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Article Excerpt
FARMINGTON HILLS, Mich. -- Ramco-Gershenson Properties Trust (NYSE:RPT) announced today results for the fourth quarter and twelve months ended December 31, 2005.
Financial Information for Fourth Quarter 2005:
--Diluted FFO per share of $0.60
--Diluted FFO of $11.8 million
--Total revenues of $35.4 million
--Diluted EPS of $0.18
--Quarterly dividend of $0.4375 per common share
Financial Information for Year-End 2005:
--Diluted FFO per share of $2.42, a 16.9% increase over last year
--Diluted FFO of $47.9 million, a 15.7% increase over last year
--Total revenues of $141.6 million, a 15.4% increase over last year
--Diluted EPS of $0.70, a 16.7% increase over last year
--Annual dividend of $1.75 per common share
Company Highlights in 2005:
--Acquired 9 shopping centers for Joint Venture with ING Clarion completing over $378 million of the $450 million venture commitment
--Signed six anchor leases for the River City Marketplace development in Jacksonville, Florida
--Commenced the development of Rossford Pointe in Rossford, Ohio and The Shoppes of Fairlane Meadows in Dearborn, Michigan
--Entered into new $250 million unsecured credit facility
--Refinanced $99 million of high interest rate long term debt
--Replaced vacant Kmart with Home Depot in Taylor, Michigan
--Raised annual dividend over 4.0% to $1.75 per share
--Won Master Planning Award for River City Marketplace Development in Jacksonville, Florida
--Opened 105 new non-anchor and 8 new anchor stores
--Renewed 144 non-anchor leases, at an average increase of 4.2% over prior rental rates
--Increased overall average portfolio base rental rates to $9.55, compared to $8.83 in 2004
--Portfolio occupancy of 93.7%, up from 92.9% in 2004
Financial Results
For the three months ended December 31, 2005, diluted Funds from Operations (FFO) decreased 3.3% or $0.4 million to a total of $11.8 million compared with $12.2 million for the three months ended December 31, 2004. On a per share basis, diluted FFO decreased 1.6%, or $0.01, to $0.60 in the fourth quarter of 2005, compared with $0.61 in the fourth quarter of 2004. Total revenues for the three months ended December 31, 2005, increased 2.3% or $.8 million, to a total of $35.4 million, compared with $34.6 million in 2004. Net income decreased 17.9% or $1.0 million to a total of $4.6 million, compared with $5.6 million in 2004. Diluted earnings per share decreased $0.06, to $0.18, compared to $0.24 in 2004.
For the twelve months ended December 31, 2005, diluted FFO increased 15.7% or $6.5 million to a total of $47.9 million compared with $41.4 million for the twelve months ended December 31, 2004. On a per share basis, diluted FFO increased 16.9% or $0.35 to $2.42 in 2005 compared with $2.07 in 2004. Total revenues for the twelve months ended December 31, 2005, increased 15.4% or $18.9 million, to a total of $141.6 million compared with $122.7 million in 2004. Net income increased 22.5% or $3.4 million to a total of $18.5 million, compared with $15.1 million in 2004. Diluted earnings per share increased 16.7%, or $0.10, to $0.70, compared to $0.60...
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