INVESTOR UPDATE F ORWA RD LOOK IN G STA TEMEN TS This presentation - PowerPoint PPT Presentation

Q2 2020 INVESTOR UPDATE

F ORWA RD LOOK IN G STA TEMEN TS This presentation contains “forward -looking statements” within the meaning of the safe harbor from ▪ risks generally associated with real estate acquisitions and dispositions, including our ability to civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set identify and pursue acquisition and disposition opportunities; forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E ▪ risks generally associated with redevelopment, including the impact of construction delays and of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking cost overruns and related impact on our estimated investments in such redevelopment, our ability statements involve numerous risks and uncertainties and you should not rely on them as predictions to lease redeveloped space, our ability to identify and pursue redevelopment opportunities and of future events. Forward-looking statements depend on assumptions, data or methods which may be the risk that it takes longer than expected for development assets to stabilize or that we do not incorrect or imprecise and we may not be able to realize them. We do not guarantee that the achieve our estimated returns on such investments; transactions and events described will happen as described (or that they will happen at all). You can ▪ composition of members of our senior management team; identify forward-looking statements by the use of forward-looking terminology such as “believes,” ▪ our ability to attract and retain qualified personnel; “expects,” “may,” “should,” “intends,” “plans,” “estimates” or “anticipates” and variations of such words ▪ our ability to continue to qualify as a real estate investment trust; or similar expressions or the negative of such words. You can also identify forward-looking ▪ governmental regulations, tax laws and rates and similar matters; statements by discussions of strategies, vision, plans or intentions. Risks, uncertainties and changes in ▪ our compliance with laws, rules and regulations; the following factors, among others, could cause actual results and future events to differ materially ▪ environmental uncertainties and exposure to natural disasters; from those set forth or contemplated in the forward-lookingstatements: ▪ pandemics or other public health crises, such as the novel coronavirus (COVID-19) pandemic, and ▪ economic, business and financial conditions, and changes in our industry and changes in the real the related impact on (i) our ability to manage our properties, finance our operations and perform estate markets in particular; necessary administrative and reporting functions and (ii) our tenants’ ability to operate their ▪ economic and other developments in markets where we have a high concentration of properties; businesses, generate sales and meet their financial obligations, including the obligation to pay rent ▪ our business strategy; and other charges as specified in their leases; ▪ our projected operating results; ▪ insurance coverage; ▪ rental rates and/or vacancy rates; ▪ the likelihood or actual occurrence of terrorist attacks in the U.S.; and ▪ frequency and magnitude of defaults on, early terminations of or non-renewal of leases by ▪ other risk factors, including those detailed in the section titled “Risk Factors” of our most recent tenants; Form 10-K and 10-Q filed with the SEC. ▪ bankruptcy, insolvency or general downturn in the business of a major tenant or a significant number of smaller tenants; The extent to which COVID-19 impacts us and our tenants will depend on future developments, ▪ adverse impact of e-commerce developments and shifting consumer retail behavior on our which are highly uncertain and cannot be predicted with confidence, including the scope, severity and tenants; duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the ▪ interest rates or operating costs; direct and indirect economic effects of the pandemic and containment measures, among others. You ▪ the discontinuation of the London Interbank Offered Rate; should not place undue reliance on any forward-looking statements, which are based only on ▪ real estate and zoning laws and changes in real propertytax rates; information currently available to us or to third parties making the forward-looking statements. We undertake no obligation to publicly release any revisions to such forward-looking statements to ▪ real estate valuations; reflect events or circumstances after the date of this presentation, except as required by applicable ▪ our leverage; law. ▪ our ability to generate sufficient cash flows to service our outstanding indebtedness and make distributions to our shareholders; All information is presented on a consolidated basis as of June 30, 2020 unless otherwise noted. ▪ changes in the dividend policy for our Class A common stock and our ability to resume the All current peer metric information is sourced from company filings as of June 30, 2020, unless payment of dividends at past levels; otherwise noted. ▪ our ability to obtain necessary outside financing; ▪ the availability, terms and deployment of capital; 2 ▪ general volatility of the capital and credit markets and the market price of our Class A common stock;

CAPITAL STRENGTH PROVEN EXECUTION POISED TO PERFORM (pages 19 – 27) (pages 4 – 14) (pages 15 – 18) HIGH QUALITY ABUNDANT LIQUIDITY AND EXPERIENCE AND REAL ESTATE PLATFORM LOW LEVERAGE MOMENTUM 66% of ABR tied to grocer- ▪ $824M pro-forma available ▪ Track record of adding value ▪ anchored or grocer shadow- through: liquidity as of June 30, 2020 1 anchored assets; 37% of ABR Tenancy upgrades ▪ ▪ 6.2x Net Debt to trailing twelve from essential and office Asset repositioning ▪ month Adjusted EBITDA re 2 tenants Asset optimization ▪ 92% of square footage open as ▪ 4.0x Debt Service Coverage ▪ of July 31; 86% of Q2 2020 Crisis-tested management ▪ Ratio 3 2Q 2020 rent addressed team 1.8% Secured Debt to Total Responding iteratively to ▪ ▪ INVESTOR Assets 4 COVID-19 UPDATE STRATEGIC FOCUS EXPANSIONARY GROWTH CORPORATE STEWARDSHIP SUMMARY (pages 28 – 31) (pages 44 – 47) (pages 32 – 43) DISCIPLINED APPROACH GROWTH FROM WITHIN ONGOING COMMITMENT TO ESG Methodical process for ▪ ▪ Numerous opportunities for selecting and re-investing in densification projects within Successfully advancing ▪ curated portfolio of 102 existing asset base that will programs related to energy, operating assets diversify revenue further into sustainability, human capital, multi-family and office diversity, and corporate Committed to long-term, ▪ governance organic growth as well as ▪ 4 active projects with returns balance sheet health and of 6.0%-15.5% Continued progress ▪ corporate responsibility communicated through our Long runway for additional ▪ microsite at www.RPAIesg.com expansion opportunities 3

P O I S E D T O P E R F O R M 4

18 % 47 % 35 % POWER N E I G H B O R H O O D / L I F E S T Y L E C E N T E R S / CENTERS 1 C O M M U N I T Y C E N T E R S 1 M I X E D - U S E 1 Routine Needs Daily Trips Woven into the Community Fabric Regional Destination COMPANY SNAPSHOT – SECOND QUARTER 2020 Net debt to trailing twelve month adjusted EBITDA re 3 6.2x Ticker NYSE: RPAI Retail ABR PSF $19.45 Enterprise value 2 $3.3 billion Retail portfolio percent leased, including leases signed but not 94.9% S&P rating BBB- (stable) commenced Moody’s rating Baa3 (stable) Retail portfolio occupancy 93.6% Q2 2020 billed base rent addressed 4 85.9% Number of retail operating properties/Total square feet 102/20.0 million P O I S E D T O P E R F O R M 5 5

Portfolio: National Diversification, Local Scale SEATTLE CHICAGO 6.7 % of ABR 8.1 % of ABR 102 retail operating properties 93% OPEN 93% OPEN 20.0 Million Square Feet NEW YORK 10.2 % of ABR 93% OPEN TOP 5 RPAI MARKETS REPRESENT 65.1 % Multi-Tenant Retail ABR WASHINGTON, D.C./ BALTIMORE 16.8 % of ABR 88% of Multi-Tenant Retail ABR PHOENIX generated in the top 25 MSAs 89% OPEN ATLANTA AUSTIN TOTAL PORTFOLIO SQUARE FOOTAGE OPEN AS OF JULY 31, 2020 HOUSTON SAN ANTONIO 92 % OPEN DALLAS 23.3 % of ABR 93% OPEN P O I S E D T O P E R F O R M 6 6

Portfolio Composition: Tenant Type 1 Based on % of Total ABR PORTFOLIO COMPOSITION: OVERVIEW PORTFOLIO COMPOSITION: MERCHANDISE MIX BY CATEGORY 6.5 % Office Apparel 9.9% 8.3% Grocery / Warehouse Clubs 3.7% Financial Services / Banks 30.7 % 16.1 % Housewares 7.7% 3.4% Medical Restaurants Essential 2.8% Hardware 30.7 % Soft Goods / 2.7% Auto & Other Essential Discount Stores 7.1% 2.7% Electronics 46.7 % 46.7 % 2.7% Pet Supplies Non-Essential Services Non-Essential 6.5 % 1.8% Office Supplies 6.1% 1.7% Wireless Communications Office 0.9% Drug Stores Sporting Goods / 16.1 % Hobby 3.9% Percent of Rent Collected as of July 27, 2020 Restaurants Specialty 2.9% Movie Theaters 2.8% Category April May June Q2 July Health Clubs 2.5% 8.7% Essential 97.1% 97.2% 95.4% 96.5% 93.4% Full Service Restaurants Other 2.1% Office 89.8% 91.9% 91.0% 90.9% 84.2% 7.4% Book Stores 1.1% Quick Service Restaurants Non-Essential 51.4% 47.1% 49.4% 49.3% 57.4% Amusement / Place Centers 0.6% Restaurants 59.0% 61.3% 62.7% 61.0% 64.2% TOTAL 69.2% 67.7% 68.3% 68.4% 71.4% P O I S E D T O P E R F O R M 7 7