RPT Realty (RPT) Misses Q4 EPS by 4c

February 17, 2021 4:54 PM EST
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RPT Realty (NYSE: RPT) reported Q4 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05).

  • Net (loss) income attributable to common shareholders for the fourth quarter 2020 of $(7.4) million, or $(0.09) per diluted share, compared to $71.1 million, or $0.83 per diluted share for the same period in 2019. Net (loss) income available to common shareholders for the full year 2020 of $(16.9) million, or $(0.21) per diluted share, compared to $84.8 million, or $1.04 per diluted share for the full year 2019.
  • The Company initiated 2021 operating funds from operations ("FFO") per share guidance.
  • The Company's Board of Trustees declared a first quarter 2021 regular cash dividend of $0.075 per common share.
  • Assigned a first time investment grade credit rating of BBB- by Fitch Ratings, Inc.
  • 94% of total tenants were open and operating, as of February 10, 2021, based on annualized base rent ("ABR").
  • 91% of fourth quarter 2020 rent and recovery income has been paid as of February 10, 2021.

"As we close the chapter on a turbulent year, I am proud of how our organization responded during such unprecedented times," said Brian Harper, President and CEO. "We were able to navigate the health crisis as well as social, economic and political unrest by focusing on three things—humanity, liquidity and innovation. Humanity in ensuring that the health and well-being of our employees, tenants and shoppers was priority one. Liquidity in our focus on the balance sheet and our cash flows in the wake of the pandemic. And finally, innovation. From the time the new management team started, it was our goal to be a differentiator within a crowded field of shopping center REITs. We believe our joint venture with GIC is reflective of this goal and in 2021, we remain laser-focused on identifying innovative value-creation opportunities in an ever-evolving retail ecosystem."

2021 Guidance

The Company initiated 2021 operating FFO per diluted share guidance of $0.77 to $0.87. Selected expectations are outlined below.

  • Does not include the net impact of changes to 2020 estimates for rent not probable of collection and straight line rent reserves.
  • Does not include potential acquisition activity.
  • The guidance range is primarily driven by a range of outcomes for current year rent not probable of collection.
  • The mid-point of the guidance range assumes an improvement in the economy in the second half of the year as vaccinations become more widely available over the course of 2021.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information under "2021 Guidance" above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition costs and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

The Company’s 2021 guidance reflects management’s view of current and future market conditions, including current expectations with respect to rental rates, occupancy levels, acquisitions and dispositions and debt and equity financing activities. To the extent actual results differ from our current expectations, the Company’s results may differ materially from the guidance set forth above. Other factors, as referenced elsewhere in this press release, may also cause the Company’s results to differ materially from the guidance set forth above.

For earnings history and earnings-related data on RPT Realty (RPT) click here.

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