OAK BROOK, Ill., March 23, 2020 /PRNewswire/ -- Retail
Properties of America, Inc. (NYSE: RPAI) (the
"Company"), in response to current macroeconomic conditions,
has halted plans for vertical construction at its Carillon
redevelopment project located in the Washington, D.C. metropolitan statistical
area. Relatedly, the Company is evaluating a material reduction in
scope and spend for the project.
"Our sound capital allocation discipline enables us to take this
step in order to prudently de-risk our overall operating plan,
focusing on preservation of our already outstanding balance sheet
prior to commencement of any vertical construction at Carillon,"
stated Steve Grimes, chief executive
officer. "While we currently expect to finish sitework preparation
this year, we remain aware of the significant demand for the
project, which benefits from the medical office needs of the
adjacent University of Maryland Capital
Region Medical Center, a non-cyclical, shadow anchor of this
project. We continue to believe that this project can drive
compelling risk adjusted returns when conditions support
commencement in the future."
The Company will continue to evaluate the potential resumption
date for vertical construction activities at Carillon and will
maintain optionality for either the monetization or build-out of
components of the project.
The Company also recently bolstered its financial flexibility by
drawing $100 million on its existing
$850 million unsecured revolving line
of credit.
About RPAI
Retail Properties of America, Inc. is a
REIT that owns and operates high quality, strategically located
open-air shopping centers, including properties with a mixed-use
component. As of December 31, 2019,
the Company owned 104 retail operating properties in the United States representing 20.0 million
square feet. The Company is publicly traded on the New York Stock
Exchange under the ticker symbol RPAI. Additional information about
the Company is available at www.rpai.com.
Contact Information
Michael
Gaiden
Vice President – Capital Markets and Investor Relations
Retail Properties of America, Inc.
(630) 634-4233
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SOURCE Retail Properties of America, Inc.