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Retail Properties of America, Inc. (NYSE: RPAI) will release its financial results for the fourth quarter and full year ended December 31, 2020, after market close on February 16, 2021. A conference call to discuss these results will be held on February 17, 2021, at 11:00 AM (ET). Investors can access the conference call by dialing (877) 705-6003. As of September 30, 2020, RPAI owned 102 retail properties in the U.S. totaling 20.0 million square feet. More information is available on their website.
Retail Properties of America (RPAI) announced its participation in the REITworld: Virtual 2020 Annual Conference on November 18, 2020, from 8:00 a.m. to 8:30 a.m. ET. The presentation, available to registered participants, can be accessed through a complimentary registration link. RPAI operates high-quality open-air shopping centers across the U.S., owning 102 properties totaling 20 million square feet as of September 30, 2020. A replay will be posted in the INVEST section of the company's website.
Retail Properties of America (NYSE: RPAI) reported financial results for Q3 2020, showing cash collections increased to 84.2% from 73.6% in Q2. The net loss attributable to shareholders was $2.3 million, down from $28.2 million year-over-year. Funds from operations (FFO) fell to $41.4 million, a decrease from $48.2 million in Q3 2019. The company faced a $12.4 million decline in lease income, primarily due to COVID-19 impacts. Portfolio occupancy dropped to 92.2%, with significant bankruptcy-related move-outs. The company aims to enhance liquidity, having recently issued $500 million in new senior unsecured notes.
Retail Properties of America, Inc. (RPAI) has declared a third quarter dividend of $0.05 per Class A common share, payable on October 9, 2020, to stockholders on record as of September 25, 2020. This dividend resumption comes after a suspension aimed at enhancing liquidity. CEO Steve Grimes noted improved rent collection rates, rising from 71.4% in July to 77% in August, with open square footage at 93%. The company also reduced debt with $100 million in new unsecured notes and has over $880 million in liquidity, indicating a strengthened financial position.
Retail Properties of America, Inc. (NYSE: RPAI) has announced the pricing of a $400.0 million public offering of 4.750% senior unsecured notes due September 15, 2030, priced at 98.684% of par. The offering will close on August 25, 2020, subject to customary conditions. Proceeds will be used to repay existing debt, including a $250.0 million term loan due 2021 and borrowings under an $850.0 million line of credit, as well as for general business purposes. The offering is managed by Citigroup, Wells Fargo, Jefferies, KeyBanc, and U.S. Bancorp.
Retail Properties of America (NYSE: RPAI) will release its third-quarter financial results for the period ending September 30, 2020, on November 2, 2020, after market close. A conference call is scheduled for November 3, 2020, at 11:00 AM (ET) to discuss the results. Investors can access a live webcast on the company's website and a replay will be available for 12 months. RPAI operates 102 retail properties across the U.S., totaling 20 million square feet as of June 30, 2020.
Retail Properties of America (RPAI) reported a significant net loss of $(7.3) million for Q2 2020, contrasting with net income of $21.2 million in Q2 2019. The Funds from Operations (FFO) fell to $36.1 million, down from $55.2 million year-over-year. Notably, lease income dropped by $21.6 million, mainly due to COVID-19 impacts. Portfolio occupancy was at 93.6%, slightly down from Q1 2020. As of July 31, 2020, 92% of the portfolio was open, and rent collection for July reached 71.4%. The company suspended its dividend to preserve liquidity amidst financial challenges.
Retail Properties of America (RPAI) has announced an underwritten public offering of $100 million senior unsecured notes with a 4.00% interest rate, maturing on March 15, 2025. The notes will be sold at 99.010% of par value plus accrued interest. Proceeds will be used for repaying outstanding borrowings under its $850 million revolving credit line and for general corporate purposes. Closing is anticipated on July 21, 2020. Citigroup and Wells Fargo are acting as joint book-running managers.
Retail Properties of America, Inc. (NYSE: RPAI) reported improved cash rent collection for April, May, and June 2020, with 67.4%, 63.7%, and 64.7% collected respectively, totaling 65.3% for Q2. As of July 2, 90% of the portfolio was open, up from 79% on May 29. The company repaid significant amounts on its $850 million unsecured revolving line of credit, reducing outstanding debt to $135 million. RPAI owns 102 retail properties in the U.S., totaling 20.0 million square feet.
