Ramco-Gershenson has lowered its estimate for funds from operations this year by $0.10 per share to $2.10 as a result of increasing the recent stock offering from 3.5 million shares to 4.2 million shares. Deutsche Bank Securities is leading the underwriting group while McDonald Investments Inc. and Robertson Stephens are acting as co-managers.
Earlier this month, the REIT sold the 178,000-sf Hickory Corners community shopping center located in Hickory, NC, generating about $10.7 to be used to pay down debt as well as for future acquisitions and redevelopment projects.
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