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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to
Commission File Number: 001-35481
RETAIL PROPERTIES OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
Maryland42-1579325
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2021 Spring Road, Suite 200, Oak Brook, Illinois 60523
(Address of principal executive offices) (Zip Code)
(630) 634-4200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par valueRPAINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x
Number of shares outstanding of the registrant’s class of common stock as of April 30, 2021:
Class A common stock:    214,732,558 shares


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RETAIL PROPERTIES OF AMERICA, INC.
TABLE OF CONTENTS




Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except par value amounts)

March 31,
2021
December 31,
2020
Assets  
Investment properties:  
Land$1,075,720 $1,075,037 
Building and other improvements3,593,830 3,590,495 
Developments in progress197,453 188,556 
4,867,003 4,854,088 
Less: accumulated depreciation(1,547,223)(1,514,440)
Net investment properties (includes $84,278 and $74,314 from consolidated
variable interest entities, respectively)
3,319,780 3,339,648 
Cash and cash equivalents38,315 41,785 
Accounts receivable, net66,130 73,983 
Acquired lease intangible assets, net63,489 66,799 
Right-of-use lease assets42,306 42,768 
Other assets, net (includes $423 and $354 from consolidated
variable interest entities, respectively)
68,838 72,220 
Total assets$3,598,858 $3,637,203 
Liabilities and Equity  
Liabilities:  
Mortgages payable, net$90,943 $91,514 
Unsecured notes payable, net1,186,522 1,186,000 
Unsecured term loans, net467,727 467,559 
Unsecured revolving line of credit  
Accounts payable and accrued expenses
48,637 78,692 
Distributions payable15,031 12,855 
Acquired lease intangible liabilities, net60,033 61,698 
Lease liabilities84,358 84,628 
Other liabilities (includes $4,067 and $3,890 from consolidated
variable interest entities, respectively)
64,130 72,127 
Total liabilities2,017,381 2,055,073 
Commitments and contingencies (Note 13)
Equity:  
Preferred stock, $0.001 par value, 10,000 shares authorized, none issued or outstanding
  
Class A common stock, $0.001 par value, 475,000 shares authorized,
214,733 and 214,168 shares issued and outstanding as of March 31, 2021
and December 31, 2020, respectively
215 214 
Additional paid-in capital4,521,067 4,519,522 
Accumulated distributions in excess of earnings(2,920,701)(2,910,383)
Accumulated other comprehensive loss(23,611)(31,730)
Total shareholders’ equity1,576,970 1,577,623 
Noncontrolling interests4,507 4,507 
Total equity1,581,477 1,582,130 
Total liabilities and equity$3,598,858 $3,637,203 

See accompanying notes to condensed consolidated financial statements
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RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per share amounts)

Three Months Ended March 31,
 20212020
Revenues: 
Lease income$119,380 $118,695 
Expenses:  
Operating expenses18,065 16,414 
Real estate taxes18,934 18,533 
Depreciation and amortization47,867 40,173 
Provision for impairment of investment properties 346 
General and administrative expenses11,118 9,165 
Total expenses95,984 84,631 
Other (expense) income:
Interest expense(18,752)(17,046)
Gain on litigation settlement 6,100 
Other income (expense), net69 (761)
Net income4,713 22,357 
Net income attributable to noncontrolling interests  
Net income attributable to common shareholders$4,713 $22,357 
Earnings per common share – basic and diluted:  
Net income per common share attributable to common shareholders$0.02 $0.10 
Net income$4,713 $22,357 
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments (Note 8)8,119 (27,582)
Comprehensive income (loss) attributable to the Company$12,832 $(5,225)
Weighted average number of common shares outstanding – basic213,651 213,215 
Weighted average number of common shares outstanding – diluted214,348 213,215 

See accompanying notes to condensed consolidated financial statements
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RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Equity
(Unaudited)
(in thousands, except per share amounts)
 Class A
Common Stock
Additional
Paid-in
Capital
Accumulated
Distributions
in Excess of
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Total
Shareholders’
Equity
Noncontrolling
Interests
Total Equity
SharesAmount
Balance as of January 1, 2020213,600 $214 $4,510,484 $(2,865,933)$(12,288)$1,632,477 $3,596 $1,636,073 
Net income— — — 22,357 — 22,357 — 22,357 
Other comprehensive loss— — — — (27,582)(27,582)— (27,582)
Contributions from noncontrolling interests— — — — — — 1,123 1,123 
Termination of consolidated joint venture— — 1,661 — — 1,661 (1,661)— 
Distributions declared to common shareholders
($0.165625 per share)
— — — (35,464)— (35,464)— (35,464)
Issuance of common stock148 — — — — — — — 
Issuance of restricted shares493 — — — — — — — 
Stock-based compensation expense
— — 2,233 — — 2,233 — 2,233 
Shares withheld for employee taxes
(119)— (1,439)— — (1,439)— (1,439)
Balance as of March 31, 2020214,122 $214 $4,512,939 $(2,879,040)$(39,870)$1,594,243 $3,058 $1,597,301 
Balance as of January 1, 2021214,168 $214 $4,519,522 $(2,910,383)$(31,730)$1,577,623 $4,507 $1,582,130 
Net income— — — 4,713 — 4,713 — 4,713 
Other comprehensive income— — — — 8,119 8,119 — 8,119 
Distributions declared to common shareholders
($0.07 per share)
— — — (15,031)— (15,031)— (15,031)
Issuance of common stock, net of offering costs151 — (2)— — (2)— (2)
Issuance of restricted shares543 1 — — — 1 — 1 
Stock-based compensation expense
— — 2,806 — — 2,806 — 2,806 
Shares withheld for employee taxes
(129)— (1,259)— — (1,259)— (1,259)
Balance as of March 31, 2021214,733 $215 $4,521,067 $(2,920,701)$(23,611)$1,576,970 $4,507 $1,581,477 
See accompanying notes to condensed consolidated financial statements
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RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended March 31,
 20212020
Cash flows from operating activities:  
Net income$4,713 $22,357 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization47,867 40,173 
Provision for impairment of investment properties 346 
Amortization of loan fees and debt discount, net1,204 950 
Amortization of stock-based compensation2,806 2,233 
Payment of leasing fees and inducements(2,236)(3,676)
Changes in accounts receivable, net8,013 778 
Changes in right-of-use lease assets462 467 
Changes in accounts payable and accrued expenses, net(29,217)(26,319)
Changes in lease liabilities(269)(230)
Changes in other operating assets and liabilities, net4,010 (2,652)
Other, net(1,222)615 
Net cash provided by operating activities36,131 35,042 
Cash flows from investing activities:  
Purchase of investment properties (54,970)
Capital expenditures and tenant improvements(9,818)(14,165)
Proceeds from sales of investment properties 11,343 
Investment in developments in progress(15,411)(12,715)
Net cash used in investing activities(25,229)(70,507)
Cash flows from financing activities:  
Principal payments on mortgages payable(598)(619)
Proceeds from unsecured revolving line of credit7,000 937,704 
Repayments of unsecured revolving line of credit(7,000)(106,000)
Distributions paid(12,855)(35,387)
Other, net(1,261)(316)
Net cash (used in) provided by financing activities(14,714)795,382 
Net (decrease) increase in cash, cash equivalents and restricted cash(3,812)759,917 
Cash, cash equivalents and restricted cash, at beginning of period45,329 14,447 
Cash, cash equivalents and restricted cash, at end of period$41,517 $774,364 
(continued)
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RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended March 31,
20212020
Supplemental cash flow disclosure, including non-cash activities:  
Cash paid for interest, net of interest capitalized$23,901 $14,263 
Cash paid for amounts included in the measurement of operating lease liabilities$1,491 $1,446 
Distributions payable$15,031 $35,464 
Accrued capital expenditures and tenant improvements$4,309 $6,246 
Accrued leasing fees and inducements$1,441 $683 
Accrued redevelopment costs$935 $2,573 
Amounts reclassified to developments in progress$ $305 
Developments in progress placed in service$6,046 $ 
Change in noncontrolling interest due to termination of joint venture$ $1,661 
Lease liabilities arising from obtaining right-of-use lease assets$ $383 
Purchase of investment properties (after credits at closing):
Net investment properties$ $(58,760)
Right-of-use lease assets 5,999 
Accounts receivable, acquired lease intangibles and other assets (1,801)
Lease liabilities (5,942)
Accounts payable, acquired lease intangibles and other liabilities 5,534 
Purchase of investment properties (after credits at closing)$ $(54,970)
Proceeds from sales of investment properties:  
Net investment properties$ $11,281 
Accounts receivable, acquired lease intangibles and other assets 167 
Accounts payable, acquired lease intangibles and other liabilities (105)
Proceeds from sales of investment properties$ $11,343 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, at beginning of period$41,785 $9,989 
Restricted cash, at beginning of period (included within “Other assets, net”)3,544 4,458 
Total cash, cash equivalents and restricted cash, at beginning of period$45,329 $14,447 
Cash and cash equivalents, at end of period$38,315 $769,241 
Restricted cash, at end of period (included within “Other assets, net”)3,202 5,123 
Total cash, cash equivalents and restricted cash, at end of period$41,517 $774,364 

See accompanying notes to condensed consolidated financial statements
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report should refer to the audited financial statements of Retail Properties of America, Inc. for the year ended December 31, 2020, which are included in its 2020 Annual Report on Form 10-K, as certain footnote disclosures which would substantially duplicate those contained in the Annual Report have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary, all of which were of normal recurring nature, for a fair presentation have been included in this Quarterly Report.
(1) ORGANIZATION AND BASIS OF PRESENTATION
Retail Properties of America, Inc. (the Company) was formed on March 5, 2003 and its primary purpose is to own and operate high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2021, the Company owned 102 retail operating properties in the United States.
The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by the TRS did not have a material impact on the Company’s accompanying condensed consolidated financial statements.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to (i) the reserve for uncollectible lease income, (ii) provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and (iii) initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions and initial recognition of right-of-use lease assets and lease liabilities. Actual results could differ from these estimates.
All dollar amounts and share amounts in this Quarterly Report on Form 10-Q, including the condensed consolidated financial statements and notes thereto, are stated in thousands with the exception of per share, per square foot and per unit amounts.
The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries generally consist of limited liability companies, limited partnerships and statutory trusts.
The Company’s property ownership as of March 31, 2021 is summarized below:
Property Count
Retail operating properties102 
Expansion and redevelopment projects:
Circle East1 
One Loudoun Downtown – Pads G & H (a) 
Carillon1 
The Shoppes at Quarterfield1 
Total number of properties105 
(a)The operating portion of this property is included within the property count for retail operating properties.
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Refer to the Company’s 2020 Annual Report on Form 10-K for a summary of its significant accounting policies. There have been no changes to the Company’s significant accounting policies in the three months ended March 31, 2021.
(3) ACQUISITIONS AND DEVELOPMENTS IN PROGRESS
Acquisitions
The Company did not acquire any properties during the three months ended March 31, 2021.
The Company closed on the following acquisition during the three months ended March 31, 2020:
DateProperty NameMetropolitan
Statistical Area (MSA)
Property TypeSquare
Footage
Acquisition
Price
February 6, 2020Fullerton MetrocenterLos AngelesFee interest (a)154,700 $55,000 
154,700 $55,000 (b)
(a)The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor.
(b)Acquisition price does not include capitalized closing costs and adjustments totaling $240.
The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisition discussed above:
Three Months Ended
March 31, 2020
Land$57,137 
Building and other improvements, net1,623 
Acquired lease intangible assets (a)2,014 
Acquired lease intangible liabilities (b)(5,534)
Net assets acquired$55,240 
(a)The weighted average amortization period for acquired lease intangible assets is 17 years for the acquisition completed during the three months ended March 31, 2020.
(b)The weighted average amortization period for acquired lease intangible liabilities is 17 years for the acquisition completed during the three months ended March 31, 2020.
The acquisition was funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. The acquisition completed during 2020 was considered an asset acquisition and, as such, transaction costs were capitalized upon closing.
In addition, the Company capitalized $716 and $626 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three months ended March 31, 2021 and 2020, respectively. The Company also capitalized $57 and $60 of internal leasing incentives, all of which were incremental to signed leases, during the three months ended March 31, 2021 and 2020, respectively.
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Developments in Progress
The carrying amount of the Company’s developments in progress are as follows:
Property NameMSAMarch 31, 2021December 31, 2020
Expansion and redevelopment projects
Circle EastBaltimore$34,075 $38,180 
One Loudoun DowntownWashington, D.C.101,493 89,103 
CarillonWashington, D.C.33,393 33,463 
The Shoppes at QuarterfieldBaltimore923 865 
Pad development projects
Southlake Town SquareDallas2,119 1,495 
172,003 163,106 
Land held for future development
One Loudoun UptownWashington, D.C.25,450 25,450 
Total developments in progress$197,453 $188,556 
In response to macroeconomic conditions related to the novel coronavirus (COVID-19) pandemic, the Company halted plans for vertical construction at its Carillon redevelopment during 2020 and materially reduced the planned scope and spend for the project. As of March 31, 2021, the Company continues to evaluate scenarios in anticipation of restarting future development.
The Company capitalized $1,811 and $1,316 of indirect project costs related to redevelopment projects during the three months ended March 31, 2021 and 2020, respectively, including, among other costs, $409 and $372 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $1,292 and $785 of interest, respectively.
Variable Interest Entities
As of March 31, 2021, the Company had one joint venture related to the development, ownership and operation of the multi-family rental portion of the expansion project at One Loudoun Downtown – Pads G & H, of which joint venture the Company owns 90%.
The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated the joint venture and presented the joint venture partner’s interest as noncontrolling interests.
As of March 31, 2021 and December 31, 2020, the Company recorded the following related to the One Loudoun Downtown – Pads G & H consolidated joint venture:
One Loudoun Downtown – Pads G & H
March 31, 2021December 31, 2020
Net investment properties$84,278 $74,314 
Other assets, net$423 $354 
Other liabilities$4,067 $3,890 
Noncontrolling interests$4,507 $4,507 
As of March 31, 2021, the Company has funded $3,556 of the partner’s development costs related to One Loudoun Downtown – Pads G & H through a loan provided by the Company to the joint venture. The loan, secured by the joint venture project, is required to be repaid subsequent to the completion of construction and stabilization of the project and is eliminated upon consolidation. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project, the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. There was no income from the joint venture project during the three months ended March 31, 2021 and 2020 and, as such, no income was attributed to the noncontrolling interests.
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(4) DISPOSITIONS
The Company did not sell any properties during the three months ended March 31, 2021.
The Company closed on the following disposition during the three months ended March 31, 2020:
DateProperty NameProperty TypeSquare
Footage
ConsiderationAggregate
Proceeds, Net (a)
Gain
February 13, 2020King Philip’s CrossingMulti-tenant retail105,900 $13,900 $11,343 $ 
105,900 $13,900 $11,343 $ 
(a)Aggregate proceeds are net of transaction costs.
The disposition completed during the three months ended March 31, 2020 did not qualify for discontinued operations treatment and is not considered individually significant.
As of March 31, 2021 and December 31, 2020, no properties qualified for held for sale accounting treatment.
(5) EQUITY COMPENSATION PLANS
The Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management.
The following table summarizes the Company’s unvested restricted shares as of and for the three months ended March 31, 2021:
Unvested
Restricted Shares
Weighted Average
Grant Date
Fair Value per
Restricted Share
Balance as of January 1, 2021685 $10.81 
Shares granted (a)543 $11.20 
Shares vested(258)$11.88 
Balance as of March 31, 2021 (b)970 $10.74 
(a)Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements.
(b)As of March 31, 2021, total unrecognized compensation expense related to unvested restricted shares was $3,772, which is expected to be amortized over a weighted average term of 1.5 years.
The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the three months ended March 31, 2021:
Unvested
RSUs
Weighted Average
Grant Date
Fair Value per RSU
RSUs eligible for future conversion as of January 1, 2021974 $12.81 
RSUs granted (a)452 $10.06 
Conversion of RSUs to common stock and restricted shares (b)(260)$14.39 
RSUs eligible for future conversion as of March 31, 2021 (c)1,166 $11.39 
(a)Assumptions and inputs as of the grant date included a risk-free interest rate of 0.16%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s projected common stock dividend yield of 4.08%. Subject to continued employment, in 2024, following the performance period which concludes on December 31, 2023, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term.
(b)On February 8, 2021, 260 RSUs converted into 102 shares of common stock and 197 restricted shares that will vest on December 31, 2021, subject to continued employment through such date, after applying a conversion rate of 115% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies for the performance period that concluded on December 31, 2020.
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
An additional 49 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period.
(c)As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was $8,169, which is expected to be amortized over a weighted average term of 2.3 years.
During the three months ended March 31, 2021 and 2020, the Company recorded compensation expense of $2,806 and $2,233, respectively, related to the amortization of unvested restricted shares and RSUs. The total fair value of restricted shares that vested during the three months ended March 31, 2021 was $2,514. In addition, the total fair value of RSUs that converted into common stock during the three months ended March 31, 2021 was $1,002.
Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of March 31, 2021 and 2020, options to purchase 10 and 16 shares of common stock, respectively, remained outstanding and exercisable. The Company did not grant any options in 2021 or 2020 and no compensation expense related to stock options was recorded during the three months ended March 31, 2021 and 2020.
(6) LEASES
Leases as Lessor
Lease income related to the Company’s operating leases is comprised of the following:
Three Months Ended March 31,
20212020
Lease income related to fixed and variable lease payments
Base rent (a) (b)$86,074 $90,433 
Percentage and specialty rent (c)524 874 
Tenant recoveries (b) (c)26,028 25,741 
Lease termination fee income (c)679 124 
Other lease-related income (c)1,309 1,505 
Straight-line rental income, net (d)420 341 
Other
Uncollectible lease income, net (e)3,544 (880)
Amortization of above and below market lease intangibles and lease inducements802 557 
Lease income$119,380 $118,695 
(a)Base rent primarily consists of fixed lease payments; however, it also includes the net impact of variable lease payments related to lease concessions granted as relief due to COVID-19 in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. The impact of these lease concessions includes an increase of $1,230 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to the repayment of amounts previously deferred under lease concessions that did not meet deferral accounting treatment; as a result, lease income was reduced for the deferral in previous periods, however recognized as variable lease income upon receipt of payment, more than offset by a decrease of $2,609 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to lease concession agreements executed during the period that did not meet deferral accounting treatment and for which payment has not been received. The aggregate $2,609 decrease from lease concession agreements was associated with billed base rent of $1,254 from the three months ended March 31, 2021 and $1,355 from prior periods.
(b)Base rent and tenant recoveries are presented gross of any uncollected amounts related to cash-basis tenants. Such uncollected amounts are reflected within “Uncollectible lease income, net.”
(c)Represents lease income related to variable lease payments.
(d)Represents lease income related to fixed lease payments. Straight-line rental income, net includes changes in the reserve for straight-line receivables related to tenants accounted for on a cash basis of $(2,610) and $(1,035) for the three months ended March 31, 2021 and 2020, respectively.
(e)Uncollectible lease income, net is comprised of (i) collection of amounts related to previous periods from tenants accounted for on the cash basis of accounting, (ii) the impact of executed lease concessions that did not meet deferral accounting treatment, however, were agreed in previous periods; as a result, the impact of these anticipated concessions was included within the reserve for uncollectible lease income until executed, and (iii) a decrease in the general reserve due to collections from accrual-basis tenants, partially offset by (iv) the uncollected portion of current period charges related to cash-basis tenants, and (v) the impact of lease concessions we have agreed in principle of $454 and $0 for the three months ended March 31, 2021 and 2020, respectively, that are not expected to meet deferral
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
accounting treatment, however, such agreements have not been executed as of March 31, 2021; as a result, the impact of these anticipated concessions are included within the reserve for uncollectible lease income until executed.
In response to COVID-19 and its related impact on many of the Company’s tenants, the Company reached agreements with tenants regarding lease concessions. The majority of the amounts addressed by the lease concessions are base rent, although certain concessions also address tenant recoveries and other charges. The majority of these concessions were agreed to and, in the majority of these circumstances, executed during the year ended December 31, 2020. As of March 31, 2021, the Company has agreed in principle and/or executed additional lease concessions to defer, without an extension of the lease term, $36 of previously uncollected base rent charges and to address an additional $1,877 of previously uncollected base rent charges through abatement, a combination of deferral and abatement or a concession with the extension of the lease term.
As of March 31, 2021, $7,063 of executed lease concessions to defer rental payment without an extension of the lease term, net of related reserves, remain outstanding within “Accounts receivable, net” in the accompanying condensed consolidated balance sheets. Further, as of March 31, 2021, the amounts that have been deferred to future periods under executed lease concessions, on a weighted average basis, will be received over a period of approximately nine months.
(7) DEBT
The Company has the following types of indebtedness: (i) mortgages payable, (ii) unsecured notes payable, (iii) unsecured term loans and (iv) an unsecured revolving line of credit.
Mortgages Payable
The following table summarizes the Company’s mortgages payable:
March 31, 2021December 31, 2020
BalanceWeighted
Average
Interest Rate
Weighted
Average Years
to Maturity
BalanceWeighted
Average
Interest Rate
Weighted
Average Years
to Maturity
Fixed rate mortgages payable (a)$91,558 4.36 %3.8$92,156 4.36 %4.1
Discount, net of accumulated amortization(439)(450)
Capitalized loan fees, net of accumulated
amortization
(176)(192)
Mortgages payable, net$90,943 $91,514 
(a)The fixed rate mortgages had interest rates ranging from 3.75% to 4.82% as of March 31, 2021 and December 31, 2020.
During the three months ended March 31, 2021, the Company made scheduled principal payments of $598 related to amortizing loans.
Unsecured Notes Payable
The following table summarizes the Company’s unsecured notes payable:
March 31, 2021December 31, 2020
Unsecured Notes PayableMaturity DateBalanceInterest Rate/
Weighted Average
Interest Rate
BalanceInterest Rate/
Weighted Average
Interest Rate
Senior notes – 4.58% due 2024June 30, 2024$150,000 4.58 %$150,000 4.58 %
Senior notes – 4.00% due 2025March 15, 2025350,000 4.00 %350,000 4.00 %
Senior notes – 4.08% due 2026September 30, 2026100,000 4.08 %100,000 4.08 %
Senior notes – 4.24% due 2028December 28, 2028100,000 4.24 %100,000 4.24 %
Senior notes – 4.82% due 2029June 28, 2029100,000 4.82 %100,000 4.82 %
Senior notes – 4.75% due 2030September 15, 2030400,000 4.75 %400,000 4.75 %
1,200,000 4.42 %1,200,000 4.42 %
Discount, net of accumulated amortization(6,258)(6,473)
Capitalized loan fees, net of accumulated amortization(7,220)(7,527)
Total$1,186,522 $1,186,000 
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Unsecured Term Loans and Revolving Line of Credit
The following table summarizes the Company’s term loans and revolving line of credit:
March 31, 2021December 31, 2020
Maturity DateBalanceInterest
Rate
BalanceInterest
Rate
Unsecured term loan due 2023 – fixed rate (a)November 22, 2023$200,000 4.10 %$200,000 4.10 %
Unsecured term loan due 2024 – fixed rate (b)July 17, 2024120,000 2.88 %120,000 2.88 %
Unsecured term loan due 2026 – fixed rate (c)July 17, 2026150,000 3.37 %150,000 3.37 %
Subtotal470,000 470,000 
Capitalized loan fees, net of accumulated amortization(2,273)(2,441)
Term loans, net$467,727 $467,559 
Unsecured credit facility revolving line of credit –
variable rate (d)
April 22, 2022$ 1.21 %$ 1.25 %
(a)$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of March 31, 2021 and December 31, 2020.
(b)$120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of March 31, 2021 and December 31, 2020.
(c)$150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.60% as of March 31, 2021 and December 31, 2020.
(d)Excludes capitalized loan fees, which are included within “Other assets, net” in the accompanying condensed consolidated balance sheets. The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
Unsecured Credit Facility
On April 23, 2018, the Company entered into its fifth amended and restated credit agreement with a syndicate of financial institutions to provide for an unsecured credit facility aggregating $1,100,000, consisting of an $850,000 unsecured revolving line of credit that matures on April 22, 2022 and a $250,000 unsecured term loan that was scheduled to mature on January 5, 2021 and was repaid during 2020 (Unsecured Credit Facility). The unsecured revolving line of credit is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the unsecured credit agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. As of March 31, 2021, making such an election would have resulted in a higher interest rate and, as such, the Company has not made the election to convert to an investment grade pricing grid.
The following table summarizes the key terms of the unsecured revolving line of credit:
Leverage-Based PricingInvestment Grade Pricing
Unsecured Credit FacilityMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
$850,000 unsecured revolving line of credit
4/22/2022
2 six-month
0.075%
1.05%–1.50%
0.15%–0.30%
0.825%–1.55%
0.125%–0.30%
The Unsecured Credit Facility has a $500,000 accordion option that allows the Company, at its election, to increase the total Unsecured Credit Facility up to $1,350,000, subject to (i) customary fees and conditions including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) the Company’s ability to obtain additional lender commitments.
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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Unsecured Term Loans
As of March 31, 2021, the Company has the following unsecured term loans: (i) a seven-year $200,000 unsecured term loan (Term Loan Due 2023), (ii) a five-year $120,000 unsecured term loan (Term Loan Due 2024) and (iii) a seven-year $150,000 unsecured term loan (Term Loan Due 2026), each of which bears interest at a rate of LIBOR plus a credit spread based on a leverage grid. In accordance with the respective term loan agreements, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. As of March 31, 2021, making such an election would not have changed the interest rate for the Term Loan Due 2023 and would have resulted in higher interest rates for the Term Loan Due 2024 and Term Loan Due 2026 and, as such, the Company has not made the election to convert to an investment grade pricing grid.
The following table summarizes the key terms of the unsecured term loans:
Unsecured Term LoansMaturity DateLeverage-Based Pricing
Credit Spread
Investment Grade Pricing
Credit Spread
$200,000 unsecured term loan due 2023
11/22/20231.20 %1.85%0.85 %1.65%
$120,000 unsecured term loan due 2024
7/17/20241.20 %1.70%0.80 %1.65%
$150,000 unsecured term loan due 2026
7/17/20261.50 %2.20%1.35 %2.25%
The Term Loan Due 2023 has a $100,000 accordion option that allows the Company, at its election, to increase the Term Loan Due 2023 up to $300,000, subject to (i) customary fees and conditions, including the absence of an event of default as defined in the amended term loan agreement and (ii) the Company’s ability to obtain additional lender commitments.
The Term Loan Due 2024 has a $130,000 accordion option and the Term Loan Due 2026 has a $100,000 accordion option that, collectively, allow the Company, at its election, to increase the total of the Term Loan Due 2024 and Term Loan Due 2026 up to $500,000, subject to (i) customary fees and conditions, including the absence of an event of default as defined in the term loan agreement and (ii) the Company’s ability to obtain additional lender commitments.
Debt Maturities
The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2021 for the remainder of 2021, each of the next four years and thereafter, and the weighted average interest rates by year.
20212022202320242025ThereafterTotal
Debt:       
Fixed rate debt:       
Mortgages payable (a)$1,811 $26,641 $31,758 $1,737 $1,809 $27,802 $91,558 
Fixed rate term loans (b)  200,000 120,000  150,000 470,000 
Unsecured notes payable (c)