Retail Properties of America, Inc. Provides Business Update
Retail Properties of America, Inc. Provides Business Update |
[06-July-2020] |
OAK BROOK, Ill., July 6, 2020 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (the "Company") today provided an update on cash rent collection statistics for the months of April, May, and June 2020. Compared to the previously reported 60.3% of April rent collected as of May 28, 2020, the Company has received 67.4% of April rent as of June 30, 2020. Compared to the previously reported 52.4% of May rent collected as of May 28, 2020, the Company has received 63.7% of May rent as of June 30, 2020. Rent collection for June as of June 30, 2020 totals 64.7%, ahead of the realized collection pace of both April and May during the same days of those calendar months. In the aggregate, the Company has collected 65.3% of second quarter 2020 rent as of June 30, 2020.
"With 90% of our portfolio square footage open as of July 2, up from 79% as of May 29, we have sustained the positive business momentum we outlined during our business update in early June," stated Steven Grimes, chief executive officer. "We continue our broad-based efforts to support our tenants' reopening efforts as well as to promote a safe and accommodating environment for consumer activity." Based, in part, on the upward trajectory of daily cash collections in May and June, and the ongoing re-opening of the Company's tenant base, the Company repaid substantial amounts during June on its $850 million unsecured revolving line of credit (the "revolver"), which was nearly fully drawn on March 31, 2020. As of June 30, the Company had $135 million outstanding on the revolver and $715 million in revolver availability. About RPAI Contact Information
View original content to download multimedia:http://www.prnewswire.com/news-releases/retail-properties-of-america-inc-provides-business-update-301088649.html SOURCE Retail Properties of America, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: NYSE:RPAI |
© 2020 PR Newswire. All Rights Reserved.