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3Q Revenues Up 4.7% at Ramco-Gershenson

SOUTHFIELD, MI-Company announces major projects in Southfield, Lakeland, Fla. and in Troy, Ohio, but warns that a short term cost will result.

By Robert Carr | Updated on October 19, 2001

SOUTHFIELD, MI- Ramco-Gershenson Properties Trust, a Southfield REIT, showed increased revenues in the third quarter, but warns that new projects will lower revenue next year.

For the nine months ended Sept. 30, 2001, diluted Funds from Operations increased 3.4 percent, or approximately $763,000, to $23.473 million compared with $22.71 million for the nine months ended Sept. 30, 2000. Total revenues increased 4.7 percent or $1.019 million to a total of $22.653 million compared with $21.634 million in 2000.

During the quarter, the company signed leases with two anchor tenants for the conversion of its Tel-Twelve shopping center in Southfield from an enclosed regional mall to an open-air center. The redevelopment consists of the demolition of a major portion of the building to allow for the construction of a 140,000 sf Lowe’s Home Improvement store. Also included in the project is the expansion of the existing 129,000-sf Kmart to a 156,000-sf super store format and the relocation and expansion of DSW Shoe Warehouse.

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