RamcoGershenson Properties Trust (RPT, Financial) filed Quarterly Report for the period ended 2010-06-30.
Ramcogershenson Properties Trust has a market cap of $427.8 million; its shares were traded at around $11.55 with and P/S ratio of 3.5. The dividend yield of Ramcogershenson Properties Trust stocks is 5.7%.RPT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The Company renewed 38 non-anchor leases, at an average base rent of $18.39 per square foot, an increase of 2.1% over prior rental rates. In the second quarter of 2010, the Company also renewed eight anchor leases, at an average base rent of $5.59 per square foot as compared to prior rents paid of $5.86 per square foot. Compared to the same period in the prior year, the combination of new leases, renewals and contractual rent escalations increased the Company s overall portfolio average base rents to $10.90 per square foot in the second quarter of 2010 from $10.79 per square foot for the second quarter of 2009.
We currently have four redevelopments in progress, all with signed leases for the expansion or addition of an anchor. The Company estimates the total project costs of the four redevelopment projects in progress to be $29.7 million. Two of the redevelopments involve core operating properties included on our balance sheet and are expected to cost approximately $16.4 million of which $13.6 million has been spent as of June 30, 2010. For the two redevelopment projects at properties held by joint ventures, the Company estimates off-balance sheet project costs of approximately $13.3 million (our share is estimated to be $3.7 million) of which $10.8 million has been spent as of June 30, 2010 (our share is $3.1 million). Of the four redevelopment projects presently in progress, all have anchor tenants in place generating revenue for the Company. The four redevelopment projects in progress were approximately 75% to 80% complete at June 30, 2010. The majority of remaining work on these projects involves the leasing up of small shop space, which includes costs for tenant and site improvements. The Company expects that the redevelopment projects will be substantially completed in the second half of 2010.
Total revenues decreased $0.9 million, or 2.8%, to $30.4 million for the three months ended June 30, 2010, as compared to $31.3 million in 2009. The decrease in total revenues was primarily the result of a $0.6 million decrease in minimum rents and a $0.3 million decrease in recoveries from tenants, partially offset by an increase of $0.3 million in other property income.
The decrease in Same Center minimum rents from the comparable period in the prior year was primarily attributable to approximately $0.7 million in decreases related to tenant vacancies, approximately $0.2 million in decreases related to tenant bankruptcies, rent relief and other concessions granted of $0.2 million, and the impact of the sale of the two net leased Wal-Marts in the third quarter of 2009 of $0.5 million. These decreases were partially offset by an increase of $0.7 million due to increased rental rates on new or renewal leases.
Other property income increased $0.4 million to $1.2 million for the three months ended June 30, 2010, compared to $0.8 million for the same period in the prior year. The increase was primarily due to $0.7 million in income earned from a tenant bankruptcy claim in the second quarter of 2010. This increase was partially offset by a $0.2 million decrease in lease termination fees, as compared to the same period in the prior year.
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Ramcogershenson Properties Trust has a market cap of $427.8 million; its shares were traded at around $11.55 with and P/S ratio of 3.5. The dividend yield of Ramcogershenson Properties Trust stocks is 5.7%.RPT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On May 18, 2010, the Company completed an equity offering of 6.9 million common shares, which included 0.9 million shares purchased pursuant to an over-allotment option granted to the underwriters. The offering price was $11.50 per common share (par value $0.01 per share) generating net proceeds of approximately $75.6 million. The net proceeds from the offering were used to reduce the outstanding balance of its secured term loan facility by $37.0 million, to pay off two mortgages of $15.8 million in aggregate and to reduce outstanding borrowings under its secured revolving credit facilities.The Company renewed 38 non-anchor leases, at an average base rent of $18.39 per square foot, an increase of 2.1% over prior rental rates. In the second quarter of 2010, the Company also renewed eight anchor leases, at an average base rent of $5.59 per square foot as compared to prior rents paid of $5.86 per square foot. Compared to the same period in the prior year, the combination of new leases, renewals and contractual rent escalations increased the Company s overall portfolio average base rents to $10.90 per square foot in the second quarter of 2010 from $10.79 per square foot for the second quarter of 2009.
We currently have four redevelopments in progress, all with signed leases for the expansion or addition of an anchor. The Company estimates the total project costs of the four redevelopment projects in progress to be $29.7 million. Two of the redevelopments involve core operating properties included on our balance sheet and are expected to cost approximately $16.4 million of which $13.6 million has been spent as of June 30, 2010. For the two redevelopment projects at properties held by joint ventures, the Company estimates off-balance sheet project costs of approximately $13.3 million (our share is estimated to be $3.7 million) of which $10.8 million has been spent as of June 30, 2010 (our share is $3.1 million). Of the four redevelopment projects presently in progress, all have anchor tenants in place generating revenue for the Company. The four redevelopment projects in progress were approximately 75% to 80% complete at June 30, 2010. The majority of remaining work on these projects involves the leasing up of small shop space, which includes costs for tenant and site improvements. The Company expects that the redevelopment projects will be substantially completed in the second half of 2010.
Total revenues decreased $0.9 million, or 2.8%, to $30.4 million for the three months ended June 30, 2010, as compared to $31.3 million in 2009. The decrease in total revenues was primarily the result of a $0.6 million decrease in minimum rents and a $0.3 million decrease in recoveries from tenants, partially offset by an increase of $0.3 million in other property income.
The decrease in Same Center minimum rents from the comparable period in the prior year was primarily attributable to approximately $0.7 million in decreases related to tenant vacancies, approximately $0.2 million in decreases related to tenant bankruptcies, rent relief and other concessions granted of $0.2 million, and the impact of the sale of the two net leased Wal-Marts in the third quarter of 2009 of $0.5 million. These decreases were partially offset by an increase of $0.7 million due to increased rental rates on new or renewal leases.
Other property income increased $0.4 million to $1.2 million for the three months ended June 30, 2010, compared to $0.8 million for the same period in the prior year. The increase was primarily due to $0.7 million in income earned from a tenant bankruptcy claim in the second quarter of 2010. This increase was partially offset by a $0.2 million decrease in lease termination fees, as compared to the same period in the prior year.
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