The Southfield-based REIT also says seven other tenants each represented at least 2% of the company's total annualized base rent during 2003.
Ramco, which operates more than 60 shopping centers totaling more than 13 million sf of leasable space in 12 states, opened 77 new non-anchor stores in 2003, at an average base rent of $13.75 per sf. That represents a 9.1% increase above portfolio average. Ramco also renewed 98 non-anchor leases at an average base rent of $11.14 per sf, achieving an increase of 5.75% over prior rental rates.
In addition, the company signed 10 new anchor leases during 2003. Ramco's occupancy for the portfolio was 89.7% at the end of the year.
The company had previously reported 2003 revenues increased 19.4% or $17.6 million to $108.4 million, compared to $90.8 million for 2002. Of the $17.6-million increase, $12.8 million was the result of increased minimum rents and $4.3 million was the result of increased recoveries from tenants.
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