NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) — RPT Realty (NYSE:RPT) (“RPT” or the “Company”) announced today the appointment of Amy Sands as Executive Vice President, Head of Investments, effective May 8, 2023. Based in the Company’s New York office, Ms. Sands will report to Brian Harper, President and CEO. Ms. Sands’ hiring represents a consolidation of the Company’s investment activities under one team that will source acquisitions for RPT’s wholly owned portfolio, as well as for the Company’s grocery-anchored joint venture platform and the Company’s retail net lease joint venture platform. Ms. Sands will also be responsible for the Company’s disposition activities. Following the consolidation of the investments team, the Company expects to realize significant operational, executional and cost efficiencies as RPT grows assets under management through each of its strategic and complementary investment platforms. This consolidation was previously factored into the Company’s 2023 guidance provided on February 15, 2023.
“RPT has evolved into being a multi-faceted platform owner with global investors in both the public and private markets that has deployed over one billion dollars over the last two years,” said Brian Harper, President and CEO. “Amy will bring a dynamic investment prowess and a large institutional network that will be complementary to all three platforms and our investor bases. I am looking forward to partnering with Amy and seeing her leadership over our talented team of investment professionals.”
“Having worked with the RPT team extensively in the past, I have seen firsthand their dedication and commitment to excellence, and I am excited to be joining such an innovative and dynamic organization,” said Amy Sands. “With $1.7 billion of remaining committed capital from the Company’s two joint ventures, there are material opportunities to continue to reshape and improve the quality and value of the portfolio in the coming years.”
Ms. Sands has over 20 years of experience in the real estate industry, and most recently served as Senior Managing Director, Co-Head of the Chicago Office for JLL Capital Markets. Ms. Sands was instrumental in building the JLL Midwest retail platform from the ground up to become the leading retail investment sales team in the market. In 2022, JLL finished first in broker share for retail investment sales under Ms. Sands’ leadership. Over the past ten years, Ms. Sands has completed over $10 billion of retail transactions.
Previously, Ms. Sands held positions at HFF, Equity Office Properties and GGP. Ms. Sands holds a B.A. in Business Administration and Political Science from Coe College. She also sits on the President’s Advisory Board for Coe College, is the Co-Chair for the Programs Committee for the National ULI Product Council and is a member of CREW, REFF and ICSC.
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 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 are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 2022, the Company’s property portfolio (the “aggregate portfolio”) consisted of 44 wholly-owned shopping centers, 13 shopping centers owned through its grocery anchored joint venture, 48 retail properties owned through its net lease joint venture and one net lease retail property that was held for sale by the Company, which together represent 15.0 million square feet of gross leasable area. As of December 31, 2022, the Company’s pro-rata share of the aggregate portfolio was 93.8% leased. For additional information about the Company please visit rptrealty.com.
Company Contact:
Vin Chao
Managing Director – Finance
vchao@rptrealty.com
(212) 221-1752
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations, plans or beliefs concerning future events and may be identified by terminology such as “may,” “will,” “should,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” “predict” or similar terms. Although the forward-looking statements made in this document are based on our good faith beliefs, reasonable assumptions and our best judgment based upon current information, certain factors could cause actual results to differ materially from those in the forward-looking statements. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to predict or control. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our success or failure in implementing our business strategy; economic conditions generally (including supply chain disruptions and construction delays) and in the commercial real estate and finance markets, including, without limitation, as a result of continued high inflation rates or further increases in inflation or interest rates such as the inability to obtain equity, debt or other sources of funding or refinancing on favorable terms to the Company and; the cost and availability of capital, which depends in part on our asset quality and our relationships with lenders and other capital providers; changes in interest rates and/or other changes in the interest rate environment; the discontinuance of London Interbank Offered Rate; the Company’s ability to consummate the acquisitions described herein on the anticipated timeline and terms, or at all; risks associated with bankruptcies or insolvencies or general downturn in the businesses of tenants; the ongoing impact of the novel coronavirus (“COVID-19”), or the impact of any future pandemic, epidemic or outbreak of any other highly infectious disease, on the U.S., regional and global economies and on the Company’s business, financial condition and results of operations and that of its tenants; the potential adverse impact from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company’s tenants; the execution of rent deferral or concession agreements on the agreed-upon terms; our business prospects and outlook; changes in governmental regulations, tax rates and similar matters; our continuing to qualify as a REIT; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including in particular those set forth under “Risk Factors” in our latest annual report on Form 10-K. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
