Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTHFIELD, MI-As it prepares to purchase additional shopping centers and upgrade some existing facilities, Ramco-Gershenson Properties Trust says it will sell 2 million common shares of stock to McDonald Investments Inc. and RBC Capital Markets.

The common shares will be offered to the public at the price of $25.20 per share. The company has also granted the underwriters an option to purchase an additional 300,000 shares to cover over-allotments.

Ramco intends to use the net proceeds to initially pay down outstanding balances under its secured and unsecured credit facilities and invest in short term investments. Following the offering, the company plans to borrow against its credit facilities and use the proceeds invested in short term investments to acquire or develop additional shopping centers and expand, renovate or retenant existing centers.

Ramco is currently in negotiations to purchase two community shopping centers in the Midwest and expects to close on these acquisitions before the end of the first quarter of 2004. The company also intends to complete the redevelopment of five of its existing community shopping centers. These redevelopment projects are expected to be completed during the summer of 2004.

The company had previously issued guidance that it expects its 2003 funds from operations (FFO) to be between $2.03 and $2.08 per diluted common share and net income per diluted common share to be between $0.49 and $0.53. As a result of the offering, Ramco expects FFO and net income per diluted share for 2003 to be at the low end of this range, at or about $2.03 and $0.49, respectively.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.