (10,942)— — (10,942)
Dividends declared to preferred shareholders— — — (1,675)— — (1,675)
Distributions declared to noncontrolling interests— — — — — (218)(218)
Dividends declared to deferred shares— — — (224)— — (224)
Other comprehensive income adjustment— — — — 12,161 245 12,406 
Net income— — — 5,776 — 116 5,892 
Balance, March 31, 2022$92,427 $842 $1,230,060 $(448,543)$9,526 $17,894 $902,206 
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— — (182)— — — (182)
Share-based compensation, net of shares withheld for employee taxes— 1 828 — — — 829 
Dividends declared to common shareholders— — — (6,012)— — (6,012)
Dividends declared to preferred shareholders— — — (1,675)— — (1,675)
Distributions declared to noncontrolling interests— — — — — (143)(143)
Dividends declared to deferred shares— — — (93)— — (93)
Other comprehensive income adjustment— — — — 7,362 173 7,535 
Net income— — — 16,910 — 398 17,308 
Balance, March 31, 2021$92,427 $802 $1,174,961 $(461,887)$(6,770)$19,403 $818,936 


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

Page 5

RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Three Months Ended March 31,
 20222021
OPERATING ACTIVITIES  
Net income$5,892 $17,308 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization20,211 18,379 
Amortization of deferred financing fees377 374 
Income tax provision35 88 
Earnings from unconsolidated joint ventures(1,101)(801)
Distributions received from operations of unconsolidated joint ventures3,924 2,235 
Gain on sale of real estate (3,547)(19,003)
Amortization of acquired above and below market lease intangibles, net(2,262)(737)
Amortization of premium on mortgages, net(20)(211)
Service-based restricted share expense961 1,049 
Long-term incentive compensation expense1,247 1,166 
Changes in assets and liabilities, net of effect of acquisitions and dispositions:  
Accounts receivable, net(2,111)(219)
Other assets, net(1,038)1,333 
Accounts payable, accrued expenses and other liabilities(8,648)(2,076)
Net cash provided by operating activities13,920 18,885 
INVESTING ACTIVITIES  
Development and capital improvements(4,566)(5,347)
Net proceeds from sales of real estate11,271 29,298 
Investment in equity interests in unconsolidated joint ventures(372) 
Acquisitions of preferred investments(869) 
Redemption of preferred investments541  
Net cash provided by investing activities6,005 23,951 
FINANCING ACTIVITIES  
Repayment of mortgages and notes payable(331)(624)
Repayments on revolving credit facility(35,000)(100,000)
Distributions received from financing activities of unconsolidated joint ventures27,013  
Proceeds from issuance of common shares, net of issuance costs645 (182)
Payment of employee taxes upon vesting of awards(1,340)(769)
Dividends paid to preferred shareholders(1,675)(3,350)
Dividends paid to common shareholders(10,159)(6,040)
Distributions paid to operating partnership unit holders(211) 
Net cash used in financing activities(21,058)(110,965)
Net change in cash, cash equivalents and restricted cash and escrows(1,133)(68,129)
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$12,900 $143,355 

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)
Three Months Ended March 31,
20222021
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture$ $1,116 
Contribution of real estate exchanged for preferred investment in unconsolidated entities 2,610 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest (net of capitalized interest of $22 and $1 in 2022 and 2021, respectively)
$5,015 $6,754 


As of March 31,
Reconciliation of cash, cash equivalents and restricted cash and escrows20222021
Cash and cash equivalents$12,249 $133,002 
Restricted cash and escrows651 10,353 
$12,900 $143,355 

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

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 March 31, 2022, the Company's property portfolio (the “aggregate portfolio”) consisted of 47 wholly-owned shopping centers, ten shopping centers owned through its grocery anchored joint venture and 40 retail properties owned through its net lease joint venture which together represent 14.6 million square feet of gross leasable area (“GLA”).  As of March 31, 2022, the Company’s pro-rata share of the aggregate portfolio was 93.2% 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 March 31, 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.

Reclassifications

Certain reclassifications of prior period amounts have been made in the condensed consolidated financial statements and footnotes in order to conform to the current presentation.

Page 8

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 three months ended March 31, 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 three months ended March 31, 2022, the Company subsequently 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.

In February 2022, the Company entered into a 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 three months ended March 31, 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 March 31, 2022, and is required to settle the outstanding shares of common shares by March 2023. As of March 31, 2022, $133.0 million shares 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.

Page 9

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 three months ended March 31, 2022 and 2021, we recorded no impairment provision.

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 $15.2 million and $16.8 million at March 31, 2022 and December 31, 2021, respectively. The decrease in construction in progress from December 31, 2021 to March 31, 2022 was due primarily to the completion of tenant build-outs, 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 $25.8 million and $26.2 million at March 31, 2022 and December 31, 2021, respectfully.

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 March 31, 2022, we had no properties and no land parcels classified as held for sale. 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

There were no acquisitions in the three months ended March 31, 2022.

Page 10

Dispositions

The following table provides a summary of our disposition activity for the three months ended March 31, 2022:
    Gross
Property NameLocationGLA AcreageDate SoldSales PriceGain on Sale
 (in thousands)(In thousands)
Newnan Pavilion - Land Parcel (1)
Newnan, GA108 N/A3/22/22$4,576 $37 
Front Range Village - Outparcel (1)
Fort Collins, CO24 N/A3/22/227,000 3,417 
Total income producing dispositions132 —  $11,576 $3,454 
Hartland - Land ParcelHartland, MIN/A0.7 3/31/22$400 $93 
Total land dispositions— 0.7 $400 $93 
Total dispositions132 0.7 $11,976 $3,547 
(1)We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to RGMZ. The properties contributed included income producing properties in which we owned the depreciable real estate. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.

4.  Equity Investments in Unconsolidated Joint Ventures

As of March 31, 2022 and December 31, 2021, we had three joint venture agreements: 1) R2G Venture LLC (“R2G”), 2) RGMZ, and 3) Ramco HHF NP LLC whereby we own 51.5%, 6.4%, and 7.0%, respectively, of the equity in each joint venture. As of March 31, 2022, R2G owned ten income producing shopping centers, RGMZ owned 40 net lease retail properties, and Ramco HHF NP LLC did not own any income producing properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  We cannot make significant decisions without our partner’s approval.  Accordingly, we account for our interest in the joint ventures using the equity method of accounting.

The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:
Balance SheetsMarch 31, 2022December 31, 2021
 (In thousands)
ASSETSR2GRGMZTotalR2GRGMZTotal
Investment in real estate, net$486,486 $163,072 $649,558 $489,557 $152,992 $642,549 
Other assets68,418 75,126 143,544 71,543 74,295 145,838 
Total Assets$554,904 $238,198 $793,102 $561,100 $227,287 $788,387 
LIABILITIES AND OWNERS' EQUITY  
Notes payable $79,974 $137,465 $217,439 $28,516 $130,519 $159,035 
Other liabilities32,455 3,725 36,180 32,914 3,168 36,082 
Owners' equity442,475 97,008 539,483 499,670 93,600 593,270 
Total Liabilities and Owners' Equity$554,904 $238,198 $793,102 $561,100 $227,287 $788,387 
RPT's equity investments in unconsolidated joint ventures$231,483 $6,236 $237,719 $261,229 $5,954 $267,183 
Page 11

 Three Months Ended March 31,
Statements of Operations20222021
 (In thousands)
R2GRGMZTotalR2GRGMZOtherTotal
Total revenue$14,006 $4,412 $18,418 $5,737 $156 $ $5,893 
Total expenses
11,402 2,908 14,310 4,157 114 7 4,278 
Operating income (loss)2,604 1,504 4,108 1,580 42 (7)1,615 
Interest expense439 1,421 1,860  82  82 
Net income (loss)$2,165 $83 $2,248 $1,580 $(40)$(7)$1,533 
Preferred member dividends38  38 19   19 
Net income (loss) available to common members$2,127 $83 $2,210 $1,561 $(40)$(7)$1,514 
RPT's share of earnings (loss) from unconsolidated joint ventures$1,096 $5 $1,101 $803 $(2)$ $801 

Acquisitions

R2G had no acquisitions during the three months ended March 31, 2022.

The following table provides a summary of RGMZ's acquisitions during the three months ended March 31, 2022:
    Gross
Property NameLocationGLA Date Acquired
Contract Price (1)
Purchase PriceDebt Issued
 (in thousands)(In thousands)
RPT Realty - 2 Income Producing Properties
Various (2)
1323/22/22$11,576 $11,679 $(6,946)
Total RGMZ acquisitions132  $11,576 $11,679 $(6,946)
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs.
(2)Net lease retail properties acquired are located in Colorado and Georgia.

The total aggregate fair value of the RGMZ 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 were considered Level 3 fair value measurements:
As of Acquisition Date
(In thousands)
Land$4,716 
Buildings and improvements5,928 
Lease origination costs1,035 
Net assets acquired$11,679 

Dispositions

There was no disposition activity in the three months ended March 31, 2022 by any of our unconsolidated joint ventures.

Page 12

Debt

During the three months ended March 31, 2022, our R2G joint venture closed on a fixed mortgage secured by Village Shoppes at Canton for an aggregate principal amount of $22.1 million. The mortgage has an annual rate of 2.81% and matures on March 1, 2029.

During the three months ended March 31, 2022, our R2G joint venture closed on a fixed mortgage secured by Bedford Marketplace for an aggregate principal amount of $30.0 million. The mortgage has an annual rate of 2.93% and matures on March 1, 2029.

The following table summarizes the R2G's fixed rate mortgages:
March 31, 2022December 31, 2021
Mortgage DebtMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Village Shoppes of Canton3/1/2029$22,050 2.81 %$  %
East Lake Woodlands9/8/203112,750 2.94 %12,750 2.94 %
South Pasadena9/8/203116,330 2.94 %16,330 2.94 %
Bedford Marketplace3/1/203229,975 2.93 %  %
 $81,105 2.90 %$29,080 2.94 %
Unamortized deferred financing costs(1,131)(564)
Total$79,974 $28,516 

RGMZ has a $240.0 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $500.0 million. As of March 31, 2022, RGMZ had $137.5 million outstanding under its secured credit facility, a increase of $6.9 million from December 31, 2021, as result of borrowings in 2022. The interest rate at March 31, 2022 was 3.25%.

Joint Venture Management and Other Fee Income

We receive a property management fee which is based upon 4.0% of gross revenues received for providing services to R2G and recognize these fees as the services are rendered. We also receive leasing fees from R2G for new leases and renewal leases of 6.0% and 2.5%, respectively, of total expected rent over the length of the lease, capped at 10 years. We receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. We also receive leasing fees from RGMZ for new leases and renewal leases of 5.0% and 2.5%, respectively, of total expected rent over the length of the lease, capped at 10 years. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. Notwithstanding the forgoing for both joint ventures, for tenants with space in excess of 17,000 rentable square feet, the fees are as follows: (i) $1 per rentable square foot for each renewal lease, (ii) (a) $5 per rentable square foot for each new lease for grocer and (b) $4 per rentable square foot for each new lease for non-grocer. We also can receive fees from both joint ventures for construction management and development management. We are responsible for paying any third-party leasing fees. The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income:
 Three Months Ended March 31,
 20222021
 (In thousands)
R2GRGMZTotalR2GRGMZTotal
Management fees$491 $144 $635 $229 $11 $240 
Leasing fees95 11 106 76  76 
Total$586 $155 $741 $305 $11 $316 
Page 13

5.  Debt

The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of March 31, 2022 and December 31, 2021:
Notes Payable and Finance Lease ObligationMarch 31,
2022
December 31,
2021
 (In thousands)
Senior unsecured notes$511,500 $511,500 
Unsecured term loan facilities310,000 310,000 
Fixed rate mortgages31,366 31,697 
Unsecured revolving credit facility 35,000 
 852,866 888,197 
Unamortized premium133 153 
Unamortized deferred financing costs(3,966)(4,165)
Total notes payable, net$849,033 $884,185 
Finance lease obligation $821 $821 
 
Senior Unsecured Notes

The following table summarizes the Company's senior unsecured notes:
March 31, 2022December 31, 2021
Senior Unsecured NotesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Senior unsecured notes 6/27/2025$31,500 4.27 %$31,500 4.27 %
Senior unsecured notes 7/6/202550,000 4.20 %50,000 4.20 %
Senior unsecured notes9/30/202550,000