Attached files
| file | filename |
|---|---|
| 8-K - RAMCO-GERSHENSON PROPERTIES TRUST 8-K - RPT Realty | a6373997.htm |
| EX-99.1 - EXHIBIT 99.1 - RPT Realty | a6373997ex99_1.htm |
Exhibit 99.2
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Ramco-Gershenson Properties Trust
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Quarterly Financial and Operating Supplement
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June 30, 2010 (unaudited)
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TABLE OF CONTENTS
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Page
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Company Information
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1
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Quarterly & Year-to-Date Financial Results
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Consolidated Condensed Statements of Operations
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2
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Consolidated Condensed Statements of Operations Detail
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3
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Earnings Per Common Share
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4
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Calculation of Funds from Operations and Additional Disclosures
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5
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Selected Financial and Operating Ratios
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6
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Consolidated Condensed Balance Sheets
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7
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Consolidated Condensed Balance Sheet Detail
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8
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Quarterly & Year-to-Date Operating Information
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Same Property Analysis
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9
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Leasing Activity Summary Total Shopping Center Portfolio
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10
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Redevelopment and Development Projects
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11
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Debt and Market Capitalization Information
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Summary of Outstanding Debt
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12
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Loan Maturity and Ammortization Schedule
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12
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Market Data
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14
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Portfolio Information
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Property Summaries
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15-17
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Top 20 Tenants
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18
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Summary of Expiring GLA
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19
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Joint Venture Information
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Joint Venture Summary of Operations
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20
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Joint Venture Balance Sheet Summary
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21
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Summary of Joint Venture Debt
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22
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Joint Venture Same Property Analysis
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23
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Joint Venture Leasing Activity Summary
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24
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Joint Venture Summary of Expiring GLA
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25
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Ramco-Gershenson Properties Trust
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Consolidated Condensed Statements of Operations
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For the Three and Six Months Ended June 30, 2010 (in thousands)
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Three Months Ended June 30,
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Six Months Ended June 30,
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Increase
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Increase
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2010
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2009
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(Decrease)
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2010
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2009
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(Decrease)
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Revenues:
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Minimum rents
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$ | 20,411 | $ | 21,026 | $ | (615 | ) | $ | 40,923 | $ | 42,175 | $ | (1,252 | ) | ||||||||||
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Percentage rents
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143 | 27 | 116 | 216 | 253 | (37 | ) | |||||||||||||||||
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Recoveries from tenants
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7,522 | 7,873 | (351 | ) | 15,297 | 16,898 | (1,601 | ) | ||||||||||||||||
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Other property income
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1,161 | 822 | 339 | 2,380 | 1,021 | 1,359 | ||||||||||||||||||
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Fees and management income
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1,134 | 1,497 | (363 | ) | 2,255 | 2,626 | (371 | ) | ||||||||||||||||
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Total revenues
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30,371 | 31,245 | (874 | ) | 61,071 | 62,973 | (1,902 | ) | ||||||||||||||||
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Expenses:
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Real estate taxes
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4,466 | 4,564 | (98 | ) | 8,961 | 9,141 | (180 | ) | ||||||||||||||||
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Recoverable operating expenses
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3,455 | 3,581 | (126 | ) | 7,410 | 8,082 | (672 | ) | ||||||||||||||||
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Other property operating expenses
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1,136 | 550 | 586 | 2,157 | 1,529 | 628 | ||||||||||||||||||
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Depreciation and amortization
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7,556 | 7,823 | (267 | ) | 15,318 | 15,561 | (243 | ) | ||||||||||||||||
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General and administrative
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4,615 | 4,666 | (51 | ) | 8,598 | 8,646 | (48 | ) | ||||||||||||||||
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Total expenses
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21,228 | 21,184 | 44 | 42,444 | 42,959 | (515 | ) | |||||||||||||||||
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Income from continuing operations before other income and expenses
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9,143 | 10,061 | (918 | ) | 18,627 | 20,014 | (1,387 | ) | ||||||||||||||||
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Other income and expenses:
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Other income (expense)
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(303 | ) | 178 | (481 | ) | (633 | ) | 331 | (964 | ) | ||||||||||||||
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Gain on sale of real estate
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499 | 53 | 446 | 499 | 401 | 98 | ||||||||||||||||||
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Earnings (loss) from unconsolidated entities
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(167 | ) | 337 | (504 | ) | 700 | 857 | (157 | ) | |||||||||||||||
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Interest expense
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(8,892 | ) | (7,904 | ) | (988 | ) | (17,626 | ) | (16,008 | ) | (1,618 | ) | ||||||||||||
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Impairment charge on unconsolidated joint ventures
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- | - | - | (2,653 | ) | - | (2,653 | ) | ||||||||||||||||
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Restructuring costs and other items
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- | (836 | ) | 836 | - | (1,216 | ) | 1,216 | ||||||||||||||||
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Income (loss) from continuing operations
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280 | 1,889 | (1,609 | ) | (1,086 | ) | 4,379 | (5,465 | ) | |||||||||||||||
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Discontinued operations:
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Loss on sale of real estate
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(2,050 | ) | - | (2,050 | ) | (2,050 | ) | - | (2,050 | ) | ||||||||||||||
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Income (loss) from operations
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(32 | ) | 75 | (107 | ) | (19 | ) | 215 | (234 | ) | ||||||||||||||
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Income (loss) from discontinued operations
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(2,082 | ) | 75 | (2,157 | ) | (2,069 | ) | 215 | (2,284 | ) | ||||||||||||||
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Net income (loss)
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(1,802 | ) | 1,964 | (3,766 | ) | (3,155 | ) | 4,594 | (7,749 | ) | ||||||||||||||
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Less: Net (income) loss attributable to noncontrolling interest
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761 | (401 | ) | 1,162 | 1,431 | (781 | ) | 2,212 | ||||||||||||||||
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Net income (loss) attributable to Ramco-Gershenson Properties
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Trust ("RPT") common shareholders
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$ | (1,041 | ) | $ | 1,563 | $ | (2,604 | ) | $ | (1,724 | ) | $ | 3,813 | $ | (5,537 | ) | ||||||||
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Amounts attributable to RPT common shareholders:
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Income from continuing operations
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$ | 893 | $ | 1,493 | $ | (600 | ) | $ | 198 | $ | 3,613 | $ | (3,415 | ) | ||||||||||
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Income (loss) from discontinued operations
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(1,934 | ) | 70 | (2,004 | ) | (1,922 | ) | 200 | (2,122 | ) | ||||||||||||||
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Net income (loss)
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$ | (1,041 | ) | $ | 1,563 | $ | (2,604 | ) | $ | (1,724 | ) | $ | 3,813 | $ | (5,537 | ) | ||||||||
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Property Operating Expense Recovery Ratio
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95.0 | % | 96.7 | % | 93.4 | % | 98.1 | % | ||||||||||||||||
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Page 2 of 25 |
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Ramco-Gershenson Properties Trust
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Consolidated Condensed Statesments of Operations Detail
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For the Three and Six Months Ended June 30, 2010 (in thousands)
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Three Months Ended June 30,
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Six Months Ended June 30,
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Increase
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Increase
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2010
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2009
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(Decrease)
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2010
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2009
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(Decrease)
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Other property income
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Lease termination income
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$ | 129 | $ | 365 | $ | (236 | ) | $ | 1,178 | $ | 369 | $ | 809 | |||||||||||||
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Temporary income
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112 | 96 | 16 | 207 | 196 | 11 | ||||||||||||||||||||
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TIF revenue
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49 | - | 49 | 99 | - | 99 | ||||||||||||||||||||
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Other
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871 | [1] | 361 | 510 | 896 | [1] | 456 | 440 | ||||||||||||||||||
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Other property income
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$ | 1,161 | $ | 822 | $ | 339 | $ | 2,380 | $ | 1,021 | $ | 1,359 | ||||||||||||||
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Fees and management income
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Management fees
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$ | 730 | $ | 742 | $ | (12 | ) | $ | 1,477 | $ | 1,498 | $ | (21 | ) | ||||||||||||
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Leasing fees
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322 | 405 | (83 | ) | 549 | 552 | (3 | ) | ||||||||||||||||||
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Development related fees
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82 | 287 | (205 | ) | 229 | 436 | (207 | ) | ||||||||||||||||||
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Other
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- | 63 | (63 | ) | - | 140 | (140 | ) | ||||||||||||||||||
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Fees and management income
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$ | 1,134 | $ | 1,497 | $ | (363 | ) | $ | 2,255 | $ | 2,626 | $ | (371 | ) | ||||||||||||
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Other income (expense)
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Real estate taxes on development projects
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$ | (317 | ) | $ | - | $ | (317 | ) | $ | (654 | ) | $ | - | $ | (654 | ) | ||||||||||
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Interest income
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12 | 178 | (166 | ) | 23 | 331 | (308 | ) | ||||||||||||||||||
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Other
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2 | - | 2 | (2 | ) | - | (2 | ) | ||||||||||||||||||
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Other income (expense)
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$ | (303 | ) | $ | 178 | $ | (481 | ) | $ | (633 | ) | $ | 331 | $ | (964 | ) | ||||||||||
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Gain on sale of real estate
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Gain on sales of non-depreciable real estate
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$ | 499 | $ | 53 | $ | 446 | $ | 499 | $ | 401 | $ | 98 | ||||||||||||||
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Gain on sales of depreciable real estate
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- | - | - | - | - | - | ||||||||||||||||||||
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Gain on sale of real estate
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$ | 499 | $ | 53 | $ | 446 | $ | 499 | $ | 401 | $ | 98 | ||||||||||||||
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Restructuring costs and other items
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Strategic review and proxy contest expenses
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$ | - | $ | (836 | ) | $ | 836 | - | $ | (836 | ) | $ | 836 | |||||||||||||
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Restructuring expense
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- | - | - | - | (380 | ) | 380 | |||||||||||||||||||
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Restructuring costs and other items
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$ | - | $ | (836 | ) | $ | 836 | $ | - | $ | (1,216 | ) | $ | 1,216 | ||||||||||||
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[1] Includes $674K of lease rejection income from a bankruptcy claim in the three and six months ended June 30, 2010.
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Page 3 of 25 |
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Ramco-Gershenson Properties Trust
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Earnings Per Common Share ("EPS")
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For the Three and Six Months Ended June 30, 2010 (in thousands, except per share data)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2010
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2009
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2010
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2009
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Numerator:
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Income (loss) from continuing operations before noncontrolling interest
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$ | 280 | $ | 1,889 | $ | (1,086 | ) | $ | 4,379 | |||||||
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Noncontrolling interest from continuing operations
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613 | (396 | ) | 1,284 | (766 | ) | ||||||||||
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Income from continuing operations available to RPT common shareholders
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893 | 1,493 | 198 | 3,613 | ||||||||||||
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Discontinued operations, net of noncontrolling interest:
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Loss on sale of real estate
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(1,905 | ) | - | (1,905 | ) | - | ||||||||||
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Income (loss) from operations
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(29 | ) | 70 | (17 | ) | 200 | ||||||||||
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Net income (loss) available to RPT common shareholders
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$ | (1,041 | ) | $ | 1,563 | $ | (1,724 | ) | $ | 3,813 | ||||||
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Denominator:
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Weighted-average common shares for basic EPS
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34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
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Dilutive effect of securities:
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Options outstanding
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- | - | - | - | ||||||||||||
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Weighted-average common shares for diluted EPS
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34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
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Basic EPS:
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Income from continuing operations attributable to RPT common shareholders
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$ | 0.03 | $ | 0.08 | $ | 0.01 | $ | 0.20 | ||||||||
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Loss from discontinued operations attributable to RPT common shareholders
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(0.06 | ) | - | (0.06 | ) | $ | - | |||||||||
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Net income (loss) attributable to RPT common shareholders
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$ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | $ | 0.20 | ||||||
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Diluted EPS:
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Income from continuing operations attributable to RPT common shareholders
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$ | 0.03 | $ | 0.08 | $ | 0.01 | $ | 0.20 | ||||||||
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Loss from discontinued operations attributable to RPT common shareholders
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(0.06 | ) | - | (0.06 | ) | - | ||||||||||
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Net income (loss) attributable to RPT common shareholders
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$ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | $ | 0.20 | ||||||
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Page 4 of 25 |
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Ramco-Gershenson Properties Trust
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Calculation of Funds from Operations and Additional Disclosures
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For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2010
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2009
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2010
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2009
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Calculation of Funds from Operations:
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Net income (loss) attributable to RPT common shareholders
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$ | (1,041 | ) | $ | 1,563 | $ | (1,724 | ) | $ | 3,813 | ||||||
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Add:
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Rental property depreciation and amortization expense
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7,366 | 7,699 | 14,951 | 15,309 | ||||||||||||
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Pro rata share of real estate depreciation from unconsolidated joint ventures
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1,704 | 1,622 | 3,380 | 3,295 | ||||||||||||
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Loss on sale of depreciable real estate
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2,050 | - | 2,050 | - | ||||||||||||
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Noncontrolling interest in Operating Partnership
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(105 | ) | 401 | (174 | ) | 781 | ||||||||||
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Funds from operations
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$ | 9,974 | $ | 11,285 | $ | 18,483 | $ | 23,198 | ||||||||
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Weighted average common shares
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34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
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Shares issuable upon conversion of Operating Partnership units
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2,902 | 2,919 | 2,902 | 2,919 | ||||||||||||
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Dilutive effect of securities
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- | - | - | - | ||||||||||||
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Weighted average equivalent shares outstanding, diluted
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37,273 | 21,618 | 35,608 | 21,573 | ||||||||||||
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Funds from operations per diluted share
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$ | 0.27 | $ | 0.52 | $ | 0.52 | $ | 1.08 | ||||||||
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Impairment charge on unconsolidated joint ventures
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- | - | 0.07 | - | ||||||||||||
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Funds from operations excluding impairment charge per diluted share
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$ | 0.27 | $ | 0.52 | $ | 0.59 | $ | 1.08 | ||||||||
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Dividend per common share
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$ | 0.1633 | $ | 0.2313 | $ | 0.3265 | $ | 0.4626 | ||||||||
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Payout ratio - FFO
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61.0 | % | 44.3 | % | 62.9 | % | 43.0 | % | ||||||||
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Additional Supplemental Disclosures:
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Consolidated:
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Straight-line rental income
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$ | 358 | $ | 150 | $ | 881 | $ | 301 | ||||||||
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Above/below market rent amortization
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(13 | ) | 8 | 194 | 21 | |||||||||||
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Fair market value of interest adjustment - acquired property
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110 | 77 | 182 | 155 | ||||||||||||
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Pro-rata share from Unconsolidated Joint Ventures:
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Straight-line rent
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25 | 95 | 140 | 253 | ||||||||||||
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Above/below market rent amortization
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22 | 8 | 119 | 20 | ||||||||||||
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Fair market value of interest adjustment - acquired property
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107 | 121 | 109 | 244 | ||||||||||||
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Page 5 of 25 |
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Ramco-Gershenson Properties Trust
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Selected Financial and Operating Ratios
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For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2010
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2009
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2010
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2009
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EBITDA Calculation:
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Income (Loss) from Continuing Operations
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$ | 280 | $ | 1,889 | $ | (1,086 | ) | $ | 4,379 | ||||||
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Add Back:
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Impairment Charge on Unconsolidated Joint Ventures
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- | - | 2,653 | - | |||||||||||
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Restructuring Expense
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- | 836 | - | 1,216 | |||||||||||
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Income (Loss) from Discontinued Operations
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(32 | ) | 75 | (19 | ) | 215 | |||||||||
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Interest Expense
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8,892 | 7,904 | 17,626 | 16,008 | |||||||||||
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Depreciation and Amortization
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7,556 | 7,823 | 15,318 | 15,561 | |||||||||||
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Consolidated EBITDA
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16,696 | 18,527 | 34,492 | 37,379 | |||||||||||
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Scheduled Mortgage Principal Payments
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1,182 | 1,359 | 2,331 | 2,524 | |||||||||||
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Debt and Coverage Ratios:
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Consolidated Debt to EBITDA - [1]
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7.4 | 8.9 | 7.2 | 8.9 | |||||||||||
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Interest Coverage Ratio (EBITDA / Interest Expense)
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1.9 | 2.3 | 2.0 | 2.3 | |||||||||||
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Fixed Charge Coverage Ratio (EBITDA / Interest Expense + Scheduled Mortgage Principal Pmts.)
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1.7 | 2.0 | 1.7 | 2.0 | |||||||||||
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Operating Ratios:
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GAAP NOI
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20,180 | 21,053 | 40,288 | 41,595 | |||||||||||
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Operating Margin (GAAP NOI / Total Rental Revenue)
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69.0 | % | 70.8 | % | 68.5 | % | 68.9 | % | |||||||
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General & Administrative Expense as a Percentage of Total Rental Revenues Under Management [2]:
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Revenue From REIT Properties
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$ | 29,237 | $ | 29,748 | $ | 58,816 | $ | 60,347 | |||||||
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Revenue From Joint Venture Properties
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23,753 | 24,804 | 50,167 | 50,289 | |||||||||||
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Revenue From Non-REIT Properties Under Management Contract
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881 | 941 | 1,806 | 1,838 | |||||||||||
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Total Rental Revenues Under Management
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$ | 53,871 | $ | 55,493 | $ | 110,789 | $ | 112,474 | |||||||
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General and Administrative Expense
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$ | 4,615 | $ | 4,666 | $ | 8,598 | $ | 8,646 | |||||||
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General and Administrative Expense / Total Rental Revenues Under Management
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8.6 | % | 8.4 | % | 7.8 | % | 7.7 | % | |||||||
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[1] Consolidated debt used in the Debt to EBITDA calculation includes a capital lease obligation and is net of cash.
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| [2] General & administrative expense shown as a percentage of rental revenues under management which includes base rent, recoveries and other income from wholly owned properties, joint venture properties, and properties that are under management contract. | |||||||||||||||
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Page 6 of 25 |
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Ramco-Gershenson Properties Trust
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Consolidated Condensed Balance Sheets
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As of June 30, 2010 (in thousands)
|
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June 30,
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December 31,
|
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2010
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2009
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ASSETS
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Investment in real estate, net
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$ | 825,840 | $ | 804,295 | |||||
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Cash and cash equivalents
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12,722 | 8,800 | |||||||
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Restricted cash
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5,949 | 3,838 | |||||||
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Accounts receivable, net
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30,245 | 31,900 | |||||||
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Notes receivable from unconsolidated entities
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- | 12,566 | |||||||
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Equity investments in unconsolidated entities
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97,775 | 97,506 | |||||||
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Other assets, net
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38,280 | 39,052 | |||||||
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Total Assets
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$ | 1,010,811 | $ | 997,957 | |||||
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LIABILITIES
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Mortgages and notes payable
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$ | 499,877 | $ | 552,551 | |||||
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Accounts payable and accrued expenses
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26,364 | 26,440 | |||||||
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Distributions payable
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6,627 | 5,477 | |||||||
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Capital lease obligation
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6,784 | 6,924 | |||||||
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Total Liabilities
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539,652 | 591,392 | |||||||
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SHAREHOLDERS' EQUITY
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Ramco-Gershenson Properties Trust shareholders' equity:
|
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Common shares of beneficial interest
|
379 | 309 | |||||||
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Additional paid-in capital
|
562,384 | 486,731 | |||||||
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Accumulated other comprehensive loss
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(916 | ) | (2,149 | ) | |||||
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Cumulative distributions in excess of net income
|
(130,649 | ) | (117,663 | ) | |||||
|
Total RPT Shareholders' Equity
|
431,198 | 367,228 | |||||||
|
Noncontrolling interest
|
39,961 | 39,337 | |||||||
|
Total Shareholders' Equity
|
471,159 | 406,565 | |||||||
|
Total Liabilities and Shareholders' Equity
|
$ | 1,010,811 | $ | 997,957 | |||||
| |
Page 7 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||
|
Consolidated Condensed Balance Sheet Detail
|
||||||||
|
As of June 30, 2010 (in thousands)
|
||||||||
|
June 30,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Investment in Real Estate:
|
||||||||
|
Land
|
$ | 102,641 | $ | 99,147 | ||||
|
Buildings and improvements
|
819,849 | 818,142 | ||||||
|
Land held for development
|
98,541 | 69,936 | ||||||
|
Construction in progress
|
7,959 | 8,225 | ||||||
| 1,028,990 | 995,450 | |||||||
|
Less: accumulated depreciation
|
(203,150 | ) | (191,155 | ) | ||||
|
Investment in real estate, net
|
$ | 825,840 | $ | 804,295 | ||||
|
Accounts Receivable:
|
||||||||
|
Accounts receivable tenants, net
|
$ | 12,299 | $ | 14,786 | ||||
|
Straight-line rent receivable, net
|
17,946 | 17,114 | ||||||
|
Accounts receivable, net
|
$ | 30,245 | $ | 31,900 | ||||
|
Other Assets:
|
||||||||
|
Deferred leasing costs
|
$ | 42,237 | $ | 40,922 | ||||
|
Intangible assets
|
5,433 | 5,836 | ||||||
|
Deferred financing costs
|
11,528 | 10,525 | ||||||
|
Other
|
6,265 | 6,162 | ||||||
| 65,463 | 63,445 | |||||||
|
Less: accumulated amortization
|
(40,953 | ) | (37,766 | ) | ||||
| 24,510 | 25,679 | |||||||
|
Prepaid expenses and other
|
13,770 | 13,373 | ||||||
|
Other assets, net
|
$ | 38,280 | $ | 39,052 | ||||
| |
Page 8 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
|
Same Property Analysis [1]
|
||||||||||||||||||||||||
|
For the Three and Six Months Ended June 30, 2010 (in thousands)
|
||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
|
2010
|
2009
|
% Change
|
2010
|
2009
|
% Change
|
|||||||||||||||||||
|
Number of Properties
|
49 | 49 | 0.0 | % | 49 | 49 | 0.0 | % | ||||||||||||||||
|
Occupancy
|
90.9 | % | 94.0 | % | -3.1 | % | 90.9 | % | 94.0 | % | -3.1 | % | ||||||||||||
|
REVENUE:
|
||||||||||||||||||||||||
|
Minimum Rents
|
$ | 18,348 | $ | 18,827 | -2.5 | % | $ | 36,752 | $ | 37,990 | -3.3 | % | ||||||||||||
|
Percentage Rents
|
111 | 28 | 296.4 | % | 183 | 221 | -17.2 | % | ||||||||||||||||
|
Recoveries from Tenants
|
7,151 | 7,241 | -1.2 | % | 14,914 | 15,358 | -2.9 | % | ||||||||||||||||
|
Other Income
|
147 | 124 | 18.5 | % | 279 | 253 | 10.3 | % | ||||||||||||||||
| $ | 25,757 | $ | 26,220 | -1.8 | % | $ | 52,128 | $ | 53,822 | -3.1 | % | |||||||||||||
|
EXPENSES:
|
||||||||||||||||||||||||
|
Real Estate Taxes
|
$ | 4,300 | $ | 4,447 | -3.3 | % | $ | 8,629 | $ | 8,873 | -2.7 | % | ||||||||||||
|
Property Operating and Maintenance
|
2,825 | 3,124 | -9.6 | % | 6,204 | 6,842 | -9.3 | % | ||||||||||||||||
|
Other Operating
|
667 | 439 | 51.9 | % | 1,386 | 1,636 | -15.3 | % | ||||||||||||||||
| $ | 7,792 | $ | 8,010 | -2.7 | % | $ | 16,219 | $ | 17,351 | -6.5 | % | |||||||||||||
|
NET OPERATING INCOME
|
$ | 17,965 | $ | 18,210 | -1.3 | % | $ | 35,909 | $ | 36,471 | -1.5 | % | ||||||||||||
|
Operating Expense Recovery Ratio
|
100.4 | % | 95.6 | % | 4.7 | % | 100.5 | % | 97.7 | % | 2.8 | % | ||||||||||||
|
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment.
|
||||||||||||||||||||||||
| |
Page 9 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||
|
Leasing Activity Summary-Total Shopping Center Portfolio
|
||||||||||||||||||||
|
As of June 30, 2010
|
||||||||||||||||||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
|||||||||||||||
|
New leases
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
||||||||||||||
|
2nd Quarter 2010
|
29 | 152,024 | $ | 13.07 | $ | 13.42 | -2.6% | 7.9 | ||||||||||||
|
1st Quarter 2010
|
20 | 140,170 | $ | 11.11 | $ | 11.54 | -3.8% | 7.9 | ||||||||||||
|
Total 6 months
|
49 | 292,194 | $ | 12.13 | $ | 12.52 | -3.1% | 7.9 | ||||||||||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
|||||||||||||||
|
Renewals
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
||||||||||||||
|
2nd Quarter 2010
|
48 | 490,900 | $ | 8.83 | $ | 8.93 | -1.2% | 4.1 | ||||||||||||
|
1st Quarter 2010
|
89 | 590,303 | $ | 9.66 | $ | 11.37 | -15.1% | 3.2 | ||||||||||||
|
Total 6 months
|
137 | 1,081,203 | $ | 9.28 | $ | 10.26 | -9.6% | 3.6 | ||||||||||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
|||||||||||||||
|
Total Comparable Leases [2]
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
||||||||||||||
|
2nd Quarter 2010
|
77 | 642,924 | $ | 9.83 | $ | 9.99 | -1.6% | 5.0 | ||||||||||||
|
1st Quarter 2010
|
109 | 730,473 | $ | 9.93 | $ | 11.40 | -12.9% | 4.1 | ||||||||||||
|
Total 6 months
|
186 | 1,373,397 | $ | 9.89 | $ | 10.74 | -8.0% | 4.6 | ||||||||||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
|||||||||||||||
|
Total Comparable and Non-Comparable
|
Transactions
|
Footage
|
PSF
|
PSF
|
%
|
Lease Term
|
||||||||||||||
|
2nd Quarter 2010
|
88 | 700,974 | $ | 10.61 | n/a | n/a | 5.9 | |||||||||||||
|
1st Quarter 2010
|
111 | 797,831 | $ | 9.61 | n/a | n/a | 4.6 | |||||||||||||
|
Total 6 months
|
199 | 1,498,805 | $ | 10.07 | 5.2 | |||||||||||||||
|
|
||||||||||||||||||||
|
Notes
|
||||||||||||||||||||
|
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
|
||||||||||||||||||||
|
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant.
|
||||||||||||||||||||
| |
Page 10 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||
|
Redevelopment and Development Projects
|
||||||||||
|
As of June 30, 2010 (in millions)
|
||||||||||
|
Redevelopment Projects
|
RPT Ownership
%
|
Project Description
|
Projected
Stabilization
Date
|
Stabilized
Return on
Cost [1][2]
|
Projected
Stabilized
NOI [3]
|
Pro Rata
Stabilized
NOI
|
Total
Projected
Cost[4]
|
Pro Rata
Projected
Cost
|
Pro Rata
Cost to
Date
|
Pro Rata
Cost to
Complete
|
|
West Allis Towne Centre - West Allis, WI
|
100%
|
Complete reconfiguration of center to accommodate Burlington Coat in 71,000 SF - opened, new small shop tenancies.
|
Q4 2010
|
11.1%
|
$1.4
|
$1.4
|
$12.2
|
$12.2
|
$10.1
|
$2.0
|
|
Holcomb Center - Roswell, GA
|
100%
|
Studio Movie Grill in 39,668 SF.
|
Q3 2010
|
11.5%
|
$0.5
|
$0.5
|
$4.2
|
$4.2
|
$3.5
|
$0.7
|
|
The Shops at Old Orchard - W. Bloomfield, MI
|
30%
|
Plum Market in 37,000 SF (specialty grocery) - opened, complete small shop retenancy plus façade and structural improvements.
|
Q4 2010
|
11.9%
|
$1.2
|
$0.4
|
$10.4
|
$3.1
|
$2.8
|
$0.4
|
|
Collins Pointe Plaza - Cartersville, GA
|
20%
|
Freestanding CVS, retenanting Winn Dixie and small shop space.
|
Q3 2010
|
21.0%
|
$0.6
|
$0.1
|
$2.9
|
$0.6
|
$0.3
|
$0.3
|
|
Total Current Redevelopments
|
12.0%
|
$3.7
|
$2.4
|
$29.7
|
$20.1
|
$16.7
|
$3.4
|
|||
|
Development Projects
|
Project Description
|
Cost to Date
|
||||||||
|
Hartland Towne Square - Hartland Twp., MI
|
550,000 SF power center project.
|
$37.4
|
[5]
|
|||||||
|
The Town Center at Aquia - Stafford, VA
|
Phased mixed-use project.
|
$16.1
|
[6]
|
|||||||
|
Gateway Commons - Lakeland, FL
|
375,000 SF power center project.
|
$24.1
|
||||||||
|
Parkway Shops - Jacksonville, FL
|
350,000 SF power center project.
|
$13.6
|
||||||||
|
Other
|
Various parcels near existing assets.
|
$7.3
|
||||||||
|
Total Land Held for Development
|
$98.5
|
|||||||||
|
[1] Percentage based on actual numbers before rounding.
|
|
[2] Does not include fees earned by RPT.
|
|
[3] Represents incremental change in revenue.
|
|
[4] Represents incremental costs.
|
|
[5] Consolidated in Q1 2010. Represents RPT's controlling interest of 20% in a joint venture, plus 100% ownership of two assets held in taxable REIT subsidiaries.
|
|
[6] Does not include $23.4 million related to the phase 1 office building or $21.5 million related to the net book value of buildings and other assets at the property.
|
| |
Page 11 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||||
|
Summary of Outstanding Debt-Consolidated Properties
|
|||||||||
|
As of June 30, 2010
|
|||||||||
|
Balance
|
Stated
|
% of
|
|||||||
|
at
|
Interest
|
Loan
|
Maturity
|
Total
|
|||||
|
Property Name
|
Location
|
Lender or Servicer
|
6/30/2010
|
Rate
|
Type
|
Date
|
Indebtedness
|
||
|
Mortgage Debt
|
|||||||||
|
Parkway Shops
|
Jacksonville, FL
|
River City Signature land contract
|
$ 4,690,000
|
7.0000%
|
Fixed
|
Nov-10
|
0.9%
|
||
|
Madison Center
|
Madison Heights, MI
|
LaSalle Bank N.A.
|
9,291,064
|
7.5080%
|
Fixed
|
May-11
|
1.9%
|
||
|
Gaines Marketplace
|
Gaines Twp., MI
|
Huntington Bank
|
7,203,304
|
5.2500%
|
Variable
|
Jun-11
|
1.4%
|
||
|
Beacon Square
|
Grand Haven, MI
|
Huntington Bank
|
6,998,589
|
5.5000%
|
Variable
|
Jun-11
|
1.4%
|
||
|
Lakeshore Marketplace
|
Norton Shores, MI
|
Wells Fargo/Midland
|
14,473,398
|
7.6470%
|
Fixed
|
Aug-11
|
2.9%
|
||
|
Parkway Shops
|
Jacksonville, FL
|
St. Johns land contract
|
2,166,775
|
6.0000%
|
Fixed
|
Nov-11
|
0.4%
|
||
|
Hartland Towne Square
|
Hartland, MI
|
Huntington Bank
|
3,900,000
|
6.0000%
|
Variable
|
Dec-11
|
0.8%
|
||
|
Hartland Towne Square
|
Hartland, MI
|
Huntington Bank
|
4,605,000
|
6.0000%
|
Variable
|
Dec-11
|
0.9%
|
||
|
Sunshine Plaza
|
Tamarac, FL
|
Nationwide Life
|
10,997,193
|
7.3500%
|
Fixed
|
May-12
|
2.2%
|
||
|
Coral Creek
|
Coconut Creek, FL
|
KeyBank
|
9,274,339
|
6.7800%
|
Fixed
|
Jul-12
|
1.9%
|
||
|
The Crossroads
|
Royal Palm Beach, FL
|
L.J. Melody & Co./Salomon
|
11,055,732
|
6.5000%
|
Fixed
|
Aug-12
|
2.2%
|
||
|
East Town Plaza
|
Madison, WI
|
Citigroup Global Markets
|
10,835,102
|
5.4500%
|
Fixed
|
Jul-13
|
2.2%
|
||
|
Centre at Woodstock
|
Woodstock, GA
|
Wachovia
|
4,109,520
|
6.9100%
|
Fixed
|
Jul-13
|
0.8%
|
||
|
Kentwood Towne Centre
|
Kentwood, MI
|
Nationwide Life
|
9,025,156
|
5.7400%
|
Fixed
|
Jul-13
|
1.8%
|
||
|
Lantana Shopping Center
|
Lantana, FL
|
Key Bank
|
9,723,334
|
4.7600%
|
Fixed
|
Aug-13
|
1.9%
|
||
|
The Auburn Mile
|
Auburn Hills, MI
|
Citigroup Global Markets
|
7,168,534
|
5.3800%
|
Fixed
|
May-14
|
1.4%
|
||
|
Crossroads Centre
|
Rossford, OH
|
Citigroup Global Markets
|
24,969,467
|
5.3800%
|
Fixed
|
May-14
|
5.0%
|
||
|
Ramco Aquia Office LLC
|
Stafford, VA
|
JPMorgan Chase Bank, N.A.
|
14,700,000
|
5.7980%
|
Fixed
|
Jun-15
|
2.9%
|
||
|
Jackson West
|
Jackson, MI
|
KeyBank
|
17,180,000
|
5.2000%
|
Fixed
|
Nov-15
|
3.4%
|
||
|
West Oaks I
|
Novi, MI
|
KeyBank
|
27,300,000
|
5.2000%
|
Fixed
|
Nov-15
|
5.5%
|
||
|
New Towne Plaza
|
Canton Twp., MI
|
Deutsche Bank
|
19,800,000
|
5.0910%
|
Fixed
|
Dec-15
|
4.0%
|
||
|
Hoover Eleven
|
Warren, MI
|
Canada Life/GMAC
|
5,150,859
|
7.6250%
|
Fixed
|
Feb-16
|
1.0%
|
||
|
River City Marketplace
|
Jacksonville, FL
|
JPMorgan Chase Bank, N.A.
|
110,000,000
|
5.4355%
|
Fixed
|
Apr-17
|
22.0%
|
||
|
Hoover Eleven
|
Warren, MI
|
Canada Life/GMAC
|
1,991,057
|
7.2000%
|
Fixed
|
May-18
|
0.4%
|
||
|
Crossroads Centre Home Depot
|
Rossford, OH
|
Farm Bureau
|
3,922,030
|
7.3800%
|
Fixed
|
Dec-19
|
0.8%
|
||
|
West Oaks II and Spring Meadows Place
|
Novi, MI / Holland, OH
|
JPMorgan Chase Bank, N.A.
|
31,221,751
|
6.4950%
|
Fixed
|
Apr-20
|
6.2%
|
||
|
Subtotal Mortgage Debt
|
$ 381,752,204
|
5.8367%
|
76.4%
|
||||||
|
Corporate Debt
|
|||||||||
|
Secured Term Loan Facility [1]
|
KeyBank, as agent
|
$ 30,000,000
|
6.6467%
|
Fixed
|
Jun-11
|
6.0%
|
|||
|
Secured Revolving Credit Facility [1]
|
KeyBank, as agent
|
60,000,000
|
6.5633%
|
Fixed
|
Dec-12
|
12.0%
|
|||
|
Junior Subordinated Note [2]
|
The Bank of New York Trust Company
|
28,125,000
|
7.8700%
|
Fixed
|
Jan-38
|
5.6%
|
|||
|
Subtotal Corporate Debt
|
$ 118,125,000
|
6.8956%
|
23.6%
|
||||||
|
Total debt
|
$ 499,877,204
|
6.0870%
|
100.0%
|
||||||
|
[1] Effectively converted to fixed rate through swap agreements expiring in December 2010.
|
|||||||||
|
[2] Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%.
|
|||||||||
| |
Page 12 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||
|
Loan Maturities and Amortization Schedule-Consolidated Properties
|
||||||||||||||||||||||
|
As of June 30, 2010
|
||||||||||||||||||||||
|
Cumulative
|
||||||||||||||||||||||
|
Scheduled
|
Total
|
Percentage
|
Percentage
|
|||||||||||||||||||
|
Amortization
|
Scheduled
|
Scheduled
|
of Debt
|
of Debt
|
||||||||||||||||||
|
Year
|
Payments
|
Maturities
|
Maturities
|
Maturing
|
Maturing
|
|||||||||||||||||
|
2010
|
$ | 2,501,976 | $ | 4,690,000 | $ | 7,191,976 | 1.4 | % | 1.4 | % | ||||||||||||
|
2011
|
5,554,051 | 77,764,088 | 83,318,139 | 16.7 | % | 18.1 | % | |||||||||||||||
|
2012
|
4,974,461 | 89,879,686 | 94,854,147 | 19.0 | % | 37.1 | % | |||||||||||||||
|
2013
|
4,314,130 | 30,121,368 | 34,435,498 | 6.9 | % | 44.0 | % | |||||||||||||||
|
2014
|
3,409,783 | 29,676,361 | 33,086,144 | 6.6 | % | 50.6 | % | |||||||||||||||
|
2015
|
3,155,856 | 73,189,467 | 76,345,323 | 15.3 | % | 65.9 | % | |||||||||||||||
|
2016
|
1,263,721 | - | 1,263,721 | 0.3 | % | 66.2 | % | |||||||||||||||
|
2017
|
1,159,574 | 110,000,000 | 111,159,574 | 22.2 | % | 88.4 | % | |||||||||||||||
|
2018
|
1,044,700 | - | 1,044,700 | 0.2 | % | 88.6 | % | |||||||||||||||
|
2019
|
962,435 | 3,148,141 | 4,110,576 | 0.8 | % | 89.4 | % | |||||||||||||||
| 2020 + | 225,378 | 52,842,029 | 53,067,407 | 10.6 | % | 100.0 | % | |||||||||||||||
|
Totals
|
$ | 28,566,065 | $ | 471,311,140 | $ | 499,877,205 | ||||||||||||||||
|
[1] Scheduled maturities in 2011 includes $30 million of Secured Term Loan Facility due June 2011.
|
||||||||||||||||||||||
|
[2] Scheduled maturities in 2012 includes $60 million which represents the balance of the Secured Revolving Credit Facility drawn as of 06/30/10 due at maturity in December 2012.
|
||||||||||||||||||||||
| |
Page 13 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||
|
Consolidated Market Data
|
||||||||
|
As of June 30, 2010
|
||||||||
|
June 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Market price per common share
|
$ | 10.10 | $ | 10.01 | ||||
|
Common shares outstanding
|
38,019,584 | 18,710,476 | ||||||
|
Operating Partnership Units
|
2,902,641 | 2,918,574 | ||||||
|
Total common shares and equivalents
|
40,922,225 | 21,629,050 | ||||||
|
Equity market capitalization
|
$ | 413,314,473 | $ | 216,506,791 | ||||
|
Fixed rate debt
|
$ | 477,170,311 | $ | 480,208,952 | ||||
|
Variable rate debt
|
22,706,893 | 181,967,008 | ||||||
|
Total debt
|
$ | 499,877,204 | $ | 662,175,960 | ||||
| Capital lease obligation | $ | 6,784,409 | 7,059,527 | |||||
|
Cash and cash equivalents
|
(12,722,000 | ) | (7,818,000 | ) | ||||
|
Net debt
|
$ | 493,939,613 | $ | 661,417,487 | ||||
|
Equity market capitalization
|
$ | 413,314,473 | $ | 216,506,791 | ||||
|
Total market capitalization
|
$ | 907,524,086 | $ | 877,927,278 | ||||
|
Net debt to total market capitalization
|
54.4 | % | 75.3 | % | ||||
| |
Page 14 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||||||||||||
|
Portfolio Summary Report
|
|||||||||||||||||
|
As of June 30, 2010
|
|||||||||||||||||
|
|
Company Owned GLA (1)
|
||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of
Units
|
|
Total Center
GLA (1)
|
|
Total
|
Anchor
|
Non-Anchor
|
Occupied
|
%
Leased
|
%
Occupied
|
|
ABR
psf
|
|
Anchor Tenants (2)
|
|
Consolidated Portfolio
|
|||||||||||||||||
|
Florida
|
|||||||||||||||||
|
Coral Creek Shops
|
Coconut Creek, FL
|
100%
|
1992/2002/NA
|
33
|
109,312
|
109,312
|
42,112
|
67,200
|
98,537
|
90.1%
|
90.1%
|
$ 15.01
|
Publix
|
||||
|
Lantana Shopping Center
|
Lantana, FL
|
100%
|
1959/1996/2002
|
22
|
123,610
|
123,610
|
61,166
|
62,444
|
105,436
|
85.3%
|
85.3%
|
11.04
|
Publix
|
||||
|
Naples Towne Centre
|
Naples, FL
|
100%
|
1982/1996/2003
|
14
|
167,387
|
134,707
|
102,027
|
32,680
|
126,507
|
95.3%
|
93.9%
|
6.08
|
(Goodwill), Save-A-Lot, Bealls
|
||||
|
Pelican Plaza
|
Sarasota, FL
|
100%
|
1983/1997/NA
|
25
|
93,598
|
93,598
|
35,768
|
57,830
|
77,602
|
82.9%
|
82.9%
|
9.89
|
Linens 'N Things (5)
|
||||
|
River City Marketplace
|
Jacksonville, FL
|
100%
|
2005/2005/NA
|
69
|
881,385
|
538,884
|
323,907
|
214,977
|
518,757
|
96.3%
|
96.3%
|
15.66
|
(Wal-Mart), (Lowe's), Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters
|
||||
|
River Crossing Centre
|
New Port Richey, FL
|
100%
|
1998/2003/NA
|
16
|
62,038
|
62,038
|
37,888
|
24,150
|
58,538
|
94.4%
|
94.4%
|
12.18
|
Publix
|
||||
|
Rivertowne Square
|
Deerfield Beach, FL
|
100%
|
1980/1998/NA
|
16
|
136,647
|
136,647
|
90,173
|
46,474
|
123,234
|
90.2%
|
90.2%
|
8.82
|
Beall's Outlet (6), Winn-Dixie
|
||||
|
Southbay Shopping Center
|
Osprey, FL
|
100%
|
1978/1998/NA
|
19
|
96,790
|
96,790
|
31,700
|
65,090
|
77,765
|
80.3%
|
80.3%
|
7.83
|
Beall's Clearance Store
|
||||
|
Sunshine Plaza
|
Tamarac, FL
|
100%
|
1972/1996/2001
|
28
|
237,026
|
237,026
|
146,409
|
90,617
|
210,898
|
89.0%
|
89.0%
|
8.04
|
Publix, Old Time Pottery
|
||||
|
The Crossroads
|
Royal Palm Beach, FL
|
100%
|
1988/2002/NA
|
35
|
120,092
|
120,092
|
42,112
|
77,980
|
94,409
|
78.6%
|
78.6%
|
15.28
|
Publix
|
||||
|
Village Lakes Shopping Center
|
Land O' Lakes, FL
|
100%
|
1987/1997/NA
|
24
|
186,496
|
186,496
|
125,141
|
61,355
|
94,655
|
50.8%
|
50.8%
|
8.46
|
Sweet Bay
|
||||
|
Total / Average
|
301
|
2,214,381
|
1,839,200
|
1,038,403
|
800,797
|
1,586,338
|
86.4%
|
86.3%
|
$ 11.76
|
||||||||
|
Georgia
|
|||||||||||||||||
|
Centre at Woodstock
|
Woodstock, GA
|
100%
|
1997/2004/NA
|
14
|
86,748
|
86,748
|
51,420
|
35,328
|
69,660
|
80.3%
|
80.3%
|
$ 11.36
|
Publix
|
||||
|
Conyers Crossing
|
Conyers, GA
|
100%
|
1978/1998/NA
|
15
|
170,475
|
170,475
|
138,915
|
31,560
|
170,475
|
100.0%
|
100.0%
|
5.14
|
Burlington Coat Factory, Hobby Lobby
|
||||
|
Horizon Village
|
Suwanee, GA
|
100%
|
1996/2002/NA
|
22
|
97,001
|
97,001
|
47,955
|
49,046
|
82,602
|
85.2%
|
85.2%
|
10.41
|
Publix (3)
|
||||
|
Mays Crossing
|
Stockbridge, GA
|
100%
|
1984/1997/2007
|
20
|
137,284
|
137,284
|
100,244
|
37,040
|
127,384
|
92.8%
|
92.8%
|
6.51
|
ApplianceSmart Factory Outlet (3), Big Lots, Dollar Tree
|
||||
|
Promenade at Pleasant Hill
|
Duluth, GA
|
100%
|
1993/2004/NA
|
35
|
287,506
|
287,506
|
199,555
|
87,951
|
136,570
|
47.5%
|
47.5%
|
10.32
|
Farmers Home Furniture, Publix
|
||||
|
Total / Average
|
106
|
779,014
|
779,014
|
538,089
|
240,925
|
586,691
|
75.3%
|
75.3%
|
$ 8.12
|
||||||||
|
Michigan
|
|||||||||||||||||
|
Beacon Square
|
Grand Haven, MI
|
100%
|
2004/2004/NA
|
16
|
154,703
|
51,387
|
-
|
51,387
|
45,932
|
89.4%
|
89.4%
|
$ 17.07
|
(Home Depot)
|
||||
|
Clinton Pointe
|
Clinton Twp., MI
|
100%
|
1992/2003/NA
|
14
|
248,206
|
135,330
|
65,735
|
69,595
|
123,280
|
91.1%
|
91.1%
|
9.76
|
OfficeMax, Sports Authority, (Target)
|
||||
|
Clinton Valley
|
Sterling Heights, MI
|
100%
|
1985/1996/2009
|
11
|
102,001
|
102,001
|
50,852
|
51,149
|
89,125
|
87.4%
|
87.4%
|
6.92
|
Hobby Lobby
|
||||
|
Clinton Valley Mall
|
Sterling Heights, MI
|
100%
|
1977/1996/2002
|
8
|
99,281
|
99,281
|
55,175
|
44,106
|
99,281
|
100.0%
|
100.0%
|
16.13
|
Office Depot, DSW Shoe Warehouse
|
||||
|
Eastridge Commons
|
Flint, MI
|
100%
|
1990/1996/2001
|
16
|
287,453
|
169,676
|
117,972
|
51,704
|
163,322
|
96.3%
|
96.3%
|
9.78
|
Farmer Jack (A&P) (3), Office Depot (3), (Target), TJ Maxx
|
||||
|
Edgewood Towne Center
|
Lansing, MI
|
100%
|
1990/1996/2001
|
17
|
312,950
|
85,757
|
23,524
|
62,233
|
72,722
|
84.8%
|
84.8%
|
11.27
|
OfficeMax, (Sam's Club), (Target)
|
||||
|
Fairlane Meadows
|
Dearborn, MI
|
100%
|
1987/2003/NA
|
23
|
338,808
|
137,508
|
56,586
|
80,922
|
125,623
|
91.8%
|
91.4%
|
13.10
|
Best Buy, Citi Trends, (Target), (Burlington Coat Factory)
|
||||
|
Fraser Shopping Center
|
Fraser, MI
|
100%
|
1977/1996/NA
|
8
|
71,703
|
71,703
|
32,384
|
39,319
|
66,739
|
100.0%
|
93.1%
|
5.89
|
Oakridge Market
|
||||
|
Gaines Marketplace
|
Gaines Twp., MI
|
100%
|
2004/2004/NA
|
15
|
392,169
|
392,169
|
351,981
|
40,188
|
389,169
|
99.2%
|
99.2%
|
4.38
|
Meijer, Staples, Target
|
||||
|
Hoover Eleven
|
Warren, MI
|
100%
|
1989/2003/NA
|
48
|
290,687
|
290,687
|
153,810
|
136,877
|
227,222
|
78.2%
|
78.2%
|
12.33
|
Kroger, Marshalls, OfficeMax
|
||||
|
Jackson Crossing
|
Jackson, MI
|
100%
|
1967/1996/2002
|
63
|
652,710
|
398,468
|
222,192
|
176,276
|
357,365
|
92.8%
|
89.7%
|
9.72
|
Kohl's, (Sears), (Target), TJ Maxx, Toys "R" Us, Best Buy, Bed Bath & Beyond, Jackson 10 Theater
|
||||
|
Jackson West
|
Jackson, MI
|
100%
|
1996/1996/1999
|
5
|
210,321
|
210,321
|
194,484
|
15,837
|
190,838
|
90.7%
|
90.7%
|
7.11
|
Lowe's, Michaels, OfficeMax
|
||||
|
Kentwood Towne Centre
|
Kentwood, MI
|
77.9%
|
1988/1996//NA
|
18
|
286,061
|
184,152
|
122,887
|
61,265
|
157,202
|
85.4%
|
85.4%
|
6.11
|
Hobby Lobby, OfficeMax, (Rooms Today)
|
||||
|
Lake Orion Plaza
|
Lake Orion, MI
|
100%
|
1977/1996/NA
|
9
|
141,073
|
141,073
|
126,195
|
14,878
|
141,073
|
100.0%
|
100.0%
|
3.98
|
Hollywood Super Market, Kmart
|
||||
|
Lakeshore Marketplace
|
Norton Shores, MI
|
100%
|
1996/2003/NA
|
21
|
474,453
|
347,653
|
258,638
|
89,015
|
340,027
|
97.8%
|
97.8%
|
7.93
|
Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T J Maxx, Toys "R" Us, (Target)
|
||||
|
Livonia Plaza
|
Livonia, MI
|
100%
|
1988/2003/NA
|
20
|
136,422
|
136,422
|
93,380
|
43,042
|
123,378
|
91.8%
|
90.4%
|
10.30
|
Kroger, TJ Maxx
|
||||
|
Madison Center
|
Madison Heights, MI
|
100%
|
1965/1997/2000
|
15
|
227,088
|
227,088
|
167,830
|
59,258
|
183,957
|
81.0%
|
81.0%
|
5.81
|
Kmart
|
||||
|
New Towne Plaza
|
Canton Twp., MI
|
100%
|
1975/1996/2005
|
17
|
189,223
|
189,223
|
126,425
|
62,798
|
162,298
|
93.7%
|
85.8%
|
9.68
|
Kohl's, Jo-Ann
|
||||
|
Oak Brook Square
|
Flint, MI
|
100%
|
1982/1996/NA
|
20
|
152,373
|
152,373
|
79,744
|
72,629
|
143,773
|
94.4%
|
94.4%
|
8.62
|
TJ Maxx, Hobby Lobby
|
||||
|
Roseville Towne Center
|
Roseville, MI
|
100%
|
1963/1996/2004
|
9
|
246,968
|
246,968
|
206,747
|
40,221
|
246,968
|
100.0%
|
100.0%
|
6.90
|
Marshalls, Wal-Mart, Office Depot (3)
|
||||
|
Shoppes at Fairlane Meadows
|
Dearborn, MI
|
100%
|
2007/NA/NA
|
8
|
19,925
|
19,925
|
-
|
19,925
|
18,425
|
92.5%
|
92.5%
|
23.13
|
|||||
|
Southfield Plaza
|
Southfield, MI
|
100%
|
1969/1996/2003
|
14
|
165,999
|
165,999
|
128,339
|
37,660
|
161,309
|
97.2%
|
97.2%
|
7.64
|
Burlington Coat Factory, Marshalls, Staples
|
||||
|
Tel-Twelve
|
Southfield, MI
|
100%
|
1968/1996/2005
|
21
|
523,411
|
523,411
|
479,869
|
43,542
|
520,411
|
99.4%
|
99.4%
|
10.84
|
Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
|
||||
|
The Auburn Mile
|
Auburn Hills, MI
|
100%
|
2000/1999/NA
|
7
|
624,212
|
90,553
|
64,315
|
26,238
|
90,553
|
100.0%
|
100.0%
|
10.41
|
(Best Buy), (Target), (Meijer), (Costco), Jo-Ann, Staples
|
||||
|
West Oaks I
|
Novi, MI
|
100%
|
1979/1996/2004
|
8
|
243,987
|
243,987
|
213,717
|
30,270
|
243,987
|
100.0%
|
100.0%
|
9.55
|
Best Buy, DSW Shoe Warehouse, Gander Mountain, Home Goods, Michaels, Old Navy (6)
|
||||
|
West Oaks II
|
Novi, MI
|
100%
|
1986/1996/2000
|
30
|
389,094
|
167,954
|
90,753
|
77,201
|
165,946
|
98.8%
|
98.8%
|
17.20
|
(Value City Furniture), (Bed Bath & Beyond), Marshalls, (Toys "R" Us), (Kohl's), Jo-Ann
|
||||
|
Total / Average
|
461
|
6,981,281
|
4,981,069
|
3,483,534
|
1,497,535
|
4,649,925
|
94.1%
|
93.4%
|
$ 9.14
|
||||||||
| |
Page 15 of 25 |
|
Ramco-Gershenson Properties Trust
|
|
Portfolio Summary Report
|
|
As of June 30, 2010
|
|
|
Company Owned GLA (1)
|
||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of
Units
|
|
Total Center
GLA (1)
|
|
Total
|
Anchor
|
Non-Anchor
|
Occupied
|
%
Leased
|
%
Occupied
|
|
ABR
psf
|
|
Anchor Tenants (2)
|
|
Ohio
|
|||||||||||||||||
|
Crossroads Centre
|
Rossford, OH
|
100%
|
2001/2001/NA
|
22
|
470,245
|
344,045
|
244,991
|
99,054
|
334,105
|
97.1%
|
97.1%
|
$ 9.01
|
Home Depot, (Target), Giant Eagle, Michaels, T J Maxx
|
||||
|
OfficeMax Center
|
Toledo, OH
|
100%
|
1994/1996/NA
|
1
|
22,930
|
22,930
|
22,930
|
-
|
22,930
|
100.0%
|
100.0%
|
12.10
|
OfficeMax
|
||||
|
Rossford Pointe
|
Rossford, OH
|
100%
|
2006/2005/NA
|
6
|
47,477
|
47,477
|
41,077
|
6,400
|
45,877
|
96.6%
|
96.6%
|
9.86
|
PETsMART, Office Depot (3)
|
||||
|
Spring Meadows Place
|
Holland, OH
|
100%
|
1987/1996/2005
|
28
|
596,587
|
211,817
|
110,691
|
101,126
|
195,003
|
92.1%
|
92.1%
|
11.14
|
(Dick's Sporting Goods), (Best Buy), (Kroger), (Target), Ashley Furniture, OfficeMax, PETsMART, T J Maxx, (Sam's Club), (Big Lots)
|
||||
|
Troy Towne Center
|
Troy, OH
|
100%
|
1990/1996/2003
|
18
|
341,719
|
144,610
|
86,584
|
58,026
|
139,670
|
96.6%
|
96.6%
|
6.17
|
(Wal-Mart), Kohl's
|
||||
|
Total / Average
|
75
|
1,478,958
|
770,879
|
506,273
|
264,606
|
737,585
|
95.7%
|
95.7%
|
$ 9.18
|
||||||||
|
South Carolina
|
|||||||||||||||||
|
Taylors Square
|
Taylors, SC
|
100%
|
1989/1997/2005
|
13
|
241,236
|
33,791
|
-
|
33,791
|
22,124
|
65.5%
|
65.5%
|
$ 16.97
|
(Wal-Mart)
|
||||
|
Total / Average
|
13
|
241,236
|
33,791
|
-
|
33,791
|
22,124
|
65.5%
|
65.5%
|
$ 16.97
|
||||||||
|
Tennessee
|
|||||||||||||||||
|
Northwest Crossing
|
Knoxville, TN
|
100%
|
1989/1997/NA
|
10
|
304,224
|
96,279
|
66,346
|
29,933
|
96,279
|
100.0%
|
100.0%
|
$ 8.72
|
(Wal-Mart), Ross Dress For Less, HH Gregg
|
||||
|
Northwest Crossing II
|
Knoxville, TN
|
100%
|
1999/1999/NA
|
2
|
28,174
|
28,174
|
23,500
|
4,674
|
28,174
|
100.0%
|
100.0%
|
11.38
|
OfficeMax
|
||||
|
Total / Average
|
12
|
332,398
|
124,453
|
89,846
|
34,607
|
124,453
|
100.0%
|
100.0%
|
$ 9.33
|
||||||||
|
Wisconsin
|
|||||||||||||||||
|
East Town Plaza
|
Madison, WI
|
100%
|
1992/2000/2000
|
18
|
341,954
|
208,959
|
144,685
|
64,274
|
185,551
|
88.8%
|
88.8%
|
$ 9.24
|
Burlington Coat Factory, Marshalls, Jo-Ann, Borders, (Toys "R" Us), (Shopko)
|
||||
|
Total / Average
|
18
|
341,954
|
208,959
|
144,685
|
64,274
|
185,551
|
88.8%
|
88.8%
|
$ 9.24
|
||||||||
|
Consolidated Portfolio Subtotal / Average
|
986
|
12,369,222
|
8,737,365
|
5,800,830
|
2,936,535
|
7,892,667
|
90.8%
|
90.3%
|
$ 9.62
|
||||||||
|
Consolidated Portfolio
Under Redevelopment:
|
|
||||||||||||||||
|
Holcomb Center
|
Roswell, GA
|
100%
|
1986/1996/NA
|
24
|
107,053
|
107,053
|
39,668
|
67,385
|
75,402
|
72.2%
|
70.4%
|
$ 10.46
|
Studio Movie Grill
|
||||
|
The Towne Center at Aquia [4]
|
Stafford, VA
|
100%
|
1989/1998/NA
|
16
|
138,508
|
138,508
|
86,184
|
52,324
|
127,769
|
92.2%
|
92.2%
|
20.40
|
Northrop Grumman, Regal Cinemas
|
||||
|
West Allis Towne Centre
|
West Allis, WI
|
100%
|
1987/1996/NA
|
29
|
315,636
|
315,636
|
179,818
|
135,818
|
270,935
|
90.1%
|
85.8%
|
8.25
|
Burlington Coat Factory, Kmart, Office Depot
|
||||
|
Total / Average
|
69
|
561,197
|
561,197
|
305,670
|
255,527
|
474,106
|
87.2%
|
84.5%
|
$ 11.88
|
||||||||
|
Consolidated Portfolio Subtotal / Average
|
1055
|
12,930,419
|
9,298,562
|
6,106,500
|
3,192,062
|
8,366,773
|
90.5%
|
90.0%
|
$ 9.75
|
||||||||
|
Joint Venture Portfolio at 100%
|
|||||||||||||||||
|
Florida
|
|||||||||||||||||
|
Cocoa Commons
|
Cocoa, FL
|
30%
|
2001/2007/NA
|
23
|
90,116
|
90,116
|
51,420
|
38,696
|
76,020
|
84.4%
|
84.4%
|
$ 12.07
|
Publix
|
||||
|
Cypress Point
|
Clearwater, FL
|
30%
|
1983/2007/NA
|
22
|
167,280
|
167,280
|
103,085
|
64,195
|
147,715
|
88.3%
|
88.3%
|
11.70
|
Burlington Coat Factory, The Fresh Market
|
||||
|
Kissimmee West
|
Kissimmee, FL
|
7%
|
2005/2005/NA
|
17
|
300,186
|
115,586
|
67,000
|
48,586
|
98,811
|
85.5%
|
85.5%
|
12.12
|
Jo-Ann, Marshalls, (Target)
|
||||
|
Marketplace of Delray
|
Delray Beach, FL
|
30%
|
1981/2005/NA
|
48
|
238,901
|
238,901
|
107,190
|
131,711
|
201,025
|
84.1%
|
84.1%
|
11.99
|
Office Depot, Ross Dress For Less, Winn-Dixie
|
||||
|
Martin Square
|
Stuart, FL
|
30%
|
1981/2005/NA
|
15
|
331,105
|
331,105
|
291,432
|
39,673
|
301,931
|
91.2%
|
91.2%
|
6.24
|
Home Depot, Sears, Staples
|
||||
|
Mission Bay Plaza
|
Boca Raton, FL
|
30%
|
1989/2004/NA
|
58
|
272,866
|
272,866
|
154,637
|
118,229
|
191,238
|
92.4%
|
70.1%
|
21.45
|
LA Fitness Sports Club, OfficeMax, Toys "R" Us
|
||||
|
Shenandoah Square
|
Davie, FL
|
40%
|
1989/2001/NA
|
43
|
123,646
|
123,646
|
42,112
|
81,534
|
120,166
|
97.2%
|
97.2%
|
14.58
|
Publix
|
||||
|
Shoppes of Lakeland
|
Lakeland, FL
|
7%
|
1985/1996/NA
|
22
|
312,288
|
188,888
|
122,441
|
66,447
|
155,289
|
96.5%
|
82.2%
|
11.93
|
Michaels, Ashley Furniture, (Target)
|
||||
|
The Plaza at Delray
|
Delray Beach, FL
|
20%
|
1979/2004/NA
|
48
|
331,496
|
331,496
|
193,967
|
137,529
|
293,688
|
88.6%
|
88.6%
|
15.00
|
Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less (6), Staples
|
||||
|
Treasure Coast Commons
|
Jensen Beach, FL
|
30%
|
1996/2004/NA
|
3
|
92,979
|
92,979
|
92,979
|
-
|
92,979
|
100.0%
|
100.0%
|
12.42
|
Barnes & Noble, OfficeMax, Sports Authority
|
||||
|
Village of Oriole Plaza
|
Delray Beach, FL
|
30%
|
1986/2005/NA
|
39
|
155,752
|
155,752
|
42,112
|
113,640
|
147,092
|
94.4%
|
94.4%
|
13.22
|
Publix
|
||||
|
Village Plaza
|
Lakeland, FL
|
30%
|
1989/2004/NA
|
25
|
146,755
|
146,755
|
64,504
|
82,251
|
112,892
|
76.9%
|
76.9%
|
12.58
|
Staples
|
||||
|
Vista Plaza
|
Jensen Beach, FL
|
30%
|
1998/2004/NA
|
10
|
109,761
|
109,761
|
78,658
|
31,103
|
81,347
|
92.3%
|
74.1%
|
10.82
|
Bed Bath & Beyond, Michaels
|
||||
|
West Broward Shopping Center
|
Plantation, FL
|
30%
|
1965/2005/NA
|
19
|
156,236
|
156,236
|
81,801
|
74,435
|
151,242
|
98.7%
|
96.8%
|
10.50
|
Badcock, National Pawn Shop, Save-A-Lot, US Postal Service
|
||||
|
Total / Average
|
392
|
2,829,367
|
2,521,367
|
1,493,338
|
1,028,029
|
2,171,435
|
90.5%
|
86.1%
|
$ 12.54
|
||||||||
|
Georgia
|
|||||||||||||||||
|
Paulding Pavilion
|
Hiram, GA
|
20%
|
1995/2006/NA
|
12
|
84,846
|
84,846
|
60,509
|
24,337
|
80,896
|
97.7%
|
95.3%
|
$ 15.17
|
Sports Authority, Staples
|
||||
|
Peachtree Hill
|
Duluth, GA
|
20%
|
1986/2007/NA
|
34
|
150,872
|
150,872
|
87,411
|
63,461
|
93,465
|
61.9%
|
61.9%
|
10.37
|
Kroger
|
||||
|
Total / Average
|
46
|
235,718
|
235,718
|
147,920
|
87,798
|
174,361
|
74.8%
|
74.0%
|
$ 12.60
|
||||||||
| |
Page 16 of 25 |
|
Ramco-Gershenson Properties Trust
|
|
Portfolio Summary Report
|
|
As of June 30, 2010
|
|
|
Company Owned GLA (1)
|
||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of
Units
|
|
Total Center
GLA (1)
|
|
Total
|
Anchor
|
Non-Anchor
|
Occupied
|
%
Leased
|
%
Occupied
|
|
ABR
psf
|
|
Anchor Tenants (2)
|
|
Illinois
|
|||||||||||||||||
|
Market Plaza
|
Glen Ellyn, IL
|
20%
|
1965/2007/1996
|
35
|
163,054
|
163,054
|
66,079
|
96,975
|
156,161
|
95.8%
|
95.8%
|
$ 15.01
|
Jewel Osco, Staples
|
||||
|
Rolling Meadows Shopping Center
|
Rolling Meadows, IL
|
20%
|
1956/2008/1995
|
18
|
130,436
|
130,436
|
83,230
|
47,206
|
123,107
|
94.4%
|
94.4%
|
10.92
|
Jewel Osco, Northwest Community Hospital (6)
|
||||
|
Total / Average
|
53
|
293,490
|
293,490
|
149,309
|
144,181
|
279,268
|
95.2%
|
95.2%
|
$ 13.20
|
||||||||
|
Indiana
|
|||||||||||||||||
|
Merchants' Square
|
Carmel, IN
|
20%
|
1970/2004/NA
|
47
|
358,875
|
278,875
|
69,504
|
209,371
|
249,875
|
89.6%
|
89.6%
|
$ 10.14
|
(Marsh), Cost Plus, Hobby Lobby
|
||||
|
Nora Plaza
|
Indianapolis, IN
|
7%
|
1958/2007/2002
|
25
|
263,838
|
140,038
|
57,713
|
82,325
|
138,809
|
99.1%
|
99.1%
|
13.25
|
(Target), Marshalls, Whole Foods
|
||||
|
Total / Average
|
72
|
622,713
|
418,913
|
127,217
|
291,696
|
388,684
|
92.8%
|
92.8%
|
$ 11.25
|
||||||||
|
Maryland
|
|||||||||||||||||
|
Crofton Centre
|
Crofton, MD
|
20%
|
1974/1996/NA
|
19
|
252,491
|
252,491
|
196,570
|
55,921
|
226,725
|
89.8%
|
89.8%
|
$ 7.31
|
Basics/Metro, Kmart, Gold's Gym
|
||||
|
Total / Average
|
19
|
252,491
|
252,491
|
196,570
|
55,921
|
226,725
|
89.8%
|
89.8%
|
$ 7.31
|
||||||||
|
Michigan
|
|||||||||||||||||
|
Gratiot Crossing
|
Chesterfield, MI
|
30%
|
1980/2005/NA
|
15
|
165,544
|
165,544
|
122,406
|
43,138
|
150,586
|
91.0%
|
91.0%
|
$ 8.59
|
Jo-Ann, Kmart
|
||||
|
Hunter's Square
|
Farmington Hills, MI
|
30%
|
1988/2005/NA
|
36
|
357,302
|
357,302
|
194,236
|
163,066
|
352,521
|
98.7%
|
98.7%
|
16.27
|
Bed Bath & Beyond, Borders, Loehmann's, Marshalls, T J Maxx
|
||||
|
Millennium Park
|
Livonia, MI
|
30%
|
2000/2005/NA
|
14
|
634,015
|
281,374
|
241,850
|
39,524
|
242,550
|
86.2%
|
86.2%
|
13.22
|
Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
|
||||
|
Southfield Plaza Expansion
|
Southfield, MI
|
50%
|
1987/1996/2003
|
11
|
19,410
|
19,410
|
-
|
19,410
|
14,010
|
72.2%
|
72.2%
|
15.31
|
|||||
|
Troy Marketplace
|
Troy, MI
|
30%
|
2000/2005/NA
|
12
|
242,773
|
222,173
|
193,360
|
28,813
|
208,873
|
94.9%
|
94.0%
|
14.23
|
Famous Furniture, Golfsmith, LA Fitness, Nordstom Rack, PETsMART, (REI)
|
||||
|
West Acres Commons
|
Flint, MI
|
40%
|
1998/2001/NA
|
14
|
95,089
|
95,089
|
59,889
|
35,200
|
82,489
|
86.7%
|
86.7%
|
12.48
|
VG's Food Center
|
||||
|
Winchester Center
|
Rochester Hills, MI
|
30%
|
1980/2005/NA
|
16
|
314,409
|
314,409
|
224,356
|
90,053
|
314,409
|
100.0%
|
100.0%
|
13.84
|
Borders, Dick's Sporting Goods, Linens 'N Things (5), Marshalls, Michaels, PETsMART, (Sears)
|
||||
|
Total / Average
|
118
|
1,828,542
|
1,455,301
|
1,036,097
|
419,204
|
1,365,438
|
94.0%
|
93.8%
|
$ 13.77
|
||||||||
|
New Jersey
|
|||||||||||||||||
|
Chester Springs Shopping Center
|
Chester, NJ
|
20%
|
1970/1996/1999
|
41
|
224,153
|
224,153
|
81,760
|
142,393
|
198,108
|
88.4%
|
88.4%
|
$ 13.71
|
Shop-Rite Supermarket, Staples
|
||||
|
Total / Average
|
41
|
224,153
|
224,153
|
81,760
|
142,393
|
198,108
|
88.4%
|
88.4%
|
$ 13.71
|
||||||||
|
Ohio
|
|||||||||||||||||
|
Olentangy Plaza
|
Columbus, OH
|
20%
|
1981/2007/1997
|
41
|
231,507
|
231,507
|
116,707
|
114,800
|
211,302
|
91.3%
|
91.3%
|
$ 10.49
|
Eurolife Furniture, Marshalls, MicroCenter, Sunflower Market (3)
|
||||
|
The Shops on Lane Avenue
|
Upper Arlington, OH
|
20%
|
1952/2007/2004
|
40
|
161,810
|
161,810
|
46,574
|
115,236
|
150,811
|
95.9%
|
93.2%
|
18.77
|
Bed Bath & Beyond, Whole Foods
|
||||
|
Total / Average
|
81
|
393,317
|
393,317
|
163,281
|
230,036
|
362,113
|
93.2%
|
92.1%
|
$ 13.94
|
||||||||
|
JV Subtotal / Average at 100%
|
822
|
6,679,791
|
5,794,750
|
3,395,492
|
2,399,258
|
5,166,132
|
91.2%
|
89.2%
|
$ 12.72
|
||||||||
|
Joint Venture Portfolio
Under Redevelopment:
|
|||||||||||||||||
|
Collins Pointe Plaza
|
Cartersville, GA
|
20%
|
1987/2006/NA
|
18
|
94,267
|
94,267
|
46,358
|
47,909
|
81,583
|
90.6%
|
86.5%
|
8.46
|
Goodwill (6)
|
||||
|
The Shops at Old Orchard
|
W. Bloomfield, MI
|
30%
|
1972/2007/NA
|
17
|
76,019
|
76,019
|
36,044
|
39,975
|
69,924
|
94.0%
|
92.0%
|
17.12
|
Plum Market
|
||||
|
Total / Average
|
35
|
170,286
|
170,286
|
82,402
|
87,884
|
151,507
|
92.1%
|
89.0%
|
$ 12.45
|
||||||||
|
JV Total / Average at 100%
|
857
|
6,850,077
|
5,965,036
|
3,477,894
|
2,487,142
|
5,317,639
|
91.2%
|
89.1%
|
$ 12.71
|
||||||||
|
PORTFOLIO TOTAL / AVERAGE
|
1912
|
19,780,496
|
15,263,598
|
9,584,394
|
5,679,204
|
13,684,412
|
90.8%
|
89.7%
|
$ 10.90
|
||||||||
|
Footnotes
|
|
|
|
(1) Company Owned GLA represents gross leaseable area that is owned by the Company. Total Center GLA includes Owned GLA and square footage attributable to non-owned anchor space.
|
||
|
(2) Anchor tenants are any tenant over 19,000 square feet. Tenants in parenthesis own their own GLA.
|
||
|
(3) Tenant closed - lease obligated.
|
||
|
(4) The Town Center at Aquia is considered a development project by the Company.
|
||
|
(5) Tenant closed in Bankruptcy, Leases are guaranteed by CVS.
|
||
|
(6) Space delivered to tenant.
|
||
| |
Page 17 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||
|
Top 20 Tenants (ranked by annualized base rent)
|
|||||||
|
As of June 30, 2010
|
|||||||
|
Tenant Name
|
Credit Rating
S&P/Moody's
[1]
|
Number of
Leases
|
Leased
GLA SF
|
% of Total
Company
Owned
GLA
|
Total ABR
|
ABR
psf
|
% of Base
Rental
Revenue
|
|
Top 20 Tenants
|
|||||||
|
T.J. Maxx/Marshalls
|
A/A3
|
20
|
636,154
|
4.1%
|
$ 5,866,497
|
$ 9.22
|
3.9%
|
|
Publix Super Market
|
NR/NR
|
12
|
574,794
|
3.7%
|
4,534,891
|
7.89
|
3.0%
|
|
Home Depot
|
BBB+/Baa1
|
3
|
384,690
|
2.5%
|
2,857,500
|
7.43
|
1.9%
|
|
Kmart/Sears
|
BB-/Ba2
|
6
|
618,341
|
4.1%
|
2,717,603
|
4.39
|
1.8%
|
|
OfficeMax
|
B/B1
|
11
|
252,045
|
1.7%
|
2,699,078
|
10.71
|
1.8%
|
|
Dollar Tree
|
NR/NR
|
26
|
277,516
|
1.8%
|
2,442,018
|
8.80
|
1.6%
|
|
Jo-Ann Fabrics
|
BB-/NR
|
6
|
218,993
|
1.4%
|
2,423,614
|
11.07
|
1.6%
|
|
Burlington Coat Factory
|
NR/NR
|
5
|
360,867
|
2.4%
|
2,376,333
|
6.59
|
1.6%
|
|
Staples
|
BBB/Baa2
|
10
|
224,292
|
1.5%
|
2,277,886
|
10.16
|
1.5%
|
|
Best Buy
|
BBB-/Baa2
|
5
|
176,677
|
1.2%
|
2,214,623
|
12.53
|
1.5%
|
|
PETsMART
|
BB/NR
|
7
|
160,428
|
1.1%
|
2,160,407
|
13.47
|
1.4%
|
|
Michaels Stores
|
B-/B3
|
9
|
199,724
|
1.3%
|
2,124,876
|
10.64
|
1.4%
|
|
Gander Mountain
|
NR/NR
|
2
|
159,791
|
1.0%
|
1,899,745
|
11.89
|
1.3%
|
|
Lowe's Home Centers
|
A/A1
|
2
|
270,394
|
1.8%
|
1,822,956
|
6.74
|
1.2%
|
|
Meijer
|
NR/NR
|
2
|
397,428
|
2.6%
|
1,697,000
|
4.27
|
1.1%
|
|
Kroger
|
BBB/Baa2
|
3
|
207,709
|
1.4%
|
1,676,417
|
8.07
|
1.1%
|
|
Office Depot
|
B/B2
|
7
|
168,832
|
1.1%
|
1,674,772
|
9.92
|
1.1%
|
|
Bed Bath & Beyond
|
BBB/NR
|
5
|
154,599
|
1.0%
|
1,658,456
|
10.73
|
1.1%
|
|
Hobby Lobby
|
NR/NR
|
5
|
276,173
|
1.8%
|
1,640,038
|
5.94
|
1.1%
|
|
LA Fitness Sports Club
|
NR/NR
|
2
|
76,833
|
0.5%
|
1,581,552
|
20.58
|
1.1%
|
|
Sub-Total top 20 tenants
|
148
|
5,796,280
|
38.0%
|
$ 48,346,262
|
$ 8.34
|
32.1%
|
|
|
Remaining tenants
|
1,355
|
7,888,132
|
51.7%
|
100,830,198
|
12.78
|
67.9%
|
|
|
Sub-Total all tenants
|
1,503
|
13,684,412
|
89.7%
|
$149,176,460
|
$ 10.90
|
100.0%
|
|
|
Vacant
|
409
|
1,579,186
|
10.3%
|
N/A
|
N/A
|
N/A
|
|
|
Total including vacant
|
1,912
|
15,263,598
|
100.0%
|
$149,176,460
|
N/A
|
100.0%
|
|
|
[1] Source: Latest Company filings per CreditRiskMonitor.
|
|||||||
| |
Page 18 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||||||||||||||||||||||||
|
Summary of Expiring GLA
|
|||||||||||||||||||||||||||||
|
As of June 30, 2010
|
|||||||||||||||||||||||||||||
|
Anchor Tenants [1]
|
Non-Anchor Tenants
|
All Leases
|
|||||||||||||||||||||||||||
|
Expiration
Year
|
Number of Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
Number of
Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
Number of Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
||||||||||||||
|
(2)
|
-
|
-
|
0.0%
|
0.0%
|
$ -
|
24
|
48,667
|
0.9%
|
1.0%
|
$ 15.85
|
24
|
48,667
|
0.3%
|
0.5%
|
$ 15.85
|
||||||||||||||
|
2010
|
2
|
46,128
|
0.5%
|
0.5%
|
7.80
|
92
|
305,294
|
5.4%
|
5.1%
|
12.24
|
94
|
351,422
|
2.3%
|
2.7%
|
11.66
|
||||||||||||||
|
2011
|
12
|
424,009
|
4.4%
|
4.3%
|
7.70
|
273
|
888,477
|
15.6%
|
18.1%
|
14.98
|
285
|
1,312,486
|
8.6%
|
11.1%
|
12.63
|
||||||||||||||
|
2012
|
17
|
712,383
|
7.4%
|
5.9%
|
6.23
|
261
|
833,154
|
14.7%
|
18.9%
|
16.69
|
278
|
1,545,537
|
10.1%
|
12.3%
|
11.87
|
||||||||||||||
|
2013
|
27
|
966,086
|
10.1%
|
11.2%
|
8.72
|
216
|
637,835
|
11.2%
|
14.8%
|
17.03
|
243
|
1,603,921
|
10.6%
|
12.9%
|
12.03
|
||||||||||||||
|
2014
|
22
|
1,008,020
|
10.5%
|
8.1%
|
6.05
|
149
|
541,060
|
9.5%
|
11.3%
|
15.43
|
171
|
1,549,080
|
10.1%
|
9.7%
|
9.33
|
||||||||||||||
|
2015
|
26
|
1,027,948
|
10.7%
|
11.5%
|
8.43
|
109
|
417,692
|
7.4%
|
8.7%
|
15.36
|
135
|
1,445,640
|
9.5%
|
10.1%
|
10.44
|
||||||||||||||
|
2016
|
27
|
1,122,093
|
11.7%
|
12.1%
|
8.13
|
56
|
309,648
|
5.5%
|
7.5%
|
17.81
|
83
|
1,431,741
|
9.4%
|
9.8%
|
10.22
|
||||||||||||||
|
2017
|
17
|
646,197
|
6.7%
|
10.6%
|
12.39
|
30
|
140,500
|
2.5%
|
3.4%
|
17.81
|
47
|
786,697
|
5.2%
|
7.0%
|
13.35
|
||||||||||||||
|
2018
|
13
|
466,343
|
4.9%
|
6.8%
|
11.00
|
25
|
118,399
|
2.1%
|
2.8%
|
17.44
|
38
|
584,742
|
3.8%
|
4.8%
|
12.31
|
||||||||||||||
|
2019
|
10
|
524,180
|
5.5%
|
6.5%
|
9.36
|
21
|
97,848
|
1.7%
|
2.1%
|
15.57
|
31
|
622,028
|
4.1%
|
4.3%
|
10.34
|
||||||||||||||
|
2020+
|
31
|
2,120,801
|
22.1%
|
22.5%
|
8.10
|
43
|
281,650
|
5.0%
|
6.3%
|
16.44
|
74
|
2,402,451
|
15.7%
|
14.8%
|
9.07
|
||||||||||||||
|
Sub-Total
|
204
|
9,064,188
|
94.5%
|
100.0%
|
$ 8.34
|
1,299
|
4,620,224
|
81.5%
|
100.0%
|
$ 15.95
|
1,503
|
13,684,412
|
89.7%
|
100.0%
|
$ 10.90
|
||||||||||||||
|
Vacant
|
14
|
520,206
|
5.5%
|
N/A
|
N/A
|
395
|
1,058,980
|
18.5%
|
N/A
|
N/A
|
409
|
1,579,186
|
10.3%
|
N/A
|
N/A
|
||||||||||||||
|
Total
|
218
|
9,584,394
|
100.0%
|
100.0%
|
N/A
|
1,694
|
5,679,204
|
100.0%
|
100.0%
|
N/A
|
1,912
|
15,263,598
|
100%
|
100.0%
|
N/A
|
||||||||||||||
|
[1] Anchor is defined as a tenant leasing 19,000 square feet or more.
|
|||||||||||||||||||||||||||||
|
[2] Tenants currently under month to month lease or in the process of renewal.
|
|||||||||||||||||||||||||||||
| |
Page 19 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||||||
|
Joint Venture Summary of Operations
|
||||||||||||||||||||||||||||||||||||||||
|
For the Three and Six Months Ended June 30, 2010 (in thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
For the Three Months Ended June 30, 2010
|
||||||||||||||||||||||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
Other
|
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Joint
|
Joint Ventures
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI
|
Davie, FL
|
Ventures [1]
|
at 100%
|
Share
|
|||||||||||||||||||||||||||||||
|
Total revenue
|
$ | 12,886 | $ | 7,621 | $ | 507 | $ | 1,043 | $ | 604 | $ | 352 | $ | 667 | $ | 73 | $ | 23,753 | $ | 6,051 | ||||||||||||||||||||
|
Operating expense
|
4,947 | 3,016 | 119 | 292 | 125 | 105 | 237 | 23 | 8,864 | 2,284 | ||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
3,666 | 2,599 | 191 | 321 | 171 | 68 | 141 | 9 | 7,166 | 1,781 | ||||||||||||||||||||||||||||||
|
Interest expense
|
4,414 | 3,249 | 39 | - | - | 192 | 218 | 14 | 8,126 | 2,153 | ||||||||||||||||||||||||||||||
|
Total expenses
|
13,027 | 8,864 | 349 | 613 | 296 | 365 | 596 | 46 | 24,156 | 6,218 | ||||||||||||||||||||||||||||||
|
Net income (loss)
|
$ | (141 | ) | $ | (1,243 | ) | $ | 158 | $ | 430 | $ | 308 | $ | (13 | ) | $ | 71 | $ | 27 | $ | (403 | ) | $ | (167 | ) | |||||||||||||||
|
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||
|
Ramco's share of net income (loss)
|
$ | (43 | ) | $ | (249 | ) | $ | 32 | $ | 30 | $ | 22 | $ | (5 | ) | $ | 28 | $ | 18 | $ | (167 | ) | ||||||||||||||||||
|
Add: Pro rata share of depreciation expense
|
1,062 | 497 | 36 | 22 | 11 | 27 | 48 | 6 | 1,709 | |||||||||||||||||||||||||||||||
|
Funds from operations contributed by joint ventures
|
$ | 1,019 | $ | 248 | $ | 68 | $ | 52 | $ | 33 | $ | 22 | $ | 76 | $ | 24 | $ | 1,542 | ||||||||||||||||||||||
|
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010).
|
||||||||||||||||||||||||||||||||||||||||
|
For the Six Months Ended June 30, 2010
|
||||||||||||||||||||||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
Other
|
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Joint
|
Joint Ventures
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI
|
Davie, FL
|
Ventures [1]
|
at 100%
|
Share
|
|||||||||||||||||||||||||||||||
|
Total revenues
|
$ | 27,886 | $ | 15,737 | $ | 1,050 | $ | 2,135 | $ | 1,171 | $ | 707 | $ | 1,353 | $ | 128 | $ | 50,167 | $ | 12,843 | ||||||||||||||||||||
|
Operating expense
|
9,262 | 5,825 | 199 | 634 | 231 | 236 | 475 | 47 | 16,909 | 4,346 | ||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
7,306 | 5,105 | 378 | 647 | 341 | 136 | 281 | 17 | 14,211 | 3,534 | ||||||||||||||||||||||||||||||
|
Interest expense
|
8,361 | 7,024 | 75 | - | - | 366 | 435 | 29 | 16,290 | 4,263 | ||||||||||||||||||||||||||||||
|
Total expenses
|
24,929 | 17,954 | 652 | 1,281 | 572 | 738 | 1,191 | 93 | 47,410 | 12,143 | ||||||||||||||||||||||||||||||
|
Net income (loss)
|
$ | 2,957 | $ | (2,217 | ) | $ | 398 | $ | 854 | $ | 599 | $ | (31 | ) | $ | 162 | $ | 35 | $ | 2,757 | $ | 700 | ||||||||||||||||||
|
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||
|
Ramco's share of net income (loss)
|
$ | 887 | $ | (444 | ) | $ | 80 | $ | 60 | $ | 42 | $ | (12 | ) | $ | 64 | $ | 23 | $ | 700 | ||||||||||||||||||||
|
Add: Pro rata share of depreciation expense
|
2,115 | 974 | 71 | 45 | 23 | 53 | 95 | 9 | 3,385 | |||||||||||||||||||||||||||||||
|
Funds from operations contributed by joint ventures
|
$ | 3,002 | $ | 530 | $ | 151 | $ | 105 | $ | 65 | $ | 41 | $ | 159 | $ | 32 | $ | 4,085 | ||||||||||||||||||||||
|
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010).
|
||||||||||||||||||||||||||||||||||||||||
| |
Page 20 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||
|
Joint Venture Balance Sheet Summary
|
||||||||||||||||||||||||||||||||||||
|
As of June 30, 2010 (in thousands)
|
||||||||||||||||||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Associates
|
Joint Ventures
|
||||||||||||||||||||||||||||
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI
|
Davie, FL
|
Southfield, MI
|
at 100%
|
||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||
|
Investment in real estate
|
||||||||||||||||||||||||||||||||||||
|
Land
|
$ | 76,891 | $ | 50,317 | $ | 2,879 | $ | 7,601 | $ | 4,019 | $ | 1,118 | $ | 1,653 | $ | 50 | $ | 144,528 | ||||||||||||||||||
|
Buildings and improvements
|
470,274 | 305,797 | 20,620 | 44,574 | 23,518 | 10,104 | 15,200 | 445 | 890,532 | |||||||||||||||||||||||||||
|
Construction in progress
|
65 | 1,893 | 306 | 11 | - | - | 3 | - | 2,278 | |||||||||||||||||||||||||||
|
Intangible assets, net
|
13,432 | 6,951 | 1,026 | 1,096 | 536 | 42 | 187 | 29 | 23,299 | |||||||||||||||||||||||||||
| 560,662 | 364,958 | 24,831 | 53,282 | 28,073 | 11,264 | 17,043 | 524 | 1,060,637 | ||||||||||||||||||||||||||||
|
Less: accumulated depreciation
|
(53,581 | ) | (22,299 | ) | (1,497 | ) | (3,430 | ) | (1,692 | ) | (2,234 | ) | (3,297 | ) | (158 | ) | (88,188 | ) | ||||||||||||||||||
|
Investments in real estate, net
|
507,081 | 342,659 | 23,334 | 49,852 | 26,381 | 9,030 | 13,746 | 366 | 972,449 | |||||||||||||||||||||||||||
|
Cash and cash equivalents
|
11,447 | 10,280 | 423 | 1,120 | 191 | 398 | 922 | 175 | 24,956 | |||||||||||||||||||||||||||
|
Accounts receivable, net
|
9,652 | 3,858 | 511 | 243 | (45 | ) | 61 | 312 | 20 | 14,612 | ||||||||||||||||||||||||||
|
Other assets, net
|
2,459 | 2,169 | 106 | (17 | ) | 223 | 78 | 255 | 97 | 5,370 | ||||||||||||||||||||||||||
|
Total Assets
|
$ | 530,639 | $ | 358,966 | $ | 24,374 | $ | 51,198 | $ | 26,750 | $ | 9,567 | $ | 15,235 | $ | 658 | $ | 1,017,387 | ||||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
|
Mortgages and notes payable
|
$ | 253,607 | $ | 216,400 | $ | 8,750 | $ | - | $ | - | $ | 8,500 | $ | 11,775 | $ | 760 | $ | 499,792 | ||||||||||||||||||
|
Accounts payable and accrued expenses
|
11,882 | 6,756 | 262 | 626 | 117 | 257 | 500 | 258 | 20,658 | |||||||||||||||||||||||||||
| 265,489 | 223,156 | 9,012 | 626 | 117 | 8,757 | 12,275 | 1,018 | 520,450 | ||||||||||||||||||||||||||||
|
ACCUMULATED EQUITY (DEFICIT)
|
265,150 | 135,810 | 15,362 | 50,572 | 26,633 | 810 | 2,960 | (360 | ) | 496,937 | ||||||||||||||||||||||||||
|
Total Liabilities and Accumulated Equity
|
$ | 530,639 | $ | 358,966 | $ | 24,374 | $ | 51,198 | $ | 26,750 | $ | 9,567 | $ | 15,235 | $ | 658 | $ | 1,017,387 | ||||||||||||||||||
|
Ramco Equity
|
||||||||||||||||||||||||||||||||||||
|
Investment in
|
||||||||||||||||||||||||||||||||||||
|
EQUITY INVESTMENTS IN AND NOTES
|
Joint Ventures
|
|||||||||||||||||||||||||||||||||||
|
RECEIVABLE FROM UNCONSOLIDATED ENTITIES
|
||||||||||||||||||||||||||||||||||||
|
Equity Investments in Unconsolidated Entities
|
$ | 73,402 | $ | 15,070 | $ | 2,922 | $ | 2,774 | $ | 1,744 | $ | - | $ | 1,142 | $ | 721 | $ | 97,775 | ||||||||||||||||||
|
Notes Receivable from Unconsolidated Entities
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Total Equity Investments in and Notes
|
||||||||||||||||||||||||||||||||||||
|
Receivable from Unconsolidated Entities
|
$ | 73,402 | $ | 15,070 | $ | 2,922 | $ | 2,774 | $ | 1,744 | $ | - | $ | 1,142 | $ | 721 | $ | 97,775 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| |
Page 21 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||
|
Summary of Joint Venture Debt
|
||||||||||||||||||
|
As of June 30, 2010
|
||||||||||||||||||
|
Ramco
|
Stated
|
Ramco
|
||||||||||||||||
|
Ownership
|
Mortgage
|
Maturity
|
Loan
|
Interest
|
Share of
|
|||||||||||||
|
Property
|
Location
|
Lender or Servicer
|
Interest
|
Balance
|
Date
|
Type
|
Rate
|
Debt
|
||||||||||
|
Village of Oriole Plaza
|
Delray Beach, FL
|
Wachovia
|
30% | $ | 11,528,874 |
Oct-10
|
Fixed
|
8.25 | % | $ | 3,458,662 | |||||||
|
Marketplace of Delray
|
Delray Beach, FL
|
Berkadia Commercial Mortgage
|
30% | 16,292,817 |
Jan-11
|
Fixed
|
7.88 | % | 4,887,845 | |||||||||
|
Peachtree Hill
|
Duluth, GA
|
KeyBank NA
|
20% | 11,000,000 |
Feb-11
|
Variable
|
6.50 | %[1] | 2,200,000 | |||||||||
|
Martin Square
|
Stuart, FL
|
Berkadia Commercial Mortgage
|
30% | 12,588,660 |
Aug-11
|
Fixed
|
7.44 | % | 3,776,598 | |||||||||
|
Shenandoah Square
|
Davie, FL
|
L.J. Melody & Co/Salomon
|
40% | 11,775,146 |
Feb-12
|
Fixed
|
7.33 | % | 4,710,058 | |||||||||
|
Paulding Pavilion
|
Hiram, GA
|
Fifth Third Bank
|
20% | 8,750,000 |
Jun-12
|
Variable
|
1.80 | %[2] | 1,750,000 | |||||||||
|
West Broward Shopping Center
|
Plantation, FL
|
Berkadia Commercial Mortgage
|
30% | 9,447,729 |
Oct-12
|
Fixed
|
6.64 | % | 2,834,319 | |||||||||
|
Mission Bay Plaza
|
Boca Raton, FL
|
Wells Fargo Bank, NA
|
30% | 43,629,802 |
Jul-13
|
Fixed
|
6.64 | % | 13,088,941 | |||||||||
|
Winchester Center
|
Rochester Hills, MI
|
Wachovia
|
30% | 27,787,032 |
Jul-13
|
Fixed
|
8.11 | % | 8,336,110 | |||||||||
|
Hunter's Square
|
Farmington Hills, MI
|
Wachovia
|
30% | 36,102,365 |
Aug-13
|
Fixed
|
8.15 | % | 10,830,709 | |||||||||
|
The Plaza at Delray
|
Delray Beach, FL
|
CIGNA
|
20% | 47,561,239 |
Sep-13
|
Fixed
|
6.00 | % | 9,512,248 | |||||||||
|
Chester Springs Shopping Center
|
Chester, NJ
|
Citigroup
|
20% | 22,522,239 |
Oct-13
|
Fixed
|
5.51 | % | 4,504,448 | |||||||||
|
Village Plaza
|
Lakeland, FL
|
Citigroup
|
30% | 9,300,000 |
Sep-15
|
Fixed
|
5.01 | % | 2,790,000 | |||||||||
|
Millennium Park
|
Livonia, MI
|
Citigroup
|
30% | 32,000,000 |
Oct-15
|
Fixed
|
5.02 | % | 9,600,000 | |||||||||
|
Rolling Meadows Shopping Center
|
Rolling Meadows, IL
|
Wells Fargo Bank, NA
|
20% | 11,911,250 |
Dec-15
|
Fixed
|
5.34 | % | 2,382,250 | |||||||||
|
Southfield Plaza Expansion
|
Southfield, MI
|
GECA
|
50% | 760,251 |
May-16
|
Fixed
|
5.88 | %[3] | 380,125 | |||||||||
|
Troy Marketplace
|
Troy, MI
|
Deutsche Banc
|
30% | 21,900,000 |
Jun-16
|
Fixed
|
5.90 | % | 6,570,000 | |||||||||
|
Gratiot Crossing
|
Chesterfield Twp., MI
|
Deutsche Banc
|
30% | 13,500,000 |
Jun-16
|
Fixed
|
5.90 | % | 4,050,000 | |||||||||
|
Crofton Centre
|
Crofton, MD
|
Citigroup
|
20% | 17,000,000 |
Jan-17
|
Fixed
|
5.85 | % | 3,400,000 | |||||||||
|
Merchants' Square
|
Carmel, IN
|
TIAA-CREF
|
20% | 32,700,000 |
May-17
|
Fixed
|
6.04 | % | 6,540,000 | |||||||||
|
The Shops on Lane Avenue
|
Upper Arlington, OH
|
Principal Global Investors
|
20% | 27,600,000 |
Jan-18
|
Variable
|
5.95 | %[4] | 5,520,000 | |||||||||
|
Olentangy Plaza
|
Columbus, OH
|
Principal Global Investors
|
20% | 21,600,000 |
Jan-18
|
Variable
|
5.88 | %[4] | 4,320,000 | |||||||||
|
Market Plaza
|
Glen Ellyn, IL
|
Principal Global Investors
|
20% | 24,505,000 |
Jan-18
|
Variable
|
5.88 | %[4] | 4,901,000 | |||||||||
|
Treasure Coast Commons
|
Jensen Beach, FL
|
GE Group Life Assurance
|
30% | 8,415,000 |
Jun-20
|
Fixed
|
5.54 | % | 2,524,500 | |||||||||
|
Vista Plaza
|
Jensen Beach, FL
|
First Colony Life Insurance
|
30% | 11,115,000 |
Jun-20
|
Fixed
|
5.54 | % | 3,334,500 | |||||||||
|
West Acres Commons
|
Flint, MI
|
Midland Loan Services
|
40% | 8,499,823 |
Apr-30
|
Fixed
|
10.14 | % | 3,399,929 | |||||||||
| $ | 499,792,227 | $ | 129,602,242 | |||||||||||||||
|
[1] Interest rate is variable based on LIBOR plus 4.50% and has a 2.00% LIBOR floor.
|
||||||||||||||||||
|
[2] Interest rate is variable based on LIBOR plus 1.45%.
|
||||||||||||||||||
|
[3] Resets per formula annually each June 1.
|
||||||||||||||||||
|
[4] Interest rate is fixed for five years and then lender has right to reset interest rate in 2013.
|
||||||||||||||||||
| |
Page 22 of 25 |
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
|
Joint Venture Same Property Analysis [1]
|
||||||||||||||||||||||||
|
For the Three and Six Months Ended June 30, 2010 (in thousands)
|
||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
|
2010
|
2009
|
% Change
|
2010
|
2009
|
% Change
|
|||||||||||||||||||
|
Number of Properties
|
30 | 30 | 0 | 30 | 30 | 0 | ||||||||||||||||||
|
Occupancy
|
89.3 | % | 89.7 | % | -0.4 | % | 89.3 | % | 89.7 | % | -0.4 | % | ||||||||||||
|
REVENUE:
|
||||||||||||||||||||||||
|
Minimum Rents
|
$ | 15,126 | $ | 16,054 | -5.8 | % | $ | 30,577 | $ | 32,286 | -5.3 | % | ||||||||||||
|
Percentage Rent
|
99 | 88 | 12.5 | % | 129 | 110 | 17.1 | % | ||||||||||||||||
|
Recoveries from Tenants
|
5,155 | 5,341 | -3.5 | % | 10,539 | 11,021 | -4.4 | % | ||||||||||||||||
|
Other Income
|
179 | 121 | 47.9 | % | 399 | 218 | 83.0 | % | ||||||||||||||||
| $ | 20,559 | $ | 21,604 | -4.8 | % | $ | 41,644 | $ | 43,635 | -4.6 | % | |||||||||||||
|
EXPENSES:
|
||||||||||||||||||||||||
|
Real Estate Taxes
|
$ | 3,562 | $ | 3,533 | 0.8 | % | $ | 7,089 | $ | 7,109 | -0.3 | % | ||||||||||||
|
Property Operating and Maintenance
|
2,238 | 2,167 | 3.3 | % | 4,636 | 4,627 | 0.2 | % | ||||||||||||||||
|
Other Operating [2]
|
1,889 | 1,662 | 13.7 | % | 3,255 | 3,121 | 4.3 | % | ||||||||||||||||
| $ | 7,689 | $ | 7,362 | 4.5 | % | $ | 14,980 | $ | 14,857 | 0.8 | % | |||||||||||||
|
NET OPERATING INCOME
|
$ | 12,870 | $ | 14,242 | -9.6 | % | $ | 26,664 | $ | 28,778 | -7.3 | % | ||||||||||||
|
Operating Expense Recovery Ratio
|
88.9 | % | 93.7 | % | -4.8 | % | 89.9 | % | 93.9 | % | -4.0 | % | ||||||||||||
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment.
|
||||||||||||||||||||||||
|
[2] Includes on-time, bad debt expense of $367.6k related to a tenant dispute.
|
||||||||||||||||||||||||
| |
Page 23 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||||||
|
Joint Venture Leasing Activity Summary
|
|||||||||||
|
As of June 30, 2010
|
|||||||||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
||||||
|
New leases
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
|||||
|
2nd Quarter 2010
|
19
|
114,143
|
$13.72
|
$14.35
|
-4.4%
|
8.4
|
|||||
|
1st Quarter 2010
|
6
|
30,097
|
$12.17
|
$11.86
|
2.6%
|
8.1
|
|||||
|
Total 6 months
|
25
|
144,240
|
$13.40
|
$13.83
|
-3.1%
|
8.3
|
|||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
||||||
|
Renewals
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
|||||
|
2nd Quarter 2010
|
28
|
227,346
|
$9.55
|
$9.47
|
0.8%
|
4.4
|
|||||
|
1st Quarter 2010
|
33
|
187,849
|
$12.35
|
$15.53
|
-20.5%
|
3.1
|
|||||
|
Total 6 months
|
61
|
415,195
|
$10.82
|
$12.21
|
-11.4%
|
3.8
|
|||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
||||||
|
Total Comparable Leases [2]
|
Transactions
|
Footage
|
PSF
|
PSF [1]
|
%
|
Lease Term
|
|||||
|
2nd Quarter 2010
|
47
|
341,489
|
$10.94
|
$11.10
|
-1.4%
|
5.7
|
|||||
|
1st Quarter 2010
|
39
|
217,946
|
$12.33
|
$15.02
|
-17.9%
|
3.8
|
|||||
|
Total 6 months
|
86
|
559,435
|
$11.48
|
$12.63
|
-9.1%
|
5.0
|
|||||
|
Leasing
|
Square
|
Base Rent
|
Prior Rent
|
Rent Growth
|
Wtd. Avg.
|
||||||
|
Total Comparable and Non-Comparable
|
Transactions
|
Footage
|
PSF
|
PSF
|
%
|
Lease Term
|
|||||
|
2nd Quarter 2010
|
54
|
366,245
|
$11.56
|
n/a
|
n/a
|
6.3
|
|||||
|
1st Quarter 2010
|
41
|
285,304
|
$10.84
|
n/a
|
n/a
|
5.3
|
|||||
|
Total 6 months
|
95
|
651,549
|
$11.25
|
5.8
|
|||||||
|
|
|||||||||||
|
|
|||||||||||
|
Notes
|
|||||||||||
|
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
|
|||||||||||
|
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant.
|
|||||||||||
| |
Page 24 of 25 |
|
Ramco-Gershenson Properties Trust
|
|||||||||||||||||||||||||||||
|
Joint Venture Summary of Expiring GLA
|
|||||||||||||||||||||||||||||
|
As of June 30, 2010
|
|||||||||||||||||||||||||||||
|
Anchor Tenants [1]
|
Non-Anchor Tenants
|
All Leases
|
|||||||||||||||||||||||||||
|
Expiration
Year
|
Number of Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
Number of
Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
Number of Leases
|
Square
Feet
|
%
of SF
|
%
of ABR
|
ABR
psf
|
||||||||||||||
|
(2)
|
-
|
-
|
0.0%
|
0.0%
|
$ -
|
9
|
22,917
|
0.9%
|
1.2%
|
$ 18.81
|
9
|
22,917
|
0.4%
|
0.6%
|
$ 18.81
|
||||||||||||||
|
2010
|
1
|
22,128
|
0.6%
|
0.5%
|
7.05
|
49
|
186,075
|
7.5%
|
6.1%
|
12.09
|
50
|
208,203
|
3.5%
|
3.6%
|
11.56
|
||||||||||||||
|
2011
|
4
|
147,727
|
4.2%
|
4.5%
|
9.05
|
129
|
347,457
|
14.0%
|
16.9%
|
17.85
|
133
|
495,184
|
8.3%
|
11.3%
|
15.36
|
||||||||||||||
|
2012
|
5
|
224,553
|
6.5%
|
5.3%
|
7.32
|
114
|
362,438
|
14.6%
|
17.7%
|
17.95
|
119
|
586,991
|
9.8%
|
12.1%
|
13.88
|
||||||||||||||
|
2013
|
11
|
437,427
|
12.6%
|
13.3%
|
9.39
|
97
|
267,635
|
10.8%
|
14.0%
|
19.13
|
108
|
705,062
|
11.8%
|
13.6%
|
13.09
|
||||||||||||||
|
2014
|
11
|
361,573
|
10.4%
|
8.6%
|
7.35
|
68
|
238,377
|
9.6%
|
11.5%
|
17.65
|
79
|
599,950
|
10.1%
|
10.2%
|
11.45
|
||||||||||||||
|
2015
|
13
|
517,523
|
14.9%
|
15.0%
|
8.99
|
55
|
208,666
|
8.4%
|
9.5%
|
16.65
|
68
|
726,189
|
12.2%
|
12.0%
|
11.19
|
||||||||||||||
|
2016
|
10
|
358,950
|
10.3%
|
12.2%
|
10.51
|
22
|
133,359
|
5.4%
|
6.6%
|
18.03
|
32
|
492,309
|
8.3%
|
9.1%
|
12.54
|
||||||||||||||
|
2017
|
5
|
134,910
|
3.9%
|
6.6%
|
15.15
|
17
|
69,490
|
2.8%
|
4.2%
|
22.02
|
22
|
204,400
|
3.4%
|
5.3%
|
17.49
|
||||||||||||||
|
2018
|
4
|
177,514
|
5.1%
|
6.0%
|
10.43
|
12
|
65,308
|
2.6%
|
2.9%
|
16.53
|
16
|
242,822
|
4.1%
|
4.3%
|
12.07
|
||||||||||||||
|
2019
|
5
|
201,705
|
5.8%
|
7.8%
|
11.98
|
13
|
43,839
|
1.8%
|
2.4%
|
20.37
|
18
|
245,544
|
4.1%
|
4.9%
|
13.48
|
||||||||||||||
|
2020+
|
12
|
648,284
|
18.6%
|
20.3%
|
9.60
|
21
|
139,784
|
5.6%
|
7.0%
|
18.46
|
33
|
788,068
|
13.2%
|
13.0%
|
11.17
|
||||||||||||||
|
Sub-Total
|
81
|
3,232,294
|
92.9%
|
100.0%
|
$ 9.57
|
606
|
2,085,345
|
84.0%
|
100.0%
|
$ 15.94
|
687
|
5,317,639
|
89.2%
|
100.0%
|
$ 12.71
|
||||||||||||||
|
Vacant
|
9
|
245,600
|
7.1%
|
N/A
|
N/A
|
161
|
401,797
|
16.0%
|
N/A
|
N/A
|
170
|
647,397
|
10.8%
|
N/A
|
N/A
|
||||||||||||||
|
Total
|
90
|
3,477,894
|
100.0%
|
100.0%
|
N/A
|
767
|
2,487,142
|
100.0%
|
100.0%
|
N/A
|
857
|
5,965,036
|
100.0%
|
100.0%
|
N/A
|
||||||||||||||
|
[1] Anchor is defined as a tenant leasing 19,000 square feet or more.
|
|||||||||||||||||||||||||||||
|
[2] Tenants currently under month to month lease or in the process of renewal.
|
|||||||||||||||||||||||||||||
| |
Page 25 of 25 |