Retail Properties of America (RPAI) Reports In-Line Q4 EPS, Revenues Beat

Retail Properties of America (NYSE: RPAI) reported Q4 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $107.19 million versus the consensus estimate of $106.77 million.

FINANCIAL RESULTS for the quarter ended December 31, 2020, the Company reported:

• Net income attributable to common shareholders of $1.8 million, or $0.01 per diluted share, compared to $16.2 million, or $0.08 per diluted share, for the same period in 2019;
• Funds from operations (FFO) attributable to common shareholders of $40.5 million, or $0.19 per diluted share, compared to $57.9 million, or $0.27 per diluted share, for the same period in 2019;
• Operating funds from operations (Operating FFO) attributable to common shareholders of $41.7 million, or $0.20 per diluted share, compared to $58.5 million, or $0.27 per diluted share, for the same period in 2019;
• Cash collections as of February 8, 2021 of 94.1% of billed fourth quarter base rent, up from an updated 87.6% of billed third quarter base rent; and
• A $13.6 million decrease in lease income, equating to $0.06 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 during the fourth quarter of 2020. A $2.8 million decrease in straight-line rental income, equating to $0.01 per diluted share, largely driven by the movement of certain additional tenants to the cash basis of accounting, contributed to this decline in lease income.

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

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