Retail Properties of America (RPAI) Tops Q4 EPS by 5c

Retail Properties of America (NYSE: RPAI) reported Q4 EPS of $0.08, $0.05 better than the analyst estimate of $0.03. Revenue for the quarter came in at $120.82 million versus the consensus estimate of $120.41 million.

"Our sequential acceleration in same store NOI growth to 2.7% and $0.01 beat to our upwardly revised 2019 Operating FFO guidance showcases the resiliency of our operating portfolio and team," stated Steve Grimes, chief executive officer. "With our strong leasing momentum, coupled with a retail portfolio leased rate of 96.2%, we look forward to capitalizing on the broad fundamental momentum within our operating portfolio throughout 2020."

GUIDANCE:

Retail Properties of America sees FY2020 EPS of $0.31-$0.34, versus the consensus of $0.06.

The Company expects to generate net income attributable to common shareholders of $0.31 to $0.34 per diluted share in 2020. The Company also expects to generate Operating FFO attributable to common shareholders of $1.04 to $1.08 per diluted share in 2020, based, in part, on same store NOI growth guidance of 0.25% to 1.25% and on the following assumptions:

• General and administrative expenses of $41 to $43 million;
• Bad debt of 110 basis points of revenue (160 basis points of NOI) comprised of 65 basis points of revenue related to the Company\'s estimate for bad debt and unknown tenant fallout and 45 basis points of revenue related to the Company\'s estimate for potential fallout from Pier 1 Imports, Inc.; and
• Acquisitions, property dispositions and capital markets transactions evaluated and executed opportunistically.

For earnings history and earnings-related data on Retail Properties of America (RPAI) click here.

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