NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) — RPT Realty (NYSE:RPT) (the “Company” or “RPT”) announced today that Fitch Ratings, Inc. (“Fitch”) has assigned a first time rating to RPT, including a Long-Term Issuer Default Rating of ‘BBB-‘ with a stable outlook. According to Fitch’s published report, the rating and outlook reflects RPT’s experienced management team, meaningful improvements to operating performance and the balance sheet prior to the pandemic, performance through the pandemic to-date, below average exposure to local tenants, financial flexibility and conservative balance sheet management.
“We are pleased that we were able to obtain RPT’s inaugural investment grade credit rating, particularly during these unprecedented times,” said Brian Harper, President and CEO. “We believe the investment grade rating validates our track record of delivering strong operational results and the quality of our long-term cash flows, as well as, demonstrating our commitment to a best-in-class balance sheet.”
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RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company’s shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company’s retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the Company, par value $0.01 per share are listed and traded on the NYSE under the ticker symbol “RPT”. As of September 30, 2020, our property portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing 11.9 million square feet of gross leasable area. As of September 30, 2020, the Company’s pro-rata share of the aggregate portfolio was 93.3% leased. For additional information about the Company please visit rptrealty.com.
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