RPT Realty Completes $123.0 Million of Dispositions in 2018
RPT Realty (RPT)
Last rpt realty earnings: 2/19 04:15 pm
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US:NYSE Investor Relations:
investors.rgpt.com
Company Research
Source: GlobeNewswire
NEW YORK, Jan. 03, 2019 (GLOBE NEWSWIRE) -- RPT Realty (“RPT” or the “Company”) (NYSE: RPT) today announced that it completed six dispositions with an aggregate sale price of $123.0 million in 2018, with all the closings occurring in the fourth quarter. All of the disposed properties were located in tertiary markets outside the top-90 national MSAs (“Metropolitan Statistical Area”) and these completed sales are expected to improve RPT’s NOI growth metrics, occupancy, demographic profile, and annualized base rent (“ABR”) per square foot. The Company used the proceeds from the dispositions primarily to reduce leverage and ended the year with no amounts outstanding on its revolving credit facility. The dispositions were completed within RPT’s targeted weighted average cap rate range of 8-9% for its open-air shopping centers (excluding the sale of Jackson Crossing, previously the Company’s only enclosed regional mall). RPT now expects to complete its $150 - $200 million disposition prog
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