Ramco-Gershensen expects 29 percent dividend cut

Ramco-Gershensen management expects to recommend 29 percent dividend cut after stock offering

• On 5:52 pm EDT, Tuesday September 8, 2009

FARMINGTON HILLS, Mich. (AP) -- Ramco-Gershensen Properties Trust on Tuesday said it expects mangement to recommend its board approve a quarterly dividend of 16.325 cents -- representing a 29 percent cut from its prior dividend of 23.13 cents.

The reduction reflects plans for a stock offering of 9 million shares announced earlier Tuesday.

The dividend would be paid in cash to all shareholders as of Sept. 20. The actual dividend will be determined by the board, Ramco-Gershensen said.

Ramco-Gershensen shares fell $1.23, or 12.8 percent, to $8.41 in aftermarket electronic trading, after closing the regular session up 2 cents at $9.64.