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retail properties of ame - a (RPAI) Key Developments

Retail Properties Mulls Acquisitions

Retail Properties of America, Inc. (NYSE:RPAI) intends to pursue acquisitions. "Our hit ratio for deals that make it through our rigorous investment process remains low, as we continue our disciplined approach to capital allocation, but our expanding pipeline of near-term and long-term potential acquisitions reinforces our conviction in our ability to create value through the repositioning of our portfolio," Steve Grimes, President and Chief Executive officer, said.

Retail Properties of America, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015

Retail Properties of America, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, total revenues were $153,531,000 against $150,689,000 a year ago. Operating income was $32,676,000 against $7,695,000 a year ago. Loss from continuing operations was $636,000 against $3,726,000 a year ago. Earnings per common share - basic and diluted were $0.10 against loss per common share - basic and diluted of $0.03 a year ago. Net income attributable to common shareholders was $23,502,000 or $0.10 per basic and diluted share against $34,724,000 or $0.15 per basic and diluted a year ago. FFO was $61,211,000 or $0.26 per common share outstanding against $71,830,000 or $0.30 per common share outstanding a year ago. Operating FFO was $62,730,000 or $0.27 per common share outstanding against $70,735,000 or $0.30 per common share outstanding a year ago. Adjusted EBITDA was $96,317,000 against $105,073,000 a year ago. The $0.01 difference between Operating FFO and FFO in the current quarter was due to charges associated with the early extinguishment of debt. For the year, total revenues were $600,614,000 against $551,508,000 a year ago. Operating income was $102,645,000 against $77,521,000 a year ago. Income from continuing operations was $597,000 or $0.14 per share basic and diluted against loss from continuing operations of $42,855,000 or $0.20 per share basic and diluted a year ago. Net income attributable to common shareholders was $33,850,000 or $0.14 per basic and diluted share against $4,176,000 or $0.02 per basic and diluted share a year ago. FFO was $255,720,000 or $1.08 per common share outstanding against $266,651,000 or $1.14 per common share outstanding a year ago. Operating FFO was $257,160,000 or $1.09 per common share outstanding against $246,799,000 or $1.05 per common share outstanding a year ago. Net debt as at December 31, 2014 was $2,230,248,000 against $2,247,878,000 as at December 31, 2013. The company provided earnings guidance for the full year of 2015. For the year, the company expects operating FFO guidance to be in a range of $0.97 per share to $1.01 per share. FFO is expected to be in a range of $0.89 per share to $0.93 per share. Net income attributable to common shareholders is expected to be in a range of $0.53 per share to $0.57 per share. Depreciation and amortization expected to be in a range of $0.89 per share to $0.89 per share.

Retail Properties of America, Inc. Announces First Quarter 2015 Dividends on Preferred and Common Stock

Retail Properties of America, Inc. announced that its Board of Directors declared the first quarter dividend for the company's 7.00% Series A Cumulative Redeemable Preferred Stock. The dividend of $0.4375 per preferred share will be paid on March 31, 2015, to preferred stockholders of record on March 20, 2015. The company also announced that its Board of Directors declared the first quarter dividend for the company's outstanding Class A common stock. The dividend of $0.165625 per common share will be paid on April 10, 2015, to Class A common stockholders of record on March 27, 2015.

Retail Properties of America, Inc. Acquires Merrifield Town Center and Fort Evans Plaza II in the Washington, D.C. Market

Retail Properties of America, Inc. announced that it closed on the acquisitions of Merrifield Town Center (Merrifield) and Fort Evans Plaza II located in the Washington, D.C. Metropolitan Statistical Area (MSA). The properties were acquired through an off-market negotiation, on an unencumbered basis, for a gross purchase price of $121.5 million. Year to date, the company has closed on $284.3 million of acquisitions, including the previously announced acquisition of the retail portion of Downtown Crown. As a result of these transactions, the company now owns over 2.9 million square feet in the Washington, D.C./Baltimore MSAs, with strong portfolio trade area demographics, including weighted average household income of $108,000 and population of 99,000 within a three-mile radius. Merrifield Town Center was acquired for a gross purchase price of $56.5 million and consists of 85,000 square feet of street-level retail beneath two high rise residential buildings. The center is located in Falls Church, Virginia and sits at the main entrance to the Mosaic District, a 31-acre mixed-used urban-centric project, which is comprised of retail, office, residential and hotel uses.

Retail Properties Of America, Inc. Acquires the Retail Portion of Downtown Crown in the Washington, D.C. Market

Retail Properties of America, Inc. announced that it closed on the acquisition of the retail portion of Downtown Crown. The retail portion was acquired by the company from The JBG Companies and JBGR Retail on an unencumbered basis for a gross purchase price of $162.8 million. The property contains approximately 258,000 square feet of retail space, including a neighborhood center component anchored by Harris Teeter and a lifestyle center component anchored by a variety of national and regional restaurant concepts such as Coastal Flats, Ted's Montana Grill, Old Town Pour House and Ruth's Chris Steakhouse. The property opened in phases beginning in the fourth quarter of 2013 and is currently 62.7% occupied and 77.5% leased. Downtown Crown represents the commercial core of the 180-acre Crown community, which is expected to include more than 2,200 residential units upon completion. The property is located within a "super-zip", one of the most affluent and well-educated zip codes in the country, and boasts average household income of $129,000 and population of 137,000 within a three-mile radius. In total, the Company now owns over 2.6 million square feet in the Washington, D.C./Baltimore MSAs, with strong portfolio trade area demographics, including weighted average household income of $101,000 and population of 99,000 within a three-mile radius.

 

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