SOUTHFIELD, Mich., May 20 /PRNewswire-FirstCall/ -- Ramco-Gershenson
Properties Trust (NYSE: RPT) announced today that it has redeemed the
1,200,000 of its Series A Convertible Preferred Shares held by Morgan Stanley
Investment Management Inc., MS Real Estate Special Situations, Inc. and their
clients (Morgan Stanley). The shares were originally issued at a price of
$25.00 per share, paid a 9.6% coupon and were redeemed in whole at a
redemption price of $22 1/7 per share. The Company's additional 200,000
Series A Convertible Preferred Shares, held by Kimco Realty Corporation
(NYSE: KIM), automatically converted into common shares upon completion of the
Company's recent public common share offering.
"Morgan Stanley and Kimco invested with us in 1997 and they have
consistently been knowledgeable and supportive partners," said Dennis
Gershenson, President and Chief Executive Officer. "The agreement to redeem
the preferred shares coincided with Morgan Stanley's decision to liquidate the
Special Situations investment program that invested in a number of real estate
companies. The transaction was very accretive for the Company and Morgan
Stanley achieved an efficient vehicle to monetize Special Situations'
investment."
Ramco-Gershenson Properties Trust has a portfolio of 57 shopping centers
totaling approximately 11.2 million square feet of gross leasable area,
consisting of 56 community centers, of which nine are power centers and three
are single tenant properties, as well as one enclosed regional mall. The
Company's centers are located in Michigan, Ohio, Wisconsin, New Jersey,
Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia,
Alabama and Florida. Headquartered in Southfield, Michigan, the Company is a
fully integrated, self-administered, publicly-traded real estate investment
trust (REIT) which owns, develops, acquires, manages and leases community
shopping centers, regional malls and single tenant retail properties,
nationally.
This press release contains forward-looking statements with respect to the
operation of the Company. Management of Ramco-Gershenson believes the
expectations reflected in the forward-looking statements made in this document
are based on reasonable assumptions. Certain factors could occur that might
cause actual results to vary. These include general economic conditions, the
strength of key industries in the cities in which the Company's properties are
located, the performance of the Company's tenants at the Company's properties
and elsewhere, and other factors discussed in the Company's reports filed with
the Securities and Exchange Commission.
For more information on Ramco-Gershenson Properties Trust visit our
Website @ http://www.ramcogershenson.com .
SOURCE Ramco-Gershenson Properties Trust
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Related links:
http://www.ramcogershenson.com
CONTACT:
Dennis Gershenson, President & CEO, or
Richard Smith, CFO, both of Ramco-Gershenson Properties Trust,
+1-248-350-9900, or Fax, +1-248-350-9925
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