Steven P. Grimes, President & CEO of Retail Properties of America Inc (RPAI), says the key takeaway from the company’s recent quarterly results is that it is the ninth quarter since the company’s IPO in which it has had continual improvement in all areas.
“As we started 2014, effectively being the third full year as a public company, there was some speculation about our ability to deliver on all things leasing, given the fact that our leasing of our better than 20,000 square feet of space was roughly in the mid-90s from a leased-rate perspective last year. We continue to deliver on that front, and as a result, the traction on our small shop space has been quite tremendous,” Grimes said.
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Grimes says that Retail Properties of America also continues to improve operationally and from a disposition perspective.
“Operationally, we’ve continued to improve for nine quarters, and this quarter was nothing less than exceeding our own expectations. We effectively have met the low end of our acquisition guidance range at the early part of the year through the dissolution of our joint venture… which puts us in a bit of a tailwind situation taking us into the back half of the year, and looking pretty good to be more selective with opportunities for acquisitions as they come along,” Grimes said.
“From a disposition perspective, we seem to be well on track to deliver on the $300 million to $350 million in dispositions ratably over the course of the year,” Grimes added.
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