Retail Properties Of America, Inc. Provides Business Update Ahead Of Presentation At Nareit's REITweek: 2020 Virtual Investor Conference

OAK BROOK, Ill., June 1, 2020 /PRNewswire/ -- Retail Properties of America, Inc. RPAI (the "Company") today provided an update on cash rent collection statistics for the months of April and May 2020. Compared to the previously reported 52.4% of April rent collected as of April 30, 2020, the Company has received 60.3% of April rent as of May 28, 2020. Rent collection for May as of May 28, 2020 totals 52.4%, consistent with April month-end collection levels.

"With 79% of our portfolio square footage open as of May 29 and 53% of our properties operating in states that have lifted all retail restrictions, our team is engaged in supporting tenants as they reopen with efforts that include ongoing implementation of curbside pickup, as well as social media campaigns and onsite signage," stated Steven Grimes, chief executive officer. "As locality-specific limitations continue to lift, the quality of our assets will amplify the efforts of our team and our tenants as consumers begin resumption of shopping activities."

The Company has been heavily focused on addressing tenant rent relief requests that have arisen from the COVID-19 pandemic and has started to sign lease amendments with certain tenants to modify existing lease terms, including, for example, deferring due dates of certain rent payments. The Company remains in negotiation with additional tenants who have sought relief and expects to reach agreement or resolution with many of them over the course of the next several months.

Additionally, the Company announced that Steven Grimes will present at the National Association of Real Estate Investment Trusts' REITweek: 2020 Virtual Investor Conference. The Company's presentation is scheduled for Wednesday, June 3, 2020, from 3:25 p.m. – 3:55 p.m. EDT and can be accessed live after registering via this link. The presentation will be archived and available for replay via the above link for 90 days. Further, an investor presentation to be used during the conference, which may include updated business information from that previously provided by the Company, will be made available in the INVEST section of the Company's website, www.rpai.com, prior to the Company's scheduled meetings.

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 March 31, 2020, the Company owned 102 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.