NEW YORK (AP) - In a story Wednesday about RPT Realty’s earnings - generated by Automated Insights using data from Zacks Investment Research - The Associated Press reported erroneously that the company is based in Farmington Hills, Michigan. RPT Realty has relocated to New York.
A corrected version of the story is below:
RPT Realty: 4Q Earnings Snapshot
RPT Realty: 4Q Earnings Snapshot
NEW YORK (AP) - RPT Realty (RPT) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $27.3 million, or 31 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 30 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 a loss of $5.8 million, or 7 cents per share.
The shopping center real estate investment trust posted revenue of $63.7 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $63.3 million.
For the year, the company reported funds from operations of $120.1 million, or $1.35 per share. Revenue was reported as $260.6 million.
RPT Realty expects full-year funds from operations in the range of $1.03 to $1.07 per share.
The company’s shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.35, a rise of 11 percent in the last 12 months.
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Elements of this story were 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
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