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Ramco-Gershenson Reports Banner Year

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust reports a 21.8% increase in revenue during 2004 while redeveloping centers in Gaines Township, MI; Grand Haven, MI and Jacksonville, FL.

By Dan Heaton | Updated on February 18, 2005

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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.”

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