FARMINGTON HILLS, Mich., June 15, 2018 (GLOBE NEWSWIRE) -- RAMCO (NYSE:RPT) today announced that Brian Harper, the Company’s new President, Chief Executive Officer and Trustee, has been granted certain equity awards effective June 15, 2018 and that Michael Fitzmaurice, the Company’s new Executive Vice President, Chief Financial Officer and Secretary, will be granted certain equity awards effective June 18, 2018. The awards will be made pursuant to the Company’s employment agreements with Messrs. Harper and Fitzmaurice as a material inducement to joining the Company as executive officers.
The awards made to Mr. Harper are as follows: (i) 176,195 restricted common shares of beneficial interest that will vest in equal installments on the first three anniversaries of the grant date and (ii) 371,966 performance shares (at target) that will vest on March 1, 2021. The awards that will be made to Mr. Fitzmaurice will be as follows: (i) 25,571 restricted common shares of beneficial interest that will vest in equal installments on the first three anniversaries of the grant date and (ii) 25,571 performance shares (at target) that will vest on March 1, 2021.
The performance shares will have the same terms as the Company’s 2018 grant of performance shares to other executives, but will be based on the Company’s total shareholder return compared to the total shareholder return for the members of the Company’s peer group for the period from the grant date through December 31, 2020. Threshold performance (50%) will be at the 33rd percentile for the peer group; target performance (100% payout) will be at the 50th percentile of the peer group; and maximum performance (200% payout) will be at the 90th percentile of the peer group.
The awards are all being granted under the Ramco-Gershenson Properties Trust Inducement Incentive Plan and were approved in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. Pursuant to the requirements of that rule, the Company is issuing this press release.
RAMCO Properties (NYSE:RPT) is a premier, national publicly-traded shopping center real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company's primary business is the ownership and management of regional town centers, urban-infill properties and neighborhood shopping centers primarily located in 15 of the 40 largest metropolitan markets in the United States. At March 31, 2018, RAMCO owned interests in and managed a portfolio of 56 shopping centers and three joint venture properties. At March 31, 2018, the Company's consolidated portfolio was 93.6% leased. RAMCO is a fully-integrated qualified REIT that is self-administered and self-managed. For additional information about the Company please visit www.RAMCOproperties.com or follow RAMCO on Twitter @RAMCOproperties and facebook.com/RAMCOproperties.rpt/.
This press release may contain forward-looking statements that represent the Company’s expectations and projections for the future. Management of RAMCO believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing ability to qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.
Company Contact:
Dawn L. Hendershot, Senior Vice President of Investor Relations
and Public Affairs
31500 Northwestern Highway, Suite 300
Farmington Hills, MI 48334
dhendershot@RAMCOproperties.com
(248) 592-6202