{"id":1004134581,"date":"2016-01-12T06:52:32","date_gmt":"2016-01-12T14:52:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134581"},"modified":"2020-05-11T03:18:12","modified_gmt":"2020-05-11T11:18:12","slug":"rpai-tallies-impressive-totals-for-2015","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rpai-tallies-impressive-totals-for-2015\/","title":{"rendered":"RPAI Tallies Impressive Totals for 2015"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004134633\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rpai-tallies-impressive-totals-for-2015\/steve-grimes-rpai-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg\" data-orig-size=\"800,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Steve Grimes, RPAI\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg?w=800\" class=\"alignright size-medium wp-image-1004134633\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg\" alt=\"Steve Grimes, RPAI\" width=\"300\" height=\"252\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg?resize=300,252 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Steve-Grimes-RPAI1.jpg?resize=768,646 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><a href=\"https:\/\/www.rpai.com\/\" rel=\"nofollow\" target=\"_blank\">Retail Properties of America Inc.<\/a> logged some major numbers this past year, with total investment activity of about $979.5 million, consisting of $463.1 million in acquisitions and $516.4 million in dispositions, the REIT, based in Oak Brook, Ill., announced late last week. The company also had total 2015 capital markets activity of $1.45 billion, including an amended and restated credit facility of $1.2 billion and a first-quarter public offering of $250 million of 4.00 percent senior unsecured notes due 2025.<\/p>\n<p>The credit facility, which closed on Jan. 6 of this year, increased total capacity by $200.0 million, extended the term by a weighted average of 2.2 years and lowered the interest rate by a weighted average of 13 basis points.<\/p>\n<p>On the acquisition side, its $463.1 million bought RPAI eight high-quality, multi-tenant retail assets and three strategically adjacent retail assets (those three in parentheses):<\/p>\n<ul>\n<li>Downtown Crown, metro Washington, D.C.<\/li>\n<li>Merrifield Town Center, metro Washington, D.C.<\/li>\n<li>Fort Evans Plaza II, metro Washington, D.C.<\/li>\n<li>Cedar Park Town Center, Austin<\/li>\n<li>(Lake Worth Towne Crossing parcel, metro Dallas)<\/li>\n<li>Tysons Corner, metro Washington, D.C.<\/li>\n<li>Woodinville Plaza, metro Seattle<\/li>\n<li>Southlake Town Square, Trader Joe\u2019s, metro Dallas)<\/li>\n<li>Coal Creek Marketplace, Seattle MSA (Q3)<\/li>\n<li>(Royal Oaks \u2013 Trader Joe\u2019s, metro Houston)<\/li>\n<li>Towson Square, metro Baltimore<\/li>\n<\/ul>\n<p>Overall, these acquisitions reportedly have a weighted average annualized base rent-per-occupied-square-foot of $21.54, a weighted average household income of $128,000 and a weighted average population of 103,000 within a three-mile radius. Moreover, RPAI noted that from acquisition to year\u2019s end, it managed to increase occupancy for the 2015 acquisitions from 87.8 percent to 93.7 percent.<\/p>\n<p>\u201cRPAI believes in a localized and decentralized leasing process with local teams in our target markets,\u201d a spokesperson told CPE. \u201cThis allows us to have a better understanding of the market and to complete more meaningful transactions because we can better nurture relationships with local owners, brokers and developers.\u201d<\/p>\n<p>On the other side of the ledger, RPAI completed about $516.4 million of dispositions, including the sale of 16 non-strategic, multi-tenant retail assets, five of its six remaining office assets, three single-user retail assets and two non-strategic development assets. The REIT completed its exit from multi-tenant retail properties in four states (Kansas, Montana, Oklahoma and Nevada) and in 12 markets it considers non-strategic, that is, outside of the target markets it has pursued since 2013, including: Lawrence, Kansas; Oklahoma City; St. George, Utah; Canton-Massillon and Columbus, Ohio; McAllen, Texas; Denver; Knoxville, Tenn.; Las Vegas; Traverse City, Mich.; Greensburg, Ind.; and Kalispell, Mont.<\/p>\n<p>Finally, besides its new credit facility and the public offering, RPAI repaid $425.4 million of mortgage and construction debt with a weighted average interest rate of 5.54 percent and, in connection with the dispositions, defeased $70.1 million of mortgage debt with an interest rate of 7.50 percent.<\/p>\n<p>\u201cIn only two-and-a-half years and in a very competitive investment environment, we recycled over 20 percent of our portfolio into high-quality, strategically located retail assets, significantly improving our demographic, ABR and growth profile,\u201d president &amp; CEO Steve Grimes said in a prepared statement. \u201cWe also continue to strengthen our balance sheet through opportunistic transaction activity, increasing liquidity, providing greater flexibility and lowering costs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail Properties of America Inc. ended 2015 strong, with total investment activity of $979.5 million and and capital markets activity of more than $1 billion.<\/p>\n","protected":false},"author":882,"featured_media":1004134633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,21783,23891,21742,21749],"tags":[],"class_list":["post-1004134581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-investment","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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