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FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust posted FFO for Q1 of $11.9 million, or $0.56 per diluted share. This total is down from Q4 results of $13.2 million, or $0.62 per share, according to company executives during an earnings call this morning.

Q1 net income totaled $2.3 million, or $0.12 per share. Last year’s Q1 net income numbers were $11.4 million, or $0.62 per share. Executives say, “The change in year-over-year net income is primarily attributable to a decrease in asset sales to joint ventures over 2008 levels.”

Occupancy remained stable this quarter at 90.9%, which includes all the now vacant Linens N’ Things and Circuit City stores.

Dennis Gershenson, president and CEO, says the company has actively worked to reduce maintenance in the common areas of its properties. For Q1 the company saved $200,000 by implementing these changes. “We are on track to reduce our centers’ operating costs by $1 million by the end of the year,” Gershenson says.

In order to create additional revenue, Ramco has decided to sell $50 million worth of non-core assets by the end of 2009. “We are reviewing our portfolio to identify high quality net lease out parcels,” Gershenson says. The current properties identified should fetch the company a minimum of $35 million.

During Q1, 19 new stores opened, 79 leases were renewed and 26 new leases were signed. “This leasing velocity compares favorably to the 24 new leases signed in 2008 and the 25 leases signed in 2007, for the same period,” company executives say.

Ramco’s total debt at the end of Q1 was $665.7 million, set to mature in 54 months; of that total, $481.4 million is fixed rate debt and $184.3 million is variable rate debt.

During the call Gershenson reiterated that Ramco is in the process of a complete review of its financial and strategic alternatives in order to enhance shareholder value. Merrill Lynch & Co. has been pegged as the financial advisor. The company will not release any information about the review until the entire project is complete. A date for completion was not set.

A result of the review could be the sale of Ramco. Equity One sent a letter of intent to the company earlier this year, but Ramco executives decided to look into other alternatives and did not open the company’s confidential information to Equity One at the time.

Equity One has said it will nominate two individuals for election to the Board of Trustees at the company’s 2009 annual shareholder meeting. Ramco will “carefully consider and review the individuals proposed by Equity One and will respond in due course.” Executives refused to answer questions during the earnings call about Equity One.

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