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Retail Properties of America Continues a Real Estate First Approach

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“Our accelerated expansion and redevelopment pace over the next few years is primed to be a significant contributor to our long-term growth, as we begin to capitalize on the numerous embedded densification opportunities within our portfolio.” That is according to Steve Grimes, CEO of Retail Properties of America, on the firm’s Q3 earnings call.

Real-estate fundamentals are strong in the United States, he explained. “When rents are rising, history shows that REITs can deliver strong returns despite higher interest rate.”

He explains that the REIT has always maintained a real estate first approach growth. “Our track record on this front speaks for itself. The quality of our portfolio continued to attract the type of diverse tenancy that will enhance the value of our properties for years to come. Our strategy focuses on experience and the right merchandise mix for today’s ever changing retail landscape.”

He adds that the company continues to believe that “the generational of barbell and preferences of both the rapidly retiring boomer generation, in many instances, retiring to high-end mixed-use centers and the up-and-coming millennial, who collective spending power could reach 1.4 trillion by 2020, will be the primary driving force towards the live work play, real estate environment for the perceivable future.”

When they go out, he said, they want a certain experience. “Here at RPAI, we are acutely focused on ensuring that our high-quality assets are the places where they can have everything they’re looking for and more. Many of expansion and redevelopment projects are in the D.C. Baltimore area and we are uniquely positioned to capitalize on a continued infrastructure growth and migration to these MSAs.”


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