This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ramco-Gershenson Announces Agreement To Acquire Its Partner’s Interest In 12 Market Dominant Shopping Centers

Second graph, second sentence of release dated March 11, 2013, should read: At the end of 2012, leased occupancy for the 2.2 million square foot portfolio was 93.0% and annualized base rent was $14.51 per square foot. (sted. At the end of 2012, leased occupancy for the 2.2 million square foot portfolio was 91.3% and annualized base rent was $14.07 per square foot.)

The corrected release reads:

RAMCO-GERSHENSON ANNOUNCES AGREEMENT TO ACQUIRE ITS PARTNER’S INTEREST IN 12 MARKET DOMINANT SHOPPING CENTERS

Ramco-Gershenson Properties Trust (NYSE:RPT) (the “Company”) today announced that it has entered into an agreement to acquire its partner’s 70% ownership interest in 12 of 15 shopping centers owned by Ramco/Lion Venture LP for approximately $151.9 million in cash and the assumption of its partner’s pro-rata share of debt of approximately $104.9 million. The Company currently owns a 30% interest in the properties.

The 12 shopping centers that the Company is acquiring are anchored by grocery and/or value-oriented retailers and are located in Florida and Michigan. At the end of 2012, leased occupancy for the 2.2 million square foot portfolio was 93.0% and annualized base rent was $14.51 per square foot. The shopping centers serve strong trade areas with an average 5-mile population of 153,000 and an average 5-mile household income of $81,000. The top three tenants, based on annualized base rents for the centers, are Bed, Bath & Beyond, TJX Companies, and LA Fitness. In 2012, the 12 shopping centers generated net operating income of approximately $27.0 million, which equates to a capitalization rate of 7.4% on the aggregate asset value of $366.8 million.

“The purchase of our partner’s interest in these 12 assets reflects the Company’s focus on growing its portfolio of large, market dominant shopping centers in strong metropolitan trade areas,” said Dennis Gershenson, President and Chief Executive Officer of Ramco-Gershenson Properties Trust. “The completion of this transaction will increase our assets by more than 25% while achieving an attractive risk-adjusted return. Our familiarity with the properties, the strength of their tenancies and demographic profiles, and the potential for future upside were all considerations in entering into this agreement.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs