RamcoGershenson Properties Trust (RPT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ramcogershenson Properties Trust has a market cap of $366.9 million; its shares were traded at around $11.87 with and P/S ratio of 3. The dividend yield of Ramcogershenson Properties Trust stocks is 5.5%.RPT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
During the first quarter 2010, the Company delivered three redevelopment projects anchored by Ross Dress for Less, Bealls, and CVS. We and our joint ventures have five redevelopments currently in progress, all with signed leases for the expansion or addition of an anchor or out-lot tenant. The Company estimates the total project costs of the five redevelopment projects in process to be $37.6 million. Two of the redevelopments involve core operating properties included on our balance sheet and are expected to cost approximately $16.1 million of which $11.8 million has been spent as of March 31, 2010. For the three redevelopment projects at properties held by joint ventures, the Company estimates off-balance sheet project costs of approximately $21.4 million (our share is estimated to be $6.2 million) of which $16.0 million has been spent as of March 31, 2010 (our share is $4.7 million). Of the five redevelopment projects presently in progress, all are partially complete and have anchor tenants in place generating revenue for the Company. The Company expects that small shop tenancies will come on-line and the redevelopment projects will be completed throughout the second half of 2010.
Total revenues decreased $1.1 million, or 3.3%, to $30.8 million for the three months ended March 31, 2010, as compared to $31.9 million in 2009. The decrease in total revenues was primarily the result of a $0.7 million decrease in minimum rents and a $1.2 million decrease in recoveries from tenants, partially offset by an increase of $1.0 million in other property income.
The decrease in Same Center minimum rents from the comparable period in the prior year was primarily attributable to approximately $0.8 million in decreases related to tenant vacancies, approximately $0.2 million in decreases related to tenant bankruptcies, including Circuit City, rent relief and other concessions granted of $0.2 million, and the impact of the sale of the two net leased Wal-Marts in the third quarter of 2009 of $0.5 million. These decreases were partially offset by an increase of $0.7 million due to increased rental rates on new or renewal leases.
Earnings from unconsolidated entities represents our proportionate share of the earnings of various joint ventures in which we have an ownership interest. Earnings from unconsolidated entities increased approximately $0.4 million from approximately $0.5 million for the three months ended March 31, 2009 to approximately $0.9 million for the three months ended March 31, 2010. During the three months ended March 31, 2010, earnings from unconsolidated entities increased approximately $0.5 million from the Ramco/Lion Venture LP joint venture. The increase in the Ramco/Lion Venture LP joint venture was mainly attributable to a termination fee related to the Albertsons lease at Mission Bay Plaza in Boca Raton, Florida.
For the three months ended March 31, 2010, the Company generated $5.4 million in cash flows from operating activities, as compared to $11.2 million for the same period in 2009. Cash flows from operating activities were lower during the three months ended March 31, 2010 mainly due to higher net cash outflows for accounts payable and accrued expenses. For the three months ended March 31, 2010, investing activities used $7.6 million of cash flows, as compared to $6.5 million used in investing activities for the three months ended March 31, 2009. Cash flows used in investing activities were slightly higher in the first quarter 2010, due to higher investments in real estate, offset by lower investments in unconsolidated entities. During the three months ended March 31, 2010, cash flows used in financing activities were $1.8 million, as compared to $2.0 million during the three months ended March 31, 2009. For the three months ended March 31, 2010, the Company had higher distributions to common shareholders and Operating Partnership unit holders due to more shares outstanding, offset by higher net borrowings on mortgage and notes payable as compared to the three months ended March 31, 2009.
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Ramcogershenson Properties Trust has a market cap of $366.9 million; its shares were traded at around $11.87 with and P/S ratio of 3. The dividend yield of Ramcogershenson Properties Trust stocks is 5.5%.RPT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company renewed 79 non-anchor leases, at an average base rent of $13.62 per square foot, a decrease of 10.6% over prior rental rates. In the first quarter of 2010, the Company also renewed 10 anchor leases, at an average base rent of $6.13 per square foot as compared to prior rents paid of $7.93 per square foot. Compared to the same period in the prior year, the combination of new leases, renewals and contractual rent escalations increased the Companys overall portfolio average base rents to $10.90 per square foot in the first quarter of 2010 from $10.82 per square foot for the first quarter of 2009.During the first quarter 2010, the Company delivered three redevelopment projects anchored by Ross Dress for Less, Bealls, and CVS. We and our joint ventures have five redevelopments currently in progress, all with signed leases for the expansion or addition of an anchor or out-lot tenant. The Company estimates the total project costs of the five redevelopment projects in process to be $37.6 million. Two of the redevelopments involve core operating properties included on our balance sheet and are expected to cost approximately $16.1 million of which $11.8 million has been spent as of March 31, 2010. For the three redevelopment projects at properties held by joint ventures, the Company estimates off-balance sheet project costs of approximately $21.4 million (our share is estimated to be $6.2 million) of which $16.0 million has been spent as of March 31, 2010 (our share is $4.7 million). Of the five redevelopment projects presently in progress, all are partially complete and have anchor tenants in place generating revenue for the Company. The Company expects that small shop tenancies will come on-line and the redevelopment projects will be completed throughout the second half of 2010.
Total revenues decreased $1.1 million, or 3.3%, to $30.8 million for the three months ended March 31, 2010, as compared to $31.9 million in 2009. The decrease in total revenues was primarily the result of a $0.7 million decrease in minimum rents and a $1.2 million decrease in recoveries from tenants, partially offset by an increase of $1.0 million in other property income.
The decrease in Same Center minimum rents from the comparable period in the prior year was primarily attributable to approximately $0.8 million in decreases related to tenant vacancies, approximately $0.2 million in decreases related to tenant bankruptcies, including Circuit City, rent relief and other concessions granted of $0.2 million, and the impact of the sale of the two net leased Wal-Marts in the third quarter of 2009 of $0.5 million. These decreases were partially offset by an increase of $0.7 million due to increased rental rates on new or renewal leases.
Earnings from unconsolidated entities represents our proportionate share of the earnings of various joint ventures in which we have an ownership interest. Earnings from unconsolidated entities increased approximately $0.4 million from approximately $0.5 million for the three months ended March 31, 2009 to approximately $0.9 million for the three months ended March 31, 2010. During the three months ended March 31, 2010, earnings from unconsolidated entities increased approximately $0.5 million from the Ramco/Lion Venture LP joint venture. The increase in the Ramco/Lion Venture LP joint venture was mainly attributable to a termination fee related to the Albertsons lease at Mission Bay Plaza in Boca Raton, Florida.
For the three months ended March 31, 2010, the Company generated $5.4 million in cash flows from operating activities, as compared to $11.2 million for the same period in 2009. Cash flows from operating activities were lower during the three months ended March 31, 2010 mainly due to higher net cash outflows for accounts payable and accrued expenses. For the three months ended March 31, 2010, investing activities used $7.6 million of cash flows, as compared to $6.5 million used in investing activities for the three months ended March 31, 2009. Cash flows used in investing activities were slightly higher in the first quarter 2010, due to higher investments in real estate, offset by lower investments in unconsolidated entities. During the three months ended March 31, 2010, cash flows used in financing activities were $1.8 million, as compared to $2.0 million during the three months ended March 31, 2009. For the three months ended March 31, 2010, the Company had higher distributions to common shareholders and Operating Partnership unit holders due to more shares outstanding, offset by higher net borrowings on mortgage and notes payable as compared to the three months ended March 31, 2009.
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