Retail Properties of America, Inc. announced the closing of a $1 billion amended and restated credit facility, increasing total capacity by $350 million. The amended and restated facility is comprised of a $450 million unsecured term loan and a $550 million unsecured revolver. The current interest rate on the unsecured revolver decreased 50 bps to LIBOR plus 1.50% per annum and the current interest rate on the unsecured term loan decreased 55 bps to LIBOR plus 1.45% per annum. The improvement in pricing is due to a reduction in the applicable margin across all tiers of the leverage grid as well as a migration to the lowest tier of the leverage grid. The movement within the leverage grid is the result of a reduction in the capitalization rate that is used to determine asset value under the Facility, from 7.50% to 7.25%. The maturity dates on the Facility were extended by over two years, to May 2018 for the unsecured term loan and May 2017 for the unsecured revolver. The Company will have the option to extend the maturity of the unsecured revolver for one additional year to 2018, which it may exercise, subject to continued compliance with the terms of the Facility and the payment of an extension fee of 0.15%, a 10 bps reduction from the previous facility. The Facility includes an accordion feature that allows the Company to increase the total potential capacity of the Facility up to $1.45 billion, subject to certain conditions. Wells Fargo Securities, LLC and KeyBanc Capital Markets Inc. served as co-lead arrangers, with KeyBank, NA serving as administrative agent and Wells Fargo Bank, NA serving as syndication agent. Bank of America, N.A., Citibank, N.A., Deutsche Bank Securities, Inc, PNC Bank, N.A., and Regions Bank served as documentation agents. U.S. Bank, N.A. and The Bank of Nova Scotia served as senior managing agents. Capital One, N.A., Fifth Third Bank, and Union Bank N.A. served as managing agents. Branch Banking & Trust Company, JP Morgan Chase Bank, N.A., and Sumitomo Mitsui Banking Corp. also participated in the Facility.

Retail Properties of America, Inc. announced that James W. Kleifges resigned as Executive Vice President and Chief Accounting Officer of the company. In connection with Mr. Kleifges' resignation, Julie Swinehart, the company's Senior Vice President and Corporate Controller, will assume the role as the company's principal accounting officer. Ms. Swinehart, 37, has fifteen years of accounting and financial reporting experience and has been employed by the company since June 2008. During her tenure with the company, Ms. Swinehart has held various accounting and financial reporting positions and has served as Senior Vice President and Corporate Controller since April 30, 2013. Prior to joining the company in June 2008, Ms. Swinehart was a Manager of External Reporting at Equity Office Properties Trust for two years and she spent eight years in public accounting in the audit practices of Arthur Andersen LLP and Deloitte & Touche LLP.

Retail Properties of America, Inc. entered into an agreement to dissolve its joint venture arrangement with RioCan Real Estate Investment Trust. Since 2010, the company and RioCan have amassed a high quality portfolio of 13 properties in Texas that are owned on an 80/20 basis (80% owned by RioCan and 20% owned by the company). Under the terms of the dissolution, the company will convey its 20% managing interest in eight properties to RioCan. RioCan will, in turn, convey its 80% interest in the remaining five properties to the company. The company will convey to RioCan its 20% ownership interest in eight properties. The properties have an agreed upon value, net of mark-to-market adjustment on financing, of $477.5 million, with the company's 20% interest valued at $95.5 million. RioCan will assume the joint venture's $209.2 million of in-place mortgage financing on those properties at a weighted average interest rate of 3.7%. The company will acquire RioCan's 80% ownership interest in five properties. The properties have an agreed upon value, net of mark-to-market adjustment on financing, of $124.8 million, with RioCan's 80% interest valued at $99.9 million. The company will assume the joint venture's $67.9 million of in-place mortgage financing on those properties at a weighted average interest rate of 4.8%. The company will receive approximately $8.1 million of cash as well as a distribution of the company's share of working capital in the joint venture. The transaction is expected to close on October 1, 2013, subject to customary closing conditions. Properties to be acquired by RPAI: Coppell Town Center, Dallas; Southlake Corners, Dallas; Cypress Mill, Houston; Sawyer Heights, Houston; and New Forest Crossing, Houston. Properties to be acquired by RioCan: 1890 Ranch, Austin; Great Southwest Crossing, Dallas; Alamo Ranch, San Antonio; Riverpark Phase I & II, Houston; Bear Creek Shopping Center, Houston; Southpark Meadows I & II, Austin; Bird Creek Crossing, Temple; and Suntree Square, Dallas.