RPT Realty (RPT) Reports In-Line Q3 EPS, Revenues Beat

RPT Realty (NYSE: RPT) reported Q3 EPS of ($0.05), in-line with the analyst estimate of ($0.05). Revenue for the quarter came in at $46.49 million versus the consensus estimate of $42.85 million.

• Net (loss) income attributable to common shareholders for the third quarter 2020 of $(3.6) million, or $(0.05) per diluted share, compared to $3.8 million, or $0.05 per diluted share for the same period in 2019.
• 94% of total tenants were open and operating, as of October 30, 2020, based on annualized base rent ("ABR").
• 90% of October and 87% of third quarter 2020 rent and recovery income have been paid as of October 30, 2020.
• Generated a 42.9% comparable new re-leasing spread in the third quarter 2020, the highest quarterly level since the second quarter 2018.
• Ended the third quarter 2020 with a signed but not opened ABR backlog of $3.0 million, up from $1.6 million in the second quarter 2020.
• Filed inaugural GRESB assessment during the third quarter 2020. Additional details regarding our sustainability program can be found on the Company's website at http://rptrealty.com/corporate-responsibility.
• Continued temporary suspension of payment of the common dividend. Decisions regarding future dividend payments will be made quarterly based on liquidity needs and REIT distribution requirements.

“I am pleased with the resiliency of the organization amidst the pandemic and the speed with which we are seeing demand return," said Brian Harper, President and CEO. "During the quarter, we experienced positive momentum in our rent collection, consumer traffic trends and our signed not open backlog. We also posted our strongest new re-leasing spread in over two years, which reflects our embedded mark-to-market opportunity, the quality of our real estate and our transformed platform that should benefit us in our future lease negotiations. I am also thrilled with the quality of the leases signed this quarter including Nike, Sephora, Burlington and Bank Of America. In light of our liquidity and limited near-term obligations, we are in a position to play offense at a time of great disruption that has historically led to unique value creation opportunities such as the current wave of grocer demand."

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

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