Taubman, Ramco-Gershenson Report FFO Drops

DETROIT-The two local mall REITs both reported drops in FFO compared to last year, in their Q2 conference calls Wednesday. However, the trusts expect development to return.

By Robert Carr | Updated on July 29, 2010

DETROIT-Both Taubman Centers and Ramco-Gershenson Property Trust, two local mall REITs, acknowledged slight losses in Funds from Operations and flat same-store sales in their Q2 result conference calls Wednesday. However, both trusts also predict these data points will improve by the end of the year, and see new development and acquisitions on the horizon.

Farmington Hills, MI- based Ramco-Gershenson, which has equity interests in 87 retail shopping centers totaling almost 20 million square feet, had a drop to $10 million FFO for Q2 2010, compared to $11.3 million a year earlier, according to CFO Greg Andrews. Also during the recent quarter, same-center net operating income decreased 1.3% compared to Q2 2009, and was flat compared to Q1 2010, he said during the firm’s conference call.

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