FARMINGTON HILLS, Mich., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that during the fourth quarter of 2013 the Company signed 61 leases totaling 347,157 square feet at an average base rent of $15.43 per square foot and a comparable average leasing spread of 7.6%. Included in this activity was the signing of two strategic anchor leases for properties undergoing retenanting and/or redevelopment.
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At Market Plaza in Glen Ellyn, Illinois, an affluent in-fill suburb of Chicago, the Company has executed a lease for a new 25,000 square foot Ross Dress for Less. Market Plaza was acquired in 2007 as a Jewel-Osco anchored center. Because of its dominant position in the market, the Company was able to first add Staples and now Ross Dress for Less, converting a supermarket only anchored neighborhood property into a multi-anchored shopping center. Market Plaza, which is 97% leased, also includes several lifestyle destination uses and fast casual dining options further positioning it as one of the leading community shopping destinations in the affluent Glen Ellyn trade area.
- At Promenade at Pleasant Hill in Duluth, Georgia, a densely-populated suburb of Atlanta, the Company has signed a lease for a new 40,000 square foot LA Fitness. LA Fitness will occupy a portion of the former Old Time Pottery space. The Company is currently in negotiations with a number of retailers to fill the balance of that space. In addition to LA Fitness, the center is anchored by a 65,000 square foot Publix supermarket.
For the year, the Company signed 338 leases totaling 1,684,739 square feet at an average base rent of $14.04 per square foot and a comparable average leasing spread of 8.2%.
As a result of its leasing efforts in 2013, the Company's core portfolio leased occupancy increased to 96.0% and its core portfolio average base rent grew to $12.35 per square foot, which compares favorably to a core portfolio leased occupancy of 94.6% and a core portfolio average base rent of $11.54 per square foot at the end of 2012.
"Over the last several years we have made the quality of our cash flow and an increase in average base rents priorities, which are reflected in both the number of leases signed with best-in-class national retailers as well as the attractive spreads generated from these leases," said Dennis Gershenson, President and Chief Executive Officer. "Additionally, the Company focused its attention in 2013 on acquiring high quality shopping centers with lease-up opportunities and/or adjacent land for expansion to complement our core portfolio redevelopment program to drive income growth in 2014 and 2015."
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.