Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - RPT Realty | a50039790ex99_1.htm |
| 8-K - RAMCO-GERSHENSON PROPERTIES TRUST 8-K - RPT Realty | a50039790.htm |
Exhibit 99.2
|
Ramco-Gershenson Properties Trust
|
|
Quarterly Financial and Operating Supplement
|
|
September 30, 2011
|
|
TABLE OF CONTENTS
|
|
Page
|
||
|
Overview
|
||
|
Company Information
|
3
|
|
|
Disclosures
|
4
|
|
|
Financial Results and Debt Information
|
||
|
Consolidated Balance Sheets
|
5
|
|
|
Consolidated Balance Sheets Detail
|
6
|
|
|
Consolidated Market Data
|
7
|
|
|
Summary of Debt Expiration - Consolidated Properties
|
8
|
|
|
Summary of Outstanding Debt - Consolidated Properties
|
9
|
|
|
Consolidated Statements of Operations
|
10
|
|
|
Consolidated Statements of Operations Detail
|
11
|
|
|
Funds from Operations and Additional Disclosures
|
12
|
|
|
EBITDA
|
13
|
|
|
Operating and Portfolio Information
|
||
|
Consolidated Same Properties Analysis
|
14
|
|
|
Summary of Expiring GLA - Consolidated and Unconsolidated Properties
|
15
|
|
|
Top Twenty-Five Tenants - Consolidated and Unconsolidated Properties
|
16
|
|
|
Leasing Activity - Consolidated and Unconsolidated Portfolios
|
17
|
|
|
Portfolio Summary Report
|
18 - 21
|
|
|
Redevelopment and Development Projects
|
22
|
|
|
Acquisitions / Dispositions
|
23
|
|
|
Joint Venture Information
|
||
|
Joint Venture Combined Balance Sheets
|
24
|
|
|
Summary of Joint Venture Debt
|
25
|
|
|
Joint Venture Contribution to Funds from Operations
|
26
|
|
|
Joint Venture Summary of Expiring GLA
|
27
|
|
|
Joint Venture Leasing Activity
|
28
|
|
Page 2 of 28
Page 3 of 28
|
Ramco-Gershenson Properties Trust
|
|
Quarterly Financial and Operating Supplement
|
|
September 30, 2011
|
|
Disclosures
|
|
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 28
|
Ramco-Gershenson Properties Trust
|
||||||||
|
Consolidated Balance Sheets
|
||||||||
|
As of September 30, 2011
|
||||||||
|
(in thousands)
|
||||||||
|
September 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
Income producing properties, at cost:
|
||||||||
|
Land
|
$ | 125,789 | $ | 114,814 | ||||
|
Buildings and improvements
|
864,706 | 863,225 | ||||||
|
Less accumulated depreciation and amortization
|
(222,740 | ) | (213,915 | ) | ||||
|
Income producing properties, net
|
767,755 | 764,124 | ||||||
|
Construction in progress and land held for development or sale (including
$0 and $25,812 of consolidated variable interest entities, respectively)
|
97,278 | 96,056 | ||||||
|
Net real estate
|
$ | 865,033 | $ | 860,180 | ||||
|
Equity investments in unconsolidated joint ventures
|
111,940 | 105,189 | ||||||
|
Cash and cash equivalents
|
21,802 | 10,175 | ||||||
|
Restricted cash
|
6,635 | 5,726 | ||||||
|
Accounts & notes receivable, net
|
12,945 | 13,534 | ||||||
|
Other assets, net
|
56,731 | 58,025 | ||||||
|
TOTAL ASSETS
|
$ | 1,075,086 | $ | 1,052,829 | ||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
Mortgages and notes payable:
|
||||||||
|
Mortgages payable (including $0 and $4,605 of
consolidated variable interest entities, respectively)
|
$ | 336,245 | $ | 363,819 | ||||
|
Unsecured/secured revolving credit facility
|
- | 119,750 | ||||||
|
Unsecured/secured term loan facilities, including secured bridge loan
|
135,000 | 60,000 | ||||||
|
Junior subordinated notes
|
28,125 | 28,125 | ||||||
|
Total mortgages and notes payable
|
$ | 499,370 | $ | 571,694 | ||||
|
Capital lease obligation
|
6,417 | 6,641 | ||||||
|
Accounts payable and accrued expenses
|
28,193 | 24,986 | ||||||
|
Other liabilities & distributions payable
|
11,120 | 10,142 | ||||||
|
TOTAL LIABILITIES
|
$ | 545,100 | $ | 613,463 | ||||
|
Ramco-Gershenson Properties Trust shareholders' equity:
|
||||||||
|
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
September 30, 2011 and December 31, 2010, respectively
|
$ | 100,000 | $ | - | ||||
|
Common shares of beneficial interest, $0.01 par, 60,000 shares authorized,
38,732 and 37,947 shares issued and outstanding as of September 30, 2011
and December 31, 2010, respectively
|
387 | 379 | ||||||
|
Additional paid-in capital
|
569,759 | 563,370 | ||||||
|
Accumulated distributions in excess of net income
|
(173,602 | ) | (161,476 | ) | ||||
|
Accumulated other comprehensive loss
|
(1,895 | ) | - | |||||
|
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT
|
494,649 | 402,273 | ||||||
|
Noncontrolling interest
|
35,337 | 37,093 | ||||||
|
TOTAL SHAREHOLDERS' EQUITY
|
529,986 | 439,366 | ||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 1,075,086 | $ | 1,052,829 | ||||
Page 5 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||
|
Consolidated Balance Sheets Detail
|
||||||||
|
As of September 30, 2011
|
||||||||
|
(in thousands)
|
||||||||
|
September 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
Investment in real estate
|
||||||||
|
Construction in progress
|
$ | 3,662 | $ | 2,721 | ||||
|
Land held for development or sale
|
93,616 | 93,335 | ||||||
|
Construction in progress and land held for development or sale
|
$ | 97,278 | $ | 96,056 | ||||
|
Other assets, net
|
||||||||
|
Deferred leasing costs, net
|
$ | 14,202 | $ | 14,575 | ||||
|
Deferred financing costs, net
|
5,928 | 6,703 | ||||||
|
Lease intangible assets, net
|
10,671 | 7,969 | ||||||
|
Straight-line rent receivable, net
|
17,349 | 17,864 | ||||||
|
Prepaid and other deferred expenses, net
|
5,778 | 8,242 | ||||||
|
Other, net
|
2,803 | 2,672 | ||||||
|
Other assets, net
|
$ | 56,731 | $ | 58,025 | ||||
Page 6 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||
|
Consolidated Market Data
|
||||||||
|
As of September 30, 2011
|
||||||||
|
September 30,
|
September 30,
|
|||||||
|
2011
|
2010
|
|||||||
|
Market price per common share
|
$ | 8.20 | $ | 10.71 | ||||
|
Common shares outstanding
|
38,732,419 | 37,946,541 | ||||||
|
Dilutive securities
|
161,616 | - | ||||||
|
Operating Partnership Units
|
2,783,908 | 2,902,162 | ||||||
|
Total common shares and equivalents
|
41,677,943 | 40,848,703 | ||||||
|
Equity market capitalization
|
$ | 341,759,133 | $ | 437,489,609 | ||||
|
Fixed rate debt (excluding unamortized premium)
|
$ | 499,314,922 | $ | 476,083,071 | ||||
|
Variable rate debt
|
- | 62,094,012 | ||||||
|
Total fixed and variable rate debt
|
$ | 499,314,922 | $ | 538,177,083 | ||||
|
Capital lease obligation
|
6,417,353 | 6,713,106 | ||||||
|
Cash and cash equivalents
|
(21,802,018 | ) | (5,525,000 | ) | ||||
|
Net debt
|
$ | 483,930,257 | $ | 539,365,189 | ||||
|
Equity market capitalization
|
$ | 341,759,133 | $ | 437,489,609 | ||||
|
Convertible perpetual preferred shares
|
76,100,000 | (1) | - | |||||
|
Total market capitalization
|
$ | 901,789,390 | $ | 976,854,798 | ||||
|
Net debt to total market capitalization
|
53.7 | % | 55.2 | % | ||||
| (1) |
Convertible preferred shares based on a market price of $38.05 per share at September 30, 2011 as compared to liquidation value of $50.00 per share.
|
Page 7 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||
|
Summary of Debt Expiration - Consolidated Properties
|
||||||||||
|
As of September 30, 2011
|
||||||||||
|
Cumulative
|
||||||||||
|
Scheduled
|
Total
|
Percentage
|
Percentage
|
|||||||
|
Amortization
|
Scheduled
|
Scheduled
|
of Debt
|
of Debt
|
||||||
|
Year
|
Payments
|
Maturities
|
Maturities
|
Maturing
|
Maturing
|
|||||
|
2011
|
$ 1,256,161
|
$ 9,106,905
|
(1)
|
$ 10,363,066
|
2.1%
|
2.1%
|
||||
|
2012
|
5,029,670
|
10,602,053
|
15,631,723
|
3.1%
|
5.2%
|
|||||
|
2013
|
4,770,863
|
21,072,198
|
25,843,061
|
5.2%
|
10.4%
|
|||||
|
2014
|
3,993,890
|
29,676,361
|
33,670,251
|
6.7%
|
17.1%
|
|||||
|
2015
|
3,777,054
|
73,189,467
|
76,966,521
|
15.4%
|
32.5%
|
|||||
|
2016
|
1,918,987
|
75,000,000
|
(2)
|
76,918,987
|
15.4%
|
47.9%
|
||||
|
2017
|
1,861,892
|
110,000,000
|
111,861,892
|
22.4%
|
70.3%
|
|||||
|
2018
|
1,445,815
|
82,046,854
|
(3)
|
83,492,669
|
16.7%
|
87.0%
|
||||
|
2019
|
1,265,942
|
3,148,141
|
4,414,083
|
0.9%
|
87.9%
|
|||||
|
2020
|
549,024
|
24,717,029
|
25,266,053
|
5.1%
|
93.0%
|
|||||
|
2021
|
+
|
-
|
34,886,616
|
34,886,616
|
7.0%
|
100.0%
|
||||
|
Subtotal Mortgage Debt
|
$ 25,869,298
|
$ 473,445,624
|
$ 499,314,922
|
|||||||
|
Unamortized premium
|
55,126
|
55,126
|
||||||||
|
Total mortgage debt (including
unamortized premium)
|
$ 25,869,298
|
$ 473,500,750
|
$ 499,370,048
|
|||||||
| (1) |
On October 19, 2011, the Company conveyed title to and our interest in Madison Center to the lender in exchange for release from the debt obligation of $9,106,905.
|
| (2) |
Scheduled maturities in 2016 include $75 million of Unsecured Term Loan assuming Company exercises a one-year extension option in April 2015.
|
| (3) |
Scheduled maturities in 2018 include $60 million of Unsecured Term Loan due Sept 2018.
|
Page 8 of 28
|
Ramco-Gershenson Properties Trust
|
|||||||
|
Summary of Outstanding Debt - Consolidated Properties
|
|||||||
|
As of September 30, 2011
|
|||||||
|
Balance
|
Stated
|
% of
|
|||||
|
at
|
Interest
|
Loan
|
Maturity
|
Total
|
|||
|
Property Name
|
Location
|
Lender or Servicer
|
09/30/11
|
Rate
|
Type
|
Date
|
Indebtedness
|
|
Mortgage Debt
|
|||||||
|
Madison Center (1)
|
Madison Heights, MI
|
LaSalle Bank N.A.
|
$ 9,106,905
|
12.5080%
|
Fixed
|
May-11
|
1.8%
|
|
The Crossroads
|
Royal Palm Beach, FL
|
L.J. Melody & Co./Salomon
|
10,791,774
|
6.5000%
|
Fixed
|
Aug-12
|
2.2%
|
|
East Town Plaza
|
Madison, WI
|
Citigroup Global Markets
|
10,550,788
|
5.4500%
|
Fixed
|
Jul-13
|
2.1%
|
|
Centre at Woodstock
|
Woodstock, GA
|
Wachovia
|
3,642,771
|
6.9100%
|
Fixed
|
Jul-13
|
0.7%
|
|
Kentwood Towne Centre
|
Kentwood, MI
|
Nationwide Life
|
8,656,492
|
5.7400%
|
Fixed
|
Jul-13
|
1.7%
|
|
The Auburn Mile
|
Auburn Hills, MI
|
Citigroup Global Markets
|
7,002,384
|
5.3800%
|
Fixed
|
May-14
|
1.4%
|
|
Crossroads Centre
|
Rossford, OH
|
Citigroup Global Markets
|
24,390,733
|
5.3800%
|
Fixed
|
May-14
|
4.9%
|
|
Ramco Aquia Office LLC
|
Stafford, VA
|
JPMorgan Chase Bank, N.A.
|
14,480,993
|
5.7980%
|
Fixed
|
Jun-15
|
2.9%
|
|
Jackson West
|
Jackson, MI
|
Key Bank
|
16,987,158
|
5.2000%
|
Fixed
|
Nov-15
|
3.4%
|
|
West Oaks I
|
Novi, MI
|
Key Bank
|
26,993,563
|
5.2000%
|
Fixed
|
Nov-15
|
5.4%
|
|
New Towne Plaza
|
Canton Twp., MI
|
Deutsche Bank
|
19,597,132
|
5.0910%
|
Fixed
|
Dec-15
|
3.9%
|
|
Hoover Eleven
|
Warren, MI
|
Canada Life/GMAC
|
4,197,238
|
7.6250%
|
Fixed
|
Feb-16
|
0.8%
|
|
River City Marketplace
|
Jacksonville, FL
|
JPMorgan Chase Bank, N.A.
|
110,000,000
|
5.4355%
|
Fixed
|
Apr-17
|
22.0%
|
|
Jackson Crossing
|
Jackson, MI
|
Wells Fargo Bank, N.A.
|
24,532,201
|
5.7600%
|
Fixed
|
Apr-18
|
4.9%
|
|
Hoover Eleven
|
Warren, MI
|
Canada Life/GMAC
|
1,746,798
|
7.2000%
|
Fixed
|
May-18
|
0.3%
|
|
Crossroads Centre Home Depot
|
Rossford, OH
|
Farm Bureau
|
3,847,433
|
7.3800%
|
Fixed
|
Dec-19
|
0.8%
|
|
West Oaks II and Spring Meadows Place
|
Novi, MI / Holland, OH
|
JPMorgan Chase Bank, N.A.
|
30,603,863
|
6.4950%
|
Fixed
|
Apr-20
|
6.4%
|
|
Coral Creek (2)
|
Coconut Creek, FL
|
Key Bank
|
9,061,696
|
6.7800%
|
Fixed
|
Jul-32
|
1.8%
|
|
Subtotal Mortgage Debt
|
$ 336,189,922
|
5.8602%
|
67.4%
|
||||
|
Unamortized premium
|
55,126
|
0.0000%
|
0.0%
|
||||
|
Total mortgage debt (including unamortized premium)
|
$ 336,245,048
|
5.8602%
|
67.4%
|
||||
|
Corporate Debt
|
|||||||
|
Unsecured Term Loan(3)
|
Key Bank, as agent
|
$ 75,000,000
|
3.4675%
|
Fixed
|
Apr-16
|
15.0%
|
|
|
Unsecured Term Loan(4)
|
Key Bank, as agent
|
60,000,000
|
4.1982%
|
Fixed
|
Sep-18
|
12.0%
|
|
|
Unsecured Revolving Credit Facility
|
Key Bank, as agent
|
-
|
2.4800%
|
Variable
|
Apr-14
|
0.0%
|
|
|
Junior Subordinated Note (5)
|
The Bank of New York Trust Co.
|
28,125,000
|
7.8700%
|
Fixed
|
Jan-38
|
5.6%
|
|
|
Subtotal Corporate Debt
|
$ 163,125,000
|
4.4953%
|
32.6%
|
||||
|
Total debt
|
$ 499,370,048
|
5.4143%
|
100.0%
|
||||
|
Capital Lease Obligation (6)
|
Gaines Twp., MI
|
Crown Development Corp
|
$ 6,417,353
|
5.8000%
|
Ground Lease
|
Oct-14
|
N/A
|
|
(1) On October 19, 2011, the Company conveyed title to and our interest in Madison Center to the lender (see page 8).
|
|||||||
|
(2) Fixed rate to July 2012 when loan can be prepaid or rate increases to greater of 8.78% or Treasuries + 2.0%.
|
|||||||
|
(3) Effectively converted to fixed rate through swap agreement that expires at final maturity in April 2016. Assumes Company exercises a one-year extension option in April 2015.
|
|||||||
|
(4) Effectively converted to fixed rate through swap agreements that expire at loan maturity in September 2018.
|
|||||||
|
(5) Fixed rate until January 2013, and then at LIBOR plus 3.30%.
|
|||||||
|
(6) 99 year Ground Lease expires Sept 2103. Purchase option date is Oct 2014.
|
|||||||
Page 9 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
|
Consolidated Statements of Operations
|
||||||||||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
Increase
|
Increase
|
|||||||||||||||||||||||
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
|||||||||||||||||||
|
REVENUE
|
||||||||||||||||||||||||
|
Minimum rent
|
$ | 21,382 | $ | 19,370 | 2,012 | $ | 62,736 | $ | 58,461 | 4,275 | ||||||||||||||
|
Percentage rent
|
105 | 137 | (32 | ) | 227 | 330 | (103 | ) | ||||||||||||||||
|
Recovery income from tenants
|
7,587 | 6,630 | 957 | 22,617 | 21,369 | 1,248 | ||||||||||||||||||
|
Other property income
|
1,637 | 322 | 1,315 | 3,771 | 2,574 | 1,197 | ||||||||||||||||||
|
Management and other fee income
|
1,306 | 902 | 404 | 3,093 | 3,157 | (64 | ) | |||||||||||||||||
|
TOTAL REVENUE
|
32,017 | 27,361 | 4,656 | 92,444 | 85,891 | 6,553 | ||||||||||||||||||
|
EXPENSES
|
||||||||||||||||||||||||
|
Real estate taxes
|
3,976 | 3,794 | 182 | 13,121 | 12,688 | 433 | ||||||||||||||||||
|
Recoverable operating expense
|
3,817 | 3,172 | 645 | 11,223 | 9,877 | 1,346 | ||||||||||||||||||
|
Other non-recoverable operating expense
|
1,003 | 743 | 260 | 2,476 | 2,582 | (106 | ) | |||||||||||||||||
|
Depreciation and amortization
|
8,817 | 7,319 | 1,498 | 27,207 | 22,165 | 5,042 | ||||||||||||||||||
|
General and administrative
|
5,346 | 4,512 | 834 | 15,268 | 13,462 | 1,806 | ||||||||||||||||||
|
TOTAL EXPENSES
|
22,959 | 19,540 | 3,419 | 69,295 | 60,774 | 8,521 | ||||||||||||||||||
|
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX
AND DISCONTINUED OPERATIONS
|
9,058 | 7,821 | 1,237 | 23,149 | 25,117 | (1,968 | ) | |||||||||||||||||
|
OTHER INCOME AND EXPENSES
|
||||||||||||||||||||||||
|
Other income (expense)
|
192 | (388 | ) | 580 | (219 | ) | (1,021 | ) | 802 | |||||||||||||||
|
Gain on sale of real estate
|
45 | 1,633 | (1,588 | ) | 2,441 | 2,132 | 309 | |||||||||||||||||
|
Earnings (loss) from unconsolidated joint ventures
|
3,703 | (1,362 | ) | 5,065 | 5,336 | (662 | ) | 5,998 | ||||||||||||||||
|
Interest expense
|
(6,740 | ) | (7,657 | ) | 917 | (21,838 | ) | (23,405 | ) | 1,567 | ||||||||||||||
|
Amortization of deferred financing fees
|
(389 | ) | (596 | ) | 207 | (1,493 | ) | (1,812 | ) | 319 | ||||||||||||||
|
Provision for impairment
|
- | (28,787 | ) | 28,787 | - | (28,787 | ) | 28,787 | ||||||||||||||||
|
Impairment charge on unconsolidated joint ventures
|
- | - | - | - | (2,653 | ) | 2,653 | |||||||||||||||||
|
Loss on early extinguishment of debt
|
- | - | - | (1,968 | ) | - | (1,968 | ) | ||||||||||||||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX
|
5,869 | (29,336 | ) | 35,205 | 5,408 | (31,091 | ) | 36,499 | ||||||||||||||||
|
Income tax (provision) benefit
|
(95 | ) | (40 | ) | (55 | ) | (985 | ) | 312 | (1,297 | ) | |||||||||||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
5,774 | (29,376 | ) | 35,150 | 4,423 | (30,779 | ) | 35,202 | ||||||||||||||||
|
DISCONTINUED OPERATIONS
|
||||||||||||||||||||||||
|
Gain (loss) on sale of real estate
|
(33 | ) | - | (33 | ) | 6,177 | (2,050 | ) | 8,227 | |||||||||||||||
|
Income (loss) from discontinued operations
|
61 | (66 | ) | 127 | 478 | 232 | 246 | |||||||||||||||||
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS
|
28 | (66 | ) | 94 | 6,655 | (1,818 | ) | 8,473 | ||||||||||||||||
|
NET INCOME (LOSS)
|
5,802 | (29,442 | ) | 35,244 | 11,078 | (32,597 | ) | 43,675 | ||||||||||||||||
|
Net (income) loss attributable to noncontrolling partner interest
|
(2 | ) | 660 | (662 | ) | 5 | 1,916 | (1,911 | ) | |||||||||||||||
|
Net (income) loss attributable to noncontrolling OP unit holder interest
|
(387 | ) | 2,041 | (2,428 | ) | (744 | ) | 2,215 | (2,959 | ) | ||||||||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO RPT
|
5,413 | (26,741 | ) | 32,154 | 10,339 | (28,466 | ) | 38,805 | ||||||||||||||||
|
Preferred share dividends
|
(1,813 | ) | - | (1,813 | ) | (3,432 | ) | - | (3,432 | ) | ||||||||||||||
|
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 3,600 | $ | (26,741 | ) | $ | 30,341 | $ | 6,907 | $ | (28,466 | ) | $ | 35,373 | ||||||||||
|
EARNINGS (LOSS) PER COMMON SHARE, BASIC
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 0.09 | $ | (0.70 | ) | $ | 0.79 | $ | 0.02 | $ | (0.77 | ) | $ | 0.79 | ||||||||||
|
Discontinued operations
|
- | - | - | 0.16 | (0.06 | ) | 0.22 | |||||||||||||||||
|
|
$ | 0.09 | $ | (0.70 | ) | $ | 0.79 | $ | 0.18 | $ | (0.83 | ) | $ | 1.01 | ||||||||||
|
EARNINGS (LOSS) PER COMMON SHARE, DILUTED
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 0.09 | $ | (0.70 | ) | $ | 0.79 | $ | 0.02 | $ | (0.77 | ) | $ | 0.79 | ||||||||||
|
Discontinued operations
|
- | - | - | 0.16 | (0.06 | ) | 0.22 | |||||||||||||||||
| $ | 0.09 | $ | (0.70 | ) | $ | 0.79 | $ | 0.18 | $ | (0.83 | ) | $ | 1.01 | |||||||||||
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||||||||||
|
Basic
|
38,596 | 38,020 | 576 | 38,351 | 34,497 | 3,854 | ||||||||||||||||||
|
Diluted
|
38,739 | 38,020 | 719 | 38,513 | 34,497 | 4,016 | ||||||||||||||||||
Page 10 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
|
Consolidated Statements of Operations Detail
|
||||||||||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
Increase
|
Increase
|
|||||||||||||||||||||||
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
|||||||||||||||||||
|
Other property income
|
||||||||||||||||||||||||
|
Lease termination income
|
$ | 1,325 | $ | 1 | $ | 1,324 | $ | 2,501 | $ | 1,178 | $ | 1,323 | ||||||||||||
|
Temporary income
|
133 | 140 | (7 | ) | 434 | 347 | 87 | |||||||||||||||||
|
TIF revenue
|
50 | 63 | (13 | ) | 330 | 161 | 169 | |||||||||||||||||
|
Other
|
129 | 118 | 11 | 506 | 888 | (1) | (382 | ) | ||||||||||||||||
|
Other property income
|
$ | 1,637 | $ | 322 | $ | 1,315 | $ | 3,771 | $ | 2,574 | $ | 1,197 | ||||||||||||
|
Management and other fee income
|
||||||||||||||||||||||||
|
Management fees
|
$ | 677 | $ | 729 | $ | (52 | ) | $ | 2,065 | $ | 2,206 | $ | (141 | ) | ||||||||||
|
Leasing fees
|
458 | 161 | 297 | 758 | 710 | 48 | ||||||||||||||||||
|
Acquisition / Disposition fees
|
66 | - | 66 | 66 | - | 66 | ||||||||||||||||||
|
Construction fees
|
105 | 12 | 93 | 204 | 241 | (37 | ) | |||||||||||||||||
|
Management and other fee income
|
$ | 1,306 | $ | 902 | $ | 404 | $ | 3,093 | $ | 3,157 | $ | (64 | ) | |||||||||||
|
Other income (expense)
|
||||||||||||||||||||||||
|
Real estate taxes and insurance expense
on development projects
|
$ | (345 | ) | $ | (424 | ) | $ | 79 | $ | (900 | ) | $ | (1,078 | ) | $ | 178 | ||||||||
|
Interest income
|
49 | 12 | 37 | 681 | 35 | 646 | ||||||||||||||||||
|
Other
|
488 | (2) | 24 | 464 | - | 22 | (22 | ) | ||||||||||||||||
|
Other income (expense)
|
$ | 192 | $ | (388 | ) | $ | 580 | $ | (219 | ) | $ | (1,021 | ) | $ | 802 | |||||||||
|
(1) Includes $674k of lease rejection income from a bankruptcy claim in the nine months ended September 30, 2010.
|
||||||||||||||||||||||||
|
(2) Includes easement income.
|
||||||||||||||||||||||||
Page 11 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||
|
Funds from Operations and Additional Disclosures
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Net income (loss) available to common shareholders
|
$ | 3,600 | $ | (26,741 | ) | $ | 6,907 | $ | (28,466 | ) | ||||||
|
Adjustments:
|
||||||||||||||||
|
Rental property depreciation and amortization expense
|
8,657 | 7,342 | 27,011 | 22,293 | ||||||||||||
|
Pro-rata share of real estate depreciation from unconsolidated joint ventures
|
1,658 | 1,702 | 4,944 | 5,081 | ||||||||||||
|
Add preferred share dividends (assumes if converted) (1)
|
1,813 | - | - | - | ||||||||||||
|
Loss (gain) on sale of depreciable real estate
|
33 | - | (6,177 | ) | 2,050 | |||||||||||
|
(Gain) on sale of joint venture property
|
(2,718 | ) | - | (2,718 | ) | - | ||||||||||
|
Noncontrolling interest in Operating Partnership
|
387 | (2,041 | ) | 744 | (2,215 | ) | ||||||||||
|
FUNDS FROM OPERATIONS
|
$ | 13,430 | $ | (19,738 | ) | $ | 30,711 | $ | (1,257 | ) | ||||||
|
Impairment charges
|
- | 30,607 | - | 33,260 | ||||||||||||
|
Loss on early extinguishment of debt
|
- | - | 1,968 | - | ||||||||||||
|
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE
|
$ | 13,430 | $ | 10,869 | $ | 32,679 | $ | 32,003 | ||||||||
|
Weighted average common shares
|
38,596 | 38,020 | 38,351 | 34,497 | ||||||||||||
|
Shares issuable upon conversion of Operating Partnership Units
|
2,784 | 2,902 | 2,837 | 2,902 | ||||||||||||
|
Shares issuable upon conversion of preferred shares (1)
|
6,940 | - | - | - | ||||||||||||
|
Dilutive effect of securities
|
143 | - | 162 | - | ||||||||||||
|
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED
|
48,463 | 40,922 | 41,350 | 37,399 | ||||||||||||
|
FUNDS FROM OPERATIONS, PER DILUTED SHARE
|
$ | 0.28 | $ | (0.48 | ) | $ | 0.74 | $ | (0.03 | ) | ||||||
|
Impairment charges
|
- | 0.75 | - | 0.89 | ||||||||||||
|
Loss on early extinguishment of debt
|
- | - | 0.05 | - | ||||||||||||
|
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE, PER DILUTED SHARE
|
$ | 0.28 | $ | 0.27 | $ | 0.79 | $ | 0.86 | ||||||||
|
Dividend per common share
|
$ | 0.1633 | $ | 0.1633 | $ | 0.4898 | $ | 0.4898 | ||||||||
|
Payout ratio - FFO, excluding impairment charges and early extinguishment of debt
|
58.3 | % | 60.5 | % | 62.0 | % | 57.0 | % | ||||||||
|
Additional Supplemental Disclosures:
|
||||||||||||||||
|
Consolidated (excluding discontinued operations):
|
||||||||||||||||
|
Straight-line rental income
|
$ | 102 | $ | 319 | $ | 414 | $ | 1,293 | ||||||||
|
Above/below market rent amortization
|
24 | (2 | ) | (9 | ) | 192 | ||||||||||
|
Fair market value of interest adjustment - acquired property
|
9 | 11 | 27 | 193 | ||||||||||||
|
Stock-based compensation expense (2)
|
501 | 391 | 1,384 | 765 | ||||||||||||
|
Pro-rata share from Unconsolidated Joint Ventures (excluding discontinued operations):
|
||||||||||||||||
|
Straight-line rental income
|
83 | 78 | 106 | 218 | ||||||||||||
|
Above/below market rent amortization
|
100 | 13 | 150 | 132 | ||||||||||||
|
Fair market value of interest adjustment - acquired property
|
45 | 97 | 172 | 206 | ||||||||||||
|
(1) Series D convertible preferred shares were dilutive for the three months ended September 30, 2011 and antidilutive for the nine months ended September 30, 2011.
|
||||||||||||||||
|
(2) Includes expense reversal of $472k in the nine months ended September 30, 2010 for performance shares not issued.
|
||||||||||||||||
Page 12 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
EBITDA Calculation
|
||||||||||||||||
|
Income (loss) from continuing operations
|
$ | 5,774 | $ | (29,376 | ) | $ | 4,423 | $ | (30,779 | ) | ||||||
|
Add back:
|
||||||||||||||||
|
Provision for impairments
|
- | 30,607 | - | 33,260 | ||||||||||||
|
Loss on early extinguishment of debt
|
- | - | 1,968 | - | ||||||||||||
|
Income (loss) from discontinued operations
|
61 | (66 | ) | 478 | 232 | |||||||||||
|
Income tax provision (benefit)
|
95 | 40 | 985 | (312 | ) | |||||||||||
|
Interest expense (including discontinued operations)
|
6,740 | 7,976 | 21,987 | 24,364 | ||||||||||||
|
Amortization of deferred financing fees (including discontinued operations)
|
389 | 610 | 1,498 | 1,843 | ||||||||||||
|
Depreciation and amortization (including discontinued operations)
|
8,817 | 7,546 | 27,592 | 22,864 | ||||||||||||
|
Consolidated EBITDA
|
$ | 21,876 | $ | 17,337 | $ | 58,931 | $ | 51,472 | ||||||||
|
Scheduled mortgage principal payments
|
$ | 1,322 | $ | 1,200 | $ | 4,049 | $ | 3,531 | ||||||||
|
Debt and Coverage Ratios
|
||||||||||||||||
|
Consolidated net debt to EBITDA - annualized
|
5.5 | 7.8 | 6.2 | 7.9 | ||||||||||||
|
Interest coverage ratio (EBITDA / interest expense)
|
3.2 | 2.2 | 2.7 | 2.1 | ||||||||||||
|
Fixed charge coverage ratio (EBITDA / interest expense + preferred dividends + scheduled
mortgage principal pmts.)
|
2.2 | 1.9 | 2.0 | 1.8 | ||||||||||||
|
Operating Ratios
|
||||||||||||||||
|
GAAP NOI
|
$ | 21,915 | $ | 18,750 | $ | 62,531 | $ | 57,587 | ||||||||
|
Operating margin (GAAP NOI / total rental revenue)
|
71.4 | % | 70.9 | % | 70.0 | % | 69.6 | % | ||||||||
|
General & Administrative Expense as a Percentage of Total Rental Revenues Under Management (1)
|
||||||||||||||||
|
Revenue from REIT owned properties
|
$ | 30,711 | $ | 26,459 | $ | 89,351 | $ | 82,734 | ||||||||
|
Revenue from joint venture properties
|
21,966 | 22,924 | 67,156 | 71,204 | ||||||||||||
|
Revenue from non-REIT properties under management contract
|
880 | 900 | 2,531 | 2,706 | ||||||||||||
|
Total rental revenues under management
|
$ | 53,557 | $ | 50,283 | $ | 159,038 | $ | 156,644 | ||||||||
|
General and administrative expense
|
$ | 5,346 | $ | 4,512 | $ | 15,268 | $ | 13,462 | ||||||||
|
General and administrative expense / total rental revenues under management
|
10.0 | % | 9.0 | % | 9.6 | % | 8.6 | % | ||||||||
|
(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 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||
|
Consolidated Same Properties Analysis
|
||||||||||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
|
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
|||||||||||||||||||
|
Number of Properties (1)
|
41 | 41 | 0.0 | % | 40 | 40 | 0.0 | % | ||||||||||||||||
|
Occupancy
|
93.9 | % | 92.6 | % | 1.3 | % | 94.1 | % | 92.9 | % | 1.2 | % | ||||||||||||
|
REVENUE (2)
|
||||||||||||||||||||||||
|
Minimum rent
|
$ | 16,699 | $ | 16,501 | 1.2 | % | $ | 49,389 | $ | 49,130 | 0.5 | % | ||||||||||||
|
Percentage rent
|
99 | 137 | -27.7 | % | 208 | 297 | -30.0 | % | ||||||||||||||||
|
Recovery income from tenants
|
6,290 | 5,858 | 7.4 | % | 18,785 | 19,125 | -1.8 | % | ||||||||||||||||
|
Other property income
|
159 | 225 | -29.3 | % | 437 | 448 | -2.5 | % | ||||||||||||||||
| $ | 23,247 | $ | 22,721 | 2.3 | % | $ | 68,819 | $ | 69,000 | -0.3 | % | |||||||||||||
|
EXPENSES
|
||||||||||||||||||||||||
|
Real estate taxes
|
$ | 3,115 | $ | 3,201 | -2.7 | % | $ | 10,333 | $ | 10,781 | -4.2 | % | ||||||||||||
|
Recoverable operating expense
|
2,804 | 2,475 | 13.3 | % | 8,049 | 7,709 | 4.4 | % | ||||||||||||||||
|
Other non-recoverable operating expense
|
463 | 419 | 10.5 | % | 1,419 | 1,845 | -23.1 | % | ||||||||||||||||
| $ | 6,382 | $ | 6,095 | 4.7 | % | $ | 19,801 | $ | 20,335 | -2.6 | % | |||||||||||||
|
NET OPERATING INCOME
|
$ | 16,865 | $ | 16,626 | 1.4 | % | $ | 49,018 | $ | 48,665 | 0.7 | % | ||||||||||||
|
Operating Expense Recovery Ratio
|
106.3 | % | 103.2 | % | 3.1 | % | 102.2 | % | 103.4 | % | -1.2 | % | ||||||||||||
|
(1) Number of properties takes into account center combinations of Clinton Valley and Clinton Valley Mall, Fairlane Meadows and Shoppes at Fairlane Meadows, and Northwest Crossing and Northwest Crossing II.
|
||||||||||||||||||||||||
|
(2) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers held for redevelopment or held for sale.
|
||||||||||||||||||||||||
Page 14 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Summary of Expiring GLA - Consolidated and Unconsolidated Properties
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
As of September 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 | 23 | 43,433 | 0.8 | % | 0.9 | % | $ | 15.63 | 24 | 63,433 | 0.4 | % | 0.5 | % | $ | 12.75 | ||||||||||||||||||||||||||||||||||||
|
2011
|
3 | 84,143 | 0.9 | % | 0.8 | % | 7.64 | 44 | 141,395 | 2.4 | % | 2.4 | % | 12.99 | 47 | 225,538 | 1.5 | % | 1.6 | % | 10.99 | |||||||||||||||||||||||||||||||||||||||
|
2012
|
12 | 459,778 | 4.8 | % | 3.6 | % | 6.08 | 245 | 801,695 | 13.9 | % | 16.8 | % | 16.00 | 257 | 1,261,473 | 8.2 | % | 10.2 | % | 12.38 | |||||||||||||||||||||||||||||||||||||||
|
2013
|
26 | 955,290 | 10.0 | % | 10.6 | % | 8.59 | 250 | 758,359 | 13.1 | % | 16.0 | % | 16.14 | 276 | 1,713,649 | 11.2 | % | 13.3 | % | 11.93 | |||||||||||||||||||||||||||||||||||||||
|
2014
|
20 | 902,836 | 9.5 | % | 7.6 | % | 6.54 | 247 | 786,812 | 13.6 | % | 15.5 | % | 15.03 | 267 | 1,689,648 | 11.0 | % | 11.5 | % | 10.49 | |||||||||||||||||||||||||||||||||||||||
|
2015
|
27 | 1,055,498 | 11.1 | % | 11.8 | % | 8.62 | 159 | 565,996 | 9.8 | % | 11.8 | % | 15.89 | 186 | 1,621,494 | 10.6 | % | 11.8 | % | 11.16 | |||||||||||||||||||||||||||||||||||||||
|
2016
|
31 | 1,231,620 | 12.9 | % | 14.1 | % | 8.83 | 173 | 711,781 | 12.3 | % | 15.9 | % | 17.05 | 204 | 1,943,401 | 12.7 | % | 15.0 | % | 11.84 | |||||||||||||||||||||||||||||||||||||||
|
2017
|
21 | 770,307 | 8.1 | % | 10.8 | % | 10.86 | 51 | 213,467 | 3.7 | % | 5.0 | % | 17.81 | 72 | 983,774 | 6.4 | % | 7.9 | % | 12.37 | |||||||||||||||||||||||||||||||||||||||
|
2018
|
10 | 392,226 | 4.1 | % | 4.8 | % | 9.52 | 28 | 116,103 | 2.0 | % | 2.8 | % | 18.33 | 38 | 508,329 | 3.3 | % | 3.8 | % | 11.53 | |||||||||||||||||||||||||||||||||||||||
|
2019
|
12 | 602,164 | 6.3 | % | 7.2 | % | 9.22 | 21 | 94,604 | 1.6 | % | 2.0 | % | 16.37 | 33 | 696,768 | 4.5 | % | 4.6 | % | 10.19 | |||||||||||||||||||||||||||||||||||||||
|
2020
|
7 | 496,910 | 5.2 | % | 3.9 | % | 6.03 | 31 | 159,411 | 2.8 | % | 3.6 | % | 17.32 | 38 | 656,321 | 4.3 | % | 3.7 | % | 8.77 | |||||||||||||||||||||||||||||||||||||||
|
2021+
|
38 | 2,066,877 | 21.6 | % | 24.6 | % | 9.23 | 52 | 359,357 | 6.2 | % | 7.3 | % | 15.78 | 90 | 2,426,234 | 15.9 | % | 16.1 | % | 10.20 | |||||||||||||||||||||||||||||||||||||||
|
Sub-Total
|
208 | 9,037,649 | 94.7 | % | 100.0 | % | $ | 8.56 | 1,324 | 4,752,413 | 82.3 | % | 100.0 | % | $ | 16.09 | 1,532 | 13,790,062 | 90.0 | % | 100.0 | % | $ | 11.15 | ||||||||||||||||||||||||||||||||||||
|
Leased [3]
|
2 | 69,155 | 0.7 | % | N/A | N/A | 17 | 66,986 | 1.2 | % | N/A | N/A | 19 | 136,141 | 0.9 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
|
Vacant
|
10 | 440,238 | 4.6 | % | N/A | N/A | 346 | 952,496 | 16.5 | % | N/A | N/A | 356 | 1,392,734 | 9.1 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
|
Total
|
220 | 9,547,042 | 100.0 | % | 100.0 | % | N/A | 1,687 | 5,771,895 | 100.0 | % | 100.0 | % | N/A | 1,907 | 15,318,937 | 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.
(3) Lease has been executed, but space has not yet been delivered.
Page 15 of 28
|
Ramco-Gershenson Properties Trust
|
|||||||
|
Top Twenty-Five Tenants (ranked by annualized base rent)
|
|||||||
|
Consolidated and Unconsolidated Properties
|
|||||||
|
As of September 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
|
4.7%
|
$ 6,825,036
|
$ 9.47
|
4.4%
|
|
Home Depot
|
BBB+/A3
|
3
|
384,690
|
2.5%
|
3,110,250
|
8.09
|
2.0%
|
|
Dollar Tree
|
NR/NR
|
31
|
328,967
|
2.1%
|
2,930,415
|
8.91
|
1.9%
|
|
Publix Super Market
|
NR/NR
|
8
|
372,141
|
2.4%
|
2,790,512
|
7.50
|
1.8%
|
|
Kmart/Sears
|
B+/Ba3
|
6
|
618,341
|
4.0%
|
2,760,656
|
4.46
|
1.8%
|
|
OfficeMax
|
B-/B1
|
11
|
252,045
|
1.6%
|
2,710,828
|
10.76
|
1.8%
|
|
Jo-Ann Fabrics
|
B2/B
|
6
|
218,993
|
1.4%
|
2,542,174
|
11.61
|
1.7%
|
|
Burlington Coat Factory
|
NR/NR
|
5
|
360,867
|
2.4%
|
2,376,333
|
6.59
|
1.5%
|
|
PETsMART
|
BB/NR
|
7
|
160,428
|
1.0%
|
2,327,259
|
14.51
|
1.5%
|
|
Bed Bath & Beyond/Buy Buy Baby
|
BBB+/NR
|
6 | 192,753 | 1.3% | 2,245,794 | 11.65 | 1.5% |
|
Best Buy
|
BBB-/Baa2
|
5
|
176,677
|
1.2%
|
2,238,008
|
12.67
|
1.5%
|
|
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%
|
|
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
|
1.8%
|
1,822,956
|
6.74
|
1.2%
|
|
Meijer
|
NR/NR
|
2
|
397,428
|
2.7%
|
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%
|
|
Jewel-Osco
|
B+/B1
|
3
|
162,982
|
1.1%
|
1,560,467
|
9.57
|
1.0%
|
|
Kohl's
|
BBB+/Baa1
|
5
|
276,972
|
1.8%
|
1,491,739
|
5.39
|
1.0%
|
|
The Sports Authority
|
B-/NR
|
3
|
126,653
|
0.8%
|
1,383,219
|
10.92
|
0.9%
|
|
Ross Stores
|
BBB+/NR
|
5
|
138,058
|
0.9%
|
1,339,880
|
9.71
|
0.9%
|
|
DSW
|
NR/NR
|
4
|
88,433
|
0.6%
|
1,338,168
|
15.13
|
0.9%
|
|
Sub-Total top 25 tenants
|
172
|
6,516,669
|
42.5%
|
$ 56,421,878
|
$ 8.66
|
36.8%
|
|
|
Remaining tenants
|
1,360
|
7,273,393
|
47.5%
|
97,379,584
|
13.39
|
63.2%
|
|
|
Sub-Total all tenants
|
1,532
|
13,790,062
|
90.0%
|
$ 153,801,462
|
$ 11.15
|
100.0%
|
|
|
Vacant
|
372
|
1,528,875
|
10.0%
|
N/A
|
N/A
|
N/A
|
|
|
Total including vacant
|
1,904
|
15,318,937
|
100.0%
|
$ 153,801,462
|
N/A
|
100.0%
|
|
|
(1) Source: Latest Company filings per CreditRiskMonitor.
|
|||||||
Page 16 of 28
|
Ramco Gershenson Properties Trust
|
|||||||
|
Leasing Activity - Consolidated and Unconsolidated Portfolios
|
|||||||
|
As of September 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
|
|
3rd Quarter 2011
|
83
|
327,743
|
$14.25
|
$14.10
|
1.1%
|
4.6
|
$6.43
|
|
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
|
|
Total
|
348
|
1,431,010
|
$13.02
|
$13.36
|
-2.5%
|
4.7
|
$4.16
|
|
Renewals
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|
3rd Quarter 2011
|
48
|
213,511
|
$13.78
|
$13.36
|
3.1%
|
3.4
|
$0.37
|
|
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
|
|
Total
|
233
|
990,302
|
$13.33
|
$13.18
|
1.1%
|
3.8
|
$0.11
|
|
New Leases-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|
3rd Quarter 2011
|
35
|
114,232
|
$15.13
|
$15.48
|
-2.3%
|
6.9
|
$17.76
|
|
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
|
|
Total
|
115
|
440,708
|
$12.33
|
$13.76
|
-10.4%
|
6.7
|
$13.26
|
|
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
|
|
3rd Quarter 2011
|
91
|
435,092
|
$13.22
|
N/A
|
N/A
|
5.6
|
$13.87
|
|
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
|
|
Total
|
383
|
1,882,879
|
$12.62
|
N/A
|
N/A
|
5.8
|
$10.94
|
|
(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 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||
|
Portfolio Summary Report
|
||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||
| Company Owned GLA | ||||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of Units
|
Total
|
Anchor
|
Non-Anchor
|
%
Leased
|
%
Occupied
|
ABR
psf
|
Anchor Tenants (2)
|
|||||||
|
Consolidated Core Portfolio (1)
|
||||||||||||||||||
|
Florida
|
||||||||||||||||||
|
Coral Creek Shops
|
Coconut Creek
|
100%
|
1992/2002/NA
|
33
|
109,312
|
42,112
|
67,200
|
95.5%
|
93.7%
|
$ 16.27
|
Publix
|
|||||||
|
Naples Towne Centre
|
Naples
|
100%
|
1982/1996/2003
|
11
|
134,707
|
102,027
|
32,680
|
91.1%
|
91.1%
|
5.74
|
Beall's, Save-A-Lot, (Goodwill)
|
|||||||
|
River City Marketplace
|
Jacksonville
|
100%
|
2005/2005/NA
|
71
|
551,498
|
323,907
|
227,591
|
98.8%
|
98.8%
|
15.78
|
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
|
37,888
|
24,150
|
94.4%
|
94.4%
|
12.28
|
Publix
|
|||||||
|
Rivertowne Square
|
Deerfield Beach
|
100%
|
1980/1998/NA
|
16
|
154,057
|
107,583
|
46,474
|
89.7%
|
89.7%
|
8.68
|
Beall's Outlet, Winn-Dixie
|
|||||||
|
The Crossroads
|
Royal Palm Beach
|
100%
|
1988/2002/NA
|
32
|
120,092
|
42,112
|
77,980
|
96.1%
|
96.1%
|
14.77
|
Publix
|
|||||||
|
Village Lakes Shopping Center
|
Land O' Lakes
|
100%
|
1987/1997/NA
|
26
|
186,496
|
109,735
|
76,761
|
68.1%
|
68.1%
|
8.44
|
Beall's Outlet, Sweet Bay (3)
|
|||||||
|
Total / Average
|
205
|
1,318,200
|
765,364
|
552,836
|
91.9%
|
91.7%
|
$ 12.95
|
|||||||||||
|
Georgia
|
||||||||||||||||||
|
Centre at Woodstock
|
Woodstock
|
100%
|
1997/2004/NA
|
14
|
86,748
|
51,420
|
35,328
|
81.7%
|
81.7%
|
$ 11.30
|
Publix
|
|||||||
|
Conyers Crossing
|
Conyers
|
100%
|
1978/1998/NA
|
15
|
170,475
|
138,915
|
31,560
|
99.4%
|
99.4%
|
5.18
|
Burlington Coat Factory, Hobby Lobby
|
|||||||
|
Holcomb Center
|
Roswell
|
100%
|
1986/1996/2010
|
23
|
107,053
|
39,668
|
67,385
|
77.0%
|
77.0%
|
11.34
|
Studio Movie Grill
|
|||||||
|
Horizon Village
|
Suwanee
|
100%
|
1996/2002/NA
|
22
|
97,001
|
47,955
|
49,046
|
75.2%
|
75.2%
|
10.97
|
Movie Tavern (5)
|
|||||||
|
Mays Crossing
|
Stockbridge
|
100%
|
1984/1997/2007
|
21
|
137,284
|
100,244
|
37,040
|
93.8%
|
93.8%
|
6.62
|
Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
|
|||||||
|
Total / Average
|
95
|
598,561
|
378,202
|
220,359
|
87.6%
|
87.6%
|
$ 8.13
|
|||||||||||
|
Illinois
|
||||||||||||||||||
|
Liberty Square
|
Wauconda
|
100%
|
1987/2010/2008
|
26
|
107,369
|
54,522
|
52,847
|
84.7%
|
84.7%
|
$ 12.58
|
Jewel-Osco
|
|||||||
|
Total/Average
|
26
|
107,369
|
54,522
|
52,847
|
84.7%
|
84.7%
|
$ 12.58
|
|||||||||||
|
Indiana
|
||||||||||||||||||
|
Merchants' Square
|
Carmel
|
100%
|
1970/2004/NA
|
45
|
278,875
|
69,504
|
209,371
|
82.5%
|
82.5%
|
$ 10.55
|
Cost Plus, Hobby Lobby (3), (Marsh Supermarket)
|
|||||||
|
Total/Average
|
45
|
278,875
|
69,504
|
209,371
|
82.5%
|
82.5%
|
$ 10.55
|
|||||||||||
|
Michigan
|
||||||||||||||||||
|
Beacon Square
|
Grand Haven
|
100%
|
2004/2004/NA
|
16
|
51,387
|
-
|
51,387
|
91.8%
|
91.8%
|
$ 16.78
|
(Home Depot)
|
|||||||
|
Clinton Pointe
|
Clinton Township
|
100%
|
1992/2003/NA
|
14
|
135,330
|
65,735
|
69,595
|
96.8%
|
96.8%
|
9.85
|
OfficeMax, Sports Authority, (Target)
|
|||||||
|
Clinton Valley
|
Sterling Heights
|
100%
|
1977/1996/2009
|
19
|
201,282
|
106,027
|
95,255
|
96.4%
|
96.4%
|
11.90
|
DSW Shoe Warehouse, Hobby Lobby, Office Depot
|
|||||||
|
Edgewood Towne Center
|
Lansing
|
100%
|
1990/1996/2001
|
17
|
85,757
|
23,524
|
62,233
|
88.3%
|
88.3%
|
10.60
|
OfficeMax, (Sam's Club), (Target)
|
|||||||
|
Fairlane Meadows
|
Dearborn
|
100%
|
1987/2003/2007
|
31
|
157,246
|
56,586
|
100,660
|
98.3%
|
98.3%
|
14.31
|
Best Buy, Citi Trends, (Burlington Coat Factory), (Target)
|
|||||||
|
Fraser Shopping Center
|
Fraser
|
100%
|
1977/1996/NA
|
8
|
68,326
|
32,384
|
35,942
|
100.0%
|
100.0%
|
6.77
|
Oakridge Market
|
|||||||
|
Gaines Marketplace
|
Gaines Township
|
100%
|
2004/2004/NA
|
15
|
392,169
|
351,981
|
40,188
|
100.0%
|
100.0%
|
4.65
|
Meijer, Staples, Target
|
|||||||
|
Hoover Eleven
|
Warren
|
100%
|
1989/2003/NA
|
55
|
285,701
|
147,570
|
138,131
|
91.5%
|
78.7%
|
12.62
|
Kroger, Marshalls, OfficeMax
|
|||||||
|
Jackson Crossing
|
Jackson
|
100%
|
1967/1996/2002
|
61
|
398,526
|
222,192
|
176,334
|
93.3%
|
93.3%
|
9.72
|
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
|
6
|
210,321
|
175,001
|
35,320
|
97.2%
|
90.7%
|
7.17
|
Lowe's, Michaels, OfficeMax
|
|||||||
|
Kentwood Towne Centre
|
Kentwood
|
77.9%
|
1988/1996//NA
|
18
|
184,152
|
122,887
|
61,265
|
92.2%
|
92.2%
|
6.07
|
Hobby Lobby-Sublease of Rubloff Development Group, OfficeMax, (Rooms Today), (BuyBuyBaby)
|
|||||||
|
Lake Orion Plaza
|
Lake Orion
|
100%
|
1977/1996/NA
|
9
|
141,073
|
126,195
|
14,878
|
100.0%
|
100.0%
|
4.04
|
Hollywood Super Market, Kmart
|
|||||||
|
Lakeshore Marketplace
|
Norton Shores
|
100%
|
1996/2003/NA
|
20
|
346,854
|
264,089
|
82,765
|
96.9%
|
96.9%
|
8.13
|
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
|
93,380
|
43,042
|
93.4%
|
93.4%
|
10.39
|
Kroger, TJ Maxx
|
|||||||
|
Madison Center
|
Madison Heights
|
100%
|
1965/1997/2000
|
14
|
227,088
|
167,830
|
59,258
|
83.1%
|
83.1%
|
6.14
|
Kmart
|
|||||||
|
New Towne Plaza
|
Canton Township
|
100%
|
1975/1996/2005
|
15
|
192,587
|
145,389
|
47,198
|
99.0%
|
99.0%
|
10.41
|
DSW Shoe Warehouse, Jo-Ann, Kohl's
|
|||||||
|
Oak Brook Square
|
Flint
|
100%
|
1982/1996/NA
|
20
|
152,373
|
79,744
|
72,629
|
96.3%
|
96.3%
|
8.80
|
Hobby Lobby, T.J. Maxx
|
|||||||
|
Roseville Towne Center
|
Roseville
|
100%
|
1963/1996/2004
|
9
|
246,968
|
206,747
|
40,221
|
100.0%
|
100.0%
|
6.98
|
Marshalls, Office Depot (3), Wal-Mart
|
|||||||
|
Southfield Plaza
|
Southfield
|
100%
|
1969/1996/2003
|
14
|
165,999
|
128,339
|
37,660
|
98.0%
|
98.0%
|
7.62
|
Big Lots, Burlington Coat Factory, Marshalls
|
|||||||
|
Tel-Twelve
|
Southfield
|
100%
|
1968/1996/2005
|
21
|
523,411
|
479,869
|
43,542
|
98.9%
|
98.9%
|
10.64
|
Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
|
|||||||
|
The Auburn Mile
|
Auburn Hills
|
100%
|
2000/1999/NA
|
7
|
90,553
|
64,315
|
26,238
|
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
|
213,717
|
30,270
|
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
|
167,954
|
90,753
|
77,201
|
97.6%
|
97.6%
|
16.51
|
Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
|
|||||||
|
Total / Average
|
447
|
4,805,466
|
3,364,254
|
1,441,212
|
96.3%
|
95.2%
|
$ 9.20
|
|||||||||||
Page 18 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||
|
Portfolio Summary Report
|
||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||
| Company Owned GLA | ||||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of Units
|
Total
|
Anchor
|
Non-Anchor
|
%
Leased
|
%
Occupied
|
ABR
psf
|
Anchor Tenants (2)
|
|||||||
|
Missouri
|
||||||||||||||||||
|
Heritage Place
|
Creve Coeur (St Louis)
|
100%
|
1989/2011/2005
|
38
|
269,254
|
157,946
|
111,308
|
90.9%
|
90.9%
|
$ 13.25
|
Dierberg's Market, Marshalls, Office Depot, T.J. Maxx
|
|||||||
|
Total / Average
|
38
|
269,254
|
157,946
|
111,308
|
90.9%
|
90.9%
|
$ 13.25
|
|||||||||||
|
Ohio
|
||||||||||||||||||
|
Crossroads Centre
|
Rossford
|
100%
|
2001/2001/NA
|
22
|
344,045
|
244,991
|
99,054
|
92.7%
|
92.7%
|
$ 9.31
|
Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
|
|||||||
|
OfficeMax Center
|
Toledo
|
100%
|
1994/1996/NA
|
1
|
22,930
|
22,930
|
-
|
100.0%
|
100.0%
|
12.10
|
OfficeMax
|
|||||||
|
Rossford Pointe
|
Rossford
|
100%
|
2006/2005/NA
|
6
|
47,477
|
41,077
|
6,400
|
100.0%
|
100.0%
|
10.18
|
MC Sporting Goods, PETsMART
|
|||||||
|
Spring Meadows Place
|
Holland
|
100%
|
1987/1996/2005
|
28
|
211,817
|
110,691
|
101,126
|
92.1%
|
92.1%
|
11.26
|
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
|
144,610
|
86,584
|
58,026
|
97.6%
|
97.6%
|
6.15
|
Kohl's, (Wal-Mart)
|
|||||||
|
Total / Average
|
75
|
770,879
|
506,273
|
264,606
|
94.1%
|
94.1%
|
$ 9.36
|
|||||||||||
|
South Carolina
|
||||||||||||||||||
|
Taylors Square
|
Taylors
|
100%
|
1989/1997/2005
|
11
|
33,791
|
-
|
33,791
|
87.7%
|
87.7%
|
$ 15.18
|
(Wal-Mart)
|
|||||||
|
Total / Average
|
11
|
33,791
|
-
|
33,791
|
87.7%
|
87.7%
|
$ 15.18
|
|||||||||||
|
Tennessee
|
||||||||||||||||||
|
Northwest Crossing
|
Knoxville
|
100%
|
1989/1999/2006
|
12
|
124,453
|
89,846
|
34,607
|
100.0%
|
100.0%
|
$ 9.58
|
HH Gregg, OfficeMax, Ross Dress For Less, (Wal-Mart)
|
|||||||
|
Total / Average
|
12
|
124,453
|
89,846
|
34,607
|
100.0%
|
100.0%
|
$ 9.58
|
|||||||||||
|
Virginia
|
||||||||||||||||||
|
The Town Center at Aquia Office (6)
|
Stafford
|
100%
|
1989/1998/NA
|
13
|
98,133
|
62,184
|
35,949
|
91.8%
|
91.8%
|
$ 29.07
|
Northrop Grumman
|
|||||||
|
The Town Center at Aquia
|
Stafford
|
100%
|
1989/1998/NA
|
3
|
40,518
|
24,000
|
16,518
|
100.0%
|
100.0%
|
10.64
|
Regal Cinemas
|
|||||||
|
Total / Average
|
16
|
138,651
|
86,184
|
52,467
|
94.2%
|
94.2%
|
$ 23.36
|
|||||||||||
|
Wisconsin
|
||||||||||||||||||
|
East Town Plaza
|
Madison
|
100%
|
1992/2000/2000
|
19
|
208,959
|
117,000
|
91,959
|
84.6%
|
76.5%
|
$ 8.42
|
Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
|
|||||||
|
The Shoppes at Fox River
|
Waukesha
|
100%
|
2009/2010/2011
|
20
|
135,566
|
61,045
|
74,521
|
94.5%
|
94.5%
|
16.44
|
Pick N' Save, (Target)
|
|||||||
|
West Allis Towne Centre
|
West Allis
|
100%
|
1987/1996/NA
|
29
|
326,271
|
179,818
|
146,453
|
91.5%
|
91.5%
|
8.40
|
Burlington Coat Factory, Kmart, Office Depot
|
|||||||
|
Total / Average
|
68
|
670,796
|
357,863
|
312,933
|
89.9%
|
87.4%
|
$ 10.16
|
|||||||||||
|
Consolidated Core Portfolio Subtotal / Average
|
1,038
|
9,116,295
|
5,829,958
|
3,286,337
|
93.7%
|
92.9%
|
$ 10.18
|
|||||||||||
|
Joint Venture Core Portfolio at 100%
|
||||||||||||||||||
|
Florida
|
||||||||||||||||||
|
Cocoa Commons
|
Cocoa
|
30%
|
2001/2007/NA
|
23
|
90,116
|
51,420
|
38,696
|
78.9%
|
78.9%
|
$ 11.82
|
Publix
|
|||||||
|
Cypress Point
|
Clearwater
|
30%
|
1983/2007/NA
|
22
|
167,280
|
103,085
|
64,195
|
93.8%
|
93.8%
|
11.74
|
Burlington Coat Factory, The Fresh Market
|
|||||||
|
Kissimmee West
|
Kissimmee
|
7%
|
2005/2005/NA
|
17
|
115,586
|
67,000
|
48,586
|
84.1%
|
84.1%
|
12.26
|
Jo-Ann, Marshalls, (Target)
|
|||||||
|
Marketplace of Delray
|
Delray Beach
|
30%
|
1981/2005/NA
|
49
|
238,901
|
107,190
|
131,711
|
90.5%
|
90.5%
|
12.35
|
Office Depot, Ross Dress For Less, Winn-Dixie
|
|||||||
|
Martin Square
|
Stuart
|
30%
|
1981/2005/NA
|
15
|
331,105
|
291,432
|
39,673
|
91.2%
|
91.2%
|
6.27
|
Home Depot, Sears, Staples
|
|||||||
|
Mission Bay Plaza
|
Boca Raton
|
30%
|
1989/2004/NA
|
58
|
263,721
|
148,245
|
115,476
|
93.0%
|
92.4%
|
21.14
|
The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
|
|||||||
|
Shoppes of Lakeland
|
Lakeland
|
7%
|
1985/1996/NA
|
22
|
181,988
|
115,541
|
66,447
|
95.4%
|
95.4%
|
11.97
|
Ashley Furniture, Michaels, Staples, (Target)
|
|||||||
|
The Plaza at Delray
|
Delray Beach
|
20%
|
1979/2004/NA
|
48
|
326,763
|
189,234
|
137,529
|
93.2%
|
93.2%
|
15.70
|
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
|
-
|
100.0%
|
100.0%
|
12.42
|
Barnes & Noble, OfficeMax, Sports Authority
|
|||||||
|
Village of Oriole Plaza
|
Delray Beach
|
30%
|
1986/2005/NA
|
40
|
155,770
|
42,112
|
113,658
|
93.8%
|
93.8%
|
12.81
|
Publix
|
|||||||
|
Village Plaza
|
Lakeland
|
30%
|
1989/2004/NA
|
25
|
146,755
|
64,504
|
82,251
|
72.1%
|
72.1%
|
12.85
|
Big Lots (5)
|
|||||||
|
Vista Plaza
|
Jensen Beach
|
30%
|
1998/2004/NA
|
10
|
109,761
|
78,658
|
31,103
|
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
|
81,638
|
74,435
|
97.0%
|
97.0%
|
10.82
|
Badcock, DD's Discounts, Save-A-Lot, US Postal Service
|
|||||||
|
Total / Average
|
351
|
2,376,798
|
1,433,038
|
943,760
|
91.3%
|
91.2%
|
$ 12.85
|
|||||||||||
|
Georgia
|
||||||||||||||||||
|
Collins Pointe Plaza
|
Cartersville
|
20%
|
1987/2006/NA
|
19
|
101,637
|
46,358
|
55,279
|
92.7%
|
92.7%
|
$ 8.64
|
Goodwill
|
|||||||
|
Paulding Pavilion
|
Hiram
|
20%
|
1995/2006/NA
|
12
|
84,846
|
60,509
|
24,337
|
97.7%
|
97.7%
|
13.97
|
Sports Authority, Staples
|
|||||||
|
Peachtree Hill
|
Duluth
|
20%
|
1986/2007/NA
|
29
|
150,872
|
104,090
|
46,782
|
91.2%
|
64.6%
|
10.46
|
Kroger
|
|||||||
|
Total / Average
|
60
|
337,355
|
210,957
|
126,398
|
93.3%
|
81.4%
|
$ 10.89
|
|||||||||||
Page 19 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||
|
Portfolio Summary Report
|
||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||
| Company Owned GLA | ||||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of Units
|
Total
|
Anchor
|
Non-Anchor
|
%
Leased
|
%
Occupied
|
ABR
psf
|
Anchor Tenants (2)
|
|||||||
|
Illinois
|
||||||||||||||||||
|
Market Plaza
|
Glen Ellyn
|
20%
|
1965/2007/1996
|
35
|
163,054
|
66,079
|
96,975
|
86.7%
|
86.7%
|
$ 14.86
|
Jewel Osco, Staples
|
|||||||
|
Rolling Meadows Shopping Center
|
Rolling Meadows
|
20%
|
1956/2008/1995
|
18
|
130,436
|
83,230
|
47,206
|
89.7%
|
87.2%
|
10.51
|
Jewel Osco, Northwest Community Hospital
|
|||||||
|
Total / Average
|
53
|
293,490
|
149,309
|
144,181
|
88.0%
|
86.9%
|
$ 12.92
|
|||||||||||
|
Indiana
|
||||||||||||||||||
|
Nora Plaza
|
Indianapolis
|
7%
|
1958/2007/2002
|
25
|
140,038
|
57,713
|
82,325
|
91.7%
|
91.7%
|
$ 13.12
|
Marshalls, Whole Foods, (Target)
|
|||||||
|
Total / Average
|
25
|
140,038
|
57,713
|
82,325
|
91.7%
|
91.7%
|
$ 13.12
|
|||||||||||
|
Maryland
|
||||||||||||||||||
|
Crofton Centre
|
Crofton
|
20%
|
1974/1996/NA
|
20
|
252,491
|
170,804
|
81,687
|
93.7%
|
88.6%
|
$ 7.61
|
Basics/Metro, Gold's Gym, Kmart
|
|||||||
|
Total / Average
|
20
|
252,491
|
170,804
|
81,687
|
93.7%
|
88.6%
|
$ 7.61
|
|||||||||||
|
Michigan
|
||||||||||||||||||
|
Gratiot Crossing
|
Chesterfield
|
30%
|
1980/2005/NA
|
15
|
165,544
|
122,406
|
43,138
|
91.0%
|
91.0%
|
$ 8.67
|
Jo-Ann, Kmart
|
|||||||
|
Hunter's Square
|
Farmington Hills
|
30%
|
1988/2005/NA
|
38
|
355,740
|
197,149
|
158,591
|
94.4%
|
94.4%
|
16.59
|
Bed Bath & Beyond, BuyBuyBaby (5), Loehmann's, Marshalls, T.J. Maxx
|
|||||||
|
Millennium Park
|
Livonia
|
30%
|
2000/2005/NA
|
14
|
281,374
|
241,850
|
39,524
|
86.7%
|
85.9%
|
13.97
|
Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
|
|||||||
|
Southfield Plaza Expansion
|
Southfield
|
50%
|
1987/1996/2003
|
11
|
19,410
|
-
|
19,410
|
73.2%
|
73.2%
|
14.78
|
||||||||
|
The Shops at Old Orchard
|
West Bloomfield
|
30%
|
1972/2007/NA
|
22
|
96,994
|
36,044
|
60,950
|
90.8%
|
82.4%
|
18.97
|
Plum Market
|
|||||||
|
Troy Marketplace
|
Troy
|
30%
|
2000/2005/NA
|
12
|
222,193
|
193,360
|
28,833
|
97.5%
|
97.5%
|
14.69
|
Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PETsMART, (REI)
|
|||||||
|
West Acres Commons
|
Flint
|
40%
|
1998/2001/NA
|
14
|
95,089
|
59,889
|
35,200
|
88.9%
|
88.9%
|
8.13
|
Family Fare
|
|||||||
|
Winchester Center
|
Rochester Hills
|
30%
|
1980/2005/NA
|
16
|
314,734
|
224,681
|
90,053
|
90.3%
|
90.3%
|
12.12
|
Dick's Sporting Goods, Linens 'N Things (4), Marshalls, Michaels, PETsMART, (Kmart)
|
|||||||
|
Total / Average
|
142
|
1,551,078
|
1,075,379
|
475,699
|
91.4%
|
90.7%
|
$ 13.71
|
|||||||||||
|
New Jersey
|
||||||||||||||||||
|
Chester Springs Shopping Center
|
Chester
|
20%
|
1970/1996/1999
|
41
|
223,201
|
108,769
|
114,432
|
89.6%
|
89.6%
|
$ 13.91
|
Marshalls, Shop-Rite Supermarket, Staples
|
|||||||
|
Total / Average
|
41
|
223,201
|
108,769
|
114,432
|
89.6%
|
89.6%
|
$ 13.91
|
|||||||||||
|
Ohio
|
||||||||||||||||||
|
Olentangy Plaza
|
Columbus
|
20%
|
1981/2007/1997
|
45
|
253,651
|
139,130
|
114,521
|
93.3%
|
93.3%
|
$ 10.25
|
Eurolife Furniture, Marshalls, Micro Center, Columbus Asia Market-Sublease of SuperValu, Tuesday Morning
|
|||||||
|
Total / Average
|
45
|
253,651
|
139,130
|
114,521
|
93.3%
|
93.3%
|
$ 10.25
|
|||||||||||
|
JV Core Subtotal / Average at 100%
|
737
|
5,428,102
|
3,345,099
|
2,083,003
|
91.4%
|
90.1%
|
$ 12.68
|
|||||||||||
|
CORE PORTFOLIO TOTAL / AVERAGE
|
1,775
|
14,544,397
|
9,175,057
|
5,369,340
|
92.8%
|
91.9%
|
$ 11.10
|
Page 20 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||
|
Portfolio Summary Report
|
||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||
| Company Owned GLA | ||||||||||||||||||
|
Property Name
|
Location
|
Ownership
%
|
Year Built /
Acquired /
Renovated
|
Number of Units
|
Total
|
Anchor
|
Non-Anchor
|
%
Leased
|
%
Occupied
|
ABR
psf
|
Anchor Tenants (2)
|
|||||||
|
Consolidated Portfolio
Future Redevelopments (8):
|
||||||||||||||||||
|
Eastridge Commons
|
Flint
|
100%
|
1990/1996/2001
|
16
|
169,676
|
117,972
|
51,704
|
50.4%
|
50.4%
|
$ 8.57
|
Office Depot (3), T.J. Maxx, (Target)
|
|||||||
|
Pelican Plaza
|
Sarasota, FL
|
100%
|
1983/1997/NA
|
30
|
105,873
|
35,768
|
70,105
|
35.1%
|
35.1%
|
9.39
|
||||||||
|
Promenade at Pleasant Hill
|
Duluth, GA
|
100%
|
1993/2004/NA
|
33
|
280,225
|
199,555
|
80,670
|
51.9%
|
51.9%
|
9.67
|
Farmers Home Furniture, Publix
|
|||||||
|
Southbay Shopping Center
|
Osprey, FL
|
100%
|
1978/1998/NA
|
18
|
83,890
|
31,700
|
52,190
|
26.7%
|
26.7%
|
11.71
|
||||||||
|
97
|
639,664
|
384,995
|
254,669
|
45.4%
|
45.4%
|
$ 9.47
|
||||||||||||
|
Joint Venture Portfolio
Under Redevelopment:
|
||||||||||||||||||
|
The Shops on Lane Avenue
|
Upper Arlington, OH
|
20%
|
1952/2007/2004
|
35
|
134,876
|
25,624
|
109,252
|
99.0%
|
99.0%
|
$ 20.57
|
Bed Bath & Beyond, Whole Foods (9)
|
|||||||
|
35
|
134,876
|
25,624
|
109,252
|
99.0%
|
99.0%
|
$ 20.57
|
||||||||||||
|
COMBINED PORTFOLIO TOTAL / AVERAGE (CORE AND UNDER REDEV)
|
1,907
|
15,318,937
|
9,585,676
|
5,733,261
|
90.9%
|
90.0%
|
$ 11.15
|
|||||||||||
|
Footnotes
|
|
(1) Consolidated Core Portfolio takes into account center combinations of Clinton Valley and Clinton Valley Mall, Fairlane Meadows and Shoppes at Fairlane Meadows, Northwest Crossing and Northwest Crossing II.
|
|
(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) Future redevelopments represent 1.8% of combined portfolio annual base rent.
|
|
(9) Current construction of new 35K sf Whole Foods replaces former 21K sf store.
|
Page 21 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||
|
Redevelopment and Development Projects
|
||||||||||
|
As of September 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
|
$ 254
|
$ 1,052
|
|
Total Redevelopment
|
$ 533
|
$ 107
|
$ 6,530
|
$ 1,306
|
$ 254
|
$ 1,052
|
||||
|
Development Projects and
Land for Sale
|
Project Acreage
|
Cost to Date 06/30/11
|
Additions
|
Dispositions
|
Adjustments
|
Impairment
|
Cost to Date
09/30/11
|
|||
|
Hartland Towne Square -
Hartland Twp., MI
|
54.1 acres
|
$ 31,623
|
$ 37
|
$ -
|
$ -
|
$ -
|
$ 31,660
|
(4)
|
||
|
The Town Center at Aquia -
Stafford, VA
|
29.2 acres
|
18,710
|
86
|
-
|
-
|
-
|
18,796
|
(5)
|
||
|
Gateway Commons -
Lakeland, FL
|
51.6 acres
|
21,568
|
118
|
-
|
-
|
-
|
21,686
|
|||
|
Parkway Shops -
Jacksonville, FL
|
47.6 acres
|
13,798
|
365
|
-
|
-
|
-
|
14,163
|
|||
|
Other
|
Various parcels near existing assets
|
8,621
|
163
|
-
|
(1,473)
|
-
|
7,311
|
|||
|
Total Land Held for
Development or Sale
|
$ 94,320
|
$ 769
|
$ -
|
$ (1,473)
|
$ -
|
$ 93,616
|
||||
|
(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 $21.1 million of net book value related to the phase I office building or $3.8 million of net book value related to existing income producing retail properties at Aquia.
|
||||||||||
Page 22 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||
|
Acquisitions / Dispositions
|
||||||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
|
ACQUISITIONS
|
||||||||||||||||||||||
|
Gross
|
||||||||||||||||||||||
|
Property Name
|
Location
|
GLA /
Acreage
|
Date
Acquired
|
Ownership
%
|
Purchase
Price
|
Debt
|
||||||||||||||||
|
Consolidated
|
||||||||||||||||||||||
|
Heritage Place
|
Creve Coeur (St. Louis), MO
|
269,254 |
05/19/11
|
100 | % | $ | 39,410 | $ |
-
|
|||||||||||||
|
Total consolidated acquisitions
|
$ | 39,410 | $ |
-
|
||||||||||||||||||
|
DISPOSITIONS
|
||||||||||||||||||||||
| Gross | ||||||||||||||||||||||
|
Property Name
|
Location
|
GLA /
Acreage
|
Date
Sold
|
Ownership
%
|
Sales
Price
|
Debt
Repaid
|
Gain (loss) on Sale
|
|||||||||||||||
|
Consolidated
|
||||||||||||||||||||||
|
Sunshine Plaza
|
Tamarac, FL
|
237,026 |
07/11/11
|
100 | % | $ | 15,000 | $ |
-
|
$ | (32 | ) | ||||||||||
|
Lantana Shopping Center
|
Lantana, FL
|
123,014 |
04/29/11
|
100 | % | 16,942 |
-
|
6,209 | ||||||||||||||
|
Total consolidated income producing dispositions
|
$ | 31,942 | $ |
-
|
$ | 6,177 | ||||||||||||||||
|
Southbay Shopping Center - outparcel
|
Osprey, FL
|
1.311 |
06/29/11
|
100 | % | $ | 2,625 | $ |
-
|
$ | 2,240 | |||||||||||
|
River City Shopping Center - outparcel
|
Jacksonville, FL
|
0.95 |
03/02/11
|
100 | % | 678 |
-
|
74 | ||||||||||||||
|
River City Shopping Center - outparcel
|
Jacksonville, FL
|
1.02 |
01/21/11
|
100 | % | 663 |
-
|
127 | ||||||||||||||
|
Total consolidated land / outparcel dispositions
|
$ | 3,966 | $ |
-
|
$ | 2,441 | ||||||||||||||||
|
Total consolidated dispositions
|
$ | 35,908 | $ |
-
|
$ | 8,618 | ||||||||||||||||
|
Unconsolidated Joint Ventures
|
||||||||||||||||||||||
|
Shenandoah Square
|
Davie, FL
|
123,612 |
08/24/11
|
40 | % | $ | 21,950 | $ | 11,519 | $ | 6,796 | |||||||||||
|
Total unconsolidated joint venture's income producing dispositions
|
$ | 21,950 | $ | 11,519 | $ | 6,796 | ||||||||||||||||
Page 23 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||
|
Joint Venture Combined Balance Sheets
|
||||||||||||||||||||||||||||||||||||
|
As of September 30, 2011
|
||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Associates
|
JV's
|
||||||||||||||||||||||||||||
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI (1)
|
Davie, FL(2)
|
Southfield, MI
|
at 100%
|
||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||
|
Income producing properties, at cost:
|
||||||||||||||||||||||||||||||||||||
|
Land
|
$ | 76,891 | $ | 43,806 | $ | 2,880 | $ | 7,600 | $ | 4,019 | $ | 1,118 | $ | - | $ | 50 | $ | 136,364 | ||||||||||||||||||
|
Buildings and improvements
|
482,915 | 274,047 | 21,445 | 46,321 | 24,074 | 9,980 | - | 445 | 859,227 | |||||||||||||||||||||||||||
|
Less accumulated depreciation and amortization
|
(70,575 | ) | (28,797 | ) | (2,378 | ) | (4,957 | ) | (2,500 | ) | (2,557 | ) | - | (172 | ) | (111,936 | ) | |||||||||||||||||||
|
Income producing properties, net
|
489,231 | 289,056 | 21,947 | 48,964 | 25,593 | 8,541 | - | 323 | 883,655 | |||||||||||||||||||||||||||
|
Construction in progress
|
2,222 | 1,595 | 9 | 2 | 8 | - | - | - | 3,836 | |||||||||||||||||||||||||||
|
Net real estate
|
$ | 491,453 | $ | 290,651 | $ | 21,956 | $ | 48,966 | $ | 25,601 | $ | 8,541 | $ | - | $ | 323 | $ | 887,491 | ||||||||||||||||||
|
Cash and cash equivalents
|
6,935 | 2,994 | 244 | 727 | 194 | 21 | 951 | 134 | 12,200 | |||||||||||||||||||||||||||
|
Restricted cash
|
6,822 | 14,208 | 1 | 27 | - | 899 | - | 18 | 21,975 | |||||||||||||||||||||||||||
|
Accounts receivable, net
|
3,593 | 1,362 | 45 | 106 | - | 86 | 196 | 5 | 5,393 | |||||||||||||||||||||||||||
|
Other assets, net
|
16,874 | 6,872 | 1,283 | 763 | 431 | 121 | 4 | 102 | 26,450 | |||||||||||||||||||||||||||
|
TOTAL ASSETS
|
$ | 525,677 | $ | 316,087 | $ | 23,529 | $ | 50,589 | $ | 26,226 | $ | 9,668 | $ | 1,151 | $ | 582 | $ | 953,509 | ||||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
|
Mortgages and notes payable
|
$ | 210,185 | $ | 170,802 | $ | 8,313 | $ | - | $ | - | $ | 8,401 | $ | - | $ | 625 | $ | 398,326 | ||||||||||||||||||
|
Accounts payable and accrued expenses
|
7,830 | 6,484 | 214 | 715 | 197 | 1,737 | 387 | 222 | 17,786 | |||||||||||||||||||||||||||
|
Total Liabilities
|
218,015 | 177,286 | 8,527 | 715 | 197 | 10,138 | 387 | 847 | 416,112 | |||||||||||||||||||||||||||
|
ACCUMULATED EQUITY (DEFICIT)
|
307,662 | 138,801 | 15,002 | 49,874 | 26,029 | (470 | ) | 764 | (265 | ) | 537,397 | |||||||||||||||||||||||||
|
TOTAL LIABILITIES AND ACCUMULATED EQUITY
|
$ | 525,677 | $ | 316,087 | $ | 23,529 | $ | 50,589 | $ | 26,226 | $ | 9,668 | $ | 1,151 | $ | 582 | $ | 953,509 | ||||||||||||||||||
|
Total number of properties in each portfolio
|
17 | 8 | 2 | 2 | 1 | 1 | - | 1 | 32 | |||||||||||||||||||||||||||
|
Investments in
|
||||||||||||||||||||||||||||||||||||
|
Unconsolidated
|
||||||||||||||||||||||||||||||||||||
|
EQUITY INVESTMENTS IN UNCONSOLIDATED ENTITIES
|
Joint Ventures
|
|||||||||||||||||||||||||||||||||||
|
Equity investments in unconsolidated entities
|
$ | 86,156 | $ | 17,463 | $ | 2,850 | $ | 2,725 | $ | 1,702 | $ | - | $ | 264 | $ | 780 | $ | 111,940 | ||||||||||||||||||
|
Total equity investments in unconsolidated entities
|
$ | 86,156 | $ | 17,463 | $ | 2,850 | $ | 2,725 | $ | 1,702 | $ | - | $ | 264 | $ | 780 | $ | 111,940 | ||||||||||||||||||
|
(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 September 30, 2011.
|
||||||||||||||||||||||||||||||||||||
|
(2) The joint venture owned one shopping center which was sold on August 24, 2011.
|
||||||||||||||||||||||||||||||||||||
Page 24 of 28
|
Ramco-Gershenson Properties Trust
|
|||||||||||
|
Summary of Joint Venture Debt
|
|||||||||||
|
As of September 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
|
|||
|
Paulding Pavilion
|
Hiram, GA
|
Fifth Third Bank
|
20%
|
8,312,495
|
Jun-12
|
Variable
|
1.6874%
|
(2)
|
1,662,499
|
||
|
West Broward Shopping Center
|
Plantation, FL
|
Berkadia Commercial Mortgage
|
30%
|
9,230,400
|
Oct-12
|
Fixed
|
6.6400%
|
2,769,120
|
|||
|
The Shops on Lane Avenue
|
Upper Arlington, OH
|
Principal Global Investors
|
20%
|
27,600,000
|
Jan-13
|
Fixed
|
5.9500%
|
(3)
|
5,520,000
|
||
|
Olentangy Plaza
|
Columbus, OH
|
Principal Global Investors
|
20%
|
21,600,000
|
Jan-13
|
Fixed
|
5.8800%
|
(3)
|
4,320,000
|
||
|
Market Plaza
|
Glen Ellyn, IL
|
Principal Global Investors
|
20%
|
24,505,000
|
Jan-13
|
Fixed
|
5.8800%
|
(3)
|
4,901,000
|
||
|
Mission Bay Plaza
|
Boca Raton, FL
|
Wells Fargo Bank, NA
|
30%
|
43,002,288
|
Jul-13
|
Fixed
|
6.6400%
|
12,900,686
|
|||
|
Winchester Center
|
Rochester Hills, MI
|
Wachovia
|
30%
|
26,767,430
|
Jul-13
|
Fixed
|
8.1056%
|
8,030,229
|
|||
|
Hunter's Square
|
Farmington Hills, MI
|
Wachovia
|
30%
|
34,797,677
|
Aug-13
|
Fixed
|
8.1504%
|
10,439,303
|
|||
|
The Plaza at Delray
|
Delray Beach, FL
|
CIGNA
|
20%
|
46,784,753
|
Sep-13
|
Fixed
|
6.0000%
|
9,356,951
|
|||
|
Chester Springs Shopping Center
|
Chester, NJ
|
Citigroup
|
20%
|
21,947,453
|
Oct-13
|
Fixed
|
5.5100%
|
4,389,491
|
|||
|
Village Plaza
|
Lakeland, FL
|
Citigroup
|
30%
|
9,169,449
|
Sep-15
|
Fixed
|
5.0050%
|
2,750,835
|
|||
|
Millennium Park
|
Livonia, MI
|
Citigroup
|
30%
|
31,592,353
|
Oct-15
|
Fixed
|
5.0210%
|
9,477,706
|
|||
|
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%
|
625,174
|
May-16
|
Fixed
|
5.6250%
|
(4)
|
312,587
|
||
|
Troy Marketplace
|
Troy, MI
|
Deutsche Banc
|
30%
|
21,840,248
|
Jun-16
|
Fixed
|
5.9040%
|
6,552,074
|
|||
|
Gratiot Crossing
|
Chesterfield Twp., MI
|
Deutsche Banc
|
30%
|
13,463,166
|
Jun-16
|
Fixed
|
5.9040%
|
4,038,950
|
|||
|
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%
|
8,273,352
|
Jun-20
|
Fixed
|
5.5400%
|
2,482,006
|
|||
|
Vista Plaza
|
Jensen Beach, FL
|
First Colony Life Insurance
|
30%
|
10,927,908
|
Jun-20
|
Fixed
|
5.5400%
|
3,278,372
|
|||
|
Subtotal Mortgage Debt
|
$ 397,751,610
|
$ 102,324,545
|
|||||||||
|
Unamortized premium
|
574,036
|
147,675
|
|||||||||
|
Total mortgage debt (including unamortized premium)
|
$ 398,325,646
|
$ 102,472,220
|
|||||||||
|
(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) Interest rate is variable based on LIBOR plus 1.45%.
|
|||||||||||
|
(3) Interest rate is fixed for five years and then lender has right to reset the interest rate or call the loan in 2013.
|
|||||||||||
|
(4) Resets per formula annually each June 1.
|
|||||||||||
Page 25 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||||||
|
Joint Venture Contribution to Funds from Operations
|
||||||||||||||||||||||||||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Associates
|
JV's
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
|
Three months ended September 30, 2011
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI (1)
|
Davie, FL (2)
|
Southfield, MI
|
at 100%
|
Share
|
||||||||||||||||||||||||||||||
|
Total revenue
|
$ | 12,713 | $ | 6,440 | $ | 559 | $ | 1,069 | $ | 505 | $ | 229 | $ | 395 | $ | 56 | $ | 21,966 | $ | 5,603 | ||||||||||||||||||||
|
Operating expenses
|
3,384 | 1,661 | 79 | 261 | 58 | 120 | 68 | 23 | 5,654 | 1,473 | ||||||||||||||||||||||||||||||
|
Net operating income
|
$ | 9,329 | $ | 4,779 | $ | 480 | $ | 808 | $ | 447 | $ | 109 | $ | 327 | $ | 33 | $ | 16,312 | $ | 4,130 | ||||||||||||||||||||
|
Depreciation and amortization
|
3,673 | 2,222 | 198 | 345 | 166 | 66 | 80 | 8 | 6,758 | 1,685 | ||||||||||||||||||||||||||||||
|
Interest expense
|
3,173 | 2,679 | 35 | - | - | 282 | 146 | 9 | 6,324 | 1,670 | ||||||||||||||||||||||||||||||
|
Amortization of deferred
financing fees
|
67 | 70 | 4 | - | - | - | - | - | 141 | 35 | ||||||||||||||||||||||||||||||
|
Total other expenses
|
6,913 | 4,971 | 237 | 345 | 166 | 348 | 226 | 17 | 13,223 | 3,390 | ||||||||||||||||||||||||||||||
|
Gain on sale of real estate
|
- | - | - | - | - | - | 6,796 | - | 6,796 | 2,718 | ||||||||||||||||||||||||||||||
|
Net income (loss)
|
$ | 2,416 | $ | (192 | ) | $ | 243 | $ | 463 | $ | 281 | $ | (239 | ) | $ | 6,897 | $ | 16 | $ | 9,885 | $ | 3,458 | ||||||||||||||||||
|
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | 50 | % | N/A | |||||||||||||||||||||||
|
Ramco's share of net income (loss)
|
$ | 725 | $ | (39 | ) | $ | 48 | $ | 32 | $ | 20 | $ | - | $ | 2,760 | $ | 8 | N/A | $ | 3,554 | ||||||||||||||||||||
|
Addback: Pro rata share of
depreciation expense
|
1,102 | 444 | 40 | 24 | 12 | - | 32 | 4 | N/A | 1,658 | ||||||||||||||||||||||||||||||
|
Funds from operations
contributed by joint ventures
|
$ | 1,827 | $ | 405 | $ | 88 | $ | 56 | $ | 32 | $ | - | $ | 74 | $ | 12 | N/A | $ | 2,494 | |||||||||||||||||||||
|
Ramco/Lion
|
Ramco 450
|
Ramco 191
|
Ramco
|
Ramco
|
West Acres
|
Shenandoah
|
S-12 |
Total
|
Ramco
|
|||||||||||||||||||||||||||||||
|
Venture LP
|
Venture LLC
|
Venture LLC
|
HHF KL LLC
|
HHF NP LLC
|
Commons
|
Square
|
Associates
|
JV's
|
Pro-Rata
|
|||||||||||||||||||||||||||||||
|
Nine months ended September 30, 2011
|
Consolidated
|
Consolidated
|
Consolidated
|
Consolidated
|
Indianapolis, IN
|
Flint, MI (1)
|
Davie, FL (2)
|
Southfield, MI
|
at 100%
|
Share
|
||||||||||||||||||||||||||||||
|
Total revenue
|
$ | 38,485 | $ | 19,609 | $ | 1,715 | $ | 3,196 | $ | 1,506 | $ | 722 | $ | 1,736 | $ | 187 | $ | 67,156 | $ | 17,217 | ||||||||||||||||||||
|
Operating expenses
|
10,895 | 6,128 | 261 | 677 | 312 | 334 | 562 | 57 | 19,226 | 5,003 | ||||||||||||||||||||||||||||||
|
Net operating income
|
$ | 27,590 | $ | 13,481 | $ | 1,454 | $ | 2,519 | $ | 1,194 | $ | 388 | $ | 1,174 | $ | 130 | $ | 47,930 | $ | 12,214 | ||||||||||||||||||||
|
Depreciation and amortization
|
10,858 | 6,590 | 593 | 1,020 | 510 | 199 | 325 | 25 | 20,120 | 5,024 | ||||||||||||||||||||||||||||||
|
Interest expense
|
9,656 | 7,895 | 107 | - | - | 837 | 574 | 29 | 19,098 | 5,076 | ||||||||||||||||||||||||||||||
|
Amortization of deferred
financing fees
|
221 | 240 | 13 | - | - | - | - | 1 | 475 | 117 | ||||||||||||||||||||||||||||||
|
Impairment provision on
long-lived assets
|
- | - | - | - | - | 125 | - | - | 125 | - | ||||||||||||||||||||||||||||||
|
Total other expenses
|
20,735 | 14,725 | 713 | 1,020 | 510 | 1,161 | 899 | 55 | 39,818 | 10,217 | ||||||||||||||||||||||||||||||
|
Gain on sale of real estate
|
- | - | - | - | - | - | 6,796 | - | 6,796 | 2,718 | ||||||||||||||||||||||||||||||
|
Net income (loss)
|
$ | 6,855 | $ | (1,244 | ) | $ | 741 | $ | 1,499 | $ | 684 | $ | (773 | ) | $ | 7,071 | $ | 75 | $ | 14,908 | $ | 4,715 | ||||||||||||||||||
|
Ramco ownership interest
|
30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | 50 | % | N/A | |||||||||||||||||||||||
|
Ramco's share of net income (loss)
|
$ | 2,057 | $ | (249 | ) | $ | 148 | $ | 105 | $ | 48 | $ | 213 | $ | 2,828 | $ | 37 | N/A | $ | 5,187 | ||||||||||||||||||||
|
Addback: Pro rata share of
depreciation expense
|
3,257 | 1,318 | 119 | 71 | 36 | - | 130 | 13 | N/A | 4,944 | ||||||||||||||||||||||||||||||
|
Funds from operations
contributed by joint ventures
|
$ | 5,314 | $ | 1,069 | $ | 267 | $ | 176 | $ | 84 | $ | 213 | $ | 240 | $ | 50 | N/A | $ | 7,413 | |||||||||||||||||||||
|
(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 September 30, 2011.
|
||||||||||||||||||||||||||||||||||||||||
|
(2) The joint venture owned one shopping center which was sold on August 24, 2011. FFO contributed is adjusted for our proportionate share of the gain on sale ($2.7 million).
|
||||||||||||||||||||||||||||||||||||||||
Page 26 of 28
|
Ramco-Gershenson Properties Trust
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Joint Venture Summary of Expiring GLA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
As of September 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 | 27,018 | 1.2 | % | 1.3 | % | $ | 16.10 | 15 | 27,018 | 0.5 | % | 0.7 | % | $ | 16.10 | ||||||||||||||||||||||||||||||||||||
|
2011
|
1 | 20,000 | 0.6 | % | 0.7 | % | 10.38 | 21 | 50,801 | 2.3 | % | 2.3 | % | 15.05 | 22 | 70,801 | 1.3 | % | 1.5 | % | 13.73 | |||||||||||||||||||||||||||||||||||||||
|
2012
|
5 | 222,311 | 6.6 | % | 4.3 | % | 6.01 | 99 | 307,364 | 14.0 | % | 16.4 | % | 17.84 | 104 | 529,675 | 9.5 | % | 10.5 | % | 12.88 | |||||||||||||||||||||||||||||||||||||||
|
2013
|
9 | 376,631 | 11.2 | % | 11.2 | % | 9.34 | 88 | 257,585 | 11.7 | % | 14.7 | % | 19.04 | 97 | 634,216 | 11.4 | % | 13.0 | % | 13.28 | |||||||||||||||||||||||||||||||||||||||
|
2014
|
9 | 338,676 | 10.0 | % | 8.6 | % | 7.97 | 102 | 308,827 | 14.1 | % | 15.2 | % | 16.39 | 111 | 647,503 | 11.6 | % | 12.0 | % | 11.99 | |||||||||||||||||||||||||||||||||||||||
|
2015
|
13 | 517,523 | 15.4 | % | 15.3 | % | 9.29 | 68 | 211,781 | 9.7 | % | 12.1 | % | 19.11 | 81 | 729,304 | 13.1 | % | 13.7 | % | 12.14 | |||||||||||||||||||||||||||||||||||||||
|
2016
|
11 | 380,596 | 11.3 | % | 13.0 | % | 10.71 | 67 | 231,961 | 10.6 | % | 13.5 | % | 19.42 | 78 | 612,557 | 11.0 | % | 13.2 | % | 14.01 | |||||||||||||||||||||||||||||||||||||||
|
2017
|
7 | 192,283 | 5.7 | % | 8.7 | % | 14.15 | 23 | 91,624 | 4.2 | % | 5.9 | % | 21.42 | 30 | 283,907 | 5.1 | % | 7.2 | % | 16.50 | |||||||||||||||||||||||||||||||||||||||
|
2018
|
3 | 152,014 | 4.5 | % | 3.5 | % | 7.29 | 15 | 69,423 | 3.2 | % | 3.5 | % | 17.00 | 18 | 221,437 | 4.0 | % | 3.5 | % | 10.34 | |||||||||||||||||||||||||||||||||||||||
|
2019
|
5 | 201,705 | 6.0 | % | 7.7 | % | 11.98 | 12 | 48,893 | 2.2 | % | 2.7 | % | 18.31 | 17 | 250,598 | 4.5 | % | 5.1 | % | 13.21 | |||||||||||||||||||||||||||||||||||||||
|
2020
|
3 | 218,423 | 6.5 | % | 3.1 | % | 4.43 | 13 | 41,796 | 1.9 | % | 2.9 | % | 23.33 | 16 | 260,219 | 4.7 | % | 3.0 | % | 7.47 | |||||||||||||||||||||||||||||||||||||||
|
2021+
|
16 | 594,870 | 17.6 | % | 23.9 | % | 12.66 | 25 | 164,778 | 7.5 | % | 9.5 | % | 19.22 | 41 | 759,648 | 13.7 | % | 16.6 | % | 14.08 | |||||||||||||||||||||||||||||||||||||||
|
Sub-Total
|
82 | 3,215,032 | 95.4 | % | 100.0 | % | $ | 9.76 | 548 | 1,811,851 | 82.6 | % | 100.0 | % | $ | 18.42 | 630 | 5,026,883 | 90.4 | % | 100.0 | % | $ | 12.89 | ||||||||||||||||||||||||||||||||||||
|
Leased [3]
|
1 | 38,465 | 1.1 | % | N/A | N/A | 7 | 29,774 | 1.4 | % | N/A | N/A | 8 | 68,239 | 1.2 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
|
Vacant
|
4 | 117,226 | 3.5 | % | N/A | N/A | 130 | 350,630 | 16.0 | % | N/A | N/A | 134 | 467,856 | 8.4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
|
Total
|
87 | 3,370,723 | 100.0 | % | 100.0 | % | N/A | 685 | 2,192,255 | 100.0 | % | 100.0 | % | N/A | 772 | 5,562,978 | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(3) Space has not yet been delivered.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Page 27 of 28
|
Ramco-Gershenson Properties Trust
|
|||||||
|
Joint Venture Leasing Activity
|
|||||||
|
As of September 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
|
|
3rd Quarter 2011
|
38
|
127,714
|
$17.53
|
$17.70
|
-1.0%
|
5.3
|
$6.91
|
|
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
|
|
Total
|
133
|
440,275
|
$15.75
|
$16.72
|
-5.8%
|
5.0
|
$7.73
|
|
Renewals
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|
3rd Quarter 2011
|
23
|
78,803
|
$17.96
|
$17.67
|
1.6%
|
4.5
|
$0.76
|
|
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
|
|
Total
|
88
|
268,708
|
$17.16
|
$17.15
|
0.1%
|
3.9
|
$0.31
|
|
New Leases-Comparable
|
Leasing
Transactions
|
Square
Footage
|
Base Rent
PSF
|
Prior Rent
PSF (2)
|
Rent
Growth %
|
Wtd. Avg.
Lease Term
|
TI's
PSF
|
|
3rd Quarter 2011
|
15
|
48,911
|
$16.83
|
$17.74
|
-5.1%
|
6.6
|
$16.82
|
|
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
|
|
Total
|
45
|
171,567
|
$13.54
|
$16.05
|
-15.6%
|
6.9
|
$19.37
|
|
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
|
|
3rd Quarter 2011
|
41
|
151,101
|
$17.01
|
N/A
|
N/A
|
5.7
|
$9.52
|
|
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
|
|
Total
|
148
|
644,292
|
$15.23
|
N/A
|
N/A
|
6.7
|
$17.15
|
|
|
|||||||
|
(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 28 of 28