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January 16, 2013
07:40 EDTRPTRamco-Gershenson upgraded to Neutral from Underweight at JPMorgan
Price target $14.50.
News For RPT From The Last 14 Days
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July 6, 2015
16:02 EDTRPTRamco-Gershenson announces planned acquisition of interest in shopping centers
Ramco-Gershenson Properties Trust announced the planned acquisition of its partners' ownership interests in seven high quality shopping centers totaling $185.9M, including the assumption of its partner's pro rata share of debt of $48.1M. The closing on six of the properties is expected to occur on or before July 15. The closing on the seventh property is expected to occur on or before August 31. The net incremental operating income of $12.5M equates to a 6.7% capitalization rate. In addition, the company plans to sell to its partner its 20% interest in The Plaza at Delray, a 225,000 square foot shopping center in Delray Beach, Florida. The company will initially fund the acquisitions with approximately $88M of borrowings under its line of credit and $50M in proceeds from a recently closed private placement of 10-year unsecured debt at a fixed interest rate of 4.20%. It expects to pay down borrowings under the line through the disposition of its interest in The Plaza at Delray and through additional dispositions of $60M-$75M of non-core shopping centers through the balance of the year. The seven shopping centers are located in the metropolitan submarkets of Atlanta, Columbus, Baltimore, Detroit, and Chicago and serve strong trade areas with an average five-mile population of 182,000 and an average household income of $80,000. The properties are anchored by best-in-class national retailers and all feature a grocery component, with grocer sales for the portfolio averaging over $550 per square foot. The top three tenants based on annualized base rents are Home Depot, Jewel-Osco, and LA Fitness. As of March 31, the combined portfolio was 95.3% leased.

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