Home Featured Retail Properties Of America Sheds Schaumburg Towers for Close to $87M

Retail Properties Of America Sheds Schaumburg Towers for Close to $87M

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Retail Properties of America Inc. recently revealed that  the company has closed on the disposition of Schaumburg Towers, its one remaining office complex, for a gross sales price of $86.6 million. Retail Properties of America Inc. is a REIT that owns and operates high quality, strategically located shopping centers in the US.

As of March 31, 2018, the company owned 106 retail operating properties representing 19.5 million square feet. According to the company’s Q1 earnings, “Our predominantly mixed-use, lifestyle and grocery-anchored portfolio is well-positioned to navigate this transitional time in retail real estate as we look to continue to grow shareholder value.” That is according to Steve Grimes, president and chief executive officer.

The company’s Q1 numbers showed that it had approximately $1.6 billion of consolidated indebtedness with a weighted average contractual interest rate of 3.93%, a weighted average maturity of 5.1 years and a net debt to adjusted EBITDA ratio of 5.4x. In addition, net income attributable to common shareholders of $41.8 million, or $0.19 per diluted share, compared to net loss attributable to common shareholders of $11.5 million, or $0.05 per diluted share, for the same period in 2017.

According to Grimes, “In acknowledgment of our success to date in this mission, we were able to enhance our financial flexibility by significantly improving the economics and structure of our recently closed $1.1 billion unsecured credit facility. We thank our bank group for their continued confidence, support and recognition of the great things happening here at RPAI.”