3q 2020 investor presentation

INVESTOR UPDATE

T H I R D Q U A R T E R 2 0 2 0

UNLESS OTHERW ISE INDICATED, ALL RPT FINANCIAL INFORMATION IS PRESENTED ON A CONSOLIDATED BASIS AND INCLUDING ITS PRO-RATA SHAREOF UNCONSOLIDATED JOINT VENTURES AND IS AS OF OR FOR THE QUARTER ENDED SEPTEMBER 30, 2020. UNLESS OTHERWISE INDICATED, ALLCOLLECTIONS, TENANT OPEN AND DEFERRAL DATA IS AS OF OCTOBER 30, 2020 AND ALL REFERENCES TO DEFERRED RENT, DEFERRALAGREEMENTS OR DEFERRALS INCLUDE BOTH SIGNED AGREEMENTS AND APPROVED, BUT NOT YET SIGNED AGREEMENTS. RECONCILIATIONS OFNON-GAAP METRICS CAN BE FOUND ON THE COMPANY’S WEBSITE AT INVESTORS.RPTREALTY.COM OR BY FOLLOWING THIS LINK: 3Q 2020 INVESTORPRESENTATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES. FOR IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS IN THISPRESENTATION, SEE SLIDE 2.

https://investors.rptrealty.com/investors/default.aspx

https://investors.rptrealty.com/files/doc_financials/2020/q3/3Q20-Reconciliation-of-Non-GAAP-Financial-Measures.pdf

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. Currently,

one of the most significant factors, however is the potential adverse effect

of the current COVID-19 pandemic on the financial condition, results of

operations, cash flows and performance of the Company and our tenants

(including their ability to timely make rent payments), the real estate market

(including the local markets where our properties are located), the financial

markets and general global economy as well as the potential adverse

impact on our ability to enter into new leases or renew leases with existing

tenants on favorable terms or at all. The impact COVID-19 has, and

will continue to have, on the Company and its tenants is highly uncertain,

cannot be predicted and will vary based upon the duration, magnitude and

scope of the COVID-19 pandemic as well as the actions taken by federal,

state and local governments to mitigate the impact of COVID-19, including

FORWARD LOOKING STATEMENTS

social distancing protocols, restrictions on business activities and “shelter-

in-place” and “stay at home” mandates. Additional 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; the execution of rent

deferral or concession agreements on the agreed-upon terms; our business

prospects and outlook; changes in governmental regulations, tax rates and

similar matters; our continuing to qualify as a REIT; 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 and our latest quarterly

report on Form 10-Q, 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.

T H I R D Q U A R T E R 2 0 2 0 I N V E S T O R U P D A T E 2

“Years from now, there will be three things that stakeholders remember from this crisis. Humanity, liquidity

and innovation. These three pillars have guided our decision making every day throughout the pandemic.

If we continue to hold them in high regard, we will look back and be proud of the decisions we made today

that will have led to a better tomorrow.”

- B R I A N H A R P E R


COMPANY SNAPSHOT

Leasing demand has rebounded quickly 106k SF of total new leasing volume in 3Q20, the highest level in over a year with credit tenants such as Nike, Sephora, Burlington and Bank of America 43% new re-leasing spread, highest quarterly level since the second quarter of 2018 Signed not open ABR almost doubled to $3 million at the end of the quarter up from $1.6 million last quarter with over $1.5 million in lease negotiation Since the second quarter of 2018, when the new management team started, new comparable re-leasing spreads have averaged 30%, reflecting the mark-to-market

opportunity embedded in our portfolio

It’s not where you start, it’s where you finish 94% of stores open and operating up from the low of 41% in April 90% of October and 87% of 3Q20 rent and recovery income have been paid to date 96% of 3Q20 rent and recovery income has been addressed, comprised of rent collections of 87% and deferrals of 9% 76% of 2Q20 rent and recovery income have been paid to date, up from 65% as reported on August 4, 2020

Manageable COVID-19 risk Tenant base is comprised of 87% National/Regional tenants and 67% of ABR comes from centers with a grocer component Only 10% exposure to local small shop tenants (< 5,000 SF) Collected 89% of 2Q20, 94% of 3Q20 and 93% of October rent from local small shop tenants Better than peer average exposure to COVID-sensitive tenants1

Positioned for growth beyond the pandemic GIC joint venture provides financial and intellectual capital to fuel external growth Currently in new lease negotiations with several top-tier grocers $220 million in cash2, no debt maturing in 2020 and only 8% of debt maturing through 2022 Preparing for market dislocations against the backdrop of a suburban revival

COVID-19 sell-off creates attractive entry point Material improvements to the business over the past two years fueled a pre-COVID-19 4x improvement in RPT’s consensus FFO multiple versus peers3

RPT’s shares have underperformed peers post-COVID-19 despite below average COVID-sensitive tenant exposure, a strong liquidity position and collections consistent with the peer average

Recent stock price implies 36% decline in NOI using the consensus applied cap rate, which is 4x higher than the third quarter same property NOI decline Cash on hand and undrawn revolver is equal to 100% of equity market cap as of September 30, 2020

KEY MESSAGES


93.3%LEASED RATE

92.1%OCCUPANCY

7.1%BLENDED RENT SPREADS

(TTM)

83.6%SMALL SHOP OCCUPANCY

(8.3)%SAME PROPERTY

NOI GROWTH

(0.1)%SAME PROPERTY BASE

RENT GROWTH

92.5%SAME PROPERTY

OPERATING EXPENSE RECOVERY RATIO

$0.19OPERATING FFO/SHARE

Operating Snapshot

Balance Sheet Snapshot

Financial Snapshot

Portfolio Snapshot

$15.31ABR PSF

96.3%ABR IN TOP 40 MSAs

$103K3-MILE HOUSEHOLD

INCOME(Weighted by ABR)

77K3-MILE POPULATION

(Weighted by ABR)

7.2xTTM PRO-RATA NET DEBT TO PRO-RATA PROFORMA

ADJUSTED EBITDA

8.8%DEBT MATURINGTHROUGH 2022

(incl. principal amortization)

$220MTOTAL CASH1

ZERODEBT MATURING

IN 2020

RPT AT-A -GLANCE

50%% OF FEMALE

INDEPENDENT TRUSTEES

55%% OF FEMALE EMPLOYEES

20AVERAGE YEARS OF

EXPERIENCE OF SENIOR MANAGEMENT TEAM

$1.4BTOTAL ENTERPRISE VALUE

Corporate Snapshot

RPT is a small cap, open-air shopping center REIT with enough size to matter to retailers but small enough to quickly respond to changing market dynamics.


GEOGRAPHICALLY D IVERS I F I ED WITH A NAT IONAL TENANT FOCUS AND SUBURBAN OR IENTAT ION

RPT owns and operates high-quality, open-air shopping centers principally located in the top U.S. metro areas. 100%

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

67%GROCERY/GROCER

COMPONENT ANCHORED(Based on ABR)

87%NATIONAL & REGIONAL TENANTS

(Based on ABR)

49# OF PROPERTIES1

99%SUBURBAN MIX

(Based on ABR)

PHOENIX

Expand in existing markets

Not looking to expand

Expand in new markets

DENVER

AUSTIN

ST. LOUIS

ATLANTA

MINNEAPOLIS

NASHVILLE

TAMPA

MIAMI

ORLANDO

CHARLOTTE

RALEIGH

BALTIMORE

DETROIT

COLUMBUSCHICAGO

INDIANAPOLIS

CINCINNATI RICHMOND

BOSTON


“Facebook has joined companiesincluding Twitter and Square in saying itwill begin allowing select employees towork remotely full time, expecting 50%of its workforce to be remote within fiveto 10 years. Chief Executive MarkZuckerberg said about 75% of hisemployees expressed some interest inmoving to a different city if they couldwork remotely.”

– Wall Street Journal

““

SUBURBAN REV IVAL

Accelerated flight to the suburbs fueled by COVID-19 positions RPT’s portfolio for growth.


“Among millennial homeowners,the suburbs are the clear No. 1choice: 41 percent of millennialowners opt for suburbs overcities, small towns or rural areas.That’s up from 36 percent in 2016,Cathy Koch, EY’s Americas TaxPolicy Leader, tells CNBC Make It.”

- CNBC

“Millennials and Gen Zs seem to appreciate the option towork from home. More than 60% said that when the crisisis over, they’d like the option to work remotely morefrequently.”

– Deloitte 2020 Global Millennial Survey

There are tangible cost benefits to working remotely. Employees can savemoney on commuting, clothes, dry cleaning, and more. And more than half(56%) of all respondents said that if given the opportunity to work from home,they’d choose to live outside of major cities where the cost of living is less.”

– Deloitte 2020 Global Millennial Survey

“Urban to suburban migrationis expected to accelerate,particularly among wealthierdemographics. Overall, 15% ofrespondents expected to moveto the suburbs in the next 3years versus 7% pre-COVID.”

– Citi Research

Zillow Chief Executive Rich Barton hascoined the coming changes in where andhow workers live their lives “the greatreshuffling.” Redfin’s lead economist TaylorMarr says his company is registeringstronger demand in terms of homes undercontract in places like Seattle and Austin,Texas, where there has been spilloverfrom bigger cities. These are tech hubswhere a lot of remote work was alreadyhappening and they have been moreinsulated in terms of layoffs, he said.”

– Wall Street Journal

WHY INVEST IN RPT?

Manageable COVID-19 Exposure

Near-Term Internal and External Growth Opportunities

Flexible Balance Sheet to Support Growth Initiatives

Building a Track Record of Success

01

An Attractive Entry Point Into RPT’s Stock


02

03

04

05

WHY INVEST IN RPT?

Manageable COVID-19 Exposure

RPT has manageable and belowpeer average exposure to COVID-sensitive tenant categories.

• Tenant reopening driving increased business visibility• Low exposure to perceived higher risk local small

shop tenants• Improving collections• It’s not where you start, but where you finish• Below-average exposure to COVID-sensitive tenants

reduces cash flow risk• Limited exposure to bankruptcies to date• Retailers are adapting

01

TENANT REOPEN ING DR IV ING INCREASED BUS INESS V IS IBL I TY

41%

94%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4/22/20 Trough 10/30/20

% o

f ABR

from

Ope

n Te

nant

s


94% of tenants now open, up from the low of 41% in late April

Restaurants are94% open1

Fitness is100% open

Apparel is98% open2

Tenant Re-openings

Anchors (>=10K SF), 58%

Mid-Tier (5K - 10K SF), 12%

National/Regional small shops (<5K SF),

20%

Local small shops (<5K SF), 10%

LOW EXPOSURE TO PERCE IVED H IGHER R ISK LOCAL SMALL SHOP TENANTS

RPT has had good success collecting from local small shop tenants that have historically struggled in pastrecessions given our de-centralized leasing and property management teams and strong tenantrelationships in our markets. RPT also has relatively low exposure to this higher risk category.

Data shown as % of ABR

Tenant Size Breakdown

• Collected 94% of 3Q20 and 93% of October rent to date from local small shop tenants that comprise 10% of ABR

Local Small Shop Rent Collections


89%94% 93%

0%

25%

50%

75%

100%

2Q20 as of 10/30/20 3Q20 as of 10/30/20 October as of 10/30/20

% o

f billi

ngs

and

reco

very

inco

me

As of 10/30/20, October collections are trending ahead of where September collections were at this time last month

76%

87% 90%

14%

9% 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


% o

f bille

d re

nt a

nd re

cove

ry In

com

e

Collected Deferred

IMPROVING COLLECT IONS

Rent collections improving, deferrals and unpaid balances falling.

• 96% of 3Q20 rent and recovery income has been addressed, comprised of rent collections of 87% anddeferrals of 9%

• Steady improvement in rent collections reflects roll off of deferral periods and collections against prior deferrals


Up from 65% as of 7/31/20

90% addressed96% addressed 96% addressed

1

73%

87% 88%

65%

87%

90%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%


Peers RPT

-22%

-21%

-20%

-19%

-18%

-17%

-16%

-15%

-14%

-13%8/4/20 8/18/20 9/1/20 9/15/20 9/29/20 10/13/20 10/27/20

Converging rent collections, still divergent stock performance.

• RPT has closed the gap in rent collections in 3Q20 and is slightly ahead of peer collection rates in October• Convergence in collection rates despite concerns about somewhat higher Theater exposure• Though rent collections are now at parity to peers, RPT has underperformed the SNL Shopping Center REIT

index by 11%1 since our 2Q20 earnings release and by 18%2 YTD


YTD

RPT

Rel

ativ

e To

tal R

etur

n

I T ’ S NOT WHERE YOU START, BUT WHERE YOU F IN ISH

Ren

t Col

lect

ion

Leve

ls

3 3 4

15%11%

13%

8%

4%

6%

2%

4%

5%

5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Peer Average RPT

% o

f ABR

Estimated Rent Exposure to COVID-19 Sensitive Tenants

Restaurants Local Small Shop Fitness

Theaters Bankruptcy Watchlist

BELOW-AVERAGE EXPOSURE TO COVID -SENS I T IVE TENANTS REDUCES CASH F LOW R ISK 1

RPT’s exposure to COVID-sensitive categories has been manageable thus far and lower than peers.

Source: Peer Average sourced from Green Street Advisors (“GSA”) report “Strip Center Sector Update” dated 6/1/20. Please note that GSA’s methodology of calculating “Local Small Shop” shown in the graph above consists of local tenants less than 10k SF. RPT statistics as of 6/30/20 per Company calculations using Green Street methodology.

34%

39%

• 86% of RPT’s fitness exposure is toNational/Regional tenants and 68% is totraditional fitness versus Boutique operatorswith NO exposure to 24-Hour Fitness

• Over 50% of RPT’s restaurant exposure is tolimited service QSR and fast casual conceptsthat have been able to operate via pick-up,curbside delivery and drive-through

• RPT has collected 94% of 3Q20 rent andrecovery income from perceived higher riskLocal Small Shop tenants


L IM I TED EXPOSURE TO BANKRUPTCIES TO DATE

RPT’s exposure to announced bankruptcies is about 3% of ABR. We currently expect to retain about half of this amount and believe a positive mark-to-market upon re-lease of 10 to 30% is possible.

Zero Exposure


RPT’s Largest Exposures(By ABR)

0.4%

0.3%

0.3%

0.3%

0.5%

0.7%

0.3%

RETA I LERS ARE ADAPT ING 1


• Record quarterly sales and earnings insecond quarter 20202

• 194% year-over-year increase in secondquarter of 2020 eCommerce sales,including Curbside Contactless Pickup2

• Comparable sales rose 13%, led by 95%online net sales increase year-over-year2

• Refocusing the business on growing theOld Navy and Athleta brand4

• 80% of the fleet is expected to be in off-mall locations by 20234

• The year-over-year growth rate ofonline grocery sales continued toaccelerate in Q3, and pickup is nowavailable from all Whole Foodsmarket stores3

• Sales up approximately 20% for thefirst three weeks of Q3 andcomparable enterprise sales up5.8% in Q25

• Preliminary Q3 net sales growth of~47% and a comparable store salesincrease of ~44%7

• BOPIS curbside now at 97% ofstores. Delivery is in 75% of stores7

• Enterprise same-store salesincreased 7.2%6

• 500 new store openings in fiscal20206

#2 tenant

#9 tenant #15 tenant

#13 tenant #22 tenant

#14 tenant

Near-Term Internal and External Growth Opportunities

The long-term impacts of COVID-19are still unfolding, but green shootsof opportunity are appearing forwell-capitalized companies like RPTthat could unlock internal andexternal growth opportunities.• Capitalize on our size advantage

• Embedded mark-to-market opportunity

• A grocery renaissance

• Enhancing value by tapping into grocer demand

• Strategic partnership with GIC to fuel future growth and portfolio transformation

• Evolving portfolio transformation

• Preparing for market dislocation

02

CAPITAL I ZE ON OUR S I ZE ADVANTAGE

RPT’s smaller portfolio size should allow us to adapt to a rapidly evolving retail landscape more quickly than larger peers.

90

49

Peer Average: 212 Assets1

212CARGO SHIP


$14.83

$19.26

$10

$12

$14

$16

$18

$20

$22

$24

2Q18 - 3Q20

New

Com

para

ble

ABR

per

SF

1

Prior Rent PSF New Rent PSF

EMBEDDED MARK - TO -MARKET OPPORTUNITY

RPT’s low in-place rents and decentralized leasing platform is driving strong re-leasing spreads.

212


• Since the second quarter of 2018, new-comparable re-leasing spreads have averaged 30%• Third quarter 2020 new re-leasing spread of 43%, highest quarterly level since 2Q18• New lease rent per square foot has averaged over $19 since mid-2018 and was over $21 in 3Q20 which

is significantly above the portfolio average rent per square foot of $15.31

$15.04

$21.49

$10

$12

$14

$16

$18

$20

$22

$24

3Q20

New

Com

para

ble

ABR

per

SF

Prior Rent PSF New Rent PSF

30% average re-leasing

spread

43% re-leasing spread

““

A GROCERY RENAISSANCE

Growth in the Grocery segment has been fueled further by the coronavirus pandemic.

We’re pleased to report the pandemic has not slowed ourexpansion plans, and Aldi remains on track to becoming thethird-largest U.S. grocery retailer by store count by the end of2022. We’ve actually accelerated some of our growth recently,including the rollout of our Curbside Grocery Pickup service tonearly 600 stores to better serve customers.”

“This pandemic has reinforced how much consumers rely onus for their grocery needs, and we’re pleased to be able tosupport communities across the country with the lowestpossible prices.”

– Jason Hart, U.S. Aldi CEO

The positive growth of the grocerysegment will be fueled by the outbreakof coronavirus in the U.S. and manystates mandating people stay home.Over the past month, grocery saleshave increased significantly and will beone of the strongest retail sectors forthe first half of 2020.

- FORBES

Amazon plans to open more grocery storesacross U.S., including ones in Seattle andRedmond. Grocery is a gateway for Amazon toclaim more “share of wallet,” as retail industry-watchers like to say.”

“Grocery is an essential stepping stone tobecoming a dominant supplier in the last mile fora broad range of products.”

– Bill Bishop, Co-Founder & Chief Architectat Brick Meets Click


Comparable store sales for the three monthsended Sept. 26, 2020 increased 16.5%.

– Publix 3Q20 Press Release

ENHANCING VALUE BY TAPP ING INTO GROCER DEMAND

COVID-19 has created grocery demand that could strengthen the tenancy and increase thevalue of our non grocery-anchored centers.

Key points:

1. COVID-19 has fueled renewed demand from grocers and RPT is currently in various stages of negotiation onseveral new grocer deals

2. RPT has 18 non grocery-anchored centers that could help meet market demand3. Grocer additions spark demand from small shop tenants looking to capitalize on grocer traffic4. Grocery-anchored centers typically trade at cap rate premiums to non grocery-anchored centers and to

power centers driving potential NAV accretion


Holcomb Center in Atlanta, GA (#9 MSA) is located within a highly-educated, high-income3-mile ring that has a near-term expiring anchor lease that could support a potential newgrocery tenant. Geospatial data identified a “hole” in grocer coverage at Holcomb.

Geo-spatial data reveals grocer “hole” at Holcomb

Grocery “hole” around Holcomb

3-Mile Market Statistics

Property Statistics


I L LUSTRAT IVE GROCER EXAMPLEH O L C O M B C E N T E R

72KPopulation

$152KAverage HH

Income

2.5%Area wealth

growth forecast1

71.5%Pop. with associate

degree or above

1Near-term anchor

expirations

0Grocers in center

~90 minAverage dwell time per visit

Grocer Trade AreaShaded areas reflect trade areas of potential grocer

Troy Marketplace has two non-essential tenants that could be replaced with a 40K squarefoot grocer at Troy Marketplace in the Detroit, MI market (#14 MSA). A Fresh Thyme locatedadjacent to our center is a specialty grocer that generates desirable cross traffic for apotential full-service grocer.

I L LUSTRAT IVE GROCER EXAMPLET R O Y M A R K E T P L A C E

Fresh Thyme, a produce-focused grocer that sits across the street from TroyMarketplace and has strong cross traffic that is desirable to a full-service grocer

92KPopulation

$97KAverage HH

Income

3.4%Area wealth

growth forecast1

57.7%Pop. with associate

degree or above

1Near-term anchor

expirations

0Grocers in center

~70 minAverage dwell time per visit


3-Mile Market Statistics

Property Statistics

Grocer Trade AreaShaded areas reflect trade areas of Grocer 1

STRATEGIC PARTNERSH IP WITH G IC TO FUEL FUTURE GROWTH AND PORTFOL IO TRANSFORMAT ION

In December 2019, RPT formed a new joint venture with GIC Private Limited (“GIC”), Singapore’s sovereignwealth fund, which served as a validation of RPT’s business, provided growth capital and represents afurther point of differentiation from peers.

• $318 million of GIC capital contributed or committed formutually agreed upon acquisitions with up to threeyears to deploy

• RPT contributed five properties valued at $244.0 millionto the RPT-GIC Venture (“R2G”)

• RPT received $118.3 million in gross proceeds

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

• Commercial Property Executive recognized RPT for theBest Investment Transaction Portfolio category for ourjoint venture with GIC

Transaction Overview


Initial Seed$118

Follow-On Capital$200

$0

$50

$100

$150

$200

$250

$300

$350

GIC Capital

$ in

milli

ons

Total $318

EVOLV ING PORTFOL IO TRANSFORMAT ION

RPT is targeting acquisitions in attractive, high-growth, high-return markets where we can operate at scalewhich, when combined with our existing market presence, offers a differentiated geographic exposure that isnot readily found in our sector.

RPT Ownership 1 Peer Average Ownership 1

6.8%

2.0%

Miami

6.5%

1.7%

Tampa

5.5%

0.2%

Nashville

3.8%

1.0%

Columbus

0.7%

0.8%

Austin

Expanding

Targeting

0.0%

1.1%

Charlotte Richmond

0.0%

0.6%

Raleigh

0.0%

2.0%

3.9%

0.6%

Minneapolis

0.0%

2.1%

BostonPhoenix

0.0%

2.3%

Orlando

0.0%

1.8%


Market Criteria• Strong demographic profile

• Tech/life science/universityadjacencies

• Pro-business/job and wage growth

• Ability to gain scale

• Educational attainment

Property Criteria• Strong NOI growth profile

• Grocery anchored/street retail

• Enhances merchandise mix

• Densification opportunities

Financial Criteria• Near-term earnings neutral or

accretive

• Long-term earnings accretive

• Leverage neutral

LAKEH I L LS PLAZA ACQUIS I T ION

As a result of RPT’s targeted approach, theCompany closed on its first acquisition inAustin, TX in December 2019.Lakehills Plaza is a 76,000 square foot premierurban neighborhood retail center shadow-anchored by one of the top performing Targets inthe Austin MSA.

The property is in a well-populated and affluentarea with an average household income of$98,000 and population of 118,000 within a three-mile radius.

Given its location at one of Austin’s most accessible intersections and limited restrictions in current leases, Lakehills has significant densification opportunities long-term.

Austin has one of the highest projected populationgrowth rates over the next five years which isestimated to be 1.8%1.

$98KAverage HH

Income(3-mile)

118KPopulation

(3-mile)

$25.97ABR PSF

91.5%Occupancy

92%3Q20 RentCollected


0.9%

8.5%

0%1%2%3%4%5%6%7%8%9%

10%

Mar-05 Sep-07 Mar-10 Sep-12 Mar-15 Sep-17 Mar-20

Banks CRE Dlq. CMBS Dlq.

PREPAR ING FOR MARKET D IS LOCAT ION

COVID-19 related disruption could provide an opportunity to take advantage ofasset/ownership dislocations and acquire assets at an attractive cost basis that is belowreplacement cost.

Potential opportunities:

1) Distressed sponsors not distressed real estate2) Loan-to-own for high quality assets

• Spike in CMBS delinquencies couldresult in distressed opportunities in thecoming quarters

• Retail CMBS special servicing ratereached 18.3% in September, thehighest level on record1

• Real Capital Analytics is tracking U.S.distressed inflows that have alreadyexceeded levels seen during the GFC2

Source: Deutsche Bank, Intex, Bloomberg Finance LP

CMBS and Bank CRE delinquency rates


Note: Banks CRE delinquency data is through June 2020, whereas CMBS delinquency data is through August 2020

Mar-20

Flexible Balance Sheet to Support Growth Initiatives

In the 20 months ahead of thepandemic and at the beginningof March, RPT took actions thatmaterially enhanced its cashposition to play defense todaywhile having ample capital tofund our growth initiativestomorrow.• Ample liquidity with limited near-term obligations

• Well-laddered maturity schedule

03

AMPLE L IQU ID I TY WITH L IM I TED NEAR - TERM OBL IGAT IONS

We have over $350 million of liquidity after debt repayments through 2022.


1

Debt Repayments

'20-'22$93

Net Liquidity

$352

Total$445

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Uses

2

Cash2

$220

Revolver Capacity1

$225

Total$445

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Sources

$ in

milli

ons

$0

$37$53

$130

$250

$182

$130 $130

$75 $70

$0$0

$50

$100

$150

$200

$250

$300

$350

$400

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Deb

t Mat

uriti

es e

xclu

ding

prin

cipa

l am

ortiz

atio

n (m

illion

s)

Secured Unsecured Bank Unsecured PP Revolver

Cash, Cash Equivalents& Restricted Cash 1

$220M

Debt Maturing in 2020

WELL - LADDERED MATUR I TY SCHEDULE

TTM Pro-rata Net Debt to Pro-rata Proforma Adjusted

EBITDA

ZERO

7.2x


Pro-active revolver draw of $125M, fully pre-payable with available cash

Only 8% of debt maturing through 2022

2

Building a Track Record of Success

RPT materially improved its businesspre-COVID-19 that led to sector-leadingresults in 2019 which, when combinedwith our commitment to ESGinitiatives, should lead to improvedsustainable cash flow growth andreduced operational and financial riskover the long run

• Sector-leading operating results in 2019

• Environment highlights

• Social highlights

• Governance highlights

04

SECTOR - LEADING OPERAT ING RESULTS IN 2019

Our 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

Occ

upan

cy ra

te 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

Sam

e pr

oper

ty 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

Sam

e pr

oper

ty o

pera

ting

expe

nse

reco

very

rat

io

…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

Blen

ded

rele

asin

g sp

read

TTM

1


SECTOR - LEADING OPERAT ING RESULTS IN 2019

…resulting in sector-leading operational results in 2019.

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

2019

Sam

e pr

oper

ty

NO

I gro

wth

1

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

2019

Ren

t Spr

ead

-To

tal C

ompa

rabl

e

# 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

Tota

l Occ

upan

cy c

hang

e y/

y

**

Note: * Includes the impact of redevelopments on SP NOI

ENV IRONMENTAL H IGHL IGHTS

RPT is committed to investing in environmentalinitiatives that will produce attractive long-termreturns on invested capital, reduce our carbonfootprint, lower water consumption and reduceongoing maintenance costs.

Established ESG committee in May 2019

Created ESG Policies and established long-term environmental goals in January 2020 and October 2020, respectively

Started Smart Center pilot program at two centers in Fall 2019

Filed inaugural GRESB assessment in July 2020

Launched a landing page on our website highlighting our ESG mission, goals, and accomplishments in October 2020

Community garden at Deerfield Towne Center


L I Q U I D I T Y & C A P I T A L P R E S E R V A T I O N

SOCIAL H IGHL IGHTS

Winner of the Best & Brightest in Wellness Award for sevenyears in a row

RPT was named as one of the top ‘2020 Cool Places to Work’and a ‘Top Place to Work’ in the small business category byCrain’s Detroit Business and the Detroit Free Press,respectively

2020 Diversity & Inclusion Initiatives include: feedback survey,formation of a D & I committee and unconscious bias trainingscheduled for Fall 2020

RPT Risers program created for career developmentopportunities and talent retention

Assisting tenants by providing information about communicationefforts, small business resources and state-by-state COVID-19updates at rptrealty.com and through the RPT Tenant ConciergeProgram

Rolled out exclusive CURBIE Priority Pickup Program,consisting of dedicated “15-Minute Pickup Only” parking spaces

RPT’s social programs are deeply rooted in wellness andcharitable giving. Since June 2018, there has been a renewedfocus on work-life balance, diversity & inclusion and employeedevelopment programs as we continue to invest in our mostimportant assets. Regarding COVID-19, RPT has taken a “oneecosystem” approach with our stakeholders to ensure that wecan navigate the pandemic and prosper after it passes.

Library partnership at Deerfield Towne Center


GOVERNANCE H IGHL IGHTS

Reduced average Board tenure to 6 yearsfrom 18 by adding 3 new Trustees in 2018and 2019 with complementary skillsets tothe existing Trustees

50% independent female Board members

De-staggered Board with 6 of 7 independent Trustees

Separate Chairman and CEO roles

Before

18Years

Prior to 06/15/18

6Average Board Tenure

Gender-balanced Board

Before

17% 50%Female Independent

Members

Years

Female Independent Members

Compares to 23%1 female Board representation for the top 100 REITs by Equity Market Cap

Prior to 06/15/18

Before

2Industries

Prior to 06/15/18

5Board Industry Experience

Industries

RPT is committed to a self-sustaining system ofcontinuous improvement of its policies andprocedures to maintain fresh thinking and strongcorporate governance, as evidenced by recentBoard changes.


An attractive entry point into RPT’s stock

COVID-19 has caused a divergence inRPT’s relative value compared to itsopen-air shopping center peersdespite the company’s strong liquidity,pre-COVID-19 business improvements,below average COVID-19 sensitivetenant risk and inline rent collectionlevels.

• Unwarranted relative value decline since COVID-19

• Significant mispricing of real estate value

05

• Steady improvement in RPT’s relative multiple was fueled by the positive change implemented in 2018 that resulted in sector-leading results in 2019

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

UNWARRANTED RELAT IVE VALUE DECL INE S INCE 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.

10/3

0/20

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

1

(6.0)

(5.0)

(4.0)

(3.0)

(2.0)

(1.0)

0.0

11/6

/15

5/6/

16

11/6

/16

5/6/

17

11/6

/17

5/6/

18

11/6

/18

5/6/

19

11/6

/19

5/6/

20

Rel

ativ

e N

TM P

/FFO

As of 10/30/20 Illustrative Delta

Consensus Applied Cap Rate1 7.5% 7.5% N/A

NOI discount versus 1Q20 level -36.4%Implied by stock price

-8.3%3Q20 SP NOI reported decline

+25.1%

Share Price $4.89 $11.18 +129%

S IGNIF ICANT MISPR IC ING OF REAL ESTATE VALUE


The current stock price is reflective of unrealistic cap rate expansion and NOI declines.

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

4.89 6.00% 6.50% 7.00% 7.50% 8.00%0% 276.7% 233.2% 195.9% 163.6% 135.3%

-5% 248.3% 207.0% 171.6% 140.9% 114.0%-10% 219.9% 180.7% 147.2% 118.1% 92.7%-15% 191.5% 154.5% 122.8% 95.4% 71.3%-20% 163.1% 128.3% 98.5% 72.6% 50.0%-25% 134.7% 102.1% 74.1% 49.9% 28.7%-30% 106.3% 75.8% 49.7% 27.1% 7.3%-35% 77.9% 49.6% 25.4% 4.4% -14.0%

Applied Cap rate

% d

eclin

e in

NO

I fro

m

1Q20

leve

l

APPENDIX

FOOTNOTES

SLIDE 51) COVID-sensitive exposure calculated using Green Street Advisors Methodology from report titled “Strip Center Sector Update” dated 6/1/20.

2) Includes $218 million of cash and cash equivalents and $2 million of restricted cash and escrows.

3) 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 61) Includes $218 million of cash and cash equivalents, $2 million of restricted cash and escrows.

SLIDE 71) As of September 30, 2020, the Company’s portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture).

SLIDE 121) Includes both Restaurants - Fast Casual & QSR and Restaurants - Full-Service tenant categories.

2) Includes both Apparel and Apparel - Discount tenant categories.

SLIDE 141) Includes signed and approved, yet to be signed deferral agreements.

SLIDE 151) Data through 8/4/20 to 10/30/20.

2) Data through 10/30/20.

3) Peer average includes BRX, FRT, KIM, KRG, REG, ROIC, RPAI, SITC, and WRI.

4) Peer average includes BRX, FRT, KIM, KRG, REG, RPAI, SITC, and WRI. ROIC did not report October collections.

SLIDE 161) All data on this slide is as of 6/30/20 unless otherwise noted.


FOOTNOTES

SLIDE 181) 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: Dick’s Sporting Goods 2Q20 earnings call.

3) Source: Amazon 3Q20 earnings call.

4) Source: GAP 2Q20 earnings call.

5) Source: Best Buy 2Q20 press release.

6) Source: Dollar Tree 2Q20 press release.

7) Source: At Home 2Q20 press release.

SLIDE 201) Simple average of total assets including joint venture assets owned by BRX, RPAI, KRG, SITC, WRI, ROIC, FRT, KIM and REG as of 6/30/20.

SLIDE 211) Weighted average comparable new and prior rent per square foot from 2Q18 to 3Q20

SLIDE 24 & 251) 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 2019 to 2024 per Esri estimates.

SLIDE 271) Market ownership by percentage of GLA for peer averages is based on data from Green Street Advisors on 10/27/20. Peer average ownership includes

BRX, FRT, KIM, REG, ROIC, RPAI, SITC, and WRI.

SLIDE 281) Per Esri Community Profile for Austin 5-mile radius, found on rptrealty.com.

SLIDE 291) Source: Trepp CMBS Research, October 2020 CMBS Special Servicing Rate Sees Another Uptick in September; Records Highest Ever Lodging and

Retail Rates.

2) Source: Real Capital Analytics, Inc., 29 Sept. 2020, www.rcanalytics.com/chart-retail-hotel-distress-inflows/.


FOOTNOTES

SLIDE 311) Subject to continued debt covenant compliance.

2) Includes $218 million of cash and cash equivalents and $2 million of restricted cash and escrows.

SLIDE 321) Includes $218 million of cash and cash equivalents and $2 million of restricted cash and escrows.

2) Assumes the exercise of two six-month extension options on the unsecured revolving line of credit.

SLIDE 341) Data reflects results for the consolidated portfolio only except for 4Q19 which includes RPT’s pro-rata share of unconsolidated joint ventures.

SLIDE 351) Growth excludes the impact of redevelopment except for BRX and ROIC.

SLIDE 381) NAREIT: REIT Industry ESG Report June 2020.

SLIDE 401) 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 fromS&P Market Intelligence. Peers include: RPAI, BRX, WRI, ROIC, FRT, KRG, REG, and KIM.

SLIDE 411) Consensus estimate per S&P Market Intelligence


3q 2020 investor presentation

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