Ramco-Gershenson Properties Trust (NYSE:RPT) has announced a public offering of 6,000,000 newly issued common shares. The shares have been priced at $11.50 per share. BofA Merrill Lynch, and JP Morgan Securities, Inc. Deutsche Bank Securities, Inc., and KeyBanc Capital Markets, Inc. are the joint book-running managers of the offering. The underwriters of the offering have been granted an option to purchase 900,000 additional common shares to cover over-allotments, if any. The offering will close on May 18, 2010. The net proceeds are estimated to reach $65.6 million and will be used to prepay the company’s $33.0 million payment of its secured term loan facility for the payment of two mortgages of $15.9 million.
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Ramco-Gershenson Properties Trust is a publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers and one regional mall, in the Midwestern, Southeastern and Mid-Atlantic regions of the United States. The Company conducts all of its business and holds all of its interests in its properties, through its operating partnership, Ramco-Gershenson Properties, L.P. (the Operating Partnership). The Operating Partnership, either directly or indirectly through partnerships or limited liability companies, holds fee title to all owned properties. As of December 31, 2009, the Company owned approximately 91.4% of the interests in the Operating Partnership. At December 31, 2009, the Company owned interests in 88 shopping centers, consisting of 65 community centers, 21 power centers, one single tenant retail property, and one enclosed regional mall, totaling approximately 19.8 million square feet of gross leasable area (GLA).
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