INVESTOR PRESENTATION INVESTOR PRESENTATION | 3Q 2016 THE SHOPS AT - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

3Q 2016

CORPORATE OVERVIEW AND STRATEGY

INVESTOR PRESENTATION | 3Q 2016 THE SHOPS AT OLD ORCHARD, WEST BLOOMFIELD, MI

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STRENGTHENED MANAGEMENT TEAM

3 DENNIS GERSHENSON

President & Chief Executive Officer

GEOFF BEDROSIAN

Chief Financial Officer

JOHN HENDRICKSON

Chief Operating Officer

Envisioning the Future of Retail Today

CORPORATE OVERVIEW AND STRATEGY

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We invest in regional dominant multi- anchored, urban-oriented shopping centers located in first-ring submarkets that generate sustainable increases in cash flow. We promote operating excellence and a disciplined approach to capital allocation with a focus on long-term

• perating FFO growth and NAV growth.

We add value through tactical and strategic redevelopments that generate solid returns on invested capital. We manage a conservative capital structure and strong balance sheet to maintain liquidity and flexibility through all economic cycles.

FIVE-YEAR PORTFOLIO EVOLUTION

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Total Number of Properties

90

2010 PORTFOLIO

66

CURRENT PORTFOLIO

Wholly-Owned Shopping Centers Leased Rate Average Anchors[1]

58

2010 PORTFOLIO

64

CURRENT PORTFOLIO

91.5%

2010 PORTFOLIO

94.0%

CURRENT PORTFOLIO

2.5

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per center

2010 PORTFOLIO CURRENT PORTFOLIO

per center Average Rent per Square Foot[2]

$9.88

2010 PORTFOLIO

$13.92

CURRENT PORTFOLIO

As of September 30, 2016.

[1]Includes shadow anchors, without shadow anchors the average is 5. [2] Excludes ground leases.

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OUR CURRENT MARKET STRATEGY FOCUSES ON TEN MARKETS FOR BOTH QUALITY AND DIVERSITY

Primarily first-ring top 40 MSA sub- market locations.

RPT’s Top 10 Markets = 81% of Annualized Base Rent

Top 10 markets provide the

• pportunity for future growth supported

by strong regional leasing and asset management teams. Strong in-fill markets provide the

• pportunity for both tactical and

strategic redevelopment as tenants look to locate at our centers.

Note: 5-mile trade area.

Average Population for centers in the top 10 Markets: 201,000 Average Household Income for the top 10 Markets: $87,000

OUR TOP TWENTY CENTERS – 56% OF OUR PORTFOLIO ARE REGIONAL DOMINANT AND PROVIDE A SOLID FOUNDATION FOR FUTURE VALUE CREATION

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[1] Includes shadow anchors. Without shadow anchors, average size is 343,000 square feet and average number of anchors is 8.

PORTFOLIO STRATEGY

INVESTOR PRESENTATION | 3Q 2016 FRONT RANGE VILLAGE, FORT COLLINS, CO

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OUR STRATEGIC FOCUS IS TO INCREASE THE VALUE OF OUR SHOPPING CENTERS

• Operating Excellence Objectives:

Execute a bottom-line, financially-oriented business model. Produce sustainable FFO Growth of approximately 4 - 5% for the foreseeable future. Generate same-center growth of 3.0% - 4.5%, with redevelopment. Maintain occupancy at near peak level of 95%. 9

• Value Creation Objectives:

Continue to execute on value-add redevelopments of $65 - $80 million each year that produce 9% - 10% ROI. Double digit rent increases on new small shop tenancies. Implement tactical and multi-phase strategic redevelopments at our shopping centers to solidify regional dominance.

• Capital Recycling:

Strategically sell non-core assets to increase portfolio quality and generate capital for strategic investments, including value-add improvements in the core portfolio as well as high-quality acquisitions.

WE ARE TRANSFORMING OUR PORTFOLIO THROUGH A DISCIPLINED CAPITAL RECYCLING PROGRAM

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TRANSFORMATION MARKER FIVE YEARS OF DISPOSITIONS FIVE YEARS OF ACQUISITIONS Number of Properties (including JVs) 34 Shopping Centers 38 Shopping Centers[1] Owned GLA 4.8 million square feet 8.5 million square feet Average Rent, psf $10.66 $14.44[2] Average Household Income $68,000 $87,000 Average Center Size 141,000 square feet 270,000 square feet[2] Total Proceeds/Investment $390 million $1.3 billion

Criteria

Acquisitions:

Multi-anchor often with market leading grocer and substantial small shop space High barrier-to-entry trade areas Typically have value-add opportunities

Dispositions:

Non-core markets and properties Smaller centers Limited growth opportunities

Results

Regional dominant centers that produce sustainable growth in NOI Best-in-class retailers provide recession resistant cash flow High-quality properties that generate higher NOI and NAV

[1] Includes joint venture acquisitions. [2]Excludes land leases.

As of September 30, 2016.

2016 Dispositions – Income Generating Properties

Property Location Sale Price Owned GLA

• Avg. HH

Income Population

Fairlane Meadows Dearborn, MI $20,333,000 157,225 $45,149 119,756 Lakeshore Marketplace Norton Shores, MI $27,750,000 342,991 $61,500 20,809 Livonia Plaza Livonia, MI $19,800,000 137,391 $79,660 82,610 Troy Towne Center Troy, OH $12,400,000 144,485 $61,506 24,343 Aquia Office Building Stafford County, VA $11,781,000 99,402 $115,571 54,011 Centre at Woodstock Woodstock, GA $16,000,000 86,748 $87,925 53,001 Kissimmee West Kissimmee, FL $1,358,000 115,586 $50,491 42,760 River Crossing Centre New Port Richey, FL $12,500,000 62,038 $52,428 52,142 Total $121,922,000

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OUR 2016 CAPITAL RECYCLING PROGRAM

The Company is strategically reducing its non-core centers in Michigan.

• Goal Michigan 20-25% of total ABR
• Oakland County portfolio is 20% of

ABR valued at 6.0% cap rate

• Avg. HH Income of $95,000
• Avg. Population of 194,000

The Company continues to selectively dispose of non-core centers in non-strategic markets – reinvesting proceeds in higher-quality assets and high-return redevelopments. 56,179 $69,279

1,145,866

High-quality shopping center in dense, affluent metropolitan market location:

Highly-desirable sub-market of Minneapolis, Minnesota. Average 5-Mile Household Income: $118,000. Average 5-Mile Population: 170,000. Strong internal growth of 3-5% Anchors operate only store in Minneapolis Market

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Strategic High-Quality Acquisition CENTENNIAL SHOPS (EDINA, MN)

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Strategic High-Quality Acquisition CENTENNIAL SHOPS (EDINA, MN)

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WE BELIEVE MULTI-ANCHOR, URBAN-ORIENTED CENTERS PROVIDE BOTH STABILITY AND GROWTH

METRIC MULTI-ANCHOR COMMUNITY SHOPPING CENTERS

Scale >35 Acres and >350,000 Square Feet Credit Quality >85% of ABR from National and Regional Tenants Anchor Exposure Minimal Risk from Loss of a Single Anchor Growth Opportunities Expansion and Densification Opportunities Merchandise Mix Dynamic Draw Regional

OUR CENTERS ARE PREDOMINANTLY ANCHORED BY LEADING GROCERS AS WELL AS NECESSITY BASED AND VALUE RETAILERS

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1% – 68%

3%

28% Single Grocery Anchor Center 4 Centers Multi-Anchor without Grocery Component 22 Centers Multi-Anchor with Grocery Component 38 Centers Single Anchor Center 1 Center

Multi-anchor centers provide convenience, variety and flexibility for the consumer as well as stability for the shopping center.

Note: Percentage of center type of total annualized base rent.

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MARKET LEADING GROCERY TENANTS

% of ABR National

34%

Regional

24%

Specialty

13% TOTAL GROCERY – INCLUDING SINGLE ANCHOR 71%

• f our ABR comes from Multi-

Anchor Shopping Centers with a Grocery Component

68%

Strong grocer sales = $499 per square foot

Note: Percentage of center type of total annualized base rent.

Shadow anchor grocers shows confidence and commitment to the shopping center site.

23% 12% 11% 4% 3% 2% 6% 1% 14% 12% 8% 4%

Internet Compatible 55%

Apparel & Accessories Home & Furniture Sports & Hobbies Health & Beauty Pet Stores Other

OUR DIVERSIFIED TENANT LINE-UP IS WELL-POSITONED TO BENEFIT FROM E-COMMERCE EXPANSION

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Note: Percentage of rent from each category to total annualized base rent.

Internet Neutral 38%

Restaurant & Entertainment Service Grocery Fitness & Spa

Internet Exposure 7%

Electronics & Office Books & Cards Choosing best-in-class Brick and Mortar concepts with Omni-channel platform is essential.

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OUR TOP TENANT ROSTER REPRESENTS A STRONG LINE-UP OF BEST-IN-CLASS NATIONAL RETAILERS

OUR FOUR-POINT MANAGEMENT PHILOSOPHY POSITIONS OUR CENTERS FOR SUCCESS IN A DYNAMIC RETAIL LANDSCAPE

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GROWTH STRATEGY

INVESTOR PRESENTATION | 3Q 2016 WOODBURY LAKES, WOODBURY, MN

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WE WILL CONTINUE TO GROW NAV BY MAXIMIZING THE POTENTIAL OF OUR SHOPPING CENTER PORTFOLIO

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RPT’s 20 Largest Properties = >50% of ABR / Avg. cap rate of ~6.0%

Provide the greatest opportunity for tactical and strategic value-add redevelopment. Properties with long-term growth profiles, strong demographics and embedded value-add redevelopment

• pportunities

= 25% - 35% of ABR

Non-core, lower-growth, fully-valued properties = 10% - 15%

• f ABR

Future acquisitions will include centers that support our goal

• f creating unique

places with regional draws in top markets.

Going forward, the Company plans to selectively sell centers as part of its comprehensive growth and value creation strategy.

$122 million sold YTD – Net sales of $90 million

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A SOLID PIPELINE OF IN-PROCESS REDEVELOPMENT PROJECTS IS DELIVERING VALUE FOR OUR SHAREHOLDERS

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CENTERS UNDER REDEVELOPMENT

2016-2017

FULL-YEAR STABILIZATION

$79.4M

TOTAL COST

9% - 10%

INCREMENTAL RETURN

Over 50% of our properties have some form of value-add opportunity = at least $65-80 million annually.

Property Location Projected Stabilization Estimated Project Costs

Hunter’s Square Farmington Hills, MI 2016 $6.6 million Mission Bay Boca Raton, FL 2016 $10.3 million Town & Country Crossing Town & Country, MO 2016/2017 $5.7 million West Oaks Novi, MI 2016 $12.1 million Buttermilk Towne Center Crescent Springs, KY 2017 $3 million Deerfield Towne Center Mason, OH 2017 $7.9 million Front Range Village Fort Collins, CO 2017 $4.6 million River City Marketplace Jacksonville, FL 2017 $1.4 million Spring Meadows Toledo, OH 2016/2017 $8.1 million The Shoppes at Fox River Waukesha, WI 2017 $17.9 million The Shops on Lane Avenue Upper Arlington, OH 2017 $1.8 million

TOTAL $79.4 million

New 3Q 2016

Location:

Highly-desirable sub-market of St. Louis, Missouri. Average 5-Mile Household Income: $118,000. Average 5-Mile Population: 170,000.

Re-Anchoring and Expansion Opportunity:

Center re-anchoring and expansion to include two new high-quality national anchors.

Execution:

Adding 31,000 square foot Stein Mart on undeveloped pad site and a 20,000 square foot Home Goods in vacant/relocated in-line space. Added a new Starbucks with drive-through. Created Promenade shopping district featuring restaurants and upscale shopping.

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Tactical In-Process Redevelopment TOWN & COUNTRY (Town & Country, MO)

NET VALUE CREATED Incremental NOI[1] $2.2 Million Cap Rate Contraction[2] 2.0 Million Total $4.2 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $5.7 million. [2] Assumes a 25 BP decrease in cap rate. Opened

• Oct. 2016

Location:

Desirable Boca Raton market. Average 5-Mile Household Income: $87,000. Average 5-Mile Population: 173,000.

Re-anchoring and Expansion Opportunity:

Expansion of successful anchor and replacement of underperforming tenancy. Transitioning community center to regional dominant multi-anchor center.

Execution:

Expanding LA Fitness by 6,000 square feet to accommodate successful proto-type. Replacing under-performing Toys “R” Us with a 46,000 square foot Dick’s Sporting Goods. Creating entertainment and restaurant corridor.

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Tactical In-Process Redevelopment MISSION BAY PLAZA (Boca Raton, FL)

NET VALUE CREATED Incremental NOI[1] $1.9 Million Cap Rate Contraction[2] 4.4 Million Total $6.3 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $10.3 million. [2] Assumes a 25 BP decrease in cap rate.

Location:

Affluent, growing sub-market in Metropolitan Detroit. Average 5-Mile Household Income: $101,000. Average 5-Mile Population: 154,000.

Re-anchoring and Expansion Opportunity:

Expand shopping center, right-size and re-tenant anchor space, and relocate high-performing retailers.

Execution:

Expanding center by 15,000 square feet and down- sizing Gander Mountain to accommodate new Nordstrom Rack, only their second store in Metropolitan Detroit. Negotiated early termination of Best Buy for the addition of the first Container Store in Michigan. Relocating strong performing David’s Bridal. Generate new sales of $15 million annually. 10% increase in rental rates projected on 21,000 square feet of lease roll-over through 2019 as the result

• f new anchor tenancies.

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Tactical In-Process Redevelopment WEST OAKS (Novi, MI)

NET VALUE CREATED Incremental NOI[1] $8.4 Million Cap Rate Contraction[2] 3.3 Million Total $11.7 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $12.1 million. [2] Assumes a 25 BP decrease in cap rate.

Location:

Affluent metropolitan Detroit sub-market. Average 5-Mile Household Income: $110,000. Average 5-Mile Population: 169,000.

Re-anchoring Opportunity:

Filling vacant and replaced underperforming anchors with two best-in-class national retailers.

Execution:

Adding leading national retailers Saks OFF 5th and DSW. Generate new sales of $10 million annually. 15% increase in rental rates projected on lease roll-

• ver of 74,000 square feet through 2019 as a result
• f new anchor tenancies.

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Tactical In-Process Redevelopment HUNTER’S SQUARE (Farmington Hills, MI)

NET VALUE CREATED Incremental NOI[1] $5.7 Million Cap Rate Contraction[2] 2.9 Million Total $8.6 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $6.6 million. [2] Assumes a 25 BP decrease in cap rate.

Location:

High-growth sub-market of Milwaukee, Wisconsin. Average 5-Mile Household Income: $78,000. Average 5-Mile Population: 91,000.

Expansion Opportunity:

Multiple phased expansion adding over 250,000 square feet of new GLA.

Execution:

Phase I development of T.J. Maxx, ULTA, Rue 21 and Charming Charlie on adjacent land purchased as part

• f original acquisition.

Phase II expansion Hobby Lobby. Phase III anchored by Ross Dress for Less will add

• ver 100,000 additional square feet.

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Tactical In-Process Redevelopment THE SHOPPES AT FOX RIVER (Waukesha, WI)

NET VALUE CREATED Incremental NOI[1] $6.1 Million Cap Rate Contraction[2] 1.9 Million Total $8.0 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $17.9 million. [2] Assumes a 25 BP decrease in cap rate.

The acquisition of large, regional dominant urban-oriented shopping centers has seeded

• ur strategic redevelopment pipeline.

These well-located, larger centers present the

• pportunity for high-return redevelopment

through enhanced merchandising, densification and expansion. The centers are enhanced by placemaking commons spaces and RPT’s unique Community First initiatives.

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REGIONAL DOMINANT SHOPPING CENTERS STRATEGICALLY POSITIONED FOR FUTURE GROWTH

Future of Retail: Densification – Retail Mix – Placemaking – Community Perfectly Positioned To Execute On Strategic Development

Deerfield Towne Center Deerfield Towne Center Woodbury Lakes

IMPROVEMENTS COMMON AREA REDEVELOPMENT BEAUTIFICATION

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ENHANCING RECENTLY ACQUIRED REGIONAL DOMINANT CENTERS THROUGH STRATEGIC REDEVELOPMENT

$322M

TOTAL INVESTMENT

1.7M[1]

OWNED GLA

$17.00

AVERAGE RENT PER SQUARE FOOT

$83K

TRADE AREA INCOME

MAJOR TENANTS: MAJOR TENANTS: MAJOR TENANTS: MAJOR TENANTS:

Deerfield Towne Center – Mason, OH Cincinnati #28 MSA Bridgewater Falls - Hamilton, OH Cincinnati #28 MSA Front Range Village – Fort Collins, CO Denver #21 MSA Woodbury Lakes – Woodbury, MN Minneapolis/St. Paul #16 MSA

[1]Total GLA is 2.2 million.

Location:

Prosperous sub-market of Cincinnati, Ohio. Average 5-Mile Household Income: $111,000. Average 5-Mile Population: 143,000.

Expansion Opportunity:

Densification of site creating exciting town square area as well as lease-up of desirable lifestyle retail space. Opportunity to add retail/office/residential.

Execution:

Phase I densification of site to include 15,000 square feet of new GLA, site improvements, and upgrades to 84,000 square feet of shop area. Addition of new Crunch Fitness in 20,000 square feet.

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Strategic In-Process Redevelopment DEERFIELD TOWNE CENTER (Mason, OH)

NET VALUE CREATED Incremental NOI[1] $3.8 Million Cap Rate Contraction[2] 4.1 Million Total $7.9 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $7.9 million. [2] Assumes a 25 BP decrease to cap rate.

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FRONT RANGE VILLAGE Multi-Phase Redevelopment Plan Multi-Phase Opportunities Include:

Site densification, including new retail,

• ffice and the

potential for multi- family. Optimization of village area into a unique regional shopping destination. Significant potential rental growth. Placemaking and Community First initiatives will further enhance the center.

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WOODBURY LAKES Multi-Phase Redevelopment Plan Multi-Phase Opportunities Include:

Addition of new anchors and entertainment component. Beautification and placemaking initiatives are planned throughout the shopping center. Significant potential rental growth.

FINANCIAL MARKERS AND GUIDANCE

INVESTOR PRESENTATION | 3Q 2016 BRIDGEWATER FALLS, HAMILTON, OH

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FIVE YEARS OF PORTFOLIO ENHANCEMENT PRODUCING EVER-IMPROVING METRICS

1.4% 3.3% 3.0% 3.3% 3.9% [1] 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2011 2012 2013 2014 2015

2.3%

5 YEARS OF SAME-CENTER NOI GROWTH

New COO and CFO as well as reorganization of asset management teams focused on

• perating excellence, driving financial performance and growth in NAV positions the Company

for future success.

2016 GUIDANCE = 3.0% - 4.0%

$0.95 $1.04 $1.13 $1.26 $1.34 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 2011 2012 2013 2014 2015

5 YEARS OF INCREASING OPERATING FFO W/O LAND SALES = 8.9% CAGR 2016 GUIDANCE = $1.33 - $1.37

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SAME-CENTER NOI GROWTH

SUSTAINABLE SAME CENTER NOI GROWTH 3.0% – 4.5%

Contractual Rent Steps Rent Growth Miscellaneous

• Average annual rent steps typically

1 - 3%.

• Approximately 10-15% of the portfolio

GLA turns in a year, with rent growth

• f ~10%.
• Other items include percentage rent

and ancillary income. Redevelopment Other Income

• Assumes $20-$25 million of

completed redevelopment projects each year.

CURRENT 2016 GUIDANCE 2016 Operating FFO per diluted share, as well as certain other key measures:

GUIDANCE

Operating Funds from Operations $1.34 - $1.36 Same-Center NOI Increase with Redevelopment 3.0% - 4.0% Same-Center NOI Increase without Redevelopments 2.0% - 3.0% Dispositions $100 million - $125 million* Acquisitions Opportunistic General and Administrative Expense $22 million - $23 million Debt to EBITDA 6.2x – 6.4x

The Company's 2016 guidance excludes any unforeseen one-time items including provisions for impairment, transactions costs, gain or loss on extinguishment of debt and other items.

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* $122 million sold YTD

CAPITAL MANAGEMENT

INVESTOR PRESENTATION | 3Q 2016 HUNTER’S SQUARE, FARMINGTON HILLS, MI

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INVESTMENT GRADE PROFILE

RPT’S balance sheet is comparable to its peers with investment grade ratings.

LOW LEVERAGE FLEXIBLE STRUCTURE

Net Debt / Market Capitalization 38% Unencumbered Assets / Unsecured Debt 2.8X Net Debt + Preferred / Market Capitalization 41% Fixed-Rate Debt / Total Debt 96% Net Debt to EBITDA 6.1X Secured Debt / Total Capitalization 11%

STRONG COVERAGE AMPLE LIQUIDITY

Interest Coverage 3.8X Revolving Line Availability $340M Fixed Charge Coverage 3.1X Free Cash Flow $25 - $30M[1]

[1] Fluctuates during year.

As of September 30, 2016.

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PROACTIVE BALANCE SHEET MANAGEMENT

6.4 YEARS

[1]

AVERAGE TERM

96%

FIXED RATE DEBT

$2.0B

UNENCUMBERED POOL

<$132M

MAXIMUM DEBT EXPIRING IN ANY YEAR

$0 $50 $100 $150 $200 $250 $300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+

Millions

Mortgage Unsecured

[1] After close of Private Placement average term will be 7.0 years.

As of September 30, 2016.

Will be repaid with Private Placement proceeds scheduled to close November 30, 2016, as well as proceeds from completed asset sales.

TOTAL MARKET CAPITALIZATION

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$2.6B

TOTAL CAPITALIZATION

$1.5B

COMMON EQUITY

Total Common Equity $1,524,911 Total Net Debt $993,057

Senior Unsecured Debt $460,000 Mortgage Debt $287,454 Term Loans $210,000 Revolving Line of Credit $10,000 Junior Subordinated Note $28,125 Capital Lease $1,108 Cash ($3,630)

Convertible Perpetual Preferred Shares $26,952

Total Market Capitalization $2,644,920

As of September 30, 2016.

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KEY TAKEAWAYS

APPENDIX

INVESTOR PRESENTATION | 3Q 2016 LAKELAND PARK CENTER, LAKELAND, FL

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PROFILE OF TOP TWENTY SHOPPING CENTERS

RPT’s 20 Largest Centers = 57% of Total ABR

Market Dominant 448,000 Square Feet[1]; ABR psf of $16.91[2] Low Risk with High Growth Potential Average 9 Anchors[1] per Center and over 100,000 Square Feet of Small Shop Space Average Age of Portfolio 16 of RPT’s top 20 Properties acquired within the last five years Strong Markets Average Household Income of $89,000 Average Population of 170,000 Stable Income Stream 86% National/Regional Tenants

[1]Includes shadow anchors. Without shadow anchors, average size is 343,000 square feet and average number of anchors is 8. [2]Excludes land leases.

• 2. Deerfield Towne Center, OH

ABR: $8.1 million $19.96 PSF

Total GLA: 463,246 Major Tenants: Ashley Furniture HomeStore, Bed Bath & Beyond, buybuy Baby, Crunch Fitness, Dick’s Sporting Goods, and Whole Foods

ABR: $7.1 million $15.73 PSF

Total GLA: 709,077 (Owned 452,927) Major Tenants: Gander Mountain, Home Goods, Nordstrom Rack, Old Navy, Petco, The Container Store, Jo-Ann Fabrics, and Marshalls

JUST OPENED:

Container Store and Nordstrom Rack

• 1. River City Marketplace, FL

ABR: $9.7 million $17.44 PSF

Total GLA: 899,588 (Owned 557,087) Major Tenants: Ashley HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, PetSmart, and Ross Dress For Less

• 4. West Oaks, MI

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RPT’S 20 LARGEST MARKET DOMINANT CENTERS BY RENT

N ARE

Recently acquired.

ABR: $7.7 million $20.68 PSF

Total GLA: 792,945 (Owned 459,307) Major Tenants: Charming Charlie, Cost Plus World Market, DSW, Party City, Sprouts Farmers Market, Staples, and UTLA Beauty

• 3. Front Range Village, CO

• 7. Hunter’s Square, MI

ABR: $5.9 million $16.77 PSF

Total GLA: 353,951 Major Tenants: Bed Bath & Beyond, buybuy Baby, DSW, Marshalls, Old Navy, T.J. Maxx, and Saks Fifth Avenue OFF 5th

JUST OPENED:

Saks Fifth Avenue OFF 5th and DSW

• 5. Bridgewater Falls, OH

ABR: $5.9 million $17.91 PSF

Total GLA: 523,411 Major Tenants: Best Buy, DSW, Lowe’s, Meijer, Michaels, Office Depot, and PetSmart

• 6. Mission Bay Plaza, FL
• 8. Tel-Twelve, MI

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RPT’S 20 LARGEST MARKET DOMINANT CENTERS BY RENT

Recently acquired.

ABR: $6.6 million $17.08 PSF

Total GLA: 626,993 (Owned 503,293) Major Tenants: Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, J.C. Penney, Michaels, and PetSmart

ABR: $6.2 million $24.51 PSF

Total GLA: 259,306 Major Tenants: Dick’s Sporting Goods, The Fresh Market, Golfsmith, LA Fitness, and Office Max

OPENING SOON:

Expanded LA Fitness and Dick’s

• 10. Harvest Junction, CO
• 11. Jackson Crossing, MI
• 12. Millennium Park, MI

ABR: $4.8 million $11.84 PSF

Total GLA: 674,012 (Owned 419,770) Major Tenants: Bed Bath & Beyond, Best Buy, Jackson 10 Theater, Kohl’s, T.J. Maxx, and Toys “R” Us, MC Sports

ABR: $4.2 million $15.31 PSF

Total GLA: 625,670 (Owned 273,029) Major Tenants: Costco, Home Depot, Marshalls, Meijer, Michaels, and ULTA Beauty

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RPT’S 20 LARGEST MARKET DOMINANT CENTERS BY RENT

• 9. Woodbury Lakes, MN

Recently acquired.

RECENTLY EXPANDED:

MC Sports

ABR: $5.8 million $21.84 PSF

Total GLA: 318,853 (Owned 306,336) Major Tenants: buybuy Baby, Charming Charlie, DSW, Gap, H&M, Michaels, Victoria’s Secret, and Trader Joe’s

ABR: $5.8 million $16.07 PSF

Total GLA: 495,185 (Owned 360,185) Major Tenants: Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Dollar Tree, DSW, and Staples

• 14. Troy Marketplace, MI
• 15. The Shops on Lane Avenue, OH

OPENING SOON:

Ross Dress for Less

• 13. The Shoppes at Fox River, WI

ABR: $3.8 million $17.23 PSF

Total GLA: 238,354 (Owned 217,754) Major Tenants: Airtime, Golfsmith, LA Fitness, Nordstrom Rack, PetSmart, and REI

• 16. Heritage Place, MO

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RPT’S 20 LARGEST MARKET DOMINANT CENTERS BY RENT

Recently acquired.

ABR: $3.5 million $13.91 PSF

Total GLA: 269,105 Major Tenants: Derbergs Markets, Marshalls, Office Depot, and T.J. Maxx

ABR: $3.6 million $22.30 PSF

Total GLA: 167,617 Major Tenants: Bed Bath & Beyond, Chico’s, Pier 1 Imports, Rusty Bucket, ULTA Beauty, White House | Black Market and Whole Foods

JUST OPENED:

ULTA Beauty

ABR: $3.8 million $14.02 PSF

Total GLA: 404,524 (Owned 272,142) Major Tenants: Hobby Lobby, Pick’n Save, Ross Dress For Less, T.J. Maxx and Target

• 17. Town & Country Crossing, MO

ABR: $3.4 million $27.02 PSF

Total GLA: 282,667 (Owned 145,830) Major Tenants: Cooper’s Hawk Winery & Restaurant, Home Goods, Stein Mart, Target and Whole Foods

ABR: $3.3 million $12.40 PSF

Total GLA: 300,682 Major Tenants: Aldi, LA Fitness, Marshalls, Ross Dress For Less, and Walgreens

• 18. Mount Prospect Plaza, IL
• 20. Marketplace of Delray, FL
• 19. Winchester Center, MI

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RPT’S 20 LARGEST MARKET DOMINANT CENTERS BY RENT

OPENING SOON:

Stein Mart and Home Goods

Recently acquired.

ABR: $3.1 million $13.86 PSF

Total GLA: 241,715 Major Tenants: Beall’s Outlet, Dollar Tree, Office Depot, Ross Dress For Less, Winn-Dixie

ABR: $3.3 million $10.87 PSF

Total GLA: 320,134 Major Tenants: Bed Bath & Beyond, Dick’s Sporting Goods, Marshalls, Michaels, PetSmart and Stein Mart

JUST OPENED:

Stein Mart

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SAFE HARBOR

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

• ur 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, 2015, 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 or future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

INVESTOR PRESENTATION

3Q 2016