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Retail Properties Of America, Inc. Reports Fourth Quarter Results

Retail Properties of America, Inc. (NYSE: RPAI) today reported financial and operating results for the quarter and year ended December 31, 2012.

FINANCIAL RESULTS

For the quarter ended December 31, 2012, Retail Properties of America reported:

  • Operating Funds From Operations (Operating FFO) of $51.2 million, or $0.22 per share, compared to $46.8 million, or $0.24 per share for the same period in 2011;
  • Funds From Operations (FFO) of $60.0 million, or $0.26 per share, compared to $48.5 million, or $0.25 per share for the same period in 2011;
  • Net income available to common shareholders of $13.9 million, or $0.06 per share, compared to net loss available to common shareholders of $(13.8) million, or $(0.07) per share for the same period in 2011.

For the year ended December 31, 2012, the Company reported:

  • Operating FFO of $202.1 million, or $0.92 per share, compared to $173.6 million, or $0.90 per share for the same period in 2011;
  • FFO of $235.8 million, or $1.07 per share, compared to $195.1 million, or $1.01 per share for the same period in 2011;
  • Net loss available to common shareholders of $(0.7) million, or $(0.00) per share, compared to net loss available to common shareholders of $(72.6) million, or $(0.38) per share for the same period in 2011.

OPERATING RESULTS

For the quarter ended December 31, 2012, the Company’s results for its consolidated portfolio were as follows:

  • 0.6% increase in total same store net operating income (NOI) over the comparable period in 2011, based on same-store occupancy of 91.2% at December 31, 2012, up 90 basis points from 90.3% at December 31, 2011;
  • Total portfolio percent leased, including leases signed but not commenced: 92.9% at December 31, 2012, up 110 basis points from 91.8% at September 30, 2012 and up 170 basis points from 91.2% at December 31, 2011;
  • Retail portfolio percent leased, including leases signed but not commenced: 92.4% at December 31, 2012, up 130 basis points from 91.1% at September 30, 2012 and up 200 basis points from 90.4% at December 31, 2011;
  • 1,094,000 square feet of retail leasing transactions comprised of 178 new and renewal leases, including the Company’s pro rata share of unconsolidated joint ventures; and,
  • Positive comparable leasing spreads, including the Company’s pro rata share of joint ventures, on a cash basis, of 5.5%.

For the year ended December 31, 2012, the Company’s results for its consolidated portfolio were as follows:

  • 1.7% increase in total same store NOI over the comparable period in 2011;
  • 3,573,000 square feet of retail leasing transactions comprised of 672 new and renewal leases, including the Company’s pro rata share of unconsolidated joint ventures; and,
  • Positive comparable leasing spreads, including the Company’s pro rata share of joint ventures, on a cash basis, of 4.5%.

“We are pleased with the substantial progress we have made repositioning RPAI’s portfolio and balance sheet during 2012. This year has been representative of our ability to consistently deliver on the ambitious goals we set out to achieve. We look forward to building on this positive momentum as we execute on our 2013 operational and financial objectives,” stated Steve Grimes, president and chief executive officer.

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