FARMINGTON HILLS, Mich., Sept. 5, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) ("the Company") today announced that its Board of Trustees declared a regular quarterly cash dividend of $0.1875 per common share, resulting in an indicated annual rate of $0.75 per share, an increase of approximately $0.08 per share over the prior annual rate. The Board also approved a third quarter Series D convertible perpetual preferred share dividend of $0.90625 per share for the same period. The dividends, for the period July 1, 2013 through September 30, 2013, will be payable on October 1, 2013 to shareholders of record on September 20, 2013.
"The increase in our common share dividend reflects the continued confidence shared by management and our Board of Trustees in Ramco-Gershenson's operating performance, business plan, and growth in income," said Dennis Gershenson, President and Chief Executive Officer. "This dividend increase also reflects higher taxable income, which is the result of our recent success in increasing rental revenue while lowering interest expense, deleveraging the balance sheet, and increasing financial flexibility."
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 June 30, 2013, the Company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.2 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 June 30, 2013, the Company's core operating portfolio was 95.1% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website.