During the fourth quarter 2021, through its three strategic investment platforms, the Company closed on the acquisition of three multi-tenant open-air shopping centers with a contract value of
For the full year 2021, through its three strategic investment platforms, the Company closed on 11 multi-tenant acquisitions with a contract value of
Fourth Quarter 2021 Investment Highlights
- Acquired the 82,000 square foot,
Highland Lakes shopping center inTampa , the Company’s fifth largest market based on annualized base rent, for$15 .0 million. The Company acquired the asset with a vacant former Steinmart box and has since signed a lease with a premier, investment grade grocer that will increase occupancy to over 95% and result in an expected stabilized yield to current market cap rate spread of approximately 150 basis points. - Acquired the 510,000 square foot
Dedham shopping center in theBoston market for$131 .5 million or$67 .7 million at the Company’s pro-rata share through the R2G joint venture platform.Dedham is a market dominant infill center anchored by a top Stop & Shop supermarket, located inside theBoston 128 loop that boasts strong 3-mile average household incomes of$136,000 and population density of 109,000. - Acquired the 259,000 square foot, Hannaford’s supermarket and Lowe’s anchored
Mountain Valley shopping center inConway, NH for$26.5 million or$1.7 million at the Company’s pro-rata share through RGMZ. The acquisition ofMountain Valley represents a unique value creation opportunity for the RGMZ platform that capitalizes on value dislocations between multi and single-tenant assets on an attractive risk-adjusted basis. Sold Market Plaza andWebster Place for$59 .5 million inChicago , significantly reducing the Company’s exposure to this non-core market and to Regal Cinemas.- Sold
$73 .2 million of single-tenant net lease properties that were parceled from existing RPT multi-tenant shopping centers to the RGMZ net lease platform, including$64 .6 million of sales from the Company’s recently-acquiredNorthborough Crossing property in theBoston market and$8.6 million of sales that were part of the RGMZ initial seed portfolio.
“2021 marked a significant milestone in the evolution of the RPT portfolio,” said
2021 Multi-tenant Acquisitions
Property | Closing Date | Metro Market | GLA | Contract Price | Pro-rata Contract Price | |
(in thousands) | (in millions) | (in millions) | ||||
RPT Platform | ||||||
646 | ||||||
77 | 10.4 | 10.4 | ||||
219 | 37.7 | 37.7 | ||||
467 | 41.6 | 41.6 | ||||
82 | 15.0 | 15.0 | ||||
Total RPT | 1,491 | $208.7 | $208.7 | |||
R2G Platform | ||||||
East | 104 | |||||
Village Shoppes of | 284 | 61.5 | 31.7 | |||
164 | 32.7 | 16.8 | ||||
153 | 54.5 | 28.1 | ||||
510 | 131.5 | 67.7 | ||||
Total R2G | 1,215 | $305.7 | $157.4 | |||
RGMZ Platform | ||||||
259 | ||||||
Total RGMZ | 259 | $26.5 | $1.7 | |||
Total Acquisitions | 2,965 | $540.9 | $367.8 | |||
(1) | The Company sold | |||||
(2) | The Company sold or expects to sell up to |
2021 RPT Dispositions
Property | Closing Date | Metro Market | GLA | Contract Price | ||
(in thousands) | (in millions) | |||||
Multi-tenant Dispositions | ||||||
166 | ||||||
135 | 29.3 | |||||
Total Multi-tenant | 301 | $59.5 | ||||
Single-tenant Dispositions | ||||||
Various (2) | 169 | |||||
329 | 39.3 | |||||
Various (3) | 147 | 36.1 | ||||
6 | 1.5 | |||||
268 | 64.6 | |||||
10 | 3.6 | |||||
20 | 5.0 | |||||
Total Single-tenant | 949 | $186.3 | ||||
Total RPT Dispositions | 1,250 | $245.8 | ||||
(1) | The Company contributed net lease retail assets that were subdivided from wholly-owned shopping centers to its newly formed | |||||
(2) | The properties contributed on | |||||
(3) | The properties contributed on |
2021 Single-tenant Acquisitions
Property | Closing Date | Metro Market | GLA | Contract Price | Pro-rata Contract Price | |
(in thousands) | (in millions) | (in millions) | ||||
RGMZ Platform | ||||||
Various (2) | 169 | |||||
329 | 39.3 | 2.5 | ||||
Single-Tenant Property | 14 | 4.7 | 0.3 | |||
Various (3) | 147 | 36.1 | 2.3 | |||
6 | 1.5 | 0.1 | ||||
268 | 64.6 | 4.1 | ||||
10 | 3.6 | 0.2 | ||||
20 | 5.0 | 0.3 | ||||
Total RGMZ | 963 | $191.0 | $12.1 | |||
Total Single-tenant Acquisitions | 963 | $191.0 | $12.1 | |||
(1) | The Company contributed net lease retail assets that were subdivided from wholly-owned shopping centers to its newly formed | |||||
(2) | The properties contributed on | |||||
(3) | The properties contributed on |
About
Contact Information
Senior Vice President - Finance
vchao@rptrealty.com
(212) 221-1752
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, 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,” “expect,” “continue” 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. These factors include, without limitation, the Company's ability to satisfy the closing conditions and/or complete the acquisitions described herein on the terms currently contemplated or at all, the Company's success or failure in implementing its 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 the Company's asset quality and its relationships with lenders and other capital providers; the effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants; the Company's business prospects and outlook; and other factors detailed from time to time in the Company's filings with the
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