Ramco-Gershenson Properties Q3 FFO Tops View; Lifts FY13 FFO EPS Outlook

(RTTNews) - Ramco-Gershenson Properties Trust (RPT) Tuesday reported that its third-quarter Funds From Operations was $20.8 million, or $0.29 per share, compared to $14.9 million, or $0.26 per share in the comparable quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

For the quarter, net income available to common shareholders was $3.7 million or $0.06 per share, compared to $1.4 million or $0.03 per share in the prior year.

Meanwhile, total revenues for the current quarter rose to $45.66 million from $32.09 million in the prior year quarter, while three analysts had consensus revenue estimate of $44.33 million for the quarter.

Looking forward to the full-year 2013, the company raised its FFO guidance to $1.15 to $1.17 per share from its previous FFO guidance of $1.10 to $1.16 per share. Analysts expect the company to report earnings of $1.15 per share for fiscal 2013.

The company's revised 2013 FFO guidance reflects its continued positive outlook with respect to its business plan.