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SOUTHFIELD, MI-Ramco-Gershenson Properties Trust said total revenues for the three months ended Sept. 30 were $27.6 million, a $4.6 million increase over the comparable period in 2002. The company said minimum rents increased 18.1%, or $2.9 million, to $18.6 million for the quarter, as compared to $15.7 million for the same three months ended in 2002.

Ramco said acquisitions resulted in an increase of $4.5 million in minimum rents, offset by a reduction of $1.6 million related to the firm’s same center properties. The decrease in same center minimum rents is principally attributable to the redevelopment activities at our Shoppes of Lakeland and Taylors Square shopping centers, the company said in a quarterly financial filing with the SEC.

In the report, Ramco said recoveries from tenants increased $800,000, or 11.9%, to $6.9 million as compared to $6.1 million for the same three months in 2002. Of this increase, $1.4 million relates to acquisitions. Same center recoveries decreased $600,000 for the three months ended Sept. 30, 2003, when compared to the same three months in 2002. The decrease in same center recoveries from tenants is primarily attributable to the redevelopment projects and the negative impact of reduced occupancy rates during the quarter ended Sept. 30.

The company said its future earning performance could be negatively impacted if the financial difficulties experienced by national, regional and local retailers continues.

“Many of the leases (in our centers) are for terms of less than 10 years, which may enable us to replace existing leases with new leases at a higher base and/or percentage rentals if rents of the existing leases are below the then existing market rate,” the company wrote in the filing.

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