J.P. Morgan Quick Take On RPT Q1

J.P. Morgan is providing a quick take on Ramco-Gershenson Properties Trust's RPT Q1. “RPT reported Q1 FFO/share of $0.25 which was $0.02 higher than our estimate and Bloomberg consensus,” J.P. Morgan writes. “Included in reported FFO/share, though, was about $0.03 of lease-term income that we did not include in our estimate. “Ex-lease term, on an apples-to-apples basis, RPT's FFO/share was $0.22 versus our $0.23. Compared to our model, we note that G&A and interest expense were a little higher in the quarter than we expected. With respect to G&A, we believe that timing issues played a part in the delta versus our estimate.” Ramco-Gershenson Properties closed Tuesday at $12.84.