FARMINGTON HILLS, Mich. – FARMINGTON HILLS, Mich. (AP) _ Ramco-Gershenson Properties Trust (RPT) on Thursday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Farmington Hills, Michigan, said it had funds from operations of $28.6 million, or 32 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 $5.6 million, or 7 cents per share.
The shopping center real estate investment trust posted revenue of $62.7 million in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $63.9 million.
The company's shares have decreased 19 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.86, a decrease of 11 percent in the last 12 months.
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