Analyst/Investor Meeting June 26, 2007 Page 1 Presentation Agenda - - PDF document

▶
analyst investor meeting june 26 2007
SMART_READER_LITE
LIVE PREVIEW

Analyst/Investor Meeting June 26, 2007 Page 1 Presentation Agenda - - PDF document

Dec 24, 2022 351 likes •624 views

Analyst/Investor Meeting June 26, 2007 Page 1 Presentation Agenda Introduction Mr. Dennis Gershenson Special Guest Speaker Mr. L. Brooks Patterson, Oakland County Executive Event Overview Mr. Dennis Gershenson

slide-1
SLIDE 1

Page 1

Analyst/Investor Meeting June 26, 2007

slide-2
SLIDE 2

Page 2

Presentation Agenda

  • Introduction

– Mr. Dennis Gershenson

  • Special Guest Speaker

– Mr. L. Brooks Patterson, Oakland County Executive

  • Event Overview

– Mr. Dennis Gershenson

  • Development

– Mr. Thomas Litzler

  • Asset Management

– Mr. Michael Sullivan

  • Acquisitions

– Mrs. Catherine Clark

  • Closing Remarks

– Mr. Dennis Gershenson

slide-3
SLIDE 3

Page 3

  • Mr. Dennis Gershenson

Chairman, President and CEO

slide-4
SLIDE 4

Page 4

  • Mr. L. Brooks Patterson

Oakland County Executive

  • L. Brooks Patterson was elected to a fourth four-year term as

Oakland County Executive by an overwhelming electoral margin in November 2004. As the chief elected official of one of America’s most affluent and progressive counties, Mr. Patterson presides over an $822 million dollar annual budget (as of October 1, 2006) and a county workforce of more than 4,500 employees. During the 14 years of the Patterson administration, Oakland County government has earned respect from Wall Street for its solid tax base and sound financial policies by attaining and maintaining a coveted AAA bond rating, which only 34 of the nations 3,200 counties have received.

slide-5
SLIDE 5

Page 5

Event Overview

  • Demonstrate the continued strength and viability of
  • ur Michigan assets
  • Outline our business strategy in our three core

disciplines for sustainable FFO growth

  • Showcase depth of management team
slide-6
SLIDE 6

Page 6

Portfolio Overview

84 Shopping Centers in 12 States

  • 31 Michigan centers*
  • 25 Florida centers

18.8 Million Square Feet of GLA

  • 83 Community centers
  • 1 Regional mall
  • High barriers to entry
  • Value-added redevelopment
  • pportunities

Corporate Office Regional Office Portfolio Shopping Centers

Canton Novi Taylor Auburn Hills Madison Heights

*Consolidation of Clinton Valley and Southfield Plaza

slide-7
SLIDE 7

Page 7

  • Mr. Thomas Litzler

Executive Vice President, Development and New Business Initiatives

slide-8
SLIDE 8

Page 8

Development Profile

  • Department overview

Wide range of capabilities and expertise

  • What is really attractive at Ramco

An outsiders view

  • Nimble like a private company

Strategic and more effective than the large national firms

slide-9
SLIDE 9

Page 9

Development Strategy

  • Choosing a Development

– Tenant driven – Opportunistic – Demographic profile – Hybrid

  • Trends in Development

– Town centers – Mixed-use

  • Generation of fee income
  • Current pipeline of approximately $300 million
slide-10
SLIDE 10

Page 10

Redevelopment Opportunities

  • Through acquisitions and current portfolio
  • 10-12 active/planned projects per year
  • Pro-active strategy
  • Increased value, rents and GLA
slide-11
SLIDE 11

Page 11

Northpointe Towne Center Jackson, Michigan

  • 575,000 square foot mixed-use development to

include retail, entertainment and office components

  • Part of a retail hub with two existing Ramco

centers totaling 1.5 million SF

  • Strong retailer demand, superior access
  • Total project cost of approx. $70 million
slide-12
SLIDE 12

Page 12

slide-13
SLIDE 13

Page 13

The Town Center at Aquia Stafford, Virginia

  • 650,000 square foot complete value-added

redevelopment of former grocery-anchored shopping center

  • Mixed-use complex including office,

retail/entertainment and residential (350 units)

  • High growth corridor, 25 miles south of

Washington, D.C., 5 miles south of Quantico

  • Great access, underserved market, scarcity of land
  • Signed lease with Northrop Grumman for 49,000

square foot office space

  • Total project cost of approx. $165 million
slide-14
SLIDE 14

Page 14

slide-15
SLIDE 15

Page 15

Hartland Towne Square Hartland, Michigan

  • 550,000 square foot traditional community center

development featuring the nation’s leading anchor tenants

  • Bedroom community
  • Part of retail hub with Target and Wal-Mart
  • Superior access off newly-constructed US-23/

M-59 interchange

  • Total project cost of approx. $50 million
slide-16
SLIDE 16

Page 16

slide-17
SLIDE 17

Page 17

  • Mr. Michael Sullivan

Senior Vice President, Asset Management

slide-18
SLIDE 18

Page 18

Consistent High Performance from Michigan Assets

  • The character and performance of our Michigan properties set

them apart – Over 80% are the dominant centers in their trade areas – Over 85% of rents from national and regional tenants – Trade areas, as weighted averages, exceed those in Florida: Average income: $77,126 vs $68,747 Average population: 188,960 vs 160,970 – Average rent per square foot for non-anchor tenants is among the top in the portfolio at $15.36 psf – Over 80% of our trade areas in Oakland County alone draw from average incomes at or near $100,000 – Forecast to be 95% occupied by year-end

slide-19
SLIDE 19

Page 19

Experts in Quantifying and Fulfilling Retailer Demand

  • Our goal is to strengthen and maintain our

dominance in the trade area – Meet or exceed shopper expectations – Partner with retailers to meet consumer demand – Work with communities to develop win-win scenarios – Creative repositioning strategies

slide-20
SLIDE 20

Page 20

Focused on the Performance of the Stable Asset Portfolio

  • Our goal is to generate sustainable organic NOI growth

between 4% and 6% annually – “Fill Vacant Spaces” with rental rates at or above market rent – Manage lease roll-overs – Increase operating expense recovery ratio to over 100% annually – Reduce G&A expenses – Capitalize on alternative sources of income

slide-21
SLIDE 21

Page 21

Team Approach to Creating Value

  • Regional team approach for Asset Management

creating ownership for pool of assets

  • Partner with Acquisitions and Development in

due-diligence assistance and sourcing future

  • pportunities
  • Maintain and strengthen relationships with joint

venture partners

slide-22
SLIDE 22

Page 22

  • Mrs. Catherine Clark

Senior Vice President, Acquisitions

slide-23
SLIDE 23

Page 23

Current Acquisition Strategy

  • Acquire properties where we see the opportunity to

add value

  • Form strategic joint ventures to maximize asset returns

– Heitman Value Partners-invests in opportunistic acquisitions for superior returns – State of Florida – invests in core plus assets in the Midwestern and Mid-Atlantic states – ING Clarion – invests in core assets in Michigan and Florida – Receive market fees for services performed – Return to Ramco of between 11% and 12% for recurring revenues

slide-24
SLIDE 24

Page 24

ING’s Commitment to Michigan

  • $450 million joint venture
  • 14 shopping centers totaling $429 million have

been purchased

  • 61% of the total asset value (approx. $262

million) in 5 Michigan centers

  • Value-added redevelopments underway at 3

Michigan centers

slide-25
SLIDE 25

Page 25

Future Acquisition Plan

  • Continue to leverage network to acquire well-located shopping

centers with value-added components

  • Explore and expand into new markets based on:

– Growth areas – New housing starts – New road systems – Migration – Disposable income vs retail spending – Average incomes and above – Construction activity – Transaction activity

  • Team approach - Asset Management, Leasing and

Development

slide-26
SLIDE 26

Page 26

Outstanding Investment

  • Exceptional, well-located properties
  • Multiple discount to peer group
  • Secure, increasing Dividend