Ramco-Gershenson Properties Trust

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Ramco-Gershenson Properties Trust
Type Public (NYSERPT)
Industry real estate investment trusts
Genre community shopping centers, regional mall
Founded 1950
Founders Aaron & William Gershenson
Headquarters Farmington Hills, Michigan, U.S.
Number of locations 88
Area served Michigan, Florida, Georgia, Ohio, Wisconsin, Illinois, Indiana, New Jersey, Maryland, North Carolina, South Carolina, Virginia and Tennessee
Key people Stephen R. Blank, Chairman
Dennis Gershenson, President & CEO
Greg Andrews, CFO
Employees 150
Website [1] www.rgpt.com

Ramco-Gershenson Properties Trust (R-G) is a fully integrated real estate investment trust (REIT). As of 2009, it owned 88 properties comprising 19,800,000 square feet (1,840,000 m2) of gross leasable area in 13 United States. The company is headquartered in Farmington Hills, Michigan and employs 200 people. Ramco-Gershenson is publicly traded on the NYSE under the symbol RPT.[1][2]

History[edit]

The A & W Management Company was founded in 1950 by Aaron & William Gershenson. They developed more than 70 shopping centers in the Midwest over nearly half a century. The original founders stepped down in 1975, succeeded by William's sons and one unrelated associate, Michael Ward. The company was renamed, Ramco-Gershenson, Inc.

The company and 22 key properties merged with RPS Realty Trust on May 1, 1996. The resulting company was named, Ramco-Gershenson Properties Trust and has expanded by both development and acquisition.

Current position[edit]

Stock prices for REITs plunged following the real estate collapse in the late 2000s. Beginning in 2008, Inland American and Equity One Inc. each began to pursue Ramco-Gershenson by acquiring 9% and 9.63% (respectively) of the company's stock. R-G initially rebuffed the overtures and adopted a poison pill strategy with a shareholder rights plan. However, R-G had two problems: almost half of their debt was scheduled to come due in 2009/2010 and credit was tight. Nearly two-thirds of the company's shopping centers are in states like Michigan, which have experienced the most severe effects of the recession.[3] In May, 2009 R-G agreed to seat two members on its board proposed by Equity One. In late 2009, R-G announced that it had secured financing for significant debt and was not interested in merging with another company.[4]

Restatement[edit]

On March 10, 2005, the company announced that it would restate its audited financial statements for the fiscal years ended December 31, 2002 and December 31, 2003 and its unaudited quarterly results for the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004, to reflect the some adjustments.[5]

See also[edit]

References[edit]

External links[edit]