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Press release from Business Wire

Retail Properties of America, Inc. Recommends Rejection of Mini-Tender Offer by Lapis Investment Business Trust

Monday, June 03, 2013

Retail Properties of America, Inc. Recommends Rejection of Mini-Tender Offer by Lapis Investment Business Trust

20:16 EDT Monday, June 03, 2013

OAK BROOK, Ill. (Business Wire) -- Retail Properties of America, Inc. (NYSE: RPAI) has been notified of an unsolicited mini-tender offer by Lapis Investment Business Trust (“Lapis”) dated May 10, 2013, to purchase up to 100,000 shares of all classes of common stock of RPAI for $13.00 per share. The offer expires on June 7, 2013. RPAI's Board of Directors unanimously recommends that its stockholders reject the mini-tender offer by Lapis.

Lapis' offer price for the shares of Class A common stock represents a discount of approximately 13.8% to the $15.08 closing price of the Class A common stock on June 3, 2013 and 16.7% to the $15.61 closing price of the Class A common stock on May 9, 2013, the trading day prior to the commencement of the Lapis mini-tender offer.

RPAI's Class A common stock was listed on the NYSE on April 5, 2012. The terms of the Class B-3 common stock are identical in all respects to the Class A common stock, except that the Class B-3 common stock is not listed on a national securities exchange. The shares will automatically convert to Class A common stock and be traded on the NYSE on October 7, 2013.

Lapis and its offer are not affiliated with RPAI. Although each stockholder has his or her individual liquidity needs and must evaluate the offer accordingly, the Board of Directors does not recommend or endorse Lapis' mini-tender offer and suggests that stockholders reject the offer and not tender their shares pursuant to the offer. RPAI strongly recommends investors obtain current market quotes for their shares of common stock, carefully review the conditions of the offer, consult with their broker or financial advisor and exercise caution with respect to Lapis' offer.

Mini-tender offers are third-party offers to purchase less than 5% of a company's outstanding shares, thereby avoiding the filing, disclosure and procedural requirements adopted by the Securities and Exchange Commission (“SEC”) for the protection of investors. The SEC has cautioned investors about these offers, noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's Investor Tips regarding mini-tender offers may be found on the SEC's website at

About RPAI

Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate investment trust that owns and operates high quality, strategically located shopping centers across 35 states. The Company is one of the largest owners and operators of shopping centers in the United States. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at

Retail Properties of America, Inc.
Michael Fitzmaurice, 800.541.7661
Vice President

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