Last $16.86 USD
Change Today -0.095 / -0.56%
Volume 79.9K
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As of 10:53 AM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

31500 Northwestern Highway

Suite 300

Farmington Hills, MI 48334

United States

Phone: 248-350-9900

Fax: 248-350-9925

Ramco-Gershenson Properties Trust operates as a real estate investment trust. The company engages in the ownership, development, acquisition, management, and leasing of community shopping centers, including power centers and single-tenant retail properties, and one regional mall, in the Midwestern, Southeastern and Mid-Atlantic regions of the United States. The company’s operating partnership is Ramco-Gershenson Properties, L.P. As of December 31, 2007, it owned interests in 89 shopping centers, included 65 community centers, 21 power centers, 2 single tenant retail properties, and 1 enclosed regional mall. Joint Ventures Troy Marketplace in Troy, Michigan: A joint venture in which the company has a 30% ownership interest purchased vacant shopping center space adjacent to a shopping center owned by such joint venture. Paulding Pavilion in Hiram, Georgia is part of a joint venture in which the company has a 20% ownership interest. Its redevelopment plans for this center include the construction of a 4,000 square foot outlot. Old Orchard in West Bloomfield, Michigan is owned by a joint venture in which the company has a 30% ownership interest. Collins Pointe Plaza in Cartersville, Georgia is part of a joint venture in which the company has a 20% ownership interest. In June 2007, the company formed Ramco Highland Disposition LLC, a joint venture with Hartland Realty Partners LLC to develop Hartland Towne Square. It own 20% of the joint venture and its joint venture partner owns 80%. In June 2007, the company also formed Ramco HHF KL LLC, a joint venture with a discretionary fund managed by Heitman LLC to acquire Kissimmee West Shopping Center and Shoppes of Lakeland. It owns 7% of the joint venture and its joint venture partner owns 93%. In July 2007, the company formed Ramco HHF NP LLC, a joint venture with a discretionary fund managed by Heitman LLC to specifically acquire Nora Plaza located in Indianapolis, Indiana. It owns 7% of the joint venture and its joint venture partner owns 93%. In September 2007, the company formed Ramco Jacksonville North Industrial LLC, a joint venture formed to develop land adjunct to its River City Marketplace shopping center. It owns 5% of the joint venture and its joint venture partner owns 95%. Wholly-Owned West Allis Towne Centre in West Allis, Wisconsin: The company’s redevelopment plans include building additional retail space, adding two outlots and upgrading the facade. Oakbrook Square in Flint, Michigan: Hobby Lobby executed a lease for 55,000 square feet of space. It also intends to replace vacancy and to build-out additional space. As of December 31, 2007, the company has five additional value-added redevelopment projects in process, including two projects owned by joint ventures. The company’s development projects include The Town Center at Aquia in Stafford, Virginia; Northpointe Town Center in Jackson, Michigan; Shoppes of Lakeland II in Lakeland, Florida; Hartland Towne Square in Hartland, Michigan; and Rossford Pointe, Ohio. Acquisitions Joint ventures in which the company has ownership interest acquired in various properties, including Cocoa Commons, Cypress Point, Old Orchard Center, Peachtree Hill, The Shops on Lane Avenue and Upper Arlington 450 LLC, Paulding Pavilion, and Olentangy Plaza and Market Plaza. In April 2007, the company acquired the remaining 80% interest in Ramco Jacksonville LLC, an entity that was formed to develop a shopping center in Jacksonville, Florida. Dispositions In March 2007, the company sold its ownership interests in Chester Springs and in July 2007, it sold its ownership interests in Paulding Pavilion to joint ventures in which the company has a 20% ownership interest. In June 2007, the company also sold Kissimmee West Shopping Center and Shoppes of Lakeland to a joint venture which it has a 7% ownership interest. Tenants The company’s major tenants include TJ Maxx/Marshalls, Publix, Wal-Mart, Home Depot, and OfficeMax. REIT Tax Status: The company has elected to be a taxable REIT for federal income tax purposes. As a REIT, it would not be subject to federal income taxes, if it distributes approximately 90% of its taxable income to its shareholders. History Ramco-Gershenson Properties Trust was founded in 1988.

 

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RPT

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Valuation RPT Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 6.2x
Price/Book 1.7x
Price/Cash Flow 15.1x
TEV/Sales 1.3x
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