The decrease in revenues was primarily attributable to a non-recurring gain on the sale of land that occurred in the second quarter of last year, company officials say.
The increase in FFO was partly the result of a gain on the sale of an outparcel.
The increases were partially offset by lost revenues from the first-quarter sale of White Lake MarketPlace and Athens Town Center.
"We are well on our way to achieving the company's 2001 business goals, which include growth in our three profit centers; asset management, development and acquisitions," says Dennis Gershenson, president and chief executive officer. "We will also continue to raise capital through the end of the year with the sale of selected assets."
The company paid a cash dividend on its common stock of $0.42 per share on July 17, 2001 to shareholders of record on June 30, 2001.
Ramco has a portfolio of 55 shopping centers, with approximately 11.5 million sf of gross leasable area, located in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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