EX-99.1
2
a50598203-ex991.htm
EXHIBIT 99.1
Exhibit 99.1
Ramco-Gershenson
Announces the Closing of Its Purchase of 12 Shopping Centers
FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--March 25, 2013--
Ramco-Gershenson
Properties Trust
(NYSE:RPT)
("the Company") today announced
that it has closed the acquisition of its partner's ownership interest
in 12 shopping centers owned by Ramco/Lion Venture LP for approximately
$151.9 million in cash and the assumption of its partner's pro-rata
share of debt of approximately $104.9 million. With the completion of
this acquisition, the Company now owns 100% of the shopping centers,
which are located in Florida and Michigan.
"We are pleased to close this acquisition so quickly", said Dennis
Gershenson, President and Chief Executive Officer. "The size of the
transaction, the quality of the assets, and the potential for
significant future value creation are all positives for our
shareholders. In addition, we are continuing our joint venture
relationship with Clarion Partners with the goal of acquiring additional
high quality shopping centers in strong metropolitan markets over the
next several years".
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated,
self-administered, publicly-traded real estate investment trust (REIT)
based in Farmington Hills, Michigan. The Company's business is the
ownership and management of multi-anchor shopping centers in strategic,
quality of life markets throughout the Eastern, Midwestern and Central
United States. At December 31, 2012, the Company owned interests in and
managed a portfolio of 78 shopping centers and one office building with
approximately 15.0 million square feet of gross leasable area owned by
the Company or its joint ventures. The properties are located in
Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin,
Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee. At
December 31, 2012, the Company's core operating portfolio was 94.6%
leased. For additional information regarding Ramco-Gershenson Properties
Trust visit the Company's website at
www.rgpt.com
.
This press release may contain forward-looking statements that represent
the Company's expectations and projections for the future. Management of
Ramco-Gershenson believes the expectations reflected in any
forward-looking statements made in this press release are based on
reasonable assumptions. Certain factors could occur that might cause
actual results to vary, including deterioration in national economic
conditions, weakening of real estate markets, decreases in the
availability of credit, increases in interest rates, adverse changes in
the retail industry, our continuing to ability to qualify as a REIT and
other factors discussed in the Company's reports filed with the
Securities and Exchange Commission.
Click here to subscribe to Mobile Alerts for Ramco-Gershenson Properties
Trust.
CONTACT:
Ramco-Gershenson Properties Trust
Dawn Hendershot,
248-592-6202
Director of Investor Relations and Corporate
Communications

EX - 99 . 1 2 a50598203 - ex991 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 Ramco - Gershenson Announces the Closing of Its Purchase of 12 Shopping Centers FARMINGTON HILLS , Mich . -- ( BUSINESS WIRE ) -- March 25 , 2013 -- Ramco - Gershenson Properties Trust ( NYSE : RPT ) ( " the Company " ) today announced that it has closed the acquisition of its partner 's ownership interest in 12 shopping centers owned by Ramco / Lion Venture LP for approximately $ 151.9 million in cash and the assumption of its partner 's pro - rata share of debt of approximately $ 104.9 million . With the completion of this acquisition , the Company now owns 100 % of the shopping centers , which are located in Florida and Michigan . " We are pleased to close this acquisition so quickly " , said Dennis Gershenson , President and Chief Executive Officer . " The size of the transaction , the quality of the assets , and the potential for significant future value creation are all positives for our shareholders . In addition , we are continuing our joint venture relationship with Clarion Partners with the goal of acquiring additional high quality shopping centers in strong metropolitan markets over the next several years " . About Ramco - Gershenson Properties Trust Ramco - Gershenson Properties Trust ( NYSE : RPT ) is a fully integrated , self - administered , publicly - traded real estate investment trust ( REIT ) based in Farmington Hills , Michigan . The Company 's business is the ownership and management of multi - anchor shopping centers in strategic , quality of life markets throughout the Eastern , Midwestern and Central United States . At December 31 , 2012 , the Company owned interests in and managed a portfolio of 78 shopping centers and one office building with approximately 15.0 million square feet of gross leasable area owned by the Company or its joint ventures . The properties are located in Michigan , Florida , Ohio , Georgia , Missouri , Colorado , Wisconsin , Illinois , Indiana , New Jersey , Virginia , Maryland , and Tennessee . At December 31 , 2012 , the Company 's core operating portfolio was 94 . 6 % leased . For additional information regarding Ramco - Gershenson Properties Trust visit the Company 's website at www.rgpt.com . This press release may contain forward - looking statements that represent the Company 's expectations and projections for the future . Management of Ramco - Gershenson believes the expectations reflected in any forward - looking statements made in this press release are based on reasonable assumptions . Certain factors could occur that might cause actual results to vary , including deterioration in national economic conditions , weakening of real estate markets , decreases in the availability of credit , increases in interest rates , adverse changes in the retail industry , our continuing to ability to qualify as a REIT and other factors discussed in the Company 's reports filed with the Securities and Exchange Commission . Click here to subscribe to Mobile Alerts for Ramco - Gershenson Properties Trust . CONTACT : Ramco - Gershenson Properties Trust Dawn Hendershot , 248 - 592 - 6202 Director of Investor Relations and Corporate Communications