FARMINGTON HILLS, Mich. (AP) _ Ramco-Gershenson Properties Trust (RPT) on Tuesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Farmington Hills, Michigan, said it had funds from operations of $29.5 million, or 33 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $5.2 million, or 7 cents per share.
The shopping center real estate investment trust posted revenue of $64.5 million in the period, which also missed Street forecasts. Eight analysts surveyed by Zacks expected $65.4 million.
For the year, the company reported funds from operations of $119.4 million, or $1.36 per share. Revenue was reported as $260.9 million.
Ramco-Gershenson Properties expects full-year funds from operations in the range of $1.34 to $1.38 per share.
The company's shares have decreased roughly 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.43, a drop of nearly 3 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RPT at https://www.zacks.com/ap/RPT
Keywords: Ramco-Gershenson Properties, Earnings Report