RamcoGershenson Properties Trust (RPT, Financial) filed Quarterly Report for the period ended 2009-06-30.
Ramco-Gershenson Properties Trust is engaged in the business of owning developing acquiring managing and leasing community shopping centers regional malls and single tenant retail properties nationally. RamcoGershenson Properties Trust has a market cap of $170 million; its shares were traded at around $9.09 with a P/E ratio of 3.6 and P/S ratio of 1.2. The dividend yield of RamcoGershenson Properties Trust stocks is 10.3%. RamcoGershenson Properties Trust had an annual average earning growth of 3.5% over the past 5 years.
We and our joint ventures have eight redevelopments currently in process. We estimate the total project costs of the eight redevelopment projects in process to be $48.6 million. Four of the redevelopments involve core operating properties included in our balance sheet and are expected to cost approximately $19.5 million of which $7.9 million has been spent as of June 30, 2009. For the four redevelopment projects at properties held by joint ventures, we estimate off-balance sheet project costs of approximately $29.1 million (our share is estimated to be $8.3 million) of which $12.2 million has been spent as of June 30, 2009 (our share is $3.6 million).
Other income increased approximately $505,000 to $1.0 million for the three months ended June 30, 2009, compared to $495,000 for the same period in the prior year. The increase was primarily due to a $178,000 increase in lease termination fees and a $115,000 increase in interest income. The increase in lease termination income was mostly attributable to income earned in the second quarter of 2009 on a higher volume of lease terminations. Interest income increased on advances to the Ramco RM Hartland SC LLC joint venture relating to the development of Hartland Towne Square. Other miscellaneous income for the three months ended June 30, 2009, increased approximately $172,000 when compared to the same period in the prior year.
Total expenses decreased $0.8 million, or 2.6%, to $32.1 million for the three months ended June 30, 2009 as compared to $32.9 million for the three months ended June 30, 2008. The decrease was primarily due to a decrease in interest expense of $1.0 million and a decrease in other operating expenses of $0.4 million, offset by an increase in general and administrative expenses of $0.6 million.
Total expenses decreased $2.8 million, or 4.3%, to $64.1 million for the six months ended June 30, 2009 as compared to $66.9 million for the six months ended June 30, 2008. The decrease was primarily due to decreases in interest expense of $2.7 million, recoverable operating expenses of $0.8 million, and depreciation and amortization of $0.2 million, partially offset by a $0.9 million increase in general and administrative expenses.
For the six months ended June 30, 2009, we generated $26.7 million in cash flows from operating activities, as compared to $14.3 million for the same period in 2008. Cash flows from operating activities were higher during the six months ended June 30, 2009 mainly due to higher net cash inflows related to accounts receivable and lower cash outflows for accounts payable and accrued expenses. For the six months ended June 30, 2009, investing activities used $13.4 million of cash flows, as compared to $2.2 million used in investing activities for the six months ended June 30, 2008. Cash flows used in investing activities were higher in 2009, due to lower investments in real estate and lower cash received from sales of shopping centers to our joint ventures. Additionally, no cash was received in the first six months of 2009 from the repayment of a note receivable from a joint venture, as occurred in the first six months of 2008. During the six months ended June 30, 2009, cash flows used in financing activities were $10.8 million, as compared to $20.4 million during the six months ended June 30, 2008. In the first six months of 2009, the Company had significantly lower distributions to shareholders and operating partnership unit holders, as compared to the six months ended June 30, 2008.
Read the The complete ReportRPT is in the portfolios of Tweedy Browne of Tweedy Browne CO LLC.
Ramco-Gershenson Properties Trust is engaged in the business of owning developing acquiring managing and leasing community shopping centers regional malls and single tenant retail properties nationally. RamcoGershenson Properties Trust has a market cap of $170 million; its shares were traded at around $9.09 with a P/E ratio of 3.6 and P/S ratio of 1.2. The dividend yield of RamcoGershenson Properties Trust stocks is 10.3%. RamcoGershenson Properties Trust had an annual average earning growth of 3.5% over the past 5 years.
Highlight of Business Operations:
During the second quarter of 2009, 18 tenants took occupancy of their stores at an average base rent of $10.45 per square foot. Included in the 18 tenants were five anchor tenants paying on average $9.04 per square foot, an 11.3% increase above portfolio average rents for anchor space. Also included were 13 non-anchor tenants paying on average $16.00 per square foot, a 2.7% decrease over portfolio average rents for non-anchor space. The Company signed 27 new leases during the second quarter of 2009 for new tenancies that will take occupancy in subsequent periods, at an increase of 31.6% above portfolio average rents. Additionally, we renewed 47 non-anchor leases, at an average base rent of $16.54 per square foot, achieving an increase of 5.7% over prior rental rates. Overall portfolio average base rents for non-anchor tenants decreased to $16.44 per square foot in the second quarter of 2009 from $16.49 for the same period in 2008.We and our joint ventures have eight redevelopments currently in process. We estimate the total project costs of the eight redevelopment projects in process to be $48.6 million. Four of the redevelopments involve core operating properties included in our balance sheet and are expected to cost approximately $19.5 million of which $7.9 million has been spent as of June 30, 2009. For the four redevelopment projects at properties held by joint ventures, we estimate off-balance sheet project costs of approximately $29.1 million (our share is estimated to be $8.3 million) of which $12.2 million has been spent as of June 30, 2009 (our share is $3.6 million).
Other income increased approximately $505,000 to $1.0 million for the three months ended June 30, 2009, compared to $495,000 for the same period in the prior year. The increase was primarily due to a $178,000 increase in lease termination fees and a $115,000 increase in interest income. The increase in lease termination income was mostly attributable to income earned in the second quarter of 2009 on a higher volume of lease terminations. Interest income increased on advances to the Ramco RM Hartland SC LLC joint venture relating to the development of Hartland Towne Square. Other miscellaneous income for the three months ended June 30, 2009, increased approximately $172,000 when compared to the same period in the prior year.
Total expenses decreased $0.8 million, or 2.6%, to $32.1 million for the three months ended June 30, 2009 as compared to $32.9 million for the three months ended June 30, 2008. The decrease was primarily due to a decrease in interest expense of $1.0 million and a decrease in other operating expenses of $0.4 million, offset by an increase in general and administrative expenses of $0.6 million.
Total expenses decreased $2.8 million, or 4.3%, to $64.1 million for the six months ended June 30, 2009 as compared to $66.9 million for the six months ended June 30, 2008. The decrease was primarily due to decreases in interest expense of $2.7 million, recoverable operating expenses of $0.8 million, and depreciation and amortization of $0.2 million, partially offset by a $0.9 million increase in general and administrative expenses.
For the six months ended June 30, 2009, we generated $26.7 million in cash flows from operating activities, as compared to $14.3 million for the same period in 2008. Cash flows from operating activities were higher during the six months ended June 30, 2009 mainly due to higher net cash inflows related to accounts receivable and lower cash outflows for accounts payable and accrued expenses. For the six months ended June 30, 2009, investing activities used $13.4 million of cash flows, as compared to $2.2 million used in investing activities for the six months ended June 30, 2008. Cash flows used in investing activities were higher in 2009, due to lower investments in real estate and lower cash received from sales of shopping centers to our joint ventures. Additionally, no cash was received in the first six months of 2009 from the repayment of a note receivable from a joint venture, as occurred in the first six months of 2008. During the six months ended June 30, 2009, cash flows used in financing activities were $10.8 million, as compared to $20.4 million during the six months ended June 30, 2008. In the first six months of 2009, the Company had significantly lower distributions to shareholders and operating partnership unit holders, as compared to the six months ended June 30, 2008.
Read the The complete ReportRPT is in the portfolios of Tweedy Browne of Tweedy Browne CO LLC.
