Exhibit 99.2
![](https://capedge.com/proxy/8-K/0001157523-10-004326/cover.jpg)
Ramco-Gershenson Properties Trust | ||
Quarterly Financial and Operating Supplement | ||
June 30, 2010 (unaudited) | ||
TABLE OF CONTENTS | Page | |
Company Information | 1 | |
Quarterly & Year-to-Date Financial Results | ||
Consolidated Condensed Statements of Operations | 2 | |
Consolidated Condensed Statements of Operations Detail | 3 | |
Earnings Per Common Share | 4 | |
Calculation of Funds from Operations and Additional Disclosures | 5 | |
Selected Financial and Operating Ratios | 6 | |
Consolidated Condensed Balance Sheets | 7 | |
Consolidated Condensed Balance Sheet Detail | 8 | |
Quarterly & Year-to-Date Operating Information | ||
Same Property Analysis | 9 | |
Leasing Activity Summary Total Shopping Center Portfolio | 10 | |
Redevelopment and Development Projects | 11 | |
Debt and Market Capitalization Information | ||
Summary of Outstanding Debt | 12 | |
Loan Maturity and Ammortization Schedule | 12 | |
Market Data | 14 | |
Portfolio Information | ||
Property Summaries | 15-17 | |
Top 20 Tenants | 18 | |
Summary of Expiring GLA | 19 | |
Joint Venture Information | ||
Joint Venture Summary of Operations | 20 | |
Joint Venture Balance Sheet Summary | 21 | |
Summary of Joint Venture Debt | 22 | |
Joint Venture Same Property Analysis | 23 | |
Joint Venture Leasing Activity Summary | 24 | |
Joint Venture Summary of Expiring GLA | 25 |
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Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||
Consolidated Condensed Statements of Operations | ||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands) | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||
2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Minimum rents | $ | 20,411 | $ | 21,026 | $ | (615 | ) | $ | 40,923 | $ | 42,175 | $ | (1,252 | ) | ||||||||||
Percentage rents | 143 | 27 | 116 | 216 | 253 | (37 | ) | |||||||||||||||||
Recoveries from tenants | 7,522 | 7,873 | (351 | ) | 15,297 | 16,898 | (1,601 | ) | ||||||||||||||||
Other property income | 1,161 | 822 | 339 | 2,380 | 1,021 | 1,359 | ||||||||||||||||||
Fees and management income | 1,134 | 1,497 | (363 | ) | 2,255 | 2,626 | (371 | ) | ||||||||||||||||
Total revenues | 30,371 | 31,245 | (874 | ) | 61,071 | 62,973 | (1,902 | ) | ||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Real estate taxes | 4,466 | 4,564 | (98 | ) | 8,961 | 9,141 | (180 | ) | ||||||||||||||||
Recoverable operating expenses | 3,455 | 3,581 | (126 | ) | 7,410 | 8,082 | (672 | ) | ||||||||||||||||
Other property operating expenses | 1,136 | 550 | 586 | 2,157 | 1,529 | 628 | ||||||||||||||||||
Depreciation and amortization | 7,556 | 7,823 | (267 | ) | 15,318 | 15,561 | (243 | ) | ||||||||||||||||
General and administrative | 4,615 | 4,666 | (51 | ) | 8,598 | 8,646 | (48 | ) | ||||||||||||||||
Total expenses | 21,228 | 21,184 | 44 | 42,444 | 42,959 | (515 | ) | |||||||||||||||||
Income from continuing operations before other income and expenses | 9,143 | 10,061 | (918 | ) | 18,627 | 20,014 | (1,387 | ) | ||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||
Other income (expense) | (303 | ) | 178 | (481 | ) | (633 | ) | 331 | (964 | ) | ||||||||||||||
Gain on sale of real estate | 499 | 53 | 446 | 499 | 401 | 98 | ||||||||||||||||||
Earnings (loss) from unconsolidated entities | (167 | ) | 337 | (504 | ) | 700 | 857 | (157 | ) | |||||||||||||||
Interest expense | (8,892 | ) | (7,904 | ) | (988 | ) | (17,626 | ) | (16,008 | ) | (1,618 | ) | ||||||||||||
Impairment charge on unconsolidated joint ventures | - | - | - | (2,653 | ) | - | (2,653 | ) | ||||||||||||||||
Restructuring costs and other items | - | (836 | ) | 836 | - | (1,216 | ) | 1,216 | ||||||||||||||||
Income (loss) from continuing operations | 280 | 1,889 | (1,609 | ) | (1,086 | ) | 4,379 | (5,465 | ) | |||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Loss on sale of real estate | (2,050 | ) | - | (2,050 | ) | (2,050 | ) | - | (2,050 | ) | ||||||||||||||
Income (loss) from operations | (32 | ) | 75 | (107 | ) | (19 | ) | 215 | (234 | ) | ||||||||||||||
Income (loss) from discontinued operations | (2,082 | ) | 75 | (2,157 | ) | (2,069 | ) | 215 | (2,284 | ) | ||||||||||||||
Net income (loss) | (1,802 | ) | 1,964 | (3,766 | ) | (3,155 | ) | 4,594 | (7,749 | ) | ||||||||||||||
Less: Net (income) loss attributable to noncontrolling interest | 761 | (401 | ) | 1,162 | 1,431 | (781 | ) | 2,212 | ||||||||||||||||
Net income (loss) attributable to Ramco-Gershenson Properties | ||||||||||||||||||||||||
Trust ("RPT") common shareholders | $ | (1,041 | ) | $ | 1,563 | $ | (2,604 | ) | $ | (1,724 | ) | $ | 3,813 | $ | (5,537 | ) | ||||||||
Amounts attributable to RPT common shareholders: | ||||||||||||||||||||||||
Income from continuing operations | $ | 893 | $ | 1,493 | $ | (600 | ) | $ | 198 | $ | 3,613 | $ | (3,415 | ) | ||||||||||
Income (loss) from discontinued operations | (1,934 | ) | 70 | (2,004 | ) | (1,922 | ) | 200 | (2,122 | ) | ||||||||||||||
Net income (loss) | $ | (1,041 | ) | $ | 1,563 | $ | (2,604 | ) | $ | (1,724 | ) | $ | 3,813 | $ | (5,537 | ) | ||||||||
Property Operating Expense Recovery Ratio | 95.0 | % | 96.7 | % | 93.4 | % | 98.1 | % | ||||||||||||||||
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Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||||
Consolidated Condensed Statesments of Operations Detail | ||||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||||
2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) | |||||||||||||||||||||
Other property income | ||||||||||||||||||||||||||
Lease termination income | $ | 129 | $ | 365 | $ | (236 | ) | $ | 1,178 | $ | 369 | $ | 809 | |||||||||||||
Temporary income | 112 | 96 | 16 | 207 | 196 | 11 | ||||||||||||||||||||
TIF revenue | 49 | - | 49 | 99 | - | 99 | ||||||||||||||||||||
Other | 871 | [1] | 361 | 510 | 896 | [1] | 456 | 440 | ||||||||||||||||||
Other property income | $ | 1,161 | $ | 822 | $ | 339 | $ | 2,380 | $ | 1,021 | $ | 1,359 | ||||||||||||||
Fees and management income | ||||||||||||||||||||||||||
Management fees | $ | 730 | $ | 742 | $ | (12 | ) | $ | 1,477 | $ | 1,498 | $ | (21 | ) | ||||||||||||
Leasing fees | 322 | 405 | (83 | ) | 549 | 552 | (3 | ) | ||||||||||||||||||
Development related fees | 82 | 287 | (205 | ) | 229 | 436 | (207 | ) | ||||||||||||||||||
Other | - | 63 | (63 | ) | - | 140 | (140 | ) | ||||||||||||||||||
Fees and management income | $ | 1,134 | $ | 1,497 | $ | (363 | ) | $ | 2,255 | $ | 2,626 | $ | (371 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||||
Real estate taxes on development projects | $ | (317 | ) | $ | - | $ | (317 | ) | $ | (654 | ) | $ | - | $ | (654 | ) | ||||||||||
Interest income | 12 | 178 | (166 | ) | 23 | 331 | (308 | ) | ||||||||||||||||||
Other | 2 | - | 2 | (2 | ) | - | (2 | ) | ||||||||||||||||||
Other income (expense) | $ | (303 | ) | $ | 178 | $ | (481 | ) | $ | (633 | ) | $ | 331 | $ | (964 | ) | ||||||||||
Gain on sale of real estate | ||||||||||||||||||||||||||
Gain on sales of non-depreciable real estate | $ | 499 | $ | 53 | $ | 446 | $ | 499 | $ | 401 | $ | 98 | ||||||||||||||
Gain on sales of depreciable real estate | - | - | - | - | - | - | ||||||||||||||||||||
Gain on sale of real estate | $ | 499 | $ | 53 | $ | 446 | $ | 499 | $ | 401 | $ | 98 | ||||||||||||||
Restructuring costs and other items | ||||||||||||||||||||||||||
Strategic review and proxy contest expenses | $ | - | $ | (836 | ) | $ | 836 | - | $ | (836 | ) | $ | 836 | |||||||||||||
Restructuring expense | - | - | - | - | (380 | ) | 380 | |||||||||||||||||||
Restructuring costs and other items | $ | - | $ | (836 | ) | $ | 836 | $ | - | $ | (1,216 | ) | $ | 1,216 | ||||||||||||
[1] Includes $674K of lease rejection income from a bankruptcy claim in the three and six months ended June 30, 2010. | ||||||||||||||||||||||||||
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Ramco-Gershenson Properties Trust | ||||||||||||||||
Earnings Per Common Share ("EPS") | ||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share data) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Numerator: | ||||||||||||||||
Income (loss) from continuing operations before noncontrolling interest | $ | 280 | $ | 1,889 | $ | (1,086 | ) | $ | 4,379 | |||||||
Noncontrolling interest from continuing operations | 613 | (396 | ) | 1,284 | (766 | ) | ||||||||||
Income from continuing operations available to RPT common shareholders | 893 | 1,493 | 198 | 3,613 | ||||||||||||
Discontinued operations, net of noncontrolling interest: | ||||||||||||||||
Loss on sale of real estate | (1,905 | ) | - | (1,905 | ) | - | ||||||||||
Income (loss) from operations | (29 | ) | 70 | (17 | ) | 200 | ||||||||||
Net income (loss) available to RPT common shareholders | $ | (1,041 | ) | $ | 1,563 | $ | (1,724 | ) | $ | 3,813 | ||||||
Denominator: | ||||||||||||||||
Weighted-average common shares for basic EPS | 34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
Dilutive effect of securities: | ||||||||||||||||
Options outstanding | - | - | - | - | ||||||||||||
Weighted-average common shares for diluted EPS | 34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations attributable to RPT common shareholders | $ | 0.03 | $ | 0.08 | $ | 0.01 | $ | 0.20 | ||||||||
Loss from discontinued operations attributable to RPT common shareholders | (0.06 | ) | - | (0.06 | ) | $ | - | |||||||||
Net income (loss) attributable to RPT common shareholders | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | $ | 0.20 | ||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations attributable to RPT common shareholders | $ | 0.03 | $ | 0.08 | $ | 0.01 | $ | 0.20 | ||||||||
Loss from discontinued operations attributable to RPT common shareholders | (0.06 | ) | - | (0.06 | ) | - | ||||||||||
Net income (loss) attributable to RPT common shareholders | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | $ | 0.20 | ||||||
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Ramco-Gershenson Properties Trust | ||||||||||||||||
Calculation of Funds from Operations and Additional Disclosures | ||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Calculation of Funds from Operations: | ||||||||||||||||
Net income (loss) attributable to RPT common shareholders | $ | (1,041 | ) | $ | 1,563 | $ | (1,724 | ) | $ | 3,813 | ||||||
Add: | ||||||||||||||||
Rental property depreciation and amortization expense | 7,366 | 7,699 | 14,951 | 15,309 | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,704 | 1,622 | 3,380 | 3,295 | ||||||||||||
Loss on sale of depreciable real estate | 2,050 | - | 2,050 | - | ||||||||||||
Noncontrolling interest in Operating Partnership | (105 | ) | 401 | (174 | ) | 781 | ||||||||||
Funds from operations | $ | 9,974 | $ | 11,285 | $ | 18,483 | $ | 23,198 | ||||||||
Weighted average common shares | 34,371 | 18,699 | 32,706 | 18,654 | ||||||||||||
Shares issuable upon conversion of Operating Partnership units | 2,902 | 2,919 | 2,902 | 2,919 | ||||||||||||
Dilutive effect of securities | - | - | - | - | ||||||||||||
Weighted average equivalent shares outstanding, diluted | 37,273 | 21,618 | 35,608 | 21,573 | ||||||||||||
Funds from operations per diluted share | $ | 0.27 | $ | 0.52 | $ | 0.52 | $ | 1.08 | ||||||||
Impairment charge on unconsolidated joint ventures | - | - | 0.07 | - | ||||||||||||
Funds from operations excluding impairment charge per diluted share | $ | 0.27 | $ | 0.52 | $ | 0.59 | $ | 1.08 | ||||||||
Dividend per common share | $ | 0.1633 | $ | 0.2313 | $ | 0.3265 | $ | 0.4626 | ||||||||
Payout ratio - FFO | 61.0 | % | 44.3 | % | 62.9 | % | 43.0 | % | ||||||||
Additional Supplemental Disclosures: | ||||||||||||||||
Consolidated: | ||||||||||||||||
Straight-line rental income | $ | 358 | $ | 150 | $ | 881 | $ | 301 | ||||||||
Above/below market rent amortization | (13 | ) | 8 | 194 | 21 | |||||||||||
Fair market value of interest adjustment - acquired property | 110 | 77 | 182 | 155 | ||||||||||||
Pro-rata share from Unconsolidated Joint Ventures: | ||||||||||||||||
Straight-line rent | 25 | 95 | 140 | 253 | ||||||||||||
Above/below market rent amortization | 22 | 8 | 119 | 20 | ||||||||||||
Fair market value of interest adjustment - acquired property | 107 | 121 | 109 | 244 | ||||||||||||
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Ramco-Gershenson Properties Trust | |||||||||||||||
Selected Financial and Operating Ratios | |||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||
EBITDA Calculation: | |||||||||||||||
Income (Loss) from Continuing Operations | $ | 280 | $ | 1,889 | $ | (1,086 | ) | $ | 4,379 | ||||||
Add Back: | |||||||||||||||
Impairment Charge on Unconsolidated Joint Ventures | - | - | 2,653 | - | |||||||||||
Restructuring Expense | - | 836 | - | 1,216 | |||||||||||
Income (Loss) from Discontinued Operations | (32 | ) | 75 | (19 | ) | 215 | |||||||||
Interest Expense | 8,892 | 7,904 | 17,626 | 16,008 | |||||||||||
Depreciation and Amortization | 7,556 | 7,823 | 15,318 | 15,561 | |||||||||||
Consolidated EBITDA | 16,696 | 18,527 | 34,492 | 37,379 | |||||||||||
Scheduled Mortgage Principal Payments | 1,182 | 1,359 | 2,331 | 2,524 | |||||||||||
Debt and Coverage Ratios: | |||||||||||||||
Consolidated Debt to EBITDA - [1] | 7.4 | 8.9 | 7.2 | 8.9 | |||||||||||
Interest Coverage Ratio (EBITDA / Interest Expense) | 1.9 | 2.3 | 2.0 | 2.3 | |||||||||||
Fixed Charge Coverage Ratio (EBITDA / Interest Expense + Scheduled Mortgage Principal Pmts.) | 1.7 | 2.0 | 1.7 | 2.0 | |||||||||||
Operating Ratios: | |||||||||||||||
GAAP NOI | 20,180 | 21,053 | 40,288 | 41,595 | |||||||||||
Operating Margin (GAAP NOI / Total Rental Revenue) | 69.0 | % | 70.8 | % | 68.5 | % | 68.9 | % | |||||||
General & Administrative Expense as a Percentage of Total Rental Revenues Under Management [2]: | |||||||||||||||
Revenue From REIT Properties | $ | 29,237 | $ | 29,748 | $ | 58,816 | $ | 60,347 | |||||||
Revenue From Joint Venture Properties | 23,753 | 24,804 | 50,167 | 50,289 | |||||||||||
Revenue From Non-REIT Properties Under Management Contract | 881 | 941 | 1,806 | 1,838 | |||||||||||
Total Rental Revenues Under Management | $ | 53,871 | $ | 55,493 | $ | 110,789 | $ | 112,474 | |||||||
General and Administrative Expense | $ | 4,615 | $ | 4,666 | $ | 8,598 | $ | 8,646 | |||||||
General and Administrative Expense / Total Rental Revenues Under Management | 8.6 | % | 8.4 | % | 7.8 | % | 7.7 | % | |||||||
[1] Consolidated debt used in the Debt to EBITDA calculation includes a capital lease obligation and is net of cash. | |||||||||||||||
[2] General & administrative expense shown as a percentage of rental revenues under management which includes base rent, recoveries and other income from wholly owned properties, joint venture properties, and properties that are under management contract. | |||||||||||||||
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Ramco-Gershenson Properties Trust | |||||||||
Consolidated Condensed Balance Sheets | |||||||||
As of June 30, 2010 (in thousands) | |||||||||
June 30, | December 31, | ||||||||
2010 | 2009 | ||||||||
ASSETS | |||||||||
Investment in real estate, net | $ | 825,840 | $ | 804,295 | |||||
Cash and cash equivalents | 12,722 | 8,800 | |||||||
Restricted cash | 5,949 | 3,838 | |||||||
Accounts receivable, net | 30,245 | 31,900 | |||||||
Notes receivable from unconsolidated entities | - | 12,566 | |||||||
Equity investments in unconsolidated entities | 97,775 | 97,506 | |||||||
Other assets, net | 38,280 | 39,052 | |||||||
Total Assets | $ | 1,010,811 | $ | 997,957 | |||||
LIABILITIES | |||||||||
Mortgages and notes payable | $ | 499,877 | $ | 552,551 | |||||
Accounts payable and accrued expenses | 26,364 | 26,440 | |||||||
Distributions payable | 6,627 | 5,477 | |||||||
Capital lease obligation | 6,784 | 6,924 | |||||||
Total Liabilities | 539,652 | 591,392 | |||||||
SHAREHOLDERS' EQUITY | |||||||||
Ramco-Gershenson Properties Trust shareholders' equity: | |||||||||
Common shares of beneficial interest | 379 | 309 | |||||||
Additional paid-in capital | 562,384 | 486,731 | |||||||
Accumulated other comprehensive loss | (916 | ) | (2,149 | ) | |||||
Cumulative distributions in excess of net income | (130,649 | ) | (117,663 | ) | |||||
Total RPT Shareholders' Equity | 431,198 | 367,228 | |||||||
Noncontrolling interest | 39,961 | 39,337 | |||||||
Total Shareholders' Equity | 471,159 | 406,565 | |||||||
Total Liabilities and Shareholders' Equity | $ | 1,010,811 | $ | 997,957 | |||||
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Ramco-Gershenson Properties Trust | ||||||||
Consolidated Condensed Balance Sheet Detail | ||||||||
As of June 30, 2010 (in thousands) | ||||||||
June 30, | December 31, | |||||||
2010 | 2009 | |||||||
Investment in Real Estate: | ||||||||
Land | $ | 102,641 | $ | 99,147 | ||||
Buildings and improvements | 819,849 | 818,142 | ||||||
Land held for development | 98,541 | 69,936 | ||||||
Construction in progress | 7,959 | 8,225 | ||||||
1,028,990 | 995,450 | |||||||
Less: accumulated depreciation | (203,150 | ) | (191,155 | ) | ||||
Investment in real estate, net | $ | 825,840 | $ | 804,295 | ||||
Accounts Receivable: | ||||||||
Accounts receivable tenants, net | $ | 12,299 | $ | 14,786 | ||||
Straight-line rent receivable, net | 17,946 | 17,114 | ||||||
Accounts receivable, net | $ | 30,245 | $ | 31,900 | ||||
Other Assets: | ||||||||
Deferred leasing costs | $ | 42,237 | $ | 40,922 | ||||
Intangible assets | 5,433 | 5,836 | ||||||
Deferred financing costs | 11,528 | 10,525 | ||||||
Other | 6,265 | 6,162 | ||||||
65,463 | 63,445 | |||||||
Less: accumulated amortization | (40,953 | ) | (37,766 | ) | ||||
24,510 | 25,679 | |||||||
Prepaid expenses and other | 13,770 | 13,373 | ||||||
Other assets, net | $ | 38,280 | $ | 39,052 | ||||
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Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||
Same Property Analysis [1] | ||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands) | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2010 | 2009 | % Change | 2010 | 2009 | % Change | |||||||||||||||||||
Number of Properties | 49 | 49 | 0.0 | % | 49 | 49 | 0.0 | % | ||||||||||||||||
Occupancy | 90.9 | % | 94.0 | % | -3.1 | % | 90.9 | % | 94.0 | % | -3.1 | % | ||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum Rents | $ | 18,348 | $ | 18,827 | -2.5 | % | $ | 36,752 | $ | 37,990 | -3.3 | % | ||||||||||||
Percentage Rents | 111 | 28 | 296.4 | % | 183 | 221 | -17.2 | % | ||||||||||||||||
Recoveries from Tenants | 7,151 | 7,241 | -1.2 | % | 14,914 | 15,358 | -2.9 | % | ||||||||||||||||
Other Income | 147 | 124 | 18.5 | % | 279 | 253 | 10.3 | % | ||||||||||||||||
$ | 25,757 | $ | 26,220 | -1.8 | % | $ | 52,128 | $ | 53,822 | -3.1 | % | |||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Real Estate Taxes | $ | 4,300 | $ | 4,447 | -3.3 | % | $ | 8,629 | $ | 8,873 | -2.7 | % | ||||||||||||
Property Operating and Maintenance | 2,825 | 3,124 | -9.6 | % | 6,204 | 6,842 | -9.3 | % | ||||||||||||||||
Other Operating | 667 | 439 | 51.9 | % | 1,386 | 1,636 | -15.3 | % | ||||||||||||||||
$ | 7,792 | $ | 8,010 | -2.7 | % | $ | 16,219 | $ | 17,351 | -6.5 | % | |||||||||||||
NET OPERATING INCOME | $ | 17,965 | $ | 18,210 | -1.3 | % | $ | 35,909 | $ | 36,471 | -1.5 | % | ||||||||||||
Operating Expense Recovery Ratio | 100.4 | % | 95.6 | % | 4.7 | % | 100.5 | % | 97.7 | % | 2.8 | % | ||||||||||||
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment. |
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Ramco-Gershenson Properties Trust | ||||||||||||||||||||
Leasing Activity Summary-Total Shopping Center Portfolio | ||||||||||||||||||||
As of June 30, 2010 | ||||||||||||||||||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | |||||||||||||||
New leases | Transactions | Footage | PSF | PSF [1] | % | Lease Term | ||||||||||||||
2nd Quarter 2010 | 29 | 152,024 | $ | 13.07 | $ | 13.42 | -2.6% | 7.9 | ||||||||||||
1st Quarter 2010 | 20 | 140,170 | $ | 11.11 | $ | 11.54 | -3.8% | 7.9 | ||||||||||||
Total 6 months | 49 | 292,194 | $ | 12.13 | $ | 12.52 | -3.1% | 7.9 | ||||||||||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | |||||||||||||||
Renewals | Transactions | Footage | PSF | PSF [1] | % | Lease Term | ||||||||||||||
2nd Quarter 2010 | 48 | 490,900 | $ | 8.83 | $ | 8.93 | -1.2% | 4.1 | ||||||||||||
1st Quarter 2010 | 89 | 590,303 | $ | 9.66 | $ | 11.37 | -15.1% | 3.2 | ||||||||||||
Total 6 months | 137 | 1,081,203 | $ | 9.28 | $ | 10.26 | -9.6% | 3.6 | ||||||||||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | |||||||||||||||
Total Comparable Leases [2] | Transactions | Footage | PSF | PSF [1] | % | Lease Term | ||||||||||||||
2nd Quarter 2010 | 77 | 642,924 | $ | 9.83 | $ | 9.99 | -1.6% | 5.0 | ||||||||||||
1st Quarter 2010 | 109 | 730,473 | $ | 9.93 | $ | 11.40 | -12.9% | 4.1 | ||||||||||||
Total 6 months | 186 | 1,373,397 | $ | 9.89 | $ | 10.74 | -8.0% | 4.6 | ||||||||||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | |||||||||||||||
Total Comparable and Non-Comparable | Transactions | Footage | PSF | PSF | % | Lease Term | ||||||||||||||
2nd Quarter 2010 | 88 | 700,974 | $ | 10.61 | n/a | n/a | 5.9 | |||||||||||||
1st Quarter 2010 | 111 | 797,831 | $ | 9.61 | n/a | n/a | 4.6 | |||||||||||||
Total 6 months | 199 | 1,498,805 | $ | 10.07 | 5.2 | |||||||||||||||
Notes | ||||||||||||||||||||
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. | ||||||||||||||||||||
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant. |
![]() | Page 10 of 25 |
Ramco-Gershenson Properties Trust | ||||||||||
Redevelopment and Development Projects | ||||||||||
As of June 30, 2010 (in millions) | ||||||||||
Redevelopment Projects | RPT Ownership % | Project Description | Projected Stabilization Date | Stabilized Return on Cost [1][2] | Projected Stabilized NOI [3] | Pro Rata Stabilized NOI | Total Projected Cost[4] | Pro Rata Projected Cost | Pro Rata Cost to Date | Pro Rata Cost to Complete |
West Allis Towne Centre - West Allis, WI | 100% | Complete reconfiguration of center to accommodate Burlington Coat in 71,000 SF - opened, new small shop tenancies. | Q4 2010 | 11.1% | $1.4 | $1.4 | $12.2 | $12.2 | $10.1 | $2.0 |
Holcomb Center - Roswell, GA | 100% | Studio Movie Grill in 39,668 SF. | Q3 2010 | 11.5% | $0.5 | $0.5 | $4.2 | $4.2 | $3.5 | $0.7 |
The Shops at Old Orchard - W. Bloomfield, MI | 30% | Plum Market in 37,000 SF (specialty grocery) - opened, complete small shop retenancy plus façade and structural improvements. | Q4 2010 | 11.9% | $1.2 | $0.4 | $10.4 | $3.1 | $2.8 | $0.4 |
Collins Pointe Plaza - Cartersville, GA | 20% | Freestanding CVS, retenanting Winn Dixie and small shop space. | Q3 2010 | 21.0% | $0.6 | $0.1 | $2.9 | $0.6 | $0.3 | $0.3 |
Total Current Redevelopments | 12.0% | $3.7 | $2.4 | $29.7 | $20.1 | $16.7 | $3.4 | |||
Development Projects | Project Description | Cost to Date | ||||||||
Hartland Towne Square - Hartland Twp., MI | 550,000 SF power center project. | $37.4 | [5] | |||||||
The Town Center at Aquia - Stafford, VA | Phased mixed-use project. | $16.1 | [6] | |||||||
Gateway Commons - Lakeland, FL | 375,000 SF power center project. | $24.1 | ||||||||
Parkway Shops - Jacksonville, FL | 350,000 SF power center project. | $13.6 | ||||||||
Other | Various parcels near existing assets. | $7.3 | ||||||||
Total Land Held for Development | $98.5 | |||||||||
[1] Percentage based on actual numbers before rounding. |
[2] Does not include fees earned by RPT. |
[3] Represents incremental change in revenue. |
[4] Represents incremental costs. |
[5] Consolidated in Q1 2010. Represents RPT's controlling interest of 20% in a joint venture, plus 100% ownership of two assets held in taxable REIT subsidiaries. |
[6] Does not include $23.4 million related to the phase 1 office building or $21.5 million related to the net book value of buildings and other assets at the property. |
![]() | Page 11 of 25 |
Ramco-Gershenson Properties Trust | |||||||||
Summary of Outstanding Debt-Consolidated Properties | |||||||||
As of June 30, 2010 | |||||||||
Balance | Stated | % of | |||||||
at | Interest | Loan | Maturity | Total | |||||
Property Name | Location | Lender or Servicer | 6/30/2010 | Rate | Type | Date | Indebtedness | ||
Mortgage Debt | |||||||||
Parkway Shops | Jacksonville, FL | River City Signature land contract | $ 4,690,000 | 7.0000% | Fixed | Nov-10 | 0.9% | ||
Madison Center | Madison Heights, MI | LaSalle Bank N.A. | 9,291,064 | 7.5080% | Fixed | May-11 | 1.9% | ||
Gaines Marketplace | Gaines Twp., MI | Huntington Bank | 7,203,304 | 5.2500% | Variable | Jun-11 | 1.4% | ||
Beacon Square | Grand Haven, MI | Huntington Bank | 6,998,589 | 5.5000% | Variable | Jun-11 | 1.4% | ||
Lakeshore Marketplace | Norton Shores, MI | Wells Fargo/Midland | 14,473,398 | 7.6470% | Fixed | Aug-11 | 2.9% | ||
Parkway Shops | Jacksonville, FL | St. Johns land contract | 2,166,775 | 6.0000% | Fixed | Nov-11 | 0.4% | ||
Hartland Towne Square | Hartland, MI | Huntington Bank | 3,900,000 | 6.0000% | Variable | Dec-11 | 0.8% | ||
Hartland Towne Square | Hartland, MI | Huntington Bank | 4,605,000 | 6.0000% | Variable | Dec-11 | 0.9% | ||
Sunshine Plaza | Tamarac, FL | Nationwide Life | 10,997,193 | 7.3500% | Fixed | May-12 | 2.2% | ||
Coral Creek | Coconut Creek, FL | KeyBank | 9,274,339 | 6.7800% | Fixed | Jul-12 | 1.9% | ||
The Crossroads | Royal Palm Beach, FL | L.J. Melody & Co./Salomon | 11,055,732 | 6.5000% | Fixed | Aug-12 | 2.2% | ||
East Town Plaza | Madison, WI | Citigroup Global Markets | 10,835,102 | 5.4500% | Fixed | Jul-13 | 2.2% | ||
Centre at Woodstock | Woodstock, GA | Wachovia | 4,109,520 | 6.9100% | Fixed | Jul-13 | 0.8% | ||
Kentwood Towne Centre | Kentwood, MI | Nationwide Life | 9,025,156 | 5.7400% | Fixed | Jul-13 | 1.8% | ||
Lantana Shopping Center | Lantana, FL | Key Bank | 9,723,334 | 4.7600% | Fixed | Aug-13 | 1.9% | ||
The Auburn Mile | Auburn Hills, MI | Citigroup Global Markets | 7,168,534 | 5.3800% | Fixed | May-14 | 1.4% | ||
Crossroads Centre | Rossford, OH | Citigroup Global Markets | 24,969,467 | 5.3800% | Fixed | May-14 | 5.0% | ||
Ramco Aquia Office LLC | Stafford, VA | JPMorgan Chase Bank, N.A. | 14,700,000 | 5.7980% | Fixed | Jun-15 | 2.9% | ||
Jackson West | Jackson, MI | KeyBank | 17,180,000 | 5.2000% | Fixed | Nov-15 | 3.4% | ||
West Oaks I | Novi, MI | KeyBank | 27,300,000 | 5.2000% | Fixed | Nov-15 | 5.5% | ||
New Towne Plaza | Canton Twp., MI | Deutsche Bank | 19,800,000 | 5.0910% | Fixed | Dec-15 | 4.0% | ||
Hoover Eleven | Warren, MI | Canada Life/GMAC | 5,150,859 | 7.6250% | Fixed | Feb-16 | 1.0% | ||
River City Marketplace | Jacksonville, FL | JPMorgan Chase Bank, N.A. | 110,000,000 | 5.4355% | Fixed | Apr-17 | 22.0% | ||
Hoover Eleven | Warren, MI | Canada Life/GMAC | 1,991,057 | 7.2000% | Fixed | May-18 | 0.4% | ||
Crossroads Centre Home Depot | Rossford, OH | Farm Bureau | 3,922,030 | 7.3800% | Fixed | Dec-19 | 0.8% | ||
West Oaks II and Spring Meadows Place | Novi, MI / Holland, OH | JPMorgan Chase Bank, N.A. | 31,221,751 | 6.4950% | Fixed | Apr-20 | 6.2% | ||
Subtotal Mortgage Debt | $ 381,752,204 | 5.8367% | 76.4% | ||||||
Corporate Debt | |||||||||
Secured Term Loan Facility [1] | KeyBank, as agent | $ 30,000,000 | 6.6467% | Fixed | Jun-11 | 6.0% | |||
Secured Revolving Credit Facility [1] | KeyBank, as agent | 60,000,000 | 6.5633% | Fixed | Dec-12 | 12.0% | |||
Junior Subordinated Note [2] | The Bank of New York Trust Company | 28,125,000 | 7.8700% | Fixed | Jan-38 | 5.6% | |||
Subtotal Corporate Debt | $ 118,125,000 | 6.8956% | 23.6% | ||||||
Total debt | $ 499,877,204 | 6.0870% | 100.0% | ||||||
[1] Effectively converted to fixed rate through swap agreements expiring in December 2010. | |||||||||
[2] Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%. |
![]() | Page 12 of 25 |
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Ramco-Gershenson Properties Trust | ||||||||||||||||||||||
Loan Maturities and Amortization Schedule-Consolidated Properties | ||||||||||||||||||||||
As of June 30, 2010 | ||||||||||||||||||||||
Cumulative | ||||||||||||||||||||||
Scheduled | Total | Percentage | Percentage | |||||||||||||||||||
Amortization | Scheduled | Scheduled | of Debt | of Debt | ||||||||||||||||||
Year | Payments | Maturities | Maturities | Maturing | Maturing | |||||||||||||||||
2010 | $ | 2,501,976 | $ | 4,690,000 | $ | 7,191,976 | 1.4 | % | 1.4 | % | ||||||||||||
2011 | 5,554,051 | 77,764,088 | 83,318,139 | 16.7 | % | 18.1 | % | |||||||||||||||
2012 | 4,974,461 | 89,879,686 | 94,854,147 | 19.0 | % | 37.1 | % | |||||||||||||||
2013 | 4,314,130 | 30,121,368 | 34,435,498 | 6.9 | % | 44.0 | % | |||||||||||||||
2014 | 3,409,783 | 29,676,361 | 33,086,144 | 6.6 | % | 50.6 | % | |||||||||||||||
2015 | 3,155,856 | 73,189,467 | 76,345,323 | 15.3 | % | 65.9 | % | |||||||||||||||
2016 | 1,263,721 | - | 1,263,721 | 0.3 | % | 66.2 | % | |||||||||||||||
2017 | 1,159,574 | 110,000,000 | 111,159,574 | 22.2 | % | 88.4 | % | |||||||||||||||
2018 | 1,044,700 | - | 1,044,700 | 0.2 | % | 88.6 | % | |||||||||||||||
2019 | 962,435 | 3,148,141 | 4,110,576 | 0.8 | % | 89.4 | % | |||||||||||||||
2020 + | 225,378 | 52,842,029 | 53,067,407 | 10.6 | % | 100.0 | % | |||||||||||||||
Totals | $ | 28,566,065 | $ | 471,311,140 | $ | 499,877,205 | ||||||||||||||||
[1] Scheduled maturities in 2011 includes $30 million of Secured Term Loan Facility due June 2011. | ||||||||||||||||||||||
[2] Scheduled maturities in 2012 includes $60 million which represents the balance of the Secured Revolving Credit Facility drawn as of 06/30/10 due at maturity in December 2012. |
![]() | Page 13 of 25 |
Ramco-Gershenson Properties Trust | ||||||||
Consolidated Market Data | ||||||||
As of June 30, 2010 | ||||||||
June 30, | ||||||||
2010 | 2009 | |||||||
Market price per common share | $ | 10.10 | $ | 10.01 | ||||
Common shares outstanding | 38,019,584 | 18,710,476 | ||||||
Operating Partnership Units | 2,902,641 | 2,918,574 | ||||||
Total common shares and equivalents | 40,922,225 | 21,629,050 | ||||||
Equity market capitalization | $ | 413,314,473 | $ | 216,506,791 | ||||
Fixed rate debt | $ | 477,170,311 | $ | 480,208,952 | ||||
Variable rate debt | 22,706,893 | 181,967,008 | ||||||
Total debt | $ | 499,877,204 | $ | 662,175,960 | ||||
Capital lease obligation | $ | 6,784,409 | 7,059,527 | |||||
Cash and cash equivalents | (12,722,000 | ) | (7,818,000 | ) | ||||
Net debt | $ | 493,939,613 | $ | 661,417,487 | ||||
Equity market capitalization | $ | 413,314,473 | $ | 216,506,791 | ||||
Total market capitalization | $ | 907,524,086 | $ | 877,927,278 | ||||
Net debt to total market capitalization | 54.4 | % | 75.3 | % | ||||
![]() | Page 14 of 25 |
Ramco-Gershenson Properties Trust | |||||||||||||||||
Portfolio Summary Report | |||||||||||||||||
As of June 30, 2010 | |||||||||||||||||
Company Owned GLA (1) | |||||||||||||||||
Property Name | Location | Ownership % | Year Built / Acquired / Renovated | Number of Units | Total Center GLA (1) | Total | Anchor | Non-Anchor | Occupied | % Leased | % Occupied | ABR psf | Anchor Tenants (2) | ||||
Consolidated Portfolio | |||||||||||||||||
Florida | |||||||||||||||||
Coral Creek Shops | Coconut Creek, FL | 100% | 1992/2002/NA | 33 | 109,312 | 109,312 | 42,112 | 67,200 | 98,537 | 90.1% | 90.1% | $ 15.01 | Publix | ||||
Lantana Shopping Center | Lantana, FL | 100% | 1959/1996/2002 | 22 | 123,610 | 123,610 | 61,166 | 62,444 | 105,436 | 85.3% | 85.3% | 11.04 | Publix | ||||
Naples Towne Centre | Naples, FL | 100% | 1982/1996/2003 | 14 | 167,387 | 134,707 | 102,027 | 32,680 | 126,507 | 95.3% | 93.9% | 6.08 | (Goodwill), Save-A-Lot, Bealls | ||||
Pelican Plaza | Sarasota, FL | 100% | 1983/1997/NA | 25 | 93,598 | 93,598 | 35,768 | 57,830 | 77,602 | 82.9% | 82.9% | 9.89 | Linens 'N Things (5) | ||||
River City Marketplace | Jacksonville, FL | 100% | 2005/2005/NA | 69 | 881,385 | 538,884 | 323,907 | 214,977 | 518,757 | 96.3% | 96.3% | 15.66 | (Wal-Mart), (Lowe's), Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters | ||||
River Crossing Centre | New Port Richey, FL | 100% | 1998/2003/NA | 16 | 62,038 | 62,038 | 37,888 | 24,150 | 58,538 | 94.4% | 94.4% | 12.18 | Publix | ||||
Rivertowne Square | Deerfield Beach, FL | 100% | 1980/1998/NA | 16 | 136,647 | 136,647 | 90,173 | 46,474 | 123,234 | 90.2% | 90.2% | 8.82 | Beall's Outlet (6), Winn-Dixie | ||||
Southbay Shopping Center | Osprey, FL | 100% | 1978/1998/NA | 19 | 96,790 | 96,790 | 31,700 | 65,090 | 77,765 | 80.3% | 80.3% | 7.83 | Beall's Clearance Store | ||||
Sunshine Plaza | Tamarac, FL | 100% | 1972/1996/2001 | 28 | 237,026 | 237,026 | 146,409 | 90,617 | 210,898 | 89.0% | 89.0% | 8.04 | Publix, Old Time Pottery | ||||
The Crossroads | Royal Palm Beach, FL | 100% | 1988/2002/NA | 35 | 120,092 | 120,092 | 42,112 | 77,980 | 94,409 | 78.6% | 78.6% | 15.28 | Publix | ||||
Village Lakes Shopping Center | Land O' Lakes, FL | 100% | 1987/1997/NA | 24 | 186,496 | 186,496 | 125,141 | 61,355 | 94,655 | 50.8% | 50.8% | 8.46 | Sweet Bay | ||||
Total / Average | 301 | 2,214,381 | 1,839,200 | 1,038,403 | 800,797 | 1,586,338 | 86.4% | 86.3% | $ 11.76 | ||||||||
Georgia | |||||||||||||||||
Centre at Woodstock | Woodstock, GA | 100% | 1997/2004/NA | 14 | 86,748 | 86,748 | 51,420 | 35,328 | 69,660 | 80.3% | 80.3% | $ 11.36 | Publix | ||||
Conyers Crossing | Conyers, GA | 100% | 1978/1998/NA | 15 | 170,475 | 170,475 | 138,915 | 31,560 | 170,475 | 100.0% | 100.0% | 5.14 | Burlington Coat Factory, Hobby Lobby | ||||
Horizon Village | Suwanee, GA | 100% | 1996/2002/NA | 22 | 97,001 | 97,001 | 47,955 | 49,046 | 82,602 | 85.2% | 85.2% | 10.41 | Publix (3) | ||||
Mays Crossing | Stockbridge, GA | 100% | 1984/1997/2007 | 20 | 137,284 | 137,284 | 100,244 | 37,040 | 127,384 | 92.8% | 92.8% | 6.51 | ApplianceSmart Factory Outlet (3), Big Lots, Dollar Tree | ||||
Promenade at Pleasant Hill | Duluth, GA | 100% | 1993/2004/NA | 35 | 287,506 | 287,506 | 199,555 | 87,951 | 136,570 | 47.5% | 47.5% | 10.32 | Farmers Home Furniture, Publix | ||||
Total / Average | 106 | 779,014 | 779,014 | 538,089 | 240,925 | 586,691 | 75.3% | 75.3% | $ 8.12 | ||||||||
Michigan | |||||||||||||||||
Beacon Square | Grand Haven, MI | 100% | 2004/2004/NA | 16 | 154,703 | 51,387 | - | 51,387 | 45,932 | 89.4% | 89.4% | $ 17.07 | (Home Depot) | ||||
Clinton Pointe | Clinton Twp., MI | 100% | 1992/2003/NA | 14 | 248,206 | 135,330 | 65,735 | 69,595 | 123,280 | 91.1% | 91.1% | 9.76 | OfficeMax, Sports Authority, (Target) | ||||
Clinton Valley | Sterling Heights, MI | 100% | 1985/1996/2009 | 11 | 102,001 | 102,001 | 50,852 | 51,149 | 89,125 | 87.4% | 87.4% | 6.92 | Hobby Lobby | ||||
Clinton Valley Mall | Sterling Heights, MI | 100% | 1977/1996/2002 | 8 | 99,281 | 99,281 | 55,175 | 44,106 | 99,281 | 100.0% | 100.0% | 16.13 | Office Depot, DSW Shoe Warehouse | ||||
Eastridge Commons | Flint, MI | 100% | 1990/1996/2001 | 16 | 287,453 | 169,676 | 117,972 | 51,704 | 163,322 | 96.3% | 96.3% | 9.78 | Farmer Jack (A&P) (3), Office Depot (3), (Target), TJ Maxx | ||||
Edgewood Towne Center | Lansing, MI | 100% | 1990/1996/2001 | 17 | 312,950 | 85,757 | 23,524 | 62,233 | 72,722 | 84.8% | 84.8% | 11.27 | OfficeMax, (Sam's Club), (Target) | ||||
Fairlane Meadows | Dearborn, MI | 100% | 1987/2003/NA | 23 | 338,808 | 137,508 | 56,586 | 80,922 | 125,623 | 91.8% | 91.4% | 13.10 | Best Buy, Citi Trends, (Target), (Burlington Coat Factory) | ||||
Fraser Shopping Center | Fraser, MI | 100% | 1977/1996/NA | 8 | 71,703 | 71,703 | 32,384 | 39,319 | 66,739 | 100.0% | 93.1% | 5.89 | Oakridge Market | ||||
Gaines Marketplace | Gaines Twp., MI | 100% | 2004/2004/NA | 15 | 392,169 | 392,169 | 351,981 | 40,188 | 389,169 | 99.2% | 99.2% | 4.38 | Meijer, Staples, Target | ||||
Hoover Eleven | Warren, MI | 100% | 1989/2003/NA | 48 | 290,687 | 290,687 | 153,810 | 136,877 | 227,222 | 78.2% | 78.2% | 12.33 | Kroger, Marshalls, OfficeMax | ||||
Jackson Crossing | Jackson, MI | 100% | 1967/1996/2002 | 63 | 652,710 | 398,468 | 222,192 | 176,276 | 357,365 | 92.8% | 89.7% | 9.72 | Kohl's, (Sears), (Target), TJ Maxx, Toys "R" Us, Best Buy, Bed Bath & Beyond, Jackson 10 Theater | ||||
Jackson West | Jackson, MI | 100% | 1996/1996/1999 | 5 | 210,321 | 210,321 | 194,484 | 15,837 | 190,838 | 90.7% | 90.7% | 7.11 | Lowe's, Michaels, OfficeMax | ||||
Kentwood Towne Centre | Kentwood, MI | 77.9% | 1988/1996//NA | 18 | 286,061 | 184,152 | 122,887 | 61,265 | 157,202 | 85.4% | 85.4% | 6.11 | Hobby Lobby, OfficeMax, (Rooms Today) | ||||
Lake Orion Plaza | Lake Orion, MI | 100% | 1977/1996/NA | 9 | 141,073 | 141,073 | 126,195 | 14,878 | 141,073 | 100.0% | 100.0% | 3.98 | Hollywood Super Market, Kmart | ||||
Lakeshore Marketplace | Norton Shores, MI | 100% | 1996/2003/NA | 21 | 474,453 | 347,653 | 258,638 | 89,015 | 340,027 | 97.8% | 97.8% | 7.93 | Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T J Maxx, Toys "R" Us, (Target) | ||||
Livonia Plaza | Livonia, MI | 100% | 1988/2003/NA | 20 | 136,422 | 136,422 | 93,380 | 43,042 | 123,378 | 91.8% | 90.4% | 10.30 | Kroger, TJ Maxx | ||||
Madison Center | Madison Heights, MI | 100% | 1965/1997/2000 | 15 | 227,088 | 227,088 | 167,830 | 59,258 | 183,957 | 81.0% | 81.0% | 5.81 | Kmart | ||||
New Towne Plaza | Canton Twp., MI | 100% | 1975/1996/2005 | 17 | 189,223 | 189,223 | 126,425 | 62,798 | 162,298 | 93.7% | 85.8% | 9.68 | Kohl's, Jo-Ann | ||||
Oak Brook Square | Flint, MI | 100% | 1982/1996/NA | 20 | 152,373 | 152,373 | 79,744 | 72,629 | 143,773 | 94.4% | 94.4% | 8.62 | TJ Maxx, Hobby Lobby | ||||
Roseville Towne Center | Roseville, MI | 100% | 1963/1996/2004 | 9 | 246,968 | 246,968 | 206,747 | 40,221 | 246,968 | 100.0% | 100.0% | 6.90 | Marshalls, Wal-Mart, Office Depot (3) | ||||
Shoppes at Fairlane Meadows | Dearborn, MI | 100% | 2007/NA/NA | 8 | 19,925 | 19,925 | - | 19,925 | 18,425 | 92.5% | 92.5% | 23.13 | |||||
Southfield Plaza | Southfield, MI | 100% | 1969/1996/2003 | 14 | 165,999 | 165,999 | 128,339 | 37,660 | 161,309 | 97.2% | 97.2% | 7.64 | Burlington Coat Factory, Marshalls, Staples | ||||
Tel-Twelve | Southfield, MI | 100% | 1968/1996/2005 | 21 | 523,411 | 523,411 | 479,869 | 43,542 | 520,411 | 99.4% | 99.4% | 10.84 | Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART | ||||
The Auburn Mile | Auburn Hills, MI | 100% | 2000/1999/NA | 7 | 624,212 | 90,553 | 64,315 | 26,238 | 90,553 | 100.0% | 100.0% | 10.41 | (Best Buy), (Target), (Meijer), (Costco), Jo-Ann, Staples | ||||
West Oaks I | Novi, MI | 100% | 1979/1996/2004 | 8 | 243,987 | 243,987 | 213,717 | 30,270 | 243,987 | 100.0% | 100.0% | 9.55 | Best Buy, DSW Shoe Warehouse, Gander Mountain, Home Goods, Michaels, Old Navy (6) | ||||
West Oaks II | Novi, MI | 100% | 1986/1996/2000 | 30 | 389,094 | 167,954 | 90,753 | 77,201 | 165,946 | 98.8% | 98.8% | 17.20 | (Value City Furniture), (Bed Bath & Beyond), Marshalls, (Toys "R" Us), (Kohl's), Jo-Ann | ||||
Total / Average | 461 | 6,981,281 | 4,981,069 | 3,483,534 | 1,497,535 | 4,649,925 | 94.1% | 93.4% | $ 9.14 | ||||||||
![]() | Page 15 of 25 |
Ramco-Gershenson Properties Trust |
Portfolio Summary Report |
As of June 30, 2010 |
Company Owned GLA (1) | |||||||||||||||||
Property Name | Location | Ownership % | Year Built / Acquired / Renovated | Number of Units | Total Center GLA (1) | Total | Anchor | Non-Anchor | Occupied | % Leased | % Occupied | ABR psf | Anchor Tenants (2) |
Ohio | |||||||||||||||||
Crossroads Centre | Rossford, OH | 100% | 2001/2001/NA | 22 | 470,245 | 344,045 | 244,991 | 99,054 | 334,105 | 97.1% | 97.1% | $ 9.01 | Home Depot, (Target), Giant Eagle, Michaels, T J Maxx | ||||
OfficeMax Center | Toledo, OH | 100% | 1994/1996/NA | 1 | 22,930 | 22,930 | 22,930 | - | 22,930 | 100.0% | 100.0% | 12.10 | OfficeMax | ||||
Rossford Pointe | Rossford, OH | 100% | 2006/2005/NA | 6 | 47,477 | 47,477 | 41,077 | 6,400 | 45,877 | 96.6% | 96.6% | 9.86 | PETsMART, Office Depot (3) | ||||
Spring Meadows Place | Holland, OH | 100% | 1987/1996/2005 | 28 | 596,587 | 211,817 | 110,691 | 101,126 | 195,003 | 92.1% | 92.1% | 11.14 | (Dick's Sporting Goods), (Best Buy), (Kroger), (Target), Ashley Furniture, OfficeMax, PETsMART, T J Maxx, (Sam's Club), (Big Lots) | ||||
Troy Towne Center | Troy, OH | 100% | 1990/1996/2003 | 18 | 341,719 | 144,610 | 86,584 | 58,026 | 139,670 | 96.6% | 96.6% | 6.17 | (Wal-Mart), Kohl's | ||||
Total / Average | 75 | 1,478,958 | 770,879 | 506,273 | 264,606 | 737,585 | 95.7% | 95.7% | $ 9.18 | ||||||||
South Carolina | |||||||||||||||||
Taylors Square | Taylors, SC | 100% | 1989/1997/2005 | 13 | 241,236 | 33,791 | - | 33,791 | 22,124 | 65.5% | 65.5% | $ 16.97 | (Wal-Mart) | ||||
Total / Average | 13 | 241,236 | 33,791 | - | 33,791 | 22,124 | 65.5% | 65.5% | $ 16.97 | ||||||||
Tennessee | |||||||||||||||||
Northwest Crossing | Knoxville, TN | 100% | 1989/1997/NA | 10 | 304,224 | 96,279 | 66,346 | 29,933 | 96,279 | 100.0% | 100.0% | $ 8.72 | (Wal-Mart), Ross Dress For Less, HH Gregg | ||||
Northwest Crossing II | Knoxville, TN | 100% | 1999/1999/NA | 2 | 28,174 | 28,174 | 23,500 | 4,674 | 28,174 | 100.0% | 100.0% | 11.38 | OfficeMax | ||||
Total / Average | 12 | 332,398 | 124,453 | 89,846 | 34,607 | 124,453 | 100.0% | 100.0% | $ 9.33 | ||||||||
Wisconsin | |||||||||||||||||
East Town Plaza | Madison, WI | 100% | 1992/2000/2000 | 18 | 341,954 | 208,959 | 144,685 | 64,274 | 185,551 | 88.8% | 88.8% | $ 9.24 | Burlington Coat Factory, Marshalls, Jo-Ann, Borders, (Toys "R" Us), (Shopko) | ||||
Total / Average | 18 | 341,954 | 208,959 | 144,685 | 64,274 | 185,551 | 88.8% | 88.8% | $ 9.24 | ||||||||
Consolidated Portfolio Subtotal / Average | 986 | 12,369,222 | 8,737,365 | 5,800,830 | 2,936,535 | 7,892,667 | 90.8% | 90.3% | $ 9.62 | ||||||||
�� | |||||||||||||||||
Consolidated Portfolio Under Redevelopment: | |||||||||||||||||
Holcomb Center | Roswell, GA | 100% | 1986/1996/NA | 24 | 107,053 | 107,053 | 39,668 | 67,385 | 75,402 | 72.2% | 70.4% | $ 10.46 | Studio Movie Grill | ||||
The Towne Center at Aquia [4] | Stafford, VA | 100% | 1989/1998/NA | 16 | 138,508 | 138,508 | 86,184 | 52,324 | 127,769 | 92.2% | 92.2% | 20.40 | Northrop Grumman, Regal Cinemas | ||||
West Allis Towne Centre | West Allis, WI | 100% | 1987/1996/NA | 29 | 315,636 | 315,636 | 179,818 | 135,818 | 270,935 | 90.1% | 85.8% | 8.25 | Burlington Coat Factory, Kmart, Office Depot | ||||
Total / Average | 69 | 561,197 | 561,197 | 305,670 | 255,527 | 474,106 | 87.2% | 84.5% | $ 11.88 | ||||||||
Consolidated Portfolio Subtotal / Average | 1055 | 12,930,419 | 9,298,562 | 6,106,500 | 3,192,062 | 8,366,773 | 90.5% | 90.0% | $ 9.75 | ||||||||
Joint Venture Portfolio at 100% | |||||||||||||||||
Florida | |||||||||||||||||
Cocoa Commons | Cocoa, FL | 30% | 2001/2007/NA | 23 | 90,116 | 90,116 | 51,420 | 38,696 | 76,020 | 84.4% | 84.4% | $ 12.07 | Publix | ||||
Cypress Point | Clearwater, FL | 30% | 1983/2007/NA | 22 | 167,280 | 167,280 | 103,085 | 64,195 | 147,715 | 88.3% | 88.3% | 11.70 | Burlington Coat Factory, The Fresh Market | ||||
Kissimmee West | Kissimmee, FL | 7% | 2005/2005/NA | 17 | 300,186 | 115,586 | 67,000 | 48,586 | 98,811 | 85.5% | 85.5% | 12.12 | Jo-Ann, Marshalls, (Target) | ||||
Marketplace of Delray | Delray Beach, FL | 30% | 1981/2005/NA | 48 | 238,901 | 238,901 | 107,190 | 131,711 | 201,025 | 84.1% | 84.1% | 11.99 | Office Depot, Ross Dress For Less, Winn-Dixie | ||||
Martin Square | Stuart, FL | 30% | 1981/2005/NA | 15 | 331,105 | 331,105 | 291,432 | 39,673 | 301,931 | 91.2% | 91.2% | 6.24 | Home Depot, Sears, Staples | ||||
Mission Bay Plaza | Boca Raton, FL | 30% | 1989/2004/NA | 58 | 272,866 | 272,866 | 154,637 | 118,229 | 191,238 | 92.4% | 70.1% | 21.45 | LA Fitness Sports Club, OfficeMax, Toys "R" Us | ||||
Shenandoah Square | Davie, FL | 40% | 1989/2001/NA | 43 | 123,646 | 123,646 | 42,112 | 81,534 | 120,166 | 97.2% | 97.2% | 14.58 | Publix | ||||
Shoppes of Lakeland | Lakeland, FL | 7% | 1985/1996/NA | 22 | 312,288 | 188,888 | 122,441 | 66,447 | 155,289 | 96.5% | 82.2% | 11.93 | Michaels, Ashley Furniture, (Target) | ||||
The Plaza at Delray | Delray Beach, FL | 20% | 1979/2004/NA | 48 | 331,496 | 331,496 | 193,967 | 137,529 | 293,688 | 88.6% | 88.6% | 15.00 | Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less (6), Staples | ||||
Treasure Coast Commons | Jensen Beach, FL | 30% | 1996/2004/NA | 3 | 92,979 | 92,979 | 92,979 | - | 92,979 | 100.0% | 100.0% | 12.42 | Barnes & Noble, OfficeMax, Sports Authority | ||||
Village of Oriole Plaza | Delray Beach, FL | 30% | 1986/2005/NA | 39 | 155,752 | 155,752 | 42,112 | 113,640 | 147,092 | 94.4% | 94.4% | 13.22 | Publix | ||||
Village Plaza | Lakeland, FL | 30% | 1989/2004/NA | 25 | 146,755 | 146,755 | 64,504 | 82,251 | 112,892 | 76.9% | 76.9% | 12.58 | Staples | ||||
Vista Plaza | Jensen Beach, FL | 30% | 1998/2004/NA | 10 | 109,761 | 109,761 | 78,658 | 31,103 | 81,347 | 92.3% | 74.1% | 10.82 | Bed Bath & Beyond, Michaels | ||||
West Broward Shopping Center | Plantation, FL | 30% | 1965/2005/NA | 19 | 156,236 | 156,236 | 81,801 | 74,435 | 151,242 | 98.7% | 96.8% | 10.50 | Badcock, National Pawn Shop, Save-A-Lot, US Postal Service | ||||
Total / Average | 392 | 2,829,367 | 2,521,367 | 1,493,338 | 1,028,029 | 2,171,435 | 90.5% | 86.1% | $ 12.54 | ||||||||
Georgia | |||||||||||||||||
Paulding Pavilion | Hiram, GA | 20% | 1995/2006/NA | 12 | 84,846 | 84,846 | 60,509 | 24,337 | 80,896 | 97.7% | 95.3% | $ 15.17 | Sports Authority, Staples | ||||
Peachtree Hill | Duluth, GA | 20% | 1986/2007/NA | 34 | 150,872 | 150,872 | 87,411 | 63,461 | 93,465 | 61.9% | 61.9% | 10.37 | Kroger | ||||
Total / Average | 46 | 235,718 | 235,718 | 147,920 | 87,798 | 174,361 | 74.8% | 74.0% | $ 12.60 |
![]() | Page 16 of 25 |
Ramco-Gershenson Properties Trust |
Portfolio Summary Report |
As of June 30, 2010 |
Company Owned GLA (1) | |||||||||||||||||
Property Name | Location | Ownership % | Year Built / Acquired / Renovated | Number of Units | Total Center GLA (1) | Total | Anchor | Non-Anchor | Occupied | % Leased | % Occupied | ABR psf | Anchor Tenants (2) |
Illinois | |||||||||||||||||
Market Plaza | Glen Ellyn, IL | 20% | 1965/2007/1996 | 35 | 163,054 | 163,054 | 66,079 | 96,975 | 156,161 | 95.8% | 95.8% | $ 15.01 | Jewel Osco, Staples | ||||
Rolling Meadows Shopping Center | Rolling Meadows, IL | 20% | 1956/2008/1995 | 18 | 130,436 | 130,436 | 83,230 | 47,206 | 123,107 | 94.4% | 94.4% | 10.92 | Jewel Osco, Northwest Community Hospital (6) | ||||
Total / Average | 53 | 293,490 | 293,490 | 149,309 | 144,181 | 279,268 | 95.2% | 95.2% | $ 13.20 | ||||||||
Indiana | |||||||||||||||||
Merchants' Square | Carmel, IN | 20% | 1970/2004/NA | 47 | 358,875 | 278,875 | 69,504 | 209,371 | 249,875 | 89.6% | 89.6% | $ 10.14 | (Marsh), Cost Plus, Hobby Lobby | ||||
Nora Plaza | Indianapolis, IN | 7% | 1958/2007/2002 | 25 | 263,838 | 140,038 | 57,713 | 82,325 | 138,809 | 99.1% | 99.1% | 13.25 | (Target), Marshalls, Whole Foods | ||||
Total / Average | 72 | 622,713 | 418,913 | 127,217 | 291,696 | 388,684 | 92.8% | 92.8% | $ 11.25 | ||||||||
Maryland | |||||||||||||||||
Crofton Centre | Crofton, MD | 20% | 1974/1996/NA | 19 | 252,491 | 252,491 | 196,570 | 55,921 | 226,725 | 89.8% | 89.8% | $ 7.31 | Basics/Metro, Kmart, Gold's Gym | ||||
Total / Average | 19 | 252,491 | 252,491 | 196,570 | 55,921 | 226,725 | 89.8% | 89.8% | $ 7.31 | ||||||||
Michigan | |||||||||||||||||
Gratiot Crossing | Chesterfield, MI | 30% | 1980/2005/NA | 15 | 165,544 | 165,544 | 122,406 | 43,138 | 150,586 | 91.0% | 91.0% | $ 8.59 | Jo-Ann, Kmart | ||||
Hunter's Square | Farmington Hills, MI | 30% | 1988/2005/NA | 36 | 357,302 | 357,302 | 194,236 | 163,066 | 352,521 | 98.7% | 98.7% | 16.27 | Bed Bath & Beyond, Borders, Loehmann's, Marshalls, T J Maxx | ||||
Millennium Park | Livonia, MI | 30% | 2000/2005/NA | 14 | 634,015 | 281,374 | 241,850 | 39,524 | 242,550 | 86.2% | 86.2% | 13.22 | Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer) | ||||
Southfield Plaza Expansion | Southfield, MI | 50% | 1987/1996/2003 | 11 | 19,410 | 19,410 | - | 19,410 | 14,010 | 72.2% | 72.2% | 15.31 | |||||
Troy Marketplace | Troy, MI | 30% | 2000/2005/NA | 12 | 242,773 | 222,173 | 193,360 | 28,813 | 208,873 | 94.9% | 94.0% | 14.23 | Famous Furniture, Golfsmith, LA Fitness, Nordstom Rack, PETsMART, (REI) | ||||
West Acres Commons | Flint, MI | 40% | 1998/2001/NA | 14 | 95,089 | 95,089 | 59,889 | 35,200 | 82,489 | 86.7% | 86.7% | 12.48 | VG's Food Center | ||||
Winchester Center | Rochester Hills, MI | 30% | 1980/2005/NA | 16 | 314,409 | 314,409 | 224,356 | 90,053 | 314,409 | 100.0% | 100.0% | 13.84 | Borders, Dick's Sporting Goods, Linens 'N Things (5), Marshalls, Michaels, PETsMART, (Sears) | ||||
Total / Average | 118 | 1,828,542 | 1,455,301 | 1,036,097 | 419,204 | 1,365,438 | 94.0% | 93.8% | $ 13.77 | ||||||||
New Jersey | |||||||||||||||||
Chester Springs Shopping Center | Chester, NJ | 20% | 1970/1996/1999 | 41 | 224,153 | 224,153 | 81,760 | 142,393 | 198,108 | 88.4% | 88.4% | $ 13.71 | Shop-Rite Supermarket, Staples | ||||
Total / Average | 41 | 224,153 | 224,153 | 81,760 | 142,393 | 198,108 | 88.4% | 88.4% | $ 13.71 | ||||||||
Ohio | |||||||||||||||||
Olentangy Plaza | Columbus, OH | 20% | 1981/2007/1997 | 41 | 231,507 | 231,507 | 116,707 | 114,800 | 211,302 | 91.3% | 91.3% | $ 10.49 | Eurolife Furniture, Marshalls, MicroCenter, Sunflower Market (3) | ||||
The Shops on Lane Avenue | Upper Arlington, OH | 20% | 1952/2007/2004 | 40 | 161,810 | 161,810 | 46,574 | 115,236 | 150,811 | 95.9% | 93.2% | 18.77 | Bed Bath & Beyond, Whole Foods | ||||
Total / Average | 81 | 393,317 | 393,317 | 163,281 | 230,036 | 362,113 | 93.2% | 92.1% | $ 13.94 | ||||||||
JV Subtotal / Average at 100% | 822 | 6,679,791 | 5,794,750 | 3,395,492 | 2,399,258 | 5,166,132 | 91.2% | 89.2% | $ 12.72 | ||||||||
Joint Venture Portfolio Under Redevelopment: | |||||||||||||||||
Collins Pointe Plaza | Cartersville, GA | 20% | 1987/2006/NA | 18 | 94,267 | 94,267 | 46,358 | 47,909 | 81,583 | 90.6% | 86.5% | 8.46 | Goodwill (6) | ||||
The Shops at Old Orchard | W. Bloomfield, MI | 30% | 1972/2007/NA | 17 | 76,019 | 76,019 | 36,044 | 39,975 | 69,924 | 94.0% | 92.0% | 17.12 | Plum Market | ||||
Total / Average | 35 | 170,286 | 170,286 | 82,402 | 87,884 | 151,507 | 92.1% | 89.0% | $ 12.45 | ||||||||
JV Total / Average at 100% | 857 | 6,850,077 | 5,965,036 | 3,477,894 | 2,487,142 | 5,317,639 | 91.2% | 89.1% | $ 12.71 | ||||||||
PORTFOLIO TOTAL / AVERAGE | 1912 | 19,780,496 | 15,263,598 | 9,584,394 | 5,679,204 | 13,684,412 | 90.8% | 89.7% | $ 10.90 | ||||||||
Footnotes | ||
(1) Company Owned GLA represents gross leaseable area that is owned by the Company. Total Center GLA includes Owned GLA and square footage attributable to non-owned anchor space. | ||
(2) Anchor tenants are any tenant over 19,000 square feet. Tenants in parenthesis own their own GLA. | ||
(3) Tenant closed - lease obligated. | ||
(4) The Town Center at Aquia is considered a development project by the Company. | ||
(5) Tenant closed in Bankruptcy, Leases are guaranteed by CVS. | ||
(6) Space delivered to tenant. |
![]() | Page 17 of 25 |
Ramco-Gershenson Properties Trust | |||||||
Top 20 Tenants (ranked by annualized base rent) | |||||||
As of June 30, 2010 | |||||||
Tenant Name | Credit Rating S&P/Moody's [1] | Number of Leases | Leased GLA SF | % of Total Company Owned GLA | Total ABR | ABR psf | % of Base Rental Revenue |
Top 20 Tenants | |||||||
T.J. Maxx/Marshalls | A/A3 | 20 | 636,154 | 4.1% | $ 5,866,497 | $ 9.22 | 3.9% |
Publix Super Market | NR/NR | 12 | 574,794 | 3.7% | 4,534,891 | 7.89 | 3.0% |
Home Depot | BBB+/Baa1 | 3 | 384,690 | 2.5% | 2,857,500 | 7.43 | 1.9% |
Kmart/Sears | BB-/Ba2 | 6 | 618,341 | 4.1% | 2,717,603 | 4.39 | 1.8% |
OfficeMax | B/B1 | 11 | 252,045 | 1.7% | 2,699,078 | 10.71 | 1.8% |
Dollar Tree | NR/NR | 26 | 277,516 | 1.8% | 2,442,018 | 8.80 | 1.6% |
Jo-Ann Fabrics | BB-/NR | 6 | 218,993 | 1.4% | 2,423,614 | 11.07 | 1.6% |
Burlington Coat Factory | NR/NR | 5 | 360,867 | 2.4% | 2,376,333 | 6.59 | 1.6% |
Staples | BBB/Baa2 | 10 | 224,292 | 1.5% | 2,277,886 | 10.16 | 1.5% |
Best Buy | BBB-/Baa2 | 5 | 176,677 | 1.2% | 2,214,623 | 12.53 | 1.5% |
PETsMART | BB/NR | 7 | 160,428 | 1.1% | 2,160,407 | 13.47 | 1.4% |
Michaels Stores | B-/B3 | 9 | 199,724 | 1.3% | 2,124,876 | 10.64 | 1.4% |
Gander Mountain | NR/NR | 2 | 159,791 | 1.0% | 1,899,745 | 11.89 | 1.3% |
Lowe's Home Centers | A/A1 | 2 | 270,394 | 1.8% | 1,822,956 | 6.74 | 1.2% |
Meijer | NR/NR | 2 | 397,428 | 2.6% | 1,697,000 | 4.27 | 1.1% |
Kroger | BBB/Baa2 | 3 | 207,709 | 1.4% | 1,676,417 | 8.07 | 1.1% |
Office Depot | B/B2 | 7 | 168,832 | 1.1% | 1,674,772 | 9.92 | 1.1% |
Bed Bath & Beyond | BBB/NR | 5 | 154,599 | 1.0% | 1,658,456 | 10.73 | 1.1% |
Hobby Lobby | NR/NR | 5 | 276,173 | 1.8% | 1,640,038 | 5.94 | 1.1% |
LA Fitness Sports Club | NR/NR | 2 | 76,833 | 0.5% | 1,581,552 | 20.58 | 1.1% |
Sub-Total top 20 tenants | 148 | 5,796,280 | 38.0% | $ 48,346,262 | $ 8.34 | 32.1% | |
Remaining tenants | 1,355 | 7,888,132 | 51.7% | 100,830,198 | 12.78 | 67.9% | |
Sub-Total all tenants | 1,503 | 13,684,412 | 89.7% | $149,176,460 | $ 10.90 | 100.0% | |
Vacant | 409 | 1,579,186 | 10.3% | N/A | N/A | N/A | |
Total including vacant | 1,912 | 15,263,598 | 100.0% | $149,176,460 | N/A | 100.0% | |
[1] Source: Latest Company filings per CreditRiskMonitor. |
![]() | Page 18 of 25 |
Ramco-Gershenson Properties Trust | |||||||||||||||||||||||||||||
Summary of Expiring GLA | |||||||||||||||||||||||||||||
As of June 30, 2010 | |||||||||||||||||||||||||||||
Anchor Tenants [1] | Non-Anchor Tenants | All Leases | |||||||||||||||||||||||||||
Expiration Year | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | ||||||||||||||
(2) | - | - | 0.0% | 0.0% | $ - | 24 | 48,667 | 0.9% | 1.0% | $ 15.85 | 24 | 48,667 | 0.3% | 0.5% | $ 15.85 | ||||||||||||||
2010 | 2 | 46,128 | 0.5% | 0.5% | 7.80 | 92 | 305,294 | 5.4% | 5.1% | 12.24 | 94 | 351,422 | 2.3% | 2.7% | 11.66 | ||||||||||||||
2011 | 12 | 424,009 | 4.4% | 4.3% | 7.70 | 273 | 888,477 | 15.6% | 18.1% | 14.98 | 285 | 1,312,486 | 8.6% | 11.1% | 12.63 | ||||||||||||||
2012 | 17 | 712,383 | 7.4% | 5.9% | 6.23 | 261 | 833,154 | 14.7% | 18.9% | 16.69 | 278 | 1,545,537 | 10.1% | 12.3% | 11.87 | ||||||||||||||
2013 | 27 | 966,086 | 10.1% | 11.2% | 8.72 | 216 | 637,835 | 11.2% | 14.8% | 17.03 | 243 | 1,603,921 | 10.6% | 12.9% | 12.03 | ||||||||||||||
2014 | 22 | 1,008,020 | 10.5% | 8.1% | 6.05 | 149 | 541,060 | 9.5% | 11.3% | 15.43 | 171 | 1,549,080 | 10.1% | 9.7% | 9.33 | ||||||||||||||
2015 | 26 | 1,027,948 | 10.7% | 11.5% | 8.43 | 109 | 417,692 | 7.4% | 8.7% | 15.36 | 135 | 1,445,640 | 9.5% | 10.1% | 10.44 | ||||||||||||||
2016 | 27 | 1,122,093 | 11.7% | 12.1% | 8.13 | 56 | 309,648 | 5.5% | 7.5% | 17.81 | 83 | 1,431,741 | 9.4% | 9.8% | 10.22 | ||||||||||||||
2017 | 17 | 646,197 | 6.7% | 10.6% | 12.39 | 30 | 140,500 | 2.5% | 3.4% | 17.81 | 47 | 786,697 | 5.2% | 7.0% | 13.35 | ||||||||||||||
2018 | 13 | 466,343 | 4.9% | 6.8% | 11.00 | 25 | 118,399 | 2.1% | 2.8% | 17.44 | 38 | 584,742 | 3.8% | 4.8% | 12.31 | ||||||||||||||
2019 | 10 | 524,180 | 5.5% | 6.5% | 9.36 | 21 | 97,848 | 1.7% | 2.1% | 15.57 | 31 | 622,028 | 4.1% | 4.3% | 10.34 | ||||||||||||||
2020+ | 31 | 2,120,801 | 22.1% | 22.5% | 8.10 | 43 | 281,650 | 5.0% | 6.3% | 16.44 | 74 | 2,402,451 | 15.7% | 14.8% | 9.07 | ||||||||||||||
Sub-Total | 204 | 9,064,188 | 94.5% | 100.0% | $ 8.34 | 1,299 | 4,620,224 | 81.5% | 100.0% | $ 15.95 | 1,503 | 13,684,412 | 89.7% | 100.0% | $ 10.90 | ||||||||||||||
Vacant | 14 | 520,206 | 5.5% | N/A | N/A | 395 | 1,058,980 | 18.5% | N/A | N/A | 409 | 1,579,186 | 10.3% | N/A | N/A | ||||||||||||||
Total | 218 | 9,584,394 | 100.0% | 100.0% | N/A | 1,694 | 5,679,204 | 100.0% | 100.0% | N/A | 1,912 | 15,263,598 | 100% | 100.0% | N/A | ||||||||||||||
[1] Anchor is defined as a tenant leasing 19,000 square feet or more. | |||||||||||||||||||||||||||||
[2] Tenants currently under month to month lease or in the process of renewal. |
![]() | Page 19 of 25 |
Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||||||||||||||||||
Joint Venture Summary of Operations | ||||||||||||||||||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands) | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2010 | ||||||||||||||||||||||||||||||||||||||||
Ramco/Lion | Ramco 450 | Ramco 191 | Ramco | Ramco | West Acres | Shenandoah | Other | Total | Ramco | |||||||||||||||||||||||||||||||
Venture LP | Venture LLC | Venture LLC | HHF KL LLC | HHF NP LLC | Commons | Square | Joint | Joint Ventures | Pro-Rata | |||||||||||||||||||||||||||||||
Consolidated | Consolidated | Consolidated | Consolidated | Indianapolis, IN | Flint, MI | Davie, FL | Ventures [1] | at 100% | Share | |||||||||||||||||||||||||||||||
Total revenue | $ | 12,886 | $ | 7,621 | $ | 507 | $ | 1,043 | $ | 604 | $ | 352 | $ | 667 | $ | 73 | $ | 23,753 | $ | 6,051 | ||||||||||||||||||||
Operating expense | 4,947 | 3,016 | 119 | 292 | 125 | 105 | 237 | 23 | 8,864 | 2,284 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 3,666 | 2,599 | 191 | 321 | 171 | 68 | 141 | 9 | 7,166 | 1,781 | ||||||||||||||||||||||||||||||
Interest expense | 4,414 | 3,249 | 39 | - | - | 192 | 218 | 14 | 8,126 | 2,153 | ||||||||||||||||||||||||||||||
Total expenses | 13,027 | 8,864 | 349 | 613 | 296 | 365 | 596 | 46 | 24,156 | 6,218 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | (141 | ) | $ | (1,243 | ) | $ | 158 | $ | 430 | $ | 308 | $ | (13 | ) | $ | 71 | $ | 27 | $ | (403 | ) | $ | (167 | ) | |||||||||||||||
Ramco ownership interest | 30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||
Ramco's share of net income (loss) | $ | (43 | ) | $ | (249 | ) | $ | 32 | $ | 30 | $ | 22 | $ | (5 | ) | $ | 28 | $ | 18 | $ | (167 | ) | ||||||||||||||||||
Add: Pro rata share of depreciation expense | 1,062 | 497 | 36 | 22 | 11 | 27 | 48 | 6 | 1,709 | |||||||||||||||||||||||||||||||
Funds from operations contributed by joint ventures | $ | 1,019 | $ | 248 | $ | 68 | $ | 52 | $ | 33 | $ | 22 | $ | 76 | $ | 24 | $ | 1,542 | ||||||||||||||||||||||
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010). | ||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2010 | ||||||||||||||||||||||||||||||||||||||||
Ramco/Lion | Ramco 450 | Ramco 191 | Ramco | Ramco | West Acres | Shenandoah | Other | Total | Ramco | |||||||||||||||||||||||||||||||
Venture LP | Venture LLC | Venture LLC | HHF KL LLC | HHF NP LLC | Commons | Square | Joint | Joint Ventures | Pro-Rata | |||||||||||||||||||||||||||||||
Consolidated | Consolidated | Consolidated | Consolidated | Indianapolis, IN | Flint, MI | Davie, FL | Ventures [1] | at 100% | Share | |||||||||||||||||||||||||||||||
Total revenues | $ | 27,886 | $ | 15,737 | $ | 1,050 | $ | 2,135 | $ | 1,171 | $ | 707 | $ | 1,353 | $ | 128 | $ | 50,167 | $ | 12,843 | ||||||||||||||||||||
Operating expense | 9,262 | 5,825 | 199 | 634 | 231 | 236 | 475 | 47 | 16,909 | 4,346 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 7,306 | 5,105 | 378 | 647 | 341 | 136 | 281 | 17 | 14,211 | 3,534 | ||||||||||||||||||||||||||||||
Interest expense | 8,361 | 7,024 | 75 | - | - | 366 | 435 | 29 | 16,290 | 4,263 | ||||||||||||||||||||||||||||||
Total expenses | 24,929 | 17,954 | 652 | 1,281 | 572 | 738 | 1,191 | 93 | 47,410 | 12,143 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,957 | $ | (2,217 | ) | $ | 398 | $ | 854 | $ | 599 | $ | (31 | ) | $ | 162 | $ | 35 | $ | 2,757 | $ | 700 | ||||||||||||||||||
Ramco ownership interest | 30 | % | 20 | % | 20 | % | 7 | % | 7 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||
Ramco's share of net income (loss) | $ | 887 | $ | (444 | ) | $ | 80 | $ | 60 | $ | 42 | $ | (12 | ) | $ | 64 | $ | 23 | $ | 700 | ||||||||||||||||||||
Add: Pro rata share of depreciation expense | 2,115 | 974 | 71 | 45 | 23 | 53 | 95 | 9 | 3,385 | |||||||||||||||||||||||||||||||
Funds from operations contributed by joint ventures | $ | 3,002 | $ | 530 | $ | 151 | $ | 105 | $ | 65 | $ | 41 | $ | 159 | $ | 32 | $ | 4,085 | ||||||||||||||||||||||
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010). |
![]() | Page 20 of 25 |
Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||||||||||||||
Joint Venture Balance Sheet Summary | ||||||||||||||||||||||||||||||||||||
As of June 30, 2010 (in thousands) | ||||||||||||||||||||||||||||||||||||
Ramco/Lion | Ramco 450 | Ramco 191 | Ramco | Ramco | West Acres | Shenandoah | S-12 | Total | ||||||||||||||||||||||||||||
Venture LP | Venture LLC | Venture LLC | HHF KL LLC | HHF NP LLC | Commons | Square | Associates | Joint Ventures | ||||||||||||||||||||||||||||
Consolidated | Consolidated | Consolidated | Consolidated | Indianapolis, IN | Flint, MI | Davie, FL | Southfield, MI | at 100% | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investment in real estate | ||||||||||||||||||||||||||||||||||||
Land | $ | 76,891 | $ | 50,317 | $ | 2,879 | $ | 7,601 | $ | 4,019 | $ | 1,118 | $ | 1,653 | $ | 50 | $ | 144,528 | ||||||||||||||||||
Buildings and improvements | 470,274 | 305,797 | 20,620 | 44,574 | 23,518 | 10,104 | 15,200 | 445 | 890,532 | |||||||||||||||||||||||||||
Construction in progress | 65 | 1,893 | 306 | 11 | - | - | 3 | - | 2,278 | |||||||||||||||||||||||||||
Intangible assets, net | 13,432 | 6,951 | 1,026 | 1,096 | 536 | 42 | 187 | 29 | 23,299 | |||||||||||||||||||||||||||
560,662 | 364,958 | 24,831 | 53,282 | 28,073 | 11,264 | 17,043 | 524 | 1,060,637 | ||||||||||||||||||||||||||||
Less: accumulated depreciation | (53,581 | ) | (22,299 | ) | (1,497 | ) | (3,430 | ) | (1,692 | ) | (2,234 | ) | (3,297 | ) | (158 | ) | (88,188 | ) | ||||||||||||||||||
Investments in real estate, net | 507,081 | 342,659 | 23,334 | 49,852 | 26,381 | 9,030 | 13,746 | 366 | 972,449 | |||||||||||||||||||||||||||
Cash and cash equivalents | 11,447 | 10,280 | 423 | 1,120 | 191 | 398 | 922 | 175 | 24,956 | |||||||||||||||||||||||||||
Accounts receivable, net | 9,652 | 3,858 | 511 | 243 | (45 | ) | 61 | 312 | 20 | 14,612 | ||||||||||||||||||||||||||
Other assets, net | 2,459 | 2,169 | 106 | (17 | ) | 223 | 78 | 255 | 97 | 5,370 | ||||||||||||||||||||||||||
Total Assets | $ | 530,639 | $ | 358,966 | $ | 24,374 | $ | 51,198 | $ | 26,750 | $ | 9,567 | $ | 15,235 | $ | 658 | $ | 1,017,387 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Mortgages and notes payable | $ | 253,607 | $ | 216,400 | $ | 8,750 | $ | - | $ | - | $ | 8,500 | $ | 11,775 | $ | 760 | $ | 499,792 | ||||||||||||||||||
Accounts payable and accrued expenses | 11,882 | 6,756 | 262 | 626 | 117 | 257 | 500 | 258 | 20,658 | |||||||||||||||||||||||||||
265,489 | 223,156 | 9,012 | 626 | 117 | 8,757 | 12,275 | 1,018 | 520,450 | ||||||||||||||||||||||||||||
ACCUMULATED EQUITY (DEFICIT) | 265,150 | 135,810 | 15,362 | 50,572 | 26,633 | 810 | 2,960 | (360 | ) | 496,937 | ||||||||||||||||||||||||||
Total Liabilities and Accumulated Equity | $ | 530,639 | $ | 358,966 | $ | 24,374 | $ | 51,198 | $ | 26,750 | $ | 9,567 | $ | 15,235 | $ | 658 | $ | 1,017,387 | ||||||||||||||||||
Ramco Equity | ||||||||||||||||||||||||||||||||||||
Investment in | ||||||||||||||||||||||||||||||||||||
EQUITY INVESTMENTS IN AND NOTES | Joint Ventures | |||||||||||||||||||||||||||||||||||
RECEIVABLE FROM UNCONSOLIDATED ENTITIES | ||||||||||||||||||||||||||||||||||||
Equity Investments in Unconsolidated Entities | $ | 73,402 | $ | 15,070 | $ | 2,922 | $ | 2,774 | $ | 1,744 | $ | - | $ | 1,142 | $ | 721 | $ | 97,775 | ||||||||||||||||||
Notes Receivable from Unconsolidated Entities | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total Equity Investments in and Notes | ||||||||||||||||||||||||||||||||||||
Receivable from Unconsolidated Entities | $ | 73,402 | $ | 15,070 | $ | 2,922 | $ | 2,774 | $ | 1,744 | $ | - | $ | 1,142 | $ | 721 | $ | 97,775 | ||||||||||||||||||
![]() | Page 21 of 25 |
Ramco-Gershenson Properties Trust | ||||||||||||||||||
Summary of Joint Venture Debt | ||||||||||||||||||
As of June 30, 2010 | ||||||||||||||||||
Ramco | Stated | Ramco | ||||||||||||||||
Ownership | Mortgage | Maturity | Loan | Interest | Share of | |||||||||||||
Property | Location | Lender or Servicer | Interest | Balance | Date | Type | Rate | Debt | ||||||||||
Village of Oriole Plaza | Delray Beach, FL | Wachovia | 30% | $ | 11,528,874 | Oct-10 | Fixed | 8.25 | % | $ | 3,458,662 | |||||||
Marketplace of Delray | Delray Beach, FL | Berkadia Commercial Mortgage | 30% | 16,292,817 | Jan-11 | Fixed | 7.88 | % | 4,887,845 | |||||||||
Peachtree Hill | Duluth, GA | KeyBank NA | 20% | 11,000,000 | Feb-11 | Variable | 6.50 | %[1] | 2,200,000 | |||||||||
Martin Square | Stuart, FL | Berkadia Commercial Mortgage | 30% | 12,588,660 | Aug-11 | Fixed | 7.44 | % | 3,776,598 | |||||||||
Shenandoah Square | Davie, FL | L.J. Melody & Co/Salomon | 40% | 11,775,146 | Feb-12 | Fixed | 7.33 | % | 4,710,058 | |||||||||
Paulding Pavilion | Hiram, GA | Fifth Third Bank | 20% | 8,750,000 | Jun-12 | Variable | 1.80 | %[2] | 1,750,000 | |||||||||
West Broward Shopping Center | Plantation, FL | Berkadia Commercial Mortgage | 30% | 9,447,729 | Oct-12 | Fixed | 6.64 | % | 2,834,319 | |||||||||
Mission Bay Plaza | Boca Raton, FL | Wells Fargo Bank, NA | 30% | 43,629,802 | Jul-13 | Fixed | 6.64 | % | 13,088,941 | |||||||||
Winchester Center | Rochester Hills, MI | Wachovia | 30% | 27,787,032 | Jul-13 | Fixed | 8.11 | % | 8,336,110 | |||||||||
Hunter's Square | Farmington Hills, MI | Wachovia | 30% | 36,102,365 | Aug-13 | Fixed | 8.15 | % | 10,830,709 | |||||||||
The Plaza at Delray | Delray Beach, FL | CIGNA | 20% | 47,561,239 | Sep-13 | Fixed | 6.00 | % | 9,512,248 | |||||||||
Chester Springs Shopping Center | Chester, NJ | Citigroup | 20% | 22,522,239 | Oct-13 | Fixed | 5.51 | % | 4,504,448 | |||||||||
Village Plaza | Lakeland, FL | Citigroup | 30% | 9,300,000 | Sep-15 | Fixed | 5.01 | % | 2,790,000 | |||||||||
Millennium Park | Livonia, MI | Citigroup | 30% | 32,000,000 | Oct-15 | Fixed | 5.02 | % | 9,600,000 | |||||||||
Rolling Meadows Shopping Center | Rolling Meadows, IL | Wells Fargo Bank, NA | 20% | 11,911,250 | Dec-15 | Fixed | 5.34 | % | 2,382,250 | |||||||||
Southfield Plaza Expansion | Southfield, MI | GECA | 50% | 760,251 | May-16 | Fixed | 5.88 | %[3] | 380,125 | |||||||||
Troy Marketplace | Troy, MI | Deutsche Banc | 30% | 21,900,000 | Jun-16 | Fixed | 5.90 | % | 6,570,000 | |||||||||
Gratiot Crossing | Chesterfield Twp., MI | Deutsche Banc | 30% | 13,500,000 | Jun-16 | Fixed | 5.90 | % | 4,050,000 | |||||||||
Crofton Centre | Crofton, MD | Citigroup | 20% | 17,000,000 | Jan-17 | Fixed | 5.85 | % | 3,400,000 | |||||||||
Merchants' Square | Carmel, IN | TIAA-CREF | 20% | 32,700,000 | May-17 | Fixed | 6.04 | % | 6,540,000 | |||||||||
The Shops on Lane Avenue | Upper Arlington, OH | Principal Global Investors | 20% | 27,600,000 | Jan-18 | Variable | 5.95 | %[4] | 5,520,000 | |||||||||
Olentangy Plaza | Columbus, OH | Principal Global Investors | 20% | 21,600,000 | Jan-18 | Variable | 5.88 | %[4] | 4,320,000 | |||||||||
Market Plaza | Glen Ellyn, IL | Principal Global Investors | 20% | 24,505,000 | Jan-18 | Variable | 5.88 | %[4] | 4,901,000 | |||||||||
Treasure Coast Commons | Jensen Beach, FL | GE Group Life Assurance | 30% | 8,415,000 | Jun-20 | Fixed | 5.54 | % | 2,524,500 | |||||||||
Vista Plaza | Jensen Beach, FL | First Colony Life Insurance | 30% | 11,115,000 | Jun-20 | Fixed | 5.54 | % | 3,334,500 | |||||||||
West Acres Commons | Flint, MI | Midland Loan Services | 40% | 8,499,823 | Apr-30 | Fixed | 10.14 | % | 3,399,929 | |||||||||
$ | 499,792,227 | $ | 129,602,242 | |||||||||||||||
[1] Interest rate is variable based on LIBOR plus 4.50% and has a 2.00% LIBOR floor. | ||||||||||||||||||
[2] Interest rate is variable based on LIBOR plus 1.45%. | ||||||||||||||||||
[3] Resets per formula annually each June 1. | ||||||||||||||||||
[4] Interest rate is fixed for five years and then lender has right to reset interest rate in 2013. |
![]() | Page 22 of 25 |
Ramco-Gershenson Properties Trust | ||||||||||||||||||||||||
Joint Venture Same Property Analysis [1] | ||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2010 (in thousands) | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2010 | 2009 | % Change | 2010 | 2009 | % Change | |||||||||||||||||||
Number of Properties | 30 | 30 | 0 | 30 | 30 | 0 | ||||||||||||||||||
Occupancy | 89.3 | % | 89.7 | % | -0.4 | % | 89.3 | % | 89.7 | % | -0.4 | % | ||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum Rents | $ | 15,126 | $ | 16,054 | -5.8 | % | $ | 30,577 | $ | 32,286 | -5.3 | % | ||||||||||||
Percentage Rent | 99 | 88 | 12.5 | % | 129 | 110 | 17.1 | % | ||||||||||||||||
Recoveries from Tenants | 5,155 | 5,341 | -3.5 | % | 10,539 | 11,021 | -4.4 | % | ||||||||||||||||
Other Income | 179 | 121 | 47.9 | % | 399 | 218 | 83.0 | % | ||||||||||||||||
$ | 20,559 | $ | 21,604 | -4.8 | % | $ | 41,644 | $ | 43,635 | -4.6 | % | |||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Real Estate Taxes | $ | 3,562 | $ | 3,533 | 0.8 | % | $ | 7,089 | $ | 7,109 | -0.3 | % | ||||||||||||
Property Operating and Maintenance | 2,238 | 2,167 | 3.3 | % | 4,636 | 4,627 | 0.2 | % | ||||||||||||||||
Other Operating [2] | 1,889 | 1,662 | 13.7 | % | 3,255 | 3,121 | 4.3 | % | ||||||||||||||||
$ | 7,689 | $ | 7,362 | 4.5 | % | $ | 14,980 | $ | 14,857 | 0.8 | % | |||||||||||||
NET OPERATING INCOME | $ | 12,870 | $ | 14,242 | -9.6 | % | $ | 26,664 | $ | 28,778 | -7.3 | % | ||||||||||||
Operating Expense Recovery Ratio | 88.9 | % | 93.7 | % | -4.8 | % | 89.9 | % | 93.9 | % | -4.0 | % | ||||||||||||
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment. | ||||||||||||||||||||||||
[2] Includes on-time, bad debt expense of $367.6k related to a tenant dispute. |
![]() | Page 23 of 25 |
Ramco-Gershenson Properties Trust | |||||||||||
Joint Venture Leasing Activity Summary | |||||||||||
As of June 30, 2010 | |||||||||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | ||||||
New leases | Transactions | Footage | PSF | PSF [1] | % | Lease Term | |||||
2nd Quarter 2010 | 19 | 114,143 | $13.72 | $14.35 | -4.4% | 8.4 | |||||
1st Quarter 2010 | 6 | 30,097 | $12.17 | $11.86 | 2.6% | 8.1 | |||||
Total 6 months | 25 | 144,240 | $13.40 | $13.83 | -3.1% | 8.3 | |||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | ||||||
Renewals | Transactions | Footage | PSF | PSF [1] | % | Lease Term | |||||
2nd Quarter 2010 | 28 | 227,346 | $9.55 | $9.47 | 0.8% | 4.4 | |||||
1st Quarter 2010 | 33 | 187,849 | $12.35 | $15.53 | -20.5% | 3.1 | |||||
Total 6 months | 61 | 415,195 | $10.82 | $12.21 | -11.4% | 3.8 | |||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | ||||||
Total Comparable Leases [2] | Transactions | Footage | PSF | PSF [1] | % | Lease Term | |||||
2nd Quarter 2010 | 47 | 341,489 | $10.94 | $11.10 | -1.4% | 5.7 | |||||
1st Quarter 2010 | 39 | 217,946 | $12.33 | $15.02 | -17.9% | 3.8 | |||||
Total 6 months | 86 | 559,435 | $11.48 | $12.63 | -9.1% | 5.0 | |||||
Leasing | Square | Base Rent | Prior Rent | Rent Growth | Wtd. Avg. | ||||||
Total Comparable and Non-Comparable | Transactions | Footage | PSF | PSF | % | Lease Term | |||||
2nd Quarter 2010 | 54 | 366,245 | $11.56 | n/a | n/a | 6.3 | |||||
1st Quarter 2010 | 41 | 285,304 | $10.84 | n/a | n/a | 5.3 | |||||
Total 6 months | 95 | 651,549 | $11.25 | 5.8 | |||||||
Notes | |||||||||||
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term. | |||||||||||
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant. |
![]() | Page 24 of 25 |
Ramco-Gershenson Properties Trust | |||||||||||||||||||||||||||||
Joint Venture Summary of Expiring GLA | |||||||||||||||||||||||||||||
As of June 30, 2010 | |||||||||||||||||||||||||||||
Anchor Tenants [1] | Non-Anchor Tenants | All Leases | |||||||||||||||||||||||||||
Expiration Year | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | Number of Leases | Square Feet | % of SF | % of ABR | ABR psf | ||||||||||||||
(2) | - | - | 0.0% | 0.0% | $ - | 9 | 22,917 | 0.9% | 1.2% | $ 18.81 | 9 | 22,917 | 0.4% | 0.6% | $ 18.81 | ||||||||||||||
2010 | 1 | 22,128 | 0.6% | 0.5% | 7.05 | 49 | 186,075 | 7.5% | 6.1% | 12.09 | 50 | 208,203 | 3.5% | 3.6% | 11.56 | ||||||||||||||
2011 | 4 | 147,727 | 4.2% | 4.5% | 9.05 | 129 | 347,457 | 14.0% | 16.9% | 17.85 | 133 | 495,184 | 8.3% | 11.3% | 15.36 | ||||||||||||||
2012 | 5 | 224,553 | 6.5% | 5.3% | 7.32 | 114 | 362,438 | 14.6% | 17.7% | 17.95 | 119 | 586,991 | 9.8% | 12.1% | 13.88 | ||||||||||||||
2013 | 11 | 437,427 | 12.6% | 13.3% | 9.39 | 97 | 267,635 | 10.8% | 14.0% | 19.13 | 108 | 705,062 | 11.8% | 13.6% | 13.09 | ||||||||||||||
2014 | 11 | 361,573 | 10.4% | 8.6% | 7.35 | 68 | 238,377 | 9.6% | 11.5% | 17.65 | 79 | 599,950 | 10.1% | 10.2% | 11.45 | ||||||||||||||
2015 | 13 | 517,523 | 14.9% | 15.0% | 8.99 | 55 | 208,666 | 8.4% | 9.5% | 16.65 | 68 | 726,189 | 12.2% | 12.0% | 11.19 | ||||||||||||||
2016 | 10 | 358,950 | 10.3% | 12.2% | 10.51 | 22 | 133,359 | 5.4% | 6.6% | 18.03 | 32 | 492,309 | 8.3% | 9.1% | 12.54 | ||||||||||||||
2017 | 5 | 134,910 | 3.9% | 6.6% | 15.15 | 17 | 69,490 | 2.8% | 4.2% | 22.02 | 22 | 204,400 | 3.4% | 5.3% | 17.49 | ||||||||||||||
2018 | 4 | 177,514 | 5.1% | 6.0% | 10.43 | 12 | 65,308 | 2.6% | 2.9% | 16.53 | 16 | 242,822 | 4.1% | 4.3% | 12.07 | ||||||||||||||
2019 | 5 | 201,705 | 5.8% | 7.8% | 11.98 | 13 | 43,839 | 1.8% | 2.4% | 20.37 | 18 | 245,544 | 4.1% | 4.9% | 13.48 | ||||||||||||||
2020+ | 12 | 648,284 | 18.6% | 20.3% | 9.60 | 21 | 139,784 | 5.6% | 7.0% | 18.46 | 33 | 788,068 | 13.2% | 13.0% | 11.17 | ||||||||||||||
Sub-Total | 81 | 3,232,294 | 92.9% | 100.0% | $ 9.57 | 606 | 2,085,345 | 84.0% | 100.0% | $ 15.94 | 687 | 5,317,639 | 89.2% | 100.0% | $ 12.71 | ||||||||||||||
Vacant | 9 | 245,600 | 7.1% | N/A | N/A | 161 | 401,797 | 16.0% | N/A | N/A | 170 | 647,397 | 10.8% | N/A | N/A | ||||||||||||||
Total | 90 | 3,477,894 | 100.0% | 100.0% | N/A | 767 | 2,487,142 | 100.0% | 100.0% | N/A | 857 | 5,965,036 | 100.0% | 100.0% | N/A | ||||||||||||||
[1] Anchor is defined as a tenant leasing 19,000 square feet or more. | |||||||||||||||||||||||||||||
[2] Tenants currently under month to month lease or in the process of renewal. |
![]() | Page 25 of 25 |