RPT Realty (KIM+N) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Entity File Number	1-10093
Entity Registrant Name	RPT Realty
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-6908486
Entity Address, Address Line One	19 W 44th Street,
Entity Address, Address Line Two	Suite 1002
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	221-1261
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		80,586,058
Entity Central Index Key	0000842183
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Transition Report	false
Common Shares of Beneficial Interest ($0.01 Par Value Per Share)
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest ($0.01 Par Value Per Share)
Trading Symbol	RPT
Security Exchange Name	NYSE
Series D Cumulative Convertible Perpetual Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	7.25% Series D Cumulative Convertible Perpetual Preferred
Trading Symbol	RPT.PRD
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Income producing properties, at cost:
Land	$ 331,265	$ 331,265
Buildings and improvements	1,486,031	1,486,838
Less accumulated depreciation and amortization	(360,220)	(352,006)
Income producing properties, net	1,457,076	1,466,097
Construction in progress and land available for development	40,099	42,279
Net real estate	1,497,175	1,508,376
Equity investments in unconsolidated joint ventures	130,602	130,321
Cash and cash equivalents	320,596	110,259
Restricted cash and escrows	2,248	4,293
Accounts receivable (net of allowance for doubtful accounts of $1,490 and $1,037 as of March 31, 2020 and December 31, 2019, respectively)	23,202	24,974
Acquired lease intangibles, net	31,653	34,278
Operating lease right-of-use assets	19,064	19,222
Other assets, net	82,130	86,836
TOTAL ASSETS	2,106,670	1,918,559
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable, net	1,155,176	930,808
Finance lease obligation	926	926
Accounts payable and accrued expenses	41,826	55,360
Distributions payable	19,853	19,792
Acquired lease intangibles, net	37,650	38,898
Operating lease liabilities	18,092	18,181
Other liabilities	21,311	6,339
TOTAL LIABILITIES	1,294,834	1,070,304
Commitments and Contingencies
RPT Realty ("RPT") Shareholders' Equity:
Preferred shares of beneficial interest, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 1,849 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	92,427	92,427
Common shares of beneficial interest, $0.01 par, 240,000 and 120,000 shares authorized as of March 31, 2020 and December 31, 2019, respectively, and 79,969 and 79,850 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	800	798
Additional paid-in capital	1,169,929	1,169,557
Accumulated distributions in excess of net income	(455,431)	(436,361)
Accumulated other comprehensive (loss) income	(15,091)	1,819
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT	792,634	828,240
Noncontrolling interest	19,202	20,015
TOTAL SHAREHOLDERS' EQUITY	811,836	848,255
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,106,670	$ 1,918,559

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 1,490	$ 1,037
Preferred shares, par (in usd per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	2,000,000	2,000,000
Cumulative convertible perpetual preferred shares, dividend rate	7.25%	7.25%
Cumulative convertible perpetual preferred shares, liquidation preference (in usd per share)	$ 50	$ 50
Cumulative convertible perpetual preferred shares, issued (in shares)	1,849,000	1,849,000
Cumulative convertible perpetual preferred shares, outstanding (in shares)	1,849,000	1,849,000
Common shares of beneficial interest, par (in usd per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	240,000,000	120,000,000
Common shares of beneficial interest, issued (in shares)	79,969,000	79,850,000
Common shares of beneficial interest, outstanding (in shares)	79,969,000	79,850,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUE
Rental income	$ 51,722	$ 58,358
TOTAL REVENUE	52,876	59,708
EXPENSES
Real estate taxes	8,151	9,822
Recoverable operating expense	5,979	6,681
Non-recoverable operating expense	2,277	2,490
Depreciation and amortization	20,848	19,219
Transaction costs	174	0
General and administrative expense	6,222	6,066
Insured expenses, net	60	0
TOTAL EXPENSES	43,711	44,278
OPERATING INCOME	9,165	15,430
OTHER INCOME AND EXPENSES
Other income (expense), net	353	(108)
Gain on sale of real estate	0	5,702
Earnings from unconsolidated joint ventures	256	54
Interest expense	(9,401)	(10,349)
INCOME BEFORE TAX	373	10,729
Income tax provision	(31)	(36)
NET INCOME	342	10,693
Net income attributable to noncontrolling partner interest	(8)	(250)
NET INCOME ATTRIBUTABLE TO RPT	334	10,443
Preferred share dividends	(1,675)	(1,675)
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ (1,341)	$ 8,768
(LOSS) EARNINGS PER COMMON SHARE
Basic (in usd per share)	$ (0.02)	$ 0.11
Diluted (in usd per share)	$ (0.02)	$ 0.11
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	79,909	79,744
Diluted (in shares)	79,909	79,931
Cash Dividend Declared per Common Share (in usd per share)	$ 0.22	$ 0.22
OTHER COMPREHENSIVE INCOME
Net income	$ 342	$ 10,693
Other comprehensive gain (loss):
(Loss) gain on interest rate swaps	(17,311)	(1,539)
Comprehensive (loss) income	(16,969)	9,154
Comprehensive loss (income) attributable to noncontrolling interest	393	(214)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RPT	(16,576)	8,940
Other property income
REVENUE
TOTAL REVENUE	803	1,299
Management and other fee income
REVENUE
TOTAL REVENUE	$ 351	$ 51

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2018	$ 831,543	$ 92,427	$ 797	$ 1,164,848	$ (450,130)	$ 4,020	$ 19,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net of shares withheld for employee taxes	1,201		1	1,200
Dividends declared to common shareholders	(17,546)				(17,546)
Dividends declared to preferred shareholders	(1,675)				(1,675)
Distributions declared to noncontrolling interests	(421)						(421)
Dividends declared to deferred shares	(132)				(132)
Other comprehensive income adjustment	(1,539)					(1,503)	(36)
Net income	10,693				10,443		250
Ending balance at Mar. 31, 2019	821,791	92,427	798	1,166,048	(459,365)	2,517	19,366
Beginning balance at Dec. 31, 2019	848,255	92,427	798	1,169,557	(436,361)	1,819	20,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of issuance costs	(354)			(354)
Share-based compensation, net of shares withheld for employee taxes	728		2	726
Dividends declared to common shareholders	(17,593)				(17,593)
Dividends declared to preferred shareholders	(1,675)				(1,675)
Distributions declared to noncontrolling interests	(420)						(420)
Dividends declared to deferred shares	(136)				(136)
Other comprehensive income adjustment	(17,311)					(16,910)	(401)
Net income	342				334		8
Ending balance at Mar. 31, 2020	$ 811,836	$ 92,427	$ 800	$ 1,169,929	$ (455,431)	$ (15,091)	$ 19,202

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 342	$ 10,693
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,848	19,219
Amortization of deferred financing fees	343	362
Income tax provision	31	36
Earnings from unconsolidated joint ventures	(256)	(54)
Distributions received from operations of unconsolidated joint ventures	0	17
Gain on sale of real estate	0	(5,702)
Amortization of acquired above and below market lease intangibles, net	(1,096)	(909)
Amortization of premium on mortgages, net	(228)	(242)
Service-based restricted share expense	820	812
Long-term incentive cash and equity compensation expense	279	206
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable, net	1,758	(2,687)
Other assets, net	698	(454)
Accounts payable and other liabilities	(13,218)	(7,421)
Net cash provided by operating activities	10,321	13,876
INVESTING ACTIVITIES
Development and capital improvements	(4,470)	(16,760)
Capital improvements covered by insurance	(1,190)	0
Net proceeds from sales of real estate	0	66,960
Investment in equity interests in unconsolidated joint ventures	(11)	0
Net cash (used in) provided by investing activities	(5,671)	50,200
FINANCING ACTIVITIES
Repayment of mortgages and notes payable	(542)	(654)
Proceeds on revolving credit facility	225,000	0
Payment of deferred financing costs	(32)	0
Proceeds from issuance of common shares, net of costs	(354)	0
Shares used for employee taxes upon vesting of awards	(667)	(101)
Dividends paid to preferred shareholders	(1,675)	(1,675)
Dividends paid to common shareholders	(17,668)	(17,634)
Distributions paid to operating partnership unit holders	(420)	(421)
Net cash provided by (used in) financing activities	203,642	(20,485)
Net change in cash, cash equivalents and restricted cash	208,292	43,591
Cash, cash equivalents and restricted cash at beginning of period	114,552	44,722
Cash, cash equivalents and restricted cash at end of period	322,844	88,313
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $1 and $24 in 2020 and 2019, respectively)	6,359	7,296
Reconciliation of cash, cash equivalents and restricted cash
Cash, cash equivalents, and restricted cash	$ 322,844	$ 88,313

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Cash paid for interest, capitalized interest	$ 1	$ 24

Organization and Basis of Prese

Organization and Basis of Presentations	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization and Basis of Presentations	Organization and Basis of Presentations Organization RPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the 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 ("NYSE"). The common shares of beneficial interest of the Company, par value $0.01 per share (the "common share"), are listed and traded on the NYSE under the ticker symbol "RPT". As of March 31, 2020, the Company's portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) (the "aggregate portfolio") representing 11.9 million square feet of gross leaseable area (“GLA”). As of March 31, 2020, the Company’s pro-rata share of the aggregate portfolio was 94.1% leased. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.7% owned by the Company at March 31, 2020 and December 31, 2019), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. Equity Distribution Agreement In February 2020, the Company entered into an Equity Distribution Agreement ("Equity Distribution Agreement") pursuant to which the Company may offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million. Sales of the shares of common stock may be made, in the Company's discretion, from time to time in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933. The Equity Distribution Agreement also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. For the three months ended March 31, 2020, we did not issue any common shares through the arrangement. As of March 31, 2020, we have full capacity remaining under the agreement. Significant Risks and Uncertainties One of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus disease (“COVID-19”). On February 28, 2020, the World Health Organization ("WHO") raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. On March 13, 2020, the United States declared a national emergency with respect to COVID-19. While the Company did not incur significant disruptions to its operations during the first quarter of 2020 from COVID-19, it is unable at this time to reasonably estimate the impact that COVID-19 will have on its business, financial position and operating results in future periods due to numerous uncertainties and is closely monitoring the impact of the pandemic on all aspects of its business. A number of our tenants have announced temporary closures of their stores and have requested rent relief, most often in the form of rent deferral, which the Company is evaluating on a case-by-case basis. The COVID-19 pandemic has had and will likely to continue to have, repercussions across local, national and global economies and financial markets, including a potential global recession. COVID-19 may have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • reduced economic activity severely impacting our tenants' businesses, financial condition and liquidity and may cause tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • the negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and • weaker economic conditions could cause us to recognize impairment in the value of our tangible or intangible assets based on the then Company's reasonable assessment. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” (“ASU 2018-13”) which amends Accounting Standards Codification (ASC) 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard became effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The standard became effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In June 2016, the FASB updated ASC Topic 326 “Financial Instruments - Credit Losses” with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. In addition, in November 2018 the FASB issued ASU 2018-19, which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The standard became effective for annual periods beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. We are currently evaluating the guidance and have not determined the impact this standard may have on our condensed consolidated financial statements. In April 2020, the FASB issued a staff question-and-answer ("Q&A") document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we grant a deferral for future periods as a result of COVID-19, we will account for the concessions as if no changes to the lease contract were made. Under that accounting, we would increase our lease receivable as receivables accrue. In our statement of operations, we would continue to recognize income during the deferral period.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate	Real Estate Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in progress and land available for development. We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, net operating income, real estate values and expected holding period. For the three months ended March 31, 2020 and 2019, we recorded no impairment provision. Land available for development includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center or outparcel pad. The viability of all projects under construction or development is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land available for development was $28.7 million and $28.5 million at March 31, 2020 and December 31, 2019, respectively. Construction in progress represents existing development, redevelopment and tenant build-out projects. When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate. Construction in progress was $11.4 million and $13.8 million at March 31, 2020 and December 31, 2019, respectively. The decrease in construction in progress from December 31, 2019 to March 31, 2020 was due primarily to the completion of ongoing expansion projects.

Property Acquisitions and Dispo

Property Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Property Acquisitions and Dispositions	Property Acquisitions and Dispositions Acquisitions There were no acquisitions in the three months ended March 31, 2020. Dispositions There were no dispositions in the three months ended March 31, 2020

Equity Investments in Unconsoli

Equity Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Unconsolidated Joint Ventures	Equity Investments in Unconsolidated Joint Ventures We are an investor in four joint venture agreements: 1) R2G Venture LLC, 2) Ramco/Lion Venture LP, 3) Ramco 450 Venture LLC, and 4) Ramco HHF NP LLC, whereby we own 51.5%, 30%, 20%, and 7%, respectively, of the equity in each joint venture. As of March 31, 2020, our R2G Venture LLC joint venture owned five income-producing shopping centers, and our other three joint ventures did not own any income producing properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: Balance Sheets March 31, 2020 December 31, 2019 (In thousands) ASSETS Investment in real estate, net $ 231,934 $ 233,531 Other assets 32,201 27,463 Total Assets $ 264,135 $ 260,994 LIABILITIES AND OWNERS' EQUITY Total liabilities $ 18,032 $ 15,943 Owners' equity 246,103 245,051 Total Liabilities and Owners' Equity $ 264,135 $ 260,994 RPT's equity investments in unconsolidated joint ventures $ 130,602 $ 130,321 Three Months Ended March 31, Statements of Operations 2020 2019 (In thousands) Total revenue $ 6,032 $ 794 Total expenses 5,538 396 Net income $ 494 $ 398 RPT's share of earnings from unconsolidated joint ventures $ 256 $ 54 Acquisitions There was no acquisition activity in the three months ended March 31, 2020 by any of our unconsolidated joint ventures. Dispositions There was no disposition activity in the three months ended March 31, 2020 by any of our unconsolidated joint ventures. Joint Venture Management and Other Fee Income We are engaged by our joint ventures to provide asset management, property management, leasing and investing services for such ventures' respective properties. We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered. The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, 2020 2019 (In thousands) Management fees $ 233 $ 27 Leasing fees 118 — Construction fees — 24 Total $ 351 $ 51

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of March 31, 2020 and December 31, 2019: Notes Payable and Finance Lease Obligation March 31, December 31, (In thousands) Senior unsecured notes $ 535,000 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 87,039 87,581 Unsecured revolving credit facility 225,000 — 1,157,039 932,581 Unamortized premium 1,767 1,995 Unamortized deferred financing costs (3,630) (3,768) Total notes payable $ 1,155,176 $ 930,808 Finance lease obligation $ 926 $ 926 Senior Unsecured Notes The following table summarizes the Company's senior unsecured notes: March 31, 2020 December 31, 2019 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes 6/27/2021 $ 37,000 3.75 % $ 37,000 3.75 % Senior unsecured notes 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecured notes 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes 12/27/2029 50,000 4.15 % 50,000 4.15 % $ 535,000 4.20 % $ 535,000 4.20 % Unamortized deferred financing costs (1,423) (1,460) Total $ 533,577 $ 533,540 Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: March 31, 2020 December 31, 2019 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan - fixed rate (1) 3/3/2023 $ 60,000 2.97 % $ 60,000 2.97 % Unsecured term loan - fixed rate (2) 11/6/2024 50,000 2.46 % 50,000 2.91 % Unsecured term loan - fixed rate (3) 2/6/2025 50,000 2.66 % 50,000 2.66 % Unsecured term loan - fixed rate (4) 11/6/2026 50,000 2.90 % 50,000 3.31 % Unsecured term loan - fixed rate (5) 2/5/2027 100,000 3.25 % 100,000 3.25 % $ 310,000 2.92 % $ 310,000 3.06 % Unamortized deferred financing costs (2,207) (2,308) Term loans, net $ 307,793 $ 307,692 Revolving credit facility - variable rate 11/6/2023 $ 225,000 2.09 % — 2.80 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (3) Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020. (5) Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020. As of March 31, 2020 we had $225.0 million outstanding under our unsecured revolving credit facility, an increase of $225.0 million from December 31, 2019, as a result of borrowings in March 2020 to strengthen the Company's liquidity position due to the COVID-19 pandemic. After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $0.2 million, we had $124.8 million of unused capacity under our $350.0 million unsecured revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. Based on our recent borrowings under our revolving credit facility to enhance our liquidity position, our current amount of outstanding indebtedness is close to the maximum permitted amount under the covenants contained in our revolving credit facility, and as a result our ability to retain our outstanding borrowings and utilize the limited remaining amount available under our revolving credit facility would depend on our continued compliance with financial covenants and other terms of our revolving credit agreement, which may be impacted by certain factors including tenant store closures and the nonpayment of rent, unless we obtain waivers or modifications to our loan document covenants. These covenants are generally based on our financial results from the most recently completed four fiscal quarters and, as a result, the impact on these financial covenants from adverse short-term impacts on operating results is partially mitigated by previous and/or subsequent operating results.The interest rate as of March 31, 2020 was 2.09%. Mortgages The following table summarizes the Company's fixed rate mortgages: March 31, 2020 December 31, 2019 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 53,137 5.70 % 53,423 5.70 % The Shops on Lane Avenue 1/10/2023 28,564 3.76 % 28,650 3.76 % Nagawaukee II 6/1/2026 5,338 5.80 % 5,508 5.80 % $ 87,039 5.07 % $ 87,581 5.07 % Unamortized premium 1,767 1,995 Total $ 88,806 $ 89,576 The fixed rate mortgages are secured by properties that have an approximate net book value of $150.1 million as of March 31, 2020. The mortgage loans encumbering our properties are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. Covenants Our revolving credit facility, senior unsecured notes and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of March 31, 2020, we were in compliance with these covenants. Debt Maturities The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of March 31, 2020: Year Ending December 31, (In thousands) 2020 (remaining) $ 1,785 2021 39,508 2022 52,397 2023 (1) 354,388 2024 125,879 Thereafter 583,082 Subtotal debt 1,157,039 Unamortized premium 1,767 Unamortized deferred financing costs (3,630) Total debt $ 1,155,176

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements. These levels are: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption which is not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. Derivative Assets and Liabilities All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify these instruments as Level 2. Refer to Note 7 Derivative Financial Instruments of the notes to the condensed consolidated financial statements for additional information on our derivative financial instruments. The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019: Total Level 2 Balance Sheet Location March 31, 2020 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (15,449) $ (15,449) December 31, 2019 Derivative assets - interest rate swaps Other assets $ 2,331 $ 2,331 Derivative liabilities - interest rate swaps Other liabilities $ (469) $ (469) The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assume the debt is outstanding through maturity and consider the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions (Level 3), there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $932.0 million and $832.6 million as of March 31, 2020 and December 31, 2019, respectively, had fair values of approximately $990.6 million and $848.2 million, respectively. Variable rate debt’s fair value is estimated to be the carrying value of $225.0 million and $100.0 million as of March 31, 2020 and December 31, 2019, respectively. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis: Net Real Estate Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset or pricing from potential or comparable market transactions. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. During the three months ended March 31, 2020, we did not incur any impairment for income producing shopping centers that are required to be measured at fair value on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsWe utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt. We may also enter into forward starting swaps to set the effective interest rate on planned variable rate financing. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations and comprehensive income. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective, for example, if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period and LIBOR rate. At March 31, 2020, all of our hedges were effective. In July 2017, the Financial Conduct Authority, the authority that regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee (ARRC) has proposed that the Secured Overnight Financing Rate (SOFR) is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or financing costs to borrowers. We have material contracts that are indexed to USD-LIBOR, and we are monitoring this activity and evaluating the related risks. At December 31, 2019, we had seven interest rate swap agreements in effect for an aggregate notional amount of $210.0 million and five forward starting interest rate swap agreements for an aggregate notional amount of $150.0 million, converting our floating rate corporate debt to fixed rate debt. Additionally, in February 2020, we entered into four additional interest rate swap agreements for an aggregate notional amount of $100.0 million. The following table summarizes the notional values and fair values of our derivative financial instruments as of March 31, 2020: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (24) 5/2020 Unsecured term loan Cash Flow 10,000 2.150 % (16) 5/2020 Unsecured term loan Cash Flow 50,000 1.460 % (35) 5/2020 Unsecured term loan Cash Flow 20,000 1.498 % (275) 5/2021 Unsecured term loan Cash Flow 15,000 1.490 % (205) 5/2021 Unsecured term loan Cash Flow 40,000 1.480 % (541) 5/2021 Unsecured term loan Cash Flow 60,000 1.770 % (2,580) 3/2023 Unsecured term loan Cash Flow 30,000 1.260 % (1,208) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (401) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (406) 11/2024 Unsecured term loan Cash Flow 50,000 1.297 % (2,611) 11/2026 $ 310,000 $ (8,302) Derivative Liabilities - Forward Swaps Unsecured term loan Cash Flow 25,000 1.310 % (1,075) 1/2025 Unsecured term loan Cash Flow 25,000 1.324 % (1,092) 1/2025 Unsecured term loan Cash Flow 50,000 1.382 % (2,322) 1/2027 Unsecured term loan Cash Flow 25,000 1.398 % (1,177) 1/2027 Unsecured term loan Cash Flow 25,000 1.402 % (1,481) 1/2027 Total Derivative Liabilities $ 460,000 $ (15,449) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2019: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 50,000 1.460 % $ 42 5/2020 Unsecured term loan Cash Flow 20,000 1.498 % 21 5/2021 Unsecured term loan Cash Flow 15,000 1.490 % 18 5/2021 Unsecured term loan Cash Flow 40,000 1.480 % 52 5/2021 $ 125,000 $ 133 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow 25,000 1.310 % 311 1/2025 Unsecured term loan Cash Flow 25,000 1.324 % 297 1/2025 Unsecured term loan Cash Flow 50,000 1.382 % 797 1/2027 Unsecured term loan Cash Flow 25,000 1.398 % 381 1/2027 Unsecured term loan Cash Flow 25,000 1.402 % 412 1/2027 Total Derivative Assets $ 275,000 $ 2,331 Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (26) 5/2020 Unsecured term loan Cash Flow 10,000 2.150 % (17) 5/2020 Unsecured term loan Cash Flow 60,000 1.770 % (426) 3/2023 Total Derivative Liabilities $ 85,000 $ (469) The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2020 and 2019 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (In thousands) (In thousands) Interest rate contracts - assets $ (2,345) $ (1,988) Interest Expense $ 14 $ 449 Interest rate contracts - liabilities (15,039) — Interest Expense 59 — Total $ (17,384) $ (1,988) Total $ 73 $ 449

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at March 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2020 (remaining) $ 117,448 2021 143,081 2022 121,427 2023 100,704 2024 82,238 Thereafter 269,735 Total $ 834,633 We recognized rental income related to variable lease payments of $11.3 million and $13.7 million for the three months ended March 31, 2020 and 2019, respectively. Substantially all of the assets included as Income producing properties, net on the condensed consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of March 31, 2020, the Company’s aggregate portfolio was 94.1% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Three Months Ended March 31, Statements of Operations Classification 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 Operating administrative lease cost General and administrative expense 148 233 Finance lease cost Interest Expense 12 13 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification March 31, 2020 December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,064 $ 19,222 Finance lease asset Land 13,249 13,249 Total leased assets $ 32,313 $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,092 $ 18,181 Finance lease liability Finance lease liability 926 926 Total lease liabilities $ 19,018 $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years 70 years Finance lease 13 years 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.07 % 6.06 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 434 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of March 31, 2020 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 (remaining) $ 1,092 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,134 $ 1,300 Less imputed interest (84,042) (374) Total $ 18,092 $ 926
Leases	Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at March 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2020 (remaining) $ 117,448 2021 143,081 2022 121,427 2023 100,704 2024 82,238 Thereafter 269,735 Total $ 834,633 We recognized rental income related to variable lease payments of $11.3 million and $13.7 million for the three months ended March 31, 2020 and 2019, respectively. Substantially all of the assets included as Income producing properties, net on the condensed consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of March 31, 2020, the Company’s aggregate portfolio was 94.1% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Three Months Ended March 31, Statements of Operations Classification 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 Operating administrative lease cost General and administrative expense 148 233 Finance lease cost Interest Expense 12 13 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification March 31, 2020 December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,064 $ 19,222 Finance lease asset Land 13,249 13,249 Total leased assets $ 32,313 $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,092 $ 18,181 Finance lease liability Finance lease liability 926 926 Total lease liabilities $ 19,018 $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years 70 years Finance lease 13 years 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.07 % 6.06 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 434 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of March 31, 2020 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 (remaining) $ 1,092 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,134 $ 1,300 Less imputed interest (84,042) (374) Total $ 18,092 $ 926
Leases	Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at March 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2020 (remaining) $ 117,448 2021 143,081 2022 121,427 2023 100,704 2024 82,238 Thereafter 269,735 Total $ 834,633 We recognized rental income related to variable lease payments of $11.3 million and $13.7 million for the three months ended March 31, 2020 and 2019, respectively. Substantially all of the assets included as Income producing properties, net on the condensed consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of March 31, 2020, the Company’s aggregate portfolio was 94.1% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Three Months Ended March 31, Statements of Operations Classification 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 Operating administrative lease cost General and administrative expense 148 233 Finance lease cost Interest Expense 12 13 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification March 31, 2020 December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,064 $ 19,222 Finance lease asset Land 13,249 13,249 Total leased assets $ 32,313 $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,092 $ 18,181 Finance lease liability Finance lease liability 926 926 Total lease liabilities $ 19,018 $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years 70 years Finance lease 13 years 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.07 % 6.06 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 434 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of March 31, 2020 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 (remaining) $ 1,092 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,134 $ 1,300 Less imputed interest (84,042) (374) Total $ 18,092 $ 926

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net income $ 342 $ 10,693 Net income attributable to noncontrolling interest (8) (250) Allocation of income to restricted share awards (136) (132) Income attributable to RPT 198 10,311 Preferred share dividends (1,675) (1,675) Net income available to common shareholders - Basic and Diluted $ (1,477) $ 8,636 Weighted average shares outstanding, Basic 79,909 79,744 Restricted stock awards using the treasury method (1) — 187 Weighted average shares outstanding, Diluted 79,909 79,931 Income per common share, Basic $ (0.02) $ 0.11 Income per common share, Diluted $ (0.02) $ 0.11 (1) Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. We exclude certain securities from the computation of diluted earnings per share. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Three Months Ended March 31, 2020 2019 Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,909 1,909 1,909 1,909 Series D Preferred Shares 1,849 7,014 1,849 6,891 Restricted Stock Awards 1,061 445 — — 4,819 9,368 3,758 8,800

Share-based Compensation Plans

Share-based Compensation Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation Plans	Share-based Compensation PlansAs of March 31, 2020, we have two share-based compensation plans in effect: 1) the 2019 Omnibus Long-Term Incentive Plan (“2019 LTIP”) and 2) the Inducement Incentive Plan (“Inducement Plan”). On April 29, 2019, our shareholders approved the 2019 LTIP, which replaced the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”). The 2019 LTIP is administered by the compensation committee of the Board (the “Compensation Committee”). The 2019 LTIP provides for the award to our trustees, officers, employees and other service providers of restricted shares, restricted share units, options to purchase shares, share appreciation rights, unrestricted shares, and other awards to acquire up to an aggregate of 3.5 million common shares of beneficial interest plus any shares that become available under the 2012 LTIP as a result of the forfeiture, expiration or cancellation of outstanding awards or any award settled in cash in lieu of shares under such plan. As of March 31, 2020, there were 2.8 million shares of beneficial interest available for issuance under the 2019 LTIP. The Inducement Plan was approved by the Board in April 2018 and under such plan the Compensation Committee may grant, subject to any Company performance conditions as specified by the Compensation Committee, restricted shares, restricted share units, options and other awards to individuals who were not previously employees or members of the Board as an inducement to the individual's entry into employment with the Company. The Inducement Plan allows us to issue up to 6.0 million common shares of beneficial interest, of which 5.0 million remained available for issuance as of March 31, 2020; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. As of March 31, 2020, we had 276,753 unvested service-based share awards outstanding under the 2019 LTIP, 145,952 unvested service-based share awards outstanding under the Inducement Plan, and 157,811 unvested service-based share awards outstanding under the 2012 LTIP. These awards have various expiration dates through March 2023. During the three months ended March 31, 2020, we granted the following awards: • 211,769 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date; and • performance-based equity awards that are earned subject to a future performance measurement based on a three The service-based restricted share awards to employees vest over three years or five years and the compensation expense is recognized on a graded vesting basis. The service-based restricted share awards to trustees vest over one year. We recognized expense related to service-based restricted share grants of $0.8 million for both the three months ended March 31, 2020 and March 31, 2019. Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three March 31, 2020 December 31, 2019 Closing share price $6.03 $15.04 Expected dividend rate 14.6 % 5.9 % Expected stock price volatility 47.7 % 22.6 % Risk-free interest rate 0.2 % 1.6 % Expected life (years) 1.75 2.00 The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognizes the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. Compensation expense related to the equity awards was $0.6 million and $0.5 million for the three months ended March 31, 2020 and March 31, 2019, respectively. The fair value of each grant for the reported periods is estimated on the date of grant using the Monte Carlo simulation model using the weighted average assumptions noted in the following table: Three Months Ended March 31, 2020 2019 Closing share price $13.09 $12.05 Expected dividend rate 6.7 % 7.3 % Expected stock price volatility 23.3 % 22.9 % Risk-free interest rate 0.9 % 2.5 % Expected life (years) 2.85 2.85 We recognized total share-based compensation expense of $1.1 million and $1.0 million for the three months ended March 31, 2020 and March 31, 2019, respectively.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Taxes	Taxes Income Taxes We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders. As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes. Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our taxable REIT subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies. Our temporary differences primarily relate to deferred compensation, depreciation, land basis differences, and net operating loss carry forwards. As of March 31, 2020, we had a federal and state deferred tax asset of $7.6 million and a valuation allowance of $7.6 million. Our deferred tax assets are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our consolidated statement of operations and comprehensive income in the period we make the determination. Income tax provisions recorded for the three months ended March 31, 2020 and 2019 were negligible. Sales Taxes We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Construction Costs In connection with the development and expansion of various shopping centers as of March 31, 2020, we had entered into agreements for construction costs of approximately $5.7 million. Litigation We are currently involved in certain litigation arising in the ordinary course of business. We are not aware of any matters that would have a material effect on our condensed consolidated financial statements. Development Obligations As of March 31, 2020, the Company has $2.2 million of development related obligations that require annual payments through December 2043. Guarantee A redevelopment agreement was entered into between the City of Jacksonville, the Jacksonville Economic Development Commission and the Company, to construct and develop River City Marketplace in 2005. As part of the agreement, the city agreed to finance up to $12.2 million of bonds. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years, and repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the life of the bonds, including principal and interest, are $9.1 million. As part of the redevelopment, the Company executed a guaranty agreement whereby the Company would fund debt service payments if incremental tax revenues were not sufficient to fund repayment. There have been no payments made by the Company under this guaranty agreement to date. Environmental Matters We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our condensed consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will expedite and assure satisfactory compliance with environmental laws and regulations should contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. Since the onset of COVID-19, the Company has received rent relief requests, most often in the form of rent deferral requests. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Though the outcome of tenant negotiations will vary tenant to tenant, the Company has entered and continues to expect that it will enter into rent relief agreements, such as agreements granting deferral of lease payments, with those tenants whose operations have been significantly impacted by COVID-19. In May, in order to maintain the Company’s liquidity position and maximize flexibility, the Company’s Board of Trustees has temporarily suspended the quarterly common dividend to retain cash. The Board of Trustees will continue to evaluate the Company’s dividend policy based upon the Company’s financial performance and economic outlook and, at a later date, intends to reinstate the quarterly common dividend of at least the amount required to continue qualifying as a REIT for U.S. federal income tax requirements.

Organization and Basis of Pre_2

Organization and Basis of Presentations (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization	OrganizationRPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the 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 ("NYSE"). The common shares of beneficial interest of the Company, par value $0.01 per share (the "common share"), are listed and traded on the NYSE under the ticker symbol "RPT".
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.7% owned by the Company at March 31, 2020 and December 31, 2019), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates.
Recently Adopted and Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” (“ASU 2018-13”) which amends Accounting Standards Codification (ASC) 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard became effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The standard became effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In June 2016, the FASB updated ASC Topic 326 “Financial Instruments - Credit Losses” with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. In addition, in November 2018 the FASB issued ASU 2018-19, which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The standard became effective for annual periods beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. We are currently evaluating the guidance and have not determined the impact this standard may have on our condensed consolidated financial statements. In April 2020, the FASB issued a staff question-and-answer ("Q&A") document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we grant a deferral for future periods as a result of COVID-19, we will account for the concessions as if no changes to the lease contract were made. Under that accounting, we would increase our lease receivable as receivables accrue. In our statement of operations, we would continue to recognize income during the deferral period.

Equity Investments in Unconso_2

Equity Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of Combined Financial Information for Unconsolidated Joint Ventures, Balance Sheets	The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: Balance Sheets March 31, 2020 December 31, 2019 (In thousands) ASSETS Investment in real estate, net $ 231,934 $ 233,531 Other assets 32,201 27,463 Total Assets $ 264,135 $ 260,994 LIABILITIES AND OWNERS' EQUITY Total liabilities $ 18,032 $ 15,943 Owners' equity 246,103 245,051 Total Liabilities and Owners' Equity $ 264,135 $ 260,994 RPT's equity investments in unconsolidated joint ventures $ 130,602 $ 130,321
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations	Three Months Ended March 31, Statements of Operations 2020 2019 (In thousands) Total revenue $ 6,032 $ 794 Total expenses 5,538 396 Net income $ 494 $ 398 RPT's share of earnings from unconsolidated joint ventures $ 256 $ 54
Information of Fees Earned	The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, 2020 2019 (In thousands) Management fees $ 233 $ 27 Leasing fees 118 — Construction fees — 24 Total $ 351 $ 51

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of March 31, 2020 and December 31, 2019: Notes Payable and Finance Lease Obligation March 31, December 31, (In thousands) Senior unsecured notes $ 535,000 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 87,039 87,581 Unsecured revolving credit facility 225,000 — 1,157,039 932,581 Unamortized premium 1,767 1,995 Unamortized deferred financing costs (3,630) (3,768) Total notes payable $ 1,155,176 $ 930,808 Finance lease obligation $ 926 $ 926 Senior Unsecured Notes The following table summarizes the Company's senior unsecured notes: March 31, 2020 December 31, 2019 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes 6/27/2021 $ 37,000 3.75 % $ 37,000 3.75 % Senior unsecured notes 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecured notes 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes 12/27/2029 50,000 4.15 % 50,000 4.15 % $ 535,000 4.20 % $ 535,000 4.20 % Unamortized deferred financing costs (1,423) (1,460) Total $ 533,577 $ 533,540 Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: March 31, 2020 December 31, 2019 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan - fixed rate (1) 3/3/2023 $ 60,000 2.97 % $ 60,000 2.97 % Unsecured term loan - fixed rate (2) 11/6/2024 50,000 2.46 % 50,000 2.91 % Unsecured term loan - fixed rate (3) 2/6/2025 50,000 2.66 % 50,000 2.66 % Unsecured term loan - fixed rate (4) 11/6/2026 50,000 2.90 % 50,000 3.31 % Unsecured term loan - fixed rate (5) 2/5/2027 100,000 3.25 % 100,000 3.25 % $ 310,000 2.92 % $ 310,000 3.06 % Unamortized deferred financing costs (2,207) (2,308) Term loans, net $ 307,793 $ 307,692 Revolving credit facility - variable rate 11/6/2023 $ 225,000 2.09 % — 2.80 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (3) Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020. (5) Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020.
Schedule of Fixed Mortgage Rates	The following table summarizes the Company's fixed rate mortgages: March 31, 2020 December 31, 2019 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 53,137 5.70 % 53,423 5.70 % The Shops on Lane Avenue 1/10/2023 28,564 3.76 % 28,650 3.76 % Nagawaukee II 6/1/2026 5,338 5.80 % 5,508 5.80 % $ 87,039 5.07 % $ 87,581 5.07 % Unamortized premium 1,767 1,995 Total $ 88,806 $ 89,576
Scheduled Principal Payments on Mortgages and Notes Payable	The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of March 31, 2020: Year Ending December 31, (In thousands) 2020 (remaining) $ 1,785 2021 39,508 2022 52,397 2023 (1) 354,388 2024 125,879 Thereafter 583,082 Subtotal debt 1,157,039 Unamortized premium 1,767 Unamortized deferred financing costs (3,630) Total debt $ 1,155,176

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019: Total Level 2 Balance Sheet Location March 31, 2020 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (15,449) $ (15,449) December 31, 2019 Derivative assets - interest rate swaps Other assets $ 2,331 $ 2,331 Derivative liabilities - interest rate swaps Other liabilities $ (469) $ (469)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Notional Values and Fair Values of Derivative Financial Instruments	The following table summarizes the notional values and fair values of our derivative financial instruments as of March 31, 2020: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (24) 5/2020 Unsecured term loan Cash Flow 10,000 2.150 % (16) 5/2020 Unsecured term loan Cash Flow 50,000 1.460 % (35) 5/2020 Unsecured term loan Cash Flow 20,000 1.498 % (275) 5/2021 Unsecured term loan Cash Flow 15,000 1.490 % (205) 5/2021 Unsecured term loan Cash Flow 40,000 1.480 % (541) 5/2021 Unsecured term loan Cash Flow 60,000 1.770 % (2,580) 3/2023 Unsecured term loan Cash Flow 30,000 1.260 % (1,208) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (401) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (406) 11/2024 Unsecured term loan Cash Flow 50,000 1.297 % (2,611) 11/2026 $ 310,000 $ (8,302) Derivative Liabilities - Forward Swaps Unsecured term loan Cash Flow 25,000 1.310 % (1,075) 1/2025 Unsecured term loan Cash Flow 25,000 1.324 % (1,092) 1/2025 Unsecured term loan Cash Flow 50,000 1.382 % (2,322) 1/2027 Unsecured term loan Cash Flow 25,000 1.398 % (1,177) 1/2027 Unsecured term loan Cash Flow 25,000 1.402 % (1,481) 1/2027 Total Derivative Liabilities $ 460,000 $ (15,449) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2019: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 50,000 1.460 % $ 42 5/2020 Unsecured term loan Cash Flow 20,000 1.498 % 21 5/2021 Unsecured term loan Cash Flow 15,000 1.490 % 18 5/2021 Unsecured term loan Cash Flow 40,000 1.480 % 52 5/2021 $ 125,000 $ 133 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow 25,000 1.310 % 311 1/2025 Unsecured term loan Cash Flow 25,000 1.324 % 297 1/2025 Unsecured term loan Cash Flow 50,000 1.382 % 797 1/2027 Unsecured term loan Cash Flow 25,000 1.398 % 381 1/2027 Unsecured term loan Cash Flow 25,000 1.402 % 412 1/2027 Total Derivative Assets $ 275,000 $ 2,331 Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (26) 5/2020 Unsecured term loan Cash Flow 10,000 2.150 % (17) 5/2020 Unsecured term loan Cash Flow 60,000 1.770 % (426) 3/2023 Total Derivative Liabilities $ 85,000 $ (469)
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2020 and 2019 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (In thousands) (In thousands) Interest rate contracts - assets $ (2,345) $ (1,988) Interest Expense $ 14 $ 449 Interest rate contracts - liabilities (15,039) — Interest Expense 59 — Total $ (17,384) $ (1,988) Total $ 73 $ 449

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at March 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2020 (remaining) $ 117,448 2021 143,081 2022 121,427 2023 100,704 2024 82,238 Thereafter 269,735 Total $ 834,633
Lease, Cost	The components of lease expense were as follows: Three Months Ended March 31, Statements of Operations Classification 2020 2019 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 Operating administrative lease cost General and administrative expense 148 233 Finance lease cost Interest Expense 12 13
Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification March 31, 2020 December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,064 $ 19,222 Finance lease asset Land 13,249 13,249 Total leased assets $ 32,313 $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,092 $ 18,181 Finance lease liability Finance lease liability 926 926 Total lease liabilities $ 19,018 $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years 70 years Finance lease 13 years 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.07 % 6.06 % Finance lease 5.23 % 5.23 %
Lease, Cost	Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 434 Operating cash flows from finance lease — — Financing cash flows from finance lease — —
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of March 31, 2020 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 (remaining) $ 1,092 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,134 $ 1,300 Less imputed interest (84,042) (374) Total $ 18,092 $ 926
Finance Lease, Liability, Maturity	Maturities of lease liabilities as of March 31, 2020 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 (remaining) $ 1,092 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,134 $ 1,300 Less imputed interest (84,042) (374) Total $ 18,092 $ 926

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net income $ 342 $ 10,693 Net income attributable to noncontrolling interest (8) (250) Allocation of income to restricted share awards (136) (132) Income attributable to RPT 198 10,311 Preferred share dividends (1,675) (1,675) Net income available to common shareholders - Basic and Diluted $ (1,477) $ 8,636 Weighted average shares outstanding, Basic 79,909 79,744 Restricted stock awards using the treasury method (1) — 187 Weighted average shares outstanding, Diluted 79,909 79,931 Income per common share, Basic $ (0.02) $ 0.11 Income per common share, Diluted $ (0.02) $ 0.11 (1) Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Three Months Ended March 31, 2020 2019 Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,909 1,909 1,909 1,909 Series D Preferred Shares 1,849 7,014 1,849 6,891 Restricted Stock Awards 1,061 445 — — 4,819 9,368 3,758 8,800

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table: March 31, 2020 December 31, 2019 Closing share price $6.03 $15.04 Expected dividend rate 14.6 % 5.9 % Expected stock price volatility 47.7 % 22.6 % Risk-free interest rate 0.2 % 1.6 % Expected life (years) 1.75 2.00
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The fair value of each grant for the reported periods is estimated on the date of grant using the Monte Carlo simulation model using the weighted average assumptions noted in the following table: Three Months Ended March 31, 2020 2019 Closing share price $13.09 $12.05 Expected dividend rate 6.7 % 7.3 % Expected stock price volatility 23.3 % 22.9 % Risk-free interest rate 0.9 % 2.5 % Expected life (years) 2.85 2.85

Organization and Basis of Pre_3

Organization and Basis of Presentations (Details) $ / shares in Units, ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)	Mar. 31, 2020ft²propertyjoint_venture$ / sharesshares	Dec. 31, 2019$ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares of beneficial interest, par (in usd per share) | $ / shares		$ 0.01	$ 0.01
Number of joint ventures with real estate properties | joint_venture		5
Aggregate portfolio, percent leased		94.10%
Sale of stock, maximum potential consideration | $	$ 100
Sale of stock, number of shares issued in transaction | shares		0
RPT Realty, L.P.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership interest in Ramco-Gershenson Properties, L. P.		97.70%	97.70%
Shopping Centers
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of real estate properties owned and managed | property		49
Area of real estate property (in sq feet) | ft²		11.9

Real Estate - Additional Inform

Real Estate - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)landproperty	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)propertyland
Real Estate [Abstract]
Impairment of real estate	$ 0	$ 0
Land held for development or sale	28,700,000		$ 28,500,000
Constructions in progress	$ 11,400,000		$ 13,800,000
Number of properties, held-for-sale | property	0		0
Number of land parcel, held-for-sale | land	0		0

Equity Investments in Unconso_3

Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details)	Mar. 31, 2020Propertyjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture	4
Joint Venture One
Schedule of Equity Method Investments [Line Items]
Ownership interest	51.50%
Joint Venture Two
Schedule of Equity Method Investments [Line Items]
Ownership interest	30.00%
Joint Venture Three
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
Joint Venture Four
Schedule of Equity Method Investments [Line Items]
Ownership interest	7.00%
R2G Venture LLC
Schedule of Equity Method Investments [Line Items]
Number of incoming producing properties | Property	5

Equity Investments in Unconso_4

Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Investment in real estate, net	$ 231,934	$ 233,531
Other assets	32,201	27,463
Total Assets	264,135	260,994
LIABILITIES AND OWNERS' EQUITY
Total liabilities	18,032	15,943
Owners' equity	246,103	245,051
Total Liabilities and Owners' Equity	264,135	260,994
RPT's equity investments in unconsolidated joint ventures	$ 130,602	$ 130,321

Equity Investments in Unconso_5

Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Total revenue	$ 6,032	$ 794
Total expenses	5,538	396
Net income	494	398
RPT's share of earnings from unconsolidated joint ventures	$ 256	$ 54

Equity Investments in Unconso_6

Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - Unconsolidated Joint Ventures - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total revenue	$ 351	$ 51
Management fees
Schedule of Equity Method Investments [Line Items]
Total revenue	233	27
Leasing fees
Schedule of Equity Method Investments [Line Items]
Total revenue	118	0
Construction fees
Schedule of Equity Method Investments [Line Items]
Total revenue	$ 0	$ 24

Debt - Summary of Mortgages, No

Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Senior unsecured notes	$ 535,000	$ 535,000
Unsecured term loan facilities	310,000	310,000
Fixed rate mortgages	87,039	87,581
Unsecured revolving credit facility	225,000	0
Subtotal debt	1,157,039	932,581
Unamortized premium	1,767	1,995
Unamortized deferred financing costs	(3,630)	(3,768)
Total notes payable	1,155,176	930,808
Finance lease obligation	$ 926	$ 926

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance	$ 1,157,039	$ 932,581
Total notes payable	1,155,176	930,808
Senior Notes
Debt Instrument [Line Items]
Principal Balance	$ 535,000	$ 535,000
Weighted Average Interest Rate	4.20%	4.20%
Unamortized deferred financing costs	$ (1,423)	$ (1,460)
Total notes payable	533,577	533,540
Senior Notes | Senior Unsecured Notes 3.75% Due 2021
Debt Instrument [Line Items]
Principal Balance	$ 37,000	$ 37,000
Interest Rate	3.75%	3.75%
Senior Notes | Senior Unsecured Notes 4.12% Due 2023
Debt Instrument [Line Items]
Principal Balance	$ 41,500	$ 41,500
Interest Rate	4.12%	4.12%
Senior Notes | Senior Unsecured Notes 4.65% Due 2024
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.65%	4.65%
Senior Notes | Senior Unsecured Notes 4.05% Due 2024
Debt Instrument [Line Items]
Principal Balance	$ 25,000	$ 25,000
Interest Rate	4.05%	4.05%
Senior Notes | Senior Unsecured Notes 4.27% Due 2025
Debt Instrument [Line Items]
Principal Balance	$ 31,500	$ 31,500
Interest Rate	4.27%	4.27%
Senior Notes | Senior Unsecured Notes 4.20% Due 2025
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.20%	4.20%
Senior Notes | Senior Unsecured Notes 4.09% Due 2025
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.09%	4.09%
Senior Notes | Senior Unsecured Notes 4.74% Due 2026
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.74%	4.74%
Senior Notes | Senior Unsecured Notes 4.28% Due 2026
Debt Instrument [Line Items]
Principal Balance	$ 25,000	$ 25,000
Interest Rate	4.28%	4.28%
Senior Notes | Senior Unsecured Notes 4.57% Due 2027
Debt Instrument [Line Items]
Principal Balance	$ 30,000	$ 30,000
Interest Rate	4.57%	4.57%
Senior Notes | Senior Unsecured Notes 3.64% Due 2028
Debt Instrument [Line Items]
Principal Balance	$ 75,000	$ 75,000
Interest Rate	3.64%	3.64%
Senior Notes | Senior Unsecured Notes 4.72% Due 2029
Debt Instrument [Line Items]
Principal Balance	$ 20,000	$ 20,000
Interest Rate	4.72%	4.72%
Senior Notes | Senior Unsecured Notes 4.15% Due 2019
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.15%	4.15%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance	$ 1,157,039	$ 932,581
Total notes payable	1,155,176	930,808
Unsecured revolving credit facility	225,000	0
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 310,000	$ 310,000
Weighted Average Interest Rate	2.92%	3.06%
Unamortized deferred financing costs	$ (2,207)	$ (2,308)
Total notes payable	307,793	307,692
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 225,000	$ 0
Interest rate at period end	2.09%	2.80%
Revolving Credit Facility | Unsecured Term Loan Due 2023 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 60,000	$ 60,000
Interest Rate	2.97%	2.97%
Weighted average fixed interest rate	1.77%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan Due 2024 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	2.46%	2.91%
Weighted average fixed interest rate	1.26%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan Due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	2.66%	2.66%
Weighted average fixed interest rate	1.46%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan Due 2026 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	2.90%	3.31%
Weighted average fixed interest rate	1.30%
Basis spread on variable rate	1.60%
Revolving Credit Facility | Unsecured Term Loan Due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 100,000	$ 100,000
Interest Rate	3.25%	3.25%
Weighted average fixed interest rate	1.65%
Basis spread on variable rate	1.60%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 0	$ 225,000,000
Fixed Rate Mortgage Debt
Debt Instrument [Line Items]
Net book value		150,100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount		200,000
Line of credit facility, remaining borrowing capacity		124,800,000
Line of credit facility, maximum borrowing capacity		350,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unsecured revolving credit facility	0	$ 225,000,000
Increase (decrease) in line of credit facility, net	$ 225,000,000
Interest rate at period end	2.80%	2.09%

Debt - Mortgages (Details)

Debt - Mortgages (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance	$ 1,157,039	$ 932,581
Unamortized premium	1,767	1,995
Total notes payable	1,155,176	930,808
Mortgages
Debt Instrument [Line Items]
Principal Balance	$ 87,039	$ 87,581
Weighted Average Interest Rate	5.07%	5.07%
Unamortized premium	$ 1,767	$ 1,995
Total notes payable	88,806	89,576
Mortgages | Bridgewater Falls Shopping Center
Debt Instrument [Line Items]
Principal Balance	$ 53,137	$ 53,423
Interest Rate	5.70%	5.70%
Mortgages | The Shops on Lane Avenue
Debt Instrument [Line Items]
Principal Balance	$ 28,564	$ 28,650
Interest Rate	3.76%	3.76%
Mortgages | Nagawaukee II
Debt Instrument [Line Items]
Principal Balance	$ 5,338	$ 5,508
Interest Rate	5.80%	5.80%

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 1,785
2021	39,508
2022	52,397
2023	354,388
2024	125,879
Thereafter	583,082
Subtotal debt	1,157,039	$ 932,581
Unamortized premium	1,767	1,995
Unamortized deferred financing costs	(3,630)	(3,768)
Total notes payable	$ 1,155,176	$ 930,808

Fair Value - Recorded Amount of

Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	$ 0	$ 2,331
Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	(15,449)	(469)
Level 2 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	0	2,331
Level 2 | Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	$ (15,449)	$ (469)

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	$ 1,155,176	$ 930,808
Fixed Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	932,000	832,600
Level 2 | Fixed Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, fair value	990,600	848,200
Level 2 | Floating Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, fair value	$ 225,000	$ 100,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details)	Feb. 29, 2020numberOfInstruments	Feb. 20, 2020USD ($)	Dec. 31, 2019USD ($)numberOfInstruments	Aug. 31, 2019USD ($)
Interest Rate Contract
Derivative [Line Items]
Number of interest rate swap agreements	4		7
Derivative, notional amount | $		$ 100,000,000	$ 210,000,000	$ 150,000,000
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements			5

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swap1
Derivative [Line Items]
Derivative liability, notional amount	$ 310,000,000
Derivative liabilities, at fair value	(8,302,000)
Derivative asset, notional amount		$ 275,000,000
Derivative assets, at fair value		2,331,000
Interest Rate Swap
Derivative [Line Items]
Derivative liability, notional amount	460,000,000	85,000,000
Derivative liabilities, at fair value	(15,449,000)	(469,000)
Derivative asset, notional amount		125,000,000
Derivative assets, at fair value		133,000
Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative liability, notional amount	$ 15,000,000	$ 15,000,000
Fixed rate (as a percent)	2.15%	2.15%
Derivative liabilities, at fair value	$ (24,000)	$ (26,000)
Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative liability, notional amount	$ 10,000,000	$ 10,000,000
Fixed rate (as a percent)	2.15%	2.15%
Derivative liabilities, at fair value	$ (16,000)	$ (17,000)
Unsecured term loan facility with: 1.460% Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative liability, notional amount	$ 50,000,000
Fixed rate (as a percent)	1.46%	1.46%
Derivative liabilities, at fair value	$ (35,000)
Derivative asset, notional amount		$ 50,000,000
Derivative assets, at fair value		$ 42,000
Unsecured term loan facility with: 1.498% Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative liability, notional amount	$ 20,000,000
Fixed rate (as a percent)	1.498%	1.498%
Derivative liabilities, at fair value	$ (275,000)
Derivative asset, notional amount		$ 20,000,000
Derivative assets, at fair value		$ 21,000
Unsecured term loan facility with: 1.490% Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative liability, notional amount	$ 15,000,000
Fixed rate (as a percent)	1.49%	1.49%
Derivative liabilities, at fair value	$ (205,000)
Derivative asset, notional amount		$ 15,000,000
Derivative assets, at fair value		$ 18,000
Unsecured term loan facility with: 1.480% Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative liability, notional amount	$ 40,000,000
Fixed rate (as a percent)	1.48%	1.48%
Derivative liabilities, at fair value	$ (541,000)
Derivative asset, notional amount		$ 40,000,000
Derivative assets, at fair value		52,000
Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023
Derivative [Line Items]
Derivative liability, notional amount	$ 60,000,000	$ 60,000,000
Fixed rate (as a percent)	1.77%	1.77%
Derivative liabilities, at fair value	$ (2,580,000)	$ (426,000)
Unsecured term loan facility with: 1.260% Swap Rate, Expiration Date 11/2024
Derivative [Line Items]
Derivative liability, notional amount	$ 30,000,000
Fixed rate (as a percent)	1.26%
Derivative liabilities, at fair value	$ (1,208,000)
Unsecured term loan facility with: 1.259% Swap Rate, Expiration Date 11/2024
Derivative [Line Items]
Derivative liability, notional amount	$ 10,000,000
Fixed rate (as a percent)	1.259%
Derivative liabilities, at fair value	$ (401,000)
Unsecured term loan facility with: 1.269% Swap Rate, Expiration Date 11/2024
Derivative [Line Items]
Derivative liability, notional amount	$ 10,000,000
Fixed rate (as a percent)	1.269%
Derivative liabilities, at fair value	$ (406,000)
Unsecured term loan facility with: 1.297% Swap Rate, Expiration Date 11/2025
Derivative [Line Items]
Derivative liability, notional amount	$ 50,000,000
Fixed rate (as a percent)	1.297%
Derivative liabilities, at fair value	$ (2,611,000)
Unsecured term loan facility with: 1.310% Swap Rate, Expiration Date 01/2025
Derivative [Line Items]
Derivative liability, notional amount	$ 25,000,000
Fixed rate (as a percent)	1.31%	1.31%
Derivative liabilities, at fair value	$ (1,075,000)
Derivative asset, notional amount		$ 25,000,000
Derivative assets, at fair value		$ 311,000
Unsecured term loan facility with: 1.324% Swap Rate, Expiration Date 01/2025
Derivative [Line Items]
Derivative liability, notional amount	$ 25,000,000
Fixed rate (as a percent)	1.324%	1.324%
Derivative liabilities, at fair value	$ (1,092,000)
Derivative asset, notional amount		$ 25,000,000
Derivative assets, at fair value		$ 297,000
Unsecured term loan facility with: 1.382% Swap Rate, Expiration Date 01/2027
Derivative [Line Items]
Derivative liability, notional amount	$ 50,000,000
Fixed rate (as a percent)	1.382%	1.382%
Derivative liabilities, at fair value	$ (2,322,000)
Derivative asset, notional amount		$ 50,000,000
Derivative assets, at fair value		$ 797,000
Unsecured term loan facility with: 1.398% Swap Rate, Expiration Date 01/2027
Derivative [Line Items]
Derivative liability, notional amount	$ 25,000,000
Fixed rate (as a percent)	1.398%	1.398%
Derivative liabilities, at fair value	$ (1,177,000)
Derivative asset, notional amount		$ 25,000,000
Derivative assets, at fair value		$ 381,000
Unsecured term loan facility with: 1.402% Swap Rate, Expiration Date 01/2027
Derivative [Line Items]
Derivative liability, notional amount	$ 25,000,000
Fixed rate (as a percent)	1.402%	1.402%
Derivative liabilities, at fair value	$ (1,481,000)
Derivative asset, notional amount		$ 25,000,000
Derivative assets, at fair value		$ 412,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ (17,384)	$ (1,988)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	73	449
Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	(2,345)	(1,988)
Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	(15,039)	0
Interest Expense | Derivative Assets | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	14	449
Interest Expense | Derivative Liabilities | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ 59	$ 0

Leases - Future Minimum Revenue

Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Rent on Operating Leases
2020 (remaining)	$ 117,448
2021	143,081
2022	121,427
2023	100,704
2024	82,238
Thereafter	269,735
Total	834,633
Variable lease payment	$ 11,300	$ 13,700
Aggregate portfolio, percent leased	94.10%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)optionoffice	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of leased corporate offices | office	2
Finance lease cost	$ 12	$ 13
New York
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years
Michigan
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of options | option	2
Lessee, operating lease, renewal term	5 years
Non-recoverable operating expense
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 291	291
General and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 148	$ 233

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Operating lease assets	$ 19,064	$ 19,222
Finance lease asset	13,249	13,249
Total leased assets	32,313	32,471
LIABILITIES
Operating lease liabilities	18,092	18,181
Finance lease liability	926	926
Total lease liabilities	$ 19,018	$ 19,107
Weighted Average Remaining Lease Terms
Operating leases	70 years	70 years
Finance lease	13 years	13 years
Weighted Average Incremental Borrowing Rate
Operating leases	6.07%	6.06%
Finance lease	5.23%	5.23%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 370	$ 434
Operating cash flows from finance lease	0	0
Financing cash flows from finance lease	$ 0	$ 0

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020 (remaining)	$ 1,092
2021	1,469
2022	1,482
2023	1,495
2024	1,118
Thereafter	95,478
Total lease payments	102,134
Less imputed interest	(84,042)
Operating lease liabilities	18,092	$ 18,181
Finance Lease
2019 (remaining)	100
2020	100
2021	100
2022	100
2023	100
Thereafter	800
Total lease payments	1,300
Less imputed interest	(374)
Finance lease liability	$ 926	$ 926

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 342	$ 10,693
Net income attributable to noncontrolling interest	(8)	(250)
Allocation of income to restricted share awards	(136)	(132)
Income attributable to RPT	198	10,311
Preferred share dividends	(1,675)	(1,675)
Net income available to common shareholders - Basic and Diluted	$ (1,477)	$ 8,636
Weighted average shares outstanding, Basic (in shares)	79,909	79,744
Restricted stock awards using the treasury method (in shares)	0	187
Weighted average shares outstanding, Diluted (in shares)	79,909	79,931
Income per common share, Basic (in usd per share)	$ (0.02)	$ 0.11
Income per common share, Diluted (in usd per share)	$ (0.02)	$ 0.11

Earnings Per Common Share - Ant

Earnings Per Common Share - Antidilutive (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	4,819	3,758
Convertible (in shares)	9,368	8,800
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,909	1,909
Convertible (in shares)	1,909	1,909
Series D Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,849	1,849
Convertible (in shares)	7,014	6,891
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,061	0
Convertible (in shares)	445	0

Share-based Compensation Plan_2

Share-based Compensation Plans - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)planshares	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans in effect | plan	2
Performance-based liability awards, measurement period (in years)	3 years
Share-based compensation expenses | $	$ 1.1	$ 1
Compensation expense (benefit) related to cash awards | $	(0.3)	(0.3)
Total unrecognized compensation expense | $	$ 9.2
Total unrecognized compensation expense, weighted average period of recognition	2 years 3 months 18 days
2012 Omnibus Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	3,500,000
Number of shares terminated (in shares)	157,811
2019 Omnibus Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)	2,800,000
Number of shares terminated (in shares)	276,753
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	6,000,000
Number of shares available for issuance (in shares)	5,000,000
Number of shares terminated (in shares)	145,952
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, shares granted (in shares)	211,769
Share-based compensation expenses | $	$ 0.8	0.8
Restricted stock | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)	1 year
Restricted stock | Minimum | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)	3 years
Restricted stock | Maximum | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)	5 years
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses | $	$ 0.6	$ 0.5

Share-based Compensation Plan_3

Share-based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing share price (in usd per share)	$ 6.03		$ 15.04
Expected dividend rate	14.60%		5.90%
Expected stock price volatility	47.70%		22.60%
Risk-free interest rate	0.20%		1.60%
Expected life (years)	1 year 9 months		2 years
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing share price (in usd per share)	$ 13.09	$ 12.05
Expected dividend rate	6.70%	7.30%
Expected stock price volatility	23.30%	22.90%
Risk-free interest rate	0.90%	2.50%
Expected life (years)	2 years 10 months 6 days	2 years 10 months 6 days

Taxes - Additional Information

Taxes - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Annual distribution of REIT taxable income (as a percent)	90.00%
Federal and state deferred tax asset	$ 7.6
Federal and state deferred tax asset, valuation allowance	$ 7.6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Construction costs related to development and expansion	$ 5.7
Contractual obligation	2.2
Bond finance agreement	$ 12.2
Bond financing agreement, amortization period	20 years
Debt service payments	$ 9.1

Uncategorized Items - rpt-20200

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (333,000)
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(8,000)
Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (325,000)