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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, 2020
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)
Maryland
 
42-1579325
(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 and 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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, $0.001 par value
 
RPAI
 
New 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 filer
x
 
Accelerated filer
Non-accelerated filer
 
Smaller 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 May 1, 2020:
Class A common stock:    214,121,973 shares


Table of Contents

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,
2020
 
December 31,
2019
Assets
 
 
 
Investment properties:
 
 
 
Land
$
1,075,577

 
$
1,021,829

Building and other improvements
3,548,769

 
3,544,582

Developments in progress
126,761

 
113,353

 
4,751,107

 
4,679,764

Less: accumulated depreciation
(1,416,981
)
 
(1,383,274
)
Net investment properties (includes $30,600 and $12,445 from consolidated
variable interest entities, respectively)
3,334,126

 
3,296,490

Cash and cash equivalents
769,241

 
9,989

Accounts and notes receivable, net
72,003

 
73,832

Acquired lease intangible assets, net
78,439

 
79,832

Right-of-use lease assets
44,157

 
50,241

Other assets, net (includes $344 and $164 from consolidated
variable interest entities, respectively)
71,627

 
75,978

Total assets
$
4,369,593

 
$
3,586,362

 
 
 
 
Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Mortgages payable, net
$
93,562

 
$
94,155

Unsecured notes payable, net
796,420

 
796,247

Unsecured term loans, net
716,792

 
716,523

Unsecured revolving line of credit
849,704

 
18,000

Accounts payable and accrued expenses
50,622

 
78,902

Distributions payable
35,464

 
35,387

Acquired lease intangible liabilities, net
67,573

 
63,578

Lease liabilities
85,340

 
91,129

Other liabilities (includes $3,233 and $1,707 from consolidated
variable interest entities, respectively)
76,815

 
56,368

Total liabilities
2,772,292

 
1,950,289

 
 
 
 
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,
214,122 and 213,600 shares issued and outstanding as of March 31, 2020
and December 31, 2019, respectively
214

 
214

Additional paid-in capital
4,512,939

 
4,510,484

Accumulated distributions in excess of earnings
(2,879,040
)
 
(2,865,933
)
Accumulated other comprehensive loss
(39,870
)
 
(12,288
)
Total shareholders’ equity
1,594,243

 
1,632,477

Noncontrolling interests
3,058

 
3,596

Total equity
1,597,301

 
1,636,073

Total liabilities and equity
$
4,369,593

 
$
3,586,362


See accompanying notes to condensed consolidated financial statements

1

Table of Contents

RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Operations and Other Comprehensive Loss
(Unaudited)
(in thousands, except per share amounts)

 
Three Months Ended March 31,
 
2020
 
2019
Revenues:
 
 
 
Lease income
$
118,695

 
$
122,703

 
 
 
 
Expenses:
 
 
 
Operating expenses
16,414

 
17,686

Real estate taxes
18,533

 
18,403

Depreciation and amortization
40,173

 
43,267

Provision for impairment of investment properties
346

 

General and administrative expenses
9,165

 
10,499

Total expenses
84,631

 
89,855

 
 
 
 
Other (expense) income:


 


Interest expense
(17,046
)
 
(17,430
)
Gain on sales of investment properties

 
8,449

Gain on litigation settlement
6,100

 

Other expense, net
(761
)
 
(659
)
Net income
22,357

 
23,208

Net income attributable to noncontrolling interests

 

Net income attributable to common shareholders
$
22,357

 
$
23,208

 
 
 
 
Earnings per common share – basic and diluted:
 
 
 
Net income per common share attributable to common shareholders
$
0.10

 
$
0.11

 
 
 
 
Net income
$
22,357

 
$
23,208

Other comprehensive loss:
 
 
 
Net unrealized loss on derivative instruments (Note 8)
(27,582
)
 
(3,514
)
Comprehensive (loss) income attributable to the Company
$
(5,225
)
 
$
19,694

 
 
 
 
Weighted average number of common shares outstanding – basic
213,215

 
212,850

 
 
 
 
Weighted average number of common shares outstanding – diluted
213,215

 
213,223


See accompanying notes to condensed consolidated financial statements

2

Table of Contents

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
 
Total
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
 
Shares
 
Amount
Balance as of January 1, 2019
213,176

 
$
213

 
$
4,504,702

 
$
(2,756,802
)
 
$
(1,522
)
 
$
1,746,591

 
$
418

 
$
1,747,009

Net income

 

 

 
23,208

 

 
23,208

 

 
23,208

Other comprehensive loss

 

 

 

 
(3,514
)
 
(3,514
)
 

 
(3,514
)
Contributions from noncontrolling interests

 

 

 

 

 

 
358

 
358

Distributions declared to common shareholders
($0.165625 per share)

 

 

 
(35,371
)
 

 
(35,371
)
 

 
(35,371
)
Issuance of common stock
111

 

 

 

 

 

 

 

Issuance of restricted shares
392

 
1

 

 

 

 
1

 

 
1

Stock-based compensation expense, net of forfeitures
(9
)
 

 
1,966

 

 

 
1,966

 

 
1,966

Shares withheld for employee taxes
(85
)
 

 
(1,037
)
 

 

 
(1,037
)
 

 
(1,037
)
Balance as of March 31, 2019
213,585

 
$
214

 
$
4,505,631

 
$
(2,768,965
)
 
$
(5,036
)
 
$
1,731,844

 
$
776

 
$
1,732,620

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2020
213,600

 
$
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 stock
148

 

 

 

 

 

 

 

Issuance of restricted shares
493

 

 

 

 

 

 

 

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, 2020
214,122

 
$
214

 
$
4,512,939

 
$
(2,879,040
)
 
$
(39,870
)
 
$
1,594,243

 
$
3,058

 
$
1,597,301

See accompanying notes to condensed consolidated financial statements

3

Table of Contents


RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
22,357

 
$
23,208

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
40,173

 
43,267

Provision for impairment of investment properties
346

 

Gain on sales of investment properties

 
(8,449
)
Amortization of loan fees and debt premium and discount, net
950

 
798

Amortization of stock-based compensation
2,233

 
1,966

Payment of leasing fees and inducements
(3,676
)
 
(2,739
)
Changes in accounts receivable, net
778

 
6,312

Changes in right-of-use lease assets
467

 
485

Changes in accounts payable and accrued expenses, net
(26,319
)
 
(25,058
)
Changes in lease liabilities
(230
)
 
(150
)
Changes in other operating assets and liabilities, net
(2,652
)
 
398

Other, net
615

 
(3,083
)
Net cash provided by operating activities
35,042

 
36,955

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchase of investment properties
(54,970
)
 
(25,204
)
Capital expenditures and tenant improvements
(14,165
)
 
(18,746
)
Proceeds from sales of investment properties
11,343

 
21,605

Investment in developments in progress
(12,715
)
 
(5,841
)
Net cash used in investing activities
(70,507
)
 
(28,186
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Principal payments on mortgages payable
(619
)
 
(764
)
Proceeds from unsecured revolving line of credit
937,704

 
94,000

Repayments of unsecured revolving line of credit
(106,000
)
 
(68,000
)
Payment of loan fees and deposits

 
(4
)
Distributions paid
(35,387
)
 
(35,383
)
Other, net
(316
)
 
(679
)
Net cash provided by (used in) financing activities
795,382

 
(10,830
)
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
759,917

 
(2,061
)
Cash, cash equivalents and restricted cash, at beginning of period
14,447

 
19,601

Cash, cash equivalents and restricted cash, at end of period
$
774,364

 
$
17,540

(continued)
 

4

Table of Contents


RETAIL PROPERTIES OF AMERICA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

 
Three Months Ended March 31,
 
2020
 
2019
Supplemental cash flow disclosure, including non-cash activities:
 
 
 
Cash paid for interest, net of interest capitalized
$
14,263

 
$
16,216

Cash paid for amounts included in the measurement of operating lease liabilities
$
1,446

 
$
1,679

Distributions payable
$
35,464

 
$
35,375

Accrued capital expenditures and tenant improvements
$
6,246

 
$
9,407

Accrued leasing fees and inducements
$
683

 
$
754

Accrued redevelopment costs
$
2,573

 
$
395

Amounts reclassified to developments in progress
$
305

 
$

Change in noncontrolling interest due to termination of joint venture
$
1,661

 
$

Lease liabilities arising from obtaining right-of-use lease assets
$
383

 
$
103,519

Straight-line ground rent liabilities reclassified to right-of-use lease asset
$

 
$
31,030

Straight-line office rent liability reclassified to right-of-use lease asset
$

 
$
507

Acquired ground lease intangible liability reclassified to right-of-use lease asset
$

 
$
11,898

 
 
 
 
Purchase of investment properties (after credits at closing):
 
 
 
Net investment properties
$
(58,760
)
 
$
(23,894
)
Right-of-use lease assets
5,999

 

Accounts receivable, acquired lease intangibles and other assets
(1,801
)
 
(1,694
)
Lease liabilities
(5,942
)
 

Accounts payable, acquired lease intangibles and other liabilities
5,534

 
384

Purchase of investment properties (after credits at closing)
$
(54,970
)
 
$
(25,204
)
 
 
 
 
Proceeds from sales of investment properties:
 
 
 
Net investment properties
$
11,281

 
$
17,456

Right-of-use lease assets

 
8,242

Accounts receivable, acquired lease intangibles and other assets
167

 
1,417

Lease liabilities

 
(11,326
)
Accounts payable, acquired lease intangibles and other liabilities
(105
)
 
(2,633
)
Gain on sales of investment properties

 
8,449

Proceeds from sales of investment properties
$
11,343

 
$
21,605

 
 
 
 
Reconciliation of cash, cash equivalents and restricted cash:
 
 
 
Cash and cash equivalents, at beginning of period
$
9,989

 
$
14,722

Restricted cash, at beginning of period (included within “Other assets, net”)
4,458

 
4,879

Total cash, cash equivalents and restricted cash, at beginning of period
$
14,447

 
$
19,601

 
 
 
 
Cash and cash equivalents, at end of period
$
769,241

 
$
11,855

Restricted cash, at end of period (included within “Other assets, net”)
5,123

 
5,685

Total cash, cash equivalents and restricted cash, at end of period
$
774,364

 
$
17,540


See accompanying notes to condensed consolidated financial statements

5

Table of Contents
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, 2019, which are included in its 2019 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, 2020, 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 capitalization of development costs, provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and 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 share amounts and dollar 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.
In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (COVID-19) a global pandemic. COVID-19 has caused significant disruptions to the U.S. and global economy and has contributed to significant volatility and negative pressure in the financial markets. The global impact of the COVID-19 outbreak has been rapidly evolving and many U.S. states and cities, including where the Company owns properties and/or has development sites, have imposed measures intended to control its spread, such as instituting “shelter-in-place” rules and restrictions on the types of businesses that may continue to operate and/or the types of construction projects that may continue. While the Company did not incur significant disruptions to its lease income and occupancy during the three months ended March 31, 2020 from COVID-19, the Company continues to closely monitor the impact of the pandemic on all aspects of its business. Due to numerous uncertainties, it is not possible to accurately predict the impact the pandemic will have on the Company’s financial condition, results of operations and cash flows. To date, as a result of the pandemic and the measures noted above to mitigate its impact, a number of the Company’s tenants have announced temporary closures of their stores or modifications of their operations and requested lease concessions. Generally, the Company has not yet reached agreement with tenants regarding concession requests, as discussions are ongoing. Certain other tenants are considered essential businesses which remain open and continue to operate during this time. Except for a small, enclosed portion of one property, the Company has not closed any of its properties and continues to operate them for the benefit of the communities and customers that the Company’s tenants serve.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The Company’s property ownership as of March 31, 2020 is summarized below:
 
Property Count
Retail operating properties
102

Expansion and redevelopment projects:
 
Circle East
1

One Loudoun Downtown – Pads G & H (a)

Carillon
1

The Shoppes at Quarterfield
1

Total number of properties
105

(a)
The operating portion of this property is included within the property count for retail operating properties.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Refer to the Company’s 2019 Annual Report on Form 10-K for a summary of its significant accounting policies. Except as disclosed below, there have been no changes to the Company’s significant accounting policies in the three months ended March 31, 2020.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses. This new guidance was effective January 1, 2020 and replaced the incurred loss impairment methodology with a methodology that reflects expected credit losses. Financial assets that are measured at amortized cost are required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. In addition, an entity must consider broader information in developing its expected credit loss estimate, including the use of forecasted information. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of this new guidance. Generally, the pronouncement requires a modified retrospective method of adoption. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements as it did not have any financial assets within the scope of this guidance.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement. This new guidance was effective January 1, 2020 and provides new and, in some cases, eliminates or modifies the previously existing disclosure requirements on fair value measurements. Public entities are now required to disclose the following: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. In addition, public entities are no longer required to disclose the following: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) the policy for timing of transfers between levels and (iii) the valuation processes for Level 3 fair value measurements. The new pronouncement also clarifies and modifies certain existing provisions to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. As permitted by the new pronouncement, the Company removed the discussion of its valuation processes for Level 3 fair value measurements. The Company did not remove any other disclosures as it did not have any transfers between levels of the fair value hierarchy during the current and comparative periods. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements. The amended disclosure guidance will be applied prospectively.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. This temporary guidance is effective as of March 12, 2020 through December 31, 2022 to ease potential burdens related to the accounting for, or recognizing the effects of, reference rate reform on financial reporting. The guidance provides optional expedients for applying existing GAAP to contract modifications and hedging relationships affected by the move of global capital markets away from interbank offered rates, most notably the London Interbank Offered Rate (LIBOR). Specifically, the guidance allows for certain changes in critical terms of a designated hedging instrument or hedged item as a result of reference rate reform to not result in the dedesignation of the hedging relationship. In addition, the optional expedients related to probability and effectiveness assessments allow companies to disregard certain economic mismatches in a hedging relationship arising due to reference rate reform until both the derivative and hedged transactions have completed the transition, where current GAAP requires those mismatches to be modeled into the assessment of effectiveness.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The Company adopted this guidance as of the effective date and elected to apply the optional expedients related to probability and effectiveness prospectively. The Company has not modified any hedging relationship and has disregarded the potential economic mismatches in hedging relationships due to reference rate reform during the three months ended March 31, 2020.
Recently Issued Accounting Pronouncements
In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff noted that due to the business disruptions and challenges caused by the COVID-19 pandemic, many lessors are, or will be, providing lease concessions such as payment forgiveness and deferral of payments. Changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications under ASC 842. Within the Q&A, the FASB staff provides relief for lease concessions offered as a result of the effects of the COVID-19 pandemic and does not require these concessions to be accounted for in accordance with the lease modification guidance in ASC 842. Under existing lease guidance, the Company would determine, on a lease by lease basis, if a lease concession was the result of a new arrangement with the tenant or if it was under the enforceable rights and obligations within the lease agreement. Under the relief guidance, a company can account for the concessions (i) as if no changes to the existing lease contract were made or (ii) as a variable lease adjustment. The Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. This election is optional and available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than the total payments required by the existing contract. The Company expects to apply the lease modification relief, however, the Q&A has not had a material impact on the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020 as the Company has not yet reached agreement with tenants regarding any concession requests, as discussions are ongoing. The future impact is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions.
(3) ACQUISITIONS AND DEVELOPMENTS IN PROGRESS
Acquisitions
The Company closed on the following acquisition during the three months ended March 31, 2020:
Date
 
Property Name
 
Metropolitan
Statistical Area (MSA)
 
Property Type
 
Square
Footage
 
Acquisition
Price
 
February 6, 2020
 
Fullerton Metrocenter
 
Los Angeles
 
Fee 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 Company closed on the following acquisition during the three months ended March 31, 2019:
Date
 
Property Name
 
MSA
 
Property Type
 
Square
Footage
 
Acquisition
Price
 
March 7, 2019
 
North Benson Center
 
Seattle
 
Multi-tenant retail
 
70,500

 
$
25,340

 
 
 
 
 
 
 
 
 
70,500

 
$
25,340

(a)

(a)
Acquisition price does not include capitalized closing costs and adjustments totaling $90.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above:
 
Three Months Ended March 31,
 
2020
 
2019
Land
$
57,137

 
$
13,275

Building and other improvements, net
1,623

 
10,619

Acquired lease intangible assets (a)
2,014

 
1,770

Acquired lease intangible liabilities (b)
(5,534
)
 
(234
)
Net assets acquired
$
55,240

 
$
25,430


(a)
The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019, respectively.
(b)
The weighted average amortization period for acquired lease intangible liabilities is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019, respectively.
These acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. All of the acquisitions completed during 2020 and 2019 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing.
In addition, the Company capitalized $626 and $675 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three months ended March 31, 2020 and 2019, respectively. The Company also capitalized $60 and $54 of internal leasing incentives, all of which were incremental to signed leases, during the three months ended March 31, 2020 and 2019, respectively.
Developments in Progress
The carrying amount of the Company’s developments in progress are as follows:
Property Name
 
MSA
 
March 31, 2020
 
December 31, 2019
Expansion and redevelopment projects:
 
 
 
 
 
 
Circle East (a)
 
Baltimore
 
$
34,665

 
$
33,628

One Loudoun Downtown
 
Washington, D.C.
 
36,346

 
27,868

Carillon
 
Washington, D.C.
 
29,517

 
26,407

The Shoppes at Quarterfield
 
Baltimore
 
524

 

Pad development projects:
 
 
 
 
 
 
Southlake Town Square
 
Dallas
 
259

 

 
 
 
 
101,311

 
87,903

Land held for future development:
 
 
 
 
 
 
One Loudoun Uptown
 
Washington, D.C.
 
25,450

 
25,450

Total developments in progress
 
 
 
$
126,761

 
$
113,353

(a)
During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of March 31, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets.
In response to current macroeconomic conditions related to the COVID-19 pandemic, the Company halted plans for vertical construction at its Carillon redevelopment during the three months ended March 31, 2020 and has materially reduced the planned scope and spend for the project. As of March 31, 2020, the Company was actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to complete the site work preparation during 2020 for an expected additional capital investment of approximately $4,500.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The Company capitalized $1,316 and $574 of indirect project costs related to redevelopment projects during the three months ended March 31, 2020 and 2019, respectively, including, among other costs, $372 and $365 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $785 and $144 of interest, respectively.
Variable Interest Entities
As of January 1, 2020, the Company had joint ventures related to the development, ownership and operation of the (i) multi-family rental portion of the expansion project at One Loudoun Downtown – Pads G & H, of which joint venture the Company owned 90%; (ii) multi-family rental portion of the redevelopment project at Carillon, of which joint venture the Company owned 95%, and (iii) medical office building portion of the redevelopment project at Carillon, of which joint venture the Company owned 95%.
The joint ventures are considered VIEs primarily because the Company’s joint venture partners do 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 each joint venture. As such, the Company has consolidated these joint ventures and presented the joint venture partners’ interests as noncontrolling interests.
As a result of halting the planned vertical construction at Carillon, the Company terminated the joint venture related to the multi-family rental portion of the redevelopment during the three months ended March 31, 2020. In accordance with the terms of the joint venture agreement, costs incurred prior to the termination were funded evenly by the partners and there was no payment between the partners upon termination. Subsequent to the termination, if the Company commences the redevelopment and uses the materials developed, or approvals obtained, by the joint venture, the Company is required to reimburse the partner’s costs incurred in connection with such materials or approvals. As a result of the termination, the Company reclassified the noncontrolling interest balance of $1,661 related to this multi-family rental joint venture from noncontrolling interests to additional paid-in capital within equity. There was no gain or loss recognized in connection with the termination. Subsequent to March 31, 2020, the Company terminated the joint venture related to the medical office building portion of the redevelopment at Carillon.
As of March 31, 2020 and December 31, 2019, the Company had recorded the following related to the consolidated joint ventures:
 
March 31, 2020
 
December 31, 2019
 
One Loudoun Downtown –
Pads G & H
 
Carillon – Phase One
Multi-family Rental
 
Carillon – Phase One
Medical Office
 
Total
 
One Loudoun Downtown –
Pads G & H
 
Carillon – Phase One
Multi-family Rental
 
Carillon – Phase One
Medical Office
 
Total
Net investment properties
$
29,715

 
$

 
$
885

 
$
30,600

 
$
8,830

 
$
2,940

 
$
675

 
$
12,445

Other assets, net
$
344

 
$

 
$

 
$
344

 
$
164

 
$

 
$

 
$
164

Other liabilities
$
3,066

 
$

 
$
167

 
$
3,233

 
$
1,546

 
$
32

 
$
129

 
$
1,707

Noncontrolling interests
$
2,699

 
$

 
$
359

 
$
3,058

 
$
1,869

 
$
1,454

 
$
273

 
$
3,596


Development costs are funded by the partners, including the Company, and/or construction loan financing throughout the construction period. Under terms defined in the joint venture agreements, after construction completion and stabilization of the respective 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 respective joint venture at fair value. The Company has not provided financial support to these VIEs in excess of any amounts that it is contractually required to provide. There was no income from the joint venture projects during the three months ended March 31, 2020 and 2019 and, as such, no income was attributed to the noncontrolling interests.
(4) DISPOSITIONS
The Company closed on the following disposition during the three months ended March 31, 2020:
Date
 
Property Name
 
Property Type
 
Square
Footage
 
Consideration
 
Aggregate
Proceeds, Net (a)
 
Gain
February 13, 2020
 
King Philip’s Crossing
 
Multi-tenant retail
 
105,900

 
$
13,900

 
$
11,343

 
$

 
 
 
 
 
 
105,900

 
$
13,900

 
$
11,343

 
$

(a)
Aggregate proceeds are net of transaction costs.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The Company closed on the following disposition during the three months ended March 31, 2019:
Date
 
Property Name
 
Property Type
 
Square
Footage
 
Consideration
 
Aggregate
Proceeds, Net (a)
 
Gain
March 8, 2019
 
Edwards Multiplex – Fresno (a)
 
Single-user retail
 
94,600

 
$
25,850

 
$
21,605

 
$
8,449

 
 
 
 
 
 
94,600

 
$
25,850

 
$
21,605

 
$
8,449

(a)
Aggregate proceeds are net of transaction costs. Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition.
None of the dispositions completed during the three months ended March 31, 2020 and 2019 qualified for discontinued operations treatment and none are considered individually significant.
As of March 31, 2020 and December 31, 2019, 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, 2020:

Unvested
Restricted Shares

Weighted Average
Grant Date
Fair Value per
Restricted Share
Balance as of January 1, 2020
535


$
12.46

Shares granted (a)
493


$
12.87

Shares vested
(213
)

$
13.08

Balance as of March 31, 2020 (b)
815


$
12.55

(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, 2020, total unrecognized compensation expense related to unvested restricted shares was $4,937, 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, 2020:
 
Unvested
RSUs
 
Weighted Average
Grant Date
Fair Value per RSU
RSUs eligible for future conversion as of January 1, 2020
839

 
$
13.10

RSUs granted (a)
331

 
$
13.67

Conversion of RSUs to common stock and restricted shares (b)
(196
)
 
$
15.52

RSUs eligible for future conversion as of March 31, 2020 (c)
974

 
$
12.81

(a)
Assumptions and inputs as of the grant date included a risk-free interest rate of 1.54%, 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 common stock dividend yield of 5.07%. Subject to continued employment, in 2023, following the performance period which concludes on December 31, 2022, 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 10, 2020, 196 RSUs converted into 105 shares of common stock and 175 restricted shares that will vest on December 31, 2020, subject to continued employment through such date, after applying a conversion rate of 142.5% 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, 2019. An additional 43 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

(c)
As of March 31, 2020, total unrecognized compensation expense related to unvested RSUs was $7,892, which is expected to be amortized over a weighted average term of 2.4 years.
During the three months ended March 31, 2020 and 2019, the Company recorded compensation expense of $2,233 and $1,966, 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, 2020 was $2,513. In addition, the total fair value of RSUs that converted into common stock during the three months ended March 31, 2020 was $1,321.
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, 2020, options to purchase 16 shares of common stock remained outstanding and exercisable pursuant to such plan. The Company did not grant any options in 2020 or 2019 and did not record any compensation expense related to stock options during the three months ended March 31, 2020 and 2019.
(6) LEASES
Leases as Lessor
Lease income related to the Company’s operating leases is comprised of the following:
 
Three Months Ended March 31,
 
2020
 
2019
Lease income related to fixed lease payments
$
91,147

 
$
90,434

Lease income related to variable lease payments
28,495

 
30,631

Other (a)
(947
)
 
1,638

Lease income
$
118,695

 
$
122,703

(a)
“Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements.
Leases as Lessee
During the three months ended March 31, 2020, the Company extended the term of one office lease resulting in an additional lease liability and right-of-use lease asset of $383.
(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, 2020
 
December 31, 2019

Balance

Weighted
Average
Interest Rate
 
Weighted
Average Years
to Maturity
 
Balance
 
Weighted
Average
Interest Rate
 
Weighted
Average Years
to Maturity
Fixed rate mortgages payable (a)
$
94,285


4.37
%
 
4.8
 
$
94,904

 
4.37
%
 
5.1
Discount, net of accumulated amortization
(483
)

 
 
 
 
(493
)
 
 
 
 
Capitalized loan fees, net of accumulated
amortization
(240
)
 
 
 
 
 
(256
)
 
 
 
 
Mortgages payable, net
$
93,562


 
 
 
 
$
94,155

 
 
 
 

(a)
The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of March 31, 2020 and December 31, 2019.
During the three months ended March 31, 2020, the Company made scheduled principal payments of $619 related to amortizing loans.

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RETAIL PROPERTIES OF AMERICA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Unsecured Notes Payable
The following table summarizes the Company’s unsecured notes payable:
 
 
 
 
March 31, 2020
 
December 31, 2019
Unsecured Notes Payable
 
Maturity Date
 
Balance
 
Interest Rate/
Weighted Average
Interest Rate
 
Balance
 
Interest Rate/
Weighted Average
Interest Rate
Senior notes – 4.12% due 2021
 
June 30, 2021
 
$
100,000

 
4.12
%
 
$
100,000

 
4.12
%
Senior notes – 4.58% due 2024
 
June 30, 2024
 
150,000

 
4.58
%
 
150,000

 
4.58
%
Senior notes – 4.00% due 2025
 
March 15, 2025
 
250,000

 
4.00
%
 
250,000

 
4.00
%
Senior notes – 4.08% due 2026
 
September 30, 2026
 
100,000

 
4.08
%
 
100,000