Attached files
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8-K - RAMCO-GERSHENSON PROPERTIES TRUST 8-K - RPT Realty | a6804159.htm |
EX-99.1 - EXHIBIT 99.1 - RPT Realty | a6804159ex99-1.htm |
Exhibit 99.2
Ramco-Gershenson Properties Trust
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Quarterly Financial and Operating Supplement
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June 30, 2011
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TABLE OF CONTENTS
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Page
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Overview
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Company Information
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3
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Disclosures
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4
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Financial Results and Debt Information
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Consolidated Balance Sheets
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5
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Consolidated Balance Sheets Detail
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6
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Consolidated Market Data
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7
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Summary of Debt Expiration - Consolidated Properties
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8
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Summary of Outstanding Debt - Consolidated Properties
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9
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Consolidated Statements of Operations
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10
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Consolidated Statements of Operations Detail
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11
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Funds from Operations and Additional Disclosures
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12
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EBITDA
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13
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Operating and Portfolio Information
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Consolidated Same Properties Analysis
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14
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Summary of Expiring GLA - Consolidated and Unconsolidated Properties
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15
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Top Twenty Tenants - Consolidated and Unconsolidated Properties
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16
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Leasing Activity - Consolidated and Unconsolidated Portfolios
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17
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Portfolio Summary Report
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18 - 20
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Redevelopment and Development Projects
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21
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Acquisitions / Dispositions
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22
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Joint Venture Information
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Joint Venture Combined Balance Sheets
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23
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Summary of Joint Venture Debt
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24
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Joint Venture Contribution to Funds from Operations
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25
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Joint Venture Summary of Expiring GLA
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26
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Joint Venture Leasing Activity
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27
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Page 2 of 27
Page 3 of 27
Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
June 30, 2011
Disclosures
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Forward-Looking Statements
Certain information contained in this Quarterly Financial and Operating Supplemental Information Package may contain forward-looking statements that represent the company and management's hopes, intentions, beliefs, expectations or projections of the future. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements are based on reasonable assumptions. It is important to note that certain factors could occur that might cause actual results to vary from current expectations and include, but are not limited to, (i) the ongoing U.S. recession; (ii) the existing global credit and financial crisis; (iii) other changes in general economic and real estate conditions; (iv) changes in the interest rate and/or other changes in interest rate environment; (v) the availability of financing; (vi) adverse changes in the retail industry; and (vii) our ability to qualify as a REIT. Additional information concerning factors that could cause actual results to differ from those forward-looking statements is contained in the company's SEC filings, including but not limited to the company's report on Form 10-K for the year ended December 31, 2010. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.
Funds From Operations
Management considers funds from operations ("FFO") an appropriate supplemental measure of the financial performance of an equity REIT. Under the NAREIT definition, FFO represents net income attributable to common shareholders, excluding extraordinary items, as defined under accounting principles generally accepted in the United States of America ("GAAP"), gains (losses) on sales of depreciable property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures. FFO should not be considered an alternative to GAAP net income attributable to common shareholders as an indication of our performance. We consider FFO as a useful measure for reviewing our comparative operating and financial performance. However, our computation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies, and therefore, may not be comparable to these companies.
Page 4 of 27
Ramco-Gershenson Properties Trust
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Consolidated Balance Sheets
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As of June 30, 2011
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(in thousands)
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June 30,
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December 31,
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2011
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2010
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ASSETS
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Income producing properties, at cost:
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Land
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$ | 124,316 | $ | 114,814 | ||||
Buildings and improvements
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861,637 | 863,229 | ||||||
Less accumulated depreciation and amortization
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(215,958 | ) | (213,919 | ) | ||||
Income producing properties, net
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769,995 | 764,124 | ||||||
Construction in progress and land held for development or sale (including $0 and
$25,812 of consolidated variable interest entities, respectively)
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96,974 | 95,906 | ||||||
Property held for sale
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13,630 | - | ||||||
Net real estate
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$ | 880,599 | $ | 860,030 | ||||
Equity investments in unconsolidated joint ventures
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112,111 | 105,189 | ||||||
Cash and cash equivalents
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6,314 | 10,175 | ||||||
Restricted cash
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6,836 | 5,726 | ||||||
Accounts & notes receivable, net
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13,302 | 13,451 | ||||||
Other assets, net
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59,417 | 58,258 | ||||||
TOTAL ASSETS
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$ | 1,078,579 | $ | 1,052,829 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Mortgages and notes payable:
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Mortgages payable (including $0 and $4,605 of
consolidated variable interest entities, respectively)
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$ | 361,932 | $ | 363,819 | ||||
Unsecured / Secured revolving credit facility
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33,000 | 119,750 | ||||||
Unsecured / Secured term loan facility, including secured bridge loan
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75,000 | 60,000 | ||||||
Junior subordinated notes
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28,125 | 28,125 | ||||||
Total mortgages and notes payable
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$ | 498,057 | $ | 571,694 | ||||
Capital lease obligation
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6,493 | 6,641 | ||||||
Accounts payable and accrued expenses
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28,525 | 24,986 | ||||||
Other liabilities & distributions payable
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11,218 | 10,142 | ||||||
TOTAL LIABILITIES
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$ | 544,293 | $ | 613,463 | ||||
Ramco-Gershenson Properties Trust shareholders' equity:
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Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative
Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per
share), 2,000 and 0 issued and outstanding as of June 30, 2011 and December 31,
2010, respectively
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$ | 100,000 | $ | - | ||||
Common shares of beneficial interest, $0.01 par, 60,000 shares authorized,
38,543 and 37,947 shares issued and outstanding as of June 30, 2011 and
December 31, 2010, respectively
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385 | 379 | ||||||
Additional paid-in capital
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569,211 | 563,370 | ||||||
Accumulated distributions in excess of net income
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(170,824 | ) | (161,476 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT
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498,772 | 402,273 | ||||||
Noncontrolling interest
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35,514 | 37,093 | ||||||
TOTAL SHAREHOLDERS' EQUITY
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534,286 | 439,366 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 1,078,579 | $ | 1,052,829 | ||||
Page 5 of 27
Ramco-Gershenson Properties Trust
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Consolidated Balance Sheets Detail
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As of June 30, 2011
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(in thousands)
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June 30,
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December 31,
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2011
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2010
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Investment in real estate
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Construction in progress
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$ | 2,654 | $ | 2,571 | ||||
Land held for development or sale
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94,320 | 93,335 | ||||||
Construction in progress and land held for development or sale
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$ | 96,974 | $ | 95,906 | ||||
Other assets, net
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Deferred leasing costs, net
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$ | 15,288 | $ | 15,136 | ||||
Deferred financing costs, net
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5,870 | 6,703 | ||||||
Lease intangible assets, net
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11,468 | 7,969 | ||||||
Other, net
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2,414 | 2,111 | ||||||
Straight-line rent receivable, net
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17,617 | 17,864 | ||||||
Prepaid and other deferred expenses, net
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6,760 | 8,475 | ||||||
Other assets, net
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$ | 59,417 | $ | 58,258 | ||||
Page 6 of 27
Ramco-Gershenson Properties Trust
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Consolidated Market Data
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As of June 30, 2011
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June 30,
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June 30,
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2011
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2010
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Market price per common share
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$ | 12.38 | $ | 10.10 | ||||
Common shares outstanding
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38,542,673 | 38,019,584 | ||||||
Dilutive securities
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313,113 | - | ||||||
Operating Partnership Units
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2,829,079 | 2,902,641 | ||||||
Total common shares and equivalents
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41,684,865 | 40,922,225 | ||||||
Equity market capitalization
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$ | 516,058,629 | $ | 413,314,473 | ||||
Fixed rate debt (excluding unamortized premium)
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$ | 367,719,957 | $ | 477,170,311 | ||||
Variable rate debt
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130,273,285 | 22,706,893 | ||||||
Total fixed and variable rate debt
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$ | 497,993,242 | $ | 499,877,204 | ||||
Capital lease obligation
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6,492,903 | 6,784,409 | ||||||
Cash and cash equivalents
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(6,313,826 | ) | (12,722,000 | ) | ||||
Net debt
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$ | 498,172,319 | $ | 493,939,613 | ||||
Equity market capitalization
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$ | 516,058,629 | $ | 413,314,473 | ||||
Convertible perpetual preferred shares
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99,840,000 | (1) | - | |||||
Total market capitalization
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$ | 1,114,070,948 | $ | 907,254,086 | ||||
Net debt to total market capitalization
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44.7 | % | 54.4 | % | ||||
(1) Convertible preferred shares based on a market price of $49.92 per share at June 30, 2011 as compared to liquidation value of $50.00 per share.
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Page 7 of 27
Ramco-Gershenson Properties Trust
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Summary of Debt Expiration - Consolidated Properties
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As of June 30, 2011
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Cumulative
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Scheduled
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Total
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Percentage
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Percentage
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Amortization
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Scheduled
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Scheduled
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of Debt
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of Debt
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Year
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Payments
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Maturities
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Maturities
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Maturing
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Maturing
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2011
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$ | 2,616,582 | $ | 19,824,519 | $ | 22,441,101 | 4.5 | % | 4.5 | % | |||||||||||
2012
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5,029,670 | 24,202,338 | 29,232,008 | 5.9 | % | 10.4 | % | ||||||||||||||
2013
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4,779,545 | 21,127,323 | 25,906,868 | 5.2 | % | 15.6 | % | ||||||||||||||
2014
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3,993,890 | 62,676,360 | 66,670,250 | 13.4 | % | 29.0 | % | ||||||||||||||
2015
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3,777,054 | 148,189,467 | 151,966,521 | 30.5 | % | 59.5 | % | ||||||||||||||
2016
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1,918,987 | - | 1,918,987 | 0.4 | % | 59.9 | % | ||||||||||||||
2017
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1,861,892 | 110,000,000 | 111,861,892 | 22.5 | % | 82.4 | % | ||||||||||||||
2018
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1,445,815 | 22,046,854 | 23,492,669 | 4.7 | % | 87.1 | % | ||||||||||||||
2019
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1,265,942 | 3,148,142 | 4,414,084 | 0.9 | % | 88.0 | % | ||||||||||||||
2020
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549,024 | 24,717,030 | 25,266,054 | 5.1 | % | 93.1 | % | ||||||||||||||
2021 | + | - | 34,886,616 | 34,886,616 | 6.9 | % | 100.0 | % | |||||||||||||
Totals
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$ | 27,238,401 | $ | 470,818,649 | $ | 498,057,050 | |||||||||||||||
Scheduled maturities in 2014 include $33.0 million, which represents the balance of the Unsecured Revolving Credit Facility drawn as of 06/30/11 due at maturity in April 2014, subject to one-year extension option to April 2015.
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Scheduled maturities in 2015 include $75.0 million of Unsecured Term Loan due April 2015, subject to one-year extension option to April 2016.
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Page 8 of 27
Ramco-Gershenson Properties Trust
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Summary of Outstanding Debt - Consolidated Properties
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As of June 30, 2011
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Balance
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Stated
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% of
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at
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Interest
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Loan
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Maturity
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Total
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Property Name
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Location
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Lender or Servicer
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06/30/11
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Rate
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Type
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Date
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Indebtedness
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Mortgage Debt
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Madison Center (1)
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Madison Heights, MI
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LaSalle Bank N.A.
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9,152,744 | 12.5080 | % |
Fixed
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May-11
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1.8 | % | ||||||
Parkway Shops
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Jacksonville, FL
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St. Johns land contract
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2,166,775 | 6.0000 | % |
Fixed
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Nov-11
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0.4 | % | ||||||
Hartland Towne Square
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Hartland, MI
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Huntington Bank
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3,900,000 | 6.0000 | % |
Variable
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Dec-11
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0.8 | % | ||||||
Hartland Towne Square
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Hartland, MI
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Huntington Bank
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4,605,000 | 6.0000 | % |
Variable
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Dec-11
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0.9 | % | ||||||
Beacon Square
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Grand Haven, MI
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Huntington Bank
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6,766,408 | 3.6875 | % |
Variable
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Jun-12
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1.4 | % | ||||||
Gaines Marketplace
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Gaines Twp., MI
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Huntington Bank
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7,001,877 | 3.6875 | % |
Variable
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Jun-12
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1.4 | % | ||||||
The Crossroads
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Royal Palm Beach, FL
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L.J. Melody & Co./Salomon
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10,845,166 | 6.5000 | % |
Fixed
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Aug-12
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2.2 | % | ||||||
East Town Plaza
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Madison, WI
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Citigroup Global Markets
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10,608,284 | 5.4500 | % |
Fixed
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Jul-13
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2.1 | % | ||||||
Centre at Woodstock
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Woodstock, GA
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Wachovia
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3,738,999 | 6.9100 | % |
Fixed
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Jul-13
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0.8 | % | ||||||
Kentwood Towne Centre
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Kentwood, MI
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Nationwide Life
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8,732,351 | 5.7400 | % |
Fixed
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Jul-13
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1.8 | % | ||||||
The Auburn Mile
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Auburn Hills, MI
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Citigroup Global Markets
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7,035,905 | 5.3800 | % |
Fixed
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May-14
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1.4 | % | ||||||
Crossroads Centre
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Rossford, OH
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Citigroup Global Markets
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24,507,495 | 5.3800 | % |
Fixed
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May-14
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4.9 | % | ||||||
Ramco Aquia Office LLC
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Stafford, VA
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JPMorgan Chase Bank, N.A.
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14,524,710 | 5.7980 | % |
Fixed
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Jun-15
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2.9 | % | ||||||
Jackson West
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Jackson, MI
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Key Bank
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17,043,939 | 5.2000 | % |
Fixed
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Nov-15
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3.4 | % | ||||||
West Oaks I
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Novi, MI
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Key Bank
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27,083,791 | 5.2000 | % |
Fixed
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Nov-15
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5.4 | % | ||||||
New Towne Plaza
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Canton Twp., MI
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Deutsche Bank
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19,663,787 | 5.0910 | % |
Fixed
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Dec-15
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3.9 | % | ||||||
Hoover Eleven
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Warren, MI
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Canada Life/GMAC
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4,395,278 | 7.6250 | % |
Fixed
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Feb-16
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0.9 | % | ||||||
River City Marketplace
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Jacksonville, FL
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JPMorgan Chase Bank, N.A.
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110,000,000 | 5.4355 | % |
Fixed
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Apr-17
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22.1 | % | ||||||
Jackson Crossing
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Jackson, MI
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Wells Fargo Bank, N.A.
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24,602,442 | 5.7600 | % |
Fixed
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Apr-18
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4.9 | % | ||||||
Hoover Eleven
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Warren, MI
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Canada Life/GMAC
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1,797,419 | 7.2000 | % |
Fixed
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May-18
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0.4 | % | ||||||
Crossroads Centre Home Depot
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Rossford, OH
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Farm Bureau
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3,862,907 | 7.3800 | % |
Fixed
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Dec-19
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0.8 | % | ||||||
West Oaks II and Spring Meadows Place
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Novi, MI / Holland, OH
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JPMorgan Chase Bank, N.A.
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30,728,276 | 6.4950 | % |
Fixed
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Apr-20
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6.3 | % | ||||||
Coral Creek (2)
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Coconut Creek, FL
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Key Bank
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9,104,689 | 6.7800 | % |
Fixed
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Jul-32
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1.8 | % | ||||||
Subtotal Mortgage Debt
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$ | 361,868,242 | 5.6572 | % | 72.7 | % | |||||||||
Unamortized premium
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63,808 | 0.0000 | % | 0.0 | % | ||||||||||
Total mortgage debt (including unamortized premium)
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$ | 361,932,050 | 5.6572 | % | 72.7 | % | |||||||||
Corporate Debt
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Unsecured Term Loan
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Key Bank, as agent
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$ | 75,000,000 | 2.4500 | % |
Variable
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Apr-15
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15.1 | % | ||||||
Unsecured Revolving Credit Facility
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Key Bank, as agent
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33,000,000 | 2.4400 | % |
Variable
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Apr-14
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6.6 | % | |||||||
Junior Subordinated Note (3)
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The Bank of New York Trust Co.
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28,125,000 | 7.8700 | % |
Fixed
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Jan-38
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5.6 | % | |||||||
Subtotal Corporate Debt
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$ | 136,125,000 | 3.5674 | % | 27.3 | % | |||||||||
Total debt
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$ | 498,057,050 | 5.0860 | % | 100.0 | % | |||||||||
Capital Lease Obligation (4)
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Gaines Twp., MI
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Crown Development Corp
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$ | 6,492,903 |
Ground Lease
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Oct-14
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N/A | ||||||||
(1) Maturity date was May 2011. The Company is currently in negotiations with the lender.
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(2) Fixed rate to July 2012 when loan can be prepaid or rate increases to greater of 8.78% or Treasuries + 2.0%.
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(3) Fixed rate until January 2013, and then at LIBOR plus 3.30%.
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(4) 99 year Ground Lease expires Sept 2103. Purchase option date is Oct 2014.
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Page 9 of 27
Ramco-Gershenson Properties Trust
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Consolidated Statements of Operations
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For the Three and Six Months Ended June 30, 2011
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(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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Increase
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Increase
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2011
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2010
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(Decrease)
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2011
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2010
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(Decrease)
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REVENUE
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Minimum rent
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$ | 21,150 | $ | 19,536 | $ | 1,614 | $ | 41,354 | $ | 39,446 | $ | 1,908 | ||||||||||||
Percentage rent
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45 | 120 | (75 | ) | 122 | 193 | (71 | ) | ||||||||||||||||
Recovery income from tenants
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7,364 | 7,171 | 193 | 14,925 | 14,636 | 289 | ||||||||||||||||||
Other property income
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609 | 1,035 | (426 | ) | 2,134 | 2,251 | (117 | ) | ||||||||||||||||
Management and other fee income
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795 | 1,040 | (245 | ) | 1,787 | 2,070 | (283 | ) | ||||||||||||||||
TOTAL REVENUE
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29,963 | 28,902 | 1,061 | 60,322 | 58,596 | 1,726 | ||||||||||||||||||
EXPENSES
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Real estate taxes
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4,714 | 4,434 | 280 | 9,145 | 8,894 | 251 | ||||||||||||||||||
Recoverable operating expense
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3,319 | 3,100 | 219 | 7,406 | 6,704 | 702 | ||||||||||||||||||
Other non-recoverable operating expense
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623 | 940 | (317 | ) | 1,368 | 2,091 | (723 | ) | ||||||||||||||||
Depreciation and amortization
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9,677 | 7,319 | 2,358 | 18,390 | 14,846 | 3,544 | ||||||||||||||||||
General and administrative
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4,866 | 4,824 | 42 | 9,922 | 8,950 | 972 | ||||||||||||||||||
TOTAL EXPENSES
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23,199 | 20,617 | 2,582 | 46,231 | 41,485 | 4,746 | ||||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND
DISCONTINUED OPERATIONS
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6,764 | 8,285 | (1,521 | ) | 14,091 | 17,111 | (3,020 | ) | ||||||||||||||||
OTHER INCOME AND EXPENSES
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Other income (expense)
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(201 | ) | (303 | ) | 102 | (411 | ) | (633 | ) | 222 | ||||||||||||||
Gain on sale of real estate
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2,240 | 499 | 1,741 | 2,396 | 499 | 1,897 | ||||||||||||||||||
Earnings from unconsolidated joint ventures
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672 | (73 | ) | 745 | 1,633 | 885 | 748 | |||||||||||||||||
Interest expense
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(6,967 | ) | (7,925 | ) | 958 | (15,098 | ) | (15,747 | ) | 649 | ||||||||||||||
Amortization of deferred financing fees
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(476 | ) | (639 | ) | 163 | (1,104 | ) | (1,222 | ) | 118 | ||||||||||||||
Impairment charge on unconsolidated joint ventures
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- | - | - | - | (2,653 | ) | 2,653 | |||||||||||||||||
Loss on early extinguishment of debt
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(1,968 | ) | - | (1,968 | ) | (1,968 | ) | - | (1,968 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX
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64 | (156 | ) | 220 | (461 | ) | (1,760 | ) | 1,299 | |||||||||||||||
Income tax (provision) benefit
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(831 | ) | 209 | (1,040 | ) | (890 | ) | 352 | (1,242 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
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(767 | ) | 53 | (820 | ) | (1,351 | ) | (1,408 | ) | 57 | ||||||||||||||
DISCONTINUED OPERATIONS
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Gain (loss) on sale of real estate
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6,210 | (2,050 | ) | 8,260 | 6,210 | (2,050 | ) | 8,260 | ||||||||||||||||
Income from discontinued operations
|
86 | 195 | (109 | ) | 417 | 303 | 114 | |||||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS
|
6,296 | (1,855 | ) | 8,151 | 6,627 | (1,747 | ) | 8,374 | ||||||||||||||||
NET INCOME (LOSS)
|
5,529 | (1,802 | ) | 7,331 | 5,276 | (3,155 | ) | 8,431 | ||||||||||||||||
Net loss attributable to noncontrolling partner interest
|
3 | 655 | (652 | ) | 7 | 1,257 | (1,250 | ) | ||||||||||||||||
Net (income) loss attributable to noncontrolling OP unit holder interest
|
(374 | ) | 105 | (479 | ) | (357 | ) | 174 | (531 | ) | ||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RPT
|
5,158 | (1,042 | ) | 6,200 | 4,926 | (1,724 | ) | 6,650 | ||||||||||||||||
Preferred share dividends
|
(1,619 | ) | - | (1,619 | ) | (1,619 | ) | - | (1,619 | ) | ||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 3,539 | $ | (1,042 | ) | $ | 4,581 | $ | 3,307 | $ | (1,724 | ) | $ | 5,031 | ||||||||||
EARNINGS (LOSS) PER COMMON SHARE, BASIC
|
||||||||||||||||||||||||
Continuing operations
|
$ | (0.06 | ) | $ | 0.02 | $ | (0.08 | ) | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | ||||||||
Discontinued operations
|
0.15 | (0.05 | ) | 0.20 | 0.16 | (0.05 | ) | 0.21 | ||||||||||||||||
|
$ | 0.09 | $ | (0.03 | ) | $ | 0.12 | $ | 0.09 | $ | (0.05 | ) | $ | 0.14 | ||||||||||
EARNINGS (LOSS) PER COMMON SHARE, DILUTED
|
||||||||||||||||||||||||
Continuing operations
|
$ | (0.06 | ) | $ | 0.02 | $ | (0.08 | ) | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | ||||||||
Discontinued operations
|
0.15 | (0.05 | ) | 0.20 | 0.16 | (0.05 | ) | 0.21 | ||||||||||||||||
$ | 0.09 | $ | (0.03 | ) | $ | 0.12 | $ | 0.09 | $ | (0.05 | ) | $ | 0.14 | |||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||||||||||
Basic
|
38,523 | 34,371 | 4,152 | 38,227 | 32,706 | 5,521 | ||||||||||||||||||
Diluted
|
38,523 | 34,371 | 4,152 | 38,227 | 32,706 | 5,521 | ||||||||||||||||||
Page 10 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||
Consolidated Statements of Operations Detail
|
||||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2011
|
||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||
Increase
|
Increase
|
|||||||||||||||||||||||||
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
|||||||||||||||||||||
Other property income
|
||||||||||||||||||||||||||
Lease termination income
|
$ | 1 | $ | 4 | $ | (3 | ) | $ | 1,176 | $ | 1,053 | $ | 123 | |||||||||||||
Temporary income
|
153 | 112 | 41 | 324 | 207 | 117 | ||||||||||||||||||||
TIF revenue
|
211 | 49 | 162 | 280 | 99 | 181 | ||||||||||||||||||||
Other
|
244 | 870 |
(1)
|
(626 | ) | 354 | 892 |
(1)
|
(538 | ) | ||||||||||||||||
Other property income
|
$ | 609 | $ | 1,035 | $ | (426 | ) | $ | 2,134 | $ | 2,251 | $ | (117 | ) | ||||||||||||
Management and other fee income
|
||||||||||||||||||||||||||
Management fees
|
$ | 615 | $ | 730 | $ | (115 | ) | $ | 1,387 | $ | 1,477 | $ | (90 | ) | ||||||||||||
Leasing fees
|
155 | 245 | (90 | ) | 300 | 423 | (123 | ) | ||||||||||||||||||
Construction fees
|
25 | 65 | (40 | ) | 100 | 170 | (70 | ) | ||||||||||||||||||
Management and other fee income
|
$ | 795 | $ | 1,040 | $ | (245 | ) | $ | 1,787 | $ | 2,070 | $ | (283 | ) | ||||||||||||
Other income (expense)
|
||||||||||||||||||||||||||
Real estate taxes and insurance expense on development projects
|
$ | (279 | ) | $ | (317 | ) | $ | 38 | $ | (555 | ) | $ | (654 | ) | $ | 99 | ||||||||||
Interest income
|
78 | 12 | 66 | 144 | 23 | 121 | ||||||||||||||||||||
Other
|
- | 2 | (2 | ) | - | (2 | ) | 2 | ||||||||||||||||||
Other income (expense)
|
$ | (201 | ) | $ | (303 | ) | $ | 102 | $ | (411 | ) | $ | (633 | ) | $ | 222 | ||||||||||
(1) Includes $674k of lease rejection income from a bankruptcy claim in the three and six months ended June 30, 2010.
|
Page 11 of 27
Ramco-Gershenson Properties Trust
|
|||||||||||||||||
Funds from Operations and Additional Disclosures
|
|||||||||||||||||
For the Three and Six Months Ended June 30, 2011
|
|||||||||||||||||
(in thousands, except per share data)
|
|||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Net income (loss) available to common shareholders
|
$ | 3,539 | $ | (1,042 | ) | $ | 3,307 | $ | (1,724 | ) | |||||||
Adjustments:
|
|||||||||||||||||
Rental property depreciation and amortization expense
|
9,621 | 7,366 | 18,354 | 14,951 | |||||||||||||
Pro-rata share of real estate depreciation from unconsolidated joint ventures
|
1,663 | 1,704 | 3,286 | 3,380 | |||||||||||||
Loss (gain) on sale of depreciable real estate
|
(6,210 | ) | 2,050 | (6,210 | ) | 2,050 | |||||||||||
Noncontrolling interest in Operating Partnership
|
374 | (105 | ) | 357 | (174 | ) | |||||||||||
FUNDS FROM OPERATIONS
|
$ | 8,987 | $ | 9,973 | $ | 19,094 | $ | 18,483 | |||||||||
Impairment charge on unconsolidated joint ventures
|
- | - | - | 2,653 | |||||||||||||
Loss on early extinguishment of debt
|
1,968 | - | 1,968 | - | |||||||||||||
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE
|
$ | 10,955 | $ | 9,973 | $ | 21,062 | $ | 21,136 | |||||||||
Weighted average common shares
|
38,523 | 34,371 | 38,227 | 32,706 | |||||||||||||
Shares issuable upon conversion of Operating Partnership units
|
2,829 | 2,902 | 2,856 | 2,902 | |||||||||||||
Dilutive effect of securities
|
305 | - | 313 | - | |||||||||||||
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED
|
41,657 | 37,273 | 41,396 | 35,608 | |||||||||||||
FUNDS FROM OPERATIONS, PER DILUTED SHARE
|
$ | 0.22 | $ | 0.27 | $ | 0.47 | $ | 0.52 | |||||||||
Impairment charge on unconsolidated joint ventures
|
- | - | - | 0.07 | |||||||||||||
Loss on early extinguishment of debt
|
0.04 | - | 0.04 | - | |||||||||||||
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE, PER DILUTED SHARE
|
$ | 0.26 | $ | 0.27 | $ | 0.51 | $ | 0.59 | |||||||||
Dividend per common share
|
$ | 0.1633 | $ | 0.1633 | $ | 0.3265 | $ | 0.3265 | |||||||||
Payout ratio - FFO, excluding impairment and early extinguishment of debt
|
63.8 | % | 61.0 | % | 64.0 | % | 55.0 | % | |||||||||
Additional Supplemental Disclosures:
|
|||||||||||||||||
Consolidated:
|
|||||||||||||||||
Straight-line rental income
|
$ | 449 | $ | 358 | $ | 368 | $ | 881 | |||||||||
Above/below market rent amortization
|
(15 | ) | (13 | ) | (33 | ) | 194 | ||||||||||
Fair market value of interest adjustment - acquired property
|
9 | 110 | 18 | 182 | |||||||||||||
Stock-based compensation expense (1)
|
399 | 396 | 883 | 373 |
|
||||||||||||
Pro-rata share from Unconsolidated Joint Ventures:
|
|||||||||||||||||
Straight-line rental income
|
94 | 25 | 198 | 140 | |||||||||||||
Above/below market rent amortization
|
26 | 22 | 50 | 119 | |||||||||||||
Fair market value of interest adjustment - acquired property
|
65 | 107 | 127 | 109 | |||||||||||||
(1) Includes expense reversal of $472k in the six months ended June 30, 2010 for performance shares not issued.
|
Page 12 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
EBITDA Calculation
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | (767 | ) | $ | 53 | $ | (1,351 | ) | $ | (1,408 | ) | |||||
Add back:
|
||||||||||||||||
Impairment charge on unconsolidated joint ventures
|
- | - | - | 2,653 | ||||||||||||
Loss on early extinguishment of debt
|
1,968 | - | 1,968 | - | ||||||||||||
Income (loss) from discontinued operations
|
86 | 195 | 417 | 303 | ||||||||||||
Income tax provision (benefit)
|
831 | (209 | ) | 890 | (352 | ) | ||||||||||
Interest expense (including discontinued operations)
|
7,002 | 8,245 | 15,247 | 16,387 | ||||||||||||
Amortization of deferred financing fees (including discontinued operations)
|
478 | 647 | 1,109 | 1,239 | ||||||||||||
Depreciation and amortization (including discontinued operations)
|
9,848 | 7,556 | 18,775 | 15,318 | ||||||||||||
Consolidated EBITDA
|
$ | 19,446 | $ | 16,487 | $ | 37,055 | $ | 34,140 | ||||||||
Scheduled mortgage principal payments
|
$ | 1,296 | $ | 1,182 | $ | 2,727 | $ | 2,331 | ||||||||
Debt and Coverage Ratios
|
||||||||||||||||
Consolidated net debt to EBITDA - annualized
|
6.4 | 7.5 | 6.7 | 7.2 | ||||||||||||
Interest coverage ratio (EBITDA / interest expense)
|
2.8 | 2.0 | 2.4 | 2.1 | ||||||||||||
Fixed charge coverage ratio (EBITDA / interest expense + preferred dividends + scheduled mortgage principal pmts.)
|
2.0 | 1.7 | 1.9 | 1.8 | ||||||||||||
Operating Ratios
|
||||||||||||||||
GAAP NOI
|
$ | 20,512 | $ | 19,388 | $ | 40,616 | $ | 38,837 | ||||||||
Operating margin (GAAP NOI / total rental revenue)
|
68.5 | % | 67.1 | % | 67.3 | % | 66.3 | % | ||||||||
General & Administrative Expense as a Percentage of Total Rental Revenues Under Management (1)
|
||||||||||||||||
Revenue from REIT owned properties
|
$ | 29,168 | $ | 27,862 | $ | 58,535 | $ | 56,526 | ||||||||
Revenue From joint venture properties
|
22,088 | 23,753 | 45,191 | 50,167 | ||||||||||||
Revenue from non-REIT properties under management contract
|
870 | 881 | 1,651 | 1,806 | ||||||||||||
Total rental revenues under management
|
$ | 52,126 | $ | 52,496 | $ | 105,377 | $ | 108,499 | ||||||||
General and administrative expense
|
$ | 4,866 | $ | 4,824 | $ | 9,922 | $ | 8,950 | ||||||||
General and administrative expense / total rental revenues under management
|
9.3 | % | 9.2 | % | 9.4 | % | 8.2 | % | ||||||||
(1) 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 and managed properties that are not owned.
|
Page 13 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
Same Properties Analysis
|
||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2011
|
||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
|||||||||||||||||||
Number of Properties (1)
|
44 | 44 | 0.0 | % | 44 | 44 | 0.0 | % | ||||||||||||||||
Occupancy
|
92.3 | % | 90.8 | % | 1.5 | % | 92.3 | % | 90.8 | % | 1.5 | % | ||||||||||||
REVENUE
|
||||||||||||||||||||||||
Minimum rent
|
$ | 16,831 | $ | 16,726 | 0.6 | % | $ | 33,601 | $ | 33,480 | 0.4 | % | ||||||||||||
Percentage rent
|
45 | 88 | -48.9 | % | 109 | 160 | -31.9 | % | ||||||||||||||||
Recovery income from tenants
|
6,190 | 6,472 | -4.4 | % | 12,654 | 13,452 | -5.9 | % | ||||||||||||||||
Other property income
|
138 | 124 | 11.3 | % | 273 | 238 | 14.7 | % | ||||||||||||||||
$ | 23,204 | $ | 23,410 | -0.9 | % | $ | 46,637 | $ | 47,330 | -1.5 | % | |||||||||||||
EXPENSES
|
||||||||||||||||||||||||
Real estate taxes
|
$ | 3,737 | $ | 3,872 | -3.5 | % | $ | 7,352 | $ | 7,774 | -5.4 | % | ||||||||||||
Recoverable operating expense
|
2,517 | 2,477 | 1.6 | % | 5,538 | 5,463 | 1.4 | % | ||||||||||||||||
Other non-recoverable operating
expense
|
395 | 726 | -45.6 | % | 896 | 1,348 | -33.5 | % | ||||||||||||||||
$ | 6,649 | $ | 7,075 | -6.0 | % | $ | 13,786 | $ | 14,585 | -5.5 | % | |||||||||||||
NET OPERATING INCOME
|
$ | 16,555 | $ | 16,335 | 1.3 | % | $ | 32,851 | $ | 32,745 | 0.3 | % | ||||||||||||
Operating Expense Recovery Ratio
|
99.0 | % | 101.9 | % | -2.9 | % | 98.2 | % | 101.6 | % | -3.4 | % | ||||||||||||
(1) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment or held for sale. Same-Center NOI also excludes one center impacted by the bankruptcy of A&P.
|
Page 14 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||
Summary of Expiring GLA - Consolidated and Unconsolidated Properties
|
||||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||||
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) | 1 | 20,000 | 0.2 | % | 0.2 | % | $ | 6.50 | 26 | 52,189 | 0.9 | % | 0.9 | % | $ | 13.67 | 27 | 72,189 | 0.5 | % | 0.5 | % | $ | 11.68 | |||||||||||||||||||||||||||||||||||||||||
2011 | 3 | 84,143 | 0.9 | % | 0.8 | % | 7.64 | 87 | 306,379 | 5.2 | % | 5.5 | % | 13.86 | 90 | 390,522 | 2.5 | % | 3.1 | % | 12.52 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | 12 | 538,811 | 5.5 | % | 4.1 | % | 6.05 | 259 | 850,290 | 14.5 | % | 17.6 | % | 15.91 | 271 | 1,389,101 | 8.8 | % | 10.8 | % | 12.09 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 27 | 976,240 | 9.9 | % | 10.8 | % | 8.65 | 262 | 740,454 | 12.6 | % | 16.1 | % | 16.72 | 289 | 1,716,694 | 10.9 | % | 13.4 | % | 12.13 | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 22 | 1,039,937 | 10.6 | % | 8.6 | % | 6.53 | 243 | 753,463 | 12.8 | % | 15.1 | % | 15.46 | 265 | 1,793,400 | 11.4 | % | 11.9 | % | 10.28 | ||||||||||||||||||||||||||||||||||||||||||||
2015 | 27 | 1,055,498 | 10.7 | % | 11.6 | % | 8.62 | 154 | 570,089 | 9.7 | % | 11.4 | % | 15.43 | 181 | 1,625,587 | 10.4 | % | 11.5 | % | 11.01 | ||||||||||||||||||||||||||||||||||||||||||||
2016 | 34 | 1,321,333 | 13.4 | % | 14.6 | % | 8.66 | 154 | 644,864 | 11.0 | % | 14.1 | % | 16.77 | 188 | 1,966,197 | 12.5 | % | 14.3 | % | 11.32 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 18 | 617,133 | 6.3 | % | 9.4 | % | 11.98 | 42 | 177,204 | 3.0 | % | 4.2 | % | 18.36 | 60 | 794,337 | 5.1 | % | 6.8 | % | 13.40 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 12 | 445,411 | 4.5 | % | 5.3 | % | 9.41 | 30 | 126,157 | 2.1 | % | 2.9 | % | 17.94 | 42 | 571,568 | 3.6 | % | 4.2 | % | 11.29 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 12 | 602,164 | 6.1 | % | 7.1 | % | 9.22 | 24 | 115,124 | 2.0 | % | 2.3 | % | 15.60 | 36 | 717,288 | 4.6 | % | 4.7 | % | 10.24 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 7 | 496,910 | 5.1 | % | 3.8 | % | 6.03 | 32 | 164,911 | 2.8 | % | 3.7 | % | 17.18 | 39 | 661,821 | 4.2 | % | 3.7 | % | 8.81 | ||||||||||||||||||||||||||||||||||||||||||||
2021+ | 37 | 2,042,342 | 20.8 | % | 23.7 | % | 9.12 | 40 | 310,810 | 5.3 | % | 6.2 | % | 15.10 | 77 | 2,353,152 | 15.0 | % | 15.1 | % | 9.91 | ||||||||||||||||||||||||||||||||||||||||||||
Sub-Total
|
212 | 9,239,922 | 94.0 | % | 100.0 | % | $ | 8.50 | 1,353 | 4,811,934 | 81.9 | % | 100.0 | % | $ | 16.00 | 1,565 | 14,051,856 | 89.5 | % | 100.0 | % | $ | 11.07 | |||||||||||||||||||||||||||||||||||||||||
Vacant
|
15 | 589,525 | 6.0 | % | N/A | N/A | 391 | 1,061,991 | 18.1 | % | N/A | N/A | 406 | 1,651,516 | 10.5 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Total
|
227 | 9,829,447 | 100.0 | % | 100.0 | % | N/A | 1,744 | 5,873,925 | 100.0 | % | 100.0 | % | N/A | 1,971 | 15,703,372 | 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 15 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||
Top Twenty Tenants (ranked by annualized base rent)
|
||||||||||||||||||||||||||||
Consolidated and Unconsolidated Properties
|
||||||||||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||||||||||
Tenant Name
|
Credit Rating
S&P/Moody's (1)
|
Number of
Leases
|
Leased
GLA SF
|
% of Total
Company
Owned
GLA
|
Total
Annualized
Base
Rent
|
Annualized
Base
Rent
PSF
|
% of
Annualized
Base Rental
Revenue
|
|||||||||||||||||||||
T.J. Maxx/Marshalls
|
A/A3 | 23 | 720,738 | 4.6 | % | $ | 6,825,036 | $ | 9.47 | 4.4 | % | |||||||||||||||||
Publix Super Market
|
NR/NR
|
11 | 513,628 | 3.3 | % | 3,947,697 | 7.69 | 2.5 | % | |||||||||||||||||||
Dollar Tree
|
NR/NR
|
33 | 349,367 | 2.2 | % | 3,128,515 | 8.95 | 2.0 | % | |||||||||||||||||||
Home Depot
|
BBB+/Baa1
|
3 | 384,690 | 2.4 | % | 3,110,250 | 8.09 | 2.0 | % | |||||||||||||||||||
Kmart/Sears
|
B+/Ba2
|
6 | 618,341 | 3.9 | % | 2,760,656 | 4.46 | 1.8 | % | |||||||||||||||||||
OfficeMax
|
B-/B1 | 11 | 252,045 | 1.6 | % | 2,699,078 | 10.71 | 1.7 | % | |||||||||||||||||||
Jo-Ann Fabrics
|
B2/B | 6 | 218,993 | 1.4 | % | 2,542,174 | 11.61 | 1.6 | % | |||||||||||||||||||
Burlington Coat Factory
|
NR/NR
|
5 | 360,867 | 2.3 | % | 2,376,333 | 6.59 | 1.5 | % | |||||||||||||||||||
PETsMART
|
BB/NR
|
7 | 160,428 | 1.0 | % | 2,317,110 | 14.44 | 1.5 | % | |||||||||||||||||||
Best Buy
|
BBB-/Baa2
|
5 | 176,677 | 1.1 | % | 2,238,008 | 12.67 | 1.4 | % | |||||||||||||||||||
Staples
|
BBB/Baa2
|
9 | 181,569 | 1.2 | % | 2,137,340 | 11.77 | 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 | 1.2 | % | |||||||||||||||||||
Bed Bath & Beyond
|
BBB+/NR
|
5 | 164,753 | 1.0 | % | 1,845,954 | 11.20 | 1.2 | % | |||||||||||||||||||
Office Depot
|
B-/B2 | 7 | 173,550 | 1.1 | % | 1,836,656 | 10.58 | 1.2 | % | |||||||||||||||||||
Lowe's Home Centers
|
A/A1 | 2 | 270,394 | 1.7 | % | 1,822,956 | 6.74 | 1.2 | % | |||||||||||||||||||
Meijer
|
NR/NR
|
2 | 397,428 | 2.6 | % | 1,731,560 | 4.36 | 1.1 | % | |||||||||||||||||||
Kroger
|
BBB/Baa2
|
3 | 201,469 | 1.3 | % | 1,676,417 | 8.32 | 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 | 1.0 | % | |||||||||||||||||||
Sub-Total top 20 tenants
|
156 | 5,857,458 | 37.3 | % | $ | 50,241,951 | $ | 8.58 | 32.3 | % | ||||||||||||||||||
Remaining tenants
|
1,409 | 8,194,398 | 52.2 | % | 105,282,571 | 12.85 | 67.7 | % | ||||||||||||||||||||
Sub-Total all tenants
|
1,565 | 14,051,856 | 89.5 | % | $ | 155,524,522 | $ | 11.07 | 100.0 | % | ||||||||||||||||||
Vacant
|
406 | 1,651,516 | 10.5 | % | N/A | N/A | N/A | |||||||||||||||||||||
Total including vacant
|
1,971 | 15,703,372 | 100.0 | % | $ | 155,524,522 | N/A | 100.0 | % | |||||||||||||||||||
(1) Source: Latest Company filings per CreditRiskMonitor.
|
Page 16 of 27
Ramco Gershenson Properties Trust
|
||||||||||||||||||||||||||||
Leasing Activity - Consolidated and Unconsolidated Portfolios
|
||||||||||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||||||||||
Total Comparable Leases (1)
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
79 | 431,718 | $ | 10.91 | $ | 11.11 | -1.8 | % | 4.5 | $ | 1.99 | |||||||||||||||||
1st Quarter 2011
|
99 | 424,978 | $ | 13.00 | $ | 13.77 | -5.6 | % | 5.0 | $ | 5.69 | |||||||||||||||||
4th Quarter 2010
|
87 | 246,571 | $ | 15.14 | $ | 15.62 | -3.1 | % | 4.4 | $ | 2.28 | |||||||||||||||||
3rd Quarter 2010
|
78 | 518,298 | $ | 11.88 | $ | 11.90 | -0.2 | % | 5.3 | $ | 4.14 | |||||||||||||||||
Total
|
343 | 1,621,565 | $ | 12.41 | $ | 12.75 | -2.7 | % | 4.9 | $ | 4.86 | |||||||||||||||||
Renewals
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
52 | 290,837 | $ | 11.67 | $ | 11.48 | 1.7 | % | 3.8 | $ | 0.07 | |||||||||||||||||
1st Quarter 2011
|
72 | 312,003 | $ | 13.24 | $ | 13.07 | 1.3 | % | 3.9 | $ | 0.00 | |||||||||||||||||
4th Quarter 2010
|
61 | 173,951 | $ | 15.72 | $ | 16.02 | -1.9 | % | 4.0 | $ | 0.03 | |||||||||||||||||
3rd Quarter 2010
|
53 | 357,368 | $ | 12.56 | $ | 12.52 | 0.3 | % | 4.5 | $ | 0.02 | |||||||||||||||||
Total
|
238 | 1,134,159 | $ | 13.00 | $ | 12.94 | 0.5 | % | 4.1 | $ | 0.03 | |||||||||||||||||
New Leases-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
27 | 140,881 | $ | 9.34 | $ | 10.34 | -9.7 | % | 6.0 | $ | 5.96 | |||||||||||||||||
1st Quarter 2011
|
27 | 112,975 | $ | 12.33 | $ | 15.71 | -21.5 | % | 8.1 | $ | 21.40 | |||||||||||||||||
4th Quarter 2010
|
26 | 72,620 | $ | 13.75 | $ | 14.66 | -6.2 | % | 5.3 | $ | 7.66 | |||||||||||||||||
3rd Quarter 2010
|
25 | 160,930 | $ | 10.37 | $ | 10.54 | -1.6 | % | 7.0 | $ | 13.30 | |||||||||||||||||
Total
|
105 | 487,406 | $ | 11.03 | $ | 12.30 | -10.3 | % | 6.7 | $ | 12.22 | |||||||||||||||||
Total Comparable and Non-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
84 | 495,208 | $ | 10.75 | N/A | N/A | 5.1 | $ | 4.58 | |||||||||||||||||||
1st Quarter 2011
|
106 | 603,983 | $ | 13.04 | N/A | N/A | 6.8 | $ | 15.32 | |||||||||||||||||||
4th Quarter 2010
|
102 | 348,596 | $ | 13.82 | N/A | N/A | 5.1 | $ | 8.71 | |||||||||||||||||||
3rd Quarter 2010
|
91 | 614,351 | $ | 12.10 | N/A | N/A | 6.0 | $ | 9.14 | |||||||||||||||||||
Total
|
383 | 2,062,138 | $ | 12.34 | N/A | N/A | 5.9 | $ | 9.78 | |||||||||||||||||||
(1) Comparable leases represent those leases signed on spaces for which there was a former tenant.
|
||||||||||||||||||||||||||||
(2) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
|
Page 17 of 27
Ramco-Gershenson Properties Trust
|
|
Portfolio Summary Report
|
|
As of June 30, 2011
|
|
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 Core Portfolio
|
|||||||||||||||||
Florida
|
|||||||||||||||||
Coral Creek Shops
|
Coconut Creek
|
100%
|
1992/2002/NA
|
33
|
109,312
|
109,312
|
42,112
|
67,200
|
100,487
|
93.7%
|
91.9%
|
$ 16.10
|
Publix
|
||||
Naples Towne Centre
|
Naples
|
100%
|
1982/1996/2003
|
11
|
167,387
|
134,707
|
102,027
|
32,680
|
122,693
|
91.1%
|
91.1%
|
5.72
|
Beall's, Save-A-Lot, (Goodwill)
|
||||
River City Marketplace
|
Jacksonville
|
100%
|
2005/2005/NA
|
70
|
887,466
|
544,965
|
323,907
|
221,058
|
531,026
|
97.4%
|
97.4%
|
15.79
|
Ashley Furniture Home Store, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters, (Lowe's), (Wal-Mart)
|
||||
River Crossing Centre
|
New Port Richey
|
100%
|
1998/2003/NA
|
16
|
62,038
|
62,038
|
37,888
|
24,150
|
58,538
|
94.4%
|
94.4%
|
12.25
|
Publix
|
||||
Rivertowne Square
|
Deerfield Beach
|
100%
|
1980/1998/NA
|
16
|
154,057
|
154,057
|
107,583
|
46,474
|
138,197
|
89.7%
|
89.7%
|
8.68
|
Beall's Outlet, Winn-Dixie
|
||||
Sunshine Plaza
|
Tamarac
|
100%
|
1972/1996/2001
|
28
|
237,026
|
237,026
|
146,409
|
90,617
|
212,270
|
94.2%
|
89.6%
|
8.15
|
Old Time Pottery, Publix
|
||||
The Crossroads
|
Royal Palm Beach
|
100%
|
1988/2002/NA
|
32
|
120,092
|
120,092
|
42,112
|
77,980
|
116,417
|
96.9%
|
96.9%
|
14.89
|
Publix
|
||||
Village Lakes Shopping Center
|
Land O' Lakes
|
100%
|
1987/1997/NA
|
26
|
186,496
|
186,496
|
109,735
|
76,761
|
127,078
|
68.1%
|
68.1%
|
8.44
|
Beall's Outlet (5), Sweet Bay
|
||||
Total / Average
|
232
|
1,923,874
|
1,548,693
|
911,773
|
636,920
|
1,406,706
|
91.7%
|
90.8%
|
$ 12.20
|
||||||||
Georgia
|
|||||||||||||||||
Centre at Woodstock
|
Woodstock
|
100%
|
1997/2004/NA
|
14
|
86,748
|
86,748
|
51,420
|
35,328
|
70,860
|
81.7%
|
81.7%
|
$ 11.25
|
Publix
|
||||
Conyers Crossing
|
Conyers
|
100%
|
1978/1998/NA
|
15
|
170,475
|
170,475
|
138,915
|
31,560
|
169,425
|
99.4%
|
99.4%
|
5.18
|
Burlington Coat Factory, Hobby Lobby
|
||||
Holcomb Center
|
Roswell
|
100%
|
1986/1996/2010
|
23
|
107,053
|
107,053
|
39,668
|
67,385
|
79,672
|
74.4%
|
74.4%
|
11.15
|
Studio Movie Grill
|
||||
Horizon Village
|
Suwanee
|
100%
|
1996/2002/NA
|
22
|
97,001
|
97,001
|
47,955
|
49,046
|
72,946
|
75.2%
|
75.2%
|
9.86
|
Publix (3)
|
||||
Mays Crossing
|
Stockbridge
|
100%
|
1984/1997/2007
|
21
|
137,284
|
137,284
|
100,244
|
37,040
|
125,964
|
93.8%
|
91.8%
|
6.46
|
Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
|
||||
Total / Average
|
95
|
598,561
|
598,561
|
378,202
|
220,359
|
518,867
|
87.2%
|
86.7%
|
$ 7.89
|
||||||||
Illinois
|
|||||||||||||||||
Liberty Square
|
Wauconda
|
100%
|
1987/2010/2008
|
26
|
107,369
|
107,369
|
54,522
|
52,847
|
90,949
|
84.7%
|
84.7%
|
$ 12.55
|
Jewel-Osco
|
||||
Total/Average
|
26
|
107,369
|
107,369
|
54,522
|
52,847
|
90,949
|
84.7%
|
84.7%
|
$ 12.55
|
||||||||
Indiana
|
|||||||||||||||||
Merchants' Square
|
Carmel
|
100%
|
1970/2004/NA
|
45
|
358,875
|
278,875
|
69,504
|
209,371
|
241,853
|
86.7%
|
86.7%
|
$ 10.00
|
Cost Plus, Hobby Lobby (3), (Marsh Supermarket)
|
||||
Total/Average
|
45
|
358,875
|
278,875
|
69,504
|
209,371
|
241,853
|
86.7%
|
86.7%
|
$ 10.00
|
||||||||
Michigan
|
|||||||||||||||||
Beacon Square
|
Grand Haven
|
100%
|
2004/2004/NA
|
16
|
154,703
|
51,387
|
-
|
51,387
|
44,132
|
85.9%
|
85.9%
|
$ 17.05
|
(Home Depot)
|
||||
Clinton Pointe
|
Clinton Township
|
100%
|
1992/2003/NA
|
14
|
248,206
|
135,330
|
65,735
|
69,595
|
131,030
|
96.8%
|
96.8%
|
9.83
|
OfficeMax, Sports Authority, (Target)
|
||||
Clinton Valley
|
Sterling Heights
|
100%
|
1985/1996/2009
|
11
|
102,001
|
102,001
|
50,852
|
51,149
|
92,815
|
91.0%
|
91.0%
|
7.14
|
Hobby Lobby
|
||||
Clinton Valley Mall
|
Sterling Heights
|
100%
|
1977/1996/2002
|
8
|
99,281
|
99,281
|
55,175
|
44,106
|
99,281
|
100.0%
|
100.0%
|
16.34
|
DSW Shoe Warehouse, Office Depot
|
||||
Edgewood Towne Center
|
Lansing
|
100%
|
1990/1996/2001
|
17
|
312,950
|
85,757
|
23,524
|
62,233
|
69,222
|
80.7%
|
80.7%
|
10.79
|
OfficeMax, (Sam's Club), (Target)
|
||||
Fairlane Meadows
|
Dearborn
|
100%
|
1987/2003/NA
|
23
|
338,808
|
137,508
|
56,586
|
80,922
|
131,208
|
95.4%
|
95.4%
|
12.97
|
Best Buy, Citi Trends, (Burlington Coat Factory), (Target)
|
||||
Fraser Shopping Center
|
Fraser
|
100%
|
1977/1996/NA
|
8
|
68,326
|
68,326
|
32,384
|
35,942
|
68,326
|
100.0%
|
100.0%
|
6.77
|
Oakridge Market
|
||||
Gaines Marketplace
|
Gaines Township
|
100%
|
2004/2004/NA
|
15
|
392,169
|
392,169
|
351,981
|
40,188
|
387,649
|
98.8%
|
98.8%
|
4.50
|
Meijer, Staples, Target
|
||||
Hoover Eleven
|
Warren
|
100%
|
1989/2003/NA
|
58
|
299,076
|
299,076
|
147,570
|
151,506
|
222,068
|
74.3%
|
74.3%
|
12.61
|
Kroger, Marshalls, OfficeMax
|
||||
Jackson Crossing
|
Jackson
|
100%
|
1967/1996/2002
|
61
|
652,768
|
398,526
|
222,192
|
176,334
|
370,298
|
92.9%
|
92.9%
|
9.71
|
Bed Bath & Beyond, Best Buy, Jackson 10 Theater, Kohl's, T.J. Maxx, Toys "R" Us, (Sears), (Target)
|
||||
Jackson West
|
Jackson
|
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
|
77.9%
|
1988/1996//NA
|
18
|
286,061
|
184,152
|
122,887
|
61,265
|
161,302
|
87.6%
|
87.6%
|
5.99
|
Hobby Lobby-Sublease of Rubloff Development Group, OfficeMax, (Value City Furniture), (BuyBuyBaby)
|
||||
Lake Orion Plaza
|
Lake Orion
|
100%
|
1977/1996/NA
|
9
|
141,073
|
141,073
|
126,195
|
14,878
|
141,073
|
100.0%
|
100.0%
|
4.04
|
Hollywood Super Market, Kmart
|
||||
Lakeshore Marketplace
|
Norton Shores
|
100%
|
1996/2003/NA
|
20
|
473,654
|
346,854
|
264,089
|
82,765
|
340,143
|
98.1%
|
98.1%
|
8.26
|
Barnes & Noble, Dunham's (7), Elder-Beerman, Hobby Lobby, T.J. Maxx, Toys "R" Us, (Target)
|
||||
Livonia Plaza
|
Livonia
|
100%
|
1988/2003/NA
|
20
|
136,422
|
136,422
|
93,380
|
43,042
|
126,777
|
92.9%
|
92.9%
|
10.34
|
Kroger, TJ Maxx
|
||||
Madison Center
|
Madison Heights
|
100%
|
1965/1997/2000
|
14
|
227,088
|
227,088
|
167,830
|
59,258
|
188,666
|
83.1%
|
83.1%
|
6.05
|
Kmart
|
||||
New Towne Plaza
|
Canton Township
|
100%
|
1975/1996/2005
|
15
|
192,587
|
192,587
|
145,389
|
47,198
|
190,587
|
99.0%
|
99.0%
|
10.41
|
DSW Shoe Warehouse, Jo-Ann, Kohl's
|
||||
Oak Brook Square
|
Flint
|
100%
|
1982/1996/NA
|
20
|
152,373
|
152,373
|
79,744
|
72,629
|
146,773
|
96.3%
|
96.3%
|
8.81
|
Hobby Lobby, T.J. Maxx
|
||||
Roseville Towne Center
|
Roseville
|
100%
|
1963/1996/2004
|
9
|
246,968
|
246,968
|
206,747
|
40,221
|
246,968
|
100.0%
|
100.0%
|
6.98
|
Marshalls, Office Depot (3), Wal-Mart
|
||||
Shoppes at Fairlane Meadows
|
Dearborn
|
100%
|
2007/NA/NA
|
8
|
19,738
|
19,738
|
-
|
19,738
|
19,738
|
100.0%
|
100.0%
|
23.05
|
|||||
Southfield Plaza
|
Southfield
|
100%
|
1969/1996/2003
|
14
|
165,999
|
165,999
|
128,339
|
37,660
|
162,659
|
98.0%
|
98.0%
|
7.62
|
Big Lots, Burlington Coat Factory, Marshalls
|
||||
Tel-Twelve
|
Southfield
|
100%
|
1968/1996/2005
|
21
|
523,411
|
523,411
|
479,869
|
43,542
|
517,867
|
98.9%
|
98.9%
|
10.69
|
Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
|
||||
The Auburn Mile
|
Auburn Hills
|
100%
|
2000/1999/NA
|
7
|
624,212
|
90,553
|
64,315
|
26,238
|
90,553
|
100.0%
|
100.0%
|
10.72
|
Jo-Ann, Staples, (Best Buy), (Costco), (Meijer), (Target)
|
||||
West Oaks I
|
Novi
|
100%
|
1979/1996/2004
|
8
|
243,987
|
243,987
|
213,717
|
30,270
|
243,987
|
100.0%
|
100.0%
|
9.60
|
Best Buy, DSW Shoe Warehouse, Gander Mountain, Old Navy, Home Goods & Michaels-Sublease of JLPK-Novi LLC
|
||||
West Oaks II
|
Novi
|
100%
|
1986/1996/2000
|
30
|
389,094
|
167,954
|
90,753
|
77,201
|
163,864
|
97.6%
|
97.6%
|
16.50
|
Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
|
||||
Total / Average
|
449
|
6,701,276
|
4,818,841
|
3,383,737
|
1,435,104
|
4,547,824
|
94.4%
|
94.4%
|
$ 9.19
|
||||||||
Missouri
|
|||||||||||||||||
Heritage Place
|
Creve Coeur (St Louis)
|
100%
|
1989/2011/2005
|
38
|
269,254
|
269,254
|
157,946
|
111,308
|
244,707
|
90.9%
|
90.9%
|
$ 13.25
|
Dierberg's Market, Marshalls, Office Depot, T.J. Maxx
|
||||
Total / Average
|
38
|
269,254
|
269,254
|
157,946
|
111,308
|
244,707
|
90.9%
|
90.9%
|
$ 13.25
|
Page 18 of 27
Ramco-Gershenson Properties Trust
|
|
Portfolio Summary Report
|
|
As of June 30, 2011
|
|
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
|
100%
|
2001/2001/NA
|
22
|
470,245
|
344,045
|
244,991
|
99,054
|
332,505
|
96.6%
|
96.6%
|
$ 9.07
|
Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
|
||||
OfficeMax Center
|
Toledo
|
100%
|
1994/1996/NA
|
1
|
22,930
|
22,930
|
22,930
|
-
|
22,930
|
100.0%
|
100.0%
|
12.10
|
OfficeMax
|
||||
Rossford Pointe
|
Rossford
|
100%
|
2006/2005/NA
|
6
|
47,477
|
47,477
|
41,077
|
6,400
|
47,477
|
100.0%
|
100.0%
|
10.18
|
MC Sporting Goods (5), PETsMART
|
||||
Spring Meadows Place
|
Holland
|
100%
|
1987/1996/2005
|
28
|
596,587
|
211,817
|
110,691
|
101,126
|
187,938
|
88.7%
|
88.7%
|
11.31
|
Ashley Furniture, OfficeMax, PETsMART, T.J. Maxx, (Best Buy), (Big Lots), (Dick's Sporting Goods), (Guitar Center), (Kroger), (Sam's Club), (Target)
|
||||
Troy Towne Center
|
Troy
|
100%
|
1990/1996/2003
|
18
|
341,719
|
144,610
|
86,584
|
58,026
|
141,170
|
97.6%
|
97.6%
|
6.15
|
Kohl's, (Wal-Mart)
|
||||
Total / Average
|
75
|
1,478,958
|
770,879
|
506,273
|
264,606
|
732,020
|
95.0%
|
95.0%
|
$ 9.25
|
||||||||
South Carolina
|
|||||||||||||||||
Taylors Square
|
Taylors
|
100%
|
1989/1997/2005
|
11
|
241,236
|
33,791
|
-
|
33,791
|
29,628
|
87.7%
|
87.7%
|
$ 15.84
|
(Wal-Mart)
|
||||
Total / Average
|
11
|
241,236
|
33,791
|
-
|
33,791
|
29,628
|
87.7%
|
87.7%
|
$ 15.84
|
||||||||
Tennessee
|
|||||||||||||||||
Northwest Crossing
|
Knoxville
|
100%
|
1989/1997/NA
|
10
|
304,224
|
96,279
|
66,346
|
29,933
|
96,279
|
100.0%
|
100.0%
|
$ 8.79
|
HH Gregg, Ross Dress For Less, (Wal-Mart)
|
||||
Northwest Crossing II
|
Knoxville
|
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%
|
$ 9.38
|
||||||||
Virginia
|
|||||||||||||||||
The Town Center at Aquia Office (6)
|
Stafford
|
100%
|
1989/1998/NA
|
13
|
97,990
|
97,990
|
62,184
|
35,806
|
87,251
|
89.0%
|
89.0%
|
$ 25.79
|
Northrop Grumman
|
||||
The Town Center at Aquia
|
Stafford
|
100%
|
1989/1998/NA
|
3
|
40,518
|
40,518
|
24,000
|
16,518
|
40,518
|
100.0%
|
100.0%
|
10.64
|
Regal Cinemas
|
||||
Total / Average
|
16
|
138,508
|
138,508
|
86,184
|
52,324
|
127,769
|
92.2%
|
92.2%
|
$ 20.98
|
||||||||
Wisconsin
|
|||||||||||||||||
East Town Plaza
|
Madison
|
100%
|
1992/2000/2000
|
18
|
502,634
|
208,959
|
144,685
|
64,274
|
187,569
|
89.8%
|
89.8%
|
$ 8.49
|
Borders, Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
|
||||
The Shoppes at Fox River
|
Waukesha
|
100%
|
2009/2010/2011
|
20
|
267,948
|
135,566
|
61,045
|
74,521
|
128,066
|
94.5%
|
94.5%
|
16.44
|
Pick N' Save, (Target)
|
||||
West Allis Towne Centre
|
West Allis
|
100%
|
1987/1996/NA
|
29
|
325,776
|
325,776
|
179,818
|
145,958
|
287,328
|
91.0%
|
88.2%
|
8.33
|
Burlington Coat Factory, Kmart, Office Depot
|
||||
Total / Average
|
67
|
1,096,358
|
670,301
|
385,548
|
284,753
|
602,963
|
91.3%
|
90.0%
|
$ 10.10
|
||||||||
Consolidated Core Portfolio Subtotal / Average
|
1,066
|
13,246,667
|
9,359,525
|
6,023,535
|
3,335,990
|
8,667,739
|
92.9%
|
92.6%
|
$ 10.04
|
||||||||
Joint Venture Core Portfolio at 100%
|
|||||||||||||||||
Florida
|
|||||||||||||||||
Cocoa Commons
|
Cocoa
|
30%
|
2001/2007/NA
|
23
|
90,116
|
90,116
|
51,420
|
38,696
|
71,120
|
78.9%
|
78.9%
|
$ 11.79
|
Publix
|
||||
Cypress Point
|
Clearwater
|
30%
|
1983/2007/NA
|
21
|
167,280
|
167,280
|
103,085
|
64,195
|
158,876
|
95.0%
|
95.0%
|
11.99
|
Burlington Coat Factory, The Fresh Market
|
||||
Kissimmee West
|
Kissimmee
|
7%
|
2005/2005/NA
|
17
|
300,186
|
115,586
|
67,000
|
48,586
|
97,171
|
84.1%
|
84.1%
|
12.26
|
Jo-Ann, Marshalls, (Target)
|
||||
Marketplace of Delray
|
Delray Beach
|
30%
|
1981/2005/NA
|
49
|
238,901
|
238,901
|
107,190
|
131,711
|
214,660
|
89.9%
|
89.9%
|
12.23
|
Office Depot, Ross Dress For Less, Winn-Dixie
|
||||
Martin Square
|
Stuart
|
30%
|
1981/2005/NA
|
15
|
331,105
|
331,105
|
291,432
|
39,673
|
301,931
|
91.2%
|
91.2%
|
6.25
|
Home Depot, Sears, Staples
|
||||
Mission Bay Plaza
|
Boca Raton
|
30%
|
1989/2004/NA
|
58
|
266,474
|
266,474
|
148,245
|
118,229
|
238,543
|
91.0%
|
89.5%
|
20.19
|
The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
|
||||
Shenandoah Square
|
Davie
|
40%
|
1989/2001/NA
|
40
|
123,646
|
123,646
|
42,112
|
81,534
|
121,216
|
98.0%
|
98.0%
|
15.04
|
Publix
|
||||
Shoppes of Lakeland
|
Lakeland
|
7%
|
1985/1996/NA
|
22
|
305,388
|
181,988
|
115,541
|
66,447
|
173,689
|
95.4%
|
95.4%
|
11.95
|
Ashley Furniture, Michaels, Staples, (Target)
|
||||
The Plaza at Delray
|
Delray Beach
|
20%
|
1979/2004/NA
|
48
|
326,763
|
326,763
|
189,234
|
137,529
|
304,548
|
93.2%
|
93.2%
|
15.55
|
Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less, Staples
|
||||
Treasure Coast Commons
|
Jensen Beach
|
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
|
30%
|
1986/2005/NA
|
40
|
155,770
|
155,770
|
42,112
|
113,658
|
143,270
|
92.0%
|
92.0%
|
12.58
|
Publix
|
||||
Village Plaza
|
Lakeland
|
30%
|
1989/2004/NA
|
25
|
146,755
|
146,755
|
64,504
|
82,251
|
73,371
|
72.1%
|
50.0%
|
15.94
|
|||||
Vista Plaza
|
Jensen Beach
|
30%
|
1998/2004/NA
|
10
|
109,761
|
109,761
|
78,658
|
31,103
|
105,761
|
96.4%
|
96.4%
|
13.06
|
Bed Bath & Beyond, Michaels, Total Wine & More
|
||||
West Broward Shopping Center
|
Plantation
|
30%
|
1965/2005/NA
|
19
|
156,073
|
156,073
|
81,638
|
74,435
|
151,341
|
97.0%
|
97.0%
|
10.77
|
Badcock, DD's Discounts, Save-A-Lot, US Postal Service
|
||||
Total / Average
|
390
|
2,811,197
|
2,503,197
|
1,475,150
|
1,028,047
|
2,248,476
|
91.3%
|
89.8%
|
$ 12.91
|
||||||||
Georgia
|
|||||||||||||||||
Collins Pointe Plaza
|
Cartersville
|
20%
|
1987/2006/NA
|
19
|
101,637
|
101,637
|
46,358
|
55,279
|
94,203
|
92.7%
|
92.7%
|
$ 8.62
|
Goodwill
|
||||
Paulding Pavilion
|
Hiram
|
20%
|
1995/2006/NA
|
12
|
84,846
|
84,846
|
60,509
|
24,337
|
82,896
|
97.7%
|
97.7%
|
14.01
|
Sports Authority, Staples
|
||||
Peachtree Hill
|
Duluth
|
20%
|
1986/2007/NA
|
29
|
150,872
|
150,872
|
104,090
|
46,782
|
97,535
|
90.1%
|
64.6%
|
10.63
|
Kroger
|
||||
Total / Average
|
60
|
337,355
|
337,355
|
210,957
|
126,398
|
274,634
|
92.8%
|
81.4%
|
$ 10.96
|
||||||||
Illinois
|
|||||||||||||||||
Market Plaza
|
Glen Ellyn
|
20%
|
1965/2007/1996
|
35
|
163,054
|
163,054
|
66,079
|
96,975
|
141,322
|
86.7%
|
86.7%
|
$ 14.76
|
Jewel Osco, Staples
|
||||
Rolling Meadows Shopping Center
|
Rolling Meadows
|
20%
|
1956/2008/1995
|
18
|
130,436
|
130,436
|
83,230
|
47,206
|
113,727
|
87.2%
|
87.2%
|
10.49
|
Jewel Osco, Northwest Community Hospital
|
||||
Total / Average
|
53
|
293,490
|
293,490
|
149,309
|
144,181
|
255,049
|
86.9%
|
86.9%
|
$ 12.86
|
||||||||
Indiana
|
|||||||||||||||||
Nora Plaza
|
Indianapolis
|
7%
|
1958/2007/2002
|
25
|
263,815
|
140,015
|
57,713
|
82,302
|
126,852
|
90.6%
|
90.6%
|
$ 13.20
|
Marshalls, Whole Foods, (Target)
|
||||
Total / Average
|
25
|
263,815
|
140,015
|
57,713
|
82,302
|
126,852
|
90.6%
|
90.6%
|
$ 13.20
|
||||||||
Maryland
|
|||||||||||||||||
Crofton Centre
|
Crofton
|
20%
|
1974/1996/NA
|
19
|
252,491
|
252,491
|
196,570
|
55,921
|
223,722
|
88.6%
|
88.6%
|
$ 7.59
|
Basics/Metro, Gold's Gym, Kmart
|
||||
Total / Average
|
19
|
252,491
|
252,491
|
196,570
|
55,921
|
223,722
|
88.6%
|
88.6%
|
$ 7.59
|
Page 19 of 27
Ramco-Gershenson Properties Trust
|
|
Portfolio Summary Report
|
|
As of June 30, 2011
|
|
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)
|
||||
Michigan
|
|||||||||||||||||
Gratiot Crossing
|
Chesterfield
|
30%
|
1980/2005/NA
|
15
|
165,544
|
165,544
|
122,406
|
43,138
|
149,386
|
90.2%
|
90.2%
|
$ 8.73
|
Jo-Ann, Kmart
|
||||
Hunter's Square
|
Farmington Hills
|
30%
|
1988/2005/NA
|
38
|
355,915
|
355,915
|
197,149
|
158,766
|
309,827
|
94.9%
|
87.1%
|
16.68
|
Bed Bath & Beyond, Loehmann's, Marshalls, T.J. Maxx
|
||||
Millennium Park
|
Livonia
|
30%
|
2000/2005/NA
|
14
|
634,015
|
281,374
|
241,850
|
39,524
|
241,750
|
85.9%
|
85.9%
|
14.03
|
Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
|
||||
Southfield Plaza Expansion
|
Southfield
|
50%
|
1987/1996/2003
|
11
|
19,410
|
19,410
|
-
|
19,410
|
14,210
|
73.2%
|
73.2%
|
14.69
|
|||||
The Shops at Old Orchard
|
West Bloomfield
|
30%
|
1972/2007/NA
|
21
|
96,994
|
96,994
|
36,044
|
60,950
|
75,369
|
77.7%
|
77.7%
|
18.48
|
Plum Market
|
||||
Troy Marketplace
|
Troy
|
30%
|
2000/2005/NA
|
12
|
242,793
|
222,193
|
193,360
|
28,833
|
210,873
|
94.9%
|
94.9%
|
14.74
|
Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PETsMART, (REI)
|
||||
West Acres Commons
|
Flint
|
40%
|
1998/2001/NA
|
14
|
95,089
|
95,089
|
59,889
|
35,200
|
84,489
|
88.9%
|
88.9%
|
8.12
|
Family Fare
|
||||
Winchester Center
|
Rochester Hills
|
30%
|
1980/2005/NA
|
16
|
429,947
|
314,734
|
224,681
|
90,053
|
309,734
|
98.4%
|
98.4%
|
12.67
|
Borders, Dick's Sporting Goods, Linens 'N Things (4), Marshalls, Michaels, PETsMART, (Kmart)
|
||||
Total / Average
|
141
|
2,039,707
|
1,551,253
|
1,075,379
|
475,874
|
1,395,638
|
91.8%
|
90.0%
|
$ 13.74
|
||||||||
New Jersey
|
|||||||||||||||||
Chester Springs Shopping Center
|
Chester
|
20%
|
1970/1996/1999
|
41
|
223,201
|
223,201
|
108,769
|
114,432
|
195,007
|
87.4%
|
87.4%
|
$ 13.75
|
Marshalls (5), Shop-Rite Supermarket, Staples
|
||||
Total / Average
|
41
|
223,201
|
223,201
|
108,769
|
114,432
|
195,007
|
87.4%
|
87.4%
|
$ 13.75
|
||||||||
Ohio
|
|||||||||||||||||
Olentangy Plaza
|
Columbus
|
20%
|
1981/2007/1997
|
44
|
253,651
|
253,651
|
139,130
|
114,521
|
225,445
|
88.9%
|
88.9%
|
$ 10.06
|
Eurolife Furniture, Marshalls, Micro Center, Columbus Asian Market-Sublease of Sunflower Market, Tuesday Morning
|
||||
Total / Average
|
44
|
253,651
|
253,651
|
139,130
|
114,521
|
225,445
|
88.9%
|
88.9%
|
$ 10.06
|
||||||||
JV Core Subtotal / Average at 100%
|
773
|
6,474,907
|
5,554,653
|
3,412,977
|
2,141,676
|
4,944,823
|
90.9%
|
89.0%
|
$ 12.71
|
||||||||
CORE PORTFOLIO TOTAL / AVERAGE
|
1,839
|
19,721,574
|
14,914,178
|
9,436,512
|
5,477,666
|
13,612,562
|
92.1%
|
91.3%
|
$ 11.01
|
||||||||
Consolidated Portfolio
Potential Redevelopments (8):
|
|||||||||||||||||
Pelican Plaza
|
Sarasota, FL
|
100%
|
1983/1997/NA
|
25
|
93,598
|
93,598
|
35,768
|
57,830
|
37,142
|
39.7%
|
39.7%
|
$ 9.10
|
|||||
Southbay Shopping Center
|
Osprey, FL
|
100%
|
1978/1998/NA
|
18
|
83,890
|
83,890
|
31,700
|
52,190
|
22,365
|
26.7%
|
26.7%
|
11.68
|
|||||
Promenade at Pleasant Hill
|
Duluth, GA
|
100%
|
1993/2004/NA
|
33
|
280,225
|
280,225
|
199,555
|
80,670
|
141,370
|
50.4%
|
50.4%
|
9.63
|
Farmers Home Furniture, Publix
|
||||
Eastridge Commons
|
Flint
|
100%
|
1990/1996/2001
|
16
|
287,453
|
169,676
|
117,972
|
51,704
|
85,571
|
50.4%
|
50.4%
|
8.57
|
Office Depot (3), T.J. Maxx, (Target)
|
||||
92
|
745,166
|
627,389
|
384,995
|
242,394
|
286,448
|
45.7%
|
45.7%
|
$ 9.41
|
|||||||||
Joint Venture Portfolio
Under Redevelopments:
|
|||||||||||||||||
The Shops on Lane Avenue
|
Upper Arlington, OH
|
20%
|
1952/2007/2004
|
40
|
161,805
|
161,805
|
46,574
|
115,231
|
152,846
|
94.5%
|
94.5%
|
$ 19.51
|
Bed Bath & Beyond, Whole Foods
|
||||
40
|
161,805
|
161,805
|
46,574
|
115,231
|
152,846
|
94.5%
|
94.5%
|
$ 19.51
|
|||||||||
COMBINED PORTFOLIO TOTAL / AVERAGE (CORE, POTENTIAL REDEV AND UNDER REDEV)
|
1,971
|
20,628,545
|
15,703,372
|
9,868,081
|
5,835,291
|
14,051,856
|
90.3%
|
89.5%
|
$ 11.07
|
Footnotes
|
-
|
||||||||||||||||
(1) Company Owned GLA represents gross leasable 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 represent non-company owned GLA.
|
|||||||||||||||||
(3) Tenant closed - lease obligated.
|
|||||||||||||||||
(4) Tenant closed in Bankruptcy, lease guaranteed by CVS.
|
|||||||||||||||||
(5) Space delivered to tenant.
|
|||||||||||||||||
(6) Represents the Office Building at The Town Center at Aquia.
|
|||||||||||||||||
(7) Dunham's is currently occupying two spaces, in transition of its relocation within the Center.
|
|||||||||||||||||
(8) Potential redevelopments represent 1.7% of combined portfolio annual base rent.
|
Page 20 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||
Redevelopment and Development Projects
|
||||||||||||||||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||
Redevelopment Projects
|
RPT
Ownership %
|
Project Description
|
Projected Stabilization Date
|
Stabilized Return on Cost (1)
|
Projected Stabilized NOI (2)
|
Pro Rata Stabilized NOI
|
Total Projected Cost (3)
|
Pro Rata
Projected
Cost
|
Pro Rata
Cost
to Date
|
Pro Rata
Cost
to Complete
|
||||||||||||||||||||||||
The Shops on Lane Avenue
|
20% |
Construct new 35K sf Whole Foods, replacing existing 21K sf
|
Q3 2012 | 8.2 | % | $ | 533 | $ | 107 | $ | 6,530 | $ | 1,306 | $ | 127 | $ | 1,179 | |||||||||||||||||
Development Projects and Land for Sale
|
Project Acreage
|
Cost to Date 03/31/11
|
Additions
|
Dispositions
|
Adjustments
|
Impairment
|
Cost to Date 06/30/11 | |||||||||||||||||||||||||||
Hartland Towne Square - Hartland Twp., MI
|
54.1 acres
|
$ | 31,562 | $ | 61 | $ | - | $ | - | $ | - | $ | 31,623 | (4) | ||||||||||||||||||||
The Town Center at Aquia - Stafford, VA
|
29.2 acres
|
18,315 | 395 | - | - | - | 18,710 | (5) | ||||||||||||||||||||||||||
Gateway Commons - Lakeland, FL
|
51.6 acres
|
21,344 | 224 | - | - | - | 21,568 | |||||||||||||||||||||||||||
Parkway Shops - Jacksonville, FL
|
47.6 acres
|
13,536 | 262 | - | - | - | 13,798 | |||||||||||||||||||||||||||
Other
|
Various parcels near existing assets
|
8,355 | 266 | - | - | - | 8,621 | |||||||||||||||||||||||||||
Total Land Held for Development or Sale
|
$ | 93,112 | $ | 1,208 | $ | - | $ | - | $ | - | $ | 94,320 | ||||||||||||||||||||||
(1) Percentage based on actual numbers before rounding.
|
||||||||||||||||||||||||||||||||||
(2) Represents incremental change in net operating income.
|
||||||||||||||||||||||||||||||||||
(3) Represents incremental costs.
|
||||||||||||||||||||||||||||||||||
(4) Consolidated in 1Q 2010 and partner's interest acquired in 1Q 2011.
|
||||||||||||||||||||||||||||||||||
(5) Does not include $21.2 million net book value related to the phase I office building or $3.8 million related to the net book value of existing Income Producing Properties at Aquia.
|
Page 21 of 27
Ramco-Gershenson Properties Trust
|
|||||||||||||||||
Acquisitions / Dispositions
|
|||||||||||||||||
As of June 30, 2011
|
|||||||||||||||||
(in thousands)
|
|||||||||||||||||
ACQUISITIONS
|
|||||||||||||||||
GROSS
|
|||||||||||||||||
Property Name
|
Location
|
GLA /
Acreage
|
Date
Acquired
|
Purchase
Price
|
Debt
|
||||||||||||
Consolidated
|
|||||||||||||||||
Heritage Place
|
Creve Coeur (St. Louis), MO
|
269,254 |
05/19/11
|
$ | 39,410 | $ | - | ||||||||||
Total consolidated acquisitions
|
$ | 39,410 | $ | - | |||||||||||||
DISPOSITIONS
|
|||||||||||||||||
GROSS
|
|||||||||||||||||
Property Name
|
Location
|
GLA /
Acreage
|
Date
Sold
|
Sales
Price
|
Debt
Repaid
|
Gain (loss) on
Sale
|
|||||||||||
Consolidated
|
|||||||||||||||||
Lantana Shopping Center
|
Lantana, FL
|
123,014 |
04/29/11
|
$ | 16,942 | - | $ | 6,210 | |||||||||
Total consolidated income producing dispositions
|
$ | 16,942 | $ | - | $ | 6,210 | |||||||||||
Southbay Shopping Center - outparcel
|
Osprey, FL
|
1.311 |
06/29/11
|
$ | 2,625 | $ | - | $ | 2,240 | ||||||||
River City Shopping Center - outparcel
|
Jacksonville, FL
|
0.95 |
03/02/11
|
678 | - | 50 | |||||||||||
River City Shopping Center - outparcel
|
Jacksonville, FL
|
1.02 |
01/21/11
|
663 | - | 106 | |||||||||||
Total consolidated land / outparcel dispositions
|
$ | 3,966 | $ | - | $ | 2,396 | |||||||||||
Total consolidated dispositions
|
$ | 20,908 | $ | - | $ | 8,606 | |||||||||||
Page 22 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||
Joint Venture Combined Balance Sheets
|
||||||||||||||||||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||
Ramco | ||||||||||||||||||||||||||||||||||||
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
HHF NP LLC
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
||||||||||||||||||||||||||||
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
Indianapolis,
|
Commons
|
Square
|
Associates
|
JV's
|
||||||||||||||||||||||||||||
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
IN
|
Flint, MI (1)
|
Davie, FL(2)
|
Southfield, MI
|
at 100%
|
||||||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||||||||||
Income producing properties, at cost:
|
||||||||||||||||||||||||||||||||||||
Land
|
$ | 76,933 | $ | 43,806 | $ | 2,880 | $ | 7,600 | $ | 4,019 | $ | 1,118 | $ | 1,652 | $ | 50 | $ | 138,058 | ||||||||||||||||||
Buildings and improvements
|
475,661 | 271,660 | 21,077 | 45,737 | 23,762 | 9,980 | 15,385 | 445 | 863,707 | |||||||||||||||||||||||||||
Less accumulated depreciation and amortization
|
(66,888 | ) | (26,758 | ) | (2,182 | ) | (4,595 | ) | (2,324 | ) | (2,493 | ) | (3,724 | ) | (169 | ) | (109,133 | ) | ||||||||||||||||||
Income producing properties, net
|
485,706 | 288,708 | 21,775 | 48,742 | 25,457 | 8,605 | 13,313 | 326 | 892,632 | |||||||||||||||||||||||||||
Construction in progress
|
$ | 2,074 | $ | 1,100 | $ | 9 | $ | - | $ | - | $ | - | $ | 9 | $ | - | 3,192 | |||||||||||||||||||
Net real estate
|
$ | 487,780 | $ | 289,808 | $ | 21,784 | $ | 48,742 | $ | 25,457 | $ | 8,605 | $ | 13,322 | $ | 326 | $ | 895,824 | ||||||||||||||||||
Cash and cash equivalents
|
6,501 | 2,706 | 527 | 504 | 205 | 136 | 341 | 130 | 11,050 | |||||||||||||||||||||||||||
Restricted cash
|
10,183 | 6,808 | 1 | 27 | - | 637 | 592 | 51 | 18,299 | |||||||||||||||||||||||||||
Accounts receivable, net
|
3,382 | 2,538 | 83 | 59 | - | 68 | 233 | 7 | 6,370 | |||||||||||||||||||||||||||
Other assets, net
|
20,391 | 8,326 | 1,655 | 1,286 | 657 | 125 | 533 | 116 | 33,089 | |||||||||||||||||||||||||||
TOTAL ASSETS
|
$ | 528,237 | $ | 310,186 | $ | 24,050 | $ | 50,618 | $ | 26,319 | $ | 9,571 | $ | 15,021 | $ | 630 | $ | 964,632 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
Mortgages and notes payable
|
$ | 211,315 | $ | 171,036 | $ | 8,400 | $ | - | $ | - | $ | 8,401 | $ | 11,571 | $ | 653 | $ | 411,376 | ||||||||||||||||||
Accounts payable and accrued expenses
|
8,512 | 5,474 | 210 | 661 | 178 | 1,392 | 555 | 262 | 17,244 | |||||||||||||||||||||||||||
Total Liabilities
|
219,827 | 176,510 | 8,610 | 661 | 178 | 9,793 | 12,126 | 915 | 428,620 | |||||||||||||||||||||||||||
ACCUMULATED EQUITY (DEFICIT)
|
308,410 | 133,676 | 15,440 | 49,957 | 26,141 | (222 | ) | 2,895 | (285 | ) | 536,012 | |||||||||||||||||||||||||
TOTAL LIABILITIES AND ACCUMULATED EQUITY
|
$ | 528,237 | $ | 310,186 | $ | 24,050 | $ | 50,618 | $ | 26,319 | $ | 9,571 | $ | 15,021 | $ | 630 | $ | 964,632 | ||||||||||||||||||
Ramco's Equity
|
||||||||||||||||||||||||||||||||||||
Investments in
|
||||||||||||||||||||||||||||||||||||
EQUITY INVESTMENTS IN |
Unconsolidated
|
|||||||||||||||||||||||||||||||||||
UNCONSOLIDATED ENTITIES |
Joint Ventures
|
|||||||||||||||||||||||||||||||||||
Equity investments in unconsolidated entities
|
$ | 86,380 | $ | 16,438 | $ | 2,938 | $ | 2,731 | $ | 1,710 | $ | - | $ | 1,142 | $ | 772 | $ | 112,111 | ||||||||||||||||||
Total equity investments in unconsolidated entities
|
$ | 86,380 | $ | 16,438 | $ | 2,938 | $ | 2,731 | $ | 1,710 | $ | - | $ | 1,142 | $ | 772 | $ | 112,111 | ||||||||||||||||||
(1) In the first quarter 2011, the joint venture recorded a $125,000 impairment of long-lived assets, the extent of the entity's equity. Ramco suspended equity method accounting and reversed any losses previously
recorded in excess of our investment. Our investment in the West Acres joint venture was zero at June 30, 2011.
|
||||||||||||||||||||||||||||||||||||
(2) The joint venture owns one shopping center (Shenandoah Square) which was classified as held for sale at June 30, 2011.
|
Page 23 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||
Summary of Joint Venture Debt
|
||||||||||||||||||||
As of June 30, 2011
|
||||||||||||||||||||
Ramco
|
Stated
|
Ramco
|
||||||||||||||||||
Ownership
|
Mortgage
|
Maturity
|
Loan
|
Interest
|
Share of
|
|||||||||||||||
Property Name
|
Location
|
Lender or Servicer
|
Interest
|
Balance
|
Date
|
Type
|
Rate
|
Debt
|
||||||||||||
West Acres Commons
|
Flint, MI
|
Midland Loan Services
|
40 | % | 8,401,214 | (1) |
Fixed
|
13.1400 | % | $ | 3,360,486 | |||||||||
Shenandoah Square
|
Davie, FL
|
L.J. Melody & Co/Salomon
|
40 | % | 11,570,773 |
Feb-12
|
Fixed
|
7.3300 | % | (2) | 4,628,309 | |||||||||
Paulding Pavilion
|
Hiram, GA
|
Fifth Third Bank
|
20 | % | 8,399,996 |
Jun-12
|
Variable
|
1.6356 | % | (3) | 1,679,999 | |||||||||
West Broward Shopping Center
|
Plantation, FL
|
Berkadia Commercial Mortgage
|
30 | % | 9,274,334 |
Oct-12
|
Fixed
|
6.6400 | % | 2,782,300 | ||||||||||
The Shops on Lane Avenue
|
Upper Arlington, OH
|
Principal Global Investors
|
20 | % | 27,600,000 |
Jan-13
|
Fixed
|
5.9500 | % | (4) | 5,520,000 | |||||||||
Olentangy Plaza
|
Columbus, OH
|
Principal Global Investors
|
20 | % | 21,600,000 |
Jan-13
|
Fixed
|
5.8800 | % | (4) | 4,320,000 | |||||||||
Market Plaza
|
Glen Ellyn, IL
|
Principal Global Investors
|
20 | % | 24,505,000 |
Jan-13
|
Fixed
|
5.8800 | % | (4) | 4,901,000 | |||||||||
Mission Bay Plaza
|
Boca Raton, FL
|
Wells Fargo Bank, NA
|
30 | % | 43,127,362 |
Jul-13
|
Fixed
|
6.6400 | % | 12,938,209 | ||||||||||
Winchester Center
|
Rochester Hills, MI
|
Wachovia
|
30 | % | 26,975,695 |
Jul-13
|
Fixed
|
8.1056 | % | 8,092,708 | ||||||||||
Hunter's Square
|
Farmington Hills, MI
|
Wachovia
|
30 | % | 35,064,148 |
Aug-13
|
Fixed
|
8.1504 | % | 10,519,244 | ||||||||||
The Plaza at Delray
|
Delray Beach, FL
|
CIGNA
|
20 | % | 46,944,732 |
Sep-13
|
Fixed
|
6.0000 | % | 9,388,946 | ||||||||||
Chester Springs Shopping Center
|
Chester, NJ
|
Citigroup
|
20 | % | 22,063,650 |
Oct-13
|
Fixed
|
5.5100 | % | 4,412,730 | ||||||||||
Village Plaza
|
Lakeland, FL
|
Citigroup
|
30 | % | 9,201,756 |
Sep-15
|
Fixed
|
5.0050 | % | 2,760,527 | ||||||||||
Millennium Park
|
Livonia, MI
|
Citigroup
|
30 | % | 31,702,638 |
Oct-15
|
Fixed
|
5.0210 | % | 9,510,791 | ||||||||||
Rolling Meadows Shopping Center
|
Rolling Meadows, IL
|
Wells Fargo Bank, NA
|
20 | % | 11,911,250 |
Dec-15
|
Fixed
|
5.3440 | % | 2,382,250 | ||||||||||
Southfield Plaza Expansion
|
Southfield, MI
|
GECA
|
50 | % | 653,126 |
May-16
|
Fixed
|
5.6250 | % | (5) | 326,563 | |||||||||
Troy Marketplace
|
Troy, MI
|
Deutsche Banc
|
30 | % | 21,900,000 |
Jun-16
|
Fixed
|
5.9040 | % | 6,570,000 | ||||||||||
Gratiot Crossing
|
Chesterfield Twp., MI
|
Deutsche Banc
|
30 | % | 13,500,000 |
Jun-16
|
Fixed
|
5.9040 | % | 4,050,000 | ||||||||||
Crofton Centre
|
Crofton, MD
|
Citigroup
|
20 | % | 17,000,000 |
Jan-17
|
Fixed
|
5.8490 | % | 3,400,000 | ||||||||||
Treasure Coast Commons
|
Jensen Beach, FL
|
GE Group Life Assurance
|
30 | % | 8,302,470 |
Jun-20
|
Fixed
|
5.5400 | % | 2,490,741 | ||||||||||
Vista Plaza
|
Jensen Beach, FL
|
First Colony Life Insurance
|
30 | % | 10,966,367 |
Jun-20
|
Fixed
|
5.5400 | % | 3,289,910 | ||||||||||
Subtotal Mortgage Debt
|
$ | 410,664,511 | $ | 107,324,713 | ||||||||||||||||
Unamortized premium
|
711,462 | 185,936 | ||||||||||||||||||
Total mortgage debt (including unamortized premium)
|
$ | 411,375,973 | $ | 107,510,649 | ||||||||||||||||
(1) Interest rate increased to 13.14% on 07/01/10. The original maturity date was April 2030. Lender called the loan in February 2011. The Company is currently in negotiations with the lender.
|
||||||||||||||||||||
(2) The joint venture owns one shopping center (Shenandoah Square) which was classified as held for sale at June 30, 2011.
|
||||||||||||||||||||
(3) Interest rate is variable based on LIBOR plus 1.45%.
|
||||||||||||||||||||
(4) Interest rate is fixed for five years and then lender has right to reset the interest rate or call the loan in 2013.
|
||||||||||||||||||||
(5) Resets per formula annually each June 1.
|
Page 24 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||||||
Joint Venture Contribution to Funds from Operations
|
||||||||||||||||||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Ramco | ||||||||||||||||||||||||||||||||||||||||
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
HHF NP LLC
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
Indianapolis,
|
Commons
|
Square
|
Associates
|
JV's
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
IN
|
Flint, MI (1)
|
Davie, FL (2)
|
Southfield, MI
|
at 100%
|
Share
|
||||||||||||||||||||||||||||||
Total revenue
|
$ | 12,678 | $ | 6,385 | $ | 580 | $ | 960 | $ | 490 | $ | 248 | $ | 685 | $ | 62 | $ | 22,088 | $ | 5,702 | ||||||||||||||||||||
Operating expenses
|
3,651 | 2,079 | 90 | 228 | 111 | 133 | 267 | 9 | 6,568 | 1,717 | ||||||||||||||||||||||||||||||
Net operating income
|
$ | 9,027 | $ | 4,306 | $ | 490 | $ | 732 | $ | 379 | $ | 115 | $ | 418 | $ | 53 | $ | 15,520 | $ | 3,985 | ||||||||||||||||||||
Depreciation and amortization
|
3,594 | 2,277 | 198 | 354 | 168 | 67 | 122 | 8 | 6,788 | 1,690 | ||||||||||||||||||||||||||||||
Interest expense
|
3,182 | 2,556 | 36 | - | - | 279 | 215 | 10 | 6,278 | 1,633 | ||||||||||||||||||||||||||||||
Amortization of deferred financing fees
|
80 | 74 | 5 | - | - | - | - | 1 | 160 | 82 | ||||||||||||||||||||||||||||||
Total other expenses
|
6,856 | 4,907 | 239 | 354 | 168 | 346 | 337 | 19 | 13,226 | 3,405 | ||||||||||||||||||||||||||||||
Net income (loss)
|
$ | 2,171 | $ | (601 | ) | $ | 251 | $ | 378 | $ | 211 | $ | (231 | ) | $ | 81 | $ | 34 | $ | 2,294 | $ | 580 | ||||||||||||||||||
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | 50 | % | N/A | |||||||||||||||||||||||
Ramco's share of net income (loss)
|
$ | 652 | $ | (120 | ) | $ | 51 | $ | 26 | $ | 15 | $ | - | $ | 32 | $ | 16 | N/A | $ | 672 | ||||||||||||||||||||
Addback: Pro rata share of depreciation expense
|
1,078 | 456 | 39 | 25 | 11 | - | 49 | 5 | N/A | 1,663 | ||||||||||||||||||||||||||||||
Funds from operations contributed by joint ventures
|
$ | 1,730 | $ | 336 | $ | 90 | $ | 51 | $ | 26 | $ | - | $ | 81 | $ | 21 | N/A | $ | 2,335 | |||||||||||||||||||||
Ramco
|
||||||||||||||||||||||||||||||||||||||||
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
HHF NP LLC
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
Indianapolis, |
Commons
|
Square
|
Associates
|
JV's
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
Six months ended June 30, 2011
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
IN
|
Flint, MI (1)
|
Davie, FL (2)
|
Southfield, MI
|
at 100%
|
Share
|
||||||||||||||||||||||||||||||
Total revenue
|
$ | 25,772 | $ | 13,169 | $ | 1,156 | $ | 2,128 | $ | 1,001 | $ | 493 | $ | 1,341 | $ | 131 | $ | 45,191 | $ | 11,614 | ||||||||||||||||||||
Operating expenses
|
7,511 | 4,467 | 182 | 417 | 254 | 214 | 494 | 34 | 13,573 | 3,530 | ||||||||||||||||||||||||||||||
Net operating income
|
$ | 18,261 | $ | 8,702 | $ | 974 | $ | 1,711 | $ | 747 | $ | 279 | $ | 847 | $ | 97 | $ | 31,618 | $ | 8,084 | ||||||||||||||||||||
Depreciation and amortization
|
7,185 | 4,368 | 395 | 675 | 344 | 133 | 245 | 17 | 13,362 | 3,339 | ||||||||||||||||||||||||||||||
Interest expense
|
6,483 | 5,216 | 72 | - | - | 555 | 428 | 20 | 12,774 | 3,406 | ||||||||||||||||||||||||||||||
Amortization of deferred financing fees
|
154 | 170 | 9 | - | - | - | - | 1 | 334 | 82 | ||||||||||||||||||||||||||||||
Impairment provision on long-lived assets
|
- | - | - | - | - | 125 | - | - | 125 | - | ||||||||||||||||||||||||||||||
Total other expenses
|
13,822 | 9,754 | 476 | 675 | 344 | 813 | 673 | 38 | 26,595 | 6,827 | ||||||||||||||||||||||||||||||
Net income (loss)
|
$ | 4,439 | $ | (1,052 | ) | $ | 498 | $ | 1,036 | $ | 403 | $ | (534 | ) | $ | 174 | $ | 59 | $ | 5,023 | $ | 1,257 | ||||||||||||||||||
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | 50 | % | N/A | |||||||||||||||||||||||
Ramco's share of net income (loss)
|
$ | 1,332 | $ | (210 | ) | $ | 100 | $ | 72 | $ | 28 | $ | 213 | $ | 69 | $ | 29 | N/A | $ | 1,633 | ||||||||||||||||||||
Addback: Pro rata share of depreciation expense
|
2,155 | 874 | 79 | 47 | 24 | - | 98 | 9 | N/A | 3,286 | ||||||||||||||||||||||||||||||
Funds from operations contributed by joint ventures
|
$ | 3,487 | $ | 664 | $ | 179 | $ | 119 | $ | 52 | $ | 213 | $ | 167 | $ | 38 | N/A | $ | 4,919 | |||||||||||||||||||||
(1) In the first quarter 2011, the joint venture recorded a $125,000 impairment of long-lived assets, the extent of the entity's equity. Ramco suspended equity method accounting and reversed any losses previously recorded in excess of our investment. Our investment in the West Acres joint venture was zero at June 30, 2011.
|
||||||||||||||||||||||||||||||||||||||||
(2) The joint venture owns one shopping center (Shenandoah Square) which was classified as held for sale at June 30, 2011.
|
Page 25 of 27
Ramco-Gershenson Properties Trust
|
||||||||||||
Joint Venture Summary of Expiring GLA
|
||||||||||||
As of June 30, 2011
|
||||||||||||
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 | % | $ | - | 15 | 27,067 | 1.2 | % | 1.3 | % | $ | 16.03 | 15 | 27,067 | 0.5 | % | 0.7 | % | $ | 16.03 | |||||||||||||||||||||||||||||||||||||||||
2011 | 1 | 20,000 | 0.6 | % | 0.7 | % | 10.38 | 43 | 103,253 | 4.6 | % | 5.0 | % | 16.66 | 44 | 123,253 | 2.2 | % | 2.9 | % | 15.64 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | 6 | 247,301 | 7.1 | % | 5.6 | % | 7.13 | 103 | 311,634 | 13.8 | % | 16.2 | % | 17.71 | 109 | 558,935 | 9.8 | % | 11.1 | % | 13.03 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 10 | 397,581 | 11.5 | % | 11.9 | % | 9.46 | 102 | 278,364 | 12.3 | % | 15.6 | % | 19.13 | 112 | 675,945 | 11.8 | % | 13.8 | % | 13.44 | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 10 | 380,788 | 11.0 | % | 10.2 | % | 8.45 | 102 | 301,546 | 13.4 | % | 15.1 | % | 17.14 | 112 | 682,334 | 11.9 | % | 12.7 | % | 12.29 | ||||||||||||||||||||||||||||||||||||||||||||
2015 | 13 | 517,523 | 15.0 | % | 15.2 | % | 9.29 | 65 | 205,506 | 9.1 | % | 11.5 | % | 19.08 | 78 | 723,029 | 12.6 | % | 13.3 | % | 12.07 | ||||||||||||||||||||||||||||||||||||||||||||
2016 | 11 | 380,596 | 11.0 | % | 12.8 | % | 10.68 | 63 | 221,246 | 9.8 | % | 12.6 | % | 19.42 | 74 | 601,842 | 10.5 | % | 12.7 | % | 13.89 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 5 | 134,910 | 3.9 | % | 6.4 | % | 15.15 | 20 | 79,568 | 3.5 | % | 5.3 | % | 22.55 | 25 | 214,478 | 3.8 | % | 5.8 | % | 17.90 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 4 | 177,514 | 5.1 | % | 4.1 | % | 7.39 | 15 | 69,423 | 3.1 | % | 3.5 | % | 17.24 | 19 | 246,937 | 4.3 | % | 3.8 | % | 10.16 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 5 | 201,705 | 5.8 | % | 7.6 | % | 11.98 | 14 | 55,913 | 2.5 | % | 3.0 | % | 18.17 | 19 | 257,618 | 4.5 | % | 5.2 | % | 13.32 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 3 | 218,423 | 6.3 | % | 3.1 | % | 4.43 | 13 | 41,796 | 1.9 | % | 2.9 | % | 23.28 | 16 | 260,219 | 4.6 | % | 3.0 | % | 7.46 | ||||||||||||||||||||||||||||||||||||||||||||
2021+ | 15 | 566,870 | 16.4 | % | 22.4 | % | 12.58 | 21 | 159,142 | 7.0 | % | 8.0 | % | 17.31 | 36 | 726,012 | 12.7 | % | 15.0 | % | 13.62 | ||||||||||||||||||||||||||||||||||||||||||||
Sub-Total
|
83 | 3,243,211 | 93.7 | % | 100.0 | % | $ | 9.77 | 576 | 1,854,458 | 82.2 | % | 100.0 | % | $ | 18.40 | 659 | 5,097,669 | 89.2 | % | 100.0 | % | $ | 12.91 | |||||||||||||||||||||||||||||||||||||||||
Vacant
|
7 | 216,340 | 6.3 | % | N/A | N/A | 147 | 402,449 | 17.8 | % | N/A | N/A | 154 | 618,789 | 10.8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Total
|
90 | 3,459,551 | 100.0 | % | 100.0 | % | N/A | 723 | 2,256,907 | 100.0 | % | 100.0 | % | N/A | 813 | 5,716,458 | 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 26 of 27
Ramco-Gershenson Properties Trust
|
|||||||
Joint Venture Leasing Activity
|
|||||||
As of June 30, 2011
|
Total Comparable Leases (2)
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (1)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
20 | 72,006 | $14.12 | $15.43 | -8.5 | % | 4.2 | $7.97 | ||||||||||||||||||||
1st Quarter 2011
|
35 | 150,678 | $13.31 | $14.51 | -8.3 | % | 5.6 | $11.54 | ||||||||||||||||||||
4th Quarter 2010
|
40 | 89,877 | $18.63 | $20.06 | -7.1 | % | 4.4 | $2.34 | ||||||||||||||||||||
3rd Quarter 2010
|
36 | 259,575 | $13.13 | $13.24 | -0.8 | % | 4.8 | $1.00 | ||||||||||||||||||||
Total
|
131 | 572,136 | $14.17 | $14.92 | -5.0 | % | 4.9 | $4.86 | ||||||||||||||||||||
Renewals
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (1)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
13 | 31,024 | $19.96 | $19.48 | 2.5 | % | 3.4 | $0.68 | ||||||||||||||||||||
1st Quarter 2011
|
25 | 97,236 | $14.37 | $14.11 | 1.8 | % | 3.3 | $0.01 | ||||||||||||||||||||
4th Quarter 2010
|
27 | 61,645 | $19.15 | $20.09 | -4.7 | % | 4.2 | $0.02 | ||||||||||||||||||||
3rd Quarter 2010
|
26 | 223,312 | $13.22 | $13.21 | 0.1 | % | 4.8 | $0.00 | ||||||||||||||||||||
Total
|
91 | 413,217 | $14.88 | $14.92 | -0.3 | % | 4.3 | $0.06 | ||||||||||||||||||||
New Leases-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (1)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
7 | 40,982 | $9.69 | $12.35 | -21.5 | % | 4.9 | $13.50 | ||||||||||||||||||||
1st Quarter 2011
|
10 | 53,442 | $11.39 | $15.25 | -25.3 | % | 9.8 | $32.51 | ||||||||||||||||||||
4th Quarter 2010
|
13 | 28,232 | $17.51 | $20.00 | -12.4 | % | 4.7 | $7.41 | ||||||||||||||||||||
3rd Quarter 2010
|
10 | 36,263 | $12.58 | $13.41 | -6.2 | % | 7.5 | $6.98 | ||||||||||||||||||||
Total
|
40 | 158,919 | $12.31 | $14.93 | -17.5 | % | 7.1 | $17.32 | ||||||||||||||||||||
Total Comparable and Non-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (1)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|||||||||||||||||||||
2nd Quarter 2011
|
21 | 80,420 | $14.24 | N/A | N/A | 4.8 | $14.63 | |||||||||||||||||||||
1st Quarter 2011
|
40 | 286,597 | $13.74 | N/A | N/A | 8.4 | $24.78 | |||||||||||||||||||||
4th Quarter 2010
|
46 | 126,174 | $17.09 | N/A | N/A | 5.4 | $10.58 | |||||||||||||||||||||
3rd Quarter 2010
|
42 | 305,261 | $12.72 | N/A | N/A | 5.5 | $2.05 | |||||||||||||||||||||
Total
|
149 | 798,452 | $13.93 | N/A | N/A | 6.4 | $12.82 |
|
|||||||
(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 27 of 27 |