(State of other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||||||||
RPT REALTY | |||||||||||
Date: | October 30, 2019 | By: /s/ MICHAEL P. FITZMAURICE | |||||||||
Michael P. Fitzmaurice | |||||||||||
Executive Vice President and Chief Financial Officer |
September 30, 2019 | June 30, 2019 | September 30, 2018 | |||||||||
Consolidated Portfolio | |||||||||||
Leased rate | 94.7% | 94.9% | 94.2% | ||||||||
Occupancy | 93.1% | 92.4% | 90.8% | ||||||||
Anchor (GLA of 10,000 square feet or more) | |||||||||||
Leased rate | 97.5% | 97.5% | 96.7% | ||||||||
Occupancy | 96.3% | 95.3% | 93.4% | ||||||||
Small Shop (GLA of less than 10,000 square feet) | |||||||||||
Leased rate(1) | 88.2% | 88.8% | 88.1% | ||||||||
Occupancy | 85.7% | 85.7% | 84.4% | ||||||||
(1) The third quarter 2019 Small Shop Leased and Occupancy rates were impacted by the closures of four Charming Charlie and three Avenue spaces |
Guidance item | Prior 2019 Guidance Range | Updated 2019 Guidance Range | 3Q 2019 | YTD | ||||||||||||||||||||||
Net income per common share (diluted) | $0.20 | to | $0.22 | $0.20 | to | $0.22 | $0.05 | $0.17 | ||||||||||||||||||
Same property NOI growth | 3.25% | to | 4.25% | 3.75% | to | 4.25% | 4.7% | 4.4% | ||||||||||||||||||
General and administrative expenses (in millions)(1) | $23.75 | to | $25.00 | $23.75 | to | $25.00 | $5.9 | $17.9 | ||||||||||||||||||
Dispositions (in millions)(2) | $68.5 | $68.5 | $0.0 | $68.5 | ||||||||||||||||||||||
Operating FFO per diluted share | $1.07 | to | $1.09 | $1.08 | to | $1.10 | $0.28 | $0.82 | ||||||||||||||||||
(1} Excludes the impact of non-recurring executive transition and employee severance charges and gains as noted in the Reconciliation of Non-GAAP Financial Measures Funds from Operations section of the release | ||||||||||||||||||||||||||
(2) Excludes land / outparcel and joint venture dispositions |
Date: | Thursday, October 31, 2019 | ||||
Time: | 9:00 a.m. ET | ||||
Dial in #: | (877) 705-6003 | ||||
International Dial in # | (201) 493-6725 | ||||
Webcast: | investors.rptrealty.com |
Per Share Guidance Range | |||||||||||
Full Year 2019 | |||||||||||
Low | High | ||||||||||
Net income available to common shareholders | $0.20 | to | $0.22 | ||||||||
Depreciation and amortization | 0.87 | to | 0.87 | ||||||||
Convertible preferred dividend | 0.07 | to | 0.07 | ||||||||
Net income attributable to noncontrolling interests | 0.01 | to | 0.01 | ||||||||
Share count adjustment(1) | (0.02) | to | (0.02) | ||||||||
(Gain)/Loss on sale of investment properties | (0.07) | to | (0.07) | ||||||||
Non-recurring costs/(gains) excluded from OFFO | 0.02 | to | 0.02 | ||||||||
OFFO available to common shareholders and dilutive securities | $1.08 | to | $1.10 | ||||||||
(1) OP Units and Convertible Preferred shares are excluded from the diluted share count for Net Income, but included for OFFO |
RPT REALTY | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands, except per share amounts) | |||||||||||
(unaudited) | |||||||||||
September 30, 2019 | December 31, 2018 | ||||||||||
ASSETS | |||||||||||
Income producing properties, at cost: | |||||||||||
Land | $ | 361,941 | $ | 373,490 | |||||||
Buildings and improvements | 1,613,446 | 1,652,283 | |||||||||
Less accumulated depreciation and amortization | (377,709) | (358,195) | |||||||||
Income producing properties, net | 1,597,678 | 1,667,578 | |||||||||
Construction in progress and land available for development | 52,965 | 53,222 | |||||||||
Net real estate | 1,650,643 | 1,720,800 | |||||||||
Equity investments in unconsolidated joint ventures | 70 | 1,572 | |||||||||
Cash and cash equivalents | 44,472 | 41,064 | |||||||||
Restricted cash and escrows | 3,764 | 3,658 | |||||||||
Accounts receivable, net | 21,788 | 23,802 | |||||||||
Acquired lease intangibles, net | 35,676 | 44,432 | |||||||||
Operating lease right-of-use assets | 19,379 | — | |||||||||
Other assets, net | 89,973 | 93,112 | |||||||||
TOTAL ASSETS | $ | 1,865,765 | $ | 1,928,440 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Notes payable, net | $ | 933,509 | $ | 963,149 | |||||||
Finance lease obligation | 975 | 975 | |||||||||
Accounts payable and accrued expenses | 54,586 | 56,355 | |||||||||
Distributions payable | 19,778 | 19,728 | |||||||||
Acquired lease intangibles, net | 41,243 | 48,647 | |||||||||
Operating lease liabilities | 18,214 | — | |||||||||
Other liabilities | 7,967 | 8,043 | |||||||||
TOTAL LIABILITIES | 1,076,272 | 1,096,897 | |||||||||
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, 2019 and December 31, 2018, respectively | 92,427 | 92,427 | |||||||||
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,850 and 79,734 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 798 | 797 | |||||||||
Additional paid-in capital | 1,168,299 | 1,164,848 | |||||||||
Accumulated distributions in excess of net income | (489,733) | (450,130) | |||||||||
Accumulated other comprehensive income | (941) | 4,020 | |||||||||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 770,850 | 811,962 | |||||||||
Noncontrolling interest | 18,643 | 19,581 | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 789,493 | 831,543 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,865,765 | $ | 1,928,440 |
RPT REALTY | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Rental income | $ | 57,809 | $ | 63,132 | $ | 172,808 | $ | 193,822 | |||||||||||||||
Other property income | 1,024 | 997 | 3,004 | 2,858 | |||||||||||||||||||
Management and other fee income | 88 | 88 | 178 | 222 | |||||||||||||||||||
TOTAL REVENUE | 58,921 | 64,217 | 175,990 | 196,902 | |||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Real estate tax expense | 9,123 | 11,037 | 27,667 | 31,796 | |||||||||||||||||||
Recoverable operating expense | 6,180 | 6,301 | 18,204 | 19,248 | |||||||||||||||||||
Non-recoverable operating expense | 2,463 | 1,863 | 7,662 | 5,334 | |||||||||||||||||||
Depreciation and amortization | 20,018 | 21,150 | 59,865 | 65,719 | |||||||||||||||||||
Acquisition costs | — | — | — | 233 | |||||||||||||||||||
General and administrative expense | 6,249 | 7,626 | 18,845 | 25,532 | |||||||||||||||||||
Provision for impairment | — | — | — | 216 | |||||||||||||||||||
TOTAL EXPENSES | 44,033 | 47,977 | 132,243 | 148,078 | |||||||||||||||||||
OPERATING INCOME | 14,888 | 16,240 | 43,747 | 48,824 | |||||||||||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
Other (expense) income, net | 4 | (240) | (227) | (55) | |||||||||||||||||||
Gain on sale of real estate | — | — | 6,073 | 181 | |||||||||||||||||||
Earnings from unconsolidated joint ventures | 373 | 297 | 453 | 570 | |||||||||||||||||||
Interest expense | (9,917) | (11,045) | (30,350) | (32,354) | |||||||||||||||||||
Other gain on unconsolidated joint ventures | 237 | 5,208 | 237 | 5,208 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | (622) | — | |||||||||||||||||||
INCOME BEFORE TAX | 5,585 | 10,460 | 19,311 | 22,374 | |||||||||||||||||||
Income tax provision | (11) | (96) | (82) | (147) | |||||||||||||||||||
NET INCOME | 5,574 | 10,364 | 19,229 | 22,227 | |||||||||||||||||||
Net income attributable to noncontrolling partner interest | (129) | (239) | (448) | (514) | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RPT | 5,445 | 10,125 | 18,781 | 21,713 | |||||||||||||||||||
Preferred share dividends | (1,676) | (1,676) | (5,026) | (5,026) | |||||||||||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 3,769 | $ | 8,449 | $ | 13,755 | $ | 16,687 | |||||||||||||||
EARNINGS PER COMMON SHARE | |||||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.10 | $ | 0.17 | $ | 0.21 | |||||||||||||||
Diluted | $ | 0.05 | $ | 0.10 | $ | 0.17 | $ | 0.20 | |||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||||||||||||||||||||||
Basic | 79,848 | 79,712 | 79,786 | 79,547 | |||||||||||||||||||
Diluted | 80,540 | 80,450 | 80,479 | 79,939 |
RPT REALTY | |||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Net income | $ | 5,574 | $ | 10,364 | $ | 19,229 | $ | 22,227 | |||||||||||||||
Net income attributable to noncontrolling partner interest | (129) | (239) | (448) | (514) | |||||||||||||||||||
Preferred share dividends | (1,676) | (1,676) | (5,026) | (5,026) | |||||||||||||||||||
Net income available to common shareholders | 3,769 | 8,449 | 13,755 | 16,687 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Rental property depreciation and amortization expense | 19,787 | 21,081 | 59,436 | 65,556 | |||||||||||||||||||
Pro-rata share of real estate depreciation from unconsolidated joint ventures | 7 | 32 | 35 | 177 | |||||||||||||||||||
Gain on sale of depreciable real estate | — | — | (5,702) | — | |||||||||||||||||||
Gain on sale of joint venture depreciable real estate | (385) | (307) | (385) | (307) | |||||||||||||||||||
Other gain on unconsolidated joint ventures | (237) | (5,208) | (237) | (5,208) | |||||||||||||||||||
FFO available to common shareholders | 22,941 | 24,047 | 66,902 | 76,905 | |||||||||||||||||||
Noncontrolling interest in Operating Partnership (1) | 129 | 239 | 448 | 514 | |||||||||||||||||||
Preferred share dividends (assuming conversion) (2) | 1,676 | 1,676 | 5,026 | 5,026 | |||||||||||||||||||
FFO available to common shareholders and dilutive securities | $ | 24,746 | $ | 25,962 | $ | 72,376 | $ | 82,445 | |||||||||||||||
Gain on sale of land | — | — | (371) | (181) | |||||||||||||||||||
Provision for impairment on land available for development | — | — | — | 216 | |||||||||||||||||||
Severance expense (3) | 32 | 856 | 130 | 925 | |||||||||||||||||||
Executive management reorganization, net (3)(4) | 329 | 1,592 | 775 | 9,534 | |||||||||||||||||||
Acquisition costs | — | — | — | 233 | |||||||||||||||||||
Cost associated with early extinguishment of debt | — | — | 622 | — | |||||||||||||||||||
Other gain | — | — | — | (398) | |||||||||||||||||||
Operating FFO available to common shareholders and dilutive securities | $ | 25,107 | $ | 28,410 | $ | 73,532 | $ | 92,774 | |||||||||||||||
Weighted average common shares | 79,848 | 79,712 | 79,786 | 79,547 | |||||||||||||||||||
Shares issuable upon conversion of Operating Partnership Units (1) | 1,909 | 1,909 | 1,909 | 1,914 | |||||||||||||||||||
Dilutive effect of restricted stock | 692 | 738 | 693 | 392 | |||||||||||||||||||
Shares issuable upon conversion of preferred shares (2) | 6,954 | 6,830 | 6,954 | 6,830 | |||||||||||||||||||
Weighted average equivalent shares outstanding, diluted | 89,403 | 89,189 | 89,342 | 88,683 | |||||||||||||||||||
FFO available to common shareholders and dilutive securities per share, diluted | $ | 0.28 | $ | 0.29 | $ | 0.81 | $ | 0.93 | |||||||||||||||
Operating FFO available to common shareholders and dilutive securities per share, diluted | $ | 0.28 | $ | 0.32 | $ | 0.82 | $ | 1.05 | |||||||||||||||
Dividend per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 | |||||||||||||||
Payout ratio - Operating FFO | 78.6% | 68.8% | 80.5% | 62.9% | |||||||||||||||||||
RPT REALTY | |||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Reconciliation of net income available to common shareholders to Same Property NOI | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Net income available to common shareholders | $ | 3,769 | $ | 8,449 | $ | 13,755 | $ | 16,687 | |||||||||||||||
Preferred share dividends | 1,676 | 1,676 | 5,026 | 5,026 | |||||||||||||||||||
Net income attributable to noncontrolling partner interest | 129 | 239 | 448 | 514 | |||||||||||||||||||
Income tax provision | 11 | 96 | 82 | 147 | |||||||||||||||||||
Interest expense | 9,917 | 11,045 | 30,350 | 32,354 | |||||||||||||||||||
Costs associated with early extinguishment of debt | — | — | 622 | — | |||||||||||||||||||
Earnings from unconsolidated joint ventures | (373) | (297) | (453) | (570) | |||||||||||||||||||
Gain on sale of real estate | — | — | (6,073) | (181) | |||||||||||||||||||
Other gain on unconsolidated joint ventures | (237) | (5,208) | (237) | (5,208) | |||||||||||||||||||
Other expense (income), net | (4) | 240 | 227 | 55 | |||||||||||||||||||
Management and other fee income | (88) | (88) | (178) | (222) | |||||||||||||||||||
Depreciation and amortization | 20,018 | 21,150 | 59,865 | 65,719 | |||||||||||||||||||
Acquisition costs | — | — | — | 233 | |||||||||||||||||||
General and administrative expenses | 6,249 | 7,626 | 18,845 | 25,532 | |||||||||||||||||||
Provision for impairment | — | — | — | 216 | |||||||||||||||||||
Lease termination fees | (102) | (3) | (334) | (108) | |||||||||||||||||||
Amortization of lease inducements | 135 | 44 | 359 | 130 | |||||||||||||||||||
Amortization of acquired above and below market lease intangibles, net | (2,172) | (1,345) | (5,544) | (8,733) | |||||||||||||||||||
Straight-line ground rent expense | 77 | 77 | 230 | 230 | |||||||||||||||||||
Straight-line rental income | (567) | (728) | (1,951) | (2,290) | |||||||||||||||||||
NOI | 38,438 | 42,973 | 115,039 | 129,531 | |||||||||||||||||||
NOI from Other Investments | 813 | (5,468) | 2,070 | (17,329) | |||||||||||||||||||
Same Property NOI | $ | 39,251 | $ | 37,505 | $ | 117,109 | $ | 112,202 | |||||||||||||||
RPT REALTY | |||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||
(amounts in thousands) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended September 30, | |||||||||||
2019 | 2018 | ||||||||||
Reconciliation of net income to annualized proforma adjusted EBITDA | |||||||||||
Net income | $ | 5,574 | $ | 10,364 | |||||||
Interest expense | 9,917 | 11,045 | |||||||||
Income tax provision | 11 | 96 | |||||||||
Depreciation and amortization | 20,018 | 21,150 | |||||||||
Pro-rata adjustments from unconsolidated entities | 7 | 32 | |||||||||
Gain on sale of joint venture depreciable real estate | (385) | (307) | |||||||||
Other gain on unconsolidated joint ventures | (237) | (5,208) | |||||||||
EBITDAre | 34,905 | 37,172 | |||||||||
Severance expense | 32 | 856 | |||||||||
Executive management reorganization, net | 329 | 1,592 | |||||||||
Adjusted EBITDA | 35,266 | 39,620 | |||||||||
Proforma adjustments (1) | (1,606) | — | |||||||||
Proforma adjusted EBITDA | $ | 33,660 | $ | 39,620 | |||||||
Annualized proforma adjusted EBITDA | $ | 134,640 | $ | 158,480 | |||||||
Reconciliation of Notes Payable, net to Net Debt | |||||||||||
Notes payable, net | $ | 933,509 | $ | 1,047,113 | |||||||
Unamortized premium | (2,226) | (3,195) | |||||||||
Deferred financing costs, net | 1,911 | 3,249 | |||||||||
Consolidated notional debt | 933,194 | 1,047,167 | |||||||||
Finance lease obligation | 975 | 1,022 | |||||||||
Cash, cash equivalents and restricted cash | (48,236) | (19,736) | |||||||||
Net debt | $ | 885,933 | $ | 1,028,453 | |||||||
Reconciliation of interest expense to total fixed charges | |||||||||||
Interest expense | $ | 9,917 | $ | 11,045 | |||||||
Preferred share dividends | 1,676 | 1,676 | |||||||||
Scheduled mortgage principal payments | 648 | 635 | |||||||||
Total fixed charges | $ | 12,241 | $ | 13,356 | |||||||
Net debt to annualized proforma adjusted EBITDA | 6.6 | x | 6.5 | x | |||||||
Interest coverage ratio (proforma adjusted EBITDA / interest expense) | 3.4 | x | 3.6 | x | |||||||
Fixed charge coverage ratio (proforma adjusted EBITDA / fixed charges) | 2.7 | x | 3.0 | x | |||||||
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