Income Statement RAMCO-GERSHENSON PROPERTIES TRUST (NYSE - RPT)
2009 Y 2010 Y 2011 Y 2012 Y 2013 Q1 YTD Source Document 12/31/2011 12/31/2012 12/31/2012 12/31/2012 3/31/2013 Currency Code USD USD USD USD USD (in thousands) Minimum rent 77,599 73,006 79,440 90,354 24,666 Percentage rent 722 354 244 601 107 Recovery income from tenants 30,055 27,104 29,673 31,664 8,407 Other property income 1,586 2,980 4,091 2,055 533 Management and other fee income 4,914 4,192 4,126 4,064 804 TOTAL REVENUE 114,876 107,636 117,574 128,738 34,517 Real estate taxes 16,714 15,052 16,452 17,076 4,648 Recoverable operating expense 14,610 13,561 14,404 15,879 4,217 Other non-recoverable operating expense 2,099 2,420 3,540 2,838 750 Depreciation and amortization 29,156 29,344 34,594 39,479 10,912 General and administrative expense 14,971 18,988 19,646 19,445 5,500 TOTAL EXPENSES 77,550 79,365 88,636 94,717 26,027 INCOME BEFORE OTHER INCOME AND EXPENSES, TAX AND DISCONTINUED OPERATIONS 37,326 28,271 28,938 34,021 8,490 Other expense, net 870 (973) (257) (66) (136) Gain on sale of real estate 5,010 2,096 231 69 3,582 (Loss) earnings from unconsolidated joint ventures 1,328 (221) 1,669 3,248 (5,674) Interest expense (28,185) (30,268) (27,636) (25,895) (6,073) Amortization of deferred financing fees (828) (2,602) (1,861) (1,449) (341) Deferred gain recognized upon acquisition of real estate 0 1,796 0 845 5,282 Loss on extinguishment of debt 0 0 (1,968) 0 NA Restructuring costs and other items (4,379) NA NA NA NA INCOME FROM CONTINUING OPERATIONS BEFORE TAX 11,142 (23,505) (27,412) 8,621 5,130 Income tax provision 633 670 (795) 34 (43) INCOME FROM CONTINUING OPERATIONS 11,775 (22,835) (28,207) 8,655 5,087 Gain on sale of real estate 2,886 (2,050) 9,406 336 0 Gain (loss) on extinguishment of debt 0 (242) 1,218 307 NA Provision for impairment 0 (28,787) (16,917) (1,766) 0 Provision for impairment on equity investments in unconsolidated joint ventures 0 (2,653) (9,611) (386) NA Bargain purchase gain on acquisition of real estate 0 9,836 0 0 NA Income from discontinued operations 1,275 (889) (293) (1,563) 187 INCOME (LOSS) FROM DISCONTINUED OPERATIONS 4,161 1,403 (34) 330 187 NET INCOME (LOSS) 15,936 (23,724) (28,500) 7,092 5,274 Net (income) loss attributable to noncontrolling partner interest (2,216) 3,576 1,742 112 (225) NET INCOME ATTRIBUTABLE TO RPT 13,720 (20,148) (26,758) 7,204 5,049 Preferred share dividends 0 0 (5,244) (7,250) (1,812) NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS 13,720 (20,148) (32,002) (46) 3,237 Continuing operations 0.43 (0.55) (0.83) 0.03 0.06 Discontinued operations 0.19 (0.02) (0.01) (0.03) 0 Total 0.62 (0.57) (0.84) 0 0.06 Continuing operations 0.43 (0.55) (0.83) 0.03 0.06 Discontinued operations 0.19 (0.02) (0.01) (0.03) 0 Total 0.62 (0.57) (0.84) 0 0.06 Basic 22,193 35,046 38,466 44,101 51,780 Diluted 22,193 35,046 38,466 44,485 52,212 Net income (loss) 15,936 (23,724) (28,500) 7,092 5,274 Other comprehensive income Gain on interest rate swaps 1,334 2,517 (2,828) (2,745) 558 Comprehensive income 17,270 (21,207) (31,328) 4,347 5,832 Comprehensive income attributable to noncontrolling interest (2,371) (3,207) 179 153 (24) COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT 14,899 (24,414) (31,149) 4,500 5,808
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