CHICAGO—As reported in GlobeSt.com, Retail Properties of America, Inc. has had a solid year, with some important acquisitions, strong financial results and significant occupancy gains. And now the Oak Brook, IL-based REIT, formerly known as Inland Western Retail Real Estate Trust, a name it shed in 2012, was just assigned a BBB- corporate credit rating from Standard and Poor's Ratings Services with a stable outlook. S&P said in their announcement that the rating reflects RPAI's investment and operating strategy, and strengthening portfolio fundamentals.
“We are pleased with today's announcement of our second investment grade credit rating, which is a strong acknowledgement of the transformation of the company's balance sheet over the last three years, as we have substantially deleveraged the portfolio, improved coverage metrics and grown our now sizeable unencumbered asset base,” says Angela Aman, executive vice president, chief financial officer and treasurer. “Access to the public unsecured bond market increases the company's flexibility as we continue to enhance our credit profile and work to reduce our overall cost of capital.”
S&P has assigned a BBB- corporate credit rating to RPAI and to its senior unsecured shelf registration, under which the company may issue senior unsecured public debt in the future. The company also has an investment grade credit rating from Moody's Investors Service of (P)Baa3 with a stable outlook on its senior unsecured shelf registration.
As of June 30, 2014, the company owned 224 retail operating properties with a total of 31.8-million-square-feet.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
