Ramco-Gershenson Properties Trust (NYSE:RPT) today provided an update on its 2011 accomplishments and announced its 2012 funds from operations (FFO) guidance. In 2011, the Company made significant progress on its business plan, including:
- Improved core portfolio leased occupancy rate to 93.5%.
- Signed fourteen mid-box leases with national retailers including Bed, Bath & Beyond, buy buy Baby, Marshalls, Michaels, PetSmart, DSW Shoe Warehouse, and LA Fitness.
- Sold four non-core shopping centers for a total of $58 million, including the fourth quarter sale of Taylors Square, the Company’s only asset in South Carolina.
- Entered the St. Louis, Missouri market acquiring two market-dominant shopping centers at a total cost of $77 million.
- Closed over $400 million in financing, including $100 million through the issuance of convertible preferred stock at 7.25%, $130 million in unsecured term loans, and a new $175 million unsecured line of credit.
- Increased its unencumbered pool of assets to approximately $550 million, compared to less than $100 million in 2010.
- Non-core properties slated for disposition - $16.3 million.
- Land held for sale - $11.5 million.
- Equity investments in unconsolidated joint ventures - $11.2 million.
- Core portfolio leased occupancy of between 93% - 94%.
- An increase in same-center net operating income of 1.0% - 2.0%.
- Management and leasing fees of approximately $3.0 million.
- General and administrative expenses of approximately $19.0 million.
- Gains on land sales of $1.0 million to $2.0 million.
- Acquisitions of $25 million to $50 million, funded with a like amount of dispositions.
About Ramco-Gershenson Properties TrustRamco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. Our primary business is the ownership and management of shopping centers in targeted markets in the Eastern and Midwestern regions of the United States. At September 30, 2011, the Company owned and managed a portfolio of 84 shopping centers and one office building with approximately 15.3 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Wisconsin, Indiana, New Jersey, Maryland, South Carolina, Virginia, Tennessee, Illinois and Missouri. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com. This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, the ongoing U.S. recession, the existing global credit and financial crisis and other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, our continuing to qualify as a REIT and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission. Click here to subscribe to Mobile Alerts for Ramco-Gershenson Properties Trust.