Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial results for the three and twelve months ended December 31, 2011. The Company reported Funds from Operations (FFO), adjusted for one-time items, of $0.22 and $1.01 per diluted share for the three and twelve month periods.
Fourth Quarter Highlights:
Shopping Center Operations
- Improved core portfolio leased occupancy to 93.5%, an increase of 70 basis points over 92.8% at September 30, 2011.
- Increased same center net operating income 2.3%.
- Signed 104 new leases encompassing 496,000 square feet at an average rental rate of $14.17, achieving same space rental growth on a cash basis for spaces vacant less than twelve months of 1.3%.
- Acquired Town & Country Crossing, a Whole Foods anchored community center in St. Louis, Missouri for $37.8 million.
- Sold Taylors Square, the Company’s only asset in South Carolina, for $4.3 million.
- Commenced the development of Parkway Shops in Jacksonville, Florida at a projected incremental net cost of $11.3 million.
- Ended the year with net debt to EBITDA to 7.0x, compared to 8.5x for the same period in 2010.
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