Ramco Declares 'Deficiency Dividend'

Ramco-Gershenson Properties Trust, Southfield, Mich., has declared a "deficiency dividend" of $0.131 per common share following the resolution of a long-standing tax dispute with the Internal Revenue Service.The real estate investment trust said the dividend of approximately $2.2 million is part of a closing agreement with the IRS that includes a payment of approximately $5.18 million in taxes and interest to the agency. Meanwhile, a tax agreement with Atlantic Realty Trust requires Atlantic to reimburse Ramco for the deficiency dividend and all costs associated with the settlement, the REIT said. Ramco said the tax dispute pertained to its taxable years 1991-1995. The shopping center REIT can be found on the Web at http://www.ramcogershenson.com.