REIT Prices Stock Offering

Ramco-Gershenson Properties Trust, Southfield, Mich., has priced a public offering of 1.0 million shares of 9.5% series B cumulative redeemable preferred shares at $25 per share.The real estate investment trust said the net proceeds will be used to pay down outstanding balances under the company's credit facility, after which it will borrow against the facility to acquire its joint venture partners' interest in Crossroads Centre in Toledo, Ohio, and East Towne Plaza shopping center in Madison, Wis. Proceeds will also be used to buy the fee interest for a vacant Kmart acquisition adjacent to the REIT's Naples Towne Centre. The REIT said it has granted the underwriters -- McDonald Investments Inc. and U.S. Bancorp Piper Jaffray -- a 30-day option to buy up to an additional 150,000 shares of the series B preferred stock to cover any overallotments.