REIT Redeems 1M Preferred Shares

Ramco-Gershenson Properties Trust, Farmington Hills, Mich., has completed the redemption of all 1 million of its outstanding 9.5% series B cumulative redeemable preferred shares.The redemption price was $25 a share plus accrued and unpaid dividends, resulting in an aggregate payout of $25.3 million, the real estate investment trust said. "With the redemption of the series B preferred shares, the company has no outstanding issues of preferred stock," said Dennis Gershenson, president and chief executive officer of Ramco-Gershenson. The shopping center REIT can be found on the Web at http://www.rgpt.com.