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Ramco-Gershenson Properties Trust Reports Financial Results For The Fourth Quarter And Full Year 2012

Stocks in this article: RPT

Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial results for the three and twelve months ended December 31, 2012.

Fourth Quarter and Full Year Highlights:

The Company’s fourth quarter and full year 2012 highlights are reflective of its strategy to improve operations, build a higher-quality shopping center portfolio, and maintain a strong balance sheet.

Financial and Operating Results

  • Reported Funds from Operations (“FFO”) as adjusted of $0.27 per diluted share for the fourth quarter 2012 and $1.04 per diluted share for the full year 2012.
  • Fourth quarter same-center net operating income (“NOI”) increased by 3.8% and full-year same-center NOI increased 3.3%, compared to the same periods in 2011.
  • Core portfolio leased occupancy increased 110 basis points to 94.6%, compared to 93.5% at December 31, 2011.
  • During 2012, the Company signed a total of 330 leases, encompassing 1.8 million square feet achieving same-space rental growth of 4.6%, including 81 leases signed in the fourth quarter of 2012 at same-space rental growth of 5.7%.

Investment Activity

Acquisitions and Dispositions:

  • During 2012, the Company completed $150.0 million in acquisitions, bolstering its presence in targeted markets. Fourth quarter 2012 acquisitions included Phase II of The Shoppes at Fox River in Waukesha (Milwaukee), Wisconsin anchored by T.J. Maxx. In addition, the Company purchased 12 acres of land for a Phase III development in response to tenant interest at the center.
  • During 2012, the Company completed $79.0 million in dispositions of non-core assets, of which RPT’s share was $29.0 million, including five properties in Michigan.

Development and Redevelopment:

  • During 2012, the Company commenced the development of Phase I of Parkway Shops in Jacksonville, Florida, anchored by Marshalls and Dick’s Sporting Goods. The development is 98.2% leased and is slated to open in the second quarter of 2013.
  • In the fourth quarter of 2012, the Company completed the redevelopment of Peachtree Hill in Duluth, Georgia featuring a new 45,000 square foot LA Fitness.

Balance Sheet

  • During 2012, the Company closed a $360 million unsecured credit facility, including a $120 million 5-year term loan and a $240 million line of credit. At year-end, the Company had availability of $198.8 million under its line of credit.
  • As of December 31, 2012, the Company’s unencumbered asset base was valued under the credit facility at approximately $765 million, compared to $569 million at the end of 2011.
  • Net debt to EBITDA decreased to 6.6x, compared to 7.7x for the same period in 2011.
  • Interest coverage was 3.2x and fixed charge coverage was 2.2x, representing increases compared to 2.3x and 1.6x, respectively, in the comparable period.

“I am pleased to report that 2012 was a very successful year for our Company as demonstrated by our solid financial and operating results,” said Dennis Gershenson, President and Chief Executive Officer. “In 2013, we will continue to build on last year’s achievements and pursue a number of additional growth opportunities that will positively impact long-term shareholder value.”

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