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

Stocks in this article: RPT

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.

Balance Sheet

  • 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.

“The Company continues to successfully execute on its strategy of increasing quality and driving growth,” said Dennis Gershenson, President and Chief Executive Officer. “As a result of the continued improvement in our operating performance, the benefits of our high-quality acquisitions, and the ongoing strengthening of our balance sheet, the Company continues to build a strong foundation for long-term growth.”

Financial Results

FFO for the three months ended September 30, 2012, was $14.9 million or $0.26 per diluted share, compared to FFO of $13.4 million, or $0.28 per diluted share for the same period in 2011. FFO for the nine months ended September 30, 2012, was $35.5 million or $0.78 per diluted share, compared to FFO of $30.7 million, or $0.74 per diluted share for the same period in 2011. The weighted outstanding shares (including shares issuable upon conversion of preferred shares) for the three months ended September 30, 2012 was 56.6 million, compared to weighted outstanding shares of 48.5 million for the same period in 2011.

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