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Ramco-Gershenson Shopping for New Auditor

FARMINGTON HILLS, MI-The REIT is seeking a new auditor after Deloitte & Touche declines to stand for re-election. Ramco-Gershenson said in SEC filing there are no outstanding financial issues.

By Dan Heaton | Updated on April 18, 2005

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust said Friday that its independent accounting firm, Deloitte & Touche LLP, declined to stand for re-election, prompting the REIT to send requests for proposals to hire a new auditor. Ramco-Gershenson, which is coming off very active fourth and first quarters in which it acquired nine shopping centers worth a combined $265 million as part of a partnership with Clarion Lion Properties Fund, says Deloitte & Touche will assist the transition to the new auditing firm.

“While we are disappointed by Deloitte’s decision not to be part of that process, we are certain that our decision to interview other auditing firms serves the best interest of our shareholders,” says Dennis Gershenson, president and CEO. “The company will announce the engagement of a new independent auditor as soon as the audit committee concludes the selection process.”

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