Investor Presentation REITWorld 2014 31500 Northwestern Highway, - - PowerPoint PPT Presentation

Investor Presentation

REITWorld 2014

31500 Northwestern Highway, Suite 300 Farmington Hills, Michigan 48334 248.350.9900 www.rgpt.com

• A. RPT Company Overview and Strategy
• B. Strategic Acquisitions –Driving Growth and Quality
• C. Value-Add Investments
• D. High-Quality Shopping Center Portfolio
• E. Fortified Balance Sheet
• F. 2014 Accomplishments

Table of Contents

2

Woodbury Lakes – Woodbury, Minnesota

The Company maintains a strong balance sheet with an investment grade profile, significant flexibility, and liquidity to support its growth initiatives, highlighted by a net debt to EBITDA ratio of 6.1X. Ramco-Gershenson’s shopping centers include on average four national anchors and often feature a leading grocer, including Whole Foods, Publix, and Kroger, that generate average annual sales

• f approximately $505 per square foot.

The Company’s shopping centers are tenanted by best-in-class national and regional retailers, including TJ Maxx, Marshalls, LA Fitness, Bed Bath & Beyond, The Home Depot, Nordstrom Rack, Ross Dress for Less, and Kohl’s.

RPT Company Overview

Ramco-Gershenson Properties Trust (“RPT”, “Ramco-Gershenson”, or the “Company”) owns and manages interests in 82 market dominant, multi-anchored community shopping centers valued at approximately $2.4 billion.

3

Building Shareholder Value

Ramco-Gershenson’s track record of performance has delivered a total return of 252% over the last five years. The Company has grown funds from operations (FFO) an average of 7.8% and increased its dividend by an average of 7.4% over the last three years. Ramco-Gershenson will continue to opportunistically invest its capital in accretive acquisitions as well as redevelopments (currently producing 11% returns) to drive the quality and value of its shopping center portfolio.

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Over the past five years RPT has been the top shopping Center REIT in growing shareholder value.

Additionally, the plan is focused on the pro-active management of

• ur high-quality shopping center portfolio which includes driving

comparable leasing spreads, leasing existing small tenant vacancies, and replacing underperforming retailers, all of which will deliver above average same-center NOI growth.

Strategic Business Plan

The Company is actively engaged in executing on a robust pipeline

• f redevelopments that include expansions, reanchorings, and

repositionings at our newly acquired and core portfolio shopping centers. RPT’s business plan includes an acquisition strategy focused on high-quality, multi-anchored shopping centers each with a value- add component located in its 12 primary metropolitan markets.

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The Company is focused on investing its capital in high growth opportunities that will drive shareholder value.

Focused on Top 12 Metropolitan Markets

RPT’s Top Markets

 RPT’s top 12 metropolitan markets account for nearly 90% of its pro rata annualized base rents.  These 12 markets are among the largest 40 metro areas in the U.S.[1] and have average household incomes of $78,000.  Taken together, the 12 MSAs are home to 121 Fortune 500 company headquarters and 42.7 million people.  RPT’s average metropolitan market would be ranked #26 and home to 3.6 million people.

Minneapolis – St. Paul #16

• St. Louis

#19 MSA Chicago #3 MSA Cincinnati #28 MSA Denver #21 MSA SE Michigan #14 MSA Toledo #89 MSA Atlanta #9 MSA Jacksonville #40 MSA Tampa Bay #18 MSA SE Florida #8 MSA Milwaukee #39 MSA

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1With the exception of Toledo, which is ranked #89.

Strategic Acquisitions- Driving Growth and Quality

Kohl’s, Nagawaukee Center, Delafield, Wisconsin

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• Strategic Acquisitions
• Recent Acquisitions/Capital Recycling
• Recent Transactions
• Front Range Village
• Buttermilk Towne Center
• Woodbury Lakes
• Bridgewater Falls
• Deerfield Towne Center

Front Range Village – Fort Collins, Colorado

Strategic Acquisitions/Capital Recycling

Over the last three and a half years the Company has transformed its portfolio through strategic acquisitions and non-core dispositions driving portfolio quality.

Troy Marketplace, Troy, MI (part of 12 property portfolio) Nagawaukee Center, Milwaukee, WI Deerfield Towne Center Cincinnati, OH Deer Creek

• St. Louis, MO

TRANSACTIONS

32 Shopping Centers 8.7 million square feet $14.21 $81,000 170,000 4 per center 290,000 square feet $1.2 billion 20 Shopping Centers 2.6 million square feet $10.19 $61,000 152,000 2 per center 128,000 square feet $164 million

Acquisitions Dispositions

TOTAL GLA

• AVG. RENT psf
• AVG. HH INCOME

POPULATION

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ANCHORS

• AVG. CENTER SIZE

TOTAL VALUE

Recent Acquisitions

During the third quarter, the Company invested $322 million in market dominant, multi-anchored shopping centers with significant value-add potential which builds earnings growth and enhances portfolio quality.

Woodbury Lakes – Woodbury, MN Buttermilk Towne Center – Crescent Springs, KY Bridgewater Falls - Hamilton, OH Front Range Village – Fort Collins, CO

Minneapolis–St. Paul #16 Cincinnati #28 MSA Denver #21 MSA

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Quality Markers

• Avg. Base Rent, psf
• f $15.85
• Avg. Household

Income of $85,500

Trade Area Dynamics

Front Range Village – Denver MSA

Property Highlights

• Quality of life profile with average household incomes of

approximately $86,000 (3 miles) and $77,000 (5 miles).

• Population of 57,000 (3 miles) and 125,000 (5 miles) is

expected to grow 8% over the next five years.

• Strategically located on Harmony Road, one mile west of

the I-25 Expressway Interchange.

• Acquisition enhances the Company’s presence in the

Denver area, the Company’s fourth largest market.

• Dynamic multi-anchored, mixed-use community shopping center

encompassing approximately 810,000 square feet.

• Best-in-class tenant mix featuring necessity and specialty retailers

including Target (shadow), Lowe’s (shadow,) Toys/Babies R Us, Sprouts Market, DSW, and Sports Authority, as well as other top tier national retailers such as ULTA Beauty, Cost Plus World Market, and Charming Charlie.

• Home to the Fort Collins Public Library, which draws 366,000 visits

each year.

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Front Range Village – Value Enhancement

• Front Range Village provides the opportunity to develop

an additional 100,000 square feet of retail space, including up to six outparcels, which will be land leased or sold.

• RPT plans to add at least one mid-box user as well as a

number of in-line destination tenancies including soft line goods, women’s apparel, and restaurants.

• In-place contractual rent increases of $500,000 over the

next 4 years will also contribute to NOI growth.

Future Value-Add Redevelopment

11

Expansion, Reanchoring, and/or Releasing

Property Highlights Trade Area Dynamics

Buttermilk Towne Center– Cincinnati, MSA

• Recently developed destination oriented, multi-anchored

community shopping center encompassing 278,000 square feet.t h

• Exceptional anchor tenants include Home Depot, Field &

Stream (Dick’s), LA Fitness, and Remke Market (upscale regional grocer).

• Complementary in-line tenants including FedEx Office,

Firehouse Subs, Sweet Frog Frozen Yogurt, and Salon Concepts add local appeal and destination draws to the shopping center.

• Well-established suburban Cincinnati trade area with

average household incomes of approximately $75,000 and a stable population base of 198,000.

• Strategically located near the Interstate 71/75 and

Buttermilk Pike Interchange, which caters to a robust daytime population of nearly 122,000 employees within five miles of the shopping center.

• Acquisition is the Company’s third in the Cincinnati

market (the Company’s third largest market). 12

Buttermilk Towne Center– Value Enhancement

• Buttermilk Towne Center includes a number of

redevelopment and expansion opportunities that will drive the Company’s initial return on investment and increase future cash flow at the property.

• RPT plans to construct up to 22,000 square feet of

additional in-line space as well as develop and/or sell up to six out parcels generating additional cash flow and sale proceeds.

• In-place anchor contractual rent increases will further

drive the initial cap rate at least 50 basis points by 2017.

Future Value-Add Redevelopment

13

Expansion, Reanchoring, and/or Releasing

Trade Area Dynamics

Woodbury Lakes – Woodbury, Minnesota

Property Highlights

• Premier community shopping center encompassing

366,000 square feet marks RPT’s entrance into the Minneapolis-St. Paul market.

• Traditional community center anchors include Trader

Joe’s (shadow), buybuy Baby, DSW, and Michaels.

• Exciting specialty tenants, many new to the market,

include American Eagle, H & M, Victoria’s Secret, PacSun, White House|Black Market, Soma, Express, LOFT, The Gap, and Buckle.

• Affluent Minneapolis –St. Paul trade area with average

household incomes of approximately $102,000 (3 miles) and $96,000 (5 miles) and an unemployment rate of only 4.1%.

• Woodbury Lakes, voted “Best Places to Live” by Forbes and

Money magazines, is projected to grow 5% over the next five years.

• Prominently positioned just east of Interstate I-94, east of the

I-94 and I-494/I-694 intersection, 25 minutes from downtown Minneapolis, 15 minutes from downtown St. Paul, and 10 minutes from Wisconsin’s western border.

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Woodbury Lakes – Value Enhancement

• RPT plans to capitalize on high retailer demand by

expanding its entertainment and restaurant components.

• The Company is already finalizing a number of new leases

with national retailers at above average market rents to fill vacancies at this 88% leased shopping center.

• Woodbury Lakes sits adjacent to the “City Place”, State

Farm’s 100 acre mixed-use site, slated to include office, limited retail, hotel, and medical uses.

Future Value-Add Redevelopment

15

Expansion, Reanchoring, and/or Releasing

Bridgewater Falls – Cincinnati MSA

Trade Area Dynamics Property Highlights

• Vibrant community shopping center encompassing

627,000 square feet.

• The shopping center features a strong anchor line-up

including Target (shadow), Dick’s Sporting Goods, Bed Bath & Beyond, TJ Maxx, JC Penney (ground lease), Old Navy, PetSmart, and Michaels.

• The center also includes over 50 leading retailers,

notably ULTA Beauty, Kay Jewelers, Justice, Rue21, Salon Lofts, Massage Envy, Charming Charlie, Panera Bread, Chick-fil-A, and Buffalo Wild Wings.

• Desirable in-fill market with average household incomes
• f approximately $78,000 (3 miles), $72,000 (5 miles), and

a trade area population of 138,000 people.

• Excellent visibility and accessibility at the intersection of

State Highway 4 and Princeton Road.

• Trade Area includes the Hamilton School District ranked

the #1 urban school district in Ohio. 16

Bridgewater Falls – Value Enhancement

• RPT plans to bolster the retail merchandise mix by

transforming the “village” portion of the shopping center into a first class market area to include an upscale grocer and creditworthy soft-line retailers.

• Additional plans include the expansion of the desirable

restaurant component at the center.

• Bridgewater Falls benefits from a large contingent of

leading anchor tenants that provide the foundation for future lease-up of the shopping center.

Future Value-Add Redevelopment

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Expansion, Reanchoring, and/or Releasing

Trade Area Dynamics

Deerfield Towne Center – Cincinnati, MSA

Property Highlights

• Superlative community/lifestyle center encompassing

460,000 square feet.

• The shopping center is anchored by an impressive line-up
• f the nation’s leading retailers, including Whole Foods
• (1 of 2 in the Cincinnati market), Dick’s Sporting Goods,

Bed Bath & Beyond, buybuy Baby, and Regal Cinema.

• The tenant mix also includes lifestyle tenants such as White

House|Black Market, Chico’s, Talbots, Ann Taylor Loft, ULTA Beauty, and The Children’s Place.

• Prosperous trade area with average household incomes
• f approximately $103,000 (3 miles) and $106,000 (5 miles).
• In 2013, ranked #7 Best Places to Live for Families. The

trade area population base of 143,000 is expected to grow 3% over the next five years.

• Exceptionally well-positioned as part of the main retail

hub along the busy Mason/Montgomery Rd just one mile north of the I- 71/I-275 interchange. 18

Future Value-Add Redevelopment

Deerfield Towne Center – Value Enhancement

• Deerfield Towne Center, presently 92% occupied,

will benefit from leasing existing vacancies driven by the draw and appeal of its leading anchor line-up as well as the unique-to-the market specialty retailers.

• Whole Foods Market has indicated a desire to expand its

premises driven by its superior sales volume.

• The Company is in negotiations with two National anchor

retailers to fill existing vacancies. 19

Expansion, Reanchoring, and/or Releasing

Value-Add Investments

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• Adding Value to Recent Acquisitions
• The Shoppes at Fox River
• Harvest Junction
• Town & Country Crossing
• Mount Prospect Plaza
• Deer Grove Centre
• Development- Value Delivered-Legacy Land
• Lakeland Park Center
• Parkway Shops

Deerfield Towne Center, Mason, Ohio

• The Company is currently repositioning five recently acquired shopping centers for $55 million,

which will be completed over the next 12-24 months, producing a return on incremental investment of 11% and delivering an additional $7.1 million of NOI upon stabilization.

• The Company expects to increase its total return on initial investment by an average of 150 basis

points - 7.0% average acquisition cap rate to an 8.5% ROI at the time of completion.

• Pre-redevelopment asset value of $160 million, post-redevelopment asset value of $263 million,

after costs NAV accretion of $48 million, or 22%.

Adding Value to Recent Acquisitions

21 Project Location Estimated Project Costs Expected Return

• n Incremental

Investment = Expected Net Increase in Value Over Costs The Shoppes at Fox River Waukesha, WI $30 million

[1]

9% $14 million Harvest Junction North Longmont, CO $7 million 10% $4 million Town & Country Crossing Town & Country, MO $7 million 14% $7 million Mount Prospect Plaza Mount Prospect, IL $5 million 26% $13 million Deer Grove Centre Palatine, IL $6 million 10% $10 million Total all Projects $55 million 11% $48 million

[1]Includes 55,000 square foot Hobby Lobby (which is open)

and one additional anchor.

The Shoppes at Fox River

Waukesha (Milwaukee), Wisconsin

• Three phases totaling approximately 520,000 square feet .
• Phase III project costs of $30 million expected to produce

an incremental return on investment of 9%.

• The Company expects to increase its total return on initial

investment by 60 basis points - 7.9% acquisition cap rate to an 8.5% ROI at the time of completion.

• $14 million in value creation.

Adding Value to Recent Acquisitions

• The Shoppes at Fox River, anchored by Pick ‘n Save

(Roundy’s) and Target (shadow) was acquired in December of 2010 encompassing 236,000 square feet.

• Phase II development of TJ Maxx, ULTA, rue 21, Charming

Charlie, and Hobby Lobby completed in 2013/2014 on 12 acres of land.

• Phase III expansion planned for 2015 on additional 10

acres with up to 150,000 square feet of primarily national retailers transforming the shopping center into a 520,000 square foot market dominant retail destination.

Value Creation

22

Expansion, Reanchoring, and/or Releasing

• Harvest Junction North and South were acquired in the

second quarter of 2012. The acquisition marked the Company’s entrance into the Boulder/Denver market.

• Combined, the two centers encompass 471,000 square

feet, including Lowe’s (shadow).

• As part of the acquisition, the Company acquired 15

acres of adjacent land to expand the shopping center.

• Desirable trade area with an average household

income of $78,000 and a population of 98,000.

Adding Value to Recent Acquisitions

Harvest Junction

Longmont (Boulder), Colorado

• Multiple phase expansion plus lease-up of vacant space.
• Total incremental project costs of $7 million expected to

produce an incremental return on investment of 10%.

• The Company expects to increase its total return on initial

investment by 60 basis points – 6.7% acquisition cap rate to a 7.3% ROI at the time of completion.

• $4 million in value creation, plus $1.8 million in estimated

land sale profit above and beyond projected ROI.

Value Creation

23

Expansion, Reanchoring, and/or Releasing

• Town & Country, a Target (shadow) and Whole Foods

anchored community shopping center encompassing 285,000 square feet, was acquired in the fourth quarter of 2011.

• In 2013, RPT added a 9,000 square foot Cooper’s Hawk

Restaurant.

• Further improvements include the addition of a 31,000 square

foot Stein Mart (lease signed) and other in-line tenancies.

• Desirable trade area with an average household income of

$107,000 and a population of 170,000.

Adding Value to Recent Acquisitions

Town & Country Crossing

Town & Country (St. Louis), Missouri

• Addition of new GLA and lease-up of vacant space.
• Total incremental project costs of $7 million expected to

produce an incremental return on investment of 14%.

• The Company expects to increase its total return on initial

investment by 110 basis points – 7.2% acquisition cap rate to an 8.3% ROI at the time of completion.

• $7 million in value creation.

Value Creation

24

Expansion, Reanchoring, and/or Releasing

• Mount Prospect Plaza, a 301,000 square foot community

shopping center, was acquired in the second quarter of 2013.

• The property was 81% leased at the time of acquisition.

Based on identified leases, the Company anticipates the center will be 95% leased 18-24 months post-acquisition.

• Opportunities for outparcel development.
• Desirable trade area with an average household

income of $84,000 and a population of 300,000.

Adding Value to Recent Acquisitions

Mount Prospect Plaza

Mount Prospect (Chicago), Illinois

• Lease-up and expansion opportunities.
• Total incremental project costs of $5 million expected to

produce an incremental return on investment of 26%.

• The Company expects to increase its total return on

investment by 200 basis points – 7.1% acquisition cap rate to a 9.1% ROI at the time of completion.

• $13 million in value creation.

Value Creation

25

Expansion, Reanchoring, and/or Releasing

Adding Value to Recent Acquisitions

Deer Grove Centre

Palatine (Chicago), Illinois

• Deer Grove Centre, a 350,000 square foot community

center, was acquired in the third quarter of 2013.

• The Company anticipated the termination of the

Dominick’s lease as part of the acquisition providing the catalyst for future redevelopment.

• The center was 83% leased at the time of acquisition.

Based on leases/LOIs in place, occupancy will increase to over 98% by the first half of 2015.

• Desirable trade area with an average household

income of $102,000 and a population of 250,000.

• Lease-up of 83% occupied shopping center.
• Total incremental project costs of $6 million expected to

produce an incremental return on investment of 10%.

• The Company expects to increase its total return on initial

investment by 250 basis points – 7.4% acquisition cap rate to an 9.9% ROI at the time of completion.

• $10 million in value creation.

Value Creation

26

Expansion, Reanchoring, and/or Releasing

Development-Value Delivered-Legacy Land

Lakeland Park Center Lakeland, Florida

• Lakeland Park Center is located adjacent to RPT’s 250,000

square foot Shoppes at Lakeland shopping center.

• The first phase of the development, consisting of 210,000

square feet, is anchored by Dick’s Sporting Goods, Ross Dress for Less, and Old Navy. The center opened October 2014 at 98% leased and occupied.

• At ground-breaking the project was 96% pre-leased. The

sale/land lease of 7 out-parcels is also projected.

• Net incremental investment of $34 million with a projected

return of 10%.

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• Parkway Shops (Phase I), located adjacent to RPT’s 900,000

square foot highly successful River City Marketplace, encompasses 90,000 square feet and is anchored by Dick’s Sporting Goods, Marshalls, and ULTA Beauty.

• Phase II is in process. The Company has signed a lease with

Hobby Lobby in 55,000 square feet to anchor the second phase of the project.

• Net incremental investment of $17 million expected to

produce a return on investment of 10%.

Development-Value Delivered-Legacy Land

Parkway Shops Jacksonville, Florida

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High Quality Shopping Center Portfolio High-Quality Shopping Center Portfolio

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• Market Dominant, Multi-Anchored Profile
• RPT’s 18 Largest Market Dominant Centers
• Portfolio Transformation Yields Results
• Adding Value To The Core Portfolio
• Core Portfolio-Re-Anchoring Case Studies
• Credit-Quality Top Tenant Line-up

Town & Country Crossing - Town & Country, Missouri

Market Dominant, Multi-Anchored Profile

Note: As of September 30, 2014. GLA and anchor count includes shadow anchor space. Fifty of RPT’s 82 shopping centers produce annualized base rent in excess of $2.0 million.

30 Dominant Averaging 260,000 Square Feet 4+ Anchors Per Center Multi-Anchored Community Center Focus 80% of Base Rent 5-Mile Income-$78,000 5-Mile Population-170,000 Strong Demographics 87% National/Regional Creditworthy Tenants 6.9% Comparable Leasing Spreads

RPT’s 18 Largest Market Dominant Centers1

• 1. RIVER CITY MARKETPLACE / FL

ABR: $9.4 million $17.01 psf TOTAL GLA: 899,588 (Owned: 557,087) MAJOR TENANTS: Lowe’s, Wal-Mart, Bed Bath & Beyond, Michaels, Ross Dress For Less

• 2. FRONT RANGE VILLAGE / CO

ABR: $8.4 million $19.32 psf TOTAL GLA: 792,945 (Owned 459,307) MAJOR TENANTS: Target, Lowes, Sprouts Farmers Market, DSW, ULTA Beauty, Toys ‘R’ Us/Babies ‘R’ Us, Staples, Sports Authority

• 3. DEERFIELD TOWNE CENTER / OH

ABR: $7.9 million $19.39 psf TOTAL GLA: 460,675 MAJOR TENANTS: Whole Foods, Bed Bath & Beyond, buybuy Baby, Dick’s Sporting Goods, Regal Cinema

• 4. BRIDGEWATER FALLS / OH

ABR: $6.6 million $13.90 psf TOTAL GLA: 627,202 (Owned 503,502) MAJOR TENANTS: Target, TJ Maxx, JC Penney, Michaels, Dick’s Sporting Goods, Bed Bath & Beyond, ULTA Beauty, PetSmart, Old Navy

• 6. WOODBURY LAKES / MN

ABR: $5.7 million $21.44 psf TOTAL GLA: 366,000 (Owned 305,086) MAJOR TENANTS: Trader Joe’s, buybuy Baby, DSW, Michaels, Gap, Express, H&M, American Eagle Outfitters

• 5. TEL-TWELVE / MI

ABR: $5.8 million $11.02 psf TOTAL GLA: 523,411 MAJOR TENANTS: Meijer, Lowe’s, DSW, PetSmart, Michaels, Best Buy, Pier 1

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Recently acquired shopping center.

[1]Order based on annualized base rent.

• 12. TROY MARKETPLACE / MI

ABR: $3.7 million $16.85 psf TOTAL GLA: 238,354 (Owned: 217,754) MAJOR TENANTS: Nordstrom Rack, LA Fitness, Golfsmith, REI, PetSmart

• 9. THE PLAZA AT DELRAY / FL

ABR: $4.4 million $17.03 psf TOTAL GLA: 268,613 MAJOR TENANTS: Publix, Ross Dress For Less, Marshalls, TJ Maxx, Michaels, ULTA Beauty

RPT’s 18 Largest Market Dominant Centers1

• 8. HUNTER’S SQUARE / MI

ABR: $5.4 million $17.15 psf TOTAL GLA: 354,323 MAJOR TENANTS: TJ Maxx, Marshalls, Bed Bath & Beyond, buy buy Baby, Michaels, GAP, ULTA Beauty

• 10. JACKSON CROSSING / MI

ABR: $4.0 million $10.42 psf TOTAL GLA: 656,568 (Owned: 402,326) MAJOR TENANTS: Kohl’s, Target, TJ Maxx, Sears, Bed Bath & Beyond, Toys “R” Us, ULTA Beauty

• 11. MILLENNIUM PARK / MI

ABR: $3.9 million $14.36 psf TOTAL GLA: 625,209 (Owned: 272,568) MAJOR TENANTS: Home Depot, Marshalls, Michaels, PetSmart, ULTA Beauty, Five Below

• 7. MISSION BAY PLAZA / FL

ABR: $5.6 million $22.12 psf TOTAL GLA: 263,714 MAJOR TENANTS: The Fresh Market, Golfsmith, LA Fitness, Toys “R” Us

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Recently acquired shopping center.

[1]Order based on annualized base rent.

• 14. THE SHOPPES AT FOX RIVER / WI

ABR: $3.3 million $14.10 psf TOTAL GLA: 369,774 (Owned: 237,392) MAJOR TENANTS: Target, Pick ‘n Save, Hobby Lobby, TJ Maxx, Petco, ULTA Beauty

• 13. HERITAGE PLACE / MO

ABR: $3.4 million $13.41 psf TOTAL GLA: 269,105 MAJOR TENANTS: Marshalls, TJ Maxx, Dierberg’s Market, Petco, Office Depot

• 17. MOUNT PROSPECT PLAZA / IL

ABR: $3.2 million $11.92 psf TOTAL GLA: 300,682 MAJOR TENANTS: LA Fitness, Marshalls, Aldi, Ross Dress For Less, Walgreens, Petco

• 15. TOWN & COUNTRY CROSSING / MO

ABR: $3.3 million $25.92 psf TOTAL GLA: 285,467 (Owned: 148,630) MAJOR TENANTS: Whole Foods, Target, Cooper’s Hawk, Stein Mart

• 16. THE SHOPS ON LANE AVENUE / OH

ABR: $3.2 million $21.39 psf TOTAL GLA: 107,719 MAJOR TENANTS: Whole Foods, Bed Bath & Beyond, ULTA Beauty, White House|Black Market

RPT’s 18 Largest Market Dominant Centers1

33

• 18. CHESTER SPRINGS SHOPPING CENTER / NJ

ABR: $3.1 million $14.71 psf TOTAL GLA: 223,068 MAJOR TENANTS: Marshalls, ShopRite, CVS, Staples, Starbuck’s

Recently acquired shopping center.

[1]Order based on annualized base rent.

• 1.6%

1.4% 3.3% 3.0% 3.5%

• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0% 4.0% 2010 2011 2012 2013 2014* *Reflects mid- range of guidance.

Sustainable Same-Center NOI Growth

$10.98 $11.32 $11.54 $12.35 $13.00 $10.70 $11.20 $11.70 $12.20 $12.70 $13.20 2010 2011 2012 2013 YE2014*

Increasing Average Base Rents

Portfolio Transformation Yields Results

34

*Reflects estimate inclusive of planned dispositions.

RPT has successfully transformed its portfolio over the last five years driving results in every key marker. High-Quality Acquisitions Strategic Dispositions Center Repositionings Approximately 18% Improvement in Rents Strong Rollover/Renewal Leasing Spreads New Leases and Reanchorings Aggressive Cost Containment Same-Center Growth of between 3% - 4%

$13.29 $14.21 $15.05 $16.46 $17.66 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 2010 2011 2012 2013 2014*

Increasing Net Asset Value[1]

$1.05 $1.01 $1.04 $1.17 $1.25 $0.75 $0.85 $0.95 $1.05 $1.15 $1.25 2010 2011 2012 2013 YE2014*

Increasing Funds from Operations

Portfolio Transformation Yields Results

35

*Reflects mid-point

• f guidance.

RPT has transformed its portfolio over the last five years and is showing results in every key marker.

*As of 11/3/2014.

Focused Business Plan Strategic Acquisitions Center Repositionings Approximately 20% Increase in Earnings Strong Metropolitans Markets High-Quality Shopping Center Portfolio Best-in-Class Tenancies paying Increasing Rents Approximately 33% Improvement in NAV

[1]Per SNL consensus NAV estimates.

• The Company is currently reanchoring four core shopping centers for $20 million, which will be

completed throughout 2015 producing a return on incremental investment of 11% and delivering an additional $2.2 million of NOI upon stabilization.

• The Company expects to increase its total return on investment by an average of 120 basis

points – 6.5% average ROI to 7.7% ROI at the time of completion.

• Pre-redevelopment asset value of $78 million, post-redevelopment asset value of $112, after

costs NAV accretion of $14 million.

• The Company expects to announce four additional reanchoring projects during the fourth

quarter of 2014, which are expected to deliver similar results to these projects.

Adding Value to the Core Portfolio

36 Project Estimated Project Costs Expected Return

• n Incremental

Investment = Expected Net Increase in Value Over Costs Market Plaza Glenn Ellen, IL $3 million 8 % $1.6 million Promenade at Pleasant Hill Duluth, GA $7 million 14% $7.6 million Merchants’ Square Carmel, IN $6 million 10% $3.7 million Village Plaza Lakeland, FL $4 million 8% $1.4 million Total all Projects $20 million 11% $14 million

Core Portfolio-Re-Anchoring Case Studies

37

Expansion, Reanchoring, and/or Releasing

Reanchorings, Expansions, and Releasings are generating earnings, producing healthy returns on invesment, and driving NAV accretion.

Promenade at Pleasant Hill, Duluth, Georgia Market Plaza, Glenn Ellen, Illinois Merchants’ Square, Carmel, Indiana Village Plaza, Lakeland, Florida

The Company is focused

• n leasing to best-in-class

national retailers with strong credit and growth profiles. RPT’s center typically include the number one grocer in its market resulting in strong average annual supermarket sales

• f approximately $505 per

square foot.

1

Credit-Quality Top Tenant Line-up

2 3 4 5 6 7 8 9

4.5% of ABR 2.5% of ABR 1.9% of ABR 1.8% of ABR 1.7% of ABR 1.6% of ABR 1.5% of ABR 1.5% of ABR 1.5% of ABR

10

The Company’s top tenant line-up is dominated by national and regional destination

• riented retailers providing

stability in any economy.

RPT’s Top 10 Tenants

38

1.8% of ABR

Note: As of September 30, 2014.

Strong Balance Sheet

39

• Solid Capital Structure
• Strong Credit Metrics
• Staggered Debt Maturity Schedule
• Investment Grade Profile

West Oaks II – Novi, Michigan

Solid Capital Structure

Market Capitalization

• RPT has a total capitalization of

$2.3 billion conservatively structured with $1.3 million in common equity.

• Substantially all shares are owned

by REIT funds and other institutional investors.

• Debt to total capitalization is 39%.
• Secured debt to total

capitalization is 15%.

• Debt-plus-preferred to total

capitalization is 43%.

Senior Unsecured Debt (2018- 2025) 22% Line of Credit (2016) 1% Mortgage Loans (due various dates) 15% Jr. Subordinated Notes (2038) 1% 7.25% Convertible Preferred Stock 5% Common Equity 56%

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Note: As of September 30, 2014.

Strong Credit Metrics

Note: Information has been updated for anticipated $100 million in new private placement debt and $350 million amended revolving line of credit, with the exception of debt and coverage ratios, which are as of September 30, 2014.

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Low Leverage

Net Debt / Market Capitalization 39% Net Debt + Preferred / Market Capitalization 43% Net Debt to EBITDA 6.1X

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Strong Coverage

Interest Coverage 4.1X Fixed Charge Coverage 3.1X

Flexible Structure

Unencumbered Assets/Unsecured Senior Debt 3.2X Fixed-Rate Debt / Total Debt 96% Secured Debt / Total Capitalization 15%

Ample Liquidity (in millions)

Revolving Line Availability $325 Prudential Capital Shelf Agreement $50

RPT has a staggered debt maturity profile with a weighted average term

• f 6.7 years.

Staggered Debt Maturity Schedule

$0 $50 $100 $150 $200 $250 $300 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ Millions Mortgage Unsecured JV

RPT Debt Maturity by Year

New York Life Notes

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On key credit metrics, RPT compares favorably to its investment-grade rated peers in the shopping center sector.

Ratings Total Debt/Adj Capital Debt+Pref/

• Adj. Cap

Secured Debt/Adj. Cap Interest Expense Interest Incurred Fixed Charges Debt/Recur EBITDA

KIM Baa1/BBB+ 42% 50% 11% 3.3X 3.3X 2.6X 6.9X DDR Baa2/BBB- 48% 51% 20% 2.6X 2.5X 2.3X 8.3X FRT A3/A- 44% 44% 12% 4.4X 3.6X 3.6X 5.5X REG Baa3/BBB 43% 50% 12% 3.1X 2.9X 2.5X 6.0X WRI Baa2/BBB 45% 49% 14% 3.4X 3.3X 3.0X 5.8X EQY Baa2/BBB- 47% 47% 13% 3.2X 3.1X 3.1X 6.8X ROIC Baa2/BBB- 41% 41% 7% 3.9X 3.9X 3.9X 7.8X Average 44% 47% 13% 3.4X 3.2X 3.0X 6.7X

RPT 42% 46% 16% 4.1X 3.8X 3.0X 6.3X

Investment Grade Profile

Source: J.P. Morgan North America Credit Research, “The REIT Reality, 13-Aug-14”; Company reports Note: Total Adjusted Capital = Total Book Capital + Accumulated Depreciation; Interest Incurred Coverage = EBITDA/(Interest Expense + Capitalized Interest); Fixed Charge Coverage = EBITDA/(Interest Expense + Capitalized Interest + Preferred Distributions)

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In Summary-2014 Accomplishments YTD

Commenced nine value-add redevelopment projects at a total cost

• f $75 million; 5 at recently acquired properties and 4 at core

portfolio shopping centers, which are expected to produce returns of 11% and drive NAV by $62 million. Acquired $322 million of high-quality shopping centers in trade areas with average household incomes of $85,500, tenanted by best-in- class retailers that pay on average $15.85 per square foot. Continued to post solid operating metrics highlighted by same-center growth of 3.5%, core portfolio occupancy of 95.8%, and comparable leasing spreads of 6.9%. Maintained a strong balance sheet with net debt to EBITDA of 6.1x and fixed charge cover of 3.1x, bolstered by $100 in new private placement debt and an amended $350 million line of credit.

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Information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the “Securities Act”, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” You can identify these forward-looking statements by our use of the words “believe,” “anticipate,” “plan,” “expect,” “may,” “might,” “should,” “will,” “intend,” “estimate,” “predict” and similar expressions, whether in the negative or affirmative. These forward-looking statements represent our expectations or beliefs concerning future events, including: statements regarding future developments and joint ventures, rents, returns, and earnings; statements regarding the continuation of trends; and any statements regarding the sufficiency of our cash balances and cash generated from operating, investing, and financing activities for our future liquidity and capital resource needs. We caution that although forward-looking statements reflect our good faith beliefs and reasonable judgment based upon current information, these statements are not guarantees of future performance and are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, because of risks, uncertainties, and factors including, but 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; our cost of capital, which depends in part on our asset quality, our relationships with lenders and other capital providers; our business prospects and outlook; changes in governmental regulations, tax rates and similar matters; and our continuing to qualify as a

• REIT. Further, we have included important factors under the heading “Risk Factors” and elsewhere in our Annual Report on

Form 10-K for the year ended December 31, 2013, and other periodic reports, that we believe could cause our actual results to differ materially from the forward-looking statements that we make. All forward-looking statements are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we do not undertake any obligation to update our forward-looking statements or the risk factors contained herein to reflect new information

• r future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

Safe Harbor Statement

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