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Retail Properties of America

NYSE:RPAI
Snowflake Description

Average dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RPAI
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. The last earnings update was 19 days ago. More info.


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RPAI Share Price and Events
7 Day Returns
0.7%
NYSE:RPAI
1.8%
US REITs
-0.7%
US Market
1 Year Returns
9.6%
NYSE:RPAI
16.3%
US REITs
3%
US Market
RPAI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Retail Properties of America (RPAI) 0.7% 3.4% -1.3% 9.6% -20.1% -15%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • RPAI underperformed the REITs industry which returned 16.3% over the past year.
  • RPAI outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
RPAI
Industry
5yr Volatility vs Market

RPAI Value

 Is Retail Properties of America undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Retail Properties of America to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Retail Properties of America.

NYSE:RPAI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:RPAI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (65.1%))
0.869
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.869 * 5.96%)
7.91%

Discounted Cash Flow Calculation for NYSE:RPAI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Retail Properties of America is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Retail Properties of America is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:RPAI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.91%)
2019 142.01 Analyst x5 131.60
2020 152.02 Analyst x4 130.56
2021 129.47 Analyst x1 103.04
2022 126.52 Est @ -2.28% 93.31
2023 125.53 Est @ -0.78% 85.80
2024 125.88 Est @ 0.27% 79.73
2025 127.15 Est @ 1.01% 74.64
2026 129.09 Est @ 1.53% 70.22
2027 131.53 Est @ 1.89% 66.31
2028 134.34 Est @ 2.14% 62.76
Present value of next 10 years cash flows $897.98
NYSE:RPAI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $134.34 × (1 + 2.73%) ÷ (7.91% – 2.73%)
$2,665.54
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,665.54 ÷ (1 + 7.91%)10
$1,245.28
NYSE:RPAI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $897.98 + $1,245.28
$2,143.26
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,143.26 / 212.92
$10.07
NYSE:RPAI Discount to Share Price
Calculation Result
Value per share (USD) From above. $10.07
Current discount Discount to share price of $12.59
= -1 x ($12.59 - $10.07) / $10.07
-25.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Retail Properties of America is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Retail Properties of America's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Retail Properties of America's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:RPAI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.27
NYSE:RPAI Share Price ** NYSE (2019-05-17) in USD $12.59
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Retail Properties of America.

NYSE:RPAI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:RPAI Share Price ÷ EPS (both in USD)

= 12.59 ÷ 0.27

46.36x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Retail Properties of America is overvalued based on earnings compared to the US REITs industry average.
  • Retail Properties of America is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Retail Properties of America's expected growth come at a high price?
Raw Data
NYSE:RPAI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 46.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-9.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:RPAI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 46.36x ÷ -9.3%

-4.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Retail Properties of America earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Retail Properties of America's assets?
Raw Data
NYSE:RPAI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.13
NYSE:RPAI Share Price * NYSE (2019-05-17) in USD $12.59
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:RPAI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:RPAI Share Price ÷ Book Value per Share (both in USD)

= 12.59 ÷ 8.13

1.55x

* Primary Listing of Retail Properties of America.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Retail Properties of America is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Retail Properties of America's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Retail Properties of America has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RPAI Future Performance

 How is Retail Properties of America expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-9.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Retail Properties of America expected to grow at an attractive rate?
  • Retail Properties of America's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Retail Properties of America's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Retail Properties of America's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:RPAI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:RPAI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -9.3%
NYSE:RPAI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 2.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:RPAI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:RPAI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 519 1
2020-12-31 489 52 5
2019-12-31 481 61 4
NYSE:RPAI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 479 207 59
2018-12-31 481 204 77
2018-09-30 492 210 168
2018-06-30 503 206 189
2018-03-31 519 221 290
2017-12-31 536 248 237
2017-09-30 552 250 150
2017-06-30 566 270 187
2017-03-31 575 274 100
2016-12-31 580 266 157
2016-09-30 586 262 142
2016-06-30 590 250 147

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Retail Properties of America's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Retail Properties of America's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:RPAI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Retail Properties of America Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:RPAI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.25 0.27 0.23 2.00
2019-12-31 0.28 0.29 0.28 2.00
NYSE:RPAI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.27
2018-12-31 0.35
2018-09-30 0.76
2018-06-30 0.85
2018-03-31 1.28
2017-12-31 1.03
2017-09-30 0.64
2017-06-30 0.79
2017-03-31 0.42
2016-12-31 0.66
2016-09-30 0.60
2016-06-30 0.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Retail Properties of America will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Retail Properties of America's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Retail Properties of America has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RPAI Past Performance

  How has Retail Properties of America performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Retail Properties of America's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Retail Properties of America has delivered over 20% year on year earnings growth in the past 5 years.
  • Retail Properties of America's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Retail Properties of America's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Retail Properties of America's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Retail Properties of America Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:RPAI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 478.64 58.75 40.37
2018-12-31 480.78 77.30 40.63
2018-09-30 491.52 167.94 41.55
2018-06-30 502.91 188.83 41.26
2018-03-31 518.88 290.35 41.36
2017-12-31 536.12 237.11 41.81
2017-09-30 551.72 150.32 41.69
2017-06-30 565.53 186.62 43.70
2017-03-31 574.90 100.44 43.76
2016-12-31 579.80 156.92 43.61
2016-09-30 586.20 141.59 43.82
2016-06-30 589.77 147.40 43.39
2016-03-31 593.99 149.45 42.25
2015-12-31 600.20 115.17 42.18
2015-09-30 601.83 138.10 42.17
2015-06-30 605.18 33.10 38.69
2015-03-31 600.64 32.53 36.77
2014-12-31 595.86 33.12 31.96
2014-09-30 590.70 3.57 31.16
2014-06-30 575.69 11.38 31.00
2014-03-31 560.53 -25.59 31.93
2013-12-31 541.66 -46.56 31.53
2013-09-30 511.31 -38.46 31.35
2013-06-30 512.23 -18.37 31.76
2013-03-31 515.22 1.45 30.01
2012-12-31 525.27 -6.81 26.88
2012-09-30 539.91 -28.42 22.91
2012-06-30 547.10 -46.31 20.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Retail Properties of America has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Retail Properties of America used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Retail Properties of America's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Retail Properties of America's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Retail Properties of America has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RPAI Health

 How is Retail Properties of America's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Retail Properties of America's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Retail Properties of America is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Retail Properties of America's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Retail Properties of America's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Retail Properties of America Company Filings, last reported 1 month ago.

NYSE:RPAI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,732.62 1,745.03 12.98
2018-12-31 1,747.01 1,625.90 17.05
2018-09-30 1,819.38 1,559.06 35.26
2018-06-30 1,871.59 1,543.91 33.82
2018-03-31 1,894.64 1,609.85 37.37
2017-12-31 1,885.70 1,746.09 26.27
2017-09-30 2,048.94 1,717.61 30.54
2017-06-30 2,102.48 1,879.23 29.22
2017-03-31 2,102.48 2,077.70 41.64
2016-12-31 2,152.09 1,997.93 53.86
2016-09-30 2,181.98 2,042.87 69.21
2016-06-30 2,149.07 2,280.68 29.79
2016-03-31 2,161.42 2,248.91 100.59
2015-12-31 2,155.34 2,166.32 51.42
2015-09-30 2,193.05 2,309.85 116.54
2015-06-30 2,154.16 2,498.20 84.70
2015-03-31 2,161.19 2,545.41 64.90
2014-12-31 2,189.38 2,319.30 112.29
2014-09-30 2,204.18 2,411.23 67.83
2014-06-30 2,271.19 2,492.56 58.57
2014-03-31 2,281.95 2,293.20 62.67
2013-12-31 2,308.83 2,300.38 58.19
2013-09-30 2,312.81 2,323.45 70.32
2013-06-30 2,392.41 2,386.00 73.58
2013-03-31 2,334.25 2,507.85 67.45
2012-12-31 2,375.75 2,594.87 138.07
2012-09-30 2,278.58 2,935.38 107.42
2012-06-30 2,341.33 3,135.42 102.35
  • Retail Properties of America's level of debt (100.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (100.6% vs 100.7% today).
  • Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Retail Properties of America's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Retail Properties of America has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RPAI Dividends

 What is Retail Properties of America's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.26%
Current annual income from Retail Properties of America dividends. Estimated to be 5.36% next year.
If you bought $2,000 of Retail Properties of America shares you are expected to receive $105 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Retail Properties of America's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Retail Properties of America's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Retail Properties of America before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:RPAI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:RPAI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.72 1.00
2022-12-31 0.70 1.00
2021-12-31 0.67 3.00
2020-12-31 0.67 5.00
2019-12-31 0.66 3.00
NYSE:RPAI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-23 0.663 5.316
2019-02-06 0.663 5.367
2018-10-24 0.663 5.547
2018-07-25 0.663 5.384
2018-04-24 0.663 5.415
2018-02-09 0.663 5.641
2017-10-26 0.663 5.236
2017-07-26 0.663 5.005
2017-04-25 0.663 5.245
2017-02-13 0.663 4.521
2016-10-25 0.663 4.371
2016-07-28 0.663 3.972
2016-04-26 0.663 4.016
2016-02-11 0.663 4.296
2015-10-28 0.663 4.437
2015-07-28 0.663 4.625
2015-04-28 0.663 4.457
2015-02-10 0.663 4.165
2014-10-21 0.663 4.006
2014-07-29 0.663 4.353
2014-04-22 0.663 4.396
2014-02-11 0.663 4.812
2013-10-29 0.663 5.058
2013-07-30 0.663 4.740
2013-04-30 0.663 4.413
2013-02-13 0.663 4.528
2012-12-07 0.663 5.331
2012-09-10 0.663 5.529
2012-06-08 0.663 6.608
2012-05-08 0.663 7.392
2012-05-07 0.663 7.382

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Retail Properties of America has been paying a dividend for less than 10 years.
  • Retail Properties of America has only been paying a dividend for 7 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Retail Properties of America's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (339x coverage).
X
Income/ dividend checks
We assess Retail Properties of America's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Retail Properties of America afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Retail Properties of America has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RPAI Management

 What is the CEO of Retail Properties of America's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Grimes
COMPENSATION $5,337,417
AGE 51
TENURE AS CEO 9.6 years
CEO Bio

Mr. Steven P. Grimes, also known as Steve, CPA, has been the Chief Executive Officer of Retail Properties of America, Inc. since October 13, 2009 and has been its Director since March 8, 2011. Mr. Grimes served as President at Retail Properties of America, Inc. from October 13, 2009 to May 24, 2018. Mr. Grimes functions as the Chief Strategist and is responsible for helping to create and articulate the company’s vision, development and implementation of the company’s strategic business plan and objectives. He is responsible for the company’s overall operational success, coordinating the various departments and resources required in the execution of the business plan. Mr. Grimes directly oversees the strategic planning and budgeting, capital markets, risk management, IT and investor relations functions. Over the last 24 months, he orchestrated the capital strategy that resulted in the successful refinancing of nearly $2 billion in maturing debt and the deleveraging of the balance sheet by over $500 million. Mr. Grimes served as the Chief Financial Officer since the internalization of the firm’s management on November 15, 2007 through December 31, 2011, Chief Operating Officer since the internalization through October 12, 2009 and Treasurer from October 14, 2008 through December 31, 2011. He joined Inland Real Estate Investment Corporation as the Chief Financial Officer in 2004 was appointed the President and Chief Executive Officer in October 2009 and Director in March 2011. During his time as the Principal Financial Officer, Mr. Grimes has overseen the acquisition of over $8.6 billion in real estate assets and over $4.3 billion in financings and has led Sarbanes-Oxley compliance efforts. He served as the Principal Financial Officer, Treasurer and Chief Financial Officer at Inland Western Retail Real Estate Advisory Services, Inc. since February 2004. Mr. Grimes was a Director of Cohen Financial and a Senior Manager at Deloitte in their Chicago-based real estate practice. He is a Member of the National Association of Real Estate Investment Trusts, Real Estate Roundtable and International Council of Shopping Centers. Mr. Grimes served on accounting subcommittees of the National Council of Real Estate Investment Fiduciaries and Pension Real Estate Association. He is a Certified Public Accountant and a Member of the American Institute of Certified Public Accountants, or AICPA and the Illinois CPA Society. Mr. Grimes received his B.S. Degree in Accounting from Indiana University.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year.
  • Steve's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Retail Properties of America management team in years:

1.3
Average Tenure
48
Average Age
  • The average tenure for the Retail Properties of America management team is less than 2 years, this suggests a new team.
Management Team

Steve Grimes

TITLE
CEO & Director
COMPENSATION
$5M
AGE
51
TENURE
9.6 yrs

Shane Garrison

TITLE
President & COO
COMPENSATION
$3M
AGE
48
TENURE
1 yrs

Julie Swinehart

TITLE
Executive VP
COMPENSATION
$2M
AGE
42
TENURE
1.3 yrs

Brian Grady

TITLE
Vice President of Corporate Finance
TENURE
1.3 yrs

Mike Gaiden

TITLE
Vice President of Investor Relations

Lauren Whaley

TITLE
VP, Director of Human Resources & Compliance Officer

Tim O’Connell

TITLE
Vice President of Corporate Communications
TENURE
1.3 yrs

Karla Chase

TITLE
Assistant VP & Senior Marketing Director

Mike Hazinski

TITLE
Senior VP & Director of Investments – Western Division
TENURE
1.3 yrs

Kevin Woods

TITLE
Senior VP and Director of Operations & Construction
Board of Directors Tenure

Average tenure and age of the Retail Properties of America board of directors in years:

7
Average Tenure
58.5
Average Age
  • The tenure for the Retail Properties of America board of directors is about average.
Board of Directors

Gerald Gorski

TITLE
Chairman of the Board
COMPENSATION
$320K
AGE
74
TENURE
8.6 yrs

Steve Grimes

TITLE
CEO & Director
COMPENSATION
$5M
AGE
51
TENURE
8.2 yrs

Tom Sargeant

TITLE
Director
COMPENSATION
$235K
AGE
59
TENURE
5.9 yrs

Peter Lynch

TITLE
Director
COMPENSATION
$225K
AGE
66
TENURE
5 yrs

Bonnie Biumi

TITLE
Director
AGE
56
TENURE
3.8 yrs

Frank Catalano

TITLE
Director
COMPENSATION
$220K
AGE
57
TENURE
16.2 yrs

Rick Imperiale

TITLE
Director
COMPENSATION
$220K
AGE
58
TENURE
11.3 yrs

Rob Gifford

TITLE
Director
COMPENSATION
$220K
AGE
61
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. Sep 18 Sell Gerald Gorski Individual 14. Sep 18 14. Sep 18 -3,962 $12.61 $-49,969
X
Management checks
We assess Retail Properties of America's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Retail Properties of America has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RPAI News

Simply Wall St News

Should Retail Properties of America, Inc. (NYSE:RPAI) Be Part Of Your Dividend Portfolio?

Dividend paying stocks like Retail Properties of America, Inc. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … In this case, Retail Properties of America likely looks attractive to dividend investors, given its 5.6% dividend yield and seven-year payment history.

Simply Wall St -

How Many Retail Properties of America, Inc. (NYSE:RPAI) Shares Do Institutions Own?

The big shareholder groups in Retail Properties of America, Inc. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Retail Properties of America has a market capitalization of US$2.6b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

The Retail Properties of America Share Price Is Down 21% So Some Shareholders Are Getting Worried

(NYSE:RPAI) shareholders have had that experience, with the share price dropping 21% in three years, versus a market return of about 49%. … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … During the three years that the share price fell, Retail Properties of America's earnings per share (EPS) dropped by 10% each year.

Simply Wall St -

Does Retail Properties of America, Inc.'s (NYSE:RPAI) CEO Pay Compare Well With Peers?

Steve Grimes has been the CEO of Retail Properties of America, Inc. … Check out our latest analysis for Retail Properties of America … How Does Steve Grimes's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Is Retail Properties of America, Inc. (NYSE:RPAI) A High Quality Stock To Own?

We'll use ROE to examine Retail Properties of America, Inc. … Over the last twelve months Retail Properties of America has recorded a ROE of 9.6%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

One Metric To Rule Them All: Retail Properties of America Inc (NYSE:RPAI)

Retail Properties of America Inc is a US$2.7b. … real estate investment trust (REIT) based in Oak Brook, United States. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

What Kind Of Shareholders Own Retail Properties of America Inc (NYSE:RPAI)?

Every investor in Retail Properties of America Inc (NYSE:RPAI) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Retail Properties of America isn't enormous, but it's not particularly small either.

Simply Wall St -

Does Retail Properties of America Inc's (NYSE:RPAI) CEO Salary Compare Well With Others?

Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders. … CEOs leading companies of similar size and profitability

Simply Wall St -

How To Look At Retail Properties of America Inc (NYSE:RPAI)

Retail Properties of America Inc is a US$2.80b. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much RPAI actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Interested In Retail Properties of America Inc (NYSE:RPAI)’s Upcoming US$0.17 Dividend? You Have 1 Days Left

Investors who want to cash in on Retail Properties of America Inc's (NYSE:RPAI) upcoming dividend of US$0.17 per share have only 1 days left to buy the shares before its ex-dividend date, 25 June 2018, in time for dividends payable on the 10 July 2018. … Below, I will explain how holding Retail Properties of America can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … View out our latest analysis for Retail Properties of America

Simply Wall St -

RPAI Company Info

Description

Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2019, the Company owned 105 retail operating properties in the United States representing 20.1 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI.

Details
Name: Retail Properties of America, Inc.
RPAI
Exchange: NYSE
Founded:
$2,680,632,332
212,917,580
Website: http://www.rpai.com
Address: Retail Properties of America, Inc.
2021 Spring Road,
Suite 200,
Oak Brook,
Illinois, 60523,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE RPAI Class A Common Stock New York Stock Exchange US USD 05. Apr 2012
Number of employees
Current staff
Staff numbers
211
Retail Properties of America employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:50
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.