Retail Properties of America (RPAI) Tops Q1 EPS by 8c, Revenues Miss

Retail Properties of America (NYSE: RPAI) reported Q1 EPS of $0.10, $0.08 better than the analyst estimate of $0.02. Revenue for the quarter came in at $118.7 million versus the consensus estimate of $120.46 million.

OPERATING RESULTSFor the quarter ended March 31, 2020, the Company's portfolio results were as follows:

• 1.2% increase in same store net operating income (NOI) over the comparable period in 2019;
• Total same store portfolio percent leased, including leases signed but not commenced: 95.3% at March 31, 2020, down 90 basis points from 96.2% at December 31, 2019 and up 30 basis points from 95.0% at March 31, 2019;
• Retail portfolio occupancy: 94.1% at March 31, 2020, down 110 basis points from 95.2% at December 31, 2019 and up 110 basis points from 93.0% at March 31, 2019;
• Retail portfolio percent leased, including leases signed but not commenced: 95.3% at March 31, 2020, down 90 basis points from 96.2% at December 31, 2019 and up 20 basis points from 95.1% at March 31, 2019;
• Retail anchor tenant occupancy: 96.8% at March 31, 2020, down 80 basis points from 97.6% at December 31, 2019 and up 190 basis points from 94.9% at March 31, 2019;
• Retail anchor tenant percent leased, including leases signed but not commenced: 98.3% at March 31, 2020, down 50 basis points from 98.8% at December 31, 2019 and up 70 basis points from 97.6% at March 31, 2019;
• Total same store portfolio annualized base rent (ABR) per occupied square foot of $19.58 at March 31, 2020, up 0.4% from $19.51 ABR per occupied square foot at December 31, 2019 and up 1.9% from $19.21 ABR per occupied square foot at March 31, 2019;
• 285,000 square feet of retail leasing transactions comprised of 82 new and renewal leases; and
• Positive comparable cash leasing spreads of 4.8% on new leases and 4.9% on renewal leases for a blended re-leasing spread of 4.9%.

"Our first quarter results illustrate the underlying strength of our business heading into the COVID-19 pandemic," stated Steve Grimes, chief executive officer. "Our team now is focused on the joint goals of balancing fiscal prudence with social awareness, responsibility and the long-term viability of our tenants as we collectively navigate through these uncertain times."

For earnings history and earnings-related data on Retail Properties of America (RPAI) click here.

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