INVESTOR PRESENTATION Second Quarter 2016 Update Disclaimer This - PowerPoint PPT Presentation

INVESTOR PRESENTATION Second Quarter 2016 Update

Disclaimer This presentation contains “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “should,” “intends,” “plans,” “estimates,” “continues” or “anticipates” and variations of such words or similar expressions or the negative of such words. You can also identify forward-looking statements by discussions of strategies, plans or intentions. Risks, uncertainties and changes in the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:  economic, business and financial conditions, and changes in our industry and changes in the real estate markets in particular;  economic and other developments in the state of Texas and in other markets where we have a high concentration of properties;  our business strategy;  our 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 or insolvency of a major tenant or a significant number of smaller tenants, including The Sports Authority, Inc. (Sports Authority), which filed for bankruptcy in March 2016;  interest rates or operating costs;  real estate and zoning laws and changes in real property tax rates;  real estate valuations, potentially resulting in impairment charges;  our leverage;  our ability to generate sufficient cash flows to service our outstanding indebtedness;  our 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 our Class A common stock;  risks generally associated with real estate acquisitions, dispositions and redevelopment, including the impact of construction delays and cost overruns;  our ability to effectively manage growth;  composition of members of our senior management team;  our ability to attract and retain qualified personnel;  our ability to make distributions to our shareholders;  our ability to continue to qualify as a real estate investment trust (REIT);  governmental regulations, tax laws and rates and similar matters;  our compliance with laws, rules and regulations;  environmental uncertainties and exposure to natural disasters;  insurance coverage;  the likelihood or actual occurrence of terrorist attacks in the U.S.; and  other risk factors, including those detailed in the section titled “Risk Factors” of our most recent Form 10-K and Form 10-Q filed with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements). We undertake no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date of this presentation, except as required by applicable law. All information is presented on a consolidated basis and is as of June 30, 2016, unless otherwise noted. All demographic information is sourced from The Nielsen Company, unless otherwise noted. 2

About RPAI Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of June 30, 2016, the Company owned 185 retail operating properties representing 28.1 million square feet. 3

RPAI at a Glance Company snapshot NYSE Ticker RPAI Total capitalization 1 $6.4 billion Total retail operating portfolio 185 properties, 28.1 million square feet Retail occupancy 93.4% Retail leased rate 94.9% Retail Annualized Base Rent (“ABR”) PSF $16.82 Net Debt / Adjusted EBITDA 5.9x S&P / Moody’s ratings BBB- / Baa3 Annualized dividend yield 1 3.9% Portfolio composition  Nationally diversified multi-tenant retail portfolio with Zurich Single-User 152 shopping centers representing 93.3% of the Towers, Retail, 4.4% Company’s ABR 2.3% – 84 neighborhood and community centers – 52 power centers – 16 lifestyle centers and mixed-use properties  Portfolio also includes: – 33 single-user retail assets representing 4.4% Multi-Tenant Retail, 93.3% of the Company’s ABR – Zurich Towers representing 2.3% of the Company’s ABR 1 Based on stock price of $16.90 as of June 30, 2016. Annualized dividend yield based on quarterly cash dividend of $0.165625 per share 4

2016 Second Quarter Results and Full Year Guidance 2016 guidance 1 Second quarter 2016 results Net Income Attributable to Net Income Attributable to $1.04 - $1.07 $0.11 Common Shareholders Common Shareholders Operating FFO/Share $1.04 - $1.07 Operating FFO/Share $0.28 Assumptions supporting 2016 Guidance 1 : Same Store NOI Growth 4.2% General & Administrative Same Store NOI Growth 2.5% - 3.5% $10.8 million Expense General & Administrative $45 - $47 million Disposition Activity 2 $413.9 million Expense Acquisition Activity $278.8 million Disposition Activity $600 - $700 million Blended Comparable Re- 8.1% leasing Spreads Acquisition Activity $375 - $475 million 129 leases representing Leasing Volume Unsecured Debt Capital $200 - $250 million 920,000 square feet 1 Represents guidance previously provided in our earnings release or earnings call, which was subject to the assumptions set forth therein. We have not updated or reaffirmed that guidance or any of the supporting assumptions and are not doing so by restating it herein 2 Includes dispositions closed subsequent to June 30, 2016 of $54.8 million and $197.0 million of assets under contract as of August 2, 2016 5

Investment Highlights  Large, high quality multi-tenant retail portfolio with significant concentration in the top 50 national MSAs  Experienced management team and world class operating and financial platform  Strong track record of operational and transactional execution  Capital structure positioned for compelling internal and external growth initiatives in the form of remerchandising, redevelopment and acquisition opportunities  Strong balance sheet and significant financial flexibility  Investment grade credit ratings from S&P and Moody’s  Positive industry fundamentals with historically low supply growth 6

Portfolio Quality and Implied Cap Rate Retail ABR per occupied square foot vs. implied cap rate 1 7.00% 6.50% RPAI BRX DDR 6.00% 5.50% KIM WRI UE 5.00% REG EQY 4.50% ROIC 4.00% FRT 3.50% $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 1 Peer retail ABR PSF metrics are sourced from public company filings as of March 31, 2016. Peer implied cap rates are sourced from Green Street Advisors as of July 12, 2016 7

PEER COMPARISON Retail ABR per occupied square foot Annual contractual rent increases 2013-Q2 2016 $25.00 Portfolio $24.26 Target Market Portfolio Third-party 1.80% Multi-tenant Acquisitions Retail $22.50 $16.60 Portfolio 1 1.60% 2015-Q2 2016 $20.02 Signed $19.43 $20.00 Leases 2 $19.05 1.40% $18.58 1.20% 1.25% $17.23 $16.77 $17.50 1.20% $14.86 $14.67 $15.00 1.00% 0.85% $12.85 $12.50 0.80% $10.00 0.60% FRT EQY REG ROIC RPAI WRI UE DDR KIM BRX FRT REG ROIC EQY DDR KIM UE WRI BRX RPAI Retail – three mile population Retail - three mile avg. HH income $125 $ 91 250 $115 120 $103 $102 195 $100 $96 200 $94 $91 $89 173 Amounts in 000’s $84 Amounts in 000’s 153 $78 $78 151 $75 150 113 111 110 106 $50 100 82 77 $25 50 $- - FRT REG RPAI EQY ROIC UE KIM WRI BRX DDR EQY UE FRT RPAI ROIC KIM WRI REG DDR BRX Portfolio Target Market Portfolio Portfolio Target Market Portfolio Note: RPAI metrics are as of June 30, 2016, representing its multi-tenant retail portfolio. Peer retail ABR PSF metrics are sourced from public company filings as of March 31, 2016. Peer annual contractual rent increases are sourced from Green Street Advisors. Peer demographic metrics are sourced from Evercore ISI as of December 31, 2015. 1 RPAI multi-tenant retail portfolio is as of December 31, 2015, excluding The Gateway, which the Company sold during the first quarter of 2016 2 Represents signed new leases and signed renewal leases, excluding tenant-exercised options, from properties in the multi-tenant retail operating portfolio as of June 30, 2016 8

MULTI-TENANT RETAIL PORTFOLIO