During the company's Q3 earnings call on Oct. 20, management had advanced cautious optimism that the hurricane damage was slight, and follow-up examination supported that optimism. As a result, management notes that out-of-pocket expenses, net of recoveries, would not significantly impact previously announced 2005 FFO per share estimates of $2.39 to $2.44.
"We were fortunate that the damage caused by Hurricane Wilma to our centers was not substantial," said Dennis Gershenson, Ramco-Gershenson's president and CEO said in a prepared statement. "We are very pleased that our overall disaster assessment and recovery procedures worked very well." Overall, Ramco-Gershenson owns and manages 22 shopping centers on both sides of Florida's coast, totaling 3.6 million sf.
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