A 19 cents per share charge was included in the earnings report, related tothe write-off of the Kmart straight line rent receivable as part of theassignment of the Kmart lease to Meijer, Inc. at the Company's Tel-Twelveshopping center in Southfield, MI.
This caused diluted funds from operations for the quarter ending June 30 todrop to 36 cents per share, said the company.Including the $3 million charge, the diluted funds from operations decreasedalmost 22% at about $5.7 million, from about $7.3 million for thesecond quarter last year.
Total revenues increased by about $3.9 million to just more than $25 millionfor the second quarter 2003. However, the company had a loss of $518,000 incontinuing operations in the quarter. On a diluted earnings per share basis,the company lost 9 cents a share.
Earnings and losses for the first six months were similar to the company'ssecond quarter results.
"The second quarter of 2003 has been a particularly busy one for thecompany," said Dennis Gershenson, president and CEO ofRamco-Gershenson Properties Trust. "We accomplished a significant number ofobjectives. Our FFO was in line with analysts' estimates, which were adjustedfor the non-cash charge taken in the quarter. It should be noted that thewrite-off taken accompanies a positive event, which is the replacement of aclosed Kmart at our Tel-Twelve shopping center with a 195,000-sfMeijer Superstore."
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