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Property Sales Boost Ramco's Q1

FARMINGTON HILLS, MI-With the sale of seven shopping centers, all located in tertiary markets, retail REIT Ramco-Gershenson Properties Trust reported first quarter FFO of $13.5 million. This is an increase of 13.4% from the same period last year.

By Natalie Keith | Updated on April 27, 2006

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FARMINGTON HILLS, MI-The sale of property was what boosted Ramco-Gershenson Properties Trust’s earnings during the first quarter, president and chief executive officer Dennis Gershenson told investors during a first quarter earnings call Thursday.

The company sold seven properties, with a total of 935,000 sf, for $47 million. Proceeds from the sale were used to pay some of the company’s unsecured revolving credit facility and to fund the company’s business plan. The properties sold were all located in tertiary markets. “With these sales, we have reinforced our focus on metropolitan markets. These sales are the first step in the strengthening of our portfolio,” Gershenson said.

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