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FARMINGTON HILLS, MI-The sale of property was what boostedRamco-Gershenson Properties Trust's earnings during the firstquarter, president and chief executive officer Dennis Gershensontold investors during a first quarter earnings call Thursday.
The company sold seven properties, with a total of 935,000 sf,for $47 million. Proceeds from the sale were used to pay some ofthe company's unsecured revolving credit facility and to fund thecompany's business plan. The properties sold were all located intertiary markets. "With these sales, we have reinforced our focuson metropolitan markets. These sales are the first step in thestrengthening of our portfolio," Gershenson said.
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