FARMINGTON HILLS, Mich. – FARMINGTON HILLS, Mich. (AP) _ RPT Realty (RPT) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Farmington Hills, Michigan, said it had funds from operations of $27.3 million, or 31 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 30 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 a loss of $5.8 million, or 7 cents per share.
The shopping center real estate investment trust posted revenue of $63.7 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $63.3 million.
RPT Realty expects full-year funds from operations in the range of $1.03 to $1.07 per share.
The company's shares have risen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.35, a climb of 11 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 RPT at https://www.zacks.com/ap/RPT
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