SOUTHFIELD, Mich., Aug. 25 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced that it has closed on $25 million in fixed
rate long term debt financing with Lincoln National Life Insurance Company.
The loan is an expansion of an existing mortgage facility with Lincoln
National, which is scheduled to expire in January 2006. The total obligation
is now $111 million with a blended interest rate of 8.3%. Ten of the Trust's
properties serve as collateral.
"We were very pleased to have reached this agreement with Lincoln
National," said Dennis Gershenson, president and chief executive officer.
"Even with the expanded debt, the loan to value ratio on these specific assets
is less than 65%. We were able to achieve the new loan amounts as a direct
result of our redevelopment efforts, which significantly increased the value
of almost every one of the centers that secure this obligation. Our intent is
to use the proceeds primarily to pay down our short term, variable rate debt.
A portion of the funds will be used to complete our 2000 business plan."
Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers,
with approximately 11.1 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
South Carolina, Tennessee, Georgia, Alabama and Florida. Headquartered in
Southfield, Michigan, the Trust 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 certain of the Trust's properties. 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 Trust's properties are located, the performance of the Trust's
tenants at the Trust's properties and elsewhere, and other factors discussed
in the Trust's reports filed with the Securities and Exchange Commission.
For more information on Ramco-Gershenson Properties Trust via facsimile at
no cost, simply dial 1-800-PRO-INFO and enter the company code RPT or 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,
248-350-9900 or fax 248-350-9925
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