RPT Q4 In-Line With J.P. Morgan Estimate

Monday night Ramco-Gershenson Properties Trust RPT reported Q4 FFO/share (ex-one-times) that was “in-line with our estimate and consistent with its January guidance update,” J.P. Morgan reports. “The ‘clean' 4Q print of $0.20 excluded some one-time items related to the company's Merchant Square acquisition,” J.P. Morgan writes. “In our initial review of the quarter, we did not come across any big surprises. In terms of RPT's core stats, sequentially occupancy was flattish, new leasing spreads were negative mid single digits, and renewal spreads were flattish. “On the investment front, RPT acquired one new center in the quarter and bought out a partner's interest in another asset. As management recently (late January) issued its 2011 guidance, in conjunction with its updated 2010 outlook, the reiteration of the $0.90-1.00 FFO/share guidance range for 2011 was expected.” Ramco-Gershenson Properties closed Monday at $13.46.