FARMINGTON HILLS, Mich., May 09, 2016 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the Company) today announced that it will ring The Closing Bell® at the New York Stock Exchange (NYSE) on Wednesday, May 11, in celebration of its 20th anniversary as a publicly-traded Real Estate Investment Trust (REIT).
Link to event: https://www.nyse.com/bell/calendar
“Ringing The Closing Bell® at the NYSE has significant meaning for us as we celebrate 20 years as a public company and ring in a new chapter — what we envision the future of retail today,” said Dennis Gershenson, President and Chief Executive Officer of Ramco-Gershenson Properties Trust. “We have built a dynamic organization led by a talented management team that understands the challenges of today’s marketplace, yet has the vision to lead us into the next 20 years. Our current portfolio is well-positioned to deliver sustainable growth for years to come.”
Last week, Ramco-Gershenson Properties Trust reported its first quarter 2016 results. Most notably, the company grew Operating Funds from Operations (“Operating FFO”) six percent over the prior year, made progress on its goal of selling $100 to $125 million of non-core properties and generated solid rental growth by leasing to best-in-class tenants.
During the Company’s earnings call, Mr. Gershenson discussed key issues facing the retail shopping market, specifically:
• As retail shopping centers continue to deal with challenging economic times they must also position themselves to thrive in an environment where retailers are evolving their store formats and locations.
• While there is projected to be a net increase in the number of national retailer store openings at open air centers this year, the marketplace continues to be impacted by bankruptcies by both large and small national retail companies.
• Retailers are rationalizing store counts to reflect changing shopping habits and the integration of omni-channeling.
• Retailers are closing underperforming stores to refocus on the most productive and profitable locations.
Ramco-Gershenson Properties Trust is pro-actively responding to this changing retail landscape with its focus on owning and managing large, multi-anchor shopping centers as well as its approach to site densification, place-making, and programming to grow long-term value.
To recognize its 20th anniversary, the Company will officially unveil a commemorative anniversary logo and tagline at the NYSE bell-ringing. The event kicks off a year-long celebration to honor this important milestone.
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 large, multi-anchor shopping centers primarily in a number of the largest metropolitan markets in the central United States. At March 31, 2016, the Company owned interests in and managed a portfolio of 72 shopping centers and one office building with approximately 15.7 million square feet of gross leasable area. At March 31, 2016, the Company's consolidated operating portfolio was 94.9% leased. Additional information regarding the Company is available on its corporate website: 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 ability to qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.