Ramco-Gershenson (RPT) Misses Q2 EPS by 2c, Revenues In-Line; 'Affirmed FY17 Operating FFO Guidance of $1.34 to $1.38'

Ramco-Gershenson (NYSE: RPT) reported Q2 EPS of $0.05, $0.02 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $67.06 million versus the consensus estimate of $67.05 million.

SECOND QUARTER FINANCIAL AND OPERATING RESULTS:

• Net income attributable to common shareholders of $0.05 per diluted share, compared to $0.32 per diluted share, for the same period in 2016, reflecting lower gains on land sales during the second quarter of 2017.
• Operating Funds from Operations (“Operating FFO”) of $0.35 per diluted share, compared to $0.35 per diluted share for the same period in 2016.
• Generated same property NOI growth with redevelopment of 1.1% for the three months ended June 30, 2017, positively impacted by strong minimum rent growth of 2.9% offset by lower comparable recovery income and credit adjustments recognized in the same period in 2016.
• Signed 38 comparable leases encompassing 234,503 square feet at a positive leasing spread of 7.1% with an average base rent of $16.53 per square feet.
• Posted portfolio leased occupancy of 93.7%, compared to 95.0% for the same period in 2016.

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

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