"Tenant interest in our shopping centers remains strong as evidenced by the rents achieved in both new leases and lease renewals," he adds. "We continue to find redevelopment opportunities in our core portfolio that improve the value and rental stream at our shopping centers."
For the quarter ended March 31, Ramco says diluted funds from operations were $11.2 million compared with $8.4 million for the three months ended March 31. On a per share basis, FFO was $0.56 compared with $0.55 in 2003. Income from continuing operations increased 48.8% to $4.6 million, compared with $3.1 million in 2003. On a diluted per share basis, income from continuing operations increased from $0.20 in 2003 to $0.24 in 2004.
With positive financial results on the books, the company paid a quarterly common share cash dividend of $0.42 per share on April 20, based on an annual dividend of $1.68 per share.
The company also restated its financial guidance for the year, estimating that 2004 annual diluted FFO per share will be between $2.35 per share and $2.40 per share. The company estimates net income per diluted common share to be between $1.18 per share and $1.25 per share.
Ramco-Gershenson Properties Trust has a portfolio of 65 shopping centers in about a dozen states, totaling approximately 13.7 million sf of gross area. Ramco-Gershenson Properties Trust opened the year trading around $28 a share. Recently, it has been trading around $24 a share.
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