VIRGINIA BEACH, Va., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has formed a 50/50 joint venture with Beatty Development Group, which will develop and build T. Rowe Prices new 450,000 square foot global headquarters in Baltimores Harbor Point. Beatty is the lead developer of the joint venture and Armada Hoffler is the noncontrolling equity partner and general contractor for the build-to-suit project.

Situated between Harbor East and Fells Point, Harbor Point is Baltimores largest downtown waterfront development site with capacity for up to three million square feet of mixed-use space on 27 acres. T. Rowe Price has signed a letter of intent for a 15-year lease at Harbor Point for two sustainably designed and constructed buildings totaling approximately 450,000 square feet. The T. Rowe Price site is adjacent to Armada Hofflers existing Harbor Point assets: the Wills Wharf office building, the Thames Street Wharf office building, and 1405 Point apartments. In addition to T. Rowe Prices new global headquarters, the joint venture plans to develop complementary ground level retail and limited onsite parking as well as expand and improve the green spaces and public amenities at Harbor Point. The preliminary estimated cost of this entire phase of mixed-use development office, retail, onsite parking, and public space improvements is approximately $250 million.

In conjunction with the build-to-suit project, another joint venture between Beatty and Armada Hoffler will develop and build a new mixed-use facility with structured parking on a neighboring site to accommodate both existing parking requirements and the influx of employees relocating to Harbor Point. T. Rowe Price plans to relocate its downtown Baltimore operations to Harbor Point in the first half of 2024.

T. Rowe Price further validates Harbor Point as a top tier destination for world-class companies, said Lou Haddad, President & CEO of Armada Hoffler Properties. Alongside Exelon, Morgan Stanley, and EY, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.

We look forward to continuing our 25-year partnership with Armada Hoffler in creating an innovative and sustainable global headquarters for T. Rowe Price at Harbor Point, said Michael Beatty, President of Beatty Development Group.

About Armada Hoffler Properties, Inc. Armada Hoffler Properties, Inc. (NYSE: AHH) (the Company) is a vertically-integrated, self-managed real estate investment trust ("REIT") with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com.

Forward-Looking Statements Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements may include comments relating to the proposed T. Rowe Price headquarters and related projects, including the anticipated lease duration, expected timing of completion and the size of the Companys portfolio after completion of the T. Rowe Price project. For a description of factors that may cause the Companys actual results or performance to differ from its forward-looking statements, please review the information under the heading Risk Factors included in the Companys Annual Report on Form 10-K for the year ended December 31, 2019, and the other documents filed by the Company with the Securities and Exchange Commission (the SEC) from time to time, including the Companys Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. The Companys actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Companys filings with the SEC. These factors include, without limitation: (a) the impact of the coronavirus (COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates, including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Companys ability to borrow amounts subject to existing construction loan commitments; (ii) adverse impacts to the Companys tenants and other third parties businesses and financial condition that adversely affect the ability and willingness of the Companys tenants and other third parties to satisfy their rent and other obligations to the Company, including deferred rent; (iii) the ability and willingness of the Companys tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Companys properties on the same or better terms in the event of nonrenewal or early termination of existing leases; and (iv) federal, state and local government initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities, shelter-in place orders and other restrictions, and the timing and amount of economic stimulus or other initiatives; (b) the Companys ability to continue construction on development and construction projects, in each case on the timeframes and on terms currently anticipated; (c) the Companys ability to accurately assess and predict the impact of the COVID-19 pandemic on its results of operations, financial condition, dividend policy, acquisition and disposition activities and growth opportunities; and (d) the Companys ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Armada Hoffler Properties, Inc. Contacts:

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Armada Hoffler Properties Announces Joint Venture to Develop & Build New Global Headquarters for T. Rowe Price at Harbor Point - GlobeNewswire

The New York City Economic Development Corporation is set to commence construction of the Bronx Point affordable housing project on the edge of the Harlem River. The project will be constructed on a vacant piece of land along the river owned by the city of New York.

The project will include 542 affordable housing units, community and retail spaces, a new public park, and a museum dedicated to the history of hip-hop. The project is being developed by the New York City Economic Development Corporation in partnership with several city agencies whose main agenda is to address the lack of affordable housing and jobs in the low-income and rent-burdened areas of the South Bronx.

As opposed to typical mixed-use projects that are developed at market rates, Bronx Point affordable housing project was designed to specifically address the needs of the neighborhood including the inclusion of additional cultural and community amenities.

Thanks to its ambitious plan, the project recently won the Annual Awards for Excellence in Design from the Public Design Commission which is tasked with reviewing designs of projects in the city.

The project will include a U-shaped cluster of building towers on the edge of the river with community, retail, and museum spaces at the base. The mixed-use project was especially necessary given the fact that the city is trying to meet the high demand for affordable housing. In addition, the project ensures some equity in the distribution of job opportunities.

One thing that sets this project apart is just the scale of it. Were able to achieve so many of these benefits because the project is so large, said Douglas Land, real estate transaction senior associate at the New York City Economic Development Corporation.

The more than half a million square feet project will 50,000 square feet for the first permanent home of the Universal Hip Hop Museum and 10,000 square feet of retail space. The new museum will be dedicated to highlighting the story of the local creation of hip-hop.

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Construction of Bronx Point affordable housing project to start next year - Construction Review

General Manager Patrick Sayler stands in front of The Co-Op Natural Foods in Sioux Falls. The Co-op is planning a large expansion.(Photo: Jeremy Fugleberg / Sioux Falls Business Journal)

The Sioux Falls Food Co-op is about to get bigger as the grocer embarks on its multi-phased expansion plans.

Construction has already begun in the tenant space next to the Co-op's current location in the retail center at410 W. 18th St., just off of Minnesota Avenue.

Leadership for the grocery store wrapped up their capital campaign just last month after months of planning and years of anticipating a need for more room, general manager Patrick Sayler said.

"In the co-opworld it's not as simple as in regular retail world," Sayler said. "There are so many more stakeholders involved."

The Co-op was issued building permits this week for the project, a four-phase timeline expected to culminate in the spring. Early work won't be as disruptive to the store's operations because the walls are up between the two spaces, which will eventually become one single, larger space.

A 3-D rendering of what Co-op Natural Foods in Sioux Falls will look like after the store's planned expansion in 2020.(Photo: Submitted)

Crews have already finished demolition on the other side and will be able to finish most of the work before the walls come down, including building out a deli area nearly four times the size of the current section.

"It's quite an undertaking," Sayler said.

By the time the spaces are combined and the remodeling work is finished, each section of the Co-op will have more space. The largest expansions -- after the deli -- will occur in the meat department and frozen department.

The growth will also help the Co-op better meet the food needs of the growing number of aspiring home-based chefs, who are using quarantine during the coronavirus pandemicto branch out in their cooking, Sayler said.

"It seems like folks are really getting out of their comfort zone and trying out new and different things," he said.

Expanding the Co-op has been something the store's organizers have been planning since Sayler started in 2016.

"Pretty quickly after moving tothe space we're currently in, we realized we we're going to outgrow the space," he said.

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With construction underway, the Co-op looks ahead to serving growing customer base - Argus Leader

Some 2.2 million square feet came online year-to-date through Octoberthe largest office delivery was Cousins Properties Domain 12, a 320,102-square-foot building within The Domain, considered Austins second downtown. Meanwhile, another 2.2 million square feet is slated for completion by year-end, with deliveriesprojected to surpass last years 2.4 million square feet. The list below maps out the largest office projects underway in the metro as of October, based on Yardi Matrix data.

Some 2.2 million square feet came online year-to-date through Octoberthe largest office delivery was Cousins Domain 12, a 320,102-square-foot building within The Domain, considered Austins second downtown. Meanwhile, another 2.2 million square feet are slated for completion by year-end, with deliveriesprojected to surpass last years 2.4 million square feet. The list below maps out the largest office projects underway in the metro as of October, based on Yardi Matrix data.

In October 2019, Lincoln Property Co. teamed up with The Lynd Co. and Kairoi Residential to develop Austins tallest tower. The project will rise 66 stories and 847 feet high, surpassing the Jenga-shaped The Independent locateda few blocks away.

Dubbed 6 x Guadalupe, the 1.1 million-square-foot mixed-use development is taking shape downtown, at 400 W. Sixth St., and features 590,000 square feet of office space, first-floor retail, 34 floors of residential and 10 levels of parking with 1,627 stalls. Designed by Gensler, the property is expected to come online in the third quarter of 2022. QuadReal Finance provided $272 million in construction financing. A former Extended Stay America hotel was demolished to make way for the project.

Another project emerging in downtown Austin, at 1801 Congress Ave., is Texas Facilities Commissions George H.W. Bush State Office Building. The 603,000-square-foot development is estimated to cost $580 million, with a team that includes Page as the master architect, CobbFendley as the site services engineer and Balfour Beatty as the construction manager agent.

At full build-out, anticipated for the second quarter of 2022, the 14-story building will include first-floor retail and eight levels of parking space, as well as display and performance space. The Texas Lottery Commission has already signed on as a tenant. The project represents the first phase of the Texas Capitol Complex, a mixed-use development spanning 46 square blocks. Phase I also includes a 416,000-square-foot project underway at 1601 Congress Ave. The upcoming facilities will serve as the foundation of a new pedestrian mall known as Texas Mall.

Trammell Crow Co. and Principal Real Estate Investors broke ground on Indeed Tower in May 2018. The 716,438-square-foot, 36-story project is expected to come online in the second quarter of 2021 and will include 43,000 square feet of first-floor retail space and 12 levels of parking. JPMorgan Chase originated a $211.5 million construction loan.

Two-thirds of the project has been preleased by the Teacher Retirement System of Texas, Indeed and Brown Advisory Group. DPR was selected as the general contractor and Page Southerland Page as the architect. In addition to the office building, the joint venture plans to transform the site into a mixed-use destination by redeveloping a former historic post office into a 25,000-square-foot retail segment and a 20,000-square-foot outdoor plaza. The site is located in downtown Austin, at 200 W. Sixth St., equidistant to the upcoming 6 x Guadalupe and 405 Colorado developments.

Trammell Crow Co. is also working on Block 185, a 794,000-square-foot, single-tenant office building serving as Googles future home. Construction on the 35-story asset started in January 2019, with completion scheduled for the second quarter of 2022. Pelli Clarke Pelli Architects designed the project, which features a sail-like design and will include785,783 square feet of office and 8,100 square feet of retail space.JPMorgan Chase financed the project with a $408.5 millionconstruction loan.

Block 185 is located at 601 W. Second St. in downtown Austin, on the last portion of undeveloped land of the former Thomas Green Water Treatment Plant. The upcoming project is close to the Colorado River, rising west of Googles nearby 29-story office.

One year ago, Apple broke ground on its $1 billion Austin campus, a 3 million-square-foot project including 981,471 square feet of office space scheduled for completion in the second quarter of 2022. The development will also include a 192-key, six-story hotel.

JE Dunn Construction serves as the general contractor, while Cardno is the structural engineer. Studio 8 Architects serves as the lead designer andNudge Designas the landscape architect. Spreading across 138 acres at 6900 W. Parmer Lane in Northwest Austin, the campus is projected to house up to 15,000 employeesdouble the tech giants current employment base in the metro.

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Top 5 Office Projects Under Construction in Austin - Commercial Property Executive

Although office vacancy levels have increased in Houston over recent quarters,development activity has continued at a steady pace, with no major delays in deliveries. According to Yardi Matrix data, 28 properties totaling 5.6 million square feet were under construction in the metro as of October, and more than 60 percent of the space has been preleased.

Seven properties encompassing some 775,000 square feet were completed year-to-date, including Stonelake Capital Partners 200 Park Place, a 207,200-square-foot project in Houstons High Street corridor. Another 1 million square feet of office space is scheduled for completion by the end of 2020, with projected deliveries on par with last years 1.7 million square feet. Yardi Matrix identified the largest office projects underway in the metro, as listed below.

Last month, CHI St. Lukes Healthbroke ground on OQuinn Medical Tower, a 400,000-square-foot office building in Houstons Medical Center submarket. The 12-story, $426 million project is scheduled for completion at the end of 2021 and will house the Dan L Duncan Comprehensive Cancer Center. The building will be connected to a new eight-story parking garage. Harvey-Cleary Builders is the general contractor for the project.

Located at the corner of NWC Old Spanish Trail and Cambridge Street, OQuinn Medical Tower is rising within the 1.2 million-square-foot Baylor St. Lukes Medical Center McNair Campus, where the organization plans to relocate all its clinical care services. The campus sits just south of the Texas Medical Centerthe largest medical complex in the worldand close to Hines upcoming 52-acre life science hub.

Crown Castle, one of the nations largest providers of shared communications infrastructure, is developing 8020 Katy Freeway, a 420,000-square-foot office asset in Houstons North Loop submarket. The company broke ground on the 13-story building in August 2019, with completion expected in the first quarter of 2021.

The developments estimated costs amount to approximately $55 million. Houston-based Harvey Builders serves as general constructor, Kirksey as architect and Abel Design Group as the interior designer for the project, which will feature a podium-style office building with a parking garage. The owner is headquartered nearby, at 1220 Augusta Drive.

Earlier this year, a joint venture between Patrinely Group, USAA Real Estate and CDC Houston broke ground on a 440,000-square-foot office project in Spring. The built-to-suit project will serve as Hewlett Packard Enterprises newest campus. Upon completion, scheduled for the second quarter of 2022, the property will include two five-story office buildings, as well as 2,055 parking spots.

PNC Bank provided $109.2 million in construction financing. The owner selected Pickard Chilton as the design architect, while Kirksey served as the executive architect, REES as the interior designer and Harvey Builders as the general contractor. The upcoming campus sits on 12 acres at 1801 E. Mossy Oaks Road,within the 60-acre CityPlace master-planned community.

The second property on the list is Marathon Oils upcoming headquarters, a 445,000-square-foot development owned and financed by Sumitomo Mitsui Banking Corp. Hines broke ground on the 15-story asset in December 2019, with Kendall/Heaton Associates acting as the architect and Harvey Builders as the general contractor.

Located at 990 Town and Country Blvd., the project is scheduled for completion in the third quarter of 2021. Once delivered, Marathon Oil will relocate from 5555 San Felipe St. in the Uptown-Galleria area, where it has been operating for more than three decades.

In July 2018, Hines and Ivanhoe Cambridge teamed up to develop the 47-story Texas Toweralso known as T2in Houstons central business district. Scheduled for delivery in late 2021, the property will include 114,000 square feet of office space and 15,000 square feet of first-floor retail.New York Life Insurance Co. provided $317.5 million in construction financing.

The developersselected Pelli Clarke Pelli to spearhead design plans.Hines preleased some 180,000 square feet in the building for their new headquarters,alongside future tenants Vinson & Elkins and DLA Piper.

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Top 5 Office Projects Under Construction in Houston - Commercial Property Executive

"It's been a tough year, we experienced many difficulties from event postponement, venue change to relocating exhibitors and reorganizing activities. Some companies delayed their event plan, but we also have welcomed many new participants. As event professionals we must strive to move forward and help exhibitors to meet the challenge. We were proud of ourselves when the Hotel Plus show in August kicked off," said Ms Helen Du, Director of Hotel Plus, "Now 2021 is just around the corner. As the only B2B show in China targeting buyers from hotel and commercial space sector, Hotel Plus will keep its unique advantage in hotel supplies, engineering design and lighting, and continue to expand further into cleaning, smart retail and commercial design to attract a broader spectrum of trade visitors."

Hotel Plus 2021 will gather more than 2,000 suppliers from hotel and commercial space industry under one roof. The booth reservation is growing against the economic downturn. So far, brands who have confirmed to exhibit at the show include Sleemon, Canasin, povodo, xshuai, SSWW, COSO, FANYI Signage, OPPLE, TENNE, youwe, JSHDE, Power Dekor, Golden Sail, Groupe GM, LMZ, Sidefu, Gold Sanitary Ware, Zhongcheng, Dr.OPPEAL, CANWIN, SQ Hotel Linen, SOUTH, GREE, GIMIG, YAGAO, YouMian, KANGCAI, Coburg, Ming Fai, LIERKANG, Kinen, IGE, Qualicer, Zhengyi, BETONBAU, LUONNE, Xiefuchun, PADOM, Guanghao, haicheng-tex, Pengyuan, Guest Supply, GCS, Xin Jie Weaving, Yining, JOBO, Vilai Cosmetics, Shangguo, MSA, LG, Guiheng, Hyundai L&C, BVEI, PENSEN, Nanhai Space Sanitary Ware, Haotai, Hanhe, bittel, Be-Tech, Puietel Technology, JELON, Laffey Electric, Kingint, TCL, QUEENSO, bymiot, GREATSART, Keruide, ITO, SHJR, FSILON, FLOVA, Tetch Electronic, kuaierte, LONYEON, and SOQO.

Apart from products showcasing, Hotel Plus will have a variety of onsite activities during the show dates dedicating itself to working as a social hub for the community. Design Week Shanghai, Hotel Culture Week, Charm of Light, China Mall Show and many more exciting conferences and competitions will gather industry insiders from hotel groups, shopping malls, real estate developers as well as architecture and design circle at Hotel Plus to experience innovative exhibition form and space.

If you're interested in Hotel Plus, please go to https://en.jiagle.com/cs-hotelplus/for more information.

About Hotel Plus

Hotel Plus is China's leading trade show catering to hospitality and commercial space industry. Serving as one-stop sourcing platform for hotels, restaurants, clubs, retail shops, shopping malls and other commercial properties, the mega event is consisted of 8 sub-shows spanning exhibit categories from architectural decoration, engineering design, lighting, intelligent products to hotel amenities, furniture, cleaning, facility management, smart retail and franchise. By presenting the latest products and innovative brands, Hotel Plus is leading the way in construction and operation of hotels and commercial space.

SOURCE Sinoexpo Informa Markets

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Hotel Plus 2021 Will Open a New Chapter to Gather over 2,000 Exhibitors with The Exhibition Space Of 200,000 sqm - PRNewswire

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the Company), a national owner of 195 retail and mixed-use properties totaling approximately 30.4 million square feet of gross leasable area (GLA), today reported financial and operating results for the three and nine months ended September 30, 2020, and provided a business update in light of the ongoing COVID-19 pandemic.

Summary Financial Results

For the three months ended September 30, 2020:

For the nine months ended September 30, 2020:

COVID-19 Business Update

As of October 30, 2020:

We continue to benefit from the breadth of our asset base including the diversity of our tenant roster and our geographic diversity. Our tenants are now 95% open, with rent collections in the third quarter of 96%, including 86% collected in cash and 10% addressed per signed deferral agreements. We made strong progress on monetizing assets with proceeds of $113.6 million generated from transactions in the third quarter. Year to date, we have monetized assets totaling $284 million, of which $166.7 million were income producing assets sold at an average cap rate of 5.9%. Since inception, we have reduced the portfolio to a more focused group of 195 assets from 266 assets and raised approximately $985 million in proceeds from asset monetization activity, allowing us to focus our human and capital resources on our top redevelopment opportunities, said Benjamin Schall, President and Chief Executive Officer.

Mr. Schall continued, We continue to be prudent with respect to development capital expenditures, with a prioritization on continuing projects where we can generate near-term income from stronger national tenants. We are also advancing master planning, entitlement and site infrastructure on our multi-family portfolio, having partnered with well-established apartment developers on over 5,500 apartment units. These partners share our view on the significant value creation opportunities to convert our land parcels into differentiated residential communities, with an emphasis on walkability, services, amenities and greenspace. These priorities are consistent with our efforts to work through this period of disruption and uncertainty while preserving the value of our platform and portfolio over the medium and long term.

Portfolio Update (as of September 30, 2020)

Premier and Larger Scale

Includes 34 assets totaling 6.5 million square feet (5.7 million at share) of existing retail space that the Company believes can be expanded and densified by integrating retail, residential, office and other uses. Allowing for the risk and extended timeframes inherent in the entitlement process, the Company believes that the density on these sites could ultimately evolve to include a total of 6,500 to 7,500 residential units and over 5.0 million square feet of mixed-use commercial space.

Suburban Retail

Includes 136 assets totaling 21.2 million square feet (19.5 million at share) of existing space that the Company has redeveloped, or believes can be redeveloped, into first-class, multi-tenant retail centers or repurposed for alternate, non-retail uses.

Smaller Market

Includes 25 assets totaling 2.8 million square feet of existing space that the Company will continue to market for sale, subject to achieving appropriate value relative to any potential redevelopment opportunities.

Operating Results

Transactions

During the three months ended September 30, 2020, the Company monetized six properties and nine outparcels totaling 1.4 million square feet and generated $113.6 million of gross proceeds, including one new joint venture and one sale-leaseback transaction.

Total monetization activity for the nine months ended September 30, 2020 consisted of 19 properties and 12 outparcels totaling 3.1 million square feet and $272.5 million of gross proceeds.

Subsequent to September 30, 2020, the Company sold two properties and one outparcel for aggregate gross proceeds of $11.8 million and, as of October 30, 2020, the Company had assets under contract for sale representing anticipated gross proceeds of $62.5 million, subject to buyer diligence and closing conditions.

Since it began its capital recycling program in July 2017, the Company has raised over $985 million of gross cash proceeds from the sale or joint venture of interests in 86 properties, plus outparcels at several properties.

Leasing

During the three months ended September 30, 2020, the Company signed new leases totaling 51,000 square feet at an average base rent of $17.71 PSF. On a same-space basis, new rents averaged 4.2x prior rents for space formerly occupied by Sears or Kmart, increasing to $20.91 PSF for new tenants compared to $4.93 PSF paid by Sears or Kmart across 19,000 square feet.

The table below provides a summary of the Companys leasing activity, including its proportional share of unconsolidated entities, for the three and nine months ended September 30, 2020 and since the Companys inception in July 2015:

(in thousands, except PSF amounts)

Since

Q3 2020

FY2020

Inception

Leases

6

24

426

Square feet

51,000

272,000

10,699,000

Annual base rent ($000s)

$

903

$

5,461

$

185,229

Annual base rent PSF (1)

$

17.71

$

20.08

$

18.34

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Seritage Growth Properties Reports Third Quarter 2020 Operating Results - Business Wire

OAK BROOK, Ill., Nov. 2, 2020 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI)(the "Company")today reported financial and operating results for the quarter and nine months ended September 30, 2020.

FINANCIAL RESULTSFor the quarter ended September 30, 2020, the Company reported:

For the nine months ended September 30, 2020, the Company reported:

OPERATING RESULTSFor the quarter ended September 30, 2020, the Company's portfolio results were as follows:

For the nine months ended September 30, 2020, the Company's portfolio results were as follows:

"During the quarter, we advanced our platform in significant areas, improving rent collections, progressing on tenant negotiations, publishing our inaugural corporate sustainability report and further strengthening our already robust capital structure position," stated Steve Grimes, chief executive officer. "We look forward to building on this positive internal momentum through year-end and into 2021."

BUSINESS UPDATEThe Company delivered progress across many key aspects of the business during the quarter, including improving rent collection levels. As of October 26, 2020, the Company reported the following cash collection statistics:

Q2 2020 base rent, updated:

73.6%

July 2020 base rent, updated:

80.5%

August 2020 base rent, updated:

83.1%

September 2020 base rent:

88.9%

Q3 2020 base rent:

84.2%

October 2020 base rent:

87.2%

As of October 26, 2020, the Company has collected 73.6% of second quarter 2020 base rent, up from the previously reported 68.4% as of July 27, 2020. Further, the Company has continued to realize sequentially higher base rent collection levels throughout the third quarter of 2020, culminating in a September 2020 base rent collection rate of 88.9% as of October 26, 2020. In addition, the Company has collected 87.2% of October 2020 base rent as of October 26, 2020, which measures ahead of the daily collection pace for September 2020.

The Company's portfolio ABR benefits from a composition of 38% from essential uses and office, including 9% from grocery/warehouse clubs as well as 7% from office tenants generally located in suburban locations above the Company's first floor retail footprint. The Company continues to assist tenants' efforts to operate safely and effectively in the current environment through portfolio-wide initiatives such as the enhancement of curbside pickup offerings, onsite signage, expansion of outdoor dining capacity as well as property-specific endeavors, including outdoor event marketing, digital campaigns and delivery and to-go promotions.

The Company continues to negotiate and sign lease amendments with certain tenants in the wake of the adverse impacts of the COVID-19 pandemic, as shown in the following table, with amounts reported as of October 26, 2020:

Q3 2020

Q2 2020

Billed base rent collected

84.2%

73.6%

Security deposits applied

0.1%

2.7%

Executed lease amendments

7.4%

11.9%

In-process lease amendments (1)

1.6%

5.3%

Total billed base rent addressed

93.3%

93.5%

(1)

TheCompany can make no assurances that the in-process lease amendments will ultimately be executed on the terms negotiated or at all.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITYThe Company engaged in multiple transactions to enhance balance sheet strength and financial flexibility during the quarter. As previously announced, the Company, in underwritten public offerings, issued an additional $100.0 million aggregate principal amount of its 4.00% senior unsecured notes due 2025 in a reopening on July 21, 2020 and $400.0 million aggregate principal amount of its 4.75% senior unsecured notes due 2030 in a new issuance on August 25, 2020.

The Company redeployed the vast majority of the related net proceeds from these public issuances to repay the principal of existing indebtedness as follows:

Following these activities, the Company holds no debt maturities until 2022, a fully undrawn $850.0 million unsecured revolving line of credit and approximately $877.1 million in total available liquidity as of September 30, 2020, up $149.8 million from $727.3 million as of June 30, 2020.

In total, the Company had $1.8 billion of gross consolidated indebtedness with a weighted average contractual interest rate of 4.17% and a weighted average maturity of 6.1 years as of September 30, 2020, up 2.0 years from 4.1 years as of June 30, 2020. The Company continues to benefit from substantial headroom relative to its debt covenants, including a debt service coverage ratio of 3.7x, well in excess of the 1.5x requirement under its debt agreements.

DIVIDENDAs previously announced on September 8, 2020, the Company's board of directors declared a third quarter dividend for its outstanding Class A common stock of $0.05 per common share. The Company's board of directors had previously suspended the dividend to preserve and enhance liquidity and capital positioning. The dividend of $0.05 per common share was paid on October 9, 2020, to Class A common stockholders of record on September 25, 2020.

The Company's board of directors will continue to monitor financial performance and declare additional dividend payments to at least cover the Company's minimum taxable distribution requirements, aiming to grow this initial quarterly dividend amount over time as conditions further normalize. Year to date, including dividends paid in January 2020, April 2020, and October 2020, the Company has paid $81.6 million in aggregate dividends.

INVESTMENT ACTIVITYExpansions and RedevelopmentsThe Company continues to make progress on the execution of its active expansion and redevelopment projects.

Active ProjectsOne Loudoun DowntownDuring the quarter, the Company and KETTLER, its joint venture partner for the multi-family component of the mixed-use expansion of Pads G & H at its One Loudoun Downtown multi-tenant retail operating property, advanced exterior skin work, unit drywall installation and unit finishes, including cabinets, tile, and plumbing fixtures for Pad G's multi-family residential units. For Pad G's office component, the Company and KETTLER completed construction of the building structure and roof and advanced the installation of storefronts and windows as well as internal mechanical systems. In addition, the Company and KETTLER advanced wood frame construction, unit mechanical rough-ins and exterior skin work as well as initiated unit drywall installation for the multi-family residential units of Pad H. In the aggregate, this expansion project, located in the Washington, D.C. metropolitan statistical area (MSA), consists of up to 70,000 square feet of retail and office commercial space and 378 one- and two-bedroom multi-family rental units, which will become One Loudoun's first apartment community, Vyne, which is anticipated to open in late spring 2021. The expansion project complements and enhances the Company's approximately 469,000 square foot mixed-use community anchor asset, One Loudoun Downtown.

Circle EastDuring the quarter, the Company signed a lease with an experience-based, growing national salon for in-line space at its 80,000 square foot Circle East mixed-use project located in Towson, MD within the Baltimore MSA. Subsequent to quarter end, the Company signed one additional lease for in-line space, bringing the project to 15% leased. The Company is engaged in lease negotiations or holds letters of intent for an additional 34% of the project'ssquare footage. The Company continues to advance construction for the previously announced Shake Shack and Ethan Allen sites that will anchor Circle East.

Other ProjectsSubsequent to quarter end, the Company delivered space for a grocer anchor tenant at The Shoppes at Quarterfield. Construction continues at the balance of that reconfiguration project as well as the single-tenant pad development at Southlake Town Square.

WEBCAST AND CONFERENCE CALL INFORMATIONThe Company's management team will hold a webcast on Tuesday, November 3, 2020 at 11:00 AM (ET), to discuss its quarterly financial results and operating performance, as well as business highlights and outlook. In addition, the Company may discuss business and financial developments and trends and other matters affecting the Company, some of which may not have been previously disclosed.

A live webcast will be available online on the Company's website at http://www.rpai.com in the INVEST section. A replay of the webcast will be available. To listen to the replay, please go to http://www.rpai.com in the INVEST section of the website and follow the instructions.

The conference call can be accessed by dialing (877) 705-6003 or (201) 493-6725 for international participants. Please dial in at least ten minutes prior to the start of the call to register. A replay of the call will be available from 2:00 PM (ET) on November 3, 2020 until midnight (ET) on November 17, 2020. The replay can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers and entering pin number 13708658.

SUPPLEMENTAL INFORMATIONThe Company has posted supplemental financial and operating information and other data in the INVEST section of its website.

ABOUT RPAIRetail 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 September 30, 2020, the Company owned 102 retail operating properties in the United States representing 20.0 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 http://www.rpai.com.

SAFE HARBOR LANGUAGEThe statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "should," "intends," "plans," "estimates" or "anticipates" and variations of such words or similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby.These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment.Such risks and uncertainties could cause actual results to differ materially from those projected.These uncertainties include, but are not limited to, economic, business and financial conditions, and changes in the Company's industry and changes in the real estate markets in particular, economic and other developments in markets where the Company has a high concentration of properties, the Company's business strategy, the Company's projected operating results, rental rates and/or vacancy rates, frequency and magnitude of defaults on, early terminations of or non-renewal of leases by tenants, bankruptcy, insolvency or general downturn in the business of a major tenant or a significant number of smaller tenants, adverse impact of e-commerce developments and shifting consumer retail behavior on tenants, interest rates or operating costs, the discontinuation of London Interbank Offered Rate (LIBOR), real estate and zoning laws and changes in real property tax rates, real estate valuations, the Company's leverage, the Company's ability to generate sufficient cash flows to service outstanding indebtedness and make distributions to shareholders, changes in the dividend policy for the Company's Class A common stock and its ability to resume the payment of dividends at past levels, the Company's ability to obtain necessary outside financing, the availability, terms and deployment of capital, general volatility of the capital and credit markets and the market price of the Company's Class A common stock, risks generally associated with real estate acquisitions and dispositions, including the Company's ability to identify and pursue acquisition and disposition opportunities, risks generally associated with redevelopment, including the impact of construction delays and cost overruns and related impact on the Company's estimated investments in such redevelopment, the Company's ability to lease redeveloped space, the Company's ability to identify and pursue redevelopment opportunities and the risk that it takes longer than expected for development assets to stabilize or that the Company does not achieve its estimated returns on such investments, the Company's ability to enter into new leases or renew leases on favorable terms, pandemics or other public health crises, such as the COVID-19 pandemic, and the related impact on (i) the Company's ability to manage its properties, finance its operations and perform necessary administrative and reporting functions and (ii) the ability of the Company's tenants to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent and other charges as specified in their leases, the Company's ability to create long-term shareholder value, regulatory changes and other risk factors, including those detailed in the sections of the Company's most recent Forms 10-K and 10-Q filed with the SEC titled "Risk Factors," which you should interpret as heightened as a result of the numerous and ongoing adverse impacts of COVID-19. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURESAs defined by the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, Funds From Operations (FFO) means net income computed in accordance with generally accepted accounting principles (GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains from sales of real estate assets, (iii) gains and losses from change in control and (iv) impairment write-downs of real estate assets and investments in entities directly attributable to decreases in the value of real estate held by the entity. The Company has adopted the NAREIT definition in its computation of FFO attributable to common shareholders. The Company believes that, subject to the following limitations, FFO attributable to common shareholders provides a basis for comparing its performance and operations to those of other real estate investment trusts (REITs). The Company believes that FFO attributable to common shareholders, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess the operating performance of REITs. FFO attributable to common shareholders does not represent an alternative to (i) "Net income" or "Net income attributable to common shareholders" as an indicator of the Company's financial performance, or (ii) "Cash flows from operating activities" in accordance with GAAP as a measure of the Company's capacity to fund cash needs, including the payment of dividends.

The Company also reports Operating FFO attributable to common shareholders, which is defined as FFO attributable to common shareholders excluding the impact of discrete non-operating transactions and other events which the Company does not consider representative of the comparable operating results of its real estate operating portfolio, which is its core business platform. Specific examples of discrete non-operating transactions and other events include, but are not limited to, the impact on earnings from gains or losses associated with the early extinguishment of debt or other liabilities, litigation involving the Company, including gains recognized as a result of settlement and costs to engage outside counsel related to litigation with former tenants, the impact on earnings from executive separation and the excess of redemption value over carrying value of preferred stock redemption, which are not otherwise adjusted in the Company's calculation of FFO attributable to common shareholders. The Company believes that Operating FFO attributable to common shareholders, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess the operating performance of REITs. Operating FFO attributable to common shareholders does not represent an alternative to (i) "Net income" or "Net income attributable to common shareholders" as an indicator of the Company's financial performance, or (ii) "Cash flows from operating activities" in accordance with GAAP as a measure of the Company's capacity to fund cash needs, including the payment of dividends. Comparison of the Company's presentation of Operating FFO attributable to common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in definition and application by such REITs.

The Company also reports Net Operating Income (NOI), which it defines as all revenues other than (i) straight-line rental income (non-cash), (ii) amortization of lease inducements, (iii) amortization of acquired above and below market lease intangibles and (iv) lease termination fee income, less real estate taxes and all operating expenses other than lease termination fee expense and non-cash ground rent expense, which is comprised of amortization of right-of-use lease assets and amortization of lease liabilities. NOI consists of Same Store NOI and NOI from Other Investment Properties. Same Store NOI represents NOI from the Company's same store portfolio consisting of 101 retail operating properties acquired or placed in service and stabilized prior to January1, 2019. NOI from Other Investment Properties represents NOI primarily from (i) properties acquired or placed in service during 2019 and 2020, (ii) the multi-family rental units at Plaza del Lago, a redevelopment project that was placed in service during 2019, (iii) Circle East, which is in active redevelopment, (iv) One Loudoun Downtown Pads G & H, which are in active development, (v) Carillon, a redevelopment project where the Company halted plans for vertical construction during the three months ended March 31, 2020 in response to current macroeconomic conditions due to the impact of the COVID-19 pandemic. As of September 30, 2020, the Company had completed the current scope of site work preparation at the property in anticipation of future vertical development at the site, (vi) The Shoppes at Quarterfield, which is in active redevelopment, (vii) properties that were sold or held for sale during 2019 and 2020, and (viii) the net income from the Company's wholly-owned captive insurance company. The Company believes that NOI, Same Store NOI and NOI from Other Investment Properties, which are supplemental non-GAAP financial measures, provide an additional and useful operating perspective not immediately apparent from "Net income" or "Net income attributable to common shareholders" in accordance with GAAP. The Company uses these measures to evaluate its performance on a property-by-property basis because they allow management to evaluate the impact that factors such as lease structure, lease rates and tenant base have on the Company's operating results. NOI, Same Store NOI and NOI from Other Investment Properties do not represent alternatives to "Net income" or "Net income attributable to common shareholders" in accordance with GAAP as indicators of the Company's financial performance. Comparison of the Company's presentation of NOI, Same Store NOI and NOI from Other Investment Properties to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in definition and application by such REITs.

CONTACT INFORMATIONMichael GaidenVice President Capital Markets and Investor RelationsRetail Properties of America, Inc. (630) 634-4233

Retail Properties of America, Inc.Condensed Consolidated Balance Sheets(amounts in thousands, except par value amounts)(unaudited)

September 30,2020

December 31,2019

Assets

Investment properties:

Land

$

1,075,037

$

1,021,829

Building and other improvements

3,576,289

3,544,582

Developments in progress

168,365

113,353

4,819,691

4,679,764

Less: accumulated depreciation

(1,482,583)

(1,383,274)

Net investment properties (includes $59,678 and $12,445 from consolidatedvariable interest entities, respectively)

3,337,108

3,296,490

Cash and cash equivalents

27,371

9,989

Accounts and notes receivable, net

86,589

73,832

Acquired lease intangible assets, net

70,837

79,832

Right-of-use lease assets

43,234

50,241

Other assets, net (includes $336 and $164 from consolidated

variable interest entities, respectively)

69,678

Read this article:
Retail Properties of America, Inc. Reports Third Quarter And Year To Date 2020 Results - PRNewswire

A property at 155 Washington Street, first built as a parking garage during the 1920s, was sold by Rutgers University to L+M Development Partners. Photo by Jared Kofsky/Jersey Digs.

A developer that has been hard at work renovating a high-rise along the border of Downtown and University Heights has announced a partnership that will bring an expanding living concept to Newark.

Back in April last year, we were the first outlet to break the news about the revitalization of an 18-story tower at 155 Washington Street. The property, first built as a parking garage during the 1920s, was sold by Rutgers University to L+M Development Partners for just over $9 million.

Newarks planning board approved a final design this July to adaptively reuse the longstanding structure into a 250-unit residential building sporting 6,250-square feet of retail space. The $91 million project, drawn up by Inglese Architecture + Engineering, calls for a new four-story building connected along Washington Street that will be home to institutional space for Rutgers University-Newark.

L+M Development Partners recently announced a partnership with Dave Barry, formerly of Ironstate Development, to bring the next Urby venture to the property. The communities embrace a design approach that emphasizes common spaces to facilitate interaction between tenants via amenities like coffee shops integrated into the lobbies and communal kitchens.

The thriving, cultural hub of Newark is a perfect match for Urby as we focus on bringing community and fresh perspectives to retail and residential development, said Barry, CEO of Urby. Newark Urby will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within New Jersey and to NYC via convenient public transit.

Newarks spin on Urby, expected to be wrap construction in the spring of 2022, will include a rooftop deck, ground floor courtyard, gym, lounge areas and a music room. It will be the brands third outpost in New Jersey following 2017s opening of a 69-story Urby tower in Downtown Jersey City, with the company also operating a 409-unit building in Harrison.

In terms of the Garden State, a 25-story Urby concept in Jersey Citys Journal Square was approved last year and had been set to break ground before the COVID-19 pandemic struck. Another 466-unit Urby has been pitched for land near Hudson County Community College.

Urby has two other completed developments on Staten Island and in Stamford, Connecticut. The brand has recently set its sights on expanding throughout the country, as planning is underway to bring their developments to several cities including Dallas, Texas and Washington, D.C.

See more here:
Newark Will Be Getting Its First 250-Unit Urby Development - Jersey Digs

The following discussion should be read in conjunction with the ConsolidatedFinancial Statements of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P.and the notes thereto (collectively, the "Financial Statements"). Certaindefined terms used herein have the meaning ascribed to them in the FinancialStatements. Executive OverviewMack-Cali Realty Corporation, together with its subsidiaries, (collectively, the"General Partner"), including Mack-Cali Realty, L.P. (the "OperatingPartnership"), has been involved in all aspects of commercial real estatedevelopment, management and ownership for over 60 years and the General Partnerhas been a publicly traded real estate investment trust ("REIT") since 1994.The Operating Partnership conducts the business of providing leasing,management, acquisition, development, construction and tenant-related servicesfor its General Partner. The Operating Partnership, through its operatingdivisions and subsidiaries, including the Mack-Cali property-owning partnershipsand limited liability companies, is the entity through which all of the GeneralPartner's operations are conducted. Unless stated otherwise or the contextrequires, the "Company" refers to the General Partner and its subsidiaries,including the Operating Partnership and its subsidiaries.As of September 30, 2020, the Company owned or had interests in 59 properties(collectively, the "Properties"), consisting of 29 office properties, totalingapproximately 8.7 million square feet leased to approximately 225 commercialtenants, 22 multi-family rental properties containing 6,850 apartment units,four parking/retail properties, totaling approximately 108,000 square feet,three hotels containing 723 rooms and a parcel of land leased to a third party.The Properties are located in the Northeast, some with adjacent,Company-controlled developable land sites able to accommodate up toapproximately 2.0 million square feet of additional commercial space andapproximately 9,500 apartment units.The Company's historical strategy has been to focus its operations, acquisitionand development of office and multi-family rental properties inhigh-barrier-to-entry markets and sub-markets where it believes it is, or canbecome, a significant and preferred owner and operator. In September 2015, theCompany announced an initiative to transform into a more concentrated owner ofNew Jersey Hudson 65

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STRATEGIC DIRECTION

?the general economic climate;

?the occupancy rates of the Properties;

?rental rates on new or renewed leases;

?tenant improvement and leasing costs incurred to obtain and retain tenants;

?the extent of early lease terminations;

?the value of our office properties and the cash flow from the sale of suchproperties;

?operating expenses;

?anticipated acquisition and development costs for office and multi-familyrental properties and the revenues and earnings from these properties;

?cost of capital; and

?the extent of acquisitions, development and sales of real estate, including theexecution of the Company's current strategic initiative.

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The remaining portion of this Management's Discussion and Analysis of FinancialCondition and Results of Operations should help the reader understand our:

?recent transactions;

?critical accounting policies and estimates;

?results from operations for the three and nine months ended September 30, 2020,as compared to the three and nine months ended September 30, 2019, and

?liquidity and capital resources.

Properties Commencing Initial Operations

The following property commenced initial operations during the nine months endedSeptember 30, 2020 (dollars in thousands):

Development

(a)The Emery at Overlook Ridge property consists of a total of 326 multi-familyunits. Of this amount, the remaining 55 multi-family units were placed inservice in October 2020.

Consolidations

On March 12, 2020, the Company, acquired its equity partner's 80 percentinterest in Port Imperial North Retail L.L.C. a ground floor

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4,305

8,912

1,503

313

15,033

(a) In-place and below market lease values are being amortized over aweighted-average term of 7.5 years.

Real Estate Held for Sale/Discontinued Operations/Dispositions

The Company disposed of the following office properties during the nine monthsended September 30, 2020 (dollars in thousands):

Type Proceeds Value Losses, net Losses, net03/17/20One Bridge PlazaFort Lee, New Jersey 1 200,000

07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000

09/15/20Morris portfolio (b) Madison, New Jersey 10 1,448,420

(a) The Company recorded valuation allowances of $2.0 million on the held for sale

property during the nine months ended September 30, 2020 and of $16.7 million

during the year ended December 31, 2019.(b) The Company recorded valuation allowances of $21.6 million on the held for

sale properties during the nine months ended September 30, 2020 and of

$32.5 million during the year ended December 31, 2019.(c) The Company recorded a valuation allowance of $3.5 million on this property

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The Company disposed of the following developable land holdings during the ninemonths ended September 30, 2020 (dollars in thousands):

01/03/20Mile RoadMiddletown, New Jersey$ 7,018$ 2,969$ 4,049

Impairments on Properties Held and Used

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financial results. Judgments and uncertainties affecting the application ofthese policies and estimates may result in materially different amounts beingreported under different conditions and circumstances.

Rental Property

Properties are depreciated using the straight-line method over the estimateduseful lives of the assets. The estimated useful lives are as follows:

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Real Estate Held for Sale and Discontinued Operations

Investments in Unconsolidated Joint Ventures

If the venture subsequently makes distributions and the Company does not have animplied or actual commitment to support the operations of the venture, theCompany will not record a basis less than zero, rather such amounts will berecorded as equity in earnings of unconsolidated joint ventures.

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Revenue Recognition

Parking income is comprised of income from parking spaces leased to tenants andothers.

Hotel income includes all revenue generated from hotel properties.

Other income includes income from tenants for additional services arranged forby the Company and income from tenants for early lease terminations.

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Redeemable Noncontrolling Interests

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Change

Total revenues from rental operations 74,774 83,979 (9,205)

(15.5)

130.3

(98.4)

1,315.0

-

100.0

129.1

256.8

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Parking income. Parking income for the Same-Store Properties decreased$1.8 million, or 30.7 percent, for 2020 as compared to 2019, due primarily to adecrease in usage at commercial properties, due to the COVID-19 pandemic in2020.

Utilities. Utilities for the Same-Store Properties decreased $0.2 million, or4.5 percent, for 2020 as compared to 2019, due primarily to decreasedelectricity rates in 2020 as compared to 2019.

Real estate services revenue. Real estate services revenue (primarilyreimbursement of property personnel costs) decreased $0.5 million, or 15.7percent, for 2020 as compared to 2019, due primarily to decreased third partydevelopment and management activity in multi-family services in 2020, ascompared to 2019.

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compared to 2019.

Property impairments. In 2020, the Company recorded impairment charges of$36.6 million on its hotel properties in Weehawken, New Jersey.

Land and other impairments. In 2020, the Company recorded $1.3 million ofimpairments of developable land parcels. In 2019, the Company incurred avaluation impairment charge of $2.6 million on a developable land parcel. SeeNote 12: Disclosure of Fair Value of Assets and Liabilities.

Interest expense. Interest expense decreased $1.9 million, or 8.4 percent, for2020 as compared to 2019. This decrease was primarily the result of loweraverage interest rates in 2020 as compared to 2019.

Interest and other investment income. Interest and other investment incomedecreased $0.2 million, or 98.4 percent for 2020 as compared to 2019, dueprimarily to lower average notes receivable balances outstanding in 2020 ascompared to 2019.

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Total revenues from rental operations 223,733 253,478 (29,745)

(16.8)

44.7

(97.2)

68.1

(100.0)

(103.4)

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MACK CALI REALTY : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) - marketscreener.com