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Modest bounce for Ramco-Gershenson after earnings beat

May 03, 2017 10:25 AM ETRPT Realty (RPT) StockRPTBy: Stephen Alpher, SA News Editor
  • The roughed-up shopping center operator reported an increase in operating FFO per share (to $0.35 from $0.34 a year ago), topping expectations for a flat read.
  • Same-property NOI growth was 4.1%, and 70 comp leases were inked in Q1 at a positive leasing spread of 7.7%.
  • CEO Dennis Gershenson: "Projected same-property NOI growth, leasing velocity and completion of in-process redevelopments position us to absorb the effects of tenant failures and the dilution from non-core asset sales this year.”
  • Full-year operating FFO per share guidance of $1.34-$1.38 is affirmed.
  • RPT jumped sharply higher at the open, but is currently ahead 1.3% on the session. The stock's lower by 15% YTD and 22% Y/Y.
  • Previously: Ramco Gershenson Properties beats by $0.01, beats on revenue (May 2)

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