Ramco-Gershenson Completes the Sale of Two Wal-Mart Stores and a Stand Alone Home Depot Raising $27.4 Million in Proceeds
FARMINGTON HILLS, Mich.-(Business Wire)-September 3, 2009 - Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has completed the sale of three net leased assets, including two Wal-Mart stores and a stand alone Home Depot. The two Wal-Mart stores anchor the Company’s Northwest Crossing shopping center in Knoxville, Tennessee and the Taylors Square shopping center in Taylors (Greenville), South Carolina. The Company retained ownership of the remaining portion of both shopping centers amounting to 125,000 square feet at Northwest Crossing, which includes three other anchors and 35,000 square feet at Taylors Square. Additionally, the Company sold a 110,000 square foot stand alone Home Depot in Taylor, Michigan. All of the assets were unencumbered. The aggregate net proceeds from the sales totaled $27.4 million.
“I am pleased to report the completion of these transactions, which I discussed during our second quarter conference call,” said Dennis Gershenson, CEO and President. “These asset sales are an important element in our current capital plan. The proceeds will be used to pay down our revolving credit facility. The Company anticipates selling additional non-strategic properties to enhance future liquidity and de-lever the balance sheet.”
ABOUT RAMCO-GERSHENSON PROPERTIES TRUST
Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally. The Company owns interests in 89 shopping centers totaling approximately 19.8 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, Maryland and Illinois. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com.
This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary. These include general economic conditions, the strength of key industries in the cities in which the Trust’s properties are located, the performance of the Trust’s tenants at the Trust’s properties and elsewhere and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission.
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