FARMINGTON HILLS, Mich., Dec. 2, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced guidance for 2014 funds from operations ("FFO") of $1.20 to $1.26 per diluted common share. The Company also affirmed its prior 2013 FFO guidance of $1.15 to $1.17 per diluted common share.
The Company's 2014 FFO guidance takes into consideration the following key assumptions:
- An increase in same-center net operating income of 3% - 4%.
- A projected year-end core portfolio leased occupancy of between 95% - 96%.
- Gains on land sales of $3 - $4 million, or $0.04 - $0.05 per diluted share.
"Our acquisition of high quality, multi-anchor community shopping centers over the past few years has enhanced our portfolio while providing value-creation opportunities," said Dennis Gershenson, President and Chief Executive Officer. "We expect the successful execution of our leasing initiatives, redevelopments, and center expansions to contribute to FFO growth in 2014 and beyond."
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 metropolitan markets throughout the Eastern, Midwestern and Central United States. At September 30, 2013, the Company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.3 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 September 30, 2013, the Company's core operating portfolio was 95.6% leased. Additional information regarding the Company is available via the corporate website at www.rgpt.com.