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Ramco-Gershenson Properties Trust Reports Financial Results For The Fourth Quarter And Year-End 2011

Stocks in this article: RPT

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%.

Investment Activities

  • 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.

Balance Sheet

  • Ended the year with net debt to EBITDA to 7.0x, compared to 8.5x for the same period in 2010.

“We continue to execute on a strategic business plan which is producing consistent, solid results. Our operating performance, recent high-quality acquisitions and improved balance sheet are evidence of our Company’s commitment to quality in every aspect of our business," said Dennis Gershenson, President and Chief Executive Officer. “Our actions in 2011 lay a solid foundation for further operating and financial success in 2012.”

Financial Results

FFO for the three months ended December 31, 2011, was $(1.2) million or $(0.03) per diluted share, compared to FFO of $17.7 million, or $0.44 per diluted share for the same period in 2010. Adjusting for one-time, non-cash items in both periods, FFO for the three months ended December 31, 2011 was $9.0 million or $0.22 per share, compared to FFO of $8.1 million, or $0.20 per diluted share in 2010. The one-time, non-cash items impacting FFO for the three months ended December 31, 2011 were a $1.2 million gain on extinguishment of debt and an $11.5 million provision for impairment on land available for sale. The one-time, non-cash items impacting FFO for the three months ended December 31, 2010 were a $9.8 million bargain purchase gain on the acquisition of real estate and a $0.2 million loss on extinguishment of debt.

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