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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, 2023
 
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 filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging 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, 2023: 86,763,520


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,
2023		December 31,
2022
ASSETS  
Income producing properties, at cost:  
Land$301,404 $302,062 
Buildings and improvements1,376,161 1,373,893 
Less accumulated depreciation and amortization(409,263)(386,036)
Income producing properties, net1,268,302 1,289,919 
Construction in progress and land available for development37,778 37,772 
Real estate held for sale4,800 3,115 
Net real estate1,310,880 1,330,806 
Equity investments in unconsolidated joint ventures414,404 423,089 
Cash and cash equivalents4,155 5,414 
Restricted cash and escrows412 461 
Accounts receivable (net of allowance for doubtful accounts of $3,218 and $8,493 as of September 30, 2023 and December 31, 2022, respectively)
18,377 19,914 
Acquired lease intangibles, net32,496 40,043 
Operating lease right-of-use assets16,759 17,269 
Other assets, net111,694 109,443 
TOTAL ASSETS$1,909,177 $1,946,439 
LIABILITIES AND SHAREHOLDERS’ EQUITY
  
Notes payable, net$847,732 $854,596 
Finance lease obligation763 763 
Accounts payable and accrued expenses54,094 41,985 
Distributions payable15,803 14,336 
Acquired lease intangibles, net27,484 33,157 
Operating lease liabilities16,684 17,016 
Other liabilities6,361 5,933 
TOTAL LIABILITIES968,921 967,786 
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, 2023 and December 31, 2022, respectively
92,427 92,427 
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 85,712 and 85,525 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
857 855 
Additional paid-in capital1,261,478 1,255,087 
Accumulated distributions in excess of net income(456,006)(409,290)
Accumulated other comprehensive income24,074 21,434 
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO RPT
922,830 960,513 
Noncontrolling interest17,426 18,140 
TOTAL SHAREHOLDERS’ EQUITY
940,256 978,653 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$1,909,177 $1,946,439 

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,
 2023202220232022
REVENUE  
Rental income$52,413 $52,487 $150,724 $160,032 
Other property income889 1,012 2,690 3,227 
Management and other fee income1,586 1,231 4,772 2,848 
TOTAL REVENUE54,888 54,730 158,186 166,107 
EXPENSES  
Real estate taxes6,734 7,329 20,877 22,731 
Recoverable operating expense6,913 6,832 21,975 21,119 
Non-recoverable operating expense2,972 2,817 8,383 7,792 
Depreciation and amortization19,961 18,442 54,247 57,825 
Transaction costs3 405 13 4,881 
General and administrative expense9,673 9,372 27,968 26,394 
TOTAL EXPENSES46,256 45,197 133,463 140,742 
Gain on sale of real estate— 11,144 900 26,234 
OPERATING INCOME 8,632 20,677 25,623 51,599 
OTHER INCOME AND EXPENSES  
Other (expense) income, net(8,049)530 (7,392)895 
Earnings from unconsolidated joint ventures1,948 1,779 3,388 467 
Interest expense(8,803)(9,568)(26,342)(26,650)
Loss on extinguishment of debt— (121)— (121)
(LOSS) INCOME BEFORE TAX(6,272)13,297 (4,723)26,190 
Income tax provision(24)(71)(254)(142)
NET (LOSS) INCOME(6,296)13,226 (4,977)26,048 
Net loss (income) attributable to noncontrolling partner interest114 (251)90 (502)
NET (LOSS) INCOME ATTRIBUTABLE TO RPT(6,182)12,975 (4,887)25,546 
Preferred share dividends(1,676)(1,676)(5,026)(5,026)
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS$(7,858)$11,299 $(9,913)$20,520 
(LOSS) EARNINGS PER COMMON SHARE  
Basic$(0.09)$0.13 $(0.12)$0.24 
Diluted$(0.09)$0.13 $(0.12)$0.23 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  
Basic85,704 84,259 85,640 84,133 
Diluted85,704 84,855 85,640 84,861 
Cash Dividend Declared per Common Share$0.14 $0.13 $0.42 $0.39 
OTHER COMPREHENSIVE (LOSS) INCOME  
Net (loss) income$(6,296)$13,226 $(4,977)$26,048 
Other comprehensive gain:  
Gain on interest rate swaps, net2,575 7,501 2,689 24,319 
Comprehensive (loss) income(3,721)20,727 (2,288)50,367 
Comprehensive loss-(income) attributable to noncontrolling interest67 (388)41 (970)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RPT$(3,654)$20,339 $(2,247)$49,397 

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, 2023 and September 30, 2022
(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 IncomeNoncontrolling InterestTotal Shareholders’ Equity
Balance, June 30, 2023$92,427 $856 $1,258,674 $(435,882)$21,546 $17,717 $955,338 
Share-based compensation, net of shares withheld for employee taxes— 1 2,804 — — — 2,805 
Dividends declared to common shareholders— — — (11,998)— — (11,998)
Dividends declared to preferred shareholders— — — (1,676)— — (1,676)
Distributions declared to noncontrolling interests— — — — — (224)(224)
Dividends declared to deferred shares— — — (268)— — (268)
Other comprehensive income adjustment— — — — 2,528 47 2,575 
Net loss— — — (6,182)— (114)(6,296)
Balance, September 30, 2023$92,427 $857 $1,261,478 $(456,006)$24,074 $17,426 $940,256 
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 

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RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Nine Months Ended September 30, 2023 and September 30, 2022
(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, 2022$92,427 $855 $1,255,087 $(409,290)$21,434 $18,140 $978,653 
Share-based compensation, net of shares withheld for employee taxes— 2 6,391 — — — 6,393 
Dividends declared to common shareholders— — — (35,956)— — (35,956)
Dividends declared to preferred shareholders— — — (5,026)— — (5,026)
Distributions declared to noncontrolling interests— — — — — (673)(673)
Dividends declared to deferred shares— — — (847)— — (847)
Other comprehensive income adjustment— — — — 2,640 49 2,689 
Net loss— — — (4,887)— (90)(4,977)
Balance, September 30, 2023$92,427 $857 $1,261,478 $(456,006)$24,074 $17,426 $940,256 
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 

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

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RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20232022
OPERATING ACTIVITIES  
Net (loss) income$(4,977)$26,048 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization54,247 57,825 
Amortization of deferred financing fees1,559 1,089 
Income tax provision254 142 
Earnings from unconsolidated joint ventures(3,388)(467)
Distributions received from operations of unconsolidated joint ventures12,317 13,469 
Loss on extinguishment of debt— 121 
Gain on sale of real estate (900)(26,234)
Amortization of acquired above and below market lease intangibles, net(4,843)(3,768)
Amortization of premium on mortgages, net(28)(56)
Service-based restricted share expense3,232 3,117 
Long-term incentive compensation expense4,492 4,050 
Changes in assets and liabilities, net of effect of acquisitions and dispositions:  
Accounts receivable, net1,535 (812)
Other assets, net(1,899)(1,116)
Accounts payable, accrued expenses and other liabilities10,304 7,917 
Net cash provided by operating activities71,905 81,325 
INVESTING ACTIVITIES  
Acquisition of real estate— (110,245)
Development and capital improvements(29,755)(21,156)
Net proceeds from sales of real estate5,684 112,705 
Investment in equity interests in unconsolidated joint ventures(89)(113,818)
Acquisitions of preferred investments(207)(4,822)
Redemption of preferred investments1,137 3,864 
Net cash used in investing activities(23,230)(133,472)
FINANCING ACTIVITIES  
Repayment of mortgages and notes payable(617)(1,005)
Proceeds from revolving credit facility56,000 240,958 
Repayments on revolving credit facility(63,000)(175,958)
Payment of deferred financing costs— (6,353)
Distributions received from financing activities of unconsolidated joint ventures— 27,661 
Proceeds from issuance of common shares, net of issuance costs— 525 
Payment of employee taxes upon vesting of awards(1,331)(1,392)
Dividends paid to preferred shareholders(5,026)(5,026)
Dividends paid to common shareholders(35,351)(32,086)
Distributions paid to operating partnership unit holders(658)(648)
Net cash (used in) provided by financing activities(49,983)46,676 
Net change in cash, cash equivalents and restricted cash and escrows(1,308)(5,471)
Cash, cash equivalents and restricted cash and escrows at beginning of period5,875 14,033 
Cash, cash equivalents and restricted cash and escrows at end of period$4,567 $8,562 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RPT REALTY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20232022
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
   Redemption of Operating Partnership Unit holders$— $1,540 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest (net of capitalized interest of $191 and $45 in 2023 and 2022, respectively)
$21,857 $22,331 


As of September 30,
Reconciliation of cash, cash equivalents and restricted cash and escrows20232022
Cash and cash equivalents$4,155 $7,611 
Restricted cash and escrows412 951 
$4,567 $8,562 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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, 2023, the Company’s property portfolio (the “aggregate portfolio”) consisted of 43 wholly-owned shopping centers, 13 shopping centers owned through its grocery anchored joint venture and 49 retail properties owned through its net lease joint venture which together represent 14.9 million square feet of gross leasable area (“GLA”).  As of September 30, 2023, the Company’s pro-rata share of the aggregate portfolio was 93.5% 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”, “RPT OP, or “OP” which was 98.2% owned by the Company at both September 30, 2023 and December 31, 2022), 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, 2022.

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.

Proposed Merger

On August 28, 2023, RPT and RPT OP, together and with RPT, (the “RPT Parties”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Kimco Realty Corporation, a Maryland corporation (“Kimco”), Kimco Realty OP, LLC, a Delaware limited liability company and a wholly owned subsidiary of Kimco (“Kimco OP”), Tarpon Acquisition Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of Kimco (“Merger Sub”), Tarpon OP Acquisition Sub, LLC, a Delware limited liability company and direct wholly owned subsidiary of Kimco OP (“OP Merger Sub” and, together with Kimco, Kimco OP and Merger Sub, the “Kimco Parties”).

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The Merger Agreement provides that, among other things and on the terms and subject to the conditions set forth therein, (i) RPT will be merged with and into Merger Sub, with Merger Sub continuing as the surviving entity (the “Company Merger”), (ii) immediately following the Company Merger, Kimco will contribute to Kimco OP all of the membership interests of Merger Sub and (iii) immediately prior to the Company Merger, OP Merger Sub will be merged with and into RPT OP, with RPT OP continuing as the surviving entity and as a subsidiary of Kimco OP (the “Partnership Merger” and, together with the Company Merger, the “Mergers”).

At the effective time of the Company Merger (the “Company Merger Effective Time”), (i) each common share of beneficial interest, par value $0.01 per share, of RPT (other than certain shares as set forth in the Merger Agreement) issued and outstanding immediately prior to the Company Merger Effective Time will be cancelled and automatically converted into the right to receive 0.6049 shares (the “Exchange Ratio”) of common stock, par value $0.01, of Kimco, without interest, together with cash in lieu of fractional shares of common stock and (ii) each share of 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest, par value 0.01 per share, of RPT (other than certain shares as set forth in the Merger Agreement) issued and outstanding immediately prior to the Company Merger Effective Time will be cancelled and automatically converted into the right to receive one one-thousandth of a share of a newly created series of preferred stock, par value 0.01 per share, of Kimco (or depository shares in respect thereof) having the rights, preferences and privileges substantially as set forth in the Merger Agreement, in each case, without interest, and subject to any withholding required under applicable law, upon the terms and subject to the conditions set forth in the Merger Agreement.

At the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), (i) the general partner interests in RPT OP and each limited partnership interest of RPT OP (“RPT OP Units”), in each case, that are held by RPT as of immediately prior to the Partnership Merger Effective Time will remain outstanding at and following the Partnership Merger Effective Time, (ii) each Series D Preferred Unit, as defined in the RPT OP partnership agreement, held by RPT as of immediately prior to the Partnership Merger Effective Time will be cancelled and will cease to exist, and no consideration will be delivered in exchange therefor and (iii) each RPT OP Unit (other than any RPT OP Units held by RPT) that is issued and outstanding immediately prior to the Partnership Merger Effective Time will automatically be converted into new validly issued common limited partnership interests in Kimco OP in an amount equal to the Exchange Ratio and each holder of such new common limited partnership interests in Kimco OP will be admitted as a limited partner of Kimco OP in accordance with the terms of Kimco OP’s partnership agreement.

The Merger Agreement provides that, during the period from the date of the Merger Agreement until the Company Merger Effective Time, RPT will be subject to certain restrictions on its ability to engage with third parties regarding alternative acquisition proposals and on the conduct of our business.

RPT’s board of trustees and Kimco’s board of directors have each unanimously approved the Merger Agreement and RPT’s board of trustees has unanimously resolved to recommend that the RPT shareholders approve the Company Merger. The closing of the Mergers is expected to occur in early 2024, subject to the approval of RPT shareholders and the satisfaction or waiver of other customary closing conditions, as specified in the Merger Agreement. There can be no assurance that the Mergers will be completed on the terms or timeline currently contemplated or at all.

For both the three and nine months ended September 30, 2023, we have recorded costs of $8.2 million related to financial, legal and tax advisor costs associated with the Mergers, included in Other (expense) income, net.

Equity Distribution Agreements

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”). 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 its common shares with forward sellers and forward purchasers. For the nine months ended September 30, 2023, the Company did not enter into any forward sale agreements or issue any common shares under the Current ATM Program. As of September 30, 2023, $133.0 million of common shares remained available for issuance under the Current ATM Program, subject to applicable restrictions set forth in the Merger Agreement. In connection with the Merger Agreement, the Company suspended the Current ATM Program.

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Recently Adopted Accounting Pronouncements

In March 2020, the FASB updated the Accounting Standards Codification (“ASC”) with 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, and issued ASU 2022-06 “Reference Rate Reform (Topic 848)” which extends the expiration date of the guidance in ASU 2020-04. ASU 2020-04, ASU 2021-01 and ASU 2022-06 provide 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, 2024. The Company had 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. The Company’s only remaining LIBOR-indexed interest rate swap agreement expired in March 2023, and as of September 30, 2023, we have no LIBOR-indexed contracts.

Recent Accounting Pronouncements

In August 2023, the FASB issued ASU 2023-05 “Business Combinations-Joint Venture Formations (Subtopic 805-60)” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation at fair value. ASU 2023-05 does not amend the definition of a joint venture (or a corporate joint venture), the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. This standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The adoption of ASU 2023-05 is not expected to have a material impact on our condensed consolidated financial statements.

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, 2023 and 2022, we recorded no impairment provision. In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During the third quarter of 2023, events and circumstances indicated that certain shopping centers might be impaired. However, the Company’s estimates of undiscounted cash flows indicated that such carrying amounts were expected to be recovered and, therefore, no impairment loses were recorded. Nonetheless, it is reasonably possible that the estimates of undiscounted cash flows may change in the near term resulting in the need to write down these assets to fair value.

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 $16.0 million and $14.6 million at September 30, 2023 and December 31, 2022, respectively. The increase in construction in progress from December 31, 2022 to September 30, 2023 was due primarily to capital expenditures for ongoing projects, partially offset by the completion of tenant build-outs.

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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 $21.7 million and $23.2 million at September 30, 2023 and December 31, 2022, 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, 2023, we had one income producing property classified as held for sale with a net book value of $4.8 million included in Net real estate. As of December 31, 2022, we had real estate assets classified as held for sale with a net book value of $3.1 million included in Net real estate, which were subsequently sold during February 2023.

3.  Property Acquisitions and Dispositions

Acquisitions

There were no acquisitions during the nine months ended September 30, 2023.

Dispositions

The following table provides a summary of our disposition activity for the nine months ended September 30, 2023:
    Gross
Property NameLocationGLA AcreageDate SoldSales PriceGain on Sale
 (In thousands)(In thousands)
Lakeland Park Center - Outparcel (1)
Lakeland, FL20 N/A2/22/23$3,687 $297 
Total income producing dispositions20 —  $3,687 $297 
Lakeland Park Center - Land ParcelLakeland, FLN/A2.6 4/14/23$2,200 $603 
Total land dispositions— 2.6 $2,200 $603 
Total dispositions20 2.6 $5,887 $900 
(1)We contributed a net lease retail asset that was subdivided from a wholly-owned shopping center to our RGMZ Venture REIT LLC (“RGMZ”) joint venture. The property contributed was an income producing property in which we owned the depreciable real estate. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.

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4.  Equity Investments in Unconsolidated Joint Ventures

As of September 30, 2023 and December 31, 2022, we had two joint ventures: 1) R2G Venture LLC (“R2G”) and 2) RGMZ whereby we own 51.5% and 6.4%, respectively, of the equity in each joint venture. As of September 30, 2023, R2G owned 13 income producing shopping centers and RGMZ owned 49 net lease retail properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  We cannot make significant decisions regarding the applicable joint venture without partner 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 SheetsSeptember 30, 2023December 31, 2022
 (In thousands)
ASSETSR2GRGMZTotalR2GRGMZTotal
Investment in real estate, net$816,659 $215,689 $1,032,348 $822,707 $215,059 $1,037,766 
Other assets96,444 78,771 175,215 102,355 80,094 182,449 
Total Assets$913,103 $294,460 $1,207,563 $925,062 $295,153 $1,220,215 
LIABILITIES AND OWNERS’ EQUITY
  
Notes payable $80,149 $187,484 $267,633 $80,053 $185,227 $265,280 
Other liabilities47,021 7,312 54,333 43,054 6,172 49,226 
Owners’ equity
785,933 99,664 885,597 801,955 103,754 905,709 
Total Liabilities and Owners’ Equity
$913,103 $294,460 $1,207,563 $925,062 $295,153 $1,220,215 
RPT’s equity investments in unconsolidated joint ventures
$408,063 $6,341 $414,404 $416,487 $6,602 $423,089 

 Three Months Ended September 30,
Statements of Operations20232022
 (In thousands)
R2GRGMZTotalR2GRGMZTotal
Total revenue$21,072 $5,423 $26,495 $17,270 $5,512 $22,782 
Total expenses16,401 3,362 19,763 13,006 3,684 16,690 
Operating income4,671 2,061 6,732 4,264 1,828 6,092 
Interest expense(620)(3,690)(4,310)(620)(2,669)(3,289)
Loss on extinguishment of debt — — — — (318)(318)
Income tax benefit (expense)— (63)(63)— (29)(29)
Net income (loss)$4,051 $(1,692)$2,359 $3,644 $(1,188)$2,456 
Preferred member dividends56 8 64 41 11 52 
Net income (loss) available to common members$3,995 $(1,700)$2,295 $3,603 $(1,199)$2,404 
Other Comprehensive Income
Net income (loss)$4,051 $(1,692)$2,359 $3,644 $(1,188)$2,456 
Gain on interest rate swaps, net— 460 460 — — — 
Comprehensive income (loss)$4,051 $(1,232)$2,819 $3,644 $(1,188)$2,456 
RPT’s share of earnings (loss) from unconsolidated joint ventures
$2,056 $(108)$1,948 $1,856 $(77)$1,779 

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 Nine Months Ended September 30,
Statements of Operations20232022
 (In thousands)
R2GRGMZTotalR2GRGMZTotal
Total revenue$63,647 $17,048 $80,695 $45,726 $14,515 $60,241 
Operating expenses54,498 10,650 65,148 42,844 9,683 52,527 
Operating income9,149 6,398 15,547 2,882 4,832 7,714 
Interest expense(1,860)(10,913)(12,773)(1,678)(5,915)(7,593)
Loss on extinguishment of debt— — — — (318)(318)
Income tax benefit (expense)— 113 113 — (35)(35)
Net income (loss)$7,289 $(4,402)$2,887 $1,204 $(1,436)$(232)
Preferred member dividends161 23 184 115 34 149 
Net income (loss) available to common members$7,128 $(4,425)$2,703 $1,089 $(1,470)$(381)
Other Comprehensive Income
Net income (loss)$7,289 $(4,402)$2,887 $1,204 $(1,436)$(232)
Gain on interest rate swaps, net— 2,429 2,429 — — — 
Comprehensive income (loss)$7,289 $(1,973)$5,316 $1,204 $(1,436)$(232)
RPT’s share of earnings (loss) from unconsolidated joint ventures
$3,670 $(282)$3,388 $561 $(94)$467 

Acquisitions

R2G had no acquisitions during the nine months ended September 30, 2023.

The following table provides a summary of RGMZ’s acquisitions during the nine months ended September 30, 2023:
    Gross
Property NameLocationGLA Date Acquired
Contract Price (1)
Purchase PriceDebt Issued
 (In thousands)(In thousands)
RPT Realty - 1 Income Producing PropertyLakeland, FL20 2/22/23$3,687 $3,856 $(2,397)
Total RGMZ acquisitions20  $3,687 $3,856 $(2,397)
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs.


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 RGMZ acquisitions, these assets and liabilities were considered Level 3 fair value measurements:
As of Acquisition Date
(In thousands)
Land$903 
Buildings and improvements2,673 
Lease origination costs303 
Below market leases(23)
Net assets acquired$3,856 

Page 14
Dispositions

There was no disposition activity during the nine months ended September 30, 2023 by any of our unconsolidated joint ventures.

Debt

The following table summarizes R2G’s fixed rate mortgages:
September 30, 2023December 31, 2022
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 %$22,050 2.81 %
East Lake Woodlands12/1/203112,750 2.94 %12,750 2.94 %
South Pasadena12/1/203116,330 2.94 %16,330 2.94 %
Bedford Marketplace3/1/203229,975 2.93 %29,975 2.93 %
 $81,105 2.90 %$