Ramco-Gershenson (RPT) Tops Q4 EPS by 79c, Revenues Beat

Ramco-Gershenson (NYSE: RPT) reported Q4 EPS of $0.83, $0.79 better than the analyst estimate of $0.04. Revenue for the quarter came in at $58.1 million versus the consensus estimate of $57.99 million.

• Net income attributable to common shareholders for the fourth quarter 2019 of $71.1 million, or $0.83 per diluted share, compared to a net loss of $(5.8) million, or $(0.07) per diluted share for the same period in 2018. Net income available to common shareholders for the full year 2019 of $84.8 million, or $1.04 per diluted share, compared to $10.9 million, or $0.13 per diluted share for the full year 2018.
• Closed on the formation of a new joint venture with an affiliate of GIC Private Limited (“GIC”).
• Closed on the wholly-owned acquisition of Lakehills Plaza in Austin, TX for $33.9 million.
• Same property net operating income ("Same property NOI") increased 3.9% in the fourth quarter and 4.1% for the full year as compared to the same periods in 2018.
• Same property NOI growth in the fourth quarter and full year 2019 was driven by a 2.7% increase and 3.5% increase in base rent, respectively.
• Small Shop occupancy was 87.4% in the fourth quarter 2019, up 270 basis points compared to the same period in 2018 and up 170 basis points from third quarter 2019.

"2019 proved to be a transformative year for RPT," said Brian Harper, President and Chief Executive Officer. "We exceeded our operational goals while closing an exciting new joint venture with one of the world's leading sovereign wealth funds, improving our liquidity, debt maturity and interest rate profiles and completing our first acquisition as a new team in Austin, Texas, one of the strongest and most dynamic real estate markets in the country. In short, the plans we laid out in June of 2018 are now translating into significantly improved performance and execution and I could not be more pleased with our results. As we start 2020, the entire organization is focused on delivering another year of strong results as we continue to rewrite the narrative at RPT."

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

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