X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-Losses and a write-off have set back Ramco-Gershenson Properties Trust ofSouthfield, the company said in its second quarter/six month report.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.