Retail Properties of America reports 4Q results

Associated Press |

OAK BROOK, Ill. (AP) _ Retail Properties of America Inc. (RPAI) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.

The Oak Brook, Illinois-based real estate investment trust said it had funds from operations of $56.4 million, or 25 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 23 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 net income of $103.1 million, or 46 cents per share.

The real estate investment trust posted revenue of $126.6 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $126.7 million.

For the year, the company reported funds from operations of $245.5 million, or $1.06 per share. Revenue was reported as $538.1 million.

The company's shares have declined 15 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.46, a decline of 25 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RPAI at https://www.zacks.com/ap/RPAI

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