NEW YORK, March 07, 2019 (GLOBE NEWSWIRE) -- RPT Realty (the “Company”) (RPT) today announced that it completed its disposition program with the sales of East Town Plaza and The Shoppes at Fox River for a combined total of $68.5 million. Following these sales, over 96% of the Company’s annualized base rent will be generated from the top 40 Metropolitan Statistical Areas. The proceeds from the asset sales will be used primarily to fund the Company’s value creation initiatives and to reduce leverage.
“We are very happy to have completed our roughly $200 million disposition program almost a year ahead of schedule with the sale of these two properties,” said Brian Harper, President and Chief Executive Officer of RPT Realty. “The completion of this program has meaningfully strengthened our cash flows and provided us with ample liquidity to fund our strategic business plan.”
About RPT Realty
RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's locally-curated consumer experiences reflect the lifestyles of its diverse neighborhoods and match the modern expectations of its retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange under the ticker symbol RPT. For additional information about the Company please visit rptrealty.com.