Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial results for the three and six months ended June 30, 2012.
Second Quarter Highlights:
Shopping Center Operations
- Increased same-center net operating income 2.9% over the comparable quarter.
- Signed 80 leases encompassing 505,163 square feet achieving same-space rental growth of 4.7%.
- Increased core portfolio leased occupancy to 93.7%, compared to 93.2% as of March 31, 2012.
- Acquired four multi-anchored shopping centers in Colorado, Missouri, and Wisconsin for $108.3 million broadening the Company’s presence in targeted metropolitan markets.
- Sold/conveyed ownership interest in four shopping centers.
- Successfully completed a $73.2 million common share equity offering.
- Improved interest coverage ratio of 2.7x, compared to 2.2x for the same period in 2011.
- Net debt to market capitalization of 42.0%, compared to 44.7% for the same period in 2011.
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