Ramco-Gershenson Properties: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}FARMINGTON HILLS, Mich. (AP) _ Ramco-Gershenson Properties Trust (RPT) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Farmington Hills, Michigan-based real estate investment trust said it had funds from operations of $28.4 million, or 32 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.
{{#rendered}} {{/rendered}}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 $8.4 million, or 10 cents per share.
The shopping center real estate investment trust posted revenue of $64.2 million in the period, exceeding Street forecasts. Six analysts surveyed by Zacks expected $62.9 million.
{{#rendered}} {{/rendered}}Ramco-Gershenson Properties expects full-year funds from operations in the range of $1.35 to $1.37 per share.
The company's shares have decreased 9.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.33, a climb of 5.5 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on RPT at https://www.zacks.com/ap/RPT