Ramco-Gershenson Reports Strong Growth in 2Q 2000

Ramco-Gershenson Properties Trust, based in Southfield, reports a good second quarter 2000, with the company opening 13 non-anchor stores at an average base rent of $13.96 psf, which represents a 28.6% increase above the portfolio average. In addition, seven non-anchor leases were renewed at an average increase of 10.8% over the tenants’ prior base rental rate. The company paid a cash dividend on its common stock of 42¢ per share in July to shareholders of record on June 30, 2000.

The company’s Auburn Mile project, located in Auburn Hills, MI, is proceeding on schedule with the construction of a Meijer, Target and JoAnn etc. All three retailers are expected to open this summer. Additional retailers under construction include Costco, Best Buy and Ethan Allen.

In June this year, RPT held a groundbreaking ceremony commencing construction of its newest development project, Crossroads Centre, located in Rossford, OH, a suburb of Toledo. This 650,000-sf shopping center will be anchored by Home Depot, Target and a Giant Eagle supermarket. The project will also include a craft superstore, home furnishing operation and an office superstore. Complimentary retail uses and freestanding restaurants are also planned. It is expected that the majority of retailers will open in spring 2001.