Retail Properties of America (RPAI) Misses Q2 EPS by 5c, Revenues Beat

Retail Properties of America (NYSE: RPAI) reported Q2 EPS of ($0.04), $0.05 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $96.8 million versus the consensus estimate of $96.33 million.

FINANCIAL RESULTS

For the quarter ended June 30, 2020, the Company reported:

• Net loss attributable to common shareholders of $(7.3) million, or $(0.04) per diluted share, compared to net income attributable to common shareholders of $21.2 million, or $0.10 per diluted share, for the same period in 2019;
• Funds from operations (FFO) attributable to common shareholders of $36.1 million, or $0.17 per diluted share, compared to $55.2 million, or $0.26 per diluted share, for the same period in 2019;
• Operating funds from operations (Operating FFO) attributable to common shareholders of $36.1 million, or $0.17 per diluted share, compared to $55.8 million, or $0.26 per diluted share, for the same period in 2019; and
• A $21.6 million decrease in lease income, equating to $0.10 per diluted share, compared to the same period in 2019, primarily driven by the impact on the Company's business from the novel coronavirus (COVID-19) pandemic and, specifically, the $14.0 million aggregate increase in the Company's allowance for doubtful accounts receivable.

"Our team worked incredibly hard during the quarter supporting our tenants and addressing rent concession requests with productive results," stated Steve Grimes, chief executive officer. "As we look to the second half of the year, we remain encouraged by the resiliency of our team and high-quality portfolio, as evidenced by the positive trajectory of our monthly cash collections and tenant reopening activity."

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

You May Also Be Interested In

• LeonaBio (LONA) Price Target Cut to $17 by Citizens Amid Pipeline Development
• BMO Capital Resumes Global Net Lease (GNL), Upgrades to Outperform
• Deutsche Bank Upgrades PennyMac Mortgage Investment Trust (PMT) to Buy