- 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)