UNLESS OTHERW ISE INDICATED, ALL RPT FINANCIAL INFORMATION IS PRESENTED ON A CONSOLIDATED BASIS AND INCLUDING ITS PRO-RATA SHARE

OF UNCONSOLIDATED JOINT VENTURES AND IS AS OF OR FOR THE QUARTER ENDED MARCH 31, 2021. UNLESS OTHERWISE INDICATED, ALL

COLLECTIONS AND TENANT OPEN DATA IS AS OF APRIL 26, 2021 AND ALL DEMOGRAPHIC DATA IS SOURCED FROM ESRI. RECONCILIATIONS OF NON-

GAAP METRICS CAN BE FOUND ON THE COMPANY’S WEBSITE AT INVESTORS.RPTREALTY.COM OR BY FOLLOWING THIS LINK: 1Q 2021 INVESTOR

PRESENTATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES. FOR IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS IN THIS

PRESENTATION, SEE SLIDE 2.

INVESTOR UPDATE

This presentation contains forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933, as

ended, and Section 21E of the Securities Exchange Act of

1934, as amended. These forward-looking statements

represent our expectations, plans or beliefs concerning future

events and may be identified by terminology such as “may,”

“will,” “should,” “believe,” “expect,” “estimate,” “anticipate,”

“continue,” “predict” or similar terms. Although the forward-

looking statements made in this document are based on our

good faith beliefs, reasonable assumptions and our best

judgment based upon current information, certain factors could

cause actual results to differ materially from those in the

forward-looking statements. Many of the factors that will

determine the outcome of forward-looking statements are

beyond our ability to predict or control.

Factors which may cause actual results to differ materially

from current expectations include, but are not limited to: our

success or failure in implementing our business strategy;

economic conditions generally and in the commercial real

estate and finance markets specifically; the cost and

availability of capital, which depends in part on our asset

quality and our relationships with lenders and other capital

providers; risks associated with bankruptcies or insolvencies

or general downturn in the businesses of tenants; the

potential adverse impact from tenant defaults generally or

from the unpredictability of the business plans and financial

condition of the Company's tenants, which are heightened as

a result of the COVID-19 pandemic; changes in

governmental regulations, tax rates and similar matters; and

other factors detailed from time to time in our filings with the

Securities and Exchange Commission ("SEC"), including in

particular those set forth under “Risk Factors” in our latest

annual report on Form 10-K which you should interpret as

being heightened as a result of the numerous and ongoing

adverse impacts of COVID-19. Given these uncertainties,

you should not place undue reliance on any forward-looking

statements. Except as required by law, we assume no

obligation to update these forward-looking statements, even

if new information becomes available in the future.

COMPANY SNAPSHOT

Strong operating results and leasing demand✓ 556k SF of total leasing volume in 1Q21, up 362% from last quarter and 100% over the trailing twelve-month average

✓ 50.7% new-comparable re-leasing spread, the highest quarterly level in almost three years

✓ Signed not open ABR of $3.3 million with over $2 million in lease negotiation

✓ Signed a first-to-state, premier, investment grade grocer at our Troy Marketplace center in the Detroit market

Investment platform heating up with ample liquidity to support growth✓ Raised nearly $800 million of committed capital from our joint venture partners since December 2019

✓ Under contract on a $104 million acquisition of a grocery-anchored center in the Boston market that is expected to be

allocated between RPT and RGMZ

✓ Tracking over a $2 billion investment pipeline, comprised of open-air shopping centers and net lease retail assets

✓ Including the expected remaining proceeds for the RGMZ net lease seed, our cash balance totals about $250 million1, in

addition to our fully unused $350 million revolving credit facility

Raised 2021 operating FFO per share guidance✓ Raised operating FFO guidance to $0.81 to $0.89 per diluted share2 from $0.77 to $0.87, representing a 3.7% increase at the

midpoint

✓ Declared a $0.075 per share common dividend for the second quarter 2021

Attractive relative value✓ RPT shares have rallied since early November, but continue to trade at a relative FFO multiple discount to peers

✓ Recent stock price3 implies 6.1% decline from pre-COVID NOI levels despite improving market conditions

LEASED RATE

OCCUPANCY

BLENDED RENT SPREADS

(TTM)

SMALL SHOP OCCUPANCY

SAME PROPERTY

NOI GROWTH

SAME PROPERTY BASE

RENT GROWTH

SAME PROPERTY

OPERATING EXPENSE

RECOVERY RATIO

OPERATING FFO/SHARE

Operating

SnapshotBalance Sheet

Snapshot

Financial

SnapshotPortfolio

Snapshot

ABR PSF

ABR IN TOP 40 MSAs

3-MILE HOUSEHOLD

INCOME(Weighted by ABR)

3-MILE POPULATION(Weighted by ABR)

NET DEBT TO ANNUALIZED

ADJUSTED EBITDA

DEBT MATURING

THROUGH 2022

(incl. principal amortization)

TOTAL CASH1

DEBT MATURING

IN 2021

(incl. principal amortization)

RPT At-a-Glance

% FEMALE INDEPENDENT

TRUSTEES

% FEMALE EMPLOYEES

AVERAGE YEARS OF

EXPERIENCE OF NAMED

EXECUTIVE OFFICERS

TOTAL MARKET

CAPITALIZATION

Corporate

Snapshot

RPT is an open-air shopping center REIT with enough size to matter to retailers but small enough to quickly respond

to changing market dynamics.

Geographically Diversified with a National Tenant Focus and Suburban Orientation

Accelerated flight to the suburbs

fueled by COVID-19 positions

RPT’s portfolio for growth.

OPEN-AIR CENTERS(Based on annualized base rent “ABR”)

GROCERY/GROCER

COMPONENT ANCHORED(Based on ABR)

NATIONAL & REGIONAL TENANTS(Based on ABR)

# OF TOTAL MULTI-TENANT

RETAIL PROPERTIES1

SUBURBAN MIX(Based on ABR)

Expand in existing markets

Not looking to expand

Expand in new markets

Phoenix

Denver

Austin

St. Louis

Atlanta

Minneapolis

Nashville

Tampa

Miami

Orlando

CharlotteRaleigh

Baltimore

Detroit

ColumbusChicago

Indianapolis

Cincinnati Richmond

Boston

Jacksonville

Salt Lake

City

Updated 2021 Outlook

• 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

Operating FFO per diluted share

Selected

Expectations

2021

Guidance1

At the midpoint of $0.85 per diluted share, 2021 operating FFO is projected to increase by 9%

over 2020 operating FFO.

Enhanced External

Growth Opportunities

Flexible Balance

Sheet to Support

Growth Initiatives

Building a Track

Record of Success

Attractive Entry Point

Strong Internal Growth

Potential

Differentiated

Business Model

Why Invest

in RPT?

Differentiated

Business Model

We are using our size to our

advantage by innovating and

responding quickly to a rapidly

shifting retail landscape. We

have a differentiated business

model that utilizes unique and

strategic joint ventures to

capitalize on dislocations

across the retail real estate

landscape.

• Our size is our advantage

• Core grocery joint venture

• Net lease platform

• Three differentiated external growth platforms

• Power of the platforms

Our Size is Our Advantage

RPT’s smaller portfolio size should allow us to adapt to a rapidly evolving retail landscape

more quickly than larger peers.

90

492

Peer Average: 210 Assets1

210

CARGO SHIP

Core Grocery Joint Venture – R2G

In December 2019, RPT formed a new joint venture with GIC Private Limited (“GIC”), Singapore’s sovereign

wealth fund, which served as a validation of RPT’s business, provided growth capital and represents a

further point of differentiation from peers.

• $318 million of GIC capital contributed or committed for

mutually agreed upon acquisitions

• RPT contributed five properties valued at $244 million to

the RPT-GIC Venture (“R2G”)

• RPT received $118 million in gross proceeds from the

initial seed

• R2G ownership is split 51.5%/48.5% between RPT/GIC

• Commercial Property Executive recognized RPT for the

Best Investment Transaction Portfolio category for our

joint venture with GIC

Transaction Overview

Initial Seed$244

Follow-On

Capital$412

$0

$100

$200

$300

$400

$500

$600

$700

Committed Capital

$ in m

illio

ns

Total $656

Net Lease Platform - RGMZ

RPT Realty, GIC Private Limited (“GIC”), Zimmer Partners (“Zimmer”) and Monarch Alternative Capital LP

(“Monarch”) formed a new net lease retail real estate platform (“RGMZ”) with equity commitments totaling

$470 million. RGMZ will target $1.2 to $1.3 billion of acquisitions of essential, resilient and high credit

tenants over the next three years subject to long-term, net leases.

• RGMZ is to be seeded with 42 single-tenant, net lease retail

properties that have been or will be created by RPT upon the

subdivision of certain of its existing shopping centers (“Initial

Portfolio”)

• The Initial Portfolio was valued at $151 million and accounted for

~6% of RPT’s 4Q20 annualized base rent

• The Initial Portfolio is expected to close in phases

• RGMZ will have $410 million of remaining committed equity after

the closing of the Initial Portfolio

• RGMZ will target 60-65% leverage, which equates to $1.2 to $1.3

billion of total value based on committed equity capital

• RGMZ received commitments for a $240 million secured credit

facility to fund acquisitions, including the Initial Portfolio, subject to

final loan documentation

Transaction Overview

Initial Seed Equity$61

Follow-On Equity$410

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Committed Equity

$ in m

illio

ns

Total $470

Totals may not add up due to rounding

Three different investment strategies with tailored capital structures to drive scale and outsized growth.

R2G

RPT Ownership ✓ 100.0% ✓ 51.5% ✓ 6.4%1

Gross Assets ✓ $2.3 billion2✓ $244 million3

✓ $151 million4

Property Type ✓ Multi-tenanted shopping centers✓ Grocery-anchored shopping

centers✓ Single-tenant assets

Lease Type✓ Average lease lengths with value-

creation opportunities

✓ Average lease lengths with core-

stabilized characteristics✓ Long-term net leases

Tenancy

✓ Diversified, high-quality tenants

with balanced mix of anchor and

shop tenants

✓ Grocery-anchored in top MSAs✓ Resilient, investment grade quality

tenants

Leverage Profile✓ Targeting 5.5x-6.5x net debt-to-

EBITDA✓ Targeting no leverage

✓ Ability to operate at higher target

leverage levels of 60-65%

Dry Powder for

Acquisitions

✓ $598 million in cash and undrawn

committed credit facility5

✓ $412 million undrawn equity

commitments

✓ $410 million undrawn equity

commitments, representing ~$1.0

to $1.2 billion of assets6

(Balance Sheet)

Three Differentiated External Growth Platforms

(Existing GIC Joint Venture)

RGMZ(New Net Lease Platform)

Higher achievable economic spreads that will drive greater value creation per dollar deployed through

higher investment yields from arbitrage opportunities and earned management fees.

Strategic Benefits

1. Accelerates AUM Growth and Expansion

Into Target Markets: Capital infusions from

R2G and RGMZ accelerate RPT’s expansion

into target markets and increases assets under

management that can create G&A efficiencies

2. Unlocks Large Scale Portfolios: Ability to

acquire larger portfolios of properties with

different risk/return profiles and allocate

properties across multiple platforms

3. Unlocks Value Dislocations: Monetize value

dislocations across retail real estate such as

single versus multi-tenant, essential versus

non-essential and larger versus smaller deal

sizes

4. Enhances FFO Growth Profile: Higher

effective yields fueled by arbitrage

opportunities and earned management fees

increases the economic returns and accretion

from deployed capital

Power of the Platforms

Standalone RPT

CapitalCapital

@ Share

Equity @

ShareEBITDA1 Yield

RPT (100%) $100 $100 $100 $6.5 6.5%

R2G (51.5%) n/a n/a n/a n/a n/a

RGMZ (6.4%) n/a n/a n/a n/a n/a

Total $100 $100 $100 $6.5 6.5%

Investing $100 in the three platforms creates 210 basis

points of incremental yield versus standalone RPT

The Power of the Three Platforms

CapitalCapital

@ Share

Equity @

ShareEBITDA1 Yield

RPT (100%) $50 $50 $50 $4.3 8.5%

R2G (51.5%) $80 $41 $41 $2.7 6.6%

RGMZ (6.4%) $350 $22 $9 $2.8 12.4%

Total $480 $113 $100 $9.8 8.6%

Enhanced Returns

Acquiring at 6.5% and targeting a 200-basis point

spread, through parcel sales to RGMZ from acquired

multi-tenant assets

Enhanced

External Growth

Opportunities

Our two joint ventures have

provided us with the capital to fuel

a material increase in our assets

under management, accelerate our

expansion into higher growth

markets and allow us to generate

higher economic returns on our

capital to enhance external growth.

• Paving our own path to growth

• RPT / RGMZ Acquisition Case Study:

✓ Northborough Crossing

Revolver

Capacity

$350

Cash2

$143

RGMZ1

$105

R2G

$412

RGMZ3

$1,000 to

$1,200

Paving Our Own Path To Growth

Charlotte

Richmond

Raleigh

Salt Lake City

Phoenix Orlando

Ta

rge

tE

xp

an

sio

n

Miami

Tampa

Nashville BostonAustin

Jacksonville

$ in millions, unless otherwise noted.

Three unique and complementary platforms that allow RPT to accelerate its external growth activity amidst

today’s attractive private market conditions.

Targeting 5.5-6.5x leverage

RPT’s wholly-owned target and expansion marketsTotal $598M

Denver

RPT Dry Powder

Total $1.4-$1.6B

Joint Venture

Dry Powder

RPT is under contract on our first arbitrage acquisition

with the purchase of Northborough Crossing in the

Boston, MA market.

• Northborough Crossing is a 646,000 square foot premier open-air retail

destination ideally situated between Boston’s MetroWest suburbs and the

thriving Worcester market amidst a highly-affluent area with an average

household income of $146,0001 within a three-mile radius

• By parceling off select tenants and selling those net lease assets to

RGMZ, RPT is then able to retain the rest of the center at a lower cost,

increased retained cap rate, and with an enhanced growth profile while

earning management fees on the net lease assets

RPT / RGMZ

Acquisition

Case StudyNorthborough Crossing, Northborough, MAThe Power of the RPT Platforms

Associates Degree or Higher1

Leased RateGross acquisition cost

Average HH Income

(3-mile)1

Signed TJX

Concepts

RPT / RGMZ Acquisition Case StudyNorthborough Crossing, Northborough, MA

The Power of the RPT Platforms

Parceling off select net lease assets at the center and selling them to RGMZ has significant

benefits for both RPT and the joint venture.

Benefits to RGMZBenefits to RPT

Reduced cost basis

Plan to sell up to $75 million of parcels to RGMZ which

would significantly reduce RPT’s basis in the retained

asset

Enhanced yields on retained asset

Potential for up to a 300-basis point spread between the

going-in cap rate and the retained cap rate after planned

parcel sales

Capitalize on property size discount

Enables RPT to purchase a large property that typically

includes a size discount, due to reduced trading liquidity,

that we likely would have passed on without the potential

parcel sales to RGMZ

Access to Boston market

Facilitates entry into the attractive Boston market

Maintains management of the center

RPT retains day-to-day responsibility for leasing and

property management of the center as manager of the net

lease platform

Resilient and high-quality tenancy

Access to essential and high credit quality tenants in an

attractive market

Superior demographics

$146,000 average 3-mile household income and 62% of

population with an Associates Degree or higher within 3

miles1

Enhanced returns from leverage

Stable cash flow with strong tenancy allows for target

leverage of 60-65%

Proprietary deal flow

Single-tenant carve-outs from a multi-tenant center not

available to traditional net lease players

Attractive pricing

Value dislocations available by working with RPT allows

both parties to attain better yields than buying individually

Location within premier shopping center

Benefits from traffic of multi-tenant open-air centers

RPT / RGMZ Acquisition Case StudyNorthborough Crossing, Northborough, MA

Strong Internal

Growth Potential

RPT has significant organic

upside that is being fueled by

below market in-place rents and

occupancy upside. We are using

the opportunities that COVID-19

has presented to enhance the

value of our properties through

the strategic remerchandising

and re-tenanting of our portfolio.

• Embedded mark-to-market opportunity

• Occupancy upside

• Enhancing value through leasing

• COVID-19 has highlighted the importance of bricks and

mortar

• Our retailers are expanding

$15.38

$20.77

$10

$12

$14

$16

$18

$20

$22

1Q21 TTM

Ne

w L

ea

se

s-C

om

para

ble

AB

R P

SF

TT

M

Prior Rent PSF New Rent PSF

$14.95

$19.60

$10

$12

$14

$16

$18

$20

$22

2Q18 - 1Q21 Average

New

Le

ase

s-C

om

para

ble

AB

R P

SF

1

Prior Rent PSF New Rent PSF

31% average

new re-leasing

spread

35% TTM new

re-leasing

spread

EmbeddedMark-to-Market Opportunity

RPT’s low in-place rents and

decentralized leasing platform is

driving strong re-leasing spreads.

• First quarter 2021 TTM new leases-comparable re-

leasing spread of 35%

• Since the second quarter of 2018, new leases-

comparable re-leasing spreads have averaged 31%

• New lease rent per square foot has averaged over $19

since mid-2018 which is significantly above the portfolio

average rent per square foot of $15

• New leases signed since 2Q18 have an average

embedded rent escalator of 1.8% and 2.1% on a trailing-

twelve-month basis

Due to the resiliency of our portfolio and our limited bankruptcy exposure1 (less than 10 basis points of ABR),

our occupancy rate of 90.6% has held up relatively well since the start of the pandemic. We are seeing strong

leasing demand to back fill vacancy caused by COVID-19 and a return to pre-COVID-19 occupancy levels would

equate to $5.5 million of ABR upside or $0.06 per share.

Return to Pre-COVID Occupancy Levels

ANCHORS SMALL SHOP Total

Occupancy as

of 1Q2096.5% 85.6% 93.3%

Occupancy as

of 1Q2194.3% 81.5% 90.6%

Potential

Occupancy

Upside

2.2% 4.1% 2.7%

Avg. ABR as of

1Q21$12.28 $24.42 $15.47

Potential ABR

Upside$2.2M $3.3M $5.5M

Tenants signed over the past year

Occupancy Upside

Key points:

1. Remerchandising projects consist of re-demising, expanding or

combining spaces similar to the 18 targeted remerchandising

opportunities that we completed in 2019 at high teens yields

2. COVID-19 has fueled renewed demand from grocers and RPT is

currently in various stages of negotiation on several new grocer deals

3. Grocery-anchored centers typically trade at cap rate premiums to

non-grocery-anchored centers and to power centers driving potential

NAV accretion

4. COVID-19 has created opportunities to accretively remerchandise

our properties that did not exist pre-pandemic

Reducing Potential New Tenants

Enhancing Value Through Leasing

Identified remerchandising

opportunities are expected to earn

an attractive return on capital of high

single-digit to low double-digits.

Troy MarketplaceTroy, MI

Remerchandising

PopulationAverage HH

Income

Area wealth

growth forecast1

Population with

associate degree or

above

3-Mile Market Statistics

At our Troy Marketplace asset in the Detroit,

MI market (#14 MSA), COVID-19 impacts

allowed us to take back a recreation tenant

without a buyout, facilitating the signing of a

premier, first-to-state grocer with investment

grade credit at this non-grocery-anchored

credit center which should significantly

enhance the value of the entire property

while positioning the property for success for

years to come.

Town & Country CrossingTown & Country, MO

Remerchandising

Population Average HH Income

Area wealth

growth forecast1Population with

associate degree or

above

3-Mile Market Statistics

We plan to re-demise, expand and

combine spaces to attract new types of

tenants at our Town & Country Crossing

center, in the St. Louis, MO market (#21

MSA). We are in lease negotiation with a

coveted national retailer and are seeing

strong demand from multiple other national

tenants that will enhance the overall

tenancy at the center. Old Tenant

EXISTING SITE PLAN – TOWN & COUNTRY

PROPOSED SITE PLAN – TOWN & COUNTRY

Possible New Tenants:

1. Discount apparel

2. Outdoor recreation

3. Home furnishing

4. Home improvement

We are finalizing a lease with a national off-

price retailer at Winchester Center in the

Detroit, MI market (#14 MSA) to replace a

vacant anchor box, formerly occupied by

Stein Mart. This deal would not only

significantly improve the tenancy of the center

but is also expected to drive strong

incremental returns on capital.

3-Mile Market Statistics

Winchester CenterRochester Hills, MI

Upgrading Tenancy

Population Average HH Income

Area wealth

growth forecast1

Population with

associate degree or

above

Old Tenant

Finalizing lease with a

national off-price

retailer

COVID-19 has Highlighted the Importance of Bricks and Mortar1

The year-over-year growth rate of online

grocery sales continued to accelerate in Q3,

and pickup is now available from all

Whole Foods market stores.2”

–#15 tenant

Curbside pickup helped drive full-year e-

commerce sales of over $2.8B, an increase of

100%.3”

–#2 tenant

80% of GAP and Banana Republic revenue is

expected to be driven by off-mall locations by

2023.6”

–#9 tenant

BOPIS and curbside pickup now available at all

stores and next day local delivery from store

now available at 70% of locations.4”

–#22 tenant

Implementing Manhattan Active Omni’s order

management system to provide a more

modern omnichannel customer

experience and improve in-store

fulfillment.4”

–#22 tenant

Online sales grew almost 90% to a record $6.7

billion with stores playing a pivotal role in the

fulfillment of these sales, as almost two-thirds of

online revenue was either picked up in store or

curbside, shipped from a store or delivered by a

store employee.5”

–#13 tenant

Our Retailers Are Expanding1

Starbucks plans 850 new openings in 2021

and announced that it plans to add 22,000

stores to its portfolio by 2030, for a total of

55,000. This will include a mix of new store formats,

including Drive-Thru, Starbucks Pickup and

curbside pickup6”

–Not in Top 25

7-Eleven has 6,300 planned openings. Following its acquisition of Speedway, it plans to

expand to 20,000 stores from 14,000 stores3”

–Not in Top 25

Currently operates in 40 states with plans to open

400 stores and has long-term growth plans

that call for at least 600 total stores4”

–#22 tenant

600 new store openings and 1,250 store

renovations planned in fiscal 20215”

–#14 tenant

Burlington has long-term plans to

open 1,000 stores, though it plans to

reduce the average store’s footprint. It

opened 38 locations in Fall 2020 and plans

a total of 51 to 54 stores in 20214”

–#12 tenant

Aldi has 450 planned openings. It has

2,052 stores and wants to get to 2,500 by

20222

–Not in Top 25

Flexible Balance

Sheet to Support

Growth Initiatives

A flexible and proactive balance

sheet strategy allowed RPT to

weather the pandemic while

positioning the Company for

future growth opportunities.

• Strong liquidity and balance sheet position

• Flexible and opportunistic liability management

Debt Repayments '21-'22

$91

Net Liquidity

$402

Total $493

Uses

2

Strong Liquidity and Balance Sheet Position

We have about $402 million of liquidity after debt repayments through 2022.

Cash$143

Revolver Capacity

$350

Sources

$ in m

illio

ns

Total $493

1

Total Cash1

Unused Revolver

Capacity

Net Debt to Annualized

Adjusted EBITDA

Investment Grade

Credit Rating from Fitch

2

$130

$37$52

$125$130 $130

$75 $70

$0 $0

$182

$0

$50

$100

$150

$200

$250

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

De

bt M

atu

ritie

s e

xcl. p

rincip

al a

mo

rtiz

ation

(m

illio

ns)

31-Mar-2021

Secured Unsecured Bank Unsecured PP Revolver Target

Only 10% of

debt maturing

through 2022

Floating Rate Risk

Debt Prepayable

Without Penalty

Debt Maturing in 2021(Incl. principal amortization)

$160M of unsecured bank debt is fully pre-payable without penalty

Flexible and Opportunistic Liability Management

15%

Building a

Track Record

of Success

RPT materially improved its business

pre-COVID-19 that led to sector-leading

results in 2019 which, when combined

with our commitment to ESG

initiatives, should lead to improved

sustainable cash flow growth and

reduced operational and financial risk

over the long run.

• Sector-leading operating results in 2019

• ESG progress and recent awards

Sector-leading Operating Results in 2019Our size allowed changes to our business to be reflected more quickly in our performance…

92.7%90.8% 91.7% 91.8% 92.4%

93.1%94.3%

95.4%

93.4%94.6% 94.7% 95.3%

96.3%97.2%

86.2%

84.4% 84.7% 85.0%85.7% 85.7%

87.4%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Occu

pa

ncy r

ate

1

Occupancy - Total Occupancy - Anchor Occupancy - Shop

1.9%

0.5%

2.2%

4.6%

3.9%

4.7%

3.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Sa

me

pro

pe

rty N

OI g

row

th y

/y91.8%

88.3%87.7%

89.0%

90.4%

90.9%

93.6%

86.0%

87.0%

88.0%

89.0%

90.0%

91.0%

92.0%

93.0%

94.0%

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Sa

me

pro

pe

rty o

pe

ratin

g e

xp

en

se

re

co

ve

ry ra

tio

…drove same property NOI growth

…strong rent growth…

…and a rising recovery ratio

Occupancy gains…

10.6%

8.9%

8.3%

10.6%

8.8%

9.6%

10.7%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Ble

nd

ed

re

lea

sin

g s

pre

ad

TT

M 1

4.1%3.6% 3.6% 3.4%

3.0% 2.9% 2.7%2.2% 2.0% 2.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

RPT SITC ROIC BRX KIM FRT RPAI KRG WRI REG

20

19

Sa

me

pro

pe

rty

NO

I g

row

th1

14.6%

10.9% 10.7%9.2% 8.5% 8.1% 8.0% 7.9% 7.5%

6.3%

0.0%

5.0%

10.0%

15.0%

20.0%

ROIC BRX RPT KRG REG RPAI FRT KIM WRI SITC

20

19

Ren

t S

pre

ad

-T

ota

l C

om

pa

rab

le

# 1 in same property NOI growth in 2019

Top quartile blended re-leasing spreads in 2019

# 1 in improvement in occupancy

ROIC reflects y/y change in leased rate

2.6%

1.4%1.0% 0.9% 0.8% 0.7%

0.4%0.2%

-1.1%-1.5%-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

RPT RPAI KRG BRX SITC KIM WRI ROIC FRT REG

To

tal O

ccu

pa

ncy c

ha

ng

e

y/y

**

Note: * Includes the impact of redevelopments on SP NOI

Sector-leading Operating Results in 2019…resulting in sector-leading operational results in 2019.

ESG Progress and Recent Awards

Obtained RPT’s first-time

investment grade credit rating Best Investment Transaction

Portfolio category for our joint venture with GIC

YEAR IN

A ROW!

✓ Filed inaugural GRESB assessment in July 2020

✓ Assisting tenants by providing information about communication efforts, small business

resources and state-by-state COVID-19 updates at rptrealty.com and through the RPT

Tenant Concierge Program

✓ 2020 Diversity & Inclusion Initiatives include: feedback survey, formation of a DE&I

Committee and unconscious bias training in late 2020

✓ Reduced average Board tenure to seven years from 18 by adding three new Trustees in

2018 and 2019 with complementary skillsets to the existing Trustees

An attractive

entry point into

RPT’s stock

COVID-19 has caused a divergence in

RPT’s relative value despite the

company’s strong liquidity, pre-

COVID-19 business improvements and

performance, manageable COVID-19

exposure and rising rent collection

levels.

• Unwarranted relative value decline since COVID-19

• Significant mispricing of real estate value

• Steady improvement in RPT’s relative multiple was fueled by the positive change implemented in 2018 that

resulted in sector-leading results in 2019

Unwarranted Relative Value Decline Since COVID-19

COVID-19 has driven a decline in RPT’s relative FFO multiple but did not undo all the positive changes

implemented since mid-2018 creating an attractive opportunity in the stock.

Source: S&P Market Intelligence. All multiples based on consensus estimates.

(7.0)

(6.0)

(5.0)

(4.0)

(3.0)

(2.0)

(1.0)

0.0

1.0

2.0

4/2

8/1

6

10/2

8/1

6

4/2

8/1

7

10/2

8/1

7

4/2

8/1

8

10/2

8/1

8

4/2

8/1

9

10/2

8/1

9

4/2

8/2

0

10/2

8/2

0

Rela

tive

NT

M P

/FF

O

4/2

2/2

1

1

Still plenty of

room to run

• COVID-19 impacted RPT’s relative value, but did not undo the positive change effected pre-COVID-19

As of 4/22/21Pre-COVID

(As of 12/31/19)Delta

Consensus Applied Cap Rate1 7.2% 6.9% -0.3%

NOI discount/increase versus 1Q20

level-6.1%

Implied by stock price1.2% +7.3%

Share Price $12.33 $15.04 +22.0%

Significant Mispricing of Real Estate Value

Potential Return

Below are potential values and returns based on various applied cap rates and assumed declines in NOI relative to the annualized 1Q20 NOI level

Applied Cap Rate%

de

clin

e in

NO

I

fro

m 1

Q2

0 le

ve

l• The current stock price is reflective

of permanent cap rate expansion

and permanent NOI declines

• Under normalized circumstances

there is still potentially significant

room to run in the stock price as

illustrated by a 22% delta between

our share price pre-COVID-19

versus as of 4/22/21

Key Takeaways

12.33 6.00% 6.50% 7.00%

0% 48.9% 31.6% 16.8%

-5% 37.6% 21.2% 7.2%

-10% 26.4% 10.9% -2.4%

FOOTNOTES

SLIDE 4

1) Reflects: (i) Cash, cash equivalents, and restricted cash balance of $143 million as of March 31, 2021 and (ii) RGMZ initial seed sale proceeds of $151

million less the first tranche of net lease parcel dispositions of $36 million as of March 31, 2021 and less $10 million of our share of committed future RGMZ

equity, in addition to our preferred investments with Zimmer and Monarch.

2) Represents guidance previously provided in our earnings release or earnings call, which was subject to the assumptions therein. We have not updated or

reaffirmed that guidance or any of the of the supporting assumptions and are not doing so by restating it herein.

3) Share price as of April 22, 2021.

SLIDE 5

1) Cash, cash equivalents, and restricted cash balance of $143 million as of March 31, 2021.

SLIDE 6

1) As of March 31, 2021, our property portfolio consisted of 62 total retail properties, including 49 multi-tenant shopping centers (five of these shopping centers

are owned through a joint venture) and 13 net lease retail properties (all of which are owned through a separate joint venture).

SLIDE 7

1) Represents guidance previously provided in our earnings release or earnings call, which was subject to the assumptions therein. We have not updated or

reaffirmed that guidance or any of the of the supporting assumptions and are not doing so by restating it herein. 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.

SLIDE 10

1) Simple average of total assets including joint venture assets owned by BRX, RPAI, KRG, SITC, WRI, ROIC, FRT, KIM and REG as of December 31, 2020.

2) As of March 31, 2021, our multi-tenant retail property portfolio consisted of 49 multi-tenant shopping centers (including five shopping centers owned through

a joint venture).

SLIDE 13

1) Reflects RPT’s equity ownership only and does not contemplate RPT’s preferred investment.

Footnotes

SLIDE 13 Continued

2) Reflects total assets of $1.9 billion plus accumulated depreciation of $0.4 billion as reported on the Company’s Condensed Consolidated Balance Sheet

as of March 31, 2021. Totals may not add due to rounding.

3) Value of five assets contributed to R2G as reported in our press release dated December 10, 2019.

4) Value of 42 Initial Portfolio assets that have or will be contributed to RGMZ as reported in the Company’s press release dated March 4, 2021.

5) Reflects (i) cash, cash equivalents, and restricted cash balance and fully unused revolver balance of $493 million as of March 31, 2021 and (ii) RGMZ

initial seed sale of $151 million less the first tranche of net lease parcel dispositions of $36 million as of March 31, 2021 and less $10 million of our share

of committed future RGMZ equity, in addition to our preferred investments with Zimmer and Monarch. Totals may not add due to rounding.

6) For illustrative purposes only, assumes 60-65% leverage on $410 million of committed equity capital, excluding the Initial Portfolio.

SLIDE 14

1) Includes pro-rata share of NOI and management fees.

SLIDE 16

1) RGMZ initial seed sale of $151 million less the first tranche of net lease parcel dispositions of $36 million as of March 31, 2021 and less $10 million of our

share of committed future RGMZ equity, in addition to our preferred investments with Zimmer and Monarch.

2) Cash, cash equivalents, and restricted cash balance of $143 million as of March 31, 2021.

3) For illustrative purposes only, assumes 60-65% leverage on $410 million of committed equity capital, excluding the Initial Portfolio.

SLIDE 17 & 18

1) Source: CoStar.

SLIDE 21

1) Weighted average new leases-comparable base rent PSF and prior rent PSF from 2Q18 to 1Q21.

SLIDE 22

1) Bankruptcies through April 15, 2021.

SLIDE 24-26

1) Area wealth defined as average households multiplied by the average household income per data provided by Esri. Growth forecast reflects the

annualized growth rate from 2020 to 2025 per Esri estimates.

SLIDE 27

1) All information contained in this slide is based upon public information, RPT has not verified such information independently and makes no representation

as to the accuracy of such information.

Footnotes

SLIDE 27 Continued

2) Source: Amazon 3Q20 earnings call.

3) Source: Dick’s Sporting Goods 4Q20 earnings call.

4) Source: At Home 4Q20 earnings call.

5) Source: Best Buy 4Q20 press release.

6) Source: GAP 2020 Virtual Investor Meeting.

SLIDE 28

1) All information contained in this slide is based upon public information, RPT has not verified such information independently and makes no representation

as to the accuracy of such information.

2) Source: CNBC.

3) Source: Nikkei Asia.

4) Source: Globe St.

5) Source: Dollar Tree 4Q20 press release.

6) Source: CNN.

SLIDE 30

1) Cash, cash equivalents, and restricted cash balance of $143 million as of March 31, 2021.

2) Includes principal amortization.

SLIDE 33

1) Data reflects results for the consolidated portfolio only except for 4Q19 which includes RPT’s pro-rata share of unconsolidated joint ventures.

SLIDE 34

1) Growth excludes the impact of redevelopment except for BRX and ROIC.

SLIDE 37

1) FFO reflected on this slide does not reflect RPT’s estimates. Relative NTM P/FFO multiple reflects the difference between RPT’s price to FFO multiple and

the simple average of peer price to FFO multiples. Multiples are based on historical next twelve-month consensus FFO estimates based on data from S&P

Market Intelligence. Peers include: RPAI, BRX, WRI, ROIC, FRT, KRG, REG, and KIM.

SLIDE 38

1) Consensus applied cap rate sourced from aggregate estimate from S&P Market Intelligence.

Footnotes