Retail Properties of America, Inc. (RPAI) Monday reported first-quarter funds from operations, or FFO, of $43.2 million or $0.19 per share, down from $48.4 million or $0.25 per share in the comparable quarter last year.
Operating FFO for the quarter was $52.0 million or $0.23 per share. On average, four analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss attributable to common shareholders narrowed to $4.2 million or $0.02 per share from $16.3 million or $0.08 per share last year.
Revenues totaled $140.47 million, down from $142.89 million last year. Analysts expected revenues of $139.0 million.
Looking ahead to the fiscal year 2013, the company has lowered its FFO outlook to a range of $0.82 to $0.86 per share from previous guidance range of $0.83 to $0.87 per share.
The company continues to project operating FFO in the range of $0.88 to $0.92 per share. Analysts currently expect the company to report full-year FFO of $0.89 per share.
Full-year earnings is currently projected in a range of $0.02 to $0.06 per share, down from the previous guidance range of $0.11 to $0.15 per share.
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