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OAK BROOK, Ill.--([ BUSINESS WIRE ])--Retail Properties of America, Inc. (NYSE: RPAI) announced today that an Economic Development Agreement has been finalized with Wal-Mart Stores, Inc. (NYSE: WMT) and the city of Darien for the planned expansion of the Walmart store at Darien Town Centre in Darien, IL. The 43,000-square-foot expansion will convert the existing Walmart store into a Walmart Supercenter store which will include a full grocery and general merchandise selection.

"The execution of this agreement demonstrates the quality, infill nature of this asset and we look forward to commencing work in conjunction with the Walmart expansion and our broader redevelopment plan later this year"

aThe execution of this agreement demonstrates the quality, infill nature of this asset and we look forward to commencing work in conjunction with the Walmart expansion and our broader redevelopment plan later this year,a said Shane Garrison, executive vice president and chief operating officer for RPAI.

The expansion process planned to begin this fall will include the relocation of some of the existing tenants and the demolition of a portion of the center, including the former Circuit City space, to accommodate the expansion.

Darien Towne Centre is a 223,694-square-foot power center located in a high traffic area on 75^th Street. The center is anchored by Home Depot and major tenants including PetSmart and OaReilly Auto Parts.

About RPAI

Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate company 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 [ www.rpai.com ].

Forward-Looking Statements

The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as amay,a awill,a aexpect,a acontinue,a aremains,a aintend,a aaim,a atowards,a ashould,a aprospects,a acould,a afuture,a apotential,a abelieves,a aplans,a agoal,a ainitiative,a alikely,a aanticipate,a and aprobable,a or the negative thereof or other variations thereon or comparable terminology, constitute aforward-looking statementsa within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Companyas 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, that the closing of the aforementioned offering is subject to, among other things, standard closing conditions and customary rights of the underwriters to terminate the underwriting agreement due to any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.