-- Net income attributable to common shareholders for the third quarter 2019 of $3.8 million, or $0.05 per diluted share, compared to $8.4 million, or $0.10 per diluted share for the same period in 2018. -- Raised the midpoint of 2019 guidance assumptions for Same property NOI growth by 25 basis points to 4.00% and operating FFO per share by $0.01 cents to $1.09 per share. -- Same property net operating income ("Same property NOI") increased 4.7% in the third quarter and 4.4% year-to-date compared to the same periods in 2018. -- Same property NOI growth in the third quarter 2019 was driven by a 3.5% increase in base rent. -- Received binding commitments for a $660 million amended and restated unsecured credit facility.

NEW YORK, Oct. 30, 2019 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (the "Company") today announced its financial and operating results for the quarter ended September 30, 2019.

"Our third quarter results again exceeded our projections, which is a direct reflection of the positive changes that have been implemented at RPT since June of last year," said Brian Harper, President and Chief Executive Officer. "The improvements we have made across the platform are clearly evident in our year-to-date same property NOI growth of 4.4% and growth of 4.7% for the third quarter. In October, we obtained commitments for our $660 million credit facility which, upon close, will proactively address our maturities over the next few years while capitalizing on the current low interest rate environment. With strong tailwinds from our 2019 leasing activity and our near term financing needs addressed, we head into 2020 with great confidence and strong visibility into our business."

FINANCIAL RESULTS

Net income attributable to common shareholders for the third quarter 2019 of $3.8 million, or $0.05 per diluted share, compared to $8.4 million, or $0.10 per diluted share for the same period in 2018.

FFO for the third quarter 2019 of $24.7 million, or $0.28 per diluted share, compared to $26.0 million, or $0.29 per diluted share for the same period in 2018. The change in FFO was primarily driven by the Company's non-core asset disposition program that concluded in the first quarter 2019 that was partially offset by a decline in management reorganization and severance costs associated with recent executive management changes.

Operating FFO for the third quarter 2019 of $25.1 million, or $0.28 per diluted share, compared to $28.4 million or $0.32 per diluted share for the same period in 2018. The change in Operating FFO was primarily driven by the Company's non-core asset disposition program that concluded in the first quarter 2019. Operating FFO for the third quarter 2019 excludes certain net non-recurring costs that totaled $0.4 million, primarily attributable to executive management reorganization costs tied to a performance award related to the Company's former Chief Executive Officer.

OPERATING RESULTS

Same property NOI during the third quarter 2019 increased 4.7% compared to the same period in 2018. Same property NOI growth for the third quarter 2019 was primarily driven by higher base rent of 3.5%.

During the third quarter 2019, the Company signed 54 leases totaling 227,516 square feet. Blended re-leasing spreads on comparable leases were 7.1% with an Annualized Base Rent ("ABR") of $18.78 per square foot. Re-leasing spreads on comparable new and renewal leases were 7.5% and 7.1%, respectively.

As of September 30, 2019, the Company had $3.3 million of signed not commenced ABR that is scheduled to commence over the next twelve months.

The table below summarizes the Company's leased rate and occupancy results at September 30, 2019, June 30, 2019 and September 30, 2018.

SeptembJune Septemb er 30, 30, er 30, 2019 2019 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

BALANCE SHEET

The Company ended the third quarter 2019 with liquidity of $398.1 million, including $48.2 million in cash equivalents and restricted cash and $349.8 million of availability on its unsecured revolving credit facility. At September 30, 2019, the Company had approximately $934.2 million of consolidated debt and finance lease obligations, which resulted in a net debt to annualized proforma adjusted EBITDA ratio of 6.6x. Consolidated debt had a weighted average interest rate of 4.08% and a weighted average maturity, excluding scheduled amortization, of 4.6 years.

FINANCING ACTIVITY

The Company announced today that subsequent to quarter end, it received binding commitments for a $660 million amended and restated unsecured credit facility, an increase of $100 million over the Company’s existing unsecured credit facilities. In anticipation of the new credit facility, in August, the Company entered into forward interest rate swap agreements with a total notional amount of $150 million with expirations between 2025 and 2027 and a weighted average fixed interest rate of 1.37% before consideration of any applicable margin. See our separate press release RPT Realty Announces Binding Commitments For A $660 Million Unsecured Credit Facility (the "Facility") for additional details.

DISPOSITION UPDATE

On August 16, 2019, the Company sold its last remaining joint venture property, Nora Plaza, in Indianapolis, Indiana for gross sales proceeds of $29.0 million. The company received $2.0 million for its 7% share in the property.

DIVIDEND

On October 29, 2019, the Company’s Board of Trustees declared a fourth quarter 2019 regular cash dividend of $0.22 per common share. The Board of Trustees also approved a fourth quarter 2019 Series D convertible preferred share dividend of $0.90625 per share. The dividends for the period October 1, 2019 through December 31, 2019 are payable on January 2, 2019 to shareholders of record on December 20, 2019.

2019 GUIDANCE

The Company's previously provided 2019 earnings guidance has been updated as shown in the table below.

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 $23.75 to $25.00 $23.75 to $25.00 $5.9 $17.9 millions)(1) 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

CONFERENCE CALL/WEBCAST:

The Company will host a live broadcast of its third quarter 2019 conference call on Thursday, October 31, 2019 at 9:00 a.m. (ET) to discuss its financial and operating results.

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

A telephonic replay of the call will be available through November 7, 2019. The replay can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers and entering passcode 13693469. A webcast replay will also be archived on the Company’s website for twelve months.

SUPPLEMENTAL MATERIALS

The Company’s quarterly financial and operating supplement is available on its corporate web site at rptrealty.com. If you wish to receive a copy via email, please send requests to invest@rptrealty.com.

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's locally-curated consumer experiences reflect the lifestyles of its diverse neighborhoods and match the modern expectations of its retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange under the ticker symbol RPT. As of September 30, 2019, the Company's portfolio consisted of 48 shopping centers representing 11.8 million square feet. As of September 30, 2019, the Company’s portfolio was 94.7% leased. For additional information about the Company please visit rptrealty.com.

This press release contains forward-looking statements that represent the Company’s expectations and projections for the future. Management of the Company believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including that the conditions to execution and closing of the Facility may not be met, deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing ability to qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation to update any forward-looking statements.

Company Contact: Vin Chao, Vice President - Finance19 W 44th St. 10th Floor, Ste 1002New York, New York 10036vchao@rptrealty.com(212) 221-1752

RPT REALTY OPERATING FFO ATTRIBUTABLE TO COMMON AND OP UNIT HOLDERS GUIDANCE 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, December 31, 2019 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 92,427 92,427 liquidation preference $50 per share), 1,849 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively 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 798 797 December 31, 2018, respectively 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 Nine Months Ended September 30, 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 7 32 35 177 joint ventures 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 $ 25,107 $ 28,410 $ 73,532 $ 92,774 securities Weighted average common shares 79,848 79,712 79,786 79,547 Shares issuable upon conversion of Operating Partnership Units 1,909 1,909 1,909 1,914 (1) 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 $ 0.28 $ 0.29 $ 0.81 $ 0.93 per share, diluted Operating FFO available to common shareholders and dilutive $ 0.28 $ 0.32 $ 0.82 $ 1.05 securities per share, diluted Dividend per common share $ 0.22 $ 0.22 $ 0.66 $ 0.66 Payout ratio - Operating FFO 78.6 % 68.8 % 80.5 % 63.5 % -------------------------------------------------------------- ---------- ---------- ---------- ---------- (1) The total noncontrolling interest reflects OP units convertible 1:1 into common shares. (2) Series D convertible preferred shares are paid annual dividends of $6.7 million and are currently convertible into approximately 7.0 million shares of common stock. They are dilutive only when earnings or FFO exceed approximately $0.24 per diluted share per quarter and $0.96 per diluted share per year. The conversion ratio is subject to adjustment based upon a number of factors, and such adjustment could affect the dilutive impact of the Series D convertible preferred shares on FFO and earning per share in future periods. (3) Amounts noted are included in General and Administrative expense on the Condensed Consolidated Statements of Operations (4) 3Q19 activity primarily includes performance award expense related to the Company's former Chief Executive Officer. 3Q18 includes severance, accelerated vesting of restricted stock and performance award charges associated with former executives, in addition to relocation expenses and cash inducement bonuses related to the Company's current executive team

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 Nine Months Ended September 30, 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 (2,172 ) (1,345 ) (5,544 ) (8,733 ) intangibles, net 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 6.6x 6.5x Interest coverage ratio (proforma adjusted EBITDA / interest expense) 3.4x 3.6x Fixed charge coverage ratio (proforma adjusted EBITDA / fixed charges) 2.7x 3.0x ---------------------------------------------------------------------- ----------- ------------- (1) 3Q19 excludes $1.4 million from the acceleration of a below market lease and $0.2 million of income from dispositions. The proforma adjustments treat the activity as if they occurred at the start of each quarter.

RPT RealtyNon-GAAP Financial Definitions

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our GAAP financial statements in order to evaluate our operations results. We believe these additional measures provide users of our financial information additional comparable indicators of our industry, as well as our performance.

Funds From Operations (FFO) Available to Common ShareholdersAs defined by the National Association of Real Estate Investment Trusts (NAREIT), Funds From Operations (FFO) represents net income computed in accordance with generally accepted accounting principles, excluding gains (or losses) from sales of depreciable property and impairment provisions on depreciable real estate or on investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, plus depreciation and amortization of depreciable real estate, (excluding amortization of financing costs). Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. We have adopted the NAREIT definition in our computation of FFO available to common shareholders.

Operating FFO Available to Common ShareholdersIn addition to FFO available to common shareholders, we include Operating FFO available to common shareholders as an additional measure of our financial and operating performance. Operating FFO excludes acquisition costs and periodic items such as gains (or losses) from sales of land and impairment provisions on land available for development, bargain purchase gains, severance expense, executive management reorganization costs, net, accelerated amortization of debt premiums and gains or losses on extinguishment of debt that are not adjusted under the current NAREIT definition of FFO. We provide a reconciliation of FFO to Operating FFO. FFO and Operating FFO should not be considered alternatives to GAAP net income available to common shareholders or as alternatives to cash flow as measures of liquidity.

While we consider FFO available to common shareholders and Operating FFO available to common shareholders useful measures for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs, our computations of FFO and Operating FFO may differ from the computations utilized by other real estate companies, and therefore, may not be comparable. We recognize the limitations of FFO and Operating FFO when compared to GAAP net income available to common shareholders. FFO and Operating FFO available to common shareholders do not represent amounts available for needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. In addition, FFO and Operating FFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the payment of dividends. FFO and Operating FFO are simply used for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs. Our computations of FFO and Operating FFO may differ from the computations utilized by other real estate companies, and therefore, may not be comparable.

Net Operating Income (NOI)Net Operating Income (NOI) is calculated using consolidated net income available to common shareholders and adjusted to exclude preferred share dividends, net income/loss attributable to noncontrolling partner interest, income tax provisions, interest expense and other associated debt costs, earnings from unconsolidated joint ventures, management and other fee income, depreciation and amortization, acquisition costs, general and administrative expenses, provisions for impairments, lease termination fees, straight-line rent/expense, amortization of above/below market rent and lease inducements. NOI consists of Same Property NOI and NOI from Other Investment Properties.

Same Property NOI and NOI from Other InvestmentsSame Property NOI and NOI from Other Investments are supplemental non-GAAP financial measures of real estate companies' operating performance. Same Property NOI is considered by management to be a relevant performance measure of our operations because it includes only the NOI of comparable consolidated operating properties for the reporting period. Same Property NOI for the three and nine months ended September 30, 2019 represents NOI from the Company's same property portfolio consisting of 46 consolidated operating properties acquired or placed in service and stabilized prior to January 1, 2018. Same Property NOI excludes properties under redevelopment or where activities have started in preparation for redevelopment. A property is designated as a redevelopment when planned improvements significantly impact the property. Same Property NOI is calculated using consolidated operating income and adjusted to exclude management and other fee income, depreciation and amortization, general and administrative expense, provision for impairment and non-comparable income and expense adjustments such as straight-line rents, lease termination fees, above/below market rents, and other non-comparable operating income and expense adjustments. NOI from Other Investments for the three and nine months ended September 30, 2019 and 2018 represents NOI primarily from (i) properties disposed of during 2018 and 2019, (ii) Webster Place and Rivertowne Square where the Company has begun activities in anticipation of future redevelopment, (iii) certain property related employee compensation and benefits expense and (iv) non-comparable operating income and expense adjustments.

Same Property NOI and NOI from Other Investments should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. Our method of calculating Same Property NOI and NOI from Other Investments may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

RPT RealtyNon-GAAP Financial Definitions (continued)

EBITDAre/Adjusted EBITDA/Proforma Adjusted EBITDANAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of operating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition. The Company also presents Adjusted EBITDA which is EBITDAre net of severance expense and other non-recurring items. EBITDAre and Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. Proforma Adjusted EBITDA further adjusts for the effect of the acquisition or disposition of properties during the period.

OccupancyOccupancy is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of such property economically occupied by tenants under leases with an initial term of greater than one year, to (b) the aggregate number of square feet for such property.

Leased RateLease Rate is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of such property occupied by tenants at the time the lease was executed with an initial term of greater than one year, to (b) the aggregate number of square feet for such property.

Metropolitan Statistical Area (MSA)Metropolitan Statistical Area (MSA) information is sourced from the United States Census Bureau and rank is determined based on the most recently available population estimates.

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