J.P. Morgan Initiates Coverage on Retail Properties of America

According to a research report this morning, J.P. Morgan initiates a Neutral rating and a $10 PT for retail real estate company, Retail Properties of America

. J.P. Morgan stated, RPAI (formerly known as Inland Western) was a non-traded REIT prior to its April 2012 equity offering/listing, and it owns a broad portfolio that includes multiple types of non-mall retail as well as some office and industrial holdings that will be shed over time. Despite the stock's strong post-offering performance, the stock still trades at significant discounts to most peers likely due to balance sheet leverage, portfolio composition, and legacy shareholder uncertainties.” RPAI closed yesterday at $9.11.