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Property Sales Up Ramco's Q1

FARMINGTON HILLS, MI-With the sale of seven shopping centers, Ramco-Gershenson reports first quarter FFO of $13.5 million.

By Natalie Keith | Updated on April 27, 2006

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.

The company reported FFO of $13.5 million for the quarter, an increase of 13.4% from first quarter 2005′s FFO of $11.9 million. On a per-share basis, FFO increased 3.3% to 62 cents per diluted share, up from 60 cents last year. Net income increased 21.1% to 23 cents during the quarter, up from 19 cents in 2005.

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