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Ramco-Gershenson Reports Mixed Results for 2Q

SOUTHFIELD, MI-Funds from operations increase 3.1% but revenues fall 11.3% compared to last year because of a 2000 sale of land that resulted in a gain, officials of the shopping center REIT say.

By Robert Carr | Updated on July 19, 2001

SOUTHFIELD, MI-Ramco-Gershenson Properties Trust says funds from operations increased 3.1% to just more than $7.6 million in the quarter ending June 30 compared to the same three months in 2000. Total revenues, however, decreased 11.3% to $21.8 million.

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.

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