Ramco-Gershenson Properties Trust (NYSE:RPT - News)
today announced financial results for the third quarter ended September 30, 2008.
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Sold Plaza at Delray shopping center in Delray Beach, FL to
Heitman Joint Venture
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Signed 34,800 SF Golfsmith lease to replace Linens ‘N
Things at Troy Marketplace in Troy, MI
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Renewed leases at expiration at an average increase of 7.3% over
prior rents paid
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Opened 23 new stores with rental rates averaging 67.4% over
portfolio average rents
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Same Center Net Operating Income increase of 3.9%
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Core operating portfolio occupancy of 95.3%
Funds from Operations (FFO) for the third quarter 2008, which was
impacted by the planned value-added redevelopment of a number of
shopping centers as well as the sale of assets to existing joint
ventures, decreased 4.3% to $13.5 million, compared to $14.1 million for
the three months ended September 30, 2007. On a diluted per share basis,
the decrease was 4.5% to $0.63 per share, compared with $0.66 per share
for the same period in 2007. Net income for the third quarter 2008 was
$11.6 million compared to $3.3 million for the three months ended
September 30, 2007. On a diluted basis, net income for the third quarter
2008 was $0.63 per share compared to net income of $0.15 per share for
the same period in 2007. Net income was higher in the third quarter of
2008, primarily due to a $9.3 million increase in gains on the sale of
real estate assets. Funds from Operations (FFO) for the nine months ended September 30,
2008, also impacted by redevelopment projects and property sales to
joint ventures, decreased 3.4% to $39.9 million, compared to $41.3
million for the nine months ended September 30, 2007. On a diluted per
share basis, the decrease was 3.1% to $1.86 per share, compared with
$1.92 per share for the same period in 2007. Net income for the nine
months ended September 30, 2008, was $26.0 million compared to $38.2
million for the nine months ended September 30, 2007. On a diluted
basis, net income for the nine months ended September 30, 2008, was
$1.41 per share compared to net income of $1.96 per share for the same
period in 2007. Net income was lower for the nine months ended September
30, 2008, primarily due to higher gains on asset sales in the first nine
months of 2007 versus the same period this year. “Our financial and operating results for the
third quarter were in line with our business plan,”
said Dennis Gershenson, President and Chief Executive Officer. “Our
leasing results continue to show strength across all of our markets with
increases above portfolio average rents in both existing and new leases.
We have limited exposure to debt maturities over the next two years with
the extension of our revolving credit facility. Also, based on the
capital markets and the desire of national anchor retailers to push back
store commitments, we have scaled back the pace of our redevelopment and
development pipelines. Throughout the balance of the year, we will
remain focused on conservatively managing our core business and pursuing
those redevelopments where we have signed commitments from anchor
tenants.” Operating Portfolio As of September 30, 2008, the Company owned interests in 89 retail
shopping centers totaling approximately 20.1 million square feet
consisting of 48 core operating properties, 28 properties held through
joint ventures and 13 properties currently under redevelopment, which
consist of both core properties and joint venture assets. Most of the
Company’s assets are concentrated in
metropolitan markets with a five-mile average population base of 193,522
and an average household income of $77,016. The Company’s
average shopping center size is 225,000 square feet and contains on
average more than two anchors limiting the center’s
exposure to any single anchor tenant. Redevelopment Activity At quarter-end, the Company had 12 value-added redevelopments in
progress, excluding The Town Center at Aquia, which the Company
addresses in its development activity. Anchor leasing commitments have
been secured for ten of the projects. Seven of the active redevelopments
involve core operating properties. These seven active redevelopments are
expected to cost $21.6 million and upon completion should generate an
average return on new dollars invested of 11.1%. The other five projects
involve joint venture properties. The Company’s
capital commitment for its joint venture redevelopments is $8.8 million
and the projects are expected to generate a return to the Company of
15.2%. The Company will also earn market fees for its joint venture
redevelopment activities. Development Activity As of September 30, 2008, the Company had four major projects in its
development pipeline. Three of the four projects are planned to be
developed through off-balance sheet joint ventures. The Company does not
plan to engage in any new development activities without signed
commitments from anchors that create a critical retail mass. Following
is a brief update on the projects: Current Off-Balance Sheet Development:
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Hartland Towne Square, Hartland, MI – This
500,000 square foot community shopping center is currently being
developed through a joint venture in which the Company has a 20%
interest. Meijer purchased 21 acres of land from the Company in March
of 2008 and has commenced the construction of a 192,000 square foot
store. The sale of 16.8 acres of land to Menards for a 162,000 square
foot home improvement store is expected to occur in the first quarter
of 2009. A letter of intent has been signed for a 30,000 square foot
national mid-box retailer. Also, three outlots have been leased or are
under contract for sale.
Planned Off-Balance Sheet Development:
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Gateway Commons, Lakeland, FL - The Company is in the process of
obtaining municipal approval for this 375,000 square foot development.
Even in today’s challenging market, the
project continues to garner significant tenant interest from national
anchor retailers underserved in the market. Government entitlements
are expected to be complete by the end of the second quarter of 2009.
At that time, the Company expects to have secured leases or sales
agreements for over 60% of the shopping center’s
leasable area. Once the municipal approval process is complete and
tenant commitments secure, the Company plans to form a joint venture
for the development of the project. Only after the leases are in place
and the formation of a joint venture complete will the project go
forward.
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The Town Center at Aquia, Stafford County, VA –
The first phase of this development is nearly complete and includes a
new 100,000 square foot office building, which is over 80% leased.
Presently, the Company is engaged in only minor site work at the
project. At such time as market conditions dictate and agreements with
tenants are signed, the Company may pursue additional phases of the
development, which could include a sale to a hotel, the construction
of additional office space, entertainment uses and retail space as
well as a sale for a multi-family residential component.
Planned On Balance-Sheet Development:
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Northpointe Town Center, Jackson, MI – This
550,000 square foot development is still in the preliminary planning
and entitlement phase. The Company does not anticipate exercising its
option to acquire the land until a critical mass of retailers has been
achieved.
Rent Commencements/Leasing Activity During the quarter, 23 stores opened in 110,417 square feet, at an
average base rental rate of $18.03 per square foot, 67.4% above
portfolio average rents. Over 50% of the new gross leasable area is for
national credit quality tenants. In addition, 16 leases, encompassing
175,701 square feet, were renewed at an average base rent of $9.73 per
square foot, an increase of 7.3% over prior rental rates. Leasing remained solid throughout the Company’s
portfolio through the quarter-ended September 30, 2008. For the first
nine months of the year, the Company signed 13 new anchor leases, 12 of
which are scheduled to open during 2009 encompassing approximately
400,000 square feet. At September 30, 2008, occupancy for the Company’s
core operating portfolio, excluding redevelopments, was 95.3%. Acquisition/Disposition Activity During the quarter, the Company sold the Plaza at Delray shopping center
in Delray Beach, Florida, to a joint venture with an investor advised by
Heitman LLC. The 330,000 square foot shopping center is anchored by a
Publix Supermarket, Marshalls, Staples and a Regal Cinema. Permanent
financing for the shopping center was secured by the joint venture in
the amount of $48 million for five years at an interest rate of 6.0%.
The Plaza at Delray transaction allowed the Company to pay down $43
million in long-term debt and generated approximately $24 million in net
proceeds. Debt Total debt at September 30, 2008, was approximately $637.8 million with
an average interest rate of 5.7% and an average maturity of 61 months.
Of that total, $476.7 million was fixed rate debt and $161.1 million was
variable rate debt. At September 30, 2008, the Company’s
debt to market capitalization was 57.0% and total capitalization
approximated $1.1 billion. Subsequent to quarter-end, the Company extended its $150 million
unsecured revolving credit facility through December of 2009. The
Company, at its option, can further extend this facility through 2010,
which coincides with the maturity of the Company’s
$100 million unsecured term loan credit facility. Pricing is unchanged
at LIBOR plus 115 to 150 basis points depending on the Company’s
overall leverage. Additional debt maturing through the end of 2009 totals $80.0 million
and includes approximately $56.1 million in bank-held variable rate
mortgages as well as a $23.9 million fixed-rate mortgage held through an
insurance company. A majority of the expiring debt has short-term
extension provisions as well as aggregate loan to value ratios in the
50%-60% range. Dividend On October 1, 2008, the Company paid a third quarter common share
dividend of $0.4625 per share for the period of July 1, 2008 through
September 30, 2008, to shareholders of record on September 20, 2008,
based on an expected annual dividend rate of $1.85. The Company’s
FFO payout ratio for the third quarter was 73.3%. FFO Guidance As previously announced, the Company expects 2008 annual diluted FFO per
share to be between $2.47 and $2.53. In addition, the Company expects
earnings per diluted common share to be between $1.85 and $1.90. Management considers funds from operations, also known as “FFO,”
an appropriate supplemental measure of the financial performance of an
equity REIT. Under the NAREIT definition, FFO represents income
before minority interest, excluding extraordinary items, as defined
under accounting principles generally accepted in the United States of
America (“GAAP”),
gains on sales of depreciable property, plus real estate related
depreciation and amortization (excluding amortization of financing
costs), and after adjustments for unconsolidated partnerships and joint
ventures. FFO should not be considered an alternative to GAAP net
income as an indication of our performance. We consider FFO as a
useful measure for reviewing our comparative operating and financial
performance between periods or to compare our performance to different
REITs. However, our computation of FFO may differ from the
methodology for calculating FFO utilized by other real estate companies,
and therefore, may not be comparable to these other real estate
companies. Conference Call Information Ramco-Gershenson Properties Trust will host a live broadcast of its
third quarter conference call on Thursday, October 23, at 9:00 a.m.
eastern time, to discuss its third quarter financial results. The live
broadcast will be available online at www.rgpt.com
and www.investorcalendar.com
and also by telephone at (877) 407-8033, no pass code. A replay will be
available shortly after the call on the aforementioned websites (for
ninety days) or by telephone at (877) 660-6853, (Pass code-Account #286,
Conference ID # 298677), for one week.
Supplemental financial information is available via e-mail by sending
requests to dhendershot@rgpt.com
and is also available on the investor section of our web page.
Ramco-Gershenson Properties Trust, headquartered in Farmington Hills,
Michigan, is a fully integrated, self-administered, publicly-traded real
estate investment trust (REIT), which owns, develops, acquires, manages
and leases community shopping centers, regional malls and single tenant
retail properties, nationally. The Trust owns interests in 89 shopping
centers totaling approximately 20.1 million square feet of gross
leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee,
Indiana, New Jersey, Virginia, South Carolina, North Carolina, Maryland
and Illinois. For additional information regarding Ramco-Gershenson
Properties Trust visit the Trust’s website at www.rgpt.com.
This press release contains forward-looking statements with respect to
the operation of certain of the Trust’s
properties. Management of Ramco-Gershenson believes the expectations
reflected in the forward-looking statements made in this press release
are based on reasonable assumptions. Certain factors could occur that
might cause actual results to vary. These include general economic
conditions, the strength of key industries in the cities in which the
Trust’s properties are located, the
performance of the Trust’s tenants at the
Trust’s properties and elsewhere and other
factors discussed in the Trust’s reports
filed with the Securities and Exchange Commission.
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RAMCO-GERSHENSON PROPERTIES TRUST
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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For the Three Months
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For the Nine Months
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Ended September 30,
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Ended September 30,
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2008
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2007
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2008
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2007
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(Unaudited)
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(In thousands, except per share amounts)
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REVENUES:
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Minimum rents
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$
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22,467
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$
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23,905
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$
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68,589
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$
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72,283
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Percentage rents
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21
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|
117
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518
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|
525
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Recoveries from tenants
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9,942
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10,414
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31,338
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32,805
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Fees and management income
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1,677
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|
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1,132
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5,029
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5,162
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Other income
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538
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1,938
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1,517
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3,588
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Total revenues
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34,645
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37,506
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106,991
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114,363
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EXPENSES:
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Real estate taxes
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4,481
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5,051
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14,133
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15,242
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Recoverable operating expenses
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5,757
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5,944
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17,840
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18,145
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Depreciation and amortization
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7,824
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8,005
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23,659
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24,220
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Other operating
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836
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|
768
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2,897
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2,037
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General and administrative
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3,342
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4,043
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11,967
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10,950
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Interest expense
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8,685
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9,887
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27,357
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31,649
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Total expenses
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30,925
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33,698
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97,853
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102,243
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Income from continuing operations before gain on sale of real estate
assets, minority interest and earnings from unconsolidated entities
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3,720
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3,808
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9,138
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12,120
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Gain (loss) on sale of real estate assets
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9,247
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(107
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)
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19,534
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31,269
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Minority interest
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(1,665
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)
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(1,167
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)
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(4,385
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)
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(7,183
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)
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Earnings from unconsolidated entities
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283
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688
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1,949
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1,806
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Income from continuing operations
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11,585
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3,222
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26,236
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38,012
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Discontinued operations, net of minority interest:
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Loss on sale of real estate assets
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-
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-
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(400
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)
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-
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Income from operations
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-
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62
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178
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182
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Income (loss) from discontinued operations
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-
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62
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(222
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)
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182
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Net income
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11,585
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3,284
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26,014
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38,194
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Preferred stock dividends
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-
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(593
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)
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-
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(2,863
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)
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Loss on redemption of preferred shares
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-
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-
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-
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(35
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)
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Net income available to common shareholders
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$
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11,585
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$
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2,691
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$
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26,014
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$
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35,296
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Basic earnings per common share:
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Income from continuing operations
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$
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0.63
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$
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0.14
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$
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1.42
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$
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1.99
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Income (loss) from discontinued operations
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-
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0.01
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(0.01
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)
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0.01
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Net income
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$
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0.63
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$
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0.15
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$
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1.41
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$
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2.00
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Diluted earnings per common share:
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Income from continuing operations
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$
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0.63
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$
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0.14
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$
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1.42
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$
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1.95
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Income (loss) from discontinued operations
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-
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0.01
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(0.01
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)
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0.01
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Net income
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$
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0.63
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$
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0.15
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$
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1.41
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$
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1.96
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Basic weighted average common shares outstanding
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18,471
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18,469
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18,470
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17,642
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Diluted weighted average common shares outstanding
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18,487
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18,520
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18,492
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18,544
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COMPREHENSIVE INCOME
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Net income
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$
|
11,585
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$
|
3,284
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$
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26,014
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$
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38,194
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Other comprehensive income :
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|
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Unrealized gain (loss) on interest rate swaps
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(284
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)
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(727
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)
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740
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(530
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)
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Comprehensive income
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$
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11,301
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$
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2,557
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$
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26,754
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$
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37,664
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RAMCO-GERSHENSON PROPERTIES TRUST
CALCULATION OF FUNDS FROM OPERATIONS
(In thousands, except per share amounts.)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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|
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2008
|
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2007
|
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2008
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2007
|
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|
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(Unaudited)
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(Unaudited)
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Net Income
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$
|
11,585
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|
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$
|
3,284
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$
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26,014
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$
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38,194
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Add:
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|
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Depreciation and amortization expense
|
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|
9,218
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|
9,192
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|
|
|
27,901
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|
|
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27,445
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Minority interest in partnership:
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Continuing Operations
|
|
|
1,653
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|
|
|
1,212
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|
|
|
4,357
|
|
|
|
7,183
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Discontinued Operations
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-
|
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|
|
10
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|
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(35
|
)
|
|
|
29
|
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|
Discontinued operations, loss on sale of property
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|
|
-
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|
|
|
-
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463
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|
|
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-
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Less:
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|
|
|
|
|
|
|
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Loss (gain) on sale of depreciable real estate (1)
|
|
|
(8,952
|
)
|
|
|
1,017
|
|
|
|
(18,828
|
)
|
|
|
(29,797
|
)
|
|
Funds from operations
|
|
|
13,504
|
|
|
|
14,715
|
|
|
|
39,872
|
|
|
|
43,054
|
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|
Less:
|
|
|
|
|
|
|
|
|
|
Series B Preferred Stock dividends
|
|
|
-
|
|
|
|
(593
|
)
|
|
|
-
|
|
|
|
(1,781
|
)
|
|
Funds from operations available to common shareholders, assuming
conversion of OP units
|
|
|
|
|
|
|
|
|
|
|
$
|
13,504
|
|
|
$
|
14,122
|
|
|
$
|
39,872
|
|
|
$
|
41,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average equivalent shares outstanding, diluted
|
|
|
21,406
|
|
|
|
21,439
|
|
|
|
21,411
|
|
|
|
21,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share to FFO per diluted share
reconciliation:
|
|
|
|
|
|
|
|
|
|
Net income per diluted share
|
|
$
|
0.63
|
|
|
$
|
0.15
|
|
|
$
|
1.41
|
|
|
$
|
1.96
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
|
0.43
|
|
|
|
0.43
|
|
|
|
1.30
|
|
|
|
1.28
|
|
|
Minority interest in partnership:
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
0.08
|
|
|
|
0.06
|
|
|
|
0.20
|
|
|
|
0.33
|
|
|
Discontinued Operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Discontinued operations, loss on sale of property
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
-
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale of depreciable real estate (1)
|
|
|
(0.42
|
)
|
|
|
0.05
|
|
|
|
(0.88
|
)
|
|
|
(1.39
|
)
|
|
Assuming conversion of OP units
|
|
|
(0.09
|
)
|
|
|
(0.03
|
)
|
|
|
(0.19
|
)
|
|
|
(0.18
|
)
|
|
Funds from operations per diluted share
|
|
|
0.63
|
|
|
|
0.66
|
|
|
|
1.86
|
|
|
|
2.00
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock dividends
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.08
|
)
|
|
Funds from operations available to common shareholders per diluted
share, assuming conversion of OP units
|
|
|
|
|
|
|
|
|
|
|
$
|
0.63
|
|
|
$
|
0.66
|
|
|
$
|
1.86
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes gain on sale of undepreciated land
|
|
$
|
295
|
|
|
$
|
910
|
|
|
$
|
706
|
|
|
$
|
1,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAMCO-GERSHENSON PROPERTIES TRUST
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2008
|
|
2007
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per
|
|
|
|
share amounts)
|
|
ASSETS
|
|
|
|
|
|
Investment in real estate, net
|
|
$
|
821,270
|
|
|
$
|
876,410
|
|
|
Cash and cash equivalents
|
|
|
7,035
|
|
|
|
14,977
|
|
|
Restricted cash
|
|
|
5,555
|
|
|
|
5,777
|
|
|
Accounts receivable, net
|
|
|
34,353
|
|
|
|
35,787
|
|
|
Equity investments in and advances to unconsolidated entities
|
|
|
98,087
|
|
|
|
117,987
|
|
|
Other assets, net
|
|
|
38,102
|
|
|
|
37,561
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
1,004,402
|
|
|
$
|
1,088,499
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Mortgages and notes payable
|
|
$
|
637,770
|
|
|
$
|
690,801
|
|
|
Accounts payable and accrued expenses
|
|
|
25,211
|
|
|
|
57,614
|
|
|
Distributions payable
|
|
|
9,888
|
|
|
|
9,884
|
|
|
Capital lease obligation
|
|
|
7,256
|
|
|
|
7,443
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
680,125
|
|
|
|
765,742
|
|
|
Minority Interest
|
|
|
40,965
|
|
|
|
41,353
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Common Shares of Beneficial Interest, par value $0.01, 45,000 shares
authorized; 18,471 and 18,470 issued and outstanding as of September
30, 2008 and December 31, 2007, respectively
|
|
|
|
|
|
|
|
|
|
|
|
|
185
|
|
|
|
185
|
|
|
Additional paid-in capital
|
|
|
388,932
|
|
|
|
388,164
|
|
|
Accumulated other comprehensive loss
|
|
|
(105
|
)
|
|
|
(845
|
)
|
|
Cumulative distributions in excess of net income
|
|
|
(105,700
|
)
|
|
|
(106,100
|
)
|
|
Total Shareholders’ Equity
|
|
|
283,312
|
|
|
|
281,404
|
|
|
Total Liabilities and Shareholders’
Equity
|
|
$
|
1,004,402
|
|
|
$
|
1,088,499
|
|
Contact:
Ramco-Gershenson Properties Trust
Media Contact:
Dawn Hendershot, 248-582-6202
Director of Investor Relations and
Corporate Communications
or
Company Officers:
Dennis Gershenson, President & Chief Executive Officer
Richard Smith, Chief Financial Officer
Phone: 248-350-9900
Fax: 248-350-9925
Source:
Ramco-Gershenson Properties Trust
|
