Total revenues increased 30.8% to $28.6 million. "We are pleased with our numbers and the progress we made on our business plan for the first quarter," says Dennis Gershenson, president and chief executive officer of the company.
"We signed a new anchor tenant at our Clinton Valley shopping center and filled a substantial vacancy at Spring Meadows Place," Gershenson adds. "Our Crossroads Development is proceeding ahead of schedule and we recently added Pier 1 to the roster of tenants slated for openings later this year. In addition, we sold two shopping centers utilizing the proceeds to reduce our debt."
The company is expanding its Roseville Plaza shopping center in Roseville, MI to include a 135,000-sf Wal-Mart. In addition, RPT is redeveloping both its Sunshine Plaza and Lantana shopping centers in Florida to include expanded and updated Publix Supermarkets.
During the quarter, the company also entered into a lease with Designer Shoe Warehouse as part of the redevelopment of its Clinton Valley shopping center in Sterling Heights, MI. Designer Shoe Warehouse will join Office Depot as an anchor for the center filling a portion of the space previously occupied by Montgomery Ward.
Development highlights include the ongoing construction of the company's 650,000-sf Crossroads Centre shopping center located in Rossford, OH, a suburb of Toledo.
The company paid a cash dividend on its common stock of $0.42 per share onApril 17 to shareholders of record on March 31.
Ramco-Gershenson has a portfolio of 55 shopping centers, with approximately 11.4 million sf of gross leasable area. The company is a publicly-traded real estate investment trust that owns, develops, acquires, manages and leases community shoppingcenters, regional malls and single tenant retail properties.
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