retail properties of ame - a (RPAI) Key Developments
Retail Properties of America, Inc. Reports Earnings Results for the Second Quarter of 2015; Provides Earnings Guidance for the Full Year 2015
Aug 5 15
Retail Properties of America, Inc. reported earnings results for the second quarter of 2015. For the period, the company reported operating FFO of $0.26 per share compared to $0.28 per share in the same period in 2014. The year-over-year change in Operating FFO was driven by higher same-store NOI, which was offset by higher general and administrative expenses and interest expense including non-operating items, FFO was $0.23 per share compared to $0.27 per share in the second quarter of last year. Same-store NOI growth was 3.3% in the second quarter, primarily driven by higher rental income, in addition to lower net expenses and higher other property income.
The company increased full-year 2015 operating FFO guidance to a range of $1.02 to $1.04 per share from the previous range of $0.97 to $1.01 per share, representing a $0.04 increase at the midpoint of the range. Net debt to adjusted EBITDA at year end 2015 will again be at or below 6x. The company expected the same-store NOI growth for 2015 will be between 1.75% and 2.75%, representing 100-basis-point increase at the midpoint of the range, which is primarily driven by outperformance in the first half of the year.
Retail Properties of America, Inc. Announces New Appointment
Jul 30 15
Retail Properties of America, Inc. announced that it increased its board to nine directors from eight and named Bonnie Biumi a director, effective immediately. Biumi most recently served as president and CFO of Kerzner International Resorts Inc. Further, the company has appointed Julie Swinehart senior vice president and chief accounting officer, effective immediately. She has been senior vice president and corporate controller since April 2013 and principal accounting officer since May 2013.
Retail Properties of America, Inc. Announces Dividends on Preferred and Common Stock for the Third Quarter 2015, Payable on September 30, 2015 and October 9, 2015, Respectively
Jul 28 15
Retail Properties of America, Inc. announced that its Board of Directors declared the third 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 September 30, 2015 to preferred stockholders of record on September 18, 2015. The company also announced that its Board of Directors declared the third quarter dividend for the company's outstanding Class A common stock. The dividend of $0.165625 per common share will be paid on October 9, 2015 to Class A common stockholders of record on September 25, 2015.
Retail Properties of America Appoints Heath R. Fear as Chief Financial Officer and Treasurer, Effective Aug. 17, 2015
Jul 23 15
Retail Properties of America, Inc. announced that Heath R. Fear has accepted the company's offer to serve as its new chief financial officer and treasurer, effective August 17, 2015. Mr. Fear will play a key role in the continued execution of the
company's portfolio and balance sheet strategy, in addition to oversight of all of the company's financial activities, including capital markets, accounting, investor relations, internal audit, internal reporting and treasury. Mr. Fear has over 20 years of experience in the real estate industry and currently serves as senior vice president, head of capital markets of General Growth Properties, Inc.
Retail Properties of America, Inc. Announces Executive Changes
Jul 14 15
Retail Properties of America, Inc. (RPAI) announced a strategic realignment of its operating platform designed to reflect the company's portfolio transformation progress.
As part of this realignment, the Company announced that Timothy Steffan, former senior vice president, asset management and commercial leasing for Macerich's eastern region, has joined RPAI as divisional president – eastern region. Mr. Steffan will be a member of the senior leadership team reporting directly to Shane Garrison, executive vice president, chief operating officer and chief investment officer. Mr. Steffan will be responsible for executing the strategic plan for the Company's eastern region portfolio, which includes the oversight of asset management, leasing, property management and re-development. Prior to joining RPAI, Mr. Steffan spent over 20 years with Urban Retail Properties and Macerich, where he was responsible for commercial leasing ventures and development within the eastern region of the U.S. Mr. Steffan resides in Washington, D.C. and will oversee the opening of RPAI's new regional office there in 2015. The company also announced that Gerry Wright, RPAI's senior vice president, director of asset management, has been promoted to divisional president – western region and will be Mr. Steffan's counterpart for the western region of RPAI's portfolio. Mr. Wright joined the Company in 2009 and was responsible for the strategic direction, value enhancement and financial performance of assets throughout the Company's portfolio. He has over 25 years of experience in the real estate industry and held the following positions prior to joining RPAI: vice president – senior asset manager at BPG, vice president – asset manager at ING Realty Partners, vice president – regional asset manager at Citigroup and portfolio manager at JMB Realty Advisors.