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CBL Properties (OTCMKTS:CBLAQ) announced new appointments to its Board of Directors following its emergence from Chapter 11 on November 1st. Jonathan Heller, who joined on October 15, will serve as Chairman, with Stephen Lebovitz and Charles Lebovitz remaining on the Board. Five new directors are added: Marjorie Bowen, David Contis, David Fields, Robert Gifford, and Kaj Vazales. CEO Stephen Lebovitz highlighted the diverse experiences of the new directors as a significant asset for CBL’s growth and success.
Retail Properties of America (RPAI) reported a net income of $15.4 million for Q2 2021, reversing a net loss of $7.3 million from the previous year. Funds from operations (FFO) rose to $56.9 million, an increase of 57% year-over-year. Cash collections improved to 98% of billed rent, and the company saw a 32.7% increase in same-store net operating income (NOI). RPAI has entered a merger agreement with Kite Realty Group, expected to close in Q4 2021. A quarterly dividend of $0.075 per share was declared, maintaining consistency from Q1 2021.
Retail Properties of America, Inc. (NYSE: RPAI) announced a third-quarter dividend of $0.075 per share for its Class A common stock. The dividend will be paid on October 8, 2021, to stockholders on record as of October 1, 2021. RPAI is a REIT focused on owning and operating high-quality open-air shopping centers, with a portfolio of 102 retail properties totaling 19.9 million square feet as of March 31, 2021.
Kite Realty Group Trust (KRG) and Retail Properties of America, Inc. (RPAI) announced a definitive merger agreement, creating a top five shopping center REIT with a combined enterprise value of approximately $7.5 billion. Each RPAI share will convert to 0.6230 KRG shares, reflecting a 13% premium based on closing prices as of July 16, 2021. The merger is expected to enhance earnings, reduce capital costs, and increase shareholder liquidity. The transaction, unanimously approved by both boards, is anticipated to close in Q4 2021, pending shareholder approval and other conditions.
Retail Properties of America, Inc. (NYSE: RPAI) has successfully closed an amendment and extension of its $850 million unsecured revolving line of credit. The amendment maintains the company's borrowing capacity while allowing an increase of up to $750 million, boosting potential total borrowing to $1.6 billion. Key features include improved ratings-based pricing, retention of existing financial covenants, and an extended maturity date to January 8, 2026. The agreement also incorporates sustainability metrics for cost reductions in borrowing.
Retail Properties of America, Inc. (NYSE: RPAI) announced plans to commence construction on The Ella, a 125,000 square foot medical office building at its Carillon mixed-use development in Largo, Maryland, in the second half of 2021. This Class-A facility will enhance healthcare access for an underserved population, alongside the University of Maryland Capital Region Medical Center. The development aims to meet increasing demand for medical office space and is expected to attract prospective tenants. RPAI emphasizes local partnerships through its Supplier Diversity Program.
Retail Properties of America (NYSE: RPAI) announces CEO Steven Grimes will present at the REITweek: 2021 Virtual Investor Conference on June 8, 2021, from 10:15 a.m. to 10:45 a.m. ET. The session is available to registered participants and is free to attend. As of March 31, 2021, RPAI owned 102 retail properties in the U.S., covering 19.9 million square feet.
For more details, visit www.rpai.com.
Retail Properties of America (NYSE: RPAI) has announced a dividend increase for its Class A common stock from $0.07 to $0.075 per share for the second quarter of 2021. The dividend will be paid on July 9, 2021, to shareholders on record as of June 25, 2021. As of March 31, 2021, RPAI owned 102 retail operating properties across the U.S., totaling 19.9 million square feet. This reflects the company's commitment to returning value to its shareholders amidst its ongoing operations in the real estate market.
Retail Properties of America, Inc. (NYSE: RPAI) has announced it will release its second-quarter financial results after the market closes on August 3, 2021. A conference call to discuss these results will take place on August 4, 2021, at 11:00 AM ET. Investors can access a live webcast on the company's website, with a replay available for 12 months. As of March 31, 2021, RPAI operated 102 retail properties in the U.S., encompassing 19.9 million square feet.
Free People and Summer Classics are set to open new stores in Southlake Town Square, Texas, enhancing the shopping experience. Free People will occupy a 2,329-square-foot space by late 2021, while Summer Classics will debut in an 8,800-square-foot location this summer. Other openings include Express Edit and Muchacho's. RPAI emphasizes the destination's unique shopping experience and continued growth with these new brands, catering to community needs.
