OAK BROOK, Ill., July 14, 2015 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE :RPAI ) (or the "Company") today announced a strategic realignment of its operating platform designed to reflect the Company's portfolio transformation progress.
Since the announcement of the Company's strategic plan at its Investor Day in June 2013, the Company has continued to actively refine its portfolio, acquiring $1.0 billion of high quality, multi-tenant retail assets in its target markets, strengthening its multi-tenant retail footprint in these markets by 3.2 million square feet, and disposing of $778.7 million of non-strategic and non-core assets. As a result of the substantial progress on its strategic plan, and in support of its focus on specific target markets, the Company will realign its operating platform geographically between the east and west regions of the country.
"We have continued to emphasize the transformation of our operational platform as a key milestone in the successful execution of our long-term strategic plan," stated Steve Grimes, president and chief executive officer. "This realignment is a testament to that success and will not only streamline our decision-making process but further drive the business to produce measurable NOI growth and shareholder returns. We are encouraged that our portfolio transformation has enabled us to execute our realignment strategy sooner than we anticipated and we look forward to the remainder of 2015 and beyond."
As part of this realignment, the Company today announced that Timothy Steffan, former senior vice president, asset management and commercial leasing for Macerich's eastern region, has joined RPAI as divisional president – eastern region. Mr. Steffan will be a member of the senior leadership team reporting directly to Shane Garrison, executive vice president, chief operating officer and chief investment officer. Mr. Steffan will be responsible for executing the strategic plan for the Company's eastern region portfolio, which includes the oversight of asset management, leasing, property management and re-development. Prior to joining RPAI, Mr. Steffan spent over 20 years with Urban Retail Properties and Macerich, where he was responsible for commercial leasing ventures and development within the eastern region of the U.S. He holds a Bachelor of Arts from Syracuse University and a Masters of Business Administration in Real Estate and Urban Development from The American University in Washington, D.C. Mr. Steffan resides in Washington, D.C. and will oversee the opening of RPAI's new regional office there in 2015.
The Company also announced that Gerry Wright, RPAI's senior vice president, director of asset management, has been promoted to divisional president – western region and will be Mr. Steffan's counterpart for the western region of RPAI's portfolio. Mr. Wright joined the Company in 2009 and was responsible for the strategic direction, value enhancement and financial performance of assets throughout the Company's portfolio. He has over 25 years of experience in the real estate industry and held the following positions prior to joining RPAI: vice president – senior asset manager at BPG, vice president – asset manager at ING Realty Partners, vice president – regional asset manager at Citigroup and portfolio manager at JMB Realty Advisors. He received his Bachelor of Science in Accounting from the University of Illinois – Chicago and will continue to report to Mr. Garrison.
"RPAI remains committed to retaining and attracting deep, cycle-tested talent to lead our organization," said Shane Garrison. "The leadership, strong market knowledge and industry experience that Timothy and Gerry bring to RPAI is unmatched in the industry, and their energy, integrity and proactive portfolio management will further position RPAI for growth as we continue to transform our portfolio."
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of March 31, 2015, the Company owned 212 retail operating properties representing 31.3 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.
Kimberly Freely, Director PR & Communications
Retail Properties of America, Inc.
SOURCE Retail Properties of America, Inc.