OAK BROOK, Ill. – OAK BROOK, Ill. (AP) _ Retail Properties of America Inc. (RPAI) on Tuesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Oak Brook, Illinois-based real estate investment trust said it had funds from operations of $58 million, or 26 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 25 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 $12.8 million, or 6 cents per share.
The real estate investment trust posted revenue of $119.1 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $118.8 million.
Retail Properties of America expects full-year funds from operations in the range of $1 to $1.02 per share.
The company's shares have declined roughly 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.13, a decrease of slightly more than 2 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on RPAI at https://www.zacks.com/ap/RPAI
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