Retail Properties Of America Q2 FFO Tops Estimates; Boosts FY13 Outlook

(RTTNews) - Properties of America, Inc. (RPAI) reported net income for the second quarter of $13.6 million or $0.06 per share, compared to $17.7 million or $0.08 per share for the year-ago quarter.

Funds From Operations for the second quarter was $88.2 million or $0.38 per share, compared to $70.2 million or $0.31 per share in the prior year quarter. Operating Funds From Operations for the quarter was $60.6 million or $0.26 per share, compared to $51.5 million or $0.23 per share in the same quarter last year.

Total revenue for the second quarter rose to $140.46 million from $138.99 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.23 per share for the second quarter. Analysts' estimates typically exclude special items.

For the full year 2013, the company now expects EPS of $0.15 - $0.19, FFO of $0.98 - $1.02 per share and Operating FFO $0.92 - $0.96 per share. Previously, the company expected EPS of $0.11 - $0.15, FFO of $0.83 - $0.87 per share:and operating FFO of: $0.88 - $0.92 per share.

Analysts currently expect the company to report FFO of $0.88 per share for the full year 2013.