WP Glimcher (WPG) Misses Q3 EPS by 3c

WP Glimcher (NYSE: WPG) reported Q3 EPS of $0.02, $0.03 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $216.97 million versus the consensus estimate of $220.24 million.

Same property net operating income (NOI) for the Company’s core portfolio increased 0.7% in the third quarter of 2015, driven by continued strong performance across the community center portfolio, as well as sequential quarter-to-quarter improvement in the mall portfolio. Funds from Operations (FFO) were $98.5 million, or $0.45 per diluted share, for the third quarter, compared to $79.5 million, or $0.42 per diluted share, a year ago.

Results include costs related to the merger earlier this year with Glimcher Realty Trust (Glimcher). When excluding these costs, adjusted FFO (AFFO) for the third quarter of 2015 was $101.0 million, or $0.46 per diluted share, compared to $82.0 million, or $0.44 per diluted share, for the third quarter of 2014.

For earnings history and earnings-related data on WP Glimcher (WPG) click here.

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