FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust is increasing the number of stock shares available in the shopping center REIT. The company's board approved an increase in the number of common shares from 30 million to 45 million.
"In light of the number of shares we have outstanding and the number of shares we have reserved for issuance upon the exercise or conversion of options or other securities, we believe it is prudent for us to have the flexibility provided by a larger number of authorized shares," said Dennis Gershenson, pesident and CEO. "While we continually monitor conditions in the equity markets, we have no current plans to offer any additional shares in the short term."
Shares of Ramco-Gershenson, which trade on the New York Stock Exchange, closed at $29.07 on Tuesday. The stock has been trading in a range of $24.00 to $32.95 over the past year. The low was recorded in July 2004. The stock was last above $32 during the closing weeks of 2004.
Also this week, Ramco-Gershenson reclassified 1.4 million shares of its Series A Convertible Preferred of Beneficial Interest stock as preferred shares of beneficial interest without designation. The REIT had reacquired all of these shares during 2002. Ramco-Gershenson has a portfolio of 81 shopping centers.
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