With the exception of the one-time charge, FFO per share tracked expectations at $0.58 for the quarter. Taking into consideration the one-time charge for the three months ended Sept. 30, FFO available to common shareholders decreased 31.6%. Total revenues increased23.6% while income from continuing operations decreased $2.5 million.

The company acquired four grocery-anchored shopping centers during the third quarter and has seven shopping centers under redevelopment. "Unfortunately, our FFO numbers for the quarter do not reflect our accomplishments for the better part of the year, due to the recognition of an impairment loss for the Fountain Walk shopping center as the result of the sale of our equity interest," says Dennis Gershenson, president and chief executive officer. "We understand that it is absolutely critical that we demonstrate positive, sustainable FFO growth and feel that the numbers for the third quarter do not reflect our successes this year and our plans for future growth."

As previously reported by GlobeSt.com, RGPT acquired four centers in Georgia and Florida with a total aggregate value of $163.1 million and a total of 986,000 sf. RGPT says it has seven shopping centers under redevelopment at a total project cost of approximately $22.2 million.