RPT Realty (RPT) Misses Q2 EPS by 2c, Revenues Miss

RPT Realty (NYSE: RPT) reported Q2 EPS of ($0.06), $0.02 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $44.63 million versus the consensus estimate of $47.84 million.

• Net (loss) income attributable to common shareholders for the second quarter 2020 of $(4.6) million, or $(0.06) per diluted share, compared to $1.2 million, or $0.01 per diluted share for the same period in 2019.
• 92% of total tenants were open and operating, as of July 31, 2020, based on annualized base rent ("ABR").
• 75% of July and 65% of second quarter 2020 rents have been paid to date.
• 18% of July and 24% of second quarter 2020 rents are subject to signed or approved deferral agreements to date.
• Continued temporary suspension of payment of the common dividend. Decisions regarding future dividend payments will be made quarterly based on liquidity needs and REIT taxable income distribution requirements.

"During these unprecedented times, our operating platform continues to reflect our active hands-on approach and strong tenant relationships," said Brian Harper, President and CEO. “92% of our tenants are now open, which has translated into improving July rent collections and facilitated deferral arrangements covering the vast majority of our uncollected rents. The decision to shore up our already strong liquidity position at the outset of the pandemic is allowing us to focus on operations as we continue to build a pathway to normal rent collections, while also positioning us to play offense as demonstrated by the new grocer deals that are under negotiation.”

COVID-19 UPDATE

The Company is closely monitoring the COVID-19 pandemic, including the impact on our business, employees, tenants, shopping centers and communities. The following summary is intended to provide information pertaining to the impacts of the COVID-19 pandemic on the Company’s business. Unless otherwise specified, the statistical and other information regarding the Company’s portfolio are as of July 31, 2020. These estimates are based on information available to the Company and includes its consolidated properties and its pro-rata share of unconsolidated joint ventures.

• 100% of the Company's 49 shopping centers remain open and operating.
• 92% of total tenants by ABR were open and operating, up from the low of 41% on April 22, 2020.
• 67% of the Company’s properties by ABR had a grocery or grocer component and 87% of ABR stemmed from national or regional tenants, as of June 30, 2020.
• 75% of July and 65% of second quarter 2020 rents have been paid.
• 18% of July and 24% of second quarter 2020 rents are subject to signed or approved deferral agreements.
• Ended the second quarter 2020 with $249.7 million in cash, cash equivalents and restricted cash with no debt maturities until June 27, 2021.

2020 GUIDANCE

As announced on March 31, 2020, and in light of the continued uncertainties surrounding the impact of the COVID-19 pandemic on the economy, the Company has withdrawn all previously provided guidance for 2020 as disclosed in the Company’s fourth quarter 2019 earnings press release dated February 19, 2020.

For earnings history and earnings-related data on RPT Realty (RPT) click here.

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