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Ramco-Gershenson Properties Trust Reports Financial Results For The Second Quarter Of 2012; Raises Guidance

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.

Capital Recycling
  • 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.

Balance Sheet
  • 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.

"We are extremely pleased to report the continued successful execution of our plan to increase quality in all aspects of our business,” said Dennis Gershenson, President and Chief Executive Officer. "Our year-to-date operating and financial results reflect the progress we have made in upgrading our shopping center portfolio, diversifying into demographically superior markets, mitigating portfolio risk, and promoting a sound capital structure. The Company’s improved operating performance provides the basis for an increase in FFO guidance for 2012, notwithstanding an additional 7.0 million common shares issued during the second quarter.”

Financial Results

Funds from Operations (“FFO”) for the three months ended June 30, 2012, was $11.6 million or $0.26 per diluted share, compared to FFO of $9.0 million, or $0.22 per diluted share for the same period in 2011. FFO for the six months ended June 30, 2012, was $22.4 million or $0.52 per diluted share, compared to FFO of $19.1 million, or $0.47 per diluted share for the same period in 2011.

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