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FARMINGTON HILLS, MI-Shopping center REIT Ramco-Gershenson Properties Trust says its funds from operations increased 16.7% in the fourth quarter over the same time in 2003 while revenues increased almost 25%. For the calendar year, Ramco-Gershenson says FFO increased 19.6%.
Total revenues increased 21.8% to $132 million. "2004 was a very busy year for us as we executed an aggressive business plan in all areas of our core disciplines: acquisitions, development and asset management," says president and chief executive officer Dennis Gershenson. "A major highlight last year was Ramco's forming of a joint venture with the Clarion Lion Properties Fund. The venture will involve the purchase of $450 million of shopping center assets. During the fourth quarter, Ramco contracted to buy nine centers in Florida and Michigan for over $265 million for the Venture. Three of the assets had been purchased by year-end. In 2004, the company also acquired on-balance sheet five shopping centers representing 1.3 million sf. We also started two new shopping center developments. Our redevelopment of core assets continued apace, as we commenced six additional shopping center repositionings."
Ramco has three shopping centers under development:
* River City Marketplace in Jacksonville, FL: The shopping center will comprise more than 1 million sf of retail space when complete. Ramco sold approximately 19 acres to Wal-Mart for the construction of a 203,091-sf superstore. The initial phase of the project is expected to open in the first quarter of 2006.
* Gaines Marketplace, Gaines Township, MI: The 400,000 sf addition will include a 124,000-sf Target store, a 210,400-sf Meijer Superstore and a 20,400-sf Staples store. The first phase of the development is expected to open in the spring of 2005.
* Beacon Square, Grand Haven, MI: Anchored by a Home Depot, the first phase of the shopping center is open. Additional tenants are scheduled to open throughout the spring and summer of 2005. When complete, the center will contain approximately 176,000 sf, which includes the anchor-owned Home Depot.
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