842183--3/12/2010--RAMCO_GERSHENSON_PROPERTIES

related topics

{investment, property, distribution}

{loan, real, estate}

{tax, income, asset}

{condition, economic, financial}

{debt, indebtedness, cash}

{capital, credit, financial}

{cost, regulation, environmental}

{loss, insurance, financial}

{acquisition, growth, future}

Recent disruptions in the financial markets could affect our ability to obtain financing for development or redevelopment of our properties and other purposes on reasonable terms and have other adverse effects on us and the market price of our common shares. The recent global economic and financial market crisis has had and may continue to have a negative effect on our business and operations. Adverse market conditions and tenant bankruptcies could adversely affect our revenues. Concentration of our credit risk could reduce our operating results. REIT distribution requirements limit our available cash. Our redevelopment projects may not yield anticipated returns, which would adversely affect our operating results. We face competition for the acquisition and development of real estate properties, which may impede our ability to grow our operations or may increase the cost of these activities. Competition may affect our ability to renew leases or re-let space on favorable terms and may require us to make unplanned capital improvements. We may be restricted from re-letting space based on existing exclusivity lease provisions with some of our tenants. We hold investments in joint ventures in which we do not control all decisions, and we may have conflicts of interest with our joint venture partners. Bankruptcy of our joint venture partners could adversely affect us. Rising operating expenses could adversely affect our operating results. The illiquidity of our real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties, which could adversely impact our financial condition. If we suffer losses that are not covered by insurance or that are in excess of our insurance coverage limits, we could lose invested capital and anticipated profits. We have substantial debt obligations, including variable rate debt, which may impede our operating performance and put us at a competitive disadvantage. Capital markets are currently experiencing a period of dislocation and instability, which has had and could continue to have a negative impact on the availability and cost of capital. Credit market developments may reduce availability under our credit agreements. Because we must annually distribute a substantial portion of our income to maintain our REIT status, we will continue to need additional debt and/or equity capital to grow. Our financial covenants may restrict our operating or acquisition activities, which may adversely impact our financial condition and operating results. Mortgage debt obligations expose us to increased risk of loss of property, which could adversely affect our financial condition. Our failure to qualify as a REIT would result in higher taxes and reduced cash available for our shareholders. Even if we qualify as a REIT, we may be subject to various federal income and excise taxes, as well as state and local taxes. Legislative or other actions affecting REITs could have a negative effect on us. We are subject to various environmental laws and regulations which govern our operations and which may result in potential liability.

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842183--3/12/2010--RAMCO_GERSHENSON_PROPERTIES_TRUST