Ramco-Gershenson Provides Update on Key Leasing, Development and Capital Recycling Initiatives for the First Quarter of 2013 Business Wire FARMINGTON HILLS, Mich. -- April 16, 2013 Ramco-Gershenson Properties Trust (NYSE:RPT) (the “Company”) today announced its year-to-date progress on key leasing, development, and capital recycling initiatives. Leasing Update The Company announced a number of major anchor retenanting projects involving three leading retailers: Marshalls, Whole Foods, and Gordmans. The new anchor stores will be located at the following centers: *Roseville Towne Center, Roseville, Michigan – Marshalls is relocating in the center and has signed a new lease to open a 25,000 square foot store in space previously occupied by Office Depot. In addition, Five Below has signed a lease for a 12,000 square foot store in part of the space currently occupied by Marshalls. The remainder of Marshalls existing store is being conveyed to Wal-Mart pursuant to a land sale described below. Construction is underway and is expected to be completed by August 2013. *Nora Plaza, Indianapolis, Indiana – Whole Foods Market has signed a lease to expand its current location to approximately 34,000 square feet by taking space previously occupied by Carpet Fair. Construction of the expanded Whole Foods store is underway with a targeted opening in the spring of 2014. *Lakeshore Marketplace, Norton Shores, Michigan – Gordmans, a leading apparel and home fashions retailer, has signed a lease for a 54,000 square foot store to replace a Younkers Furniture Outlet operated by Elder-Beerman. Construction is expected to begin in July 2013 and be completed by April 2014. Additionally, in March, TJ Maxx opened a 27,000 square foot store at the Shoppes of Lakeland in Lakeland, Florida in a space facilitated by the downsizing of Ashley Furniture, which remains a tenant in 45,000 square feet. Also in March, Whole Foods Market opened its previously announced 35,000 square foot store built as part of the redevelopment at The Shops on Lane Avenue in Upper Arlington, Ohio. Development Update The Company also announced continued progress at its Parkway Shops, a ground-up development project in Jacksonville, Florida, anchored by Dick’s Sporting Goods and Marshalls. Currently, 98.2% of the shopping center has been delivered to the tenants. The project is expected to produce a stabilized return of 7.8% on the total project cost of $19.6 million. During the first quarter, the Company sold an outparcel at Parkway Shops for net proceeds of $2.5 million, recognizing a gain on the sale of land of $0.6 million, or approximately $0.01 per diluted share. Capital Recycling Update During the first quarter, the Company sold 11.6 acres of land at the above referenced Roseville Plaza in Roseville, Michigan to Wal-Mart Stores. Wal-Mart had previously ground-leased the majority of the land and will expand its existing 136,000 square foot store to a 180,000 square foot supercenter. The Company realized net proceeds of $7.2 million from the sale and recognized a gain on the sale of land of $3.0 million, or approximately $0.05 per diluted share. Subsequent to quarter end, the Company sold Mays Crossing in Stockbridge, Georgia for $8.4 million. Mays Crossing is anchored by Big Lots, Dollar Tree, and Value Village. At December 31, 2012, the annualized average base rent at Mays Crossing was $7.07 per square foot. The Company expects to recognize a gain on the sale, which will not be included in Funds from Operations. “All of our actions, including aggressively leasing our centers, right-sizing national retailers, developing unproductive land, and selling non-core properties, are consistent with our strategy of building a high-quality shopping center portfolio while continuing to strengthen our capital structure,” said Dennis Gershenson, President and Chief Executive Officer. “Our efforts are focused on promoting the market dominance of our properties while providing the communities in which we operate with exciting, destination oriented consumer preferred retail choices.” About Ramco-Gershenson Properties Trust Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company’s business is the ownership and management of multi-anchor shopping centers in strategic, quality of life markets throughout the Eastern, Midwestern and Central United States. At December 31, 2012, the Company owned interests in and managed a portfolio of 78 shopping centers and one office building with approximately 15.0 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee. At December 31, 2012, the Company’s core operating portfolio was 94.6% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com. This press release may contain forward-looking statements that represent the Company’s expectations and projections for the future. Management of Ramco-Gershenson believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing ability to qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission. Click here to subscribe to Mobile Alerts for Ramco-Gershenson Properties Trust. Contact: Ramco-Gershenson Properties Trust Dawn Hendershot, 248-592-6202 Director of Investor Relations and Corporate Communications
Ramco-Gershenson Provides Update on Key Leasing, Development and Capital Recycling Initiatives for the First Quarter of 2013
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