Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial results for the three and nine months ended September 30, 2012 and raised its 2012 Funds from Operations (“FFO”) guidance to $1.01 to $1.03 per diluted share.
Third Quarter Highlights:
Shopping Center Operations
- Increased same-center net operating income 3.4% over the comparable quarter in 2011.
- Signed 67 leases encompassing 311,711 square feet achieving same-space rental growth of 5.4%.
- Increased core portfolio leased occupancy to 94.4%, compared to 93.7% as of June 30, 2012 and 93.2% as of March 31, 2012.
- Closed on a $360 million unsecured credit facility replacing the Company’s previous $250 million facility.
- Ended the quarter with net debt to EBITDA of 6.7x.
- Improved interest coverage to 3.1x and fixed charge coverage to 2.2x.
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