Ramco-Gershenson Properties Q2 FFO Rises; Lifts FY13 FFO EPS Outlook

(RTTNews) - Ramco-Gershenson Properties Trust (RPT) Tuesday reported that its second-quarter Funds From Operations was $19.6 million or $0.28 per share, compared to $11.6 million, or $0.26 per share for the same period in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

For the quarter, net income available to common shareholders was $3.8 million or $0.06 per share, compared to $0.2 million or $0.00 per share in the prior year.

Meanwhile, total revenues for the current quarter rose to $43.24 million from $30.67 million in the prior year quarter, while two analysts had consensus revenue estimate of $38.74 million for the quarter.

Looking forward to the full-year 2013, the company raised its FFO guidance to $1.10 to $1.16 per share from its previous FFO guidance of $1.06 to $1.12 per share. Analysts expect the company to report earnings of $1.13 per share for fiscal 2013.

The company's revised 2013 FFO guidance reflects the positive outlook with respect to its business plan including projected financial and operating performance and external growth opportunities.