NYSE:RPT

Stock Analysis Report

Executive Summary

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S.


Snowflake Analysis

Undervalued with proven track record and pays a dividend.


Similar Companies

Share Price & News

How has RPT Realty's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: RPT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.3%

RPT

-0.07%

US REITs

-1.1%

US Market


1 Year Return

15.1%

RPT

16.0%

US REITs

17.9%

US Market

Return vs Industry: RPT matched the US REITs industry which returned 16% over the past year.

Return vs Market: RPT underperformed the US Market which returned 17.9% over the past year.


Shareholder returns

RPTIndustryMarket
7 Day-0.3%-0.07%-1.1%
30 Day-1.3%3.6%1.4%
90 Day1.2%7.8%6.9%
1 Year23.2%15.1%20.7%16.0%20.3%17.9%
3 Year13.7%-6.9%37.9%20.6%47.8%38.3%
5 Year5.6%-21.7%60.3%27.3%71.9%53.0%

Price Volatility Vs. Market

How volatile is RPT Realty's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is RPT Realty undervalued compared to its fair value and its price relative to the market?

46.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: RPT ($14.66) is trading below our estimate of fair value ($27.26)

Significantly Below Fair Value: RPT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: RPT is good value based on its PE Ratio (13.8x) compared to the REITs industry average (37.2x).

PE vs Market: RPT is good value based on its PE Ratio (13.8x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: RPT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: RPT is good value based on its PB Ratio (1.6x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is RPT Realty forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-94.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RPT's earnings are forecast to decline over the next 3 years (-94.4% per year).

Earnings vs Market: RPT's earnings are forecast to decline over the next 3 years (-94.4% per year).

High Growth Earnings: RPT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: RPT's revenue (0.06% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: RPT's revenue (0.06% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: RPT's Return on Equity is forecast to be low in 3 years time (0.3%).


Next Steps

Past Performance

How has RPT Realty performed over the past 5 years?

6.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RPT has a large one-off gain of $79.9M impacting its December 31 2019 financial results.

Growing Profit Margin: RPT's current net profit margins (36.2%) are higher than last year (4%).


Past Earnings Growth Analysis

Earnings Trend: RPT has become profitable over the past 5 years, growing earnings by 6.4% per year.

Accelerating Growth: RPT's earnings growth over the past year (711%) exceeds its 5-year average (6.4% per year).

Earnings vs Industry: RPT earnings growth over the past year (711%) exceeded the REITs industry 7.6%.


Return on Equity

High ROE: RPT's Return on Equity (11%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is RPT Realty's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: RPT has a high level of physical assets or inventory.

Debt Coverage by Assets: RPT's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: RPT's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if RPT has a sufficient allowance for bad loans.

Low Risk Liabilities: RPT reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if RPT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: RPT has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if RPT has an appropriate level of bad loans.


Next Steps

Dividend

What is RPT Realty's current dividend yield, its reliability and sustainability?

6.00%

Current Dividend Yield


Dividend Yield vs Market

company6.0%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years6.0%

Current dividend yield vs market & industry

Notable Dividend: RPT's dividend (6%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: RPT's dividend (6%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

Stable Dividend: RPT's dividend payments have been volatile in the past 10 years.

Growing Dividend: RPT's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (95.1%), RPT's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: RPT's dividends in 3 years are forecast to be thoroughly covered by earnings (0.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.6yrs

Average management tenure


CEO

Brian Harper (43yo)

1.7yrs

Tenure

US$8,047,751

Compensation

Mr. Brian L. Harper is the President, CEO & Trustee at RPT Realty since June 15, 2018. He served as Chief Executive Officer of Rouse Properties, Inc. since September 2016 and served as its Chief Operating  ...


CEO Compensation Analysis

Compensation vs Market: Brian's total compensation ($USD8.05M) is above average for companies of similar size in the US market ($USD3.81M).

Compensation vs Earnings: Insufficient data to compare Brian's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Brian Harper
President1.7yrsUS$8.05m0.32% $3.9m
Michael Fitzmaurice
Executive VP & CFO1.7yrsUS$1.40m0.062% $743.9k
Raymond Merk
Senior VP & Chief Accounting Officer2.9yrsUS$568.28k0.020% $241.3k
Timothy Collier
Executive Vice President of Leasing1.5yrsUS$943.71k0.042% $508.9k
Courtney Smith
Senior Vice President of Investments0.6yrsno datano data
Heather Ohlberg
Senior VP2yrsno datano data
Deanna Cain
Head of Human Resources0yrsno datano data
Michael McBride
Senior Vice President of Asset Management0yrsno datano data
Jonathan Krausche
Senior Vice President of Development1.4yrsno datano data
Vincent Chao
Vice President of Finance1.5yrsno datano data

1.6yrs

Average Tenure

44yo

Average Age

Experienced Management: RPT's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Brian Harper
President1.7yrsUS$8.05m0.32% $3.9m
Richard Federico
Independent Trustee1.2yrsUS$53.78k0.014% $169.0k
Arthur Goldberg
Independent Trustee31.7yrsUS$150.00k0.13% $1.6m
David Nettina
Independent Trustee8yrsUS$165.00k0.080% $965.4k
Joanna Lau
Independent Trustee0.8yrsno data0.0096% $115.4k
Laurie Shahon
Independent Trustee4.3yrsUS$155.00k0.035% $423.0k
Andrea Weiss
Independent Trustee1.4yrsUS$82.54k0.016% $192.5k

1.7yrs

Average Tenure

64yo

Average Age

Experienced Board: RPT's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

RPT Realty's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: RPT Realty
  • Ticker: RPT
  • Exchange: NYSE
  • Founded: 1997
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.206b
  • Market Cap: US$1.178b
  • Shares outstanding: 82.28m
  • Website: https://rptrealty.com

Number of Employees


Location

  • RPT Realty
  • 19 West 44th Street
  • Suite 1002
  • New York
  • New York
  • 10036
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
RPTNYSE (New York Stock Exchange)YesCommon SharesUSUSDDec 1988
R4FDB (Deutsche Boerse AG)YesCommon SharesDEEURDec 1988
0A1LLSE (London Stock Exchange)YesCommon SharesGBEURDec 1988

Biography

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the Company, par value $0.01 per share (the “common shares”) are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 2019, our property portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing 11.9 million square feet of gross leasable area (“GLA”). As of December 31, 2019, the Company's pro-rata share of the aggregate portfolio was 94.7% leased. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 01:11
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.