INVESTOR UPDATE UNLESS OTHERWISE INDICATED, ALL RPT FINANCIAL - - PowerPoint PPT Presentation

UNLESS OTHERWISE INDICATED, ALL RPT FINANCIAL INFORMATION IS PRESENTED ON A CONSOLIDATED BASIS AND IS AS OF OR FOR THE QUARTER ENDED DECEMBER 31, 2019. ALL DEMOGRAPHIC DATA IS SOURCED FROM ESRI, UNLESS OTHERWISE NOTED. FOOTNOTES AND DEFINITIONS ARE INCLUDED AT THE END OF THE UPDATE. RECONCILIATIONS OF NON-GAAP METRICS CAN BE FOUND ON THE COMPANY’S WEBSITE AT INVESTORS.RPTREALTY.COM OR BY FOLLOWING THIS LINK: 4Q 2019 INVESTOR PRESENTATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

INVESTOR UPDATE

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E

• f the Securities Exchange Act of 1934, as amended (“Exchange Act”). 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, including, among others: economic, business and financial conditions, and changes in the Company’s industry and changes in the real estate markets in particular, economic and other developments in markets where the Company has a high concentration of properties, the Company’s business strategy, the Company’s projected operating results, bankruptcy or insolvency of a key tenant

• r a significant number of smaller tenants, adverse impact of e-commerce developments and shifting consumer retail behavior on tenants, interest

rates or operating costs, the potential discontinuation of LIBOR, the Company’s leverage, the Company’s ability to generate sufficient cash flows to service outstanding indebtedness and make distributions to shareholders, general volatility of the capital and credit markets and the market price of the Company’s common shares, risks generally associated with real estate acquisitions and dispositions, including the Company’s ability to identify and pursue acquisition and disposition opportunities, risks generally associated with redevelopment, including the impact of construction delays and cost overruns and the Company’s ability to lease redeveloped space and identify and pursue redevelopment opportunities, risks generally associated with joint ventures, the Company’s ability to enter into new leases or renew leases on favorable terms, the Company’s ability to create long-term shareholder value, the Company’s ability to continue to qualify as a REIT, regulatory changes and other risk factors, including those detailed in the sections of the Company’s most recent Forms 10-K and 10-Q filed with the SEC titled “Risk Factors.” 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.

R2G joint venture accelerates portfolio transformation

✓ Closed joint venture (“R2G”) with GIC in 4Q19 and received $118.3 million in gross proceeds providing ample liquidity to fund future acquisitions ✓ Received future commitments of up to $200 million for GIC’s 48.5% share of potential acquisitions ✓ Cultivated an acquisition pipeline of almost $500 million in high-growth target markets for both the wholly-owned and our joint venture portfolio

Fourth quarter closes out a strong year

✓ Same property NOI growth of 3.9% in 4Q19 ✓ Sector-leading same property NOI growth of 4.1% for full year 2019 ✓ Blended releasing spreads on comparable leases were 12.3% with an ABR PSF of $20.96 in 4Q19 ✓ Increased small shop occupancy to 87.4%, up 270 basis points year over year and 170 basis points sequentially

Balance sheet primed for offense and defense

✓ Closed on $710 million of refinancing activity in 4Q19 ✓ Ended 2019 with $464 million of liquidity including $115 million of cash(1) and unused revolving line of credit ✓ Extended average debt maturity by over one year to 5.7 years and reduced debt maturities through 2022 to 10% of our total debt ✓ Entered into swap contracts in February 2020 that fixed the LIBOR component on $100 million of notional value at a weighted average fixed interest rate

• f 1.28%, reducing our floating rate exposure to zero percent

Enhanced corporate governance to deliver sustained performance

✓ Since September 2018, RPT has elected three new Trustees who diversify and complement the experience and backgrounds of the existing Board ✓ One of only a few REITs with equal or greater representation of women and men on the independent board ✓ Reduced average Trustee tenure to just over 6 years from over 18 years since Fall 2018 ✓ Investing resources and capital into several ESG initiatives and adopting GRESB standards to measure our performance

COMPANY SNAPSHOT

RPT owns and operates high-quality,

• pen-air shopping centers principally

located in the top U.S. metro areas

COMPANY SNAPSHOT

NYSE TICKER TOTAL ENTERPRISE VALUE # OF PROPERTIES(1) TOTAL SQUARE FEET DIVIDEND YIELD(2) OPEN-AIR SHOPPING CENTERS(3) ABR IN TOP 40 MSAs GROCERY/GROCER COMPONENT(4)

PRO-RATA LEASED RATE PRO-RATA OCCUPANCY PRO-RATA BLENDED RENT SPREADS PRO-RATA SMALL SHOP OCCUPANCY PRO-RATA ABR PSF PRO-RATA ABR IN TOP 40 MSAs PRO-RATA 3-MILE HOUSEHOLD INCOME PRO-RATA 3-MILE POPULATION PRO-RATA NET DEBT TO PRO-RATA ANNUALIZED PROFORMA ADJUSTED EBITDA TOTAL LIQUIDITY SAME PROPERTY NOI GROWTH SAME PROPERTY BASE RENT GROWTH SAME PROPERTY OPERATING EXPENSE RECOVERY RATIO OPERATING FFO/SHARE

6

DEBT MATURING THROUGH 2022 (including principal amortization)

COMPANY SNAPSHOT

(1) (1) (2)

FLOATING RATE DEBT EXPOSURE

(3)

Guidance Assumption 2020 Guidance Same Property NOI Growth 2.5%-3.5% G&A Expense $24.5-$26.5 Acquisitions $100.0-$150.0 Dispositions $36.0 Operating FFO Per Share $1.07-$1.11

Represents guidance previously provided in our earnings release or earnings call. We have not updated or affirmed that guidance or any of the supporting assumptions and are not doing so by restating them herein $ in millions except per share

COMPANY SNAPSHOT

WHY INVEST IN RPT?

Since June 2018, the new management team has quickly repositioned the

• rganization and portfolio to achieve consistent and sustainable growth

Improved portfolio quality through $200 million of non-core dispositions

WHY INVEST IN RPT?

Optimized organizational structure Strengthened balance sheet and liquidity Enhanced focus on ESG initiatives Diversified board composition Partnered with a leading sovereign wealth fund

10 10

Outperformance

• f 17.8% since

6/15/18

33.3% 15.5% 19.8%

• 20.0%
• 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% 6/15/18 9/15/18 12/15/18 3/15/19 6/15/19 9/15/19 12/15/19 Indexed to 6/15/18 RPT SNL U.S. REIT Retail Shopping Ctr S&P 500

WHY INVEST IN RPT?

2.6% 1.4% 1.0% 0.9% 0.8% 0.7% 0.4% 0.2%

• 1.1%
• 1.6%
• 2.0%
• 1.5%
• 1.0%
• 0.5%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% RPT RPAI KRG BRX SITC KIM WRI ROIC FRT REG Total Occupancy chnage y/y 4.1% 3.6% 3.6% 3.4% 3.0% 2.9% 2.7% 2.2% 2.0% 2.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% RPT SITC ROIC BRX KIM FRT RPAI KRG WRI REG 2019 Same property NOI growth(1) 14.6% 10.9% 10.7% 9.2% 8.5% 8.1% 8.0% 7.9% 7.5% 6.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% ROIC BRX RPT KRG REG RPAI FRT KIM WRI SITC 2019 Rent Spread - Total Comparable 3.25% 3.00% 2.50% 2.50% 2.00% 1.75% 1.50% 1.00% 0.75% 0.00% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% BRX RPT SITC ROIC WRI KIM KRG FRT RPAI REG 2020 Same property NOI growth guidance – midpoint(2)

Top quartile same property NOI growth outlook # 1 in same property NOI growth in 2019 Top quartile blended re-leasing spreads in 2019 # 1 in improvement in occupancy

RETURNING TO GROWTH

ROIC is y/y change in leased rate as they did not provide an occupancy rate in 4Q18

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/6/15 6/6/15 9/6/15 12/6/15 3/6/16 6/6/16 9/6/16 12/6/16 3/6/17 6/6/17 9/6/17 12/6/17 3/6/18 6/6/18 9/6/18 12/6/18 3/6/19 6/6/19 9/6/19 12/6/19 NTM P/FFO New RPT RPT Peer AVG Top Quartile Peer AVG

WHY INVEST IN RPT?

RPT’s peer relative price-to-consensus FFO multiple has improved materially, but remains below the peer average, which we think offers investors significant upside as we execute on our growth initiatives

Source: S&P Market Intelligence, Capital IQ, estimate data reflects consensus averages

2/21/20

(1) (2)

NTM PRICE TO CONSENSUS FFO

WHY INVEST IN RPT?

(1) (2) (3)

L E V E R A G I N G O U R U N I Q U E P O S I T I O N I N V E S T I N G I N V I S I B L E A N D S U S T A I N A B L E G R O W T H I M P R O V I N G C A S H F L O W Q U A L I T Y P A R T N E R I N G W I T H G I C M A I N T A I N I N G B A L A N C E S H E E T F L E X I B I L I T Y VALUE CREATION PLAN

Being small and nimble within a rapidly changing consumer landscape is a key competitive advantage Investing in

• ur

assets to generate above-trend growth over the next few years and drive consistent and sustainable growth in the long run A thoughtful approach to leasing and asset management should result in higher quality cash flows and a higher valuation Strategic partnership with GIC, Singapore’s sovereign wealth fund, accelerates the Company’s portfolio repositioning plans A flexible and conservative balance sheet supports our growth initiatives while limiting capital market risk

E N H A N C I N G S U S T A I N A B I L I T Y

Investing in environmental, social, and governance initiatives to improve the sustainability of our business

Being small and nimble within a rapidly changing consumer landscape is a key competitive advantage

LEVERAGING OUR UNIQUE POSITION

• It’s good to be small
• Differentiating from our peers
• Generational opportunity to hit

the reset button

$10.5 $9.7 $8.9 $6.4 $4.0 $2.9 $2.7 $2.0 $1.6 $1.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 REG FRT KIM BRX WRI RPAI SITC ROIC KRG RPT Equity Market Capitalization (Billions) 419 409 403 170 170 104 104 91 88 49 50 100 150 200 250 300 350 400 450 REG KIM BRX SITC WRI FRT RPAI KRG ROIC RPT Number of operating assets

LEVERAGING OUR UNIQUE POSITION

In today’s rapidly evolving retail landscape, we can pivot and adapt to the changing environment more nimbly than

• ur peers given our relatively smaller portfolio size

Data as of 12/31/19

Number of operating assets Equity Market Capitalization (Billions)

16 16

17 17

Tenant Categories by % of ABR Tenant Categories by % of ABR

18% 15% 12% 9% 6% 3% 0%

6.0% 5.4% 5.5% 6.7% 15.9% 17.6% Electronics & Office Fitness & Spa Restaurants & Entertainment 3.2% 2.8% Pet Stores 12.2% 13.4% Service

16% 12% 8% 4% 0%

8.6% 7.4% 12.6% 12.1% 13.1% 12.9% Sports & Hobbies Apparel & Accessories Home & Furniture

2Q18 4Q19 2Q18 4Q19

In 2019, we increased fitness, service and restaurant exposure while decreasing big box and apparel

LEVERAGING OUR UNIQUE POSITION

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 Occupancy trends 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 Same property NOI growth y/y

18 18

91.8% 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 Same property operating expense recovery ratio

…drive same property NOI growth …strong rent growth…

18 18

…and a rising recovery ratio Occupancy gains…

LEVERAGING OUR UNIQUE POSITION

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 Blended releasing spread TTM

LEVERAGING OUR UNIQUE POSITION

RPT offers investors a differentiated market and product type exposure where we can generate higher risk-adjusted

• returns. Target markets are high-growth, high-quality markets where we can operate at scale.

RPT Ownership (1) Peer Average Ownership (1) Miami Tampa Nashville Columbus Austin

Expanding Targeting

Charlotte Richmond Raleigh Minneapolis Boston Phoenix Orlando

LEVERAGING OUR UNIQUE POSITION

21 years of retail experience in both open-air & mall sectors Former CEO of Rouse Properties PRESIDENT & CEO 20 years in real estate finance & accounting Former SVP of Finance at RPAI EVP & CFO 22 years in leasing & merchandising Former SVP of Leasing at Acadia Realty Trust EVP LEASING 37 years in accounting & finance Former CFO of DynaVox Inc. SVP & CAO 22 years of construction & development experience Former VP of Development & Tenant Coordination at Westfield SVP DEVELOPMENT 13 years in asset management Former VP of Frank’s Crafts, Inc. SVP ASSET MANAGEMENT 14 years as a real estate attorney Former SVP of Legal at Brookfield Properties Retail (Rouse Properties) SVP LEGAL COUNSEL & SECRETARY 13 years in real estate Former VP of Investments at RPAI SVP INVESTMENTS

We’re investing in our assets to generate above-trend growth over the next few years and drive consistent and sustainable growth in the long run

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

• Accelerated leasing activity for 2020
• Small shop and targeted

remerchandising initiatives

• Redevelopment pipeline

$ $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Prior period rent run rate Incremental rent commencement

New leases that commenced in 2019 will generate $10.9 million of annualized base rent which contributed roughly $5.3 million of base rent in 2019, leaving an additional $5.6 million that is scheduled to be fully realized in 2020, setting us up for another year of solid same property NOI growth.

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

$5.3M $10.9M

Data shown at pro-rata share

We are remerchandising 20 vacant boxes to achieve our small shop goals and to create a better customer experience with a total investment between $35M and $40M.

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

Small shop tenants generate higher ABR/sf, pay higher recovery rent, embed higher contractual rent increases, help curate a better shopping experience and are where we are currently seeing the highest demand.

Targeted Total Cost Targeted Return

• n Investment

Total Cost Return on Investment

Big box tenants with oversized footprints… …are replaced with smaller, in-demand tenants such as What we are doing Why we are doing it

(1)

90.3% 92.0% 88.5% 89.0% 89.5% 90.0% 90.5% 91.0% 91.5% 92.0% 92.5% 93.0% Same property operating expense recovery ratio

Represents $1.0M in same property NOI or 0.7% of 2019 same property NOI (1)

Driving a higher small shop ABR mix… …by increasing our small shop occupancy…

91.0% 1.9%

87.4% 91-92% 84.0% 85.0% 86.0% 87.0% 88.0% 89.0% 90.0% 91.0% 92.0% 93.0% Small shop occupancy

Represents $3.4M in ABR or 2.3% of 2019 same property NOI (1)

Today Target 1.4% 1.7% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Average contractual rent increases Today Target Today

Represents $420K

• r a 30 basis point

annual increase in same property NOI (1)

...which increases our average contractual rent escalators... ...and produces higher recovery income

43% Today 57% Today 50% Target 50% Target 42.6% 50.0% 30.0% 35.0% 40.0% 45.0% 50.0% Small shop ABR mix Target Today

Same property expense ratio today reflects 2019

Target

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

Property Name Location Project Description Marketplace of Delray Delray Beach, FL Extensive repositioning

• f the underutilized

portion of the center with potential unowned non- retail components Mission Bay Plaza(1) Boca Raton, FL South side redevelopment Rivertowne Square Deerfield Beach, FL Redevelopment and densification with potential mixed-use components The Shops on Lane Avenue Upper Arlington, OH Extensive redevelopment and repositioning including potential mixed-use portions Webster Place Chicago, IL Redevelopment, densification and rebranding with mixed-use components

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

Decentralized Development Team Redevelopment Pipeline

INVESTING IN VISIBLE AND SUSTAINABLE GROWTH

Location: Desirable South Florida growing market Current Retail Plan: Replace existing, key national retailer with modernized tenants offering today’s lifestyle necessities: food and fitness Additional Upside Potential: Potential build out of additional mixed-use on under-utilized parking and retail zone at the side of the center Location: Prime location between Boca Raton and Pompano Beach along main South Florida thoroughfare, US-1 Current Retail Plan: 70,000 square feet of new retail space with modernized urban grocer Additional Upside Potential: Ground lease and/or property sale for non-retail portions of the project, residential and hotel

(1)

A thoughtful approach to leasing and asset management should result in higher quality cash flows and a higher valuation

IMPROVING CASH FLOW QUALITY

• Curate an optimal merchandise mix
• Improve tenant credit
• Reshape through capital recycling

IMPROVING CASH FLOW QUALITY

Demand at

• ur

centers is driven by a mix

• f local

specialties and in-demand national favorites that provide beauty, fitness, and culinary experiences that e-commerce can’t satisfy. Our now de-centralized leasing team operates

• ut
• f

six regional

• ffices,

enabling them to better understand local market demand.

Increasing our exposure to better performing merchandising categories, including restaurants, entertainment, service and discount apparel and accessories not only reduces risk, but creates a better consumer experience worthy of multiple visits every week.

IMPROVING CASH FLOW QUALITY

Percentages may not total to 100% due to rounding

IMPROVING CASH FLOW QUALITY

Top Tenant Snapshot ranked by ABR Exposure

Data shown at pro-rata share

Market Criteria

• Strong demographic profile
• Tech/life science/university adjacencies
• 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

IMPROVING CASH FLOW QUALITY

Expand in existing markets Not looking to expand Expand in new markets

Strategic partnership with GIC, Singapore’s sovereign wealth fund, accelerates our portfolio repositioning plans

STRATEGIC PARNTERSHIP WITH GIC

• Transaction summary
• Significant capital to accelerate entry into

high-growth target and existing markets

Property Location Owned GLA Coral Creek Shops Coconut Creek, FL 109,312 Mission Bay Plaza Boca Raton, FL 262,759 The Crossroads Royal Palm Beach, FL 121,509 Town & Country Crossing Town & Country, MO 186,557 The Shops at Old Orchard West Bloomfield, MI 96,768 Total 776,905

STRATEGIC PARTNERSHIP WITH GIC

Contributed Properties

• RPT contributed five properties valued at $244.0 million

to the RPT-GIC Venture (“R2G”)

• RPT received $118.3 million in gross proceeds
• R2G ownership is split 51.5%/48.5% between RPT/GIC

Validation of the RPT operating platform, open-air shopping center space and improvements made to RPT’s portfolio as evidenced by RPT’s 4.1% same property NOI growth year to date Access to the intellectual capital of one of the world’s most successful real estate investors Current capital to opportunistically acquire in target markets Future capital commitments for additional mutually-agreed upon acquisitions Fees to enhance earnings and effectively reduce cost of capital

Transaction Overview Transaction Highlights

Property data is as of 9/30/19

STRATEGIC PARTNERSHIP WITH GIC

• R2G will have combined commitments of up

to $412.4 million to fund future mutually agreed upon acquisitions, split 51.5%/48.5% between RPT and GIC

• Up to three years to deploy the additional

capital into future mutually-agreed upon acquisitions

• f

grocery-anchored shopping centers in target markets in the U.S.

Grocery Anchored Leverage Neutral Accretive Sustainable Growth

Acquisition Goals

Coral Creek Shops The Crossroads The Shops at Old Orchard Mission Bay Plaza Town & Country Crossing

Contributed Properties

A flexible and conservative balance sheet supports our growth initiatives while limiting capital market risk

MAINTAINING BALANCE SHEET FLEXIBILITY

• Balance sheet strategy
• Plenty of dry powder to play offense

and defend against downturns

• Diversified capital stack to

maximize flexibility

• New credit facility enhances capital

structure

Maintain low leverage through growth in EBITDA, leverage neutral or accretive acquisitions, and opportunistic equity issuance Retain access to multiple sources of capital and maintain strong relationships with all capital providers Retain well-staggered debt maturities and minimize use of floating rate debt while taking advantage of opportunities to lower portfolio average interest rates Obtain an investment grade rating from Fitch, Moody’s or S&P over the long-term Maintain ample liquidity to comfortably fund business through line borrowing capacity

Maintain a strong and flexible balance sheet characterized by low leverage, high liquidity and staggered maturities to support the business in any environment MAINTAINING BALANCE SHEET FLEXIBILITY

37 37

$0 $37 $53 $130 $125 $182 $131 $130 $75 $70 $0 0% 5% 10% 15% 20% 25% $0 $50 $100 $150 $200 $250 Secured Unsecured Bank Unsecured PP Consolidated debt (millions) Percent of total debt

$50M of 2025 debt is fully pre-payable without penalty

MAINTAINING BALANCE SHEET FLEXIBILITY

Total potential liquidity (millions)

$464

$115 Cash

(1)

$350

Revolver Capital

Minimal near-term debt coming due May not add up to total due to rounding

38 38

Mortgage; $88 ; 4% Term Loan; $310 ; 14% Private Placement; $535 ; 23% Equity; $1,245 ; 54% Convertible Preferred; $111 ; 5%

Equity and Debt Capital Structure Debt Capital Structure

Mortgage; $88 ; 9% Term Loan; $310 ; 33% Private Placement $535 57%

Debt is 91% unsecured(1)

$ amounts in millions ; percentage of total Excludes unamortized premium and deferred financing costs Percentages may not total to 100% due to rounding

MAINTAINING BALANCE SHEET FLEXIBILITY

; ;

MAINTAINING BALANCE SHEET FLEXIBILITY 3Q19 4Q19

% Floating Rate Debt 0% 0%(1) % Fixed Rate Debt 100% 100%(1) % Secured Debt 12% 9% % Unsecured Debt 88% 91% Average Debt Duration 4.6 years 5.7 years Weighted Average Interest Rate 4.08% 3.85%(1)

Improve our sustainability by investing in environmental, social, and governance initiatives

ENHANCING SUSTAINABILITY

• Advance ESG by adopting best

practices

• Refreshed board adds diversity

and a fresh perspective

Recent Highlights Established ESG Team Established long-term environmental goals Adopting GRESB structure to measure our ESG performance Started Smart Center pilot program at two centers in Fall 2019 LED lighting rollout planned for 2020 ENHANCING SUSTAINABILITY

Recent Highlights Implemented quarterly employee goal setting Implemented work-life balance initiatives Established charitable program, “Act Locally, Give Globally” Sponsored numerous charitable events such as Autism Speaks Palm Beach Walk, Race for the Cure, Columbus Health City Capital Half Marathon RPT Risers group to provide focused development opportunities Continuously improving our award-winning Wellness Program Achieved highest employee satisfaction score in company history based on 2019 engagement survey ENHANCING SUSTAINABILITY

Before ANDREA M. WEISS

Retail

RICHARD L. FEDERICO

Hospitality / Restaurant

JOANNA T. LAU

Technology / Finance

New retail, technology, and hospitality expertise on

• ur Board…

LAURIE M. SHAHON

Finance

Prior to 06/15/18

Now Before Now DAVID J. NETTINA

Finance / Real Estate

ARTHUR H. GOLDBERG

Finance

…compliments our existing skillset

ENHANCING SUSTAINABILITY One of only a few REITs with equal or greater representation of women and men

• n the independent board

FOO TNO TES & OTHER DEFINITIONS

SLIDE 3

(1) Includes $115 million of cash and cash equivalents, and restricted cash and escrows

SLIDE 5

(1) As of December 31, 2019, the Company's portfolio consisted of 49 shopping centers (including five shopping centers owned thro ugh a joint venture) (2) Dividend Yield reflects the annualized quarterly common dividend per share of $0.88 dividend by our stock price on 12/31/19 (3) By annualized base rent (4) Percentage of properties by pro-rata annualized base rent that have a grocery anchor including shadow grocery anchors

SLIDE 6

(1) Average weighted by pro-rata annualized base rent (2) Includes $115 million of cash and cash equivalents, and restricted cash and escrows and full use of the $350 million line of credit (3) Pro-forma for $100 million of floating fixed rate swaps put in place on February 3, 2020 at an average fixed rate of 1.28%

SLIDE 12

(1) Peer Average includes ROIC, BRX, WRI, KIM, RPAI, FRT, REG and KRG. Data through 2/21/20 (2) Top Quartile Peer Average includes ROIC, REG, and FRT

SLIDE 11

(1) Growth excludes the impact of redevelopment except for BRX and ROIC (2) Growth excludes the impact of redevelopment except for BRX, WRI, and ROIC

SLIDE 13

(1) Dividend Yield reflects the annualized quarterly common dividend per share of $0.88 dividend by our stock price on 12/31/19 (2) Reflects the growth in 2019 actual Operating FFO per diluted share to 2020 consensus Operating FFO per diluted share sourced from S&P CapIQ (3) Multiple expansion reflects the percent difference between the top quartile average price to FFO multiple (17.1x) of FRT, REG, and ROIC and the price to FFO multiple of RPT based on the stock prices on 12/31/19 divided by the respective next twelve-month consensus FFO estimates per S&P CapIQ

SLIDE 19

(1) Market ownership by percentage of GLA is based on data from Green Street Advisors as of 2/26/20 for peer averages. Peer average ownership includes ROIC, BRX, WRI, SITC, KIM, RPAI, FRT, and REG. Data for RPT was sourced from company filings as of 12/31/19 and is shown at pro-rata share.

SLIDE 23

(1) Per company calculations.

FOOTNOTES & OTHER DEFINITIONS

SLIDE 24

(1) Based on company estimates

SLIDE 25

(1) Mission Bay Plaza is owned at 51.5% share

SLIDE 26

(1) Based on company estimates

SLIDE 37

(1) Includes $115 million of cash and cash equivalents, and restricted cash and escrows

SLIDE 38

(1) Excludes unamortized premium and deferred financing costs

SLIDE 39

(1) Pro-forma for $100 million of floating fixed rate swaps put in place on February 3, 2020 at an average fixed rate of 1.28%

FOOTNOTES & OTHER DEFINITIONS

Funds From Operations (FFO)

As defined by the National Association of Real Estate Investment Trusts (NAREIT), Funds From Operations (FFO) represents net income computed in accordance with generally accepted accounting principles, excluding gains (or losses) from sales of depreciable property and impairment provisions on depreciable real estate or on investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, plus depreciation and amortization of depreciable real estate, (excluding amortization of financing costs). Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. We have adopted the NAREIT definition in our computation of FFO.

Operating FFO

In addition to FFO, we include Operating FFO as an additional measure of our financial and operating performance. Operating FFO excludes acquisition costs and periodic items such as gains (or losses) from sales of land and impairment provisions on land, bargain purchase gains, severance expense, executive management reorganization costs, net, accelerated amortization of debt premiums, gains or losses on extinguishment of debt, insured expenses, net and R2G Venture LLC related costs that are not adjusted under the current NAREIT definition of FFO. We provide a reconciliation of FFO to Operating FFO. In future periods, Operating FFO may also include other adjustments, which will be detailed in the reconciliation for such measure, that we believe will enhance comparability of Operating FFO from period to period. FFO and Operating FFO should not be considered alternatives to GAAP net income available to common shareholders or as alternatives to cash flow as measures of liquidity. While we consider FFO available to common shareholders and Operating FFO available to common shareholders useful measures for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs, our computations of FFO and Operating FFO may differ from the computations utilized by other real estate companies, and therefore, may not be comparable. We recognize the limitations of FFO and Operating FFO when compared to GAAP net income available to common shareholders. FFO and Operating FFO available to common shareholders do not represent amounts available for needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. In addition, FFO and Operating FFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the payment of dividends.

FOOTNOTES & OTHER DEFINITIONS

Net Operating Income (NOI) / Same Property NOI / NOI from Other Investments

NOI consists of (i) rental income and other property income, before straight-line rental income, amortization of lease inducements, amortization of acquired above and below market lease intangibles and lease termination fees less (ii) real estate taxes and all recoverable and non-recoverable

• perating expenses other than straight-line ground rent expense, in each case, including our share of these items from our R2G Venture LLC

unconsolidated joint venture. NOI, Same Property NOI and NOI from Other Investments are supplemental non-GAAP financial measures of real estate companies' operating

• performance. Same Property NOI is considered by management to be a relevant performance measure of our operations because it includes only

the NOI of comparable operating properties for the reporting period. Same Property NOI for the three and twelve months ended December 31, 2019 and 2018 represents NOI from the Company's same property portfolio consisting of 41 consolidated operating properties acquired or placed in service and stabilized prior to January 1, 2018 and five previously consolidated properties contributed to the newly formed joint venture, R2G Venture LLC, in December 2019. Same property NOI from these five properties includes 51.5% of their NOI as a consolidated property for the period January 1, 2018 through December 9, 2019 and 51.5% of their NOI as an unconsolidated property accounted for under the equity method for the period December 10, 2019 through December 31, 2019. Same Property NOI excludes properties under redevelopment or where activities have started in preparation for redevelopment. A property is designated as a redevelopment when planned improvements significantly impact the property. NOI from Other Investments for the three and twelve months ended December 31, 2019 and 2018 represents NOI primarily from (i) properties disposed of and acquired during 2018 and 2019, (ii) 48.5% of the NOI prior to December 10, 2019 from the five previously consolidated properties contributed to the R2G Venture LLC unconsolidated joint venture, (iii) Webster Place and Rivertowne Square where the Company has begun activities in anticipation of future redevelopment, (iv) certain property related employee compensation, benefits, and travel expense and (v) non-comparable operating income and expense adjustments. NOI, Same Property NOI and NOI from Other Investments should not be considered as alternatives to net income in accordance with GAAP or as measures of liquidity. Our method of calculating these measures may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FOOTNOTES & OTHER DEFINITIONS

EBITDAre/Adjusted EBITDA/Proforma Adjusted EBITDA

NAREIT defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense (benefit), depreciation and amortization and impairment of depreciable real estate and in substance real estate equity investments; plus or minus gains or losses from sales of

• perating real estate assets and interests in real estate equity investments; and adjustments to reflect our share of unconsolidated real estate joint ventures

and partnerships for these items. The Company calculates EBITDAre in a manner consistent with the NAREIT definition. The Company also presents Adjusted EBITDA which is EBITDAre net of other items that we believe enhance comparability of Adjusted EBITDA across periods and are listed as adjustments in the applicable reconciliation. EBITDAre and Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.

Pro-Rata

We present certain financial information on a “pro-rata” basis or including “pro-rata” adjustments. Unless otherwise specified, pro-rata financial information includes our proportionate economic ownership of each of our unconsolidated joint ventures derived on an entity-by-entity basis by applying the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each

• f our unconsolidated joint ventures. See page 30 of our quarterly financial and operating supplement for a discussion of important considerations and

limitations that you should be aware of when review financial information that we present on a pro-rata basis or including pro-rata adjustment.

Occupancy

Occupancy is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of such property economically occupied by tenants under leases with an initial term of greater than one year, to (b) the aggregate number of square feet for such property.

Leased Rate

Lease Rate is defined, for a property or group of properties, as the ratio, expressed as a percentage, of (a) the number of square feet of such property under leases with an initial term of greater than one year, including signed leases not yet commenced, to (b) the aggregate number of square feet for such property.

Metropolitan Statistical Area (MSA)

Metropolitan Statistical Area (MSA) information is sourced from the United States Census Bureau and rank is determined based on the most recently available population estimates.

FOOTNOTES & OTHER DEFINITIONS