Ramco-Gershenson Properties Trust
today that it is providing guidance for Funds from Operations (“FFO”)
for the full-year 2013. In addition, it has raised its quarterly common
share dividend by 3.0%.
The Company is estimating that its 2013 full-year FFO per diluted common
share will be between $1.03 and $1.09.
The 2013 guidance takes into consideration the following key assumptions:
Projected year-end core portfolio leased occupancy of between 94% -
An anticipated increase in same-center net operating income of 2% - 3%.
The 2013 guidance excludes any shopping center acquisitions or
dispositions, transaction costs, potential impairment charges, and gains
or losses on extinguishment of debt.
Quarterly Dividend Increase:
Consistent with the Company’s achievements and future prospects,
Ramco-Gershenson’s Board of Trustees has approved an increase in its
quarterly common share cash dividend of 3.0% to $0.16825 per share, or
$0.6730 per share annualized, for the period of September 1, 2012
through December 31, 2012. The Board also approved a fourth quarter 2012
Series D convertible perpetual preferred share dividend of $0.90625 per
share, for the same period. The fourth quarter dividends are payable on
January 2, 2013 to shareholders of record on December 20, 2012.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated,
self-administered, publicly-traded real estate investment trust (REIT)
based in Farmington Hills, Michigan. The Company’s business is the
ownership and management of multi-anchor shopping centers in strategic,
quality of life markets throughout the Eastern, Midwestern and Central
United States. At September 30, 2012, the Company owned and managed a
portfolio of 80 shopping centers and one office building with
approximately 15.0 million square feet of gross leasable area owned by
the Company or its joint ventures. The properties are located in
Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin,
Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee. At
September 30, 2012, the Company’s core operating portfolio was 94.4%
leased. For additional information regarding Ramco-Gershenson Properties
Trust visit the Company's website at
This press release may contain forward-looking statements that represent
the Company’s expectations and projections for the future. Management of
Ramco-Gershenson believes the expectations reflected in any
forward-looking statements made in this press release are based on
reasonable assumptions. Certain factors could occur that might cause
actual results to vary, including deterioration in national economic
conditions, weakening of real estate markets, decreases in the
availability of credit, increases in interest rates, adverse changes in
the retail industry, our continuing to ability to qualify as a REIT and
other factors discussed in the Company’s reports filed with the
Securities and Exchange Commission.