NEW YORK (AP) _ RPT Realty (RPT) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $14.5 million, or 18 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $4.6 million, or 6 cents per share.
The shopping center real estate investment trust posted revenue of $44.6 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $47.6 million.
The company's shares have dropped 58% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.29, a decline of 48% in the last 12 months.