FARMINGTON HILLS, Mich. – 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.
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.
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.
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