RPT Realty (NYSE: RPT) reported Q1 EPS of $0.19, $0.26 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $50.09 million versus the consensus estimate of $50.54 million.

"The first quarter of 2021 proved to be another milestone quarter for RPT," said Brian Harper, President and CEO. "Leasing volumes were up, rent spreads for new leases were 51% and our signed not commenced backlog is over $3 million. We also closed on our ground-breaking new net lease platform with GIC, Zimmer and Monarch. We are already under contract on our first property in the Boston MSA that we expect to be split between our balance sheet and the new net lease platform showcasing the earnings and value accretive arbitrage opportunities we can create for our shareholders with these highly complementary strategies."

2021 GUIDANCE

The Company is raising its 2021 operating FFO per diluted share guidance to $0.81 to $0.89 from $0.77 to $0.87 per diluted share. Selected expectations are outlined below.

• Does not include the net impact of changes to 2020 estimates for rent not probable of collection and straight-line rent reserves.
• The guidance range is primarily driven by a range of outcomes for current year rent not probable of collection.
• The mid-point of the guidance range assumes an improvement in the economy in the second half of the year as vaccinations become more widely available over the course of 2021.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information under "2021 Guidance" above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition costs and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

The Company’s 2021 guidance reflects management’s view of current and future market conditions, including current expectations with respect to rental rates, occupancy levels, acquisitions and dispositions and debt and equity financing activities. To the extent actual results differ from our current expectations, the Company’s results may differ materially from the guidance set forth above. Other factors, as referenced elsewhere in this press release, may also cause the Company’s results to differ materially from the guidance set forth above.

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