Search
 

Ramco-Gershenson Off to Strong Start

SOUTHFIELD, MI-Ramco-Gershenson Properties Trust says income from continuing operations zoomed 48.8% in the first quarter of 2004, when the company also was busy making places for acquisitions and developments.

By Dan Heaton | Updated on April 26, 2004

SOUTHFIELD, MI-Shopping center owner Ramco-Gershenson Properties Trust says its first quarter 2004 income from continuing operations was $4.6 million–a 48.8% increase from the previous year. “In addition to our announced accomplishments in the first quarter, the company was busy laying the groundwork for a very active year for acquisitions and developments,” says Dennis Gershenson, president and chief executive officer.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.