RamcoGershenson Properties Trust (RPT, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $167.1 million; its shares were traded at around $8.93 with a P/E ratio of 3.6 and P/S ratio of 1.2. The dividend yield of Ramcogershenson Properties Trust stocks is 7.3%. Ramcogershenson Properties Trust had an annual average earning growth of 3.5% over the past 5 years.
Other income decreased approximately $375,000 to $163,000 for the three months ended September 30, 2009, compared to $538,000 for the same period in the prior year. The decrease was primarily due to a $160,000 decrease in lease termination fees and a $373,000 decrease in other miscellaneous income, partially offset by a $216,000 increase in interest income. The decrease in lease termination income was mostly attributable to income earned in the third quarter of 2008 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 September 30, 2009, decreased approximately $373,000 due to the reclassification of Retail Maintenance Services net income to recoverable operating expenses on the consolidated statements of income. Retail Maintenance Services is a wholly-owned entity that provides maintenance to shopping centers, earning income for maintenance services billed to our joint venture properties.
Total expenses decreased $0.8 million, or 2.6%, to $30.0 million for the three months ended September 30, 2009 as compared to $30.8 million for the three months ended September 30, 2008. The decrease was primarily due to a decrease in interest expense of $0.9 million and a decrease in depreciation and amortization of $0.1, offset by an increase in real estate taxes of $0.3 million.
Total revenues decreased $6.8 million, or 6.4%, to $99.6 million for the nine months ended September 30, 2009, as compared to $106.4 million in 2008. The decrease in total revenues was primarily the result of a $5.4 million decrease in minimum rents, a $0.6 million decrease in recoveries from tenants, and a $1.0 million decrease in fees and management income.
Other income remained substantially unchanged at $1.5 million for the nine months ended September 30, 2009 and 2008. An increase in interest income of $0.4 million was offset by decreases of approximately $0.1 million of temporary income, $0.1 million in lease termination fees, and a $0.2 million decrease in other miscellaneous income. Interest income increased on advances to the Ramco RM Hartland SC LLC joint venture relating to the development of Hartland Towne Square. The decrease in lease termination income was mostly attributable to income earned in 2008 on the Disposition. Temporary income decreased due to fewer license agreements signed in 2009 compared to 2008. Other miscellaneous income for the nine months ended September 30, 2009, decreased approximately $0.2 million due to the reclassification of Retail Maintenance Services net income to recoverable operating expenses.
Total expenses decreased $3.7 million, or 3.8%, to $93.8 million for the nine months ended September 30, 2009 as compared to $97.5 million for the nine months ended September 30, 2008. The decrease was primarily due to decreases in interest expense of $3.6 million, recoverable operating expenses of $0.5 million, and depreciation and amortization of $0.3 million, partially offset by a $0.8 million increase in general and administrative expenses.
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 $167.1 million; its shares were traded at around $8.93 with a P/E ratio of 3.6 and P/S ratio of 1.2. The dividend yield of Ramcogershenson Properties Trust stocks is 7.3%. Ramcogershenson Properties Trust had an annual average earning growth of 3.5% over the past 5 years.
Highlight of Business Operations:
In 2009, the Company plans to focus on completing those redevelopment projects presently in process that have commitments for the expansion or addition of an anchor tenant. We and our joint ventures have eight redevelopments currently in process, all with signed leases for the expansion or addition of an anchor or out-lot tenant. We estimate the total project costs of the eight redevelopment projects in process to be $46.3 million. Four of the redevelopments involve core operating properties included on our balance sheet and are expected to cost approximately $19.2 million of which $9.3 million has been spent as of September 30, 2009. For the four redevelopment projects at properties held by joint ventures, we estimate off-balance sheet project costs of approximately $27.1 million (our share is estimated to be $7.8 million) of which $15.3 million has been spent as of September 30, 2009 (our share is $4.5 million).Other income decreased approximately $375,000 to $163,000 for the three months ended September 30, 2009, compared to $538,000 for the same period in the prior year. The decrease was primarily due to a $160,000 decrease in lease termination fees and a $373,000 decrease in other miscellaneous income, partially offset by a $216,000 increase in interest income. The decrease in lease termination income was mostly attributable to income earned in the third quarter of 2008 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 September 30, 2009, decreased approximately $373,000 due to the reclassification of Retail Maintenance Services net income to recoverable operating expenses on the consolidated statements of income. Retail Maintenance Services is a wholly-owned entity that provides maintenance to shopping centers, earning income for maintenance services billed to our joint venture properties.
Total expenses decreased $0.8 million, or 2.6%, to $30.0 million for the three months ended September 30, 2009 as compared to $30.8 million for the three months ended September 30, 2008. The decrease was primarily due to a decrease in interest expense of $0.9 million and a decrease in depreciation and amortization of $0.1, offset by an increase in real estate taxes of $0.3 million.
Total revenues decreased $6.8 million, or 6.4%, to $99.6 million for the nine months ended September 30, 2009, as compared to $106.4 million in 2008. The decrease in total revenues was primarily the result of a $5.4 million decrease in minimum rents, a $0.6 million decrease in recoveries from tenants, and a $1.0 million decrease in fees and management income.
Other income remained substantially unchanged at $1.5 million for the nine months ended September 30, 2009 and 2008. An increase in interest income of $0.4 million was offset by decreases of approximately $0.1 million of temporary income, $0.1 million in lease termination fees, and a $0.2 million decrease in other miscellaneous income. Interest income increased on advances to the Ramco RM Hartland SC LLC joint venture relating to the development of Hartland Towne Square. The decrease in lease termination income was mostly attributable to income earned in 2008 on the Disposition. Temporary income decreased due to fewer license agreements signed in 2009 compared to 2008. Other miscellaneous income for the nine months ended September 30, 2009, decreased approximately $0.2 million due to the reclassification of Retail Maintenance Services net income to recoverable operating expenses.
Total expenses decreased $3.7 million, or 3.8%, to $93.8 million for the nine months ended September 30, 2009 as compared to $97.5 million for the nine months ended September 30, 2008. The decrease was primarily due to decreases in interest expense of $3.6 million, recoverable operating expenses of $0.5 million, and depreciation and amortization of $0.3 million, partially offset by a $0.8 million increase in general and administrative expenses.
Read the The complete ReportRPT is in the portfolios of Tweedy Browne of Tweedy Browne CO LLC.
