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FARMINGTON HILLS, MI-Upon examination of its Florida portfolio, Ramco-Gershenson Properties Trust announced good news when it came to Hurricane Wilma’s impact on its portfolio. Though 20 of the Florida properties were impacted by the storm, in most cases the damage was not significant. The impact is being limited solely to landscaping, signage repair and roof damage. In worst-case scenarios, some of the properties, much like the areas in which they are based, are without power.

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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