RPT Realty (KIM+N) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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)		86,767,910
Entity Central Index Key	0000842183
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Jun. 30, 2023	Dec. 31, 2022
Income producing properties, at cost:
Land	$ 301,404	$ 302,062
Buildings and improvements	1,378,035	1,373,893
Less accumulated depreciation and amortization	(400,635)	(386,036)
Income producing properties, net	1,278,804	1,289,919
Construction in progress and land available for development	33,709	37,772
Real estate held for sale	4,800	3,115
Net real estate	1,317,313	1,330,806
Equity investments in unconsolidated joint ventures	416,411	423,089
Cash and cash equivalents	5,650	5,414
Restricted cash and escrows	470	461
Accounts receivable (net of allowance for doubtful accounts of $3,696 and $8,493 as of June 30, 2023 and December 31, 2022, respectively)	18,060	19,914
Acquired lease intangibles, net	35,818	40,043
Operating lease right-of-use assets	16,930	17,269
Other assets, net	110,166	109,443
TOTAL ASSETS	1,920,818	1,946,439
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable, net	848,689	854,596
Finance lease obligation	763	763
Accounts payable and accrued expenses	45,678	41,985
Distributions payable	15,568	14,336
Acquired lease intangibles, net	31,771	33,157
Operating lease liabilities	16,796	17,016
Other liabilities	6,215	5,933
TOTAL LIABILITIES	965,480	967,786
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 June 30, 2023 and December 31, 2022, respectively	92,427	92,427
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 85,643 and 85,525 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	856	855
Additional paid-in capital	1,258,674	1,255,087
Accumulated distributions in excess of net income	(435,882)	(409,290)
Accumulated other comprehensive income	21,546	21,434
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO RPT	937,621	960,513
Noncontrolling interest	17,717	18,140
TOTAL SHAREHOLDERS’ EQUITY	955,338	978,653
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,920,818	$ 1,946,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 3,696	$ 8,493
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	240,000,000
Common shares of beneficial interest, issued (in shares)	85,643,000	85,525,000
Common shares of beneficial interest, outstanding (in shares)	85,643,000	85,525,000
Series D Preferred Shares
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE
TOTAL REVENUE	$ 51,051	$ 55,288	$ 103,298	$ 111,377
EXPENSES
Real estate taxes	6,993	7,232	14,143	15,403
Recoverable operating expense	7,504	7,080	15,062	14,288
Non-recoverable operating expense	2,577	2,344	5,411	4,974
Depreciation and amortization	17,069	19,171	34,286	39,382
Transaction costs	10	4,362	10	4,476
General and administrative expense	8,980	8,674	18,295	17,022
TOTAL EXPENSES	43,133	48,863	87,207	95,545
Gain on sale of real estate	603	11,543	900	15,090
OPERATING INCOME	8,521	17,968	16,991	30,922
OTHER INCOME AND EXPENSES
Other income, net	451	181	657	365
(Loss) earnings from unconsolidated joint ventures	(55)	(2,413)	1,440	(1,312)
Interest expense	(8,836)	(8,770)	(17,539)	(17,082)
INCOME BEFORE TAX	81	6,966	1,549	12,893
Income tax provision	(49)	(36)	(230)	(71)
NET INCOME	32	6,930	1,319	12,822
Net income attributable to noncontrolling partner interest	(1)	(135)	(24)	(251)
NET INCOME ATTRIBUTABLE TO RPT	31	6,795	1,295	12,571
Preferred share dividends	(1,675)	(1,675)	(3,350)	(3,350)
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ (1,644)	$ 5,120	$ (2,055)	$ 9,221
(LOSS) EARNINGS PER COMMON SHARE
Basic (in usd per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.11
Diluted (in usd per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	85,642	84,163	85,608	84,069
Diluted (in shares)	85,642	85,257	85,608	85,203
Cash Dividend Declared per Common Share (in usd per share)	$ 0.14	$ 0.13	$ 0.28	$ 0.26
OTHER COMPREHENSIVE INCOME
Net income	$ 32	$ 6,930	$ 1,319	$ 12,822
Other comprehensive gain:
Gain on interest rate swaps, net	5,813	4,412	114	16,818
Comprehensive income	5,845	11,342	1,433	29,640
Comprehensive income attributable to noncontrolling interest	(106)	(221)	(26)	(582)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT	5,739	11,121	1,407	29,058
Rental income
REVENUE
TOTAL REVENUE	48,186	53,547	98,311	107,545
Other property income
REVENUE
TOTAL REVENUE	982	865	1,801	2,215
Management and other fee income
REVENUE
TOTAL REVENUE	$ 1,883	$ 876	$ 3,186	$ 1,617

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	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 895,454	$ 92,427	$ 839	$ 1,227,791	$ (441,478)	$ (2,635)	$ 18,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of issuance costs	571		1	570
Redemption of Operating Partnership Unit holders	0		1	758			(759)
Share-based compensation, net of shares withheld for employee taxes	3,348		1	3,347
Dividends declared to common shareholders	(21,883)				(21,883)
Dividends declared to preferred shareholders	(3,350)				(3,350)
Distributions declared to noncontrolling interests	(438)						(438)
Dividends declared to deferred shares	(600)				(600)
Other comprehensive income adjustment	16,818					16,487	331
Net income	12,822				12,571		251
Ending balance at Jun. 30, 2022	902,742	92,427	842	1,232,466	(454,740)	13,852	17,895
Beginning balance at Mar. 31, 2022	902,206	92,427	842	1,230,060	(448,543)	9,526	17,894
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of issuance costs	(74)			(74)
Share-based compensation, net of shares withheld for employee taxes	2,480			2,480
Dividends declared to common shareholders	(10,941)				(10,941)
Dividends declared to preferred shareholders	(1,675)				(1,675)
Distributions declared to noncontrolling interests	(220)						(220)
Dividends declared to deferred shares	(376)				(376)
Other comprehensive income adjustment	4,412					4,326	86
Net income	6,930				6,795		135
Ending balance at Jun. 30, 2022	902,742	92,427	842	1,232,466	(454,740)	13,852	17,895
Beginning balance at Dec. 31, 2022	978,653	92,427	855	1,255,087	(409,290)	21,434	18,140
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net of shares withheld for employee taxes	3,588		1	3,587
Dividends declared to common shareholders	(23,958)				(23,958)
Dividends declared to preferred shareholders	(3,350)				(3,350)
Distributions declared to noncontrolling interests	(449)						(449)
Dividends declared to deferred shares	(579)				(579)
Other comprehensive income adjustment	114					112	2
Net income	1,319				1,295		24
Ending balance at Jun. 30, 2023	955,338	92,427	856	1,258,674	(435,882)	21,546	17,717
Beginning balance at Mar. 31, 2023	960,843	92,427	856	1,255,867	(421,980)	15,838	17,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net of shares withheld for employee taxes	2,807			2,807
Dividends declared to common shareholders	(11,990)				(11,990)
Dividends declared to preferred shareholders	(1,675)				(1,675)
Distributions declared to noncontrolling interests	(224)						(224)
Dividends declared to deferred shares	(268)				(268)
Other comprehensive income adjustment	5,813					5,708	105
Net income	32				31		1
Ending balance at Jun. 30, 2023	$ 955,338	$ 92,427	$ 856	$ 1,258,674	$ (435,882)	$ 21,546	$ 17,717

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 1,319	$ 12,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34,286	39,382
Amortization of deferred financing fees	1,040	752
Income tax provision	230	71
(Earnings) loss from unconsolidated joint ventures	(1,440)	1,312
Distributions received from operations of unconsolidated joint ventures	8,333	6,800
Gain on sale of real estate	(900)	(15,090)
Amortization of acquired above and below market lease intangibles, net	(864)	(2,859)
Amortization of premium on mortgages, net	(19)	(39)
Service-based restricted share expense	2,030	2,058
Long-term incentive compensation expense	2,845	2,644
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable, net	1,852	(2,460)
Other assets, net	(3,501)	(2,617)
Accounts payable, accrued expenses and other liabilities	676	(5,937)
Net cash provided by operating activities	45,887	36,839
INVESTING ACTIVITIES
Acquisition of real estate	0	(110,245)
Development and capital improvements	(17,243)	(13,279)
Net proceeds from sales of real estate	5,684	29,645
Investment in equity interests in unconsolidated joint ventures	(89)	(6,945)
Acquisitions of preferred investments	(207)	(4,187)
Redemption of preferred investments	1,013	1,084
Net cash used in investing activities	(10,842)	(103,927)
FINANCING ACTIVITIES
Repayment of mortgages and notes payable	(409)	(666)
Proceeds on revolving credit facility	44,000	123,000
Repayments on revolving credit facility	(50,000)	(46,000)
Distributions received from financing activities of unconsolidated joint ventures	0	27,013
Proceeds from issuance of common shares, net of issuance costs	0	571
Payment of employee taxes upon vesting of awards	(1,287)	(1,354)
Dividends paid to preferred shareholders	(3,350)	(3,350)
Dividends paid to common shareholders	(23,321)	(21,109)
Distributions paid to operating partnership unit holders	(433)	(430)
Net cash (used in) provided by financing activities	(34,800)	77,675
Net change in cash, cash equivalents and restricted cash and escrows	245	10,587
Cash, cash equivalents and restricted cash and escrows at beginning of period	5,875	14,033
Cash, cash equivalents and restricted cash and escrows at end of period	6,120	24,620
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Redemption of Operating Partnership Unit holders	0	759
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $126 and $34 in 2023 and 2022, respectively)	16,590	16,361
Reconciliation of cash, cash equivalents and restricted cash and escrows
Cash and cash equivalents	5,650	5,792
Restricted cash and escrows	470	18,828
Cash, cash equivalents, and restricted cash	$ 6,120	$ 24,620

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Cash paid for interest, capitalized interest	$ 126	$ 34

Organization and Basis of Prese

Organization and Basis of Presentations	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, the Company’s property portfolio (the “aggregate portfolio”) consisted of 43 wholly-owned shopping centers, 13 shopping centers owned through its grocery anchored joint venture and 49 retail properties owned through its net lease joint venture which together represent 14.9 million square feet of gross leasable area (“GLA”). As of June 30, 2023, the Company’s pro-rata share of the aggregate portfolio was 93.2% 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 98.2% owned by the Company at both June 30, 2023 and December 31, 2022), 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 condensed 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, 2022. 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 Agreements In February 2022, the Company entered into an Equity Distribution Agreement (“2022 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 $150.0 million (the “Current ATM Program”). Under the Current ATM Program, sales of the shares of common shares 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, as amended. The 2022 Equity Distribution Agreement also provides that the Company may enter into forward sale agreements for shares of its common shares with forward sellers and forward purchasers. For the six months ended June 30, 2023, the Company did not enter into any forward sale agreements or issue any common shares under the Current ATM Program. As of June 30, 2023, $133.0 million of common shares remained available for issuance under the Current ATM Program. Recently Adopted Accounting Pronouncements In March 2020, the FASB updated the Accounting Standards Codification (“ASC”) with ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available, and issued ASU 2022-06 “Reference Rate Reform (Topic 848)” which extends the expiration date of the guidance in ASU 2020-04. ASU 2020-04, ASU 2021-01 and ASU 2022-06 provide 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 the London Interbank Offered Rate (“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, 2024. The Company had elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company ’ s only remaining LIBOR-indexed interest rate swap agreement expired in March 2023, and as of June 30, 2023 , we have no LIBOR-indexed contracts.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2023
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, land available for development and real estate held for sale. 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 six months ended June 30, 2023 and 2022, we recorded no impairment provision. In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During the second quarter of 2023, events and circumstances indicated that certain shopping centers might be impaired. However, the Company’s estimates of undiscounted cash flows indicated that such carrying amounts were expected to be recovered and, therefore, no impairment loses were recorded. Nonetheless, it is reasonably possible that the estimates of undiscounted cash flows may change in the near term resulting in the need to write down these assets to fair value. 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 $12.0 million and $14.6 million at June 30, 2023 and December 31, 2022, respectively. The decrease in construction in progress from December 31, 2022 to June 30, 2023 was due primarily to the completion of tenant build-outs, partially offset by capital expenditures for ongoing projects. 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, including those owned by our unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land available for development was $21.7 million and $23.2 million at June 30, 2023 and December 31, 2022, respectively.

Property Acquisitions and Dispo

Property Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2023
Acquisitions and Dispositions [Abstract]
Property Acquisitions and Dispositions	Property Acquisitions and Dispositions Acquisitions There were no acquisitions during the six months ended June 30, 2023. Dispositions The following table provides a summary of our disposition activity for the six months ended June 30, 2023: Gross Property Name Location GLA Acreage Date Sold Sales Price Gain on Sale (In thousands) (In thousands) Lakeland Park Center - Outparcel (1) Lakeland, FL 20 N/A 2/22/23 $ 3,687 $ 297 Total income producing dispositions 20 — $ 3,687 $ 297 Lakeland Park Center - Land Parcel Lakeland, FL N/A 2.6 4/14/23 $ 2,200 $ 603 Total land dispositions — 2.6 $ 2,200 $ 603 Total dispositions 20 2.6 $ 5,887 $ 900 (1) We contributed a net lease retail asset that was subdivided from a wholly-owned shopping center to our RGMZ Venture REIT LLC ( “RGMZ”) joint venture . The property contributed was an income producing property in which we owned the depreciable real estate. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.

Equity Investments in Unconsoli

Equity Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Unconsolidated Joint Ventures	Equity Investments in Unconsolidated Joint Ventures As of June 30, 2023 and December 31, 2022, we had two joint ventures: 1) R2G Venture LLC (“R2G”) and 2) RGMZ whereby we own 51.5% and 6.4%, respectively, of the equity in each joint venture. As of June 30, 2023, R2G owned 13 income producing shopping centers and RGMZ owned 49 net lease retail 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 June 30, 2023 December 31, 2022 (In thousands) ASSETS R2G RGMZ Total R2G RGMZ Total Investment in real estate, net $ 818,937 $ 216,657 $ 1,035,594 $ 822,707 $ 215,059 $ 1,037,766 Other assets 97,802 79,906 177,708 102,355 80,094 182,449 Total Assets $ 916,739 $ 296,563 $ 1,213,302 $ 925,062 $ 295,153 $ 1,220,215 LIABILITIES AND OWNERS’ EQUITY Notes payable $ 80,117 $ 187,532 $ 267,649 $ 80,053 $ 185,227 $ 265,280 Other liabilities 47,039 7,371 54,410 43,054 6,172 49,226 Owners’ equity 789,583 101,660 891,243 801,955 103,754 905,709 Total Liabilities and Owners’ Equity $ 916,739 $ 296,563 $ 1,213,302 $ 925,062 $ 295,153 $ 1,220,215 RPT’s equity investments in unconsolidated joint ventures $ 409,943 $ 6,468 $ 416,411 $ 416,487 $ 6,602 $ 423,089 Three Months Ended June 30, Statements of Operations 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Total revenue $ 21,692 $ 6,023 $ 27,715 $ 14,450 $ 4,591 $ 19,041 Total expenses 20,942 3,897 24,839 18,436 3,091 21,527 Operating income (loss) 750 2,126 2,876 (3,986) 1,500 (2,486) Interest expense (620) (3,747) (4,367) (619) (1,825) (2,444) Income tax benefit (expense) — 184 184 — (6) (6) Net income (loss) $ 130 $ (1,437) $ (1,307) $ (4,605) $ (331) $ (4,936) Preferred member dividends 60 7 67 36 23 59 Net income (loss) available to common members $ 70 $ (1,444) $ (1,374) $ (4,641) $ (354) $ (4,995) Other Comprehensive Income Net income (loss) $ 130 $ (1,437) $ (1,307) $ (4,605) $ (331) $ (4,936) Gain on interest rate swaps, net — 1,969 1,969 — — — Comprehensive income (loss) $ 130 $ 532 $ 662 $ (4,605) $ (331) $ (4,936) RPT’s share of earnings (loss) from unconsolidated joint ventures $ 37 $ (92) $ (55) $ (2,391) $ (22) $ (2,413) Six Months Ended June 30, Statements of Operations 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Total revenue $ 42,575 $ 11,625 $ 54,200 $ 28,456 $ 9,003 $ 37,459 Total expenses 38,097 7,288 45,385 29,838 5,999 35,837 Operating income (loss) 4,478 4,337 8,815 (1,382) 3,004 1,622 Interest expense (1,240) (7,223) (8,463) (1,058) (3,246) (4,304) Income tax benefit (expense) $ — $ 176 176 — (6) (6) Net income (loss) $ 3,238 $ (2,710) $ 528 $ (2,440) $ (248) $ (2,688) Preferred member dividends 105 15 120 74 23 97 Net income (loss) available to common members $ 3,133 $ (2,725) $ 408 $ (2,514) $ (271) $ (2,785) Other Comprehensive Income Net income (loss) $ 3,238 $ (2,710) $ 528 $ (2,440) $ (248) $ (2,688) Gain on interest rate swaps, net — 1,969 — — — — Comprehensive income (loss) $ 3,238 $ (741) $ 528 $ (2,440) $ (248) $ (2,688) RPT’s share of earnings (loss) from unconsolidated joint ventures $ 1,614 $ (174) $ 1,440 $ (1,295) $ (17) $ (1,312) Acquisitions R2G had no acquisitions during the six months ended June 30, 2023. The following table provides a summary of RGMZ’s acquisitions during the six months ended June 30, 2023: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) RPT Realty - 1 Income Producing Property Lakeland, FL 20 2/22/23 $ 3,687 $ 3,856 $ (2,397) Total RGMZ acquisitions 20 $ 3,687 $ 3,856 $ (2,397) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the RGMZ acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: As of Acquisition Date (In thousands) Land $ 903 Buildings and improvements 2,673 Lease origination costs 303 Below market leases (23) Net assets acquired $ 3,856 Dispositions There was no disposition activity during the six months ended June 30, 2023 by any of our unconsolidated joint ventures. Debt The following table summarizes R2G’s fixed rate mortgages: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Village Shoppes of Canton 3/1/2029 $ 22,050 2.81 % $ 22,050 2.81 % East Lake Woodlands 12/1/2031 12,750 2.94 % 12,750 2.94 % South Pasadena 12/1/2031 16,330 2.94 % 16,330 2.94 % Bedford Marketplace 3/1/2032 29,975 2.93 % 29,975 2.93 % $ 81,105 2.90 % $ 81,105 2.90 % Unamortized deferred financing costs (988) (1,052) $ 80,117 $ 80,053 RGMZ has a $350.0 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $600.0 million. As of June 30, 2023, RGMZ had $168.5 million outstanding under its secured credit facility, an increase of $2.4 million from December 31, 2022, as a result of borrowings in 2023. As of June 30, 2023, RGMZ had one interest rate swap agreement in effect for a notional amount of $80.0 million which swapped a portion of the outstanding borrowing to a fixed rate of 3.62%, plus a 0.10% SOFR index adjustment, and a credit spread of 2.25%. Including the effect of this interest rate swap, the weighted average interest rate of RGMZ’s secured credit facility at June 30, 2023 was 6.73%. In addition, RGMZ has a fixed rate mortgage secured by certain single-tenant properties which had an aggregate principal amount of $20.5 million and $20.7 million as of June 30, 2023 and December 31, 2022, respectively. The mortgage has an annual interest rate of 3.56% and matures on December 1, 2030. Joint Venture Management and Other Fee Income We receive a property management fee which is based upon 4.0% of gross revenues received for providing services to R2G and recognize these fees as the services are rendered. We also receive leasing fees from R2G for new leases and renewal leases of 6.0% and 2.5%, respectively, of total expected rent over the length of the lease, capped at 10 years. We receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. We also receive leasing fees from RGMZ for new leases and renewal leases of 5.0% and 2.5%, respectively, of total expected rent over the length of the lease, capped at 10 years. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of RGMZ. Notwithstanding the forgoing for both joint ventures, for tenants with space in excess of 17,000 rentable square feet, the fees are as follows: (i) $1 per rentable square foot for each renewal lease, and (ii) (a) $5 per rentable square foot for each new lease for grocer and (b) $4 per rentable square foot for each new lease for non-grocer. We also can receive fees from both joint ventures for construction management and development management. We are responsible for paying any third-party leasing fees. 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 June 30, 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Management fees $ 845 $ 206 $ 1,051 $ 508 $ 166 $ 674 Leasing fees 669 18 687 202 — 202 Construction fees 145 — 145 — — — Total $ 1,659 $ 224 $ 1,883 $ 710 $ 166 $ 876 Six Months Ended June 30, 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Management fees $ 1,563 $ 411 $ 1,974 $ 999 $ 310 $ 1,309 Leasing fees 888 56 944 297 11 308 Construction fees 268 — 268 — — — Total $ 2,719 $ 467 $ 3,186 $ 1,296 $ 321 $ 1,617

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our mortgage, notes payable, revolving credit facility and finance lease obligation as of June 30, 2023 and December 31, 2022: Notes Payable and Finance Lease Obligation June 30, December 31, (In thousands) Senior unsecured notes $ 511,500 $ 511,500 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgage 2,881 3,290 Unsecured revolving credit facility 29,000 35,000 853,381 859,790 Unamortized premium 58 77 Unamortized deferred financing costs (4,750) (5,271) Total notes payable, net $ 848,689 $ 854,596 Finance lease obligation $ 763 $ 763 Senior Unsecured Notes The following table summarizes the Company’s senior unsecured notes: June 30, 2023 December 31, 2022 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 6/27/2025 $ 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 % Senior unsecured notes 11/30/2030 75,000 3.70 % 75,000 3.70 % Senior unsecured notes 11/30/2031 55,000 3.82 % 55,000 3.82 % $ 511,500 4.09 % $ 511,500 4.09 % Unamortized deferred financing costs (2,436) (2,667) $ 509,064 $ 508,833 Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company’s $310.0 million unsecured term loan facilities (the “term loan facilities”) and $500.0 million revolving credit facility (the “revolving credit facility”): June 30, 2023 December 31, 2022 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) 11/6/2026 $ 50,000 2.50 % $ 50,000 2.50 % Unsecured term loan - fixed rate (2) 2/5/2027 100,000 2.61 % 100,000 2.61 % Unsecured term loan - fixed rate (3) 8/18/2027 50,000 2.52 % 50,000 2.52 % Unsecured term loan - fixed rate (4) 2/18/2028 110,000 3.66 % 110,000 2.80 % $ 310,000 2.95 % $ 310,000 2.65 % Unamortized deferred financing costs (2,314) (2,604) Term loans, net $ 307,686 $ 307,396 Revolving credit facility - variable rate 8/18/2026 $ 29,000 6.35 % $ 35,000 5.48 % (1) Swapped to a weighted average fixed rate of 1.20%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (2) Swapped to a weighted average fixed rate of 1.31%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (3) Swapped to a weighted average fixed rate of 1.22%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (4) Swapped to a weighted average fixed rate of 2.36%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. As of June 30, 2023 we had $29.0 million outstanding under our revolving credit facility, which represented a decrease of $6.0 million from December 31, 2022, primarily as a result of net repayments. We ha d no outstanding letters of credit issued under our revolving credit facility as of June 30, 2023. We had $471.0 million of unused capacity under our $500.0 million revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. The interest rate as of June 30, 2023 was 6.35%. Mortgages The following table summarizes the Company’s fixed rate mortgage: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Nagawaukee II 6/1/2026 $ 2,881 5.80 % $ 3,290 5.80 % $ 2,881 5.80 % $ 3,290 5.80 % Unamortized premium 58 77 $ 2,939 $ 3,367 The fixed rate mortgage is secured by a property that has an approximate net book value of $16.8 million as of June 30, 2023. The mortgage loan encumbering our property is nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions 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 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 as amended 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 June 30, 2023, 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 June 30, 2023: Year Ending December 31, (In thousands) 2023 (remaining) $ 420 2024 879 2025 132,431 2026 (1) 154,651 2027 180,000 Thereafter 385,000 Subtotal debt 853,381 Unamortized mortgage premium 58 Unamortized deferred financing costs (4,750) Total $ 848,689 (1) Scheduled maturities in 2026 include the $29.0 million balance on the unsecured revolving credit facility drawn as of June 30, 2023. The unsecured revolving credit facility has two six-month extensions available at the Company’s option provided compliance with financial covenants is maintained.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
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 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 June 30, 2023 and December 31, 2022: Total Level 2 Balance Sheet Location June 30, 2023 (In thousands) Derivative assets - interest rate swaps Other assets $ 21,817 $ 21,817 Derivative liabilities - interest rate swaps Other liabilities $ — $ — December 31, 2022 Derivative assets - interest rate swaps Other assets $ 21,828 $ 21,828 Derivative liabilities - interest rate swaps Other liabilities $ — $ — Other Assets and Liabilities The carrying values of cash and cash equivalents, restricted cash and escrows, accounts receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. Debt 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, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The Company determined that the valuation of its fixed rate senior unsecured notes, unsecured term loan facilities (including variable rate term loans swapped to fixed through derivatives) and unsecured revolving credit facility were classified within Level 2 of the fair value hierarchy and its fixed rate mortgages were classified within Level 3 of the fair value hierarchy. Our Level 2 fixed rate debt had a carrying value of $821.5 million at both June 30, 2023 and December 31, 2022, and had fair values of approximately $761.5 million and $763.0 million, at June 30, 2023 and December 31, 2022, respectively. Our Level 2 variable rate debt had carrying values of $29.0 million and $35.0 million at June 30, 2023 and December 31, 2022, respectively, and had fair values of approximately $29.2 million and $35.3 million at June 30, 2023 and December 31, 2022, respectively. Our Level 3 fixed rate mortgage had carrying values of $2.9 million and $3.3 million at June 30, 2023 and December 31, 2022, respectively, and had fair values of $2.8 million and $3.3 million at June 30, 2023 and December 31, 2022, respectively. 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 six months ended June 30, 2023 and 2022, 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 six months ended June 30, 2023 and 2022. Equity Investments in Unconsolidated Entities Our equity investments in unconsolidated joint venture entities are subject to impairment testing on a nonrecurring basis if a decline in the fair value of the investment below the carrying amount is determined to be a decline that is other-than-temporary. To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the asset. To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value. We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3. Preferred Equity Investments Our preferred equity investments in unconsolidated entities are recorded at cost, less any impairment. If we identify observable price changes in orderly transactions for the identical or a similar investment of the same issuer, we remeasure the equity security at fair value as of the date that the observable transaction occurred. We did not mark any preferred investments to fair value on a non-recurring basis during the six months ended June 30, 2023 and 2022. Our preferred investments are also subject to impairment testing on a nonrecurring basis if a decline in the fair value of the investment below the carrying amount is determined to be a decline that is other-than-temporary. We classify other-than-temporarily impaired preferred investments as nonrecurring Level 3.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We 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 or Secured Overnight Financing Rate (“SOFR”) rate. At June 30, 2023, all of our hedges were effective. As of June 30, 2023, the Company had 11 interest rate swap agreements in effect for an aggregate notional amount of $310.0 million and two forward starting interest rate swap agreements for an aggregate notional amount of $100.0 million, converting our floating rate corporate debt to fixed rate debt. The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2023: Hedge Reference Rate Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow SOFR $ 30,000 1.165 % $ 1,533 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.169 % 513 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.182 % 511 11/2024 Unsecured term loan Cash Flow SOFR 25,000 1.210 % 1,380 01/2025 Unsecured term loan Cash Flow SOFR 25,000 1.239 % 1,369 01/2025 Unsecured term loan Cash Flow SOFR 50,000 1.201 % 4,656 11/2026 Unsecured term loan Cash Flow SOFR 25,000 1.308 % 2,308 01/2027 Unsecured term loan Cash Flow SOFR 50,000 1.289 % 4,586 01/2027 Unsecured term loan Cash Flow SOFR 25,000 1.335 % 2,287 01/2027 Unsecured term loan Cash Flow SOFR 30,000 3.344 % 705 02/2028 Unsecured term loan Cash Flow SOFR 30,000 3.359 % 691 02/2028 $ 310,000 $ 20,539 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow SOFR $ 50,000 2.855 % $ 577 08/2027 Unsecured term loan Cash Flow SOFR 50,000 2.865 % 701 02/2028 Total Derivative Assets $ 410,000 $ 21,817 The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2022: Hedge Reference Rate Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow LIBOR $ 60,000 1.770 % $ 264 03/2023 Unsecured term loan Cash Flow SOFR 30,000 1.165 % 1,761 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.169 % 587 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.182 % 585 11/2024 Unsecured term loan Cash Flow SOFR 25,000 1.210 % 1,529 01/2025 Unsecured term loan Cash Flow SOFR 25,000 1.239 % 1,512 01/2025 Unsecured term loan Cash Flow SOFR 50,000 1.201 % 4,694 11/2026 Unsecured term loan Cash Flow SOFR 25,000 1.308 % 2,316 01/2027 Unsecured term loan Cash Flow SOFR 50,000 1.289 % 4,634 01/2027 Unsecured term loan Cash Flow SOFR 25,000 1.335 % 2,292 01/2027 $ 310,000 $ 20,174 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow SOFR $ 50,000 2.855 % $ 367 08/2027 Unsecured term loan Cash Flow SOFR 30,000 3.344 % 421 02/2028 Unsecured term loan Cash Flow SOFR 30,000 3.359 % 407 02/2028 Unsecured term loan Cash Flow SOFR 50,000 2.865 % 459 02/2028 $ 470,000 $ 21,828 The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2023 and 2022 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Interest rate contracts - assets $ 7,998 $ 3,862 Interest expense $ (2,468) $ 509 Interest rate contracts - liabilities 309 41 Interest expense (152) — Equity investments in unconsolidated joint ventures 138 — (Loss) earnings from unconsolidated joint ventures (12) — Total $ 8,445 $ 3,903 Total $ (2,632) $ 509 The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2023 and 2022 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Interest rate contracts - assets $ 4,767 $ 12,878 Interest expense $ (4,779) $ 1,228 Interest rate contracts - liabilities 224 2,477 Interest expense (224) 235 Equity investments in unconsolidated joint ventures 138 — (Loss) earnings from unconsolidated joint ventures (12) — Total $ 5,129 $ 15,355 Total $ (5,015) $ 1,463

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2023, 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) 2023 (remaining) $ 75,648 2024 143,470 2025 123,097 2026 104,399 2027 81,122 Thereafter 209,237 Total $ 736,973 We recognized rental income related to variable lease payments of $22.4 million and $23.3 million for the six months ended June 30, 2023 and 2022, 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 June 30, 2023, the Company’s wholly-owned portfolio was 93.1% 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 Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, Statements of Operations Classification 2023 2022 2023 2022 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 581 $ 581 Operating administrative lease cost General and administrative expense 147 161 310 326 Finance lease cost Interest Expense 10 11 20 21 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification June 30, 2023 December 31, 2022 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 16,930 $ 17,269 Finance lease asset Land 10,095 10,095 Total leased assets $ 27,025 $ 27,364 LIABILITIES Operating lease liabilities Operating lease liabilities $ 16,796 $ 17,016 Finance lease liability Finance lease obligation 763 763 Total lease liabilities $ 17,559 $ 17,779 Weighted Average Remaining Lease Terms Operating leases 73 years 73 years Finance lease 9 years 10 years Weighted Average Incremental Borrowing Rate Operating leases 6.25 % 6.22 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 773 $ 782 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of June 30, 2023 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2023 (remaining) $ 748 $ 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 2027 1,108 100 Thereafter 92,228 500 Total lease payments $ 97,343 $ 1,000 Less imputed interest (80,547) (237) Total $ 16,796 $ 763
Leases	Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2023, 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) 2023 (remaining) $ 75,648 2024 143,470 2025 123,097 2026 104,399 2027 81,122 Thereafter 209,237 Total $ 736,973 We recognized rental income related to variable lease payments of $22.4 million and $23.3 million for the six months ended June 30, 2023 and 2022, 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 June 30, 2023, the Company’s wholly-owned portfolio was 93.1% 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 Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, Statements of Operations Classification 2023 2022 2023 2022 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 581 $ 581 Operating administrative lease cost General and administrative expense 147 161 310 326 Finance lease cost Interest Expense 10 11 20 21 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification June 30, 2023 December 31, 2022 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 16,930 $ 17,269 Finance lease asset Land 10,095 10,095 Total leased assets $ 27,025 $ 27,364 LIABILITIES Operating lease liabilities Operating lease liabilities $ 16,796 $ 17,016 Finance lease liability Finance lease obligation 763 763 Total lease liabilities $ 17,559 $ 17,779 Weighted Average Remaining Lease Terms Operating leases 73 years 73 years Finance lease 9 years 10 years Weighted Average Incremental Borrowing Rate Operating leases 6.25 % 6.22 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 773 $ 782 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of June 30, 2023 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2023 (remaining) $ 748 $ 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 2027 1,108 100 Thereafter 92,228 500 Total lease payments $ 97,343 $ 1,000 Less imputed interest (80,547) (237) Total $ 16,796 $ 763

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands, except per share data) Net income $ 32 $ 6,930 $ 1,319 $ 12,822 Net income attributable to noncontrolling interest (1) (135) (24) (251) Allocation of income to restricted share awards (149) (283) (295) (367) (Loss) income attributable to RPT (118) 6,512 1,000 12,204 Preferred share dividends (1,675) (1,675) (3,350) (3,350) Net (loss) income available to common shareholders - Basic and Diluted $ (1,793) $ 4,837 $ (2,350) $ 8,854 Weighted average shares outstanding, Basic 85,642 84,163 85,608 84,069 Dilutive effect of securities using the treasury method (1) — 1,094 — 1,134 Weighted average shares outstanding, Diluted 85,642 85,257 85,608 85,203 (Loss) income per common share, Basic $ (0.02) $ 0.06 $ (0.03) $ 0.11 (Loss) income per common share, Diluted $ (0.02) $ 0.06 $ (0.03) $ 0.10 (1) The Company uses the treasury stock method to determine the dilution resulting from restricted stock awards and forward sales under the Current ATM Program during the period of time prior to settlement. For each period, the amount of securities determined using the treasury stock method is 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding Convertible Outstanding Convertible Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,604 1,604 1,683 1,683 1,604 1,604 1,683 1,683 Series D Preferred Shares 1,849 7,017 1,849 7,017 1,849 7,017 1,849 7,017 Restricted Stock Awards 3,422 1,418 — — 3,422 1,432 — — 6,875 10,039 3,532 8,700 6,875 10,053 3,532 8,700

Share-based Compensation Plans

Share-based Compensation Plans	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Plans	Share-based Compensation Plans As of June 30, 2023, we have two share-based compensation plans in effect: 1) the Amended and Restated 2019 Omnibus Long-Term Incentive Plan (“2019 LTIP”) and 2) the Inducement Incentive Plan (“Inducement Plan”). 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 5.1 million common shares of beneficial interest plus any shares that become available under the 2012 Omnibus Long-Term Incentive Plan (“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 June 30, 2023, there were 1.1 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 June 30, 2023; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. As of June 30, 2023, we had 1,009,011 unvested service-based share awards outstanding under the 2019 LTIP. We had no unvested service-based share awards outstanding under the Inducement Plan or 2012 LTIP. These awards have various expiration dates through May 2026. During the six months ended June 30, 2023, we granted the following awards: • 377,133 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-year shareholder return peer comparison (“TSR Grants”). The service-based restricted share awards to employees vest over three 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 $1.2 million and $1.1 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and expense of $2.0 million and $2.1 million for the six months ended June 30, 2023 and June 30, 2022, respectively. The Company has TSR Grants that are either earned (1) subject to a future performance measurement based on a three-year shareholder return peer comparison or (2) subject to a future performance measurement based on the Company’s stock price over a four-year performance period. The Company 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 $1.6 million and $1.4 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $2.8 million and $2.6 million for the six months ended June 30, 2023 and June 30, 2022, 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: Six Months Ended June 30, 2023 2022 Closing share price $9.14 - $10.74 $12.71 Expected dividend rate — % — % Expected stock price volatility 39.5% - 46.4% 58.5 % Risk-free interest rate 3.8% - 4.7% 1.4 % Expected life (years) 2.65 - 2.84 2.84 We recognized total share-based compensation expense of $2.8 million and $2.5 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $4.9 million and $4.7 million for the six months ended June 30, 2023 and June 30, 2022, respectively.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2023
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 and our subsidiary REITs 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 June 30, 2023, we had a federal and state deferred tax asset of $6.9 million and a valuation allowance of $6.9 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. We recorded an income tax provision of $0.2 million and $0.1 million for the six months ended June 30, 2023 and June 30, 2022, respectively. The income tax provision for the three months ended June 30, 2023 and June 30, 2022 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	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Construction Costs In connection with the leasing and targeted remerchandising of various shopping centers as of June 30, 2023, we had entered into agreements for construction costs of approximately $8.0 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 June 30, 2023, the Company has $1.5 million of development related obligations that require annual payments through December 2032. The Company is party to a Contribution and Development Agreement, pursuant to which the parties intend to form a joint venture to develop a multi-family property on an undeveloped parcel of land located on the Company’'s Parkway Shops in Jacksonville, Florida. Subject to the fulfillment of certain conditions, including the completion of entitlements, the Company will enter into the joint venture by contributing the land valued at $3.8 million and an additional $0.5 million of cash in exchange for a 50% equity stake in the joint venture. 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 $5.6 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 and we do not expect to make any payments over the life of the agreement. 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.

Reorganization

Reorganization	6 Months Ended
	Jun. 30, 2023
Reorganizations [Abstract]
Reorganization	ReorganizationDuring the six months ended June 30, 2023, the Company recorded one-time employee termination benefits of $1.1 million resulting from a reduction in force in February 2023. There were no employee termination benefits recorded for the three months ended June 30, 2023. The termination benefits were paid out in full as of June 30, 2023, and such charges are reflected in general and administrative expenses in the condensed consolidated statements of operations for the six months then ended.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. Subsequent to June 30, 2023, the Company separately borrowed $12.0 million and made repayments of $6.0 million on its unsecured revolving credit facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 31	$ 6,795	$ 1,295	$ 12,571

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Pre_2

Organization and Basis of Presentations (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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 98.2% owned by the Company at both June 30, 2023 and December 31, 2022), 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 condensed 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, 2022. 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 Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the FASB updated the Accounting Standards Codification (“ASC”) with ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available, and issued ASU 2022-06 “Reference Rate Reform (Topic 848)” which extends the expiration date of the guidance in ASU 2020-04. ASU 2020-04, ASU 2021-01 and ASU 2022-06 provide 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 the London Interbank Offered Rate (“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, 2024. The Company had elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company ’ s only remaining LIBOR-indexed interest rate swap agreement expired in March 2023, and as of June 30, 2023 , we have no LIBOR-indexed contracts.
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.
Derivatives 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 of the notes to the condensed consolidated financial statements for additional information on our derivative financial instruments.

Property Acquisitions and Dis_2

Property Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2023
Acquisitions and Dispositions [Abstract]
Summary of Unconsolidated Joint Venture Property Acquisitions	The following table provides a summary of our disposition activity for the six months ended June 30, 2023: Gross Property Name Location GLA Acreage Date Sold Sales Price Gain on Sale (In thousands) (In thousands) Lakeland Park Center - Outparcel (1) Lakeland, FL 20 N/A 2/22/23 $ 3,687 $ 297 Total income producing dispositions 20 — $ 3,687 $ 297 Lakeland Park Center - Land Parcel Lakeland, FL N/A 2.6 4/14/23 $ 2,200 $ 603 Total land dispositions — 2.6 $ 2,200 $ 603 Total dispositions 20 2.6 $ 5,887 $ 900 (1) We contributed a net lease retail asset that was subdivided from a wholly-owned shopping center to our RGMZ Venture REIT LLC ( “RGMZ”) joint venture . The property contributed was an income producing property in which we owned the depreciable real estate. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information. The following table provides a summary of RGMZ’s acquisitions during the six months ended June 30, 2023: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) RPT Realty - 1 Income Producing Property Lakeland, FL 20 2/22/23 $ 3,687 $ 3,856 $ (2,397) Total RGMZ acquisitions 20 $ 3,687 $ 3,856 $ (2,397) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs.

Equity Investments in Unconso_2

Equity Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 December 31, 2022 (In thousands) ASSETS R2G RGMZ Total R2G RGMZ Total Investment in real estate, net $ 818,937 $ 216,657 $ 1,035,594 $ 822,707 $ 215,059 $ 1,037,766 Other assets 97,802 79,906 177,708 102,355 80,094 182,449 Total Assets $ 916,739 $ 296,563 $ 1,213,302 $ 925,062 $ 295,153 $ 1,220,215 LIABILITIES AND OWNERS’ EQUITY Notes payable $ 80,117 $ 187,532 $ 267,649 $ 80,053 $ 185,227 $ 265,280 Other liabilities 47,039 7,371 54,410 43,054 6,172 49,226 Owners’ equity 789,583 101,660 891,243 801,955 103,754 905,709 Total Liabilities and Owners’ Equity $ 916,739 $ 296,563 $ 1,213,302 $ 925,062 $ 295,153 $ 1,220,215 RPT’s equity investments in unconsolidated joint ventures $ 409,943 $ 6,468 $ 416,411 $ 416,487 $ 6,602 $ 423,089 Three Months Ended June 30, Statements of Operations 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Total revenue $ 21,692 $ 6,023 $ 27,715 $ 14,450 $ 4,591 $ 19,041 Total expenses 20,942 3,897 24,839 18,436 3,091 21,527 Operating income (loss) 750 2,126 2,876 (3,986) 1,500 (2,486) Interest expense (620) (3,747) (4,367) (619) (1,825) (2,444) Income tax benefit (expense) — 184 184 — (6) (6) Net income (loss) $ 130 $ (1,437) $ (1,307) $ (4,605) $ (331) $ (4,936) Preferred member dividends 60 7 67 36 23 59 Net income (loss) available to common members $ 70 $ (1,444) $ (1,374) $ (4,641) $ (354) $ (4,995) Other Comprehensive Income Net income (loss) $ 130 $ (1,437) $ (1,307) $ (4,605) $ (331) $ (4,936) Gain on interest rate swaps, net — 1,969 1,969 — — — Comprehensive income (loss) $ 130 $ 532 $ 662 $ (4,605) $ (331) $ (4,936) RPT’s share of earnings (loss) from unconsolidated joint ventures $ 37 $ (92) $ (55) $ (2,391) $ (22) $ (2,413) Six Months Ended June 30, Statements of Operations 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Total revenue $ 42,575 $ 11,625 $ 54,200 $ 28,456 $ 9,003 $ 37,459 Total expenses 38,097 7,288 45,385 29,838 5,999 35,837 Operating income (loss) 4,478 4,337 8,815 (1,382) 3,004 1,622 Interest expense (1,240) (7,223) (8,463) (1,058) (3,246) (4,304) Income tax benefit (expense) $ — $ 176 176 — (6) (6) Net income (loss) $ 3,238 $ (2,710) $ 528 $ (2,440) $ (248) $ (2,688) Preferred member dividends 105 15 120 74 23 97 Net income (loss) available to common members $ 3,133 $ (2,725) $ 408 $ (2,514) $ (271) $ (2,785) Other Comprehensive Income Net income (loss) $ 3,238 $ (2,710) $ 528 $ (2,440) $ (248) $ (2,688) Gain on interest rate swaps, net — 1,969 — — — — Comprehensive income (loss) $ 3,238 $ (741) $ 528 $ (2,440) $ (248) $ (2,688) RPT’s share of earnings (loss) from unconsolidated joint ventures $ 1,614 $ (174) $ 1,440 $ (1,295) $ (17) $ (1,312)
Summary of Unconsolidated Joint Venture Property Acquisitions	The following table provides a summary of our disposition activity for the six months ended June 30, 2023: Gross Property Name Location GLA Acreage Date Sold Sales Price Gain on Sale (In thousands) (In thousands) Lakeland Park Center - Outparcel (1) Lakeland, FL 20 N/A 2/22/23 $ 3,687 $ 297 Total income producing dispositions 20 — $ 3,687 $ 297 Lakeland Park Center - Land Parcel Lakeland, FL N/A 2.6 4/14/23 $ 2,200 $ 603 Total land dispositions — 2.6 $ 2,200 $ 603 Total dispositions 20 2.6 $ 5,887 $ 900 (1) We contributed a net lease retail asset that was subdivided from a wholly-owned shopping center to our RGMZ Venture REIT LLC ( “RGMZ”) joint venture . The property contributed was an income producing property in which we owned the depreciable real estate. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information. The following table provides a summary of RGMZ’s acquisitions during the six months ended June 30, 2023: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (In thousands) (In thousands) RPT Realty - 1 Income Producing Property Lakeland, FL 20 2/22/23 $ 3,687 $ 3,856 $ (2,397) Total RGMZ acquisitions 20 $ 3,687 $ 3,856 $ (2,397) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs.
Schedule of Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations	At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: As of Acquisition Date (In thousands) Land $ 903 Buildings and improvements 2,673 Lease origination costs 303 Below market leases (23) Net assets acquired $ 3,856
Schedule of Long-term Debt Instruments	The following table summarizes R2G’s fixed rate mortgages: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Village Shoppes of Canton 3/1/2029 $ 22,050 2.81 % $ 22,050 2.81 % East Lake Woodlands 12/1/2031 12,750 2.94 % 12,750 2.94 % South Pasadena 12/1/2031 16,330 2.94 % 16,330 2.94 % Bedford Marketplace 3/1/2032 29,975 2.93 % 29,975 2.93 % $ 81,105 2.90 % $ 81,105 2.90 % Unamortized deferred financing costs (988) (1,052) $ 80,117 $ 80,053 The following table summarizes our mortgage, notes payable, revolving credit facility and finance lease obligation as of June 30, 2023 and December 31, 2022: Notes Payable and Finance Lease Obligation June 30, December 31, (In thousands) Senior unsecured notes $ 511,500 $ 511,500 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgage 2,881 3,290 Unsecured revolving credit facility 29,000 35,000 853,381 859,790 Unamortized premium 58 77 Unamortized deferred financing costs (4,750) (5,271) Total notes payable, net $ 848,689 $ 854,596 Finance lease obligation $ 763 $ 763 The following table summarizes the Company’s senior unsecured notes: June 30, 2023 December 31, 2022 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 6/27/2025 $ 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 % Senior unsecured notes 11/30/2030 75,000 3.70 % 75,000 3.70 % Senior unsecured notes 11/30/2031 55,000 3.82 % 55,000 3.82 % $ 511,500 4.09 % $ 511,500 4.09 % Unamortized deferred financing costs (2,436) (2,667) $ 509,064 $ 508,833 The following table summarizes the Company’s $310.0 million unsecured term loan facilities (the “term loan facilities”) and $500.0 million revolving credit facility (the “revolving credit facility”): June 30, 2023 December 31, 2022 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) 11/6/2026 $ 50,000 2.50 % $ 50,000 2.50 % Unsecured term loan - fixed rate (2) 2/5/2027 100,000 2.61 % 100,000 2.61 % Unsecured term loan - fixed rate (3) 8/18/2027 50,000 2.52 % 50,000 2.52 % Unsecured term loan - fixed rate (4) 2/18/2028 110,000 3.66 % 110,000 2.80 % $ 310,000 2.95 % $ 310,000 2.65 % Unamortized deferred financing costs (2,314) (2,604) Term loans, net $ 307,686 $ 307,396 Revolving credit facility - variable rate 8/18/2026 $ 29,000 6.35 % $ 35,000 5.48 % (1) Swapped to a weighted average fixed rate of 1.20%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (2) Swapped to a weighted average fixed rate of 1.31%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (3) Swapped to a weighted average fixed rate of 1.22%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (4) Swapped to a weighted average fixed rate of 2.36%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. The following table summarizes the Company’s fixed rate mortgage: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Nagawaukee II 6/1/2026 $ 2,881 5.80 % $ 3,290 5.80 % $ 2,881 5.80 % $ 3,290 5.80 % Unamortized premium 58 77 $ 2,939 $ 3,367
Schedule of 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 June 30, 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Management fees $ 845 $ 206 $ 1,051 $ 508 $ 166 $ 674 Leasing fees 669 18 687 202 — 202 Construction fees 145 — 145 — — — Total $ 1,659 $ 224 $ 1,883 $ 710 $ 166 $ 876 Six Months Ended June 30, 2023 2022 (In thousands) R2G RGMZ Total R2G RGMZ Total Management fees $ 1,563 $ 411 $ 1,974 $ 999 $ 310 $ 1,309 Leasing fees 888 56 944 297 11 308 Construction fees 268 — 268 — — — Total $ 2,719 $ 467 $ 3,186 $ 1,296 $ 321 $ 1,617

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes R2G’s fixed rate mortgages: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Village Shoppes of Canton 3/1/2029 $ 22,050 2.81 % $ 22,050 2.81 % East Lake Woodlands 12/1/2031 12,750 2.94 % 12,750 2.94 % South Pasadena 12/1/2031 16,330 2.94 % 16,330 2.94 % Bedford Marketplace 3/1/2032 29,975 2.93 % 29,975 2.93 % $ 81,105 2.90 % $ 81,105 2.90 % Unamortized deferred financing costs (988) (1,052) $ 80,117 $ 80,053 The following table summarizes our mortgage, notes payable, revolving credit facility and finance lease obligation as of June 30, 2023 and December 31, 2022: Notes Payable and Finance Lease Obligation June 30, December 31, (In thousands) Senior unsecured notes $ 511,500 $ 511,500 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgage 2,881 3,290 Unsecured revolving credit facility 29,000 35,000 853,381 859,790 Unamortized premium 58 77 Unamortized deferred financing costs (4,750) (5,271) Total notes payable, net $ 848,689 $ 854,596 Finance lease obligation $ 763 $ 763 The following table summarizes the Company’s senior unsecured notes: June 30, 2023 December 31, 2022 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 6/27/2025 $ 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 % Senior unsecured notes 11/30/2030 75,000 3.70 % 75,000 3.70 % Senior unsecured notes 11/30/2031 55,000 3.82 % 55,000 3.82 % $ 511,500 4.09 % $ 511,500 4.09 % Unamortized deferred financing costs (2,436) (2,667) $ 509,064 $ 508,833 The following table summarizes the Company’s $310.0 million unsecured term loan facilities (the “term loan facilities”) and $500.0 million revolving credit facility (the “revolving credit facility”): June 30, 2023 December 31, 2022 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) 11/6/2026 $ 50,000 2.50 % $ 50,000 2.50 % Unsecured term loan - fixed rate (2) 2/5/2027 100,000 2.61 % 100,000 2.61 % Unsecured term loan - fixed rate (3) 8/18/2027 50,000 2.52 % 50,000 2.52 % Unsecured term loan - fixed rate (4) 2/18/2028 110,000 3.66 % 110,000 2.80 % $ 310,000 2.95 % $ 310,000 2.65 % Unamortized deferred financing costs (2,314) (2,604) Term loans, net $ 307,686 $ 307,396 Revolving credit facility - variable rate 8/18/2026 $ 29,000 6.35 % $ 35,000 5.48 % (1) Swapped to a weighted average fixed rate of 1.20%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (2) Swapped to a weighted average fixed rate of 1.31%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (3) Swapped to a weighted average fixed rate of 1.22%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. (4) Swapped to a weighted average fixed rate of 2.36%, plus a 0.10% SOFR Index adjustment and a credit spread of 1.20%, based on a leverage grid at June 30, 2023. The following table summarizes the Company’s fixed rate mortgage: June 30, 2023 December 31, 2022 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (In thousands) (In thousands) Nagawaukee II 6/1/2026 $ 2,881 5.80 % $ 3,290 5.80 % $ 2,881 5.80 % $ 3,290 5.80 % Unamortized premium 58 77 $ 2,939 $ 3,367
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 June 30, 2023: Year Ending December 31, (In thousands) 2023 (remaining) $ 420 2024 879 2025 132,431 2026 (1) 154,651 2027 180,000 Thereafter 385,000 Subtotal debt 853,381 Unamortized mortgage premium 58 Unamortized deferred financing costs (4,750) Total $ 848,689 (1) Scheduled maturities in 2026 include the $29.0 million balance on the unsecured revolving credit facility drawn as of June 30, 2023. The unsecured revolving credit facility has two six-month extensions available at the Company’s option provided compliance with financial covenants is maintained.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of 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 June 30, 2023 and December 31, 2022: Total Level 2 Balance Sheet Location June 30, 2023 (In thousands) Derivative assets - interest rate swaps Other assets $ 21,817 $ 21,817 Derivative liabilities - interest rate swaps Other liabilities $ — $ — December 31, 2022 Derivative assets - interest rate swaps Other assets $ 21,828 $ 21,828 Derivative liabilities - interest rate swaps Other liabilities $ — $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023: Hedge Reference Rate Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow SOFR $ 30,000 1.165 % $ 1,533 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.169 % 513 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.182 % 511 11/2024 Unsecured term loan Cash Flow SOFR 25,000 1.210 % 1,380 01/2025 Unsecured term loan Cash Flow SOFR 25,000 1.239 % 1,369 01/2025 Unsecured term loan Cash Flow SOFR 50,000 1.201 % 4,656 11/2026 Unsecured term loan Cash Flow SOFR 25,000 1.308 % 2,308 01/2027 Unsecured term loan Cash Flow SOFR 50,000 1.289 % 4,586 01/2027 Unsecured term loan Cash Flow SOFR 25,000 1.335 % 2,287 01/2027 Unsecured term loan Cash Flow SOFR 30,000 3.344 % 705 02/2028 Unsecured term loan Cash Flow SOFR 30,000 3.359 % 691 02/2028 $ 310,000 $ 20,539 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow SOFR $ 50,000 2.855 % $ 577 08/2027 Unsecured term loan Cash Flow SOFR 50,000 2.865 % 701 02/2028 Total Derivative Assets $ 410,000 $ 21,817 The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2022: Hedge Reference Rate Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow LIBOR $ 60,000 1.770 % $ 264 03/2023 Unsecured term loan Cash Flow SOFR 30,000 1.165 % 1,761 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.169 % 587 11/2024 Unsecured term loan Cash Flow SOFR 10,000 1.182 % 585 11/2024 Unsecured term loan Cash Flow SOFR 25,000 1.210 % 1,529 01/2025 Unsecured term loan Cash Flow SOFR 25,000 1.239 % 1,512 01/2025 Unsecured term loan Cash Flow SOFR 50,000 1.201 % 4,694 11/2026 Unsecured term loan Cash Flow SOFR 25,000 1.308 % 2,316 01/2027 Unsecured term loan Cash Flow SOFR 50,000 1.289 % 4,634 01/2027 Unsecured term loan Cash Flow SOFR 25,000 1.335 % 2,292 01/2027 $ 310,000 $ 20,174 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow SOFR $ 50,000 2.855 % $ 367 08/2027 Unsecured term loan Cash Flow SOFR 30,000 3.344 % 421 02/2028 Unsecured term loan Cash Flow SOFR 30,000 3.359 % 407 02/2028 Unsecured term loan Cash Flow SOFR 50,000 2.865 % 459 02/2028 $ 470,000 $ 21,828
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 June 30, 2023 and 2022 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Interest rate contracts - assets $ 7,998 $ 3,862 Interest expense $ (2,468) $ 509 Interest rate contracts - liabilities 309 41 Interest expense (152) — Equity investments in unconsolidated joint ventures 138 — (Loss) earnings from unconsolidated joint ventures (12) — Total $ 8,445 $ 3,903 Total $ (2,632) $ 509 The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2023 and 2022 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Interest rate contracts - assets $ 4,767 $ 12,878 Interest expense $ (4,779) $ 1,228 Interest rate contracts - liabilities 224 2,477 Interest expense (224) 235 Equity investments in unconsolidated joint ventures 138 — (Loss) earnings from unconsolidated joint ventures (12) — Total $ 5,129 $ 15,355 Total $ (5,015) $ 1,463

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity	Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2023, 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) 2023 (remaining) $ 75,648 2024 143,470 2025 123,097 2026 104,399 2027 81,122 Thereafter 209,237 Total $ 736,973
Schedule of Lease, Cost	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, Statements of Operations Classification 2023 2022 2023 2022 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 581 $ 581 Operating administrative lease cost General and administrative expense 147 161 310 326 Finance lease cost Interest Expense 10 11 20 21 Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 773 $ 782 Operating cash flows from finance lease — — Financing cash flows from finance lease — —
Schedule of Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification June 30, 2023 December 31, 2022 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 16,930 $ 17,269 Finance lease asset Land 10,095 10,095 Total leased assets $ 27,025 $ 27,364 LIABILITIES Operating lease liabilities Operating lease liabilities $ 16,796 $ 17,016 Finance lease liability Finance lease obligation 763 763 Total lease liabilities $ 17,559 $ 17,779 Weighted Average Remaining Lease Terms Operating leases 73 years 73 years Finance lease 9 years 10 years Weighted Average Incremental Borrowing Rate Operating leases 6.25 % 6.22 % Finance lease 5.23 % 5.23 %
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of June 30, 2023 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2023 (remaining) $ 748 $ 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 2027 1,108 100 Thereafter 92,228 500 Total lease payments $ 97,343 $ 1,000 Less imputed interest (80,547) (237) Total $ 16,796 $ 763
Schedule of Finance Lease, Liability, Maturity	Maturities of lease liabilities as of June 30, 2023 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2023 (remaining) $ 748 $ 100 2024 1,118 100 2025 1,048 100 2026 1,093 100 2027 1,108 100 Thereafter 92,228 500 Total lease payments $ 97,343 $ 1,000 Less imputed interest (80,547) (237) Total $ 16,796 $ 763

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of 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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands, except per share data) Net income $ 32 $ 6,930 $ 1,319 $ 12,822 Net income attributable to noncontrolling interest (1) (135) (24) (251) Allocation of income to restricted share awards (149) (283) (295) (367) (Loss) income attributable to RPT (118) 6,512 1,000 12,204 Preferred share dividends (1,675) (1,675) (3,350) (3,350) Net (loss) income available to common shareholders - Basic and Diluted $ (1,793) $ 4,837 $ (2,350) $ 8,854 Weighted average shares outstanding, Basic 85,642 84,163 85,608 84,069 Dilutive effect of securities using the treasury method (1) — 1,094 — 1,134 Weighted average shares outstanding, Diluted 85,642 85,257 85,608 85,203 (Loss) income per common share, Basic $ (0.02) $ 0.06 $ (0.03) $ 0.11 (Loss) income per common share, Diluted $ (0.02) $ 0.06 $ (0.03) $ 0.10 (1) The Company uses the treasury stock method to determine the dilution resulting from restricted stock awards and forward sales under the Current ATM Program during the period of time prior to settlement. For each period, the amount of securities determined using the treasury stock method is 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding Convertible Outstanding Convertible Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,604 1,604 1,683 1,683 1,604 1,604 1,683 1,683 Series D Preferred Shares 1,849 7,017 1,849 7,017 1,849 7,017 1,849 7,017 Restricted Stock Awards 3,422 1,418 — — 3,422 1,432 — — 6,875 10,039 3,532 8,700 6,875 10,053 3,532 8,700

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of 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: Six Months Ended June 30, 2023 2022 Closing share price $9.14 - $10.74 $12.71 Expected dividend rate — % — % Expected stock price volatility 39.5% - 46.4% 58.5 % Risk-free interest rate 3.8% - 4.7% 1.4 % Expected life (years) 2.65 - 2.84 2.84

Organization and Basis of Pre_3

Organization and Basis of Presentations (Details) $ / shares in Units, ft² in Millions, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² shopping_center property $ / shares	Dec. 31, 2022 $ / 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 owned properties | property		49
Aggregate portfolio, percent leased		93.10%
Sale of stock, maximum potential consideration | $	$ 150
Proceeds from issuance or sale of equity | $		$ 133
RPT Realty, L.P.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership interest in RPT Realty, L. P.		98.20%	98.20%
Shopping Centers
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of multi-tenant shopping centers | shopping_center		13
Shopping Centers
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of real estate properties owned and managed | shopping_center		43
Area of real estate property (in sq feet) | ft²		14.9

Real Estate (Details)

Real Estate (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Provision for impairment	$ 0	$ 0	$ 0
Constructions in progress	12,000,000	12,000,000		$ 14,600,000
Land available for development	21,700,000	$ 21,700,000		23,200,000
Number of property, held-for-sale | property		1
Real estate held for sale	$ 4,800,000	$ 4,800,000		$ 3,115,000

Property Acquisitions and Dis_3

Property Acquisitions and Dispositions (Details) a in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) ft² a
Income Producing Property Dispositions
Business Acquisition [Line Items]
Area of real estate property (in sq feet) | a	20
Sales Price	$ 3,687
Gain on Sale	$ 297
Income Producing Property Dispositions | Lakeland Park Center
Business Acquisition [Line Items]
Area of real estate property (in sq feet) | a	20
Sales Price	$ 3,687
Gain on Sale	$ 297
Land Dispositions
Business Acquisition [Line Items]
Acreage | ft²	2.6
Sales Price	$ 2,200
Gain on Sale	$ 603
Land Dispositions | Lakeland Park Center
Business Acquisition [Line Items]
Acreage | ft²	2.6
Sales Price	$ 2,200
Gain on Sale	$ 603
Income Producing Property and Land and Outparcel Dispositions
Business Acquisition [Line Items]
Area of real estate property (in sq feet) | a	20
Acreage | ft²	2.6
Sales Price	$ 5,887
Gain on Sale	$ 900

Equity Investments in Unconso_3

Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) ft² disposition instrument shopping_center jointVenture property agreement $ / ft²	Dec. 31, 2022 USD ($) jointVenture
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | jointVenture	2	2
Number of owned properties | property	49
Number of dispositions | disposition	0
Unsecured revolving credit facility	$ 29,000,000	$ 35,000,000
Percentage of management fee of gross asset value	0.15%
Rentable space | ft²	17
Renewal lease fee (in dollars per sq ft) | $ / ft²	1
New lease grocer fee (in dollars per sq ft) | $ / ft²	5
New lease non-grocer fee (in dollars per sq ft) | $ / ft²	4
Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Interest Rate Contract
Schedule of Equity Method Investments [Line Items]
Number of interest rate swap agreements | instrument	11
Derivative, notional amount	$ 310,000,000
Shopping Centers
Schedule of Equity Method Investments [Line Items]
Number of multi-tenant shopping centers | shopping_center	13
Joint Venture One
Schedule of Equity Method Investments [Line Items]
Ownership interest	51.50%	6.40%
RGMZ
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Total capacity of future potential commitment	600,000,000
Unsecured revolving credit facility	168,500,000
Increase to secured credit facility	$ 2,400,000
Stated interest rate	6.73%
Leasing fees for new renewal	5%
Leasing fees for renewal leases	2.50%
Lease operating expenses year	10 years
Percentage of management fee of gross asset value	0.25%
RGMZ | Mortgages
Schedule of Equity Method Investments [Line Items]
Stated interest rate	3.56%
Aggregate principal amount	$ 20,500,000	$ 20,700,000
RGMZ | Interest Rate Contract
Schedule of Equity Method Investments [Line Items]
Number of interest rate swap agreements | agreement	1
Derivative, notional amount	$ 80,000,000
RGMZ | Interest Rate Contract | Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Weighted average fixed interest rate	3.62%
SOFR index adjustment (as a percentage)	0.10%
Basis spread on variable rate	2.25%
R2G
Schedule of Equity Method Investments [Line Items]
Stake percentage maintains management fee	4%
Leasing fees for new renewal	6%
Leasing fees for renewal leases	2.50%
Lease operating expenses year	10 years

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	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investment in real estate, net	$ 1,317,313	$ 1,330,806
Other assets	110,166	109,443
TOTAL ASSETS	1,920,818	1,946,439
LIABILITIES AND OWNERS’ EQUITY
Notes payable	848,689	854,596
Other liabilities	965,480	967,786
Owners’ equity	937,621	960,513
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,920,818	1,946,439
RPT’s equity investments in unconsolidated joint ventures	416,411	423,089
R2G
LIABILITIES AND OWNERS’ EQUITY
RPT’s equity investments in unconsolidated joint ventures	409,943	416,487
RGMZ
LIABILITIES AND OWNERS’ EQUITY
RPT’s equity investments in unconsolidated joint ventures	6,468	6,602
R2G
ASSETS
Investment in real estate, net	818,937	822,707
Other assets	97,802	102,355
TOTAL ASSETS	916,739	925,062
LIABILITIES AND OWNERS’ EQUITY
Notes payable	80,117	80,053
Other liabilities	47,039	43,054
Owners’ equity	789,583	801,955
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	916,739	925,062
RGMZ
ASSETS
Investment in real estate, net	216,657	215,059
Other assets	79,906	80,094
TOTAL ASSETS	296,563	295,153
LIABILITIES AND OWNERS’ EQUITY
Notes payable	187,532	185,227
Other liabilities	7,371	6,172
Owners’ equity	101,660	103,754
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	296,563	295,153
Total
ASSETS
Investment in real estate, net	1,035,594	1,037,766
Other assets	177,708	182,449
TOTAL ASSETS	1,213,302	1,220,215
LIABILITIES AND OWNERS’ EQUITY
Notes payable	267,649	265,280
Other liabilities	54,410	49,226
Owners’ equity	891,243	905,709
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,213,302	$ 1,220,215

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Total revenue	$ 51,051	$ 55,288	$ 103,298	$ 111,377
Total expenses	43,133	48,863	87,207	95,545
OPERATING INCOME	8,521	17,968	16,991	30,922
Interest expense	8,836	8,770	17,539	17,082
Income tax benefit (expense)	49	36	230	71
NET INCOME ATTRIBUTABLE TO RPT	31	6,795	1,295	12,571
Preferred member dividends	1,675	1,675	3,350	3,350
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	(1,644)	5,120	(2,055)	9,221
Net income (loss)	32	6,930	1,319	12,822
Gain on interest rate swaps, net	5,813	4,412	114	16,818
Comprehensive income	5,845	11,342	1,433	29,640
RPT’s share of earnings (loss) from unconsolidated joint ventures	(55)	(2,413)	1,440	(1,312)
R2G
Schedule of Equity Method Investments [Line Items]
RPT’s share of earnings (loss) from unconsolidated joint ventures	37	(2,391)	1,614	(1,295)
RGMZ
Schedule of Equity Method Investments [Line Items]
RPT’s share of earnings (loss) from unconsolidated joint ventures	(92)	(22)	(174)	(17)
R2G
Schedule of Equity Method Investments [Line Items]
Total revenue	21,692	14,450	42,575	28,456
Total expenses	20,942	18,436	38,097	29,838
OPERATING INCOME	750	(3,986)	4,478	(1,382)
Interest expense	(620)	(619)	(1,240)	(1,058)
Income tax benefit (expense)	0	0	0	0
NET INCOME ATTRIBUTABLE TO RPT	130	(4,605)	3,238	(2,440)
Preferred member dividends	60	36	105	74
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	70	(4,641)	3,133	(2,514)
Net income (loss)	130	(4,605)	3,238	(2,440)
Gain on interest rate swaps, net	0	0	0	0
Comprehensive income	130	(4,605)	3,238	(2,440)
RGMZ
Schedule of Equity Method Investments [Line Items]
Total revenue	6,023	4,591	11,625	9,003
Total expenses	3,897	3,091	7,288	5,999
OPERATING INCOME	2,126	1,500	4,337	3,004
Interest expense	(3,747)	(1,825)	(7,223)	(3,246)
Income tax benefit (expense)	184	(6)	176	(6)
NET INCOME ATTRIBUTABLE TO RPT	(1,437)	(331)	(2,710)	(248)
Preferred member dividends	7	23	15	23
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	(1,444)	(354)	(2,725)	(271)
Net income (loss)	(1,437)	(331)	(2,710)	(248)
Gain on interest rate swaps, net	1,969	0	1,969	0
Comprehensive income	532	(331)	(741)	(248)
Total
Schedule of Equity Method Investments [Line Items]
Total revenue	27,715	19,041	54,200	37,459
Total expenses	24,839	21,527	45,385	35,837
OPERATING INCOME	2,876	(2,486)	8,815	1,622
Interest expense	(4,367)	(2,444)	(8,463)	(4,304)
Income tax benefit (expense)	184	(6)	176	(6)
NET INCOME ATTRIBUTABLE TO RPT	(1,307)	(4,936)	528	(2,688)
Preferred member dividends	67	59	120	97
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	(1,374)	(4,995)	408	(2,785)
Net income (loss)	(1,307)	(4,936)	528	(2,688)
Gain on interest rate swaps, net	1,969	0	0	0
Comprehensive income	$ 662	$ (4,936)	$ 528	$ (2,688)

Equity Investments in Unconso_6

Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) - RGMZ a in Thousands, $ in Thousands		6 Months Ended
	Feb. 22, 2023 USD ($) a	Jun. 30, 2023 USD ($) a
Schedule of Equity Method Investments [Line Items]
Area of real estate property (in sq feet) | a		20
Gross Contract Price		$ 3,687
Gross Purchase Price		3,856
Gross Debt Issued		$ (2,397)
RPT Realty - 1 Income Producing Property
Schedule of Equity Method Investments [Line Items]
Area of real estate property (in sq feet) | a	20
Gross Contract Price	$ 3,687
Gross Purchase Price	3,856
Gross Debt Issued	$ (2,397)

Equity Investments in Unconso_7

Equity Investments in Unconsolidated Joint Ventures - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Equity Method Investments - Fair Value, Inputs, Level 3 $ in Thousands	Jun. 30, 2023 USD ($)
RGMZ
Schedule of Equity Method Investments [Line Items]
Land	$ 903
Buildings and improvements	2,673
Lease origination costs	303
Net assets acquired	3,856
R2G
Schedule of Equity Method Investments [Line Items]
Below market leases	$ (23)

Equity Investments in Unconso_8

Equity Investments in Unconsolidated Joint Ventures - Mortgages (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 853,381	$ 859,790
Total notes payable, net	848,689	854,596
Mortgages
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 2,881	$ 3,290
Weighted Average Interest Rate	5.80%	5.80%
Total notes payable, net	$ 2,939	$ 3,367
Mortgages | R2G
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 81,105	$ 81,105
Weighted Average Interest Rate	2.90%	2.90%
Unamortized deferred financing costs	$ (988)	$ (1,052)
Total notes payable, net	80,117	80,053
Mortgages | R2G | Village Shoppes of Canton
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 22,050	$ 22,050
Interest Rate	2.81%	2.81%
Mortgages | R2G | East Lake Woodlands
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 12,750	$ 12,750
Interest Rate	2.94%	2.94%
Mortgages | R2G | South Pasadena
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 16,330	$ 16,330
Interest Rate	2.94%	2.94%
Mortgages | R2G | Bedford Marketplace
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 29,975	$ 29,975
Interest Rate	2.93%	2.93%

Equity Investments in Unconso_9

Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - Unconsolidated Joint Ventures - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
R2G
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	$ 1,659	$ 710	$ 2,719	$ 1,296
R2G | Management fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	845	508	1,563	999
R2G | Leasing fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	669	202	888	297
R2G | Construction fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	145	0	268	0
RGMZ
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	224	166	467	321
RGMZ | Management fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	206	166	411	310
RGMZ | Leasing fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	18	0	56	11
RGMZ | Construction fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	0	0	0	0
Total
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	1,883	876	3,186	1,617
Total | Management fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	1,051	674	1,974	1,309
Total | Leasing fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	687	202	944	308
Total | Construction fees
Schedule of Equity Method Investments [Line Items]
TOTAL REVENUE	$ 145	$ 0	$ 268	$ 0

Debt - Summary of Mortgages, No

Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Senior unsecured notes	$ 511,500	$ 511,500
Unsecured term loan facilities	310,000	310,000
Fixed rate mortgage	2,881	3,290
Unsecured revolving credit facility	29,000	35,000
Subtotal debt	853,381	859,790
Unamortized premium	58	77
Unamortized deferred financing costs	(4,750)	(5,271)
Total notes payable, net	848,689	854,596
Finance lease obligation	$ 763	$ 763

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 853,381	$ 859,790
Total notes payable, net	848,689	854,596
Senior Notes
Debt Instrument [Line Items]
Principal Balance	$ 511,500	$ 511,500
Weighted Average Interest Rate	4.09%	4.09%
Unamortized deferred financing costs	$ (2,436)	$ (2,667)
Total notes payable, net	509,064	508,833
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 2029
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	4.15%	4.15%
Senior Notes | Senior Unsecured Notes 3.70% Due 2030
Debt Instrument [Line Items]
Principal Balance	$ 75,000	$ 75,000
Interest Rate	3.70%	3.70%
Senior Notes | Senior Unsecured Notes 3.82% Due 2031
Debt Instrument [Line Items]
Principal Balance	$ 55,000	$ 55,000
Interest Rate	3.82%	3.82%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 853,381	$ 859,790
Total notes payable, net	848,689	854,596
Unsecured revolving credit facility	29,000	35,000
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 310,000	$ 310,000
Weighted Average Interest Rate	2.95%	2.65%
Unamortized deferred financing costs	$ (2,314)	$ (2,604)
Total notes payable, net	307,686	307,396
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unsecured revolving credit facility	29,000	35,000
Revolving Credit Facility | Unsecured Term Loan June Due 2026 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	2.50%	2.50%
Weighted average fixed interest rate	1.20%
SOFR index adjustment (as a percentage)	0.10%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan February Due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 100,000	$ 100,000
Interest Rate	2.61%	2.61%
Weighted average fixed interest rate	1.31%
SOFR index adjustment (as a percentage)	0.10%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan August Due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 50,000	$ 50,000
Interest Rate	2.52%	2.52%
Weighted average fixed interest rate	1.22%
SOFR index adjustment (as a percentage)	0.10%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Unsecured Term Loan February Due 2028 | Unsecured Debt
Debt Instrument [Line Items]
Principal Balance	$ 110,000	$ 110,000
Interest Rate	3.66%	2.80%
Weighted average fixed interest rate	2.36%
SOFR index adjustment (as a percentage)	0.10%
Basis spread on variable rate	1.20%
Revolving Credit Facility | Revolving Credit Facility - Variable Rate August Due 2026 | Line of Credit
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 29,000	$ 35,000
Interest rate at period end	6.35%	5.48%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 29,000,000	$ 35,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	471,000,000
Line of credit facility, maximum borrowing capacity	500,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unsecured revolving credit facility	29,000,000	$ 35,000,000
Secured credit facility	(6,000,000)
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Unsecured revolving credit facility	0
Fixed Rate Mortgage Debt
Debt Instrument [Line Items]
Net book value	$ 16,800,000

Debt - Mortgages (Details)

Debt - Mortgages (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 853,381	$ 859,790
Unamortized premium	58	77
Total notes payable, net	848,689	854,596
Mortgages
Debt Instrument [Line Items]
Principal Balance	$ 2,881	$ 3,290
Weighted Average Interest Rate	5.80%	5.80%
Unamortized premium	$ 58	$ 77
Total notes payable, net	2,939	3,367
Mortgages | Nagawaukee II
Debt Instrument [Line Items]
Principal Balance	$ 2,881	$ 3,290
Interest Rate	5.80%	5.80%

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) option	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023 (remaining)	$ 420
2024	879
2025	132,431
2026	154,651
2027	180,000
Thereafter	385,000
Subtotal debt	853,381	$ 859,790
Unamortized mortgage premium	58	77
Unamortized deferred financing costs	(4,750)	(5,271)
Total notes payable, net	848,689	854,596
Unsecured revolving credit facility	29,000	35,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 29,000	$ 35,000
Number of extension options | option	2
Extension option	6 months

Fair Value - Recorded Amount of

Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	$ 21,817	$ 21,828
Derivative liabilities - interest rate swaps	0	0
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	21,817	21,828
Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	$ 0	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	$ 848,689	$ 854,596
Unsecured revolving credit facility	29,000	35,000
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured revolving credit facility	29,000	35,000
Fixed Rate Mortgages | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	821,500	821,500
Long term debt, fair value	761,500	763,000
Fixed Rate Mortgages | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	2,900	3,300
Floating Rate Debt | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, fair value	29,200	35,300
Floating Rate Debt | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, fair value	$ 2,800	$ 3,300

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($) instrument
Interest Rate Contract
Derivative [Line Items]
Number of interest rate swap agreements | instrument	11
Derivative, notional amount | $	$ 310
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements | instrument	2
Derivative, notional amount | $	$ 100

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 ($)	Jun. 30, 2023	Dec. 31, 2022
Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023 | LIBOR
Derivative [Line Items]
Derivative asset, notional amount		$ 60,000,000
Fixed rate (as a percent)		1.77%
Derivative assets - interest rate swaps		$ 264,000
Unsecured term loan facility with: 1.165% Swap Rate, Expiration Date 11/2024 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 30,000,000	$ 30,000,000
Fixed rate (as a percent)	1.165%	1.165%
Derivative assets - interest rate swaps	$ 1,533,000	$ 1,761,000
Unsecured term loan facility with: 1.169% Swap Rate, Expiration Date 11/2024 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 10,000,000	$ 10,000,000
Fixed rate (as a percent)	1.169%	1.169%
Derivative assets - interest rate swaps	$ 513,000	$ 587,000
Unsecured term loan facility with: 1.182% Swap Rate, Expiration Date 11/2024 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 10,000,000	$ 10,000,000
Fixed rate (as a percent)	1.182%	1.182%
Derivative assets - interest rate swaps	$ 511,000	$ 585,000
Unsecured term loan facility with: 1.210% Swap Rate, Expiration Date 01/2025 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 25,000,000	$ 25,000,000
Fixed rate (as a percent)	1.21%	1.21%
Derivative assets - interest rate swaps	$ 1,380,000	$ 1,529,000
Unsecured term loan facility with: 1.239% Swap Rate, Expiration Date 01/2025 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 25,000,000	$ 25,000,000
Fixed rate (as a percent)	1.239%	1.239%
Derivative assets - interest rate swaps	$ 1,369,000	$ 1,512,000
Unsecured term loan facility with: 1.201% Swap Rate, Expiration Date 11/2026 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 50,000,000	$ 50,000,000
Fixed rate (as a percent)	1.201%	1.201%
Derivative assets - interest rate swaps	$ 4,656,000	$ 4,694,000
Unsecured term loan facility with: 1.308% Swap Rate, Expiration Date 01/2027 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 25,000,000	$ 25,000,000
Fixed rate (as a percent)	1.308%	1.308%
Derivative assets - interest rate swaps	$ 2,308,000	$ 2,316,000
Unsecured term loan facility with: 1.289% Swap Rate, Expiration Date 01/2027 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 50,000,000	$ 50,000,000
Fixed rate (as a percent)	1.289%	1.289%
Derivative assets - interest rate swaps	$ 4,586,000	$ 4,634,000
Unsecured term loan facility with: 1.335% Swap Rate, Expiration Date 01/2027 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 25,000,000	$ 25,000,000
Fixed rate (as a percent)	1.335%	1.335%
Derivative assets - interest rate swaps	$ 2,287,000	$ 2,292,000
Unsecured term loan facility with: 3.344% Swap Rate, Expiration Date 02/2028 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 30,000,000	$ 30,000,000
Fixed rate (as a percent)	3.344%	3.344%
Derivative assets - interest rate swaps	$ 705,000	$ 421,000
Unsecured term loan facility with: 3.359% Swap Rate, Expiration Date 02/2028 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 30,000,000	$ 30,000,000
Fixed rate (as a percent)	3.359%	3.359%
Derivative assets - interest rate swaps	$ 691,000	$ 407,000
Interest rate swap
Derivative [Line Items]
Derivative asset, notional amount	310,000,000	310,000,000
Derivative assets - interest rate swaps	20,539,000	20,174,000
Unsecured term loan facility with: 2.855% Swap Rate, Expiration Date 08/2027 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 50,000,000	$ 50,000,000
Fixed rate (as a percent)	2.855%	2.855%
Derivative assets - interest rate swaps	$ 577,000	$ 367,000
Unsecured term loan facility with: 2.865% Swap Rate, Expiration Date 02/2028 | SOFR
Derivative [Line Items]
Derivative asset, notional amount	$ 50,000,000	$ 50,000,000
Fixed rate (as a percent)	2.865%	2.865%
Derivative assets - interest rate swaps	$ 701,000	$ 459,000
Interest Rate Swap
Derivative [Line Items]
Derivative asset, notional amount	410,000,000	470,000,000
Derivative assets - interest rate swaps	$ 21,817,000	$ 21,828,000

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 8,445	$ 3,903	$ 5,129	$ 15,355
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(2,632)	509	(5,015)	1,463
Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	7,998	3,862	4,767	12,878
Derivative Assets | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(2,468)	509	(4,779)	1,228
Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	309	41	224	2,477
Derivative Liabilities | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(152)	0	(224)	235
Equity Method Investments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	138	0	138	0
Equity Method Investments | (Loss) earnings from unconsolidated joint ventures | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ (12)	$ 0	$ (12)	$ 0

Leases - Future Minimum Revenue

Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
2023 (remaining)	$ 75,648
2024	143,470
2025	123,097
2026	104,399
2027	81,122
Thereafter	209,237
Total	736,973
Variable lease, income	$ 22,400	$ 23,300
Aggregate portfolio, percent leased	93.10%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) office option	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of leased corporate offices | office			2
Finance lease cost	$ 10	$ 11	$ 20	$ 21
Non-recoverable operating expense
Lessee, Lease, Description [Line Items]
Operating lease cost	291	291	581	581
General and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 147	$ 161	$ 310	$ 326
Michigan
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of options | option			2
Lessee, operating lease, renewal term	5 years		5 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Operating lease right-of-use assets	$ 16,930	$ 17,269
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Land	Land
Finance lease asset	$ 10,095	$ 10,095
Total leased assets	27,025	27,364
LIABILITIES
Operating lease liabilities	16,796	17,016
Finance lease liability	763	763
Total lease liabilities	$ 17,559	$ 17,779
Weighted Average Remaining Lease Terms
Operating leases	73 years	73 years
Finance lease	9 years	10 years
Weighted Average Incremental Borrowing Rate
Operating leases	6.25%	6.22%
Finance lease	5.23%	5.23%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 773	$ 782
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	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining)	$ 748
2024	1,118
2025	1,048
2026	1,093
2027	1,108
Thereafter	92,228
Total lease payments	97,343
Less imputed interest	(80,547)
Operating lease liabilities	16,796	$ 17,016
Finance Lease
2023 (remaining)	100
2024	100
2025	100
2026	100
2027	100
Thereafter	500
Total lease payments	1,000
Less imputed interest	(237)
Finance lease liability	$ 763	$ 763

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 32	$ 6,930	$ 1,319	$ 12,822
Net income attributable to noncontrolling interest	(1)	(135)	(24)	(251)
Allocation of income to restricted share awards	(149)	(283)	(295)	(367)
(Loss) income attributable to RPT	(118)	6,512	1,000	12,204
Preferred share dividends	(1,675)	(1,675)	(3,350)	(3,350)
Net (loss) income available to common shareholders - Basic and Diluted	$ (1,793)	$ 4,837	$ (2,350)	$ 8,854
Weighted average shares outstanding, Basic (in shares)	85,642	84,163	85,608	84,069
Dilutive effect of securities using the treasury method (in shares)	0	1,094	0	1,134
Weighted average shares outstanding, Diluted (in shares)	85,642	85,257	85,608	85,203
(Loss) income per common share, Basic(in usd per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.11
(Loss) income per common share, Diluted (in usd per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.10

Earnings Per Common Share - Ant

Earnings Per Common Share - Antidilutive (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	6,875	3,532	6,875	3,532
Convertible (in shares)	10,039	8,700	10,053	8,700
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,604	1,683	1,604	1,683
Convertible (in shares)	1,604	1,683	1,604	1,683
Series D Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,849	1,849	1,849	1,849
Convertible (in shares)	7,017	7,017	7,017	7,017
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	3,422	0	3,422	0
Convertible (in shares)	1,418	0	1,432	0

Share-based Compensation Plan_2

Share-based Compensation Plans - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) plan shares	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans in effect | plan			2
Shareholder return period			3 years
Share-based compensation expenses | $	$ 2.8	$ 2.5	$ 4.9	$ 4.7
Total unrecognized compensation expense | $	$ 16.2		$ 16.2
Total unrecognized compensation expense, weighted average period of recognition			2 years 1 month 6 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based liability awards, measurement period (in years)			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based liability awards, measurement period (in years)	4 years
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, shares granted (in shares)			377,133
Share-based compensation expenses | $	$ 1.2	1.1	$ 2	2.1
Service And Performancebased Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)			3 years
Trustee Service And Performancebased Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)			1 year
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses | $	$ 1.6	$ 1.4	$ 2.8	$ 2.6
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)	5,100,000		5,100,000
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)	1,100,000		1,100,000
Number of shares terminated (in shares)			1,009,011
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	6,000,000		6,000,000
Number of shares available for issuance (in shares)	5,000,000		5,000,000
Number of shares terminated (in shares)			0

Share-based Compensation Plan_3

Share-based Compensation Plans - Weighted Average Assumptions (Details) - Equity Award - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing share price (in dollars per share)		$ 12.71
Expected dividend rate	0%	0%
Expected stock price volatility, minimum	39.50%
Expected stock price volatility, maximum	46.40%
Expected stock price volatility		58.50%
Risk-free interest rate, minimum	3.80%
Risk-free interest rate, maximum	4.70%
Risk-free interest rate		1.40%
Expected life (years), minimum	2 years 7 months 24 days
Expected life (years), maximum	2 years 10 months 2 days
Expected life (years)		2 years 10 months 2 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing share price (in dollars per share)	$ 9.14
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing share price (in dollars per share)	$ 10.74

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Annual distribution of REIT taxable income (as a percent)	90%		90%
Federal and state deferred tax asset	$ 6,900		$ 6,900
Federal and state deferred tax asset, valuation allowance	6,900		6,900
Income tax provision	$ 49	$ 36	$ 230	$ 71

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Construction costs related to development and expansion	$ 8
Contractual obligation	1.5
Bond finance agreement	$ 12.2
Bond financing agreement, amortization period	20 years
Debt service payments	$ 5.6
Parkway Shops
Other Commitments [Line Items]
Real estate investment, joint venture	3.8
Real estate investment, additional cash contributed	$ 0.5
Ownership interest	50%

Reorganization (Details)

Reorganization (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 1.1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 03, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Proceeds on revolving credit facility		$ 44,000	$ 123,000
Repayment on unsecured revolving credit facility		$ 50,000	$ 46,000
Revolving Credit Facility | Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Proceeds on revolving credit facility	$ 12,000
Repayment on unsecured revolving credit facility	$ 6,000