Ramco-Gershenson Properties: 2Q Earnings Snapshot
FARMINGTON HILLS, Mich. (AP) _ Ramco-Gershenson Properties Trust (RPT) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Farmington Hills, Michigan, said it had funds from operations of $35.7 million, or 40 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 33 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $2.6 million, or 3 cents per share.
The shopping center real estate investment trust posted revenue of $70 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $63 million.
Ramco-Gershenson Properties expects full-year funds from operations in the range of $1.35 to $1.39 per share.
The company’s shares have fallen 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.79, a fall of almost 8 percent in the last 12 months.