Q1 2021 INVESTOR UPDATE - www.rpai.com | NYSE: RPAI
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Q1 2021 INVESTOR UPDATE www.rpai.com | NYSE: RPAI
Forward Looking Statements
This presentation contains “forward-looking statements” within the meaning of the safe harbor from civil liability general volatility of the capital and credit markets and the market price of our Class A common stock;
provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of risks generally associated with real estate acquisitions and dispositions, including our ability to identify and
the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of pursue acquisition and disposition opportunities;
1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties, risks generally associated with redevelopment, including the impact of construction delays and cost overruns
and you should not rely on them as predictions of future events. Forward-looking statements depend on and related impact on our estimated investments in such redevelopment, our ability to lease redeveloped
assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We space, our ability to identify and pursue redevelopment opportunities and the risk that it takes longer than
do not guarantee that the transactions and events described will happen as described (or that they will happen expected for development assets to stabilize or that we do not achieve our estimated returns on such
at all). You can identify forward-looking statements by the use of forward-looking terminology such as investments;
“believes,” “expects,” “may,” “should,” “intends,” “plans,” “estimates” or “anticipates” and variations of such words composition of members of our senior management team;
or similar expressions or the negative of such words. You can also identify forward-looking statements by
our ability to attract and retain qualified personnel;
discussions of strategies, vision, plans or intentions. Risks, uncertainties and changes in the following factors,
our ability to continue to qualify as a real estate investment trust;
among others, could cause actual results and future events to differ materially from those set forth or
contemplated in the forward-looking statements: governmental regulations, tax laws and rates and similar matters;
economic, business and financial conditions, and changes in our industry and changes in the real estate our compliance with laws, rules and regulations;
markets in particular; environmental uncertainties and exposure to natural disasters;
economic and other developments in markets where we have a high concentration of properties; pandemics or other public health crises, such as the novel coronavirus (COVID-19) pandemic, and the
our business strategy; related impact on (i) our ability to manage our properties, finance our operations and perform necessary
administrative and reporting functions and (ii) our tenants’ ability to operate their businesses, generate sales
our projected operating results;
and meet their financial obligations, including the obligation to pay rent and other charges as specified in
rental rates and/or vacancy rates;
their leases;
frequency and magnitude of defaults on, early terminations of or non-renewal of leases by tenants;
insurance coverage;
bankruptcy, insolvency or general downturn in the business of a major tenant or a significant number of
the likelihood or actual occurrence of terrorist attacks in the U.S.; and
smaller tenants;
other risk factors, including those detailed in the section titled “Risk Factors” of our most recent Form 10-K
adverse impact of e-commerce developments and shifting consumer retail behavior on our tenants;
and 10-Q filed with the SEC.
interest rates or operating costs;
the discontinuation of the London Interbank Offered Rate;
The extent to which COVID-19 ultimately impacts us and our tenants will depend, in part, on future
real estate and zoning laws and changes in real property tax rates; developments, which are highly uncertain and cannot be predicted with confidence, including the scope,
real estate valuations; severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact,
our leverage; including the adoption of available COVID-19 vaccines, and the direct and indirect economic effects of the
our ability to generate sufficient cash flows to service our outstanding indebtedness and make distributions pandemic and containment measures, among others. You should not place undue reliance on any forward-
to our shareholders; looking statements, which are based only on information currently available to us or to third parties making the
changes in the dividend policy for our Class A common stock; forward-looking statements. We undertake no obligation to publicly release any revisions to such forward-
our ability to obtain necessary outside financing; looking statements to reflect events or circumstances after the date of this presentation, except as required by
the availability, terms and deployment of capital; applicable law.
All information is presented on a consolidated basis as of March 31, 2021, unless otherwise noted.
All current peer metric information is sourced from company filings as of March 31, 2021, unless otherwise
noted.
www.rpai.com | NYSE: RPAI 2
Q1 2021 INVESTOR UPDATE SUMMARY ROBUST PLATFORM BUSINESS UPDATE CAPITAL STRENGTH PROVEN EXECUTION
(pages 4 – 17) (pages 18 – 29) (pages 30 – 34) (pages 35 – 38)
WELL-POSITIONED BROADENING FUNDAMENTAL ABUNDANT LIQUIDITY AND EXPERIENCE AND
SUBURBAN ASSETS STRENGTH LOW LEVERAGE MOMENTUM
67% of ABR tied to grocer Q1 2021 leasing volumes, based Quarterly dividend per Track record of adding value
anchored or grocer shadow on GLA, more than double year- common share increased to through:
anchored assets ago levels $0.07 in Q1 2021, up from Tenancy upgrades
74% of ABR from national Q1 2021 comparable new leasing $0.06 in Q4 2020 and $0.05 in Asset repositioning
tenants spreads of 21% Q3 2020 Asset optimization
Contractual rent increases 96% of Q1 2021 billed base rent $888M available liquidity as of
Delivered two redevelopment
contribute 105 bps of average collected as of April 26, 2021 March 31, 20212
projects that stabilized in
annual base rent expansion 93% of deferrals due in Q1 2021 5.6 years weighted average
2018-2020 with estimated
collected as of March 31, 2021 maturity
Long runway for additional returns of 8.5-11.0%
2021 full-year Operating FFO per No unsecured debt maturing
expansion opportunities that
common share guidance increased until November 2023 Battle-tested management
includes more than 4.2M of
to $0.83-$0.87 from initial range 3.4x Debt Service Coverage team
entitled commercial GLA for
of $0.76-$0.841 Ratio3
potential future projects
EXPANSIONARY GROWTH CORPORATE RESPONSIBILITY STRATEGIC FOCUS
(pages 39 – 48) (pages 49– 53) (pages 54 – 58)
GROWTH FROM WITHIN ONGOING COMMITMENT DISCIPLINED APPROACH
TO ESG
Earlier-than-expected lease-up Methodical process for
at One Loudoun Downtown Published inaugural Corporate selecting and re-investing in
expansion at Pads G&H Sustainability Report in October curated portfolio of 102
2020 operating assets
Numerous opportunities for
densification projects within Successfully advancing programs Committed to long-term,
existing asset base that will related to energy, sustainability, organic growth as well as
diversify revenue further into human capital, diversity and balance sheet health and
multi-family and office corporate governance corporate responsibility
Four active projects with
estimated returns of 6%-15% 3
ROBUST PLATFORM
4
National Diversification, Local Scale
SEATTLE
6.9% of ABR
CHICAGO
102 retail operating properties
19.9 million square feet 7.9% of ABR
NEW YORK (metro)
TO P 5 RPAI MARKETS
10.5% of ABR
65.3% MULTI-TENANT
RETAIL ABR WASHINGTON, D.C./
BALTIMORE
88.4% of Multi-Tenant Retail ABR PHOENIX
16.9% of ABR
generated in the top 25 MSAs
ATLANTA
SAN AUSTIN
DALLAS
23.1%
ANTONIO
5 O THER PRIMARY SUN BELT STATES
of ABR HOUSTON
MARKETS 48.9% of ABR1
R O B U S T P L A T F O R M 5
Strong Grocery Benefits
67% of our multi-tenant retail ABR is attributable to grocer-anchored or grocer shadow-anchored centers
Neighborhood / Community Centers Lifestyle Centers / Mixed-Use Power Centers
CONTRIBUTION TO TOTAL MULTI-TENANT ABR
Portfolio 48% 33% 19%
Composition
Grocer 45% 20% 2%
Profile
R O B U S T P L A T F O R M 6
Well-Positioned Assets
Dominant Suburban Locations: Dallas, TX MSA
Dallas, TX MSA by the Numbers Expansion & Redevelopment
Denton Crossing
Opportunities
(estimated commercial GLA) Parkway Towne Crossing Stonebridge Plaza
2021 Average Market HH Income1 $106,995
2021 Estimated Market Population1 7,735,087
Est. Five-Year Population Growth (2021 – 2026)1 7.5% 271,000 sf
The Shops at Legacy
Number of Properties 19
Gateway
ABR (in thousands) $79,898 8,000 sf Shops at Park Place
Plaza
% of Total Multi-Tenant Retail ABR 23.1% 1. Gateway Plaza
2. Southlake Town Square
Coppell Town Center Eastside
3. Grapevine Crossing
ABR Per Occupied Sq. Ft. $23.15
Watauga 4. Southlake Corners
5,000 sf Davis Towne
GLA (in thousands) 3,943 Pavilion Crossing
4 MacArthur Crossing
% of Total Multi-Tenant Retail GLA 20.0%
Watauga
Pavilion
Occupancy 87.5% Lincoln Park
Heritage
TOTAL DALLAS MARKET Towne Crossing
Leased Rate 88.1% EXPANSION & REDEVELOPMENT
POTENTIAL: 284,000 sf Lake Worth
Towne Crossing
20 Miles 10 Miles DALLAS
FORT WORTH 5 Miles
Pleasant Run
Mansfield Towne Crossing
Towne Crossing
Southlake Town Square – Southlake, TX Gateway Plaza – Southlake, TX
R O B U S T P L A T F O R M 7
Well-Positioned Assets
Dominant Suburban Locations: Washington, D.C. / Baltimore MSA
Washington, D.C. / Baltimore, MD MSA by the Numbers Expansion & Redevelopment Opportunities 1. Circle East
(estimated commercial GLA)
Tollgate Marketplace 2. Towson Square
2021 Average Market HH Income1 $141,116
Reisterstown Road Plaza
2021 Estimated Market Population1 9,153,616
Est. Five-Year Population Growth (2021 – 2026)1 3.2% 2.90 – 2.94M sf
20 Miles 10 Miles 5 Miles
1.2M sf 42,000 sf
Baltimore
Number of Operating Properties2 12
Reisterstown Merrifield Tysons
Number of Redevelopment Properties2 3 Road Plaza Town Center II Corner
8,000 – 12,000 sf 80,000 – 100,000 sf 50,000 – 75,000 sf
ABR (in thousands) $58,385
% of Total Multi-Tenant Retail ABR 16.9% TOTAL MARKET EXPANSION & REDEVELOPMENT POTENTIAL: 4.4M sf
ABR Per Occupied Sq. Ft. $22.03 The Shoppes at Quarterfield
GLA (in thousands) 2,930 Downtown Crown
Fort Evans Plaza II
% of Total Multi-Tenant Retail GLA 15.0% Centre at Laurel
Occupancy 90.4% One Loudoun Downtown
Leased Rate 91.7%
Gateway Village
20 Miles 10 Miles 5 Miles
Tysons Corner
Carillon
Chantilly Crossing Washington, D.C.
2 Merrifield Town Center I & II
Pads G & H at One Loudoun – Ashburn, VA
R O B U S T P L A T F O R M 8
Well-Positioned Assets
Dominant Suburban Locations: New York MSA
Fairgrounds Plaza
New York (metro) MSA by the Numbers
Lowe’s / Bed Bath & Beyond
2021 Average Market HH Income1 $128,486
2021 Estimated Market Population1 19,200,306
1. Fordham Place Est. Five-Year Population Growth (2021 – 2026)1 0.2%
The Shoppes at Union Hill Coram Plaza
2. Pelham Manor Shopping Plaza
2
Number of Properties 9
ABR (in thousands) $36,460
New Hyde Park Bed Bath & Beyond Plaza
20 Miles 10 Miles 5 Miles Gardiner Manor Mall
% of Total Multi-Tenant Retail ABR 10.5%
New York
ABR Per Occupied Sq. Ft. $30.02
GLA (in thousands) 1,292
% of Total Multi-Tenant Retail GLA 6.6%
Occupancy 94.0%
Leased Rate 96.7%
The Shoppes at Union Hill – Denville, NJ Fordham Place – Bronx, NY The Shoppes at Union Hill – Denville, NJ Pelham Manor Shopping Plaza – Pelham Manor, NY
R O B U S T P L A T F O R M 9
Well-Positioned Assets
Dominant Suburban Locations: Chicago MSA
Chicago MSA by the Numbers Expansion & Redevelopment Opportunities Gurnee Town Center
(estimated commercial GLA)
2021 Average Market HH Income1 $109,122
Plaza del Lago
2021 Estimated Market Population1 9,428,289
Est. Five-Year Population Growth (2021 – 2026)1 -0.3%
Number of Properties 8
62,000 sf 20,600 sf
ABR (in thousands) $27,346 TOTAL MARKET EXPANSION & REDEVELOPMENT POTENTIAL: 82,600 sf
% of Total Multi-Tenant Retail ABR 7.9%
ABR Per Occupied Sq. Ft. $23.58 The Brickyard
GLA (in thousands) 1,358 5 Miles
20 Miles 10 Miles
% of Total Multi-Tenant Retail GLA 6.9%
Ashland & Roosevelt Chicago
Occupancy 85.4%
Oak Brook Promenade
Leased Rate 85.9%
Main Street Promenade
1. Gerry Centennial Plaza
2 2. Oswego Commons
Main Street Promenade – Naperville, IL
R O B U S T P L A T F O R M 10Well-Positioned Assets
Dominant Suburban Locations: Seattle MSA
Seattle MSA by the Numbers Expansion & Redevelopment 1. Plaza at Marysville Woodinville
Opportunities Plaza
2021 Average Market HH Income1 $133,108 (estimated commercial GLA)
2021 Estimated Market Population1 4,060,254
Northgate
Est. Five-Year Population Growth (2021 – 2026) 1 6.8% North Avondale
Plaza
Number of Properties 9
10,500 sf
ABR (in thousands) $23,690
% of Total Multi-Tenant Retail ABR 6.9%
ABR Per Occupied Sq. Ft. $16.46
5 Miles 10 Miles
GLA (in thousands) 1,516
Seattle
% of Total Multi-Tenant Retail GLA 7.7%
Occupancy 94.9%
Leased Rate 95.9% Lakewood Towne Center – Lakewood, WA Heritage Square
Coal Creek
Marketplace
North Benson Center
2 1. Lakewood Towne Center
2. Tacoma South
Avondale Plaza – Redmond, WA Northgate North – Seattle, WA
R O B U S T P L A T F O R M 11Durable Rent Roll 1
PORTFOLIO COMPOSITION: MERCHANDISE CATEGORY Receipts from Non-Essential and Full Service Restaurant Categories
(Based on % of Total ABR) have powered a 1,500 basis point improvement in our quarterly billed
base rent collections from Q2 2020 to Q1 2021
7% Office Percent of Billed Base Rent Collected as of April 26, 20212
8%
Quick Service
Restaurants Category Q2 2020 Q3 2020 Q4 2020 Q1 2021
Essential 98% 99% 99% 100%
8% 32%
Full Service Essential Office 95% 98% 99% 96%
Restaurants Quick Service
78% 90% 95% 95%
Restaurants
Non-Essential 70% 83% 93% 94%
45% Full Service
71% 79% 86% 90%
Non-Essential Restaurants
TOTAL 81% 89% 95% 96%
90% of Billed Base Rent Collected Q2 2020 - Q1 2021
R O B U S T P L A T F O R M 12National Tenants
Enjoy Advantaged Access to Capital
Based on % of Total ABR
PORTFOLIO COMPOSITION: PORTFOLIO COMPOSITION: MERCHANDISE MIX BY CATEGORY2
SIZE AND LOCATION1
14.0%
Local: 9% Grocery / Warehouse Clubs
45.1% Apparel 9%
Small Shop
National: Anchor
3% Medical
Soft Goods / Discount Stores 7%
6.0% 3% Financial Services / Banks
Local: 3% Auto and Other Essentials
Mid-Tier
32% 3% Electronics
Housewares 7%
6.4% 26.4% Essential
3% Hardware
Local:
Anchor
Local 73.5% 45%
Services 6% 3% Pet / Animal Supplies
National Non-Essential
2% Wireless Communications
0.1% 7% 2% Office Supplies
Sporting Goods / Hobby 4%
Regional Office
1% Drug Stores
Specialty 3% 16%
17.3% Health Clubs 3% Restaurants
National: Movie Theaters 2%
Small Shop Other 2% 8%
Book Stores 1% Quick Service Restaurants
Amusement / Play Centers 1% 8%
Full-Service Restaurants
11.1%
National:
Mid-Tier
R O B U S T P L A T F O R M 13Deep Pipeline of High Visibility
Expansion and Redevelopment Opportunities
Reinvestment in our current assets will drive growth and increasing diversification of our revenue streams
WASHINGTON, D.C./ DALLAS MSA / SEATTLE MSA
CHICAGO MSA
BALTIMORE MSA HOUSTON MSA
UPTOWN DOWNTOWN
(Pad T / Future Phases)
TYSONS MERRIFIELD HUMBLEWOOD WATAUGA
(Future Phase)
CORNER TOWN CENTER SHOPPING CENTER PAVILION
GATEWAY
REISTERSTOWN
PLAZA
ROAD PLAZA
R O B U S T P L A T F O R M 14Potential Future Expansions and Redevelopments
ENTITLED ENTITLED DEVELOPABLE
COMMERCIAL GLA1 MFR1 ACREAGE
FUTURE PROJECTS – ENTITLED1
One Loudoun Uptown – land held for future development
(Washington, D.C. MSA)
2,800,000 - 32
Carillon2
(Washington, D.C. MSA)
1,200,000 3,000 50
One Loudoun Downtown – Pad T
(Washington, D.C. MSA)
40,000 - -
One Loudoun Downtown – future phases3
(Washington, D.C. MSA)
62,000 – 95,000 - -
Main Street Promenade
(Chicago MSA)
62,000 47 -
Downtown Crown
(Washington, D.C. MSA)
42,000 - -
Reisterstown Road Plaza
(Baltimore MSA)
8,000 – 12,000 - -
Gateway Plaza
(Dallas MSA)
8,000 - -
Edwards Multiplex – Ontario, CA
(Riverside-San Bernadino)
3,000 - -
TOTAL 4,225,000 – 4,262,000 3,047 82
R O B U S T P L A T F O R M 15Portfolio Strength Produces Quality Metrics
150 bps The Shops at Legacy $469 Circle East RE/Development
Towson, MD
Plano, TX
Annual Growth from Base Rent1 Lifestyle Inline Sales PSF2
10.4%
Southlake Town Square
Northgate North Lifestyle
Seattle, WA Occupancy
Southlake, TX
Costs2
5.8% Downtown Crown
Gaithersburg, MD
67% Blended
% of Multi-Tenant Retail ABR Re-leasing
Grocer-Anchored / Grocer Shadow-Anchored Spreads3
One Loudoun
Ashburn, VA
$19.28
Retail
ABR PSF
39%
% of Total ABR from Essential Retail and Office4
Paradise Valley Marketplace Merrifield Town Center
Phoenix, AZ Falls Church, VA
Plaza del Lago
Wilmette, IL $92K 105 bps
3-mile Average Contractual Rent Increases6
HH Income5
Huebner Oaks
San Antonio, TX
148K
3-mile Population5 Main Street Promenade
Naperville, IL
R O B U S T P L A T F O R M 16QUALITY SCORE CARD
NET DEBT TO
3-MILE AVERAGE TRAILING TWELVE
VALUE IN LIFESTYLE 3-MILE RETAIL ABR PSF
HOUSEHOLD MONTH ADJUSTED
/ STREET RETAIL1 POPULATION2
INCOME2 EBITDAre
3
32% 148,000 $92,000 $19.28 6.8x
PEER GROUP PEER GROUP PEER GROUP PEER GROUP PEER GROUP
FRT - 31% UE – 243,000 FRT - $104,000 FRT - $29.95 REG – 5.9x
SITC – 8% FRT – 195,000 REG – $96,000 REG - $22.97 WRI – 6.1x4
REG – 7% REG – 156,000 ROIC – $94,000 ROIC - $22.06
BRX – 7.0x4
UE – 5% KIM – 130,000 UE - $87,000 WRI - $20.44
ROIC – 7.2x4
KIM – 3% WRI – 129,000 KIM - $87,000 UE - $18.88
SITC – 7.3x4
WRI – 2% ROIC – 120,000 SITC - $85,000 SITC - $18.39
KIM – 7.4x4
BRX – 1% SITC – 117,000 WRI - $82,000 KIM - $18.32
ROIC – 0% BRX - 89,000 BRX - $75,000 BRX - $15.05 FRT – 7.6x4
R O B U S T P L A T F O R M 17BUSINESS UPDATE
18COMPANY SNAPSHOT First Quarter 2021 Results
NYSE: RPAI Net Income Attributable to Common
Shareholders per Diluted Share
$0.02
Enterprise Value1 $4.3B
N E I GFFO
Operating H B OAttributable
R H O O D / to Common
COMMUNITY CENTERS1 $0.24
Shareholders
Daily perthe
Trips Woven into Diluted Share
Community Fabric
S&P Rating (Outlook) BBB- (Stable)
Same Store NOI Growth (2.3%)
Moody’s Rating (Outlook) Baa3 (Stable)
Blended Comparable Re-Leasing Spreads 5.8%
Quarterly Billed Base Rent Collected 96%
Number of Retail Operating Properties 102
Property Acquisition and Disposition Activity n/a
33%
Total Square Feet of Retail Operating 19.9M
Properties Full-Year 2021 Guidance2
Retail ABR PSF $19.28 Initial Current
LIFESTYLE CENTERS/
MIXED-USE1
Retail Portfolio Percent Leased, including 92.7% Regional Destination
Leases Signed but not Commenced Net Income Attributable to Common
$0.02 - $0.10 $0.06 - $0.10
Shareholders per Diluted Share
Retail Portfolio Occupancy 91.5%
Operating FFO Attributable to Common
$0.76 - $0.84 $0.83 - $0.87
Shareholders per Diluted Share
19%
B U S I N E S S U P D A T E 19Accelerating Leasing Momentum
Trailing Twelve Month Total GLA Signed (thousands of square feet)
3,000
2,500 +19%
2,000
1,500
1,000
500
0
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
TTM TTM TTM TTM TTM
B U S I N E S S U P D A T E 20Sustained Strength in Leasing Spreads
% Change Over Prior ABR for Comparable New and Renewal Leases
7%
6% 5.8%
5% 4.9%
4% 3.8%
3%
2.6%
2%
1% 0.7%
0%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
B U S I N E S S U P D A T E 21Small Shop and Non-Essential Lead Broad-Based Leasing Demand 1
Q1 2021 Total ABR Signed
22%: 7%:
47%: 10,000-24,999 sq. feet
0-4,999 sq. feet 5%: Office
Full Service
Restaurants
7%:
Quick Service 26%:
Restaurants Essential
36%:
Anchor
64%:
Small Shop
55%:
Non-Essential
14%:
25,000+ sq. feet
17%:
5,000-9,999 sq. feet
B U S I N E S S U P D A T E 22Base Rent Collections Underscore Portfolio Durability 1
(as of April 26, 2021)
100% Total Portfolio: 95% Total Portfolio: 96%
100%
99%
99%
99%
98%
98%
Total Portfolio: 89%
96%
90%
95%
95%
95%
94%
93%
90%
90%
Total Portfolio: 81%
86%
80%
83%
79%
78%
70%
71%
70%
60%
50%
40%
30%
20%
10%
0%
Q2 2020 Q3 2020 Q4 2020 Q1 2021
Full Service Restaurants Non-Essential Quick Service Restaurants Office Essential
B U S I N E S S U P D A T E 23Further Normalization in Tenant Receipts by Category
Q1 2021 Receipts from 19 of 24 Tenant Use Categories at or above 95%
(as of April 26, 2021)
Merchandise Category (% of Total ABR) Total Portfolio: 96%
Drug Stores (1%) 100%
Electronics (3%) 100%
Financial Services / Banks (3%) 100%
Grocery / Warehouse Clubs (9%) 100%
Hardware (3%) 100%
Office Supplies (2%) 100%
Pet / Animal Supplies (3%) 100%
Soft Goods / Discount (7%) 100%
Sporting Goods / Hobby (4%) 100%
Apparel (9%) 99%
Auto and Other Essentials (3%) 99%
Book Stores (1%) 99%
Housewares (7%) 99%
Medical (3%) 99%
Wireless Communications (2%) 99%
Specialty (3%) 98%
Services (6%) 97%
Office (7%) 96%
Restaurants – Quick Service (8%) 95%
Other Non-Essentials (2%) 91%
Restaurants – Full Service (8%) 90%
Health Clubs (3%) 88%
Amusement/Play Centers (1%) 65%
Movie Theaters (2%) 42%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
B U S I N E S S U P D A T E 24Primary Markets Continue to Show Resilience
Q1 2021 All 10 of Our Primary Markets at or above 95%
(as of April 26, 2021)
Market (% of Total ABR) Total Portfolio: 96%
New York (10%) 100%
San Antonio (4%) 100%
Austin (2%) 99%
Houston (4%) 99%
Atlanta (6%) 98%
Phoenix (3%) 97%
Seattle (7%) 97%
Dallas (23%) 96%
Chicago (8%) 96%
Washington, D.C. / Baltimore (16%) 95%
Non-Primary Markets (17%) 91%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
B U S I N E S S U P D A T E 25Q1 2021 Rent Collections and Resolutions
as of April 26, 2021
QUALITY METRICS CAPITAL STRENGTH
96% 1.3%
TOTAL BILLED
Other
Billed Base 0.3%
National
ABR AT
Tenants
Rent Collected Restaurants
3% Total Billed Base Rent (Quick Service)
91.5% Not Addressed
OCCUPANCY 0.6%
Restaurants
0.8%
Other
1% (Full Service) Local
Signed Lease Tenants
Amendments
B U S I N E S S U P D A T E 26Upgrading Tenancy and Rent Durability Amid COVID-19
From Q3 2020 – Q1 2021, we backfilled 21 locations recaptured as a result of tenant bankruptcies, improving our
merchandising mix, enhancing rent roll durability and generating average +8% re-leasing spreads
Key Examples:
Denton Crossing – Huebner Oaks – Henry Town Center – Tollgate Marketplace – Gateway Station II –
Denton, TX San Antonio, TX McDonough, GA Bel Air, MD College Station, TX
Central Texas
Marketplace –
Waco, TX Newnan Crossing –
Fullerton Mertocenter – Newnan, GA
Fullerton, CA
Henry Town Center –
McDonough, GA Denton Crossing –
Denton, TX The Shops at Legacy –
Plano, TX
B U S I N E S S U P D A T E 27TENANT SUPPORT CASE STUDY
One Loudoun Downtown
Ashburn, VA – Washington, D.C. MSA
Alamo Drafthouse Drive-in Movie Series
Background:
• RPAI launched the Alamo Drafthouse Drive-In movie
series in 2020 to welcome up to 175 vehicles nightly and
provide guests with an opportunity to experience new
movie releases as well as classic favorites
• RPAI’s property teams collaborated with Alamo
Drafthouse to develop an event series that would allow
the theater to operate despite the challenging COVID-19
environment
Q1 2021 Update:
“
• This Alamo Drafthouse operator continues to operate and
The Drive-In Movie Series has been wildly
avoided filing for reorganization in March 2021 when successful and exceeded our initial
other Alamo Drafthouse-affiliated entities filed for projections. We have received countless
bankruptcy accolades from our customers and are
• With the theater reopen, this tenant looks to restart hoping to add several double-features in the
coming months.”
drive-in showings in June to complement indoor showings
- Scott Flanagan
VP of Operations for Alamo Drafthouse
B U S I N E S S U P D A T E 28Alternative Asset-Level Energy Through
Power Purchase Agreements
OVERVIEW
During 2020, RPAI executed power
purchase agreements to deliver
energy from renewable resources
such as wind and solar to assets
that reside in deregulated power
jurisdictions to 48 of our assets 2
1
100% of our portfolio’s energy and
water is monitored and supported
2
by a third-party Energy 7 9
Management System
While addressing an important
environmental concern, our
investment in renewable energy
resources as well as prudent
energy and resource management
holds growing resonance with our 27
tenants and shoppers alike
We continue to evaluate existing
energy agreements at 37 assets
located in deregulated power
Established Power Purchase Agreements
jurisdictions and will continue to
look for opportunities for gains in Deregulated power jurisdictions to be evaluated during renewal period
efficiency and sustainability
B U S I N E S S U P D A T E 29CAPITAL STRENGTH
30Among the Lowest-Levered in Sector 1
7.7x
7.6x
7.4x
7.1x
7.2x 7.2x
7.3x
7.0x
7.0x
6.8x
6.4x
6.1x
6.0x
5.9x
2 2 2 2 2 2
REG WRI RPAI BRX ROIC SITC KIM FRT
Moody’s: Baa1 Baa1 Baa3 Baa3 Baa2 Baa3 Baa1 Baa1
S&P: BBB+ BBB BBB- BBB- BBB- BBB- BBB+ A-
NET DEBT TO TRAILING TWELVE MONTH ADJUSTED EBITDAre
NET DEBT AND PREFFERED TO TRAILING TWELVE MONTH TO ADJUSTED EBITDAre
C A P I T A L S T R E N G T H 31Wide Headroom Under Debt Covenants 1
70% 50%
Covenant =1.5x 100%
1.0x
50%
0.5x
0.0x 0%
Debt Service Coverage Ratio Unencumbered Assets
to Unsecured Debt Ratio
C A P I T A L S T R E N G T H 32Balance Sheet Strength
Q1 2021
$888M 36.3% 3.4x 1.8%
Available Liquidity1 Leverage Ratio2 Debt Service Secured Debt to
Coverage Ratio3 Total Assets4
95% 6.8x BBB- Baa3
(stable) (stable)
Unencumbered NOI5 Net Debt to Trailing S&P Rating Moody’s Rating
Twelve Month Adjusted
EBITDAre6
C A P I T A L S T R E N G T H 33Abundant Liquidity and Well-Laddered Maturity Profile
Weighted Average Interest Rate: 4.19% Weighted Average Years to Maturity: 5.6 years
$38M Cash
$900
$800
$700
$600
Fully undrawn $850M revolver
$500
$400
$300 15% of total debt
$200
$100
$-
1
Available Liquidity 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter
2
REVOLVER TERM LOANS UNSECURED NOTES MORTGAGES PAYABLE
C A P I T A L S T R E N G T H 34PROVEN EXECUTION
35CASE STUDY: A HIGHLY-CURATED RETAIL EXPERIENCE SOUTHLAKE TOWN SQUARE
Southlake, TX
OVERVIEW
RPAI’s leasing team continues to enhance the retail experience at Southlake
Town Square, an 878,00 square foot lifestyle/mixed-use asset, by adding more
than 90 new tenants since 2013. The asset features highly curated, sought after
brands, which position the center as the regional outdoor shopping and dining
destination in Dallas.
RPAI increased the center’s annualized base rent from $20.9M as of Q1 2013 to
$26.6M as of Q1 2021, a compound annual growth rate of 3.1%
EXECUTING OUR RETAIL ROADMAP
5 1 2 3 4 5 6
1
9
2
7 8 9
13
10 11 12 13
14 7
4
11
14 15 16 17
10 15 16
3
12
Summit Park CENTER HIGHLIGHTS
6 Total center GLA: 878,000 sf
Population (5-mile): 134,000
17 5-Year Population Growth (5-mile): 8.1%
8
Average HH Income (1-mile): $312,000
P R O V E N E X E C U T I O N 36Creating Value Through Backfill Opportunities
Since 2016, we have filled 23 anchor boxes recaptured as a result of tenant bankruptcies, upgrading tenancy and generating
average +17% re-leasing spreads
La Plaza del Norte – Pavilion at King’s Grant– Gateway Pavilions – Fullerton Metrocenter – Northpointe Plaza – Northgate North1 –
San Antonio, TX Concord, NC Denton Crossing – Avondale, AZ Fullerton, CA Spokane, WA Seattle, WA
Denton, TX
Tysons Corner –
Vienna, VA
Tollgate Marketplace – Gurnee Town Center2 – Newnan Crossing –
Bel Air, MD Gurnee, IL Newnan, GA
Pavilion at King’s Grant – Henry Town Center –
Concord, NC McDonough, GA
Pavilion at King’s Grant – Tollgate Marketplace – Southlake Corners – Newnan Crossing –
Concord, NC Bel Air, MD Southlake, TX Newnan, GA
Colony Square – Pavilion at King’s Grant –
Sugarland, TX Concord, NC
Central Texas Reisterstown Road Plaza – Henry Town Center –
The Shops Baltimore, MD
Marketplace – at Legacy – McDonough, GA
Waco, TX Plano, TX Tollgate Marketplace3 –
Bel Air, MD
P R O V E N E X E C U T I O N 37Legacy of Successful Development
Completed Redevelopments, Expansions and Pad Developments
COMPLETED ESTIMATED NET NET RPAI PROJECT ESTIMATED
PROJECT PROJECT MFR
REDEVELOPMENT RPAI PROJECT INVESTMENT INCREMENTAL RETURN STABILIZATION 2
COMMERCIAL GLA UNITS
PROJECTS INVESTMENT 1 INCEPTION TO DATE ON INVESTMENT 2
Reisterstown Road Plaza
40,500 - $10,500 $10,294 10.5% - 11.0% Q4 2018
(Baltimore MSA)
Plaza del Lago – MFR
- 18 $1,350 - $1,400 $1,395 8.5% - 9.0% Q2 2020
(Chicago MSA)
COMPLETED EXPANSION AND PROJECT NET RPAI INCREMENTAL
COMPLETION
PAD DEVELOPMENT PROJECTS COMMERCIAL GLA INVESTMENT 1 RETURN ON INVESTMENT 2
Lake Worth Towne Crossing
15,030 $2,872 11.3% Q4 2015
(Dallas MSA)
Parkway Towne Crossing
21,000 $3,468 9.9% Q3 2016
(Dallas MSA)
Heritage Square
4,200 $1,507 11.2% Q3 2016
(Seattle MSA)
Pavilion at King’s Grant
32,500 $2,470 14.7% Q2 2017
(Charlotte MSA)
Shops at Park Place
25,040 $3,956 9.1% Q2 2017
(Dallas MSA)
Lakewood Towne Center
4,500 $1,900 7.3% Q3 2017
(Seattle MSA)
P R O V E N E X E C U T I O N 38EXPANSIONARY GROWTH
39Self-Sourced Expansion and
Redevelopment Growth
Expansion/Redevelopment Checklist
Adjacent to/part of already successful operating properties
Adjacent to/near regional hubs for entertainment,
healthcare or education
Accessible via public transportation
Partnership with best-in-class developers
Funded with existing sources of capital
Attractive demographics
Extensive knowledge of local area
E X P A N S I O N A R Y G R O W T H 40Active Expansions and Redevelopments
ESTIMATED NET
ESTIMATED RPAI PROJECT ESTIMATED
PROJECT ESTIMATED NET
PROJECT JV/AIR INVESTMENT INCREMENTAL TARGETED
MULTI- RPAI PROJECT
COMMERCIAL RIGHTS INCEPTION TO RETURN ON STABILIZATION2
FAMILY INVESTMENT1
GLA DATE INVESTMENT2
UNITS
One Loudoun Downtown - MFR:
$125,000 -
Pads G & H 67,000 3783 90% / $84,251 6.0% - 7.0% Q2 – Q3 2022
$135,000
(Washington, D.C. MSA) 10% JV
MFR:
Circle East4 $42,000 –
82,000 3705 Air Rights $27,803 7.0% - 8.0% Q3 – Q4 2022
(Baltimore MSA) $44,000
Sale
The Shoppes at Quarterfield $9,700 – 10.0% -
58,000 - n/a $2,782 Q1 – Q2 2022
(Baltimore MSA) $10,700 11.0%
Southlake Town Square –
$2,000 – 12.0% -
Pad Development 4,000 - n/a $2,119 Q1 – Q2 2021
$2,500 15.0%
(Dallas MSA)
E X P A N S I O N A R Y G R O W T H 41Expansion/Redevelopment Checklist
Part of already successful operating property
NOT DONE YET Part of regional hub for entertainment
Partnership with best-in-class developers
Washington, D.C. MSA
Captured April 2021
Project Summary: Pads G & H
Estimated Net RPAI Project Investment 1 (000’s)
Multi-Family (90% / 10% JV ) : $102,000 - $109,000
Commercial: $23,000 - $26,000
Estimated Incremental Return On Investment 2
Multi-Family: 5.75% - 6.75%
Commercial: 7.25% - 8.25%
Targeted Stabilization: Q2 – Q3 2022
Commercial GLA: 67,000 sf
Multi-Family Rental Units: 3783
Project Vision
Total Project Overview
Multi-phased expansion of existing site plan to include up to an additional
205,000 square feet of office and retail and 408 residential units4
Q1 2021 Update
Leased 21 of Pad G’s 99 multi-family rental units (21%), branded Vyne
Leased 74% of Pad G’s 33,000 square feet of office space, branded One
Endicott
E X P A N S I O N A R Y G R O W T H 42Monetized Air Rights
Pad G Multi-Family
99 Units
21 of 99 units leased as of Q1 2021 (21%)
ONE LOUDOUN: NOT DONE YET
Pad G Office
33,000 SF Commercial Space
74% leased as of Q1 2021
Remainder of space in negotiation
One Loudoun Downtown
Pad H Multi-Family
279 Residential Rental Units One Loudoun Uptown
Under construction
Future Phases
TRU by Hilton
Under construction
(Third-Party Owned)
525 Future
Residential Units
(Third-Party Owned)
E X P A N S I O N A R Y G R O W T H 43Expansion/Redevelopment Checklist
Adjacent to already successful operating property
Near regional hubs for entertainment and education
Baltimore, MD MSA Partnership with best-in-class developers
Project Summary
Estimated Net RPAI
Project Investment 1 (000’s): $42,000 - $44,000
Estimated Incremental
Return On Investment 2 : 7.0% - 8.0%
Targeted Stabilization: Q3 – Q4 2022
Commercial GLA: 82,000 sf
Multi-Family Rental Units: 3703 Captured on April 24, 2021
Project Overview
Turn the existing configuration located between two colleges in suburban
Baltimore into a mixed-use development that will include double-sided street
level retail with approximately 370 AvalonBay-owned residential units above
Q1 2021 Update
Project 27% leased
Anchors Ethan Allen and Shake Shack opened in Q1 2021
In-line tenant Madison Reed opened subsequent to quarter end Captured on April 24, 2021
E X P A N S I O N A R Y G R O W T H 44RPAI’s adjacent 95.6% occupied
370 AvalonBay-owned Towson Square asset
multi-family units
Lower-level retail parking with
multiple entrances and
Opened January 2021
pedestrian access points
Street level retail located at main
roundabout in downtown Towson
Opened February 2021
E X P A N S I O N A R Y G R O W T H 45Active Redevelopment in Baltimore MSA E X P A N S I O N A R Y G R O W T H 46
Expansion/Redevelopment Checklist
The Shoppes at Quarterfield Funded with existing sources of capital
Attractive demographics
Baltimore, MD MSA Extensive knowledge of local areas
Project Summary
Estimated Net RPAI
Project Investment 1 (000’s): $9,700 - $10,700
Estimated Incremental
Return On Investment 2 : 10.0% - 11.0%
Project renderings
Targeted Stabilization: Q1 – Q2 2022
Commercial GLA: 58,000 sf
Project Overview
Transform the asset by redeveloping 94% of the property’s GLA into
a modern grocer-anchored neighborhood center
37% of the project’s GLA delivered to ALDI in Q4 2020
Project 100% leased
Project renderings
E X P A N S I O N A R Y G R O W T H 47Expansion/Redevelopment Checklist
Part of already successful operating properties
Adjacent to regional hubs for entertainment, healthcare or education
Dallas, TX MSA Extensive knowledge of local areas
Project Summary
Estimated Net RPAI
Project Investment 1 (000’s): $2,000 - $2,500
Estimated Incremental
Return On Investment 2 : 12.0% - 15.0%
Targeted Stabilization: Q1 – Q2 2021
Commercial GLA: 4,000 sf
Captured: April 3, 2021
Project Overview
Expand 180-acre premier mixed-use center located in Dallas MSA
through the development of a vacant pad site
Project 100% leased
E X P A N S I O N A R Y G R O W T H 48CORPORATE RESPONSIBILITY
49ENVIRONMENTAL INITIATIVES
We are extremely proud of our property-level environmental investments, our strong corporate governance platform and the social commitments we
have made in our communities and to our talented team of employees.
ENERGY WATER SUSTAINABLE INVESTMENTS
LED LIGHTING XERISCAPE LANDSCAPING POWER PURCHASE AGREEMENTS
RPAI continues to invest in sustainable lighting projects throughout RPAI has significantly reduced or eliminated water usage at RPAI has executed power purchase agreements and certified
its portfolio. Our operations team continues to significantly reduce properties that are located in warmer climates through xeriscape renewable energy certificates to deliver energy from renewable
our energy consumption while further creating a safe shopping landscaping projects. resources such as wind and solar to Massachusetts, Maryland,
center experience for our guests and have lowered our total light New York, New Jersey, and Texas assets.
pollution through this important center initiative. SMART IRRIGATION SYSTEMS These 47 assets are located in deregulated power jurisdictions
Since 2018, RPAI’s operations team has invested over $2.7 million RPAI has timed water usage with weather patterns to eliminate
in LED lighting projects. unnecessary landscape watering. ENERGY EFFICIENT ROOFS
Since 2013, RPAI has replaced over 8,500,000 square feet of
PARKING LOT LIGHTING RETENTION POND WORK roofs with new energy-efficient roofing systems, a total
45% of our portfolio parking lots have been upgraded to LED RPAI monitors and manages the water, waste and energy investment of over $61 million.
lighting. consumption throughout its portfolio. Where applicable, we
continue to maintain regular capital management to support our
COMMON AREA LIGHTING UPGRADES natural water waste drainage.
42% of our shopping center common areas have upgraded LED wall
packs, downlights and sconces. US Green Building Council –
LEED Silver Certifications:
ELECTRIC VEHICLE CHARGING STATIONS
RPAI Corporate Headquarters (Oak Brook, IL)
55 vehicle charging stations are featured at select
neighborhood/community centers and our mixed-use/lifestyle Fordham Place - Mixed-Use Asset (Bronx, NY)
assets. Tysons Corner Divisional Office (McLean, VA)
w w w . R P A I E S G . c o m 50SOCIAL ENGAGEMENT
We continue to invest in our human capital by offering our diverse team competitive benefits, work-life balance, wellness programs, managerial and
technical skills training, career pathing and promotion plans, and a safe workplace that promotes social distancing and telework options. Additionally,
RPAI invests in the communities in which our centers and team members are located.
HUMAN CAPITAL & COHESION COMMUNITY LEADERSHIP DIVERSITY & STEWARDSHIP
HUMAN CAPITAL COMMUNITY OUTREACH ADVOCATING FOR SOCIAL CHANGE
At RPAI, we believe that our workforce is our greatest asset. Fulfill over 300 holiday wishes annually for the Hephzibah Children’s Implemented a company match towards any donations that were
Professional development is always top of mind and investing in Association since 2013. In 2017, Team RPAI ran 187 miles over two made during the week of the Juneteenth holiday to any 501(c)(3)
our employees is a major priority. The following are some ways days as part of the Ragnar Relay event and raised $36,000 in charitable organizations that support African American
we continue to develop our team: sponsoring donations to support the group. communities.
Investing in our team through our Make Your Mark Raised $250,000 for Wellness House to support families affected by Expanded our holiday calendar to include Juneteenth as a paid
leadership development program; Performance cancer. holiday and encouraged team members to utilize the additional
Support our retail partners in their efforts of promoting store-level
management program with measurable goals to time to learn more about the holiday, cultural events and
charitable programs.
challenge and develop team members; Executive Partner with large community organizations such as the American
significant figures.
coaching and 360-degree performance reviews; Kellogg Heart Association, Toys for Tots, Susan G. Komen and National Conducted unconscious bias, respect in the workplace and diversity
Executive Education for Female Leaders; New manager Multiple Sclerosis Society, Southlake Women’s Club, Capital Area training to further enhance our cultural behaviors.
training; Interview skills training; Succession planning; Food Banks, Feed My Starving Children and more.
Career pathing and promotion plans; Soft skills and TEAM DIVERSITY
technical training. THE NEXT GENERATION IN REAL ESTATE Established a 20% diversity target for our Board of Directors, taking
• RPAI supports commercial real estate education and mentorship into consideration the experience and skill set required of the
SOCIAL COHESION through the E. Eisenberg Foundation and DePaul University. RPAI is Board.
Team health and wellness programs are key to our employees’ involved in the career fair annually as well as offering career Partnered with Jopwell to support recruitment of diverse and
success. Employee wellbeing comprises four key fundamental counseling and leadership participation in round tables. talented team.
pillars at RPAI to ensure employee needs are met: physical, • RPAI maintains an internship program designed to build our brand’s As of December 31, 2020, approximately 52% of our workforce was
emotional, social and financial. presence with diverse college campuses while executing training, female and minorities represented approximately 26% of our team.
development and coaching across multiple business functions.
w w w . R P A I E S G . c o m 51GOVERNANCE PLATFORM
One of our greatest strengths and commitments has been in support of providing full, fair, accurate, timely, and understandable disclosures in reports
and documents that we file with regulatory agencies and in other public communications. Our approach to corporate governance is the foundation of
our company, which has been regularly tested and shown to be more useful now than ever.
GOVERNANCE PLATFORM ACCOUNTABILITY BUSINESS CONTINUITY & SECURITY
COMMITTEE CHARTERS ESG TASKFORCE BUSINESS CONTINUITY
Audit Committee Charter RPAI undertakes its environmental, social, and governance efforts The strength of our Business Continuity Plan and robust library of
Nominating and Corporate Governance Committee Charter through the support of our Board of Directors and internal ESG Standard Operating Procedures, coupled with our long-term strategic
Executive Compensation Committee Charter Taskforce. Led by RPAI's Chief Executive Officer, Steve Grimes, we focus on IT and data investment, have driven our ability to quickly
maintain a group of team members representing property operations react and continue with day-to-day business operations with minimal
CORPORATE GOVERNANCE DOCUMENTS as well as governance, employee and social initiatives. Team disruption to daily activities, as well as providing for data integrity and
Code of Business Conduct and Ethics members meet quarterly to identify new opportunities and prioritize tenant communications throughout the COVID-19 pandemic.
Policy on Company Political Spending the Company's ESG roadmap.
Non-Retaliation Policy DATA SECURITY
Guidelines on Corporate Governance ACCOUNTABILITY RPAI maintains a comprehensive information security program that
Human Rights Statement Full, fair, accurate, timely and understandable disclosure in reports includes physical, technical and administrative safeguards to protect
Maintain detailed internal policies and procedures for each and documents we file with regulatory agencies and in other public our information systems and technology assets. Our internal policies
organizational discipline and related risk communications and procedures are designed to safeguard data related to our
More information regarding all our Environmental, Social and business, employees, shareholders, vendors and business partners.
RISK & INSURANCE Governance efforts are available through a detailed microsite at Specific details related to this policy are proprietary and are further
Robust risk management profile www.RPAIesg.com outlined in our Information Security Policies Manual.
Maintain and implement regular updates to the Company’s Business Technology Services and Human Resources deliver robust
Continuity Plan cybersecurity training to all team members within the first 90 days of
Evolving disaster recovery plan onboarding and provide regular training updates. Team members are
regularly tested to ensure that malicious attacks are identified quickly.
w w w . R P A I E S G . c o m 52ESG CASE STUDY
One Loudoun
Washington, D.C. MSA
Expansion Projects Address Environmental & Social Goals
One Endicott is the office component of the Pad G expansion project. In
December 2020, RPAI received the prestigious Wired Certified Platinum
certification. WiredScore designates Wired Certifications to recognize
commercial real estate projects that champion cutting-edge technology in
office buildings. The project was developed to meet the changing demands as
a result of COVID-19 while remaining in line with RPAI’s commitment to ESG.
One Endicott also includes state-of-the-art heating, ventilation and air
conditioning system to all offices and common areas, which feature three-part
filtration that includes minimum efficiency reporting value (MERV) filtration,
ultraviolet germicidal irradiation (UV-GI) lamps and photocatalysis to reduce
levels of airborne biological contaminants. Touchless access is also integrated
at high-impact points including building entries, elevator bathrooms and
drinking fountains. Finally, other features of the building promote social
distancing, including a fully open lobby staircase that spans all three office
levels and direct access to the parking garage.
Vyne is the multi-family component of Pad H at One Loudoun’s first
apartment community. Upon completion, we will pursue Bronze certification
from the National Green Building Standard. Vyne features 100% LED lighting
and a variety of smart home features in the residential units and common
areas that allow residents to control access, thermostats and more.
Additionally, RPAI’s property management team can control vacant units
remotely to ensure heating, ventilation, air conditioning and energy usage are
not wasted. Additional water sensors will also be fitted to alert property
management of any water leaks from utilities such as hot water heaters and
washers, which will save on water leaks and prevent damage to the building.
w w w . R P A I E S G . c o m 53STRATEGIC FOCUS
54Our Strategy
To generate long-term stakeholder value through the
ownership, operation and mixed-use expansion and
redevelopment of high quality, retail driven assets
CREATE GROW
long-term stakeholder value through a earnings organically through leasing,
highly concentrated portfolio of Class A expansion and redevelopment and
assets and accretive expansion and prudent cost management
redevelopment projects
ENHANCE INVEST
investment grade balance sheet flexibility
in the right real estate and in our
and low leverage in order to remain nimble
platform with an intense focus on
and opportunistic when allocating capital
talent development
S T R A T E G I C F O C U S 55The RPAI Approach
We plan, develop and acquire properties where daily needs
are intertwined with the retail experience
Retail Real Estate Regional or Daily Retail Drives Suburban Mixed-use
is Bifurcating Destination Value
A focused approach on
Multi-Family Office
Our thoughtful approach to The retail collection creates an
The combination of retail and Having dining, nightlife,
owning real estate where portfolio management atmosphere that influences the
outdoor spaces makes these fitness and services in a
“consumers need to buy” and incorporates the “wants” and demand for other uses
locations the place where people great environment makes
“consumers want to buy” “needs” of the changing
want to live these locations the place
consumer while offering where people want to work
walkable spaces and unique
events and experiences
S T R A T E G I C F O C U S 56Making the Community
The Modern Retailer Real Estate Checklist
Located in a top MSA
Well-placed real estate within the local market
Properly spaced relative to other locations
Regional shopping destination or daily trips woven into the community
Productive relationship with the landlord
Conducive merchandising within the center and surrounding environment
advances both consumer experience and brand expression
S T R A T E G I C F O C U S 572013 - 2018 Repositioning
Increased Asset Quality and Capital Structure Strength
Investor Day Investor Day Today Δ vs.
2013 2016 Q1 2021 2013
262 properties 186 properties 102 properties -61%
Portfolio Size
35.6 msf 29.0 msf 19.9 msf -44%
Annualized Base Rent
$14.26 $16.66 $19.28 +35%
(ABR) per Sq. Ft.
Top 20 Tenant Concentration (% ABR) 37.9% 33.0% 27.5% -10.4%
Secured Debt to Total Assets1 31.9% 16.7% 1.8% -30.1%
Fixed Charge Coverage Ratio2 1.9x 2.8x 3.4x +1.5x
Unencumbered NOI2 31% 59% 95% +64%
S T R A T E G I C F O C U S 58FOOTNOTES, NON-GAAP FINANCIAL
MEASURES & OTHER DEFINITIONS
59Footnotes
Slide 3
1 Represents guidance previously provided in our earnings release, which was subject to the assumptions set forth therein. We have not updated or reaffirmed that guidance or any of the
supporting assumptions and are not doing so by restating it herein
2 Represents cash on hand of approximately $38 million plus revolver availability of nearly $850 million as of March 31, 2021
3 The Debt Service Coverage Ratio is calculated in accordance with the agreement that governs our 4.00% unsecured senior notes due 2025 and our 4.75% senior unsecured notes due 2030 and
is required to be greater than or equal to 1.50x. We include this ratio to demonstrate the extent by which we exceeded the requirement, and it should not be viewed as a measure of our historical
or future financial performance, financial position or cash flows
Slide 5
1 Sun Belt ABR figure represents ABR from all properties located within Sun Belt states regardless of location within those states
Slide 7
1Income and population data sourced from Claritas
Slide 8
1 Income and population data sourced from Claritas
2 Three redevelopment properties, Circle East, Carillon and The Shoppes at Quarterfield, are excluded from operating statistics
Slide 9
1 Income and population data sourced from Claritas
Slide 10
1Income and population data sourced from Claritas
Slide 11
1Income and population data sourced from Claritas
Slide 12
1The classification of tenant type, including the classification between essential and non-essential, is based on management's understanding of the tenant operations and may not be comparative
to similarly titled classifications by other companies
2 The base rent collection rate is based on ABR of leases in our retail operating portfolio that were in effect as of quarter end for each respective quarter presented
Slide 13
1Mid-tier represents leases of 5,000-9,999 square feet
2The classification of tenant type, including the classification between essential and non-essential, is based on management's understanding of the tenant operations and may not be comparative
to similarly titled classifications by other companies
R E / D E F I N E D 60Footnotes
(continued)
Slide 15
1 Project may require additional discretionary design or other approvals in certain jurisdictions
2 During 2020, in response to macroeconomic conditions due to the impact of the COVID-19 pandemic, the Company halted plans for vertical construction at Carillon and terminated the joint
ventures related to the multi-family rental portion and the medical office building portion of phase one of the redevelopment. As of March 31, 2021, the Company continues to evaluate scenarios
in anticipation of restarting future development
3 Includes three vacant parcels that have been identified as future pad development opportunities of up to 95,000 square feet of GLA
Slide 16
1 Represents our multi-tenant retail operating portfolio. Presented as basis points of NOI
2 Excludes sales for Tesla at Southlake Town Square and excludes our redevelopments at Circle East as well as Carillon
3 Represents leasing activity in our retail operating portfolio for the quarter ending March 31, 2021. Excludes the impact of non-comparable new and renewal leases
4The classification of tenant type, including the classification between essential and non-essential, is based on management's understanding of the tenant operations and may not be comparative
to similarly titled classifications by other companies
5 3-mile population and average household income demographic metrics are weighted by value and sourced from Green Street Advisors as of December 31, 2020
6 Based on leasing activity in our multi-tenant retail operating portfolio for the quarter ending March 31, 2021, and for the preceding four quarters. Presented as basis points of NOI
Slide 17
1 Sourced from Green Street Advisors as of December 31, 2020
2 3-mile population and average household income demographic metrics are weighted by value and sourced from Green Street Advisors as of December 31, 2020
3 For purposes of our Net Debt to Trailing Twelve Month Adjusted EBITDAre ratio, Net Debt is calculated as total debt principal less cash and cash equivalents
4 Peer leverage data sourced and/or calculated from 1Q 2021 public data. BRX, ROIC, and SITC report EBITDA not EBITDAre. FRT, KIM and SITC reflect the addition of preferred equity at
liquidation preference to Net Debt. Net Debt is calculated as total debt principal less cash and cash equivalents. KIM EBITDAre excludes gain on sale of cost method investment and gain on
marketable securities, net
Slide 19
1 Calculated as the sum of Net Debt and market value of equity based on our common stock price of $12.11 as of May 7, 2021
2 Represents guidance previously provided in our earnings release, which was subject to the assumptions set forth therein. We have not updated or reaffirmed that guidance or any of the
supporting assumptions and are not doing so by restating it herein
Slide 22
1The classification of tenant type, including the classification between essential and non-essential, is based on management's understanding of the tenant operations and may not be comparative
to similarly titled classifications by other companies
Slide 23
1The base rent collection rate is based on ABR of leases in our retail operating portfolio that were in effect as of quarter end for each respective quarter presented
R E / D E F I N E D 61Footnotes
(continued)
Slide 31
1 Ratings sourced from Bloomberg as of May 10, 2021
2 Peer leverage data sourced and/or calculated from 1Q 2021 public data. BRX, ROIC, and SITC report EBITDA not EBITDAre. FRT, KIM and SITC reflect the addition of preferred equity at
liquidation preference to Net Debt. Net Debt is calculated as total debt principal less cash and cash equivalents. KIM EBITDAre excludes gain on sale of cost method investment and gain on
marketable securities, net
Slide 32
1 These covenant ratios are calculated in accordance with the agreement that governs our 4.00% unsecured senior notes due 2025 and our 4.75% senior unsecured notes due 2030. We include
these ratios to demonstrate the extent by which we exceeded the requirement, and it should not be viewed as a measure of our historical or future financial performance, financial position or cash
flows
Slide 33
1 Represents cash on hand of approximately $38 million plus revolver availability of nearly $850 million as of March 31, 2021
2 The Leverage Ratio is calculated in accordance with the agreement that governs our 4.00% unsecured senior notes due 2025 and our 4.75% senior unsecured notes due 2030 and is required to
be less than or equal to 60%. We include this ratio to demonstrate the extent by which we exceeded the requirement, and it should not be viewed as a measure of our historical or future financial
performance, financial position or cash flows
3 The Debt Service Coverage Ratio is calculated in accordance with the agreement that governs our 4.00% unsecured senior notes due 2025 and our 4.75% senior unsecured notes due 2030 and
is required to be greater than or equal to 1.50x. We include this ratio to demonstrate the extent by which we exceeded the requirement, and it should not be viewed as a measure of our historical
or future financial performance, financial position or cash flows
4 Secured Debt represents total secured debt principal and Total Assets is calculated as GAAP book value of total assets excluding the effect of accumulated depreciation
5 For purposes of the Unencumbered NOI ratio, Unencumbered NOI and NOI are calculated based on the definitions in the agreement that governs our Unsecured Credit Facility
6 For purposes of our Net Debt to Trailing Twelve Month Adjusted EBITDAre ratio, Net Debt is calculated as total debt principal less cash and cash equivalents
Slide 34
1 Represents cash on hand of approximately $38 million plus revolver availability of nearly $850 million as of March 31, 2021
2 Mortgages Payable amounts reflect the maturity date of mortgages and exclude any scheduled principal amortization
Slide 37
1 The Sports Authority at Northgate North was assumed by Dick’s Sporting Goods in September 2016
2 The H.H. Gregg at Gurnee Town Center was originally backfilled with Art Van Furniture before a subsequent backfill with Binny’s Beverage Depot in Q2 2020
3 The Pier 1 at Tollgate Marketplace measured 9,920 square feet, which falls slightly below our anchor definition of 10,000 square feet
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