Ramco-Gershenson Properties Trust (RPT) has reported 52.94 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $6.91 million, or $0.07 a share in the quarter, compared with $14.69 million, or $0.16 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $27.24 million, or $0.33 a share compared with $28.14 million or $0.34 a share, a year ago.

Revenue during the quarter dropped 6.01 percent to $64.45 million from $68.58 million in the previous year period.

Cost of revenue dropped 10.42 percent or $2.26 million during the quarter to $19.40 million. Gross margin for the quarter expanded 148 basis points over the previous year period to 69.90 percent.

Total expenses were $46.55 million for the quarter, down 11.29 percent or $5.93 million from year-ago period. Operating margin for the quarter expanded 430 basis points over the previous year period to 27.78 percent.

Operating income for the quarter was $17.90 million, compared with $16.10 million in the previous year period. However, the adjusted operating income for the quarter stood at $29.46 million compared to $30.05 million in the prior year period. At the same time, adjusted operating margin improved 190 basis points in the quarter to 45.71 percent from 43.82 percent in the last year period.

For fiscal year 2017, Ramco-Gershenson Properties Trust expects diluted earnings per share to be in the range of $1.34 to $1.38.

Revenue from real estate activities during the quarter declined 6.01 percent or $4.12 million to $64.45 million.

Income from operating leases during the quarter was almost stable at $48.34 million, when compared with the previous year period. Revenue from tenant reimbursements was $14.77 million for the quarter, down 18.10 percent or $3.27 million from year-ago period.

Income from management fees during the quarter plunged 70.39 percent or $0.23 million to $0.10 million. Revenue from other real estate activities during the quarter was $1.24 million, down 33.71 percent or $0.63 million from year-ago period.

“In 2016, the Company achieved a number of its stated objectives, including the continued enhancement of our shopping center portfolio, which contributed to solid financial and operating results,” said Dennis Gershenson, President and Chief Executive Officer. “We are enthusiastic about our prospects in 2017, as we initiate the roll-out of our value-creation strategy that we believe will contribute to stronger earnings and NAV growth that both envisions and benefits from a rapidly changing retail environment. Our plans for the year includes transforming 10% of our portfolio through buying and selling approximately $250 million of income producing properties, reducing our Michigan exposure to less than 20% and producing solid same-property NOI growth."

Net receivables were at $24.02 million as on Dec. 31, 2016, down 8.04 percent or $2.10 million from year-ago.

Total assets declined 3.16 percent or $67.17 million to $2,061.50 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,169.81 million as on Dec. 31, 2016, down 4.30 percent or $52.53 million from year-ago.

Return on assets moved down 36 basis points to 0.85 percent in the quarter. At the same time, return on equity moved down 85 basis points to 0.59 percent in the quarter.