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RPT Realty Says GIC Commitment Provides the REIT With “Firepower”

According to CEO and president Brian Harper, GIC's recent commitment of an additional $500 million to the REIT’s core grocery-anchored R2G platform accelerates the retail REIT’s portfolio transformation while enhancing its management fee income stream.

By Natalie Dolce | December 02, 2021 at 11:12 AM

NEW YORK CITY—RPT Realty experienced balanced success across all its disciplines as the company continued to refresh its portfolio, tenant mix, liquidity and balance sheet, all of which position the REIT to deliver on future earnings growth. “We closed on several high-quality acquisitions across all three of our strategic investment platforms, bringing our gross acquisition volume to $500 million in 2021,” said president and CEO Brian Harper on the firm’s Q3 earnings call.

He explained that the REIT continues to see strong demand for space in its centers and signed a number of key leases with well-capitalized tenants. And lastly, he said on the call that the REIT raised or received commitments on $670 million of capital from its equity, debt and joint venture partners, strengthening its liquidity profile and balance sheet.

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