RPT Realty
 | |
| Company type | Public company |
|---|---|
| NYSE: RPT S&P 600 component | |
| Industry | Real estate investment trust |
| Founded | 1955 |
| Founder | Aaron & William Gershenson |
| Headquarters | Farmington Hills, Michigan |
Key people | Stephen R. Blank, Chairman CEO |
| Products | Shopping centers |
| Revenue |  $0.265 billion (2017) |
| $0.070 billion (2017) | |
| Total assets |  $2.030 billion (2017) |
| Total equity | $0.885 billion (2017) |
Number of employees | 122 (2017) |
| Website | ramcoproperties |
| Footnotes / references [1] | |
RAMCO Properties Trust, formerly known as Ramco-Gershenson Properties Trust, is a real estate investment trust based in Farmington Hills, Michigan that invests in shopping centers. The company's primary business is the ownership and management of dynamic town centers, urban-infill properties and neighborhood shopping centers predominately located in the 15 of the top 40 largest metropolitan markets in the United States. As of December 31, 2017, the company wholly owned and managed 56 shopping centers and owned 3 joint ventures .[1]
The company owns several shopping malls, including Jackson Crossing in Jackson, Michigan. It developed Tel-Twelve Mall in Metro Detroit as well as Hampton Towne Centre in Essexville, Michigan.
History
In 1955, Aaron & William Gershenson founded A & W Management Company.[2]In 1970 Mike Ward, Joel and Dennis Gershenson left A&W Management and formed a new company named Ramco Associates. In 1973 A&W Management and Ramco merged under the name Ramco Gershenson Inc.
In 1975, William Gershenson's 4 sons: Joel, Dennis, Richard and Bruce, along with associate Mike Ward took over leadership of the company, with each associate responsible for a different division.[2]
In the late 1970s and early 1980s, the company developed 35 Kmart stores.[2]
In 1996, the company merged with RPS Realty Trust and became a public company via a reverse merger, changing its name to Ramco-Gershenson Properties Trust.[2]RGPT is trade on the NYSE under the symbol PRT.
In 2001, the company acquired West Acres Commons Shopping Center for $10.8 million.[3]
In 2004, the company acquired 7 properties for $138.3 million.[4]
In 2012, the company acquired Central Plaza for $21.6 million.[5]
In 2013, the company acquired Deerfield Towne Center for $97 million.[6][7]
In 2014, the company acquired properties in Minneapolis-St. Paul and Cincinnati for $150 million.[8]
In 2016, the company acquired Centennial Shops for $32.1 million and sold 2 shopping centers in Michigan.[9][10]
In 2017, the company was added to the S&P 600.[11] The company also sold Oak Brook Square Shopping Center.[12]
On May 2, 2018, the company changed its name to RAMCO.[13]
References
- ^ a b "Ramco-Gershenson Properties Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d Frantz, John (October 1, 2000). "Wall Street's well-kept secret". National Real Estate Investor.
- ^ "Ramco-Gershenson Properties Trust Acquires West Acres Commons Shopping Center" (Press release). PR Newswire. October 1, 2001.
- ^ "RAMCO-GERSHENSON TO BUY SHOPPING CENTERS IN FLORIDA". The New York Times. November 25, 2004.
- ^ Weiderman, Greta (May 16, 2012). "Ramco-Gershenson to acquire Central Plaza for $21.6 million". American City Business Journals.
- ^ "Ramco-Gershenson Properties Trust Acquires 461,000 Square Foot Deerfield Towne Center in Cincinnati, Ohio and Sells 51,000 Square Foot Staples Anchored Shopping Center in Grand Haven, Michigan" (Press release). GlobeNewswire. December 19, 2013.
- ^ Kaestner, Katherine (December 20, 2013). "Ramco-Gershenson Buys Deerfield Towne Center for $97 Million". CoStar Group.
- ^ "Ramco-Gershenson Properties Trust Acquires Two High-Quality Shopping Centers in Minneapolis-St. Paul and Cincinnati Markets" (Press release). GlobeNewswire. July 22, 2014.
- ^ "Ramco-Gershenson Properties Trust Acquires Centennial Shops in Metropolitan Minneapolis, Sells Two Michigan Shopping Centers" (Press release). GlobeNewswire. October 13, 2016.
- ^ Barsness, Zach (October 20, 2016). "Ramco-Gershenson Properties Trust Purchases Centennial Shops in Edina". CoStar Group.
- ^ "Ramco-Gershenson Properties Set to Join S&P SmallCap 600" (Press release). PR Newswire. May 5, 2017.
- ^ Dennis-Scott, Shontae (March 3, 2017). "Ramco-Gershenson Properties Trust Sells Oak Brook Shopping Center in Flint". CoStar Group.
- ^ "Ramco-Gershenson Properties Trust Unveils New Corporate Brand" (Press release). Globe Newswire. May 2, 2018.
External links
- Business data for Ramco-Gershenson Properties Trust: