OAK BROOK, Ill. (AP) _ Retail Properties of America Inc. (RPAI) on Monday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Oak Brook, Illinois, said it had funds from operations of $44.8 million, or 21 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 a loss of $2.3 million, or 1 cent per share.
The real estate investment trust posted revenue of $107.4 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $99.7 million.
The company's shares have dropped 59% since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.46, a decline of 60% in the last 12 months.
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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