RPT Realty - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - RAMCO-GERSHENSON PROPERTIES TRUST 8-K - RPT Realty	a6609050.htm
EX-99.1 - EXHIBIT 99.1 - RPT Realty	a6609050ex99-1.htm

Exhibit 99.2

Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
December 31, 2010



TABLE OF CONTENTS


		Page
Overview
	Company Information	2
	Disclosures	3

Quarterly & Year-to-Date Financial Results
	Consolidated Balance Sheets	4
	Consolidated Balance Sheets Detail	5
	Consolidated Statements of Operations	6
	Consolidated Statements of Operations Detail	7
	Funds from Operations and Additional Disclosures	8
	EBITDA	9
Quarterly & Year-to-Date Operating Information
	Same Properties Analysis	10
	Leasing Activity - Consolidated & Unconsolidated Portfolios	11
	Redevelopment and Development Projects	12
Debt and Market Capitalization Information
	Summary of Debt Expiration - Consolidated Properties	13
	Summary of Outstanding Debt - Consolidated Properties	14
	Consolidated Market Data	15
Portfolio Information
	Top Twenty Tenants	16
	Summary of Expiring GLA	17
	Portfolio Summary Report	18-20
Joint Venture Information
	Joint Venture Combining Balance Sheets	21
	Joint Venture Contribution to Funds from Operations	22
	Summary of Joint Venture Debt	23
	Joint Venture Same Properties Analysis	24
	Joint Venture Leasing Activity	25
	Joint Venture Summary of Expiring GLA	26

Ramco-Gershenson Properties Trust (NYSE:RPT) headquartered in Farmington Hills, Michigan, is a self-administered and self-managed real estate investment trust engaged in the business of owning, developing, acquiring, managing and leasing community shopping centers located primarily in the Midwestern, Southeastern and Mid-Atlantic United States. At December 31, 2010, the Company owned and managed a portfolio of 89 shopping centers with approximately 20.3 million square feet of gross leasable area, of which 15.6 million is owned by the Company or its joint ventures. The shopping centers are located in Michigan, Florida, Ohio, Georgia, Wisconsin, Indiana, New Jersey, Maryland, South Carolina, Virginia, Tennessee and Illinois. Analyst Coverage: Deutsche Bank Vincent Chao, CFA 212.250.6799 vincent.chao@db.com Keefe, Bruyette & Woods Benjamin Yang, CFA 415.591.1631 byang@kbw.com RBC Capital Markets Richard C. Moore, CFA 440.715.2646 rich.moore@rbccm.com Jefferies & Company, Inc. Omotayo Okusanya 212.336.7076 tokusanya@jefferies.com J.P. Morgan Michael W. Mueller, CFA 212.622.6689 michael.w.mueller@jpmorgan.com KeyBanc Capital Markets Todd M. Thomas, CFA 917.368.2286 tthomas@keybanc.com Stifel Nicolaus Nathan Isbee 443.224.1346 nisbee@stifel.com Investor Relations: Dawn L. Hendershot Director of IR and Corporate Communications Ramco-Gershenson Properties Trust 31500 Northwestern Highway, Suite 300 Farmington Hills, MI 48334 Phone: (248) 592-6202 E-mail: dhendershot@rgpt.com Website: www.rgpt.com

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

December 31, 2010

Disclosures

Forward-Looking Statements

Certain information contained in this Quarterly Financial and Operating Supplemental Information Package contain forward-looking statements that represent the company and management's hopes, intentions, beliefs, expectations or projections of the future. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements are based on reasonable assumptions. It is important to note that certain factors could occur that might cause actual results to vary from current expectations and include, but are not limited to, (i) the ongoing U.S. recession; (ii) the existing global credit and financial crisis; (iii) other changes in general economic and real estate conditions; (iv) changes in the interest rate and/or other changes in interest rate environment; (v) the availability of financing; (vi) adverse changes in the retail industry; and (vii) our ability to qualify as a REIT. Additional information concerning factors that could cause actual results to differ from those forward-looking statements is contained in the company's SEC filings, including but not limited to the company's report on Form 10-K for the year ended December 31, 2009. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.

Funds From Operations

Management considers funds from operations ("FFO") an appropriate supplemental measure of the financial performance of an equity REIT. Under the NAREIT definition, FFO represents net income attributable to common shareholders, excluding extraordinary items, as defined under accounting principles generally accepted in the United States of America ("GAAP"), gains (losses) on sales of depreciable property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures. FFO should not be considered an alternative to GAAP net income attributable to common shareholders as an indication of our performance. We consider FFO as a useful measure for reviewing our comparative operating and financial performance. However, our computation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies, and therefore, may not be comparable to these companies.

Page 3 of 26

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets
As of December 31, 2010
(in thousands)

	December 31,			December 31,
	2010			2009
ASSETS
Income producing properties, at cost:
Land	$	114,814		$	99,147
Buildings and improvements		863,229			825,547
Less accumulated depreciation and amortization		(213,919	)		(194,181	)
Income producing properties, net		764,124			730,513
Construction in progress and land held for development or sale (including $25,812 and $0 of consolidated variable interest entities, respectively)		95,906			78,161
Net real estate	$	860,030		$	808,674
Equity investments in unconsolidated joint ventures		105,189			97,506
Cash and cash equivalents		10,175			8,431
Restricted cash		5,726			4,207
Accounts receivable, net		10,451			14,786
Notes receivable		3,000			12,566
Other assets, net		58,258			51,787

TOTAL ASSETS	$	1,052,829		$	997,957

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable (including $4,605 and $0 of consolidated variable interest entities, respectively)	$	571,694		$	552,836
Capital lease obligation		6,641			6,924
Accounts payable and accrued expenses		24,986			26,155
Other liabilities		3,462			-
Distributions payable		6,680			5,477
TOTAL LIABILITIES	$	613,463		$	591,392

Ramco-Gershenson Properties Trust shareholders' equity:
Common shares of beneficial interest, $0.01 par, 45,000 shares authorized,
37,947 and 30,907 shares issued and oustanding as of December 31, 2010
and 2009, respectively	$	379		$	309
Additional paid-in capital		563,370			486,731
Accumulated distributions in excess of net income		(161,476	)		(117,663	)
Accumulated other comprehensive loss		-			(2,149	)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		402,273			367,228
Noncontrolling interest		37,093			39,337
TOTAL SHAREHOLDERS' EQUITY		439,366			406,565
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,052,829		$	997,957

Page 4 of 26

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets Detail
As of December 31, 2010
(in thousands)

	December 31,			December 31,
	2010			2009
Investment in Real Estate
Construction in progress	$	2,571		$	8,225
Land held for development or sale		93,335			69,936
Construction in progress and land held for development or sale	$	95,906		$	78,161


Other Assets
Deferred leasing costs	$	44,964		$	40,922
Deferred financing costs		11,414			10,525
Lease intangible assets		13,029			5,836
Other		4,471			6,162
		73,878			63,445
Less accumulated amortization		(42,030	)		(37,766	)
		31,848			25,679
Straight-line rent receivable, net		17,864			17,114
Prepaid expenses and other		8,546			8,994
Other assets, net	$	58,258		$	51,787

Page 5 of 26

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2010
(in thousands, except per share data)

	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase									Increase
	2010			2009			(Decrease)			2010			2009			(Decrease)
REVENUE
Minimum rent	$	20,426		$	20,404		$	22		$	80,994		$	82,972		$	(1,978	)
Percentage rent		57			92			(35	)		410			742			(332	)
Recovery income from tenants		8,786			7,911			875			30,957			32,616			(1,659	)
Other property income		499			652			(153	)		3,203			1,608			1,595
Management and other fee income		1,035			880			155			4,194			4,916			(722	)
TOTAL REVENUE		30,803			29,939			864			119,758			122,854			(3,096	)

EXPENSES
Real estate taxes		4,460			4,367			93			17,237			18,141			(904	)
Recoverable operating expense		4,700			4,300			400			15,637			15,646			(9	)
Other non-recoverable operating expense		1,154			802			352			3,719			2,762			957
Depreciation and amortization		9,126			7,574			1,552			31,990			30,886			1,104
General and administrative		5,180			2,322			2,858			18,330			14,363			3,967
TOTAL EXPENSES		24,620			19,365			5,255			86,913			81,798			5,115

INCOME BEFORE OTHER INCOME, EXPENSES AND DISCONTINUED OPERATIONS		6,183			10,574			(4,391	)		32,845			41,056			(8,211	)

OTHER INCOME AND EXPENSES
Other income (expense)		48			312			(264	)		(973	)		870			(1,843	)
Gain (loss) on sale of real estate		(36	)		(1	)		(35	)		2,096			5,010			(2,914	)
Earnings (loss) from unconsolidated joint ventures		441			(21	)		462			(221	)		1,328			(1,549	)
Interest expense		(9,155	)		(7,323	)		(1,832	)		(35,362	)		(31,088	)		(4,274	)
Provision for impairment		-			-			-			(28,787	)		-			(28,787	)
Impairment charge on unconsolidated joint ventures		-			-			-			(2,653	)		-			(2,653	)
Bargain purchase gain on acquisition of real estate		9,836			-			9,836			9,836			-			9,836
Deferred gain recognized upon acquisition of real estate		1,796			-			1,796			1,796			-			1,796
Loss on early extinquishment of debt		(242	)		-			(242	)		(242	)		-			(242	)
Restructuring costs and other items		-			(2,828	)		2,828			-			(4,379	)		4,379
INCOME (LOSS) FROM CONTINUING OPERATIONS		8,871			713			8,158			(21,665	)		12,797			(34,462	)

DISCONTINUED OPERATIONS
Gain (loss) on sale of real estate		-			-			-			(2,050	)		2,886			(4,936	)
Income (loss) from operations		2			(22	)		24			(9	)		253			(262	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		2			(22	)		24			(2,059	)		3,139			(5,198	)

NET INCOME (LOSS)		8,873			691			8,182			(23,724	)		15,936			(39,660	)
Net (income) loss attributable to noncontrolling partner interest		28			-			28			1,944			(35	)		1,979
Net (income) loss attributable to noncontrolling OP unit holder interest		(583	)		(108	)		(475	)		1,632			(2,181	)		3,813
NET INCOME (LOSS) ATTRIBUTABLE TO RPT COMMON SHAREHOLDERS	$	8,318		$	583		$	7,735		$	(20,148	)	$	13,720		$	(33,868	)

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.22		$	0.02		$	0.20		$	(0.52	)	$	0.50		$	(1.02	)
Discontinued operations		-			-			-			(0.05	)		0.12			(0.17	)
	$	0.22		$	0.02		$	0.20		$	(0.57	)	$	0.62		$	(1.19	)
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.22		$	0.02		$	0.20		$	(0.52	)	$	0.50		$	(1.02	)
Discontinued operations		-			-			-			(0.05	)		0.12			(0.17	)
	$	0.22		$	0.02		$	0.20		$	(0.57	)	$	0.62		$	(1.19	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		37,649			30,802			6,847			35,046			22,193			12,853
Diluted		37,845			30,802			7,043			35,224			22,193			13,031

Page 6 of 26

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations Detail
For the Three and Twelve Months Ended December 31, 2010
(in thousands)

	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase										Increase
	2010			2009			(Decrease)			2010				2009			(Decrease)
Other property income
Lease termination income	$	14		$	245		$	(231	)	$	1,193			$	584		$	609
Temporary income		245			186			59			592				556			36
TIF revenue		155			188			(33	)		316				188			128
Other		85			33			52			1,102		(1)		280			822
Other property income	$	499		$	652		$	(153	)	$	3,203			$	1,608		$	1,595

Management and other fee income
Management fees	$	689		$	722		$	(33	)	$	2,895			$	2,956		$	(61	)
Leasing fees		214			205			9			924				1,055			(131	)
Development fees		132			191			(59	)		375				905			(530	)
Other		-			(238	)		238			-				-			-
Management and other fee income	$	1,035		$	880		$	155		$	4,194			$	4,916		$	(722	)

Other income (expense)
Real estate taxes and insurance expense on development projects	$	(211	)	$	-		$	(211	)	$	(1,289	)		$	-		$	(1,289	)
Interest income		281			312			(31	)		316				870			(554	)
Other		(22	)		-			(22	)		-				-			-
Other income (expense)	$	48		$	312		$	(264	)	$	(973	)		$	870		$	(1,843	)

Gain (loss) on sale of real estate
Gain (loss) on sale of non-depreciable real estate	$	(49	)	$	21		$	(70	)	$	2,083			$	439		$	1,644
Gain (loss) on sale of depreciable real estate		13			(22	)		35			13				4,571			(4,558	)
Gain (loss) on sale of real estate	$	(36	)	$	(1	)	$	(35	)	$	2,096			$	5,010		$	(2,914	)

Restructuring costs and other items
Strategic review and proxy contest expenses	$	-		$	(379	)	$	379		$	-			$	(1,551	)	$	1,551
Abandonement of pre-development site		-			(1,225	)		1,225			-				(1,224	)		1,224
Restructuring expense		-			(1,224	)		1,224			-				(1,604	)		1,604
Restructuring costs and other items	$	-		$	(2,828	)	$	2,828		$	-			$	(4,379	)	$	4,379

(1) Includes $674K of lease rejection income from a bankruptcy claim in the twelve months ended December 31, 2010.

Page 7 of 26

Ramco-Gershenson Properties Trust
Funds from Operations and Additional Disclosures
For the Three and Twelve Months Ended December 31, 2010
(in thousands, except per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009

Net income (loss) attributable to RPT common shareholders(1)	$	8,318		$	583		$	(20,148	)	$	13,720
Adjustments:
Rental property depreciation and amortization expense		8,920			7,371			31,213			30,141
Pro-rata share of real estate depreciation from unconsolidated joint ventures		1,717			1,666			6,798			6,678
Loss (gain) on sale of depreciable real estate		(1,809	)		22			241			(7,457	)
Noncontrolling interest in Operating Partnership		583			108			(1,632	)		2,181
FUNDS FROM OPERATIONS	$	17,729		$	9,750		$	16,472		$	45,263
Impairment charges		-			-			33,260			-
Bargain purchase gain on acquisition of real estate		(9,836	)		-			(9,836	)		-
Loss on early extinguishment of debt		242			-			242			-
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE	$	8,135		$	9,750		$	40,138		$	45,263

Weighted average common shares		37,649			30,802			35,046			22,193
Shares issuable upon conversion of Operating Partnership units		2,901			2,918			2,902			2,919
Dilutive effect of securities		196			-			178			-
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		40,746			33,720			38,126			25,112


FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	0.44		$	0.29		$	0.43		$	1.80
Impairment charges		-			-			0.87			-
Bargain purchase gain on acquisition of real estate		(0.25	)		-			(0.26	)		-
Loss on early extinguishment of debt		0.01			-			0.01			-
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE, PER DILUTED SHARE	$	0.20		$	0.29		$	1.05		$	1.80

Dividend per common share	$	0.1633		$	0.1633		$	0.6530		$	0.7892
Payout ratio - FFO, excluding items above (1)		81.7	%		56.5	%		62.2	%		43.8	%

Additional Supplemental Disclosures:
Consolidated:
Straight-line rental income	$	(422	)	$	595		$	602		$	1,214
Above/below market rent amortization		(42	)		3			150			31
Fair market value of interest adjustment - acquired property		9			74			202			304
Stock-based compensation expense		436			233			1,174			1,291

Pro-rata share from Unconsolidated Joint Ventures:
Straight-line rental income		93			97			311			622
Above/below market rent amortization		25			17			157			390
Fair market value of interest adjustment - acquired property		85			121			291			504


(1) Net income (loss) attributable to RPT common shareholders for the twelve months ended December 31, 2010, includes a non-cash provision for impairment related to the value of certain development land parcels of $28,787, an impairment of a long-lived asset in an unconsolidated joint venture of $1,820 and other than temporary impairment of our equity investments in unconsolidated joint ventures of $2,653.

Page 8 of 26

Ramco-Gershenson Properties Trust
Earnings Before Interest, Taxes, Depreciation and Amortization
For the Three and Twelve Months Ended December 31, 2010
(in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
EBITDA Calculation

Income (loss) from continuing operations	$	8,871		$	713		$	(21,665	)	$	12,797
Add back:
Gain on sale of depreciable real estate from continuing operations		(13	)		22			(13	)		(4,571	)
Impairment charges		-			-			33,260			-
Bargain purchase gain on acquisition of real estate		(9,836	)		-			(9,836	)		-
Deferred gain recognized upon acquisition of real estate		(1,796	)		-			(1,796	)		-
Loss on early extinguishment of debt		242			-			242			-
Restructuring costs and other Items		-			2,828			-			4,379
Income (loss) from discontinued operations		2			(22	)		(9	)		253
Interest expense		9,155			7,323			35,362			31,088
Depreciation and amortization		9,126			7,574			31,990			30,886
Consolidated EBITDA	$	15,751		$	18,438		$	67,535		$	74,832

Scheduled mortgage principal payments	$	1,267		$	1,247		$	4,798		$	5,131


Debt and Coverage Ratios
Consolidated net debt to EBITDA - annualized		9.0			7.5			8.4			7.4
Interest coverage ratio (EBITDA / interest expense)		1.7			2.5			1.9			2.4
Fixed charge coverage ratio (EBITDA / interest expense + scheduled mortgage principal pmts.)		1.5			2.2			1.7			2.1


Operating Ratios
GAAP NOI	$	19,454		$	19,590		$	78,971		$	81,389
Operating margin (GAAP NOI / total rental revenue)		65.4	%		67.4	%		68.3	%		69.0	%

General & Administrative Expense as a Percentage of Total Rental Revenues Under Management (1)
Revenue from REIT owned properties	$	29,768		$	29,059		$	115,564		$	117,938
Revenue From joint venture properties		20,845			23,798			93,945			99,434
Revenue from non-REIT properties under management contract		774			929			3,480			3,704
Total rental revenues under management	$	51,387		$	53,786		$	212,989		$	221,076

General and administrative expense	$	5,180		$	2,322		$	18,330		$	14,363
General and administrative expense / total rental revenues under management		10.1	%		4.3	%		8.6	%		6.5	%



(1) General & administrative expense shown as a percentage of rental revenues under management which includes base rent, recoveries and other income from wholly owned properties, joint venture properties, and managed properties that are not owned.

Page 9 of 26

Ramco-Gershenson Properties Trust

Same Properties Analysis

For the Three and Twelve Months Ended December 31, 2010

(in thousands)

	Three Months Ended December 31, 2010									Twelve Months Ended December 31, 2010
	2010			2009			% Change			2010			2009			% Change

Number of Properties (1)		48			48			0.0	%		48			48			0.0	%

Occupancy		91.0	%		93.4	%		-2.5	%		91.0	%		93.4	%		-2.5	%


REVENUE
Minimum rent	$	17,937		$	18,117			-1.0	%	$	71,712		$	73,509			-2.4	%
Percentage rent		55			92			-40.2	%		375			485			-22.7	%
Recovery income from tenants		7,650			7,546			1.4	%		28,617			29,709			-3.7	%
Other property income		253			219			15.5	%		771			676			14.1	%
	$	25,895		$	25,974			-0.3	%	$	101,475		$	104,379			-2.8	%

EXPENSES
Real estate taxes	$	4,043		$	4,057			-0.3	%	$	16,084		$	16,764			-4.1	%
Recoverable operating expense		3,810			3,659			4.1	%		12,606			13,288			-5.1	%
Other non-recoverable operating expense		512			547			-6.4	%		2,313			2,731			-15.3	%
	$	8,365		$	8,263			1.2	%	$	31,003		$	32,783			-5.4	%

NET OPERATING INCOME	$	17,530		$	17,711			-1.0	%	$	70,472		$	71,596			-1.6	%

Operating Expense Recovery Ratio		97.4	%		97.8	%		-0.4	%		99.7	%		98.9	%		0.8	%

(1) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment. Same-Center NOI also excludes one center impacted by the bankruptcy of A&P.

Page 10 of 26

Ramco Gershenson Properties Trust
Leasing Activity - Consolidated and Unconsolidated Portfolios
As of December 31, 2010


New leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		26		72,620	$	13.75	$	14.66		-6.2	%		5.3	$	7.66
3rd Quarter 2010		25		160,930	$	10.37	$	10.54		-1.6	%		7.0	$	13.30
2nd Quarter 2010		29		152,024	$	13.07	$	13.42		-2.6	%		7.9	$	27.80
1st Quarter 2010		20		140,170	$	11.11	$	11.54		-3.8	%		7.9	$	21.78
Total		100		525,744	$	11.81	$	12.21		-3.2	%		7.3	$	18.97


Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		61		173,951	$	15.72	$	16.02		-1.9	%		4.0	$	0.03
3rd Quarter 2010		53		357,368	$	12.56	$	12.52		0.3	%		4.5	$	0.02
2nd Quarter 2010		48		490,900	$	8.83	$	8.93		-1.2	%		4.1	$	1.13
1st Quarter 2010		89		590,303	$	9.66	$	11.37		-15.1	%		3.2	$	0.01
Total		251		1,612,522	$	10.70	$	11.38		-6.0	%		3.8	$	0.36


Total Comparable Leases (2)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		87		246,571	$	15.14	$	15.62		-3.1	%		4.4	$	2.28
3rd Quarter 2010		78		518,298	$	11.88	$	11.90		-0.2	%		5.3	$	4.14
2nd Quarter 2010		77		642,924	$	9.83	$	9.99		-1.6	%		5.0	$	7.28
1st Quarter 2010		109		730,473	$	9.93	$	11.40		-12.9	%		4.1	$	4.19
Total		351		2,138,266	$	10.97	$	11.58		-5.3	%		4.7	$	4.89


Total Comparable and Non-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		102		348,596	$	13.82		N/A		N/A			5.1	$	8.71
3rd Quarter 2010		91		614,351	$	12.10		N/A		N/A			6.0	$	9.14
2nd Quarter 2010		88		700,974	$	10.61		N/A		N/A			5.9	$	9.99
1st Quarter 2010		111		797,831	$	9.61		N/A		N/A			4.6	$	4.27
Total		392		2,461,752	$	11.11		N/A		N/A			5.4	$	7.74



(1) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
(2) Comparable leases represent those leases signed on spaces for which there was a former tenant.

Page 11 of 26

Ramco-Gershenson Properties Trust

Redevelopment and Development Projects

As of December 31, 2010

(in millions)

Redevelopment Projects	RPT Ownership %		Project Description	Projected Stabilization Date		Stabilized Return on Cost (1) (2)			Projected Stabilized NOI (3)		Pro Rata Stabilized NOI		Total Projected Cost (4)		Pro Rata Projected Cost			Pro Rata Cost to Date		Pro Rata Cost to Complete

West Allis Towne Centre - West Allis, WI		100%	Reconfigured center. Opened Burlington Coat in 71,000 SF. Completing small shop retenancy.		1Q 2011		10.9	%	$	1.4	$	1.4	$	12.4	$	12.4		$	10.5	$	1.9

The Shops at Old Orchard - W. Bloomfield, MI		30%	Opened Plum Market in 37,000 SF (specialty grocery). Completing small shop retenancy plus creation of an out parcel.		1Q 2011		11.9	%	$	1.2	$	0.4	$	10.4	$	3.1		$	2.8	$	0.3
Total Redevelopment Projects							11.6	%	$	2.6	$	1.8	$	22.8	$	15.5		$	13.3	$	2.2




Development Projects and Land for Sale			Project Description	Cost to Date 9/30/10		Additions			Dispositions		Adjustments		Impairment		Cost to Date 12/31/10

Hartland Towne Square - Hartland Twp., MI			550,000 SF shopping center project.	$	32.5										$	32.5	(5)
The Town Center at Aquia - Stafford, VA			Phased mixed-use project.		17.4	$	0.5									17.9	(6)
Gateway Commons - Lakeland, FL			375,000 SF shopping center project.		21.0		0.1									21.1
Parkway Shops - Jacksonville, FL			350,000 SF shopping center project.		10.0		3.4									13.4
Other			Various parcels near existing assets.		8.1		0.3									8.4
Total Land Held for Development or Sale				$	89.0	$	4.3		$	0.0	$	0.0	$	0.0	$	93.3

(1) Percentage based on actual numbers before rounding.

(2) Does not include fees earned by RPT.

(3) Represents incremental change in revenue.

(4) Represents incremental costs.

(5) Consolidated in 1Q 2010 . In 1Q 2011, RPT acquired its partner's 80% interest for $1.0 million and now owns 100% of the project.

(6) Does not include $23.4 million related to the phase I office building or $4.1 million related to the net book value of existing Income Producing Properties at Aquia.

Page 12 of 26

Ramco-Gershenson Properties Trust
Summary of Debt Expiration - Consolidated Properties
As of December 31, 2010


										Cumulative
	Scheduled				Total		Percentage			Percentage
	Amortization		Scheduled		Scheduled		of Debt			of Debt
Year	Payments		Maturities		Maturities		Maturing			Maturing
2011	$	4,994,823	$	107,976,440	$	112,971,263		19.8	%		19.8	%
2012		4,850,791		139,276,777		144,127,568		25.2	%		45.0	%
2013		4,314,130		30,203,614		34,517,744		6.0	%		51.0	%
2014		3,409,783		29,676,361		33,086,144		5.8	%		56.8	%
2015		3,155,856		73,189,467		76,345,323		13.4	%		70.3	%
2016		1,263,721		-		1,263,721		0.2	%		70.5	%
2017		1,159,574		110,000,000		111,159,574		19.4	%		89.8	%
2018		1,044,700		-		1,044,700		0.2	%		90.0	%
2019		962,435		3,148,141		4,110,576		0.7	%		90.7	%
2020		225,378		24,717,029		24,942,407		4.4	%		95.1	%
2021 +		-		28,125,000		28,125,000		4.9	%		100.0	%
Totals	$	25,381,191	$	546,312,829	$	571,694,020

Scheduled maturities in 2011 include $30 million of Bridge Loan Due April 2011 and $30 million of Secured Term Loan Facility due June 2011.

Scheduled maturities in 2012 include $119.75 million which represents the balance of the Secured Revolving Credit Facility drawn as of 12/31/10 due at maturity in December 2012.

Page 13 of 26

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt - Consolidated Properties
As of December 31, 2010

			Balance		Stated					% of
			at		Interest			Loan	Maturity	Total
Property Name	Location	Lender or Servicer	12/31/2010		Rate			Type	Date	Indebtedness

Mortgage Debt
Madison Center	Madison Heights, MI	LaSalle Bank N.A.		9,210,262		7.5080	%	Fixed	May-11		1.6	%
Beacon Square	Grand Haven, MI	Huntington Bank		6,873,710		5.5000	%	Variable	Jun-11		1.2	%
Gaines Marketplace	Gaines Twp., MI	Huntington Bank		7,098,738		5.2500	%	Variable	Jun-11		1.2	%
Lakeshore Marketplace	Norton Shores, MI	Wells Fargo/Midland		14,350,132		7.6470	%	Fixed	Aug-11		2.5	%
Parkway Shops	Jacksonville, FL	St. Johns land contract		2,166,775		6.0000	%	Fixed	Nov-11		0.4	%
Hartland Towne Square	Hartland, MI	Huntington Bank		3,900,000		6.0000	%	Variable	Dec-11		0.7	%
Hartland Towne Square	Hartland, MI	Huntington Bank		4,605,000		6.0000	%	Variable	Dec-11		0.8	%
Coral Creek	Coconut Creek, FL	Key Bank		9,191,834		6.7800	%	Fixed	Jul-12		1.6	%
The Crossroads	Royal Palm Beach, FL	L.J. Melody & Co./Salomon		10,953,169		6.5000	%	Fixed	Aug-12		1.9	%
East Town Plaza	Madison, WI	Citigroup Global Markets		10,724,070		5.4500	%	Fixed	Jul-13		1.9	%
Centre at Woodstock	Woodstock, GA	Wachovia		3,927,874		6.9100	%	Fixed	Jul-13		0.7	%
Kentwood Towne Centre	Kentwood, MI	Nationwide Life		8,880,849		5.7400	%	Fixed	Jul-13		1.6	%
Lantana Shopping Center	Lantana, FL	Key Bank		9,612,815		4.7600	%	Fixed	Aug-13		1.7	%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets		7,103,654		5.3800	%	Fixed	May-14		1.2	%
Crossroads Centre	Rossford, OH	Citigroup Global Markets		24,743,475		5.3800	%	Fixed	May-14		4.3	%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.		14,614,818		5.7980	%	Fixed	Jun-15		2.6	%
Jackson West	Jackson, MI	Key Bank		17,160,109		5.2000	%	Fixed	Nov-15		3.0	%
West Oaks I	Novi, MI	Key Bank		27,268,393		5.2000	%	Fixed	Nov-15		4.8	%
New Towne Plaza	Canton Twp., MI	Deutsche Bank		19,800,000		5.0910	%	Fixed	Dec-15		3.5	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		4,780,247		7.6250	%	Fixed	Feb-16		0.8	%
River City Marketplace	Jacksonville, FL	JPMorgan Chase Bank, N.A.		110,000,000		5.4355	%	Fixed	Apr-17		19.2	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		1,895,975		7.2000	%	Fixed	May-18		0.3	%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau		3,893,012		7.3800	%	Fixed	Dec-19		0.7	%
West Oaks II & Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.		30,981,863		6.4950	%	Fixed	Apr-20		5.4	%
Subtotal Mortgage Debt			$	363,736,774		5.7726	%				63.6	%
Unamortized premium				82,246		0.0	%				0.0	%
Total mortgage debt (including unamortized premium)			$	363,819,020		5.7726	%				63.6	%

Corporate Debt
Secured Bridge Loan		Key Bank, as agent	$	30,000,000		3.7700	%	Variable	Apr-11		5.3	%
Secured Term Loan Facility		Key Bank, as agent		30,000,000		5.5000	%	Variable	Jun-11		5.3	%
Secured Revolving Credit Facility		Key Bank, as agent		119,750,000		5.5141	%	Variable	Dec-12		20.9	%
Junior Subordinated Note (1)		The Bank of New York Trust Co.		28,125,000		7.8700	%	Fixed	Jan-38		4.9	%
Subtotal Corporate Debt			$	207,875,000		5.5791	%				36.4	%

Total debt			$	571,694,020		5.7022	%				100.0	%


(1) Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%.

Page 14 of 26

Ramco-Gershenson Properties Trust
Consolidated Market Data
As of December 31, 2010

	December 31,
	2010			2009
Market price per common share	$	12.45		$	9.54

Common shares outstanding		37,946,541			30,907,087
Operating Partnership Units		2,899,079			2,902,641
Total common shares and equivalents		40,845,620			33,809,728

Equity market capitalization	$	508,527,969		$	322,544,805




Fixed rate debt (excluding unamortized premium)	$	369,384,328		$	459,087,683
Variable rate debt		202,227,446			93,463,765
Total fixed and variable rate debt	$	571,611,774		$	552,551,448
Capital lease obligation		6,640,764			6,923,958
Cash and cash equivalents		(10,175,002	)		(8,800,000	)
Net debt	$	568,077,536		$	550,675,406

Equity market capitalization	$	508,527,969		$	322,544,805

Total market capitalization	$	1,076,605,505		$	873,220,211

Net debt to total market capitalization		52.8	%		63.1	%

Page 15 of 26

Ramco-Gershenson Properties Trust

Top Twenty Tenants (ranked by annualized base rent)

Consolidated and Unconsolidated Properties

As of December 31, 2010

Tenant Name	Credit Rating S&P/Moody's (1)	Number of Leases		Leased GLA SF		% of Total Company Owned GLA			Total Annualized Base Rent		Annualized Base Rent PSF		% of Annualized Base Rental Revenue

T.J. Maxx/Marshalls	A/A3		20		636,154		4.1	%	$	5,866,497	$	9.22		3.8	%
Publix Super Market	NR/NR		12		574,794		3.7	%		4,534,891		7.89		3.0	%
Home Depot	BBB+/Baa1		3		384,690		2.5	%		2,857,500		7.43		1.9	%
Dollar Tree	NR/NR		30		315,116		2.0	%		2,827,164		8.97		1.8	%
Kmart/Sears	BB-/Ba2		6		618,341		4.0	%		2,760,656		4.46		1.8	%
OfficeMax	B/B1		11		252,045		1.6	%		2,699,078		10.71		1.8	%
Jo-Ann Fabrics	BB-/NR		6		218,993		1.4	%		2,445,621		11.17		1.6	%
Burlington Coat Factory	NR/NR		5		360,867		2.3	%		2,376,333		6.59		1.5	%
Staples	BBB/Baa2		10		224,292		1.4	%		2,277,886		10.16		1.5	%
Best Buy	BBB-/Baa2		5		176,677		1.1	%		2,214,623		12.53		1.4	%
PETsMART	BB/NR		7		160,428		1.0	%		2,160,407		13.47		1.4	%
Michaels Stores	B-/B3		9		199,724		1.3	%		2,124,876		10.64		1.4	%
Gander Mountain	NR/NR		2		159,791		1.0	%		1,899,745		11.89		1.2	%
Bed Bath & Beyond	BBB/NR		5		154,599		1.0	%		1,846,043		11.94		1.2	%
Lowe's Home Centers	A/A1		2		270,394		1.7	%		1,822,956		6.74		1.2	%
Meijer	NR/NR		2		397,428		2.6	%		1,697,000		4.27		1.1	%
Kroger	BBB/Baa2		3		207,709		1.3	%		1,676,417		8.07		1.1	%
Office Depot	B/B2		7		168,832		1.1	%		1,674,772		9.92		1.1	%
Hobby Lobby	NR/NR		5		276,173		1.8	%		1,640,038		5.94		1.1	%
LA Fitness Sports Club	NR/NR		2		76,833		0.5	%		1,581,552		20.58		1.0	%
Sub-Total top 20 tenants			152		5,833,880		37.4	%	$	48,984,055	$	8.40		31.9	%

Remaining tenants			1,410		8,136,659		52.3	%		104,349,946		12.82		68.1	%

Sub-Total all tenants			1,562		13,970,539		89.7	%	$	153,334,001	$	10.98		100.0	%

Vacant			400		1,599,904		10.3	%		N/A		N/A		N/A

Total including vacant			1,962		15,570,443		100.0	%	$	153,334,001		N/A		100.0	%

(1) Source: Latest Company filings per CreditRiskMonitor.

Page 16 of 26

Ramco-Gershenson Properties Trust

Summary of Expiring GLA-Consolidated and Unconsolidated Properties

As of December 31, 2010


	Anchor Tenants [1]					Non-Anchor Tenants					All Leases

Expiration Year	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf

(2)	2	46,128	0.5%	0.5%	$ -	47	117,599	2.0%	1.7%	$ 11.02	49	163,727	1.1%	1.1%	$ 10.12
2011	9	268,164	2.7%	2.7%	7.69	219	697,128	12.0%	12.9%	14.09	228	965,292	6.2%	7.8%	12.31
2012	17	733,376	7.5%	5.9%	6.19	270	878,627	15.1%	19.1%	16.54	287	1,612,003	10.4%	12.4%	11.83
2013	27	966,086	9.9%	10.9%	8.72	257	725,227	12.5%	16.0%	16.75	284	1,691,313	10.9%	13.4%	12.17
2014	22	1,039,937	10.6%	8.7%	6.49	176	620,176	10.7%	12.9%	15.76	198	1,660,113	10.7%	10.8%	9.96
2015	26	1,027,948	10.5%	11.4%	8.60	143	531,818	9.2%	10.7%	15.32	169	1,559,766	10.0%	11.1%	10.89
2016	30	1,209,821	12.4%	12.7%	8.12	103	482,195	8.3%	10.4%	16.32	133	1,692,016	10.9%	11.5%	10.46
2017	16	573,863	5.9%	9.3%	12.58	30	140,500	2.4%	3.3%	17.83	46	714,363	4.6%	6.3%	13.61
2018	13	466,343	4.8%	6.6%	11.00	29	123,930	2.1%	2.9%	17.64	42	590,273	3.8%	4.8%	12.39
2019	10	524,180	5.4%	6.3%	9.36	23	100,915	1.7%	2.2%	16.23	33	625,095	4.0%	4.3%	10.47
2020	7	496,910	5.1%	3.9%	6.03	30	144,845	2.5%	3.2%	16.89	37	641,755	4.1%	3.6%	8.48
2021+	29	1,845,776	18.9%	21.1%	8.85	27	209,047	3.7%	4.7%	17.07	56	2,054,823	13.0%	13.0%	9.69
Sub-Total	208	9,198,532	94.2%	100.0%	$ 8.41	1,354	4,772,007	82.2%	100.0%	$ 15.91	1,562	13,970,539	89.7%	100.0%	$ 10.98

Vacant	15	568,563	5.8%	N/A	N/A	385	1,031,341	17.8%	N/A	N/A	400	1,599,904	10.3%	N/A	N/A

Total	223	9,767,095	100.0%	100.0%	N/A	1,739	5,803,348	100.0%	100.0%	N/A	1,962	15,570,443	100.0%	100.0%	N/A

(1) Anchor is defined as a tenant leasing 19,000 square feet or more.

(2) Tenants currently under month to month lease or in the process of renewal.

Page 17 of 26

Ramco-Gershenson Properties Trust
Portfolio Summary Report
As of December 31, 2010

						Company Owned GLA (1)
Property Name	Location	Ownership %	Year Built / Acquired / Renovated	Number of Units	Total Center GLA (1)	Total	Anchor	Non-Anchor	Occupied	% Leased	% Occupied	ABR psf	Anchor Tenants (2)

Consolidated Portfolio

Florida
Coral Creek Shops	Coconut Creek, FL	100%	1992/2002/NA	34	109,312	109,312	42,112	67,200	99,287	90.8%	90.8%	$ 15.17	Publix
Lantana Shopping Center	Lantana, FL	100%	1959/1996/2002	22	123,610	123,610	61,166	62,444	117,268	94.9%	94.9%	10.96	Publix
Naples Towne Centre	Naples, FL	100%	1982/1996/2003	11	167,387	134,707	102,027	32,680	132,707	98.5%	98.5%	5.89	Beall's, Save-A-Lot, (Goodwill)
Pelican Plaza	Sarasota, FL	100%	1983/1997/NA	25	93,598	93,598	35,768	57,830	77,602	82.9%	82.9%	9.87	Linens 'N Things (5)
River City Marketplace	Jacksonville, FL	100%	2005/2005/NA	70	887,466	544,965	323,907	221,058	518,418	95.1%	95.1%	15.66	Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters, (Lowe's), (Wal-Mart)
River Crossing Centre	New Port Richey, FL	100%	1998/2003/NA	16	62,038	62,038	37,888	24,150	57,488	92.7%	92.7%	12.07	Publix
Rivertowne Square	Deerfield Beach, FL	100%	1980/1998/NA	16	154,349	154,349	107,875	46,474	138,489	89.7%	89.7%	8.63	Beall's Outlet (6), Winn-Dixie
Southbay Shopping Center	Osprey, FL	100%	1978/1998/NA	19	96,790	96,790	31,700	65,090	66,965	80.3%	69.2%	8.60	Beall's Clearance Store (3)
Sunshine Plaza	Tamarac, FL	100%	1972/1996/2001	28	237,026	237,026	146,409	90,617	209,016	88.2%	88.2%	8.04	Publix, Old Time Pottery
The Crossroads	Royal Palm Beach, FL	100%	1988/2002/NA	35	120,092	120,092	42,112	77,980	94,409	86.9%	78.6%	15.45	Publix
Village Lakes Shopping Center	Land O' Lakes, FL	100%	1987/1997/NA	25	186,496	186,496	125,141	61,355	92,122	63.2%	49.4%	8.97	Sweet Bay
Total / Average				301	2,238,164	1,862,983	1,056,105	806,878	1,603,771	88.6%	86.1%	$ 11.78

Georgia
Centre at Woodstock	Woodstock, GA	100%	1997/2004/NA	14	86,748	86,748	51,420	35,328	68,460	78.9%	78.9%	$ 11.20	Publix
Conyers Crossing	Conyers, GA	100%	1978/1998/NA	15	170,475	170,475	138,915	31,560	170,475	100.0%	100.0%	5.15	Burlington Coat Factory, Hobby Lobby
Holcomb Center	Roswell, GA	100%	1986/1996/NA	23	107,053	107,053	39,668	67,385	79,672	74.4%	74.4%	10.78	Studio Movie Grill
Horizon Village	Suwanee, GA	100%	1996/2002/NA	22	97,001	97,001	47,955	49,046	87,062	89.8%	89.8%	10.15	Publix (3)
Mays Crossing	Stockbridge, GA	100%	1984/1997/2007	21	137,284	137,284	100,244	37,040	131,164	95.5%	95.5%	6.59	Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
Promenade at Pleasant Hill	Duluth, GA	100%	1993/2004/NA	34	280,225	280,225	199,555	80,670	136,570	48.7%	48.7%	10.30	Farmers Home Furniture, Publix
Total / Average				129	878,786	878,786	577,757	301,029	673,403	76.6%	76.6%	$ 8.40

Illinois
Liberty Square	Wauconda, IL	100%	1987/2010/2008	26	107,369	107,369	54,522	52,847	92,624	86.3%	86.3%	$ 13.03	Jewel-Osco
Total/Average				26	107,369	107,369	54,522	52,847	92,624	86.3%	86.3%	$ 13.03

Indiana
Merchants' Square	Carmel, IN	100%	1970/2004/NA	45	358,875	278,875	69,504	209,371	247,101	90.3%	88.6%	$ 10.11	Cost Plus, Hobby Lobby (3), (Marsh Supermarket)
Total/Average				45	358,875	278,875	69,504	209,371	247,101	90.3%	88.6%	$ 10.11

Michigan
Beacon Square	Grand Haven, MI	100%	2004/2004/NA	16	154,703	51,387	-	51,387	45,932	89.4%	89.4%	$ 17.17	(Home Depot)
Clinton Pointe	Clinton Twp., MI	100%	1992/2003/NA	14	248,206	135,330	65,735	69,595	123,280	91.1%	91.1%	9.75	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights, MI	100%	1985/1996/2009	11	102,001	102,001	50,852	51,149	92,815	91.0%	91.0%	7.08	Hobby Lobby
Clinton Valley Mall	Sterling Heights, MI	100%	1977/1996/2002	8	99,281	99,281	55,175	44,106	99,281	100.0%	100.0%	16.00	Office Depot, DSW Shoe Warehouse
Eastridge Commons	Flint, MI	100%	1990/1996/2001	16	287,453	169,676	117,972	51,704	90,988	53.6%	53.6%	8.79	Office Depot (3), TJ Maxx, (Target)
Edgewood Towne Center	Lansing, MI	100%	1990/1996/2001	17	312,950	85,757	23,524	62,233	61,722	72.0%	72.0%	11.74	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn, MI	100%	1987/2003/NA	23	338,808	137,508	56,586	80,922	129,408	94.1%	94.1%	12.91	Best Buy, Citi Trends, (Burlington Coat Factory), (Target)
Fraser Shopping Center	Fraser, MI	100%	1977/1996/NA	8	68,326	68,326	32,384	35,942	68,326	100.0%	100.0%	6.08	Oakridge Market
Gaines Marketplace	Gaines Twp., MI	100%	2004/2004/NA	15	392,169	392,169	351,981	40,188	389,169	99.2%	99.2%	4.47	Meijer, Staples, Target
Hoover Eleven	Warren, MI	100%	1989/2003/NA	57	299,076	299,076	153,810	145,266	221,488	74.1%	74.1%	12.30	Kroger, Marshalls, OfficeMax
Jackson Crossing	Jackson, MI	100%	1967/1996/2002	62	652,770	398,528	222,192	176,336	369,959	94.8%	92.8%	9.70	Best Buy, Bed Bath & Beyond, Jackson 10 Theater, Kohl's, TJ Maxx, Toys "R" Us, (Sears), (Target)
Jackson West	Jackson, MI	100%	1996/1996/1999	5	210,321	210,321	194,484	15,837	190,838	90.7%	90.7%	7.11	Lowe's, Michaels, OfficeMax
Kentwood Towne Centre	Kentwood, MI	77.9%	1988/1996//NA	18	286,061	184,152	122,887	61,265	166,702	90.5%	90.5%	6.09	Hobby Lobby-Sublease of Rubiloff Development. Group, OfficeMax, (Rooms Today)
Lake Orion Plaza	Lake Orion, MI	100%	1977/1996/NA	9	141,073	141,073	126,195	14,878	141,073	100.0%	100.0%	3.98	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores, MI	100%	1996/2003/NA	21	474,453	347,653	258,638	89,015	340,027	97.8%	97.8%	7.93	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T J Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia, MI	100%	1988/2003/NA	20	136,422	136,422	93,380	43,042	126,777	92.9%	92.9%	10.29	Kroger, TJ Maxx
Madison Center	Madison Heights, MI	100%	1965/1997/2000	14	227,088	227,088	167,830	59,258	188,666	83.1%	83.1%	6.12	Kmart
New Towne Plaza	Canton Twp., MI	100%	1975/1996/2005	15	189,223	189,223	126,425	62,798	171,623	98.9%	90.7%	9.75	Jo-Ann, Kohl's
Oak Brook Square	Flint, MI	100%	1982/1996/NA	20	152,373	152,373	79,744	72,629	143,773	94.4%	94.4%	8.67	Hobby Lobby, TJ Maxx
Roseville Towne Center	Roseville, MI	100%	1963/1996/2004	9	246,968	246,968	206,747	40,221	246,968	100.0%	100.0%	6.90	Marshalls, Office Depot (3), Wal-Mart
Shoppes at Fairlane Meadows	Dearborn, MI	100%	2007/NA/NA	8	19,738	19,738	-	19,738	19,738	100.0%	100.0%	23.02
Southfield Plaza	Southfield, MI	100%	1969/1996/2003	14	165,999	165,999	128,339	37,660	162,659	98.0%	98.0%	7.44	Burlington Coat Factory, Marshalls, Staples
Tel-Twelve	Southfield, MI	100%	1968/1996/2005	21	523,411	523,411	479,869	43,542	517,867	98.9%	98.9%	10.69	Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
The Auburn Mile	Auburn Hills, MI	100%	2000/1999/NA	7	624,212	90,553	64,315	26,238	90,553	100.0%	100.0%	10.66	Jo-Ann, Staples, (Best Buy), (Costco), (Meijer), (Target)
West Oaks I	Novi, MI	100%	1979/1996/2004	8	243,987	243,987	213,717	30,270	243,987	100.0%	100.0%	9.55	Best Buy, DSW Shoe Warehouse, Gander Mountain, Home Goods-Sublease of JLPK-Novi LLC , Michaels, Old Navy
West Oaks II	Novi, MI	100%	1986/1996/2000	30	389,094	167,954	90,753	77,201	166,921	99.4%	99.4%	17.37	Jo-Ann, Marshalls, (Bed Bath & Beyond), (Kohl's), (Toys "R" Us), (Value City Furniture)
Total / Average				466	6,986,166	4,985,954	3,483,534	1,502,420	4,610,540	92.9%	92.5%	$ 9.11

Page 18 of 26

Ramco-Gershenson Properties Trust

Portfolio Summary Report

As of December 31, 2010

Company Owned GLA (1)

Property Name

Location

Ownership

Year Built /

Acquired /

Renovated

Number of

Units

Total Center

GLA (1)

Total

Anchor

Non-Anchor

Occupied

Leased

Occupied

ABR

psf

Anchor Tenants (2)

Ohio
Crossroads Centre	Rossford, OH	100%	2001/2001/NA	22	470,245		344,045	244,991	99,054	334,105	97.1%	97.1%	$ 9.01	Home Depot, Giant Eagle, Michaels, T J Maxx, (Target)
OfficeMax Center	Toledo, OH	100%	1994/1996/NA	1	22,930		22,930	22,930	-	22,930	100.0%	100.0%	12.10	OfficeMax
Rossford Pointe	Rossford, OH	100%	2006/2005/NA	6	47,477		47,477	41,077	6,400	47,477	100.0%	100.0%	9.86	Office Depot (3), PETsMART
Spring Meadows Place	Holland, OH	100%	1987/1996/2005	28	596,587		211,817	110,691	101,126	195,003	92.1%	92.1%	11.16	Ashley Furniture, OfficeMax, PETsMART, T J Maxx, (Best Buy), (Big Lots), (Dick's Sporting Goods), (Guitar Center), (Kroger), (Sam's Club), (Target)
Troy Towne Center	Troy, OH	100%	1990/1996/2003	18	341,719		144,610	86,584	58,026	141,170	97.6%	97.6%	6.14	Kohl's, (Wal-Mart)
Total / Average				75	1,478,958		770,879	506,273	264,606	740,685	96.1%	96.1%	$ 9.18

South Carolina
Taylors Square	Taylors, SC	100%	1989/1997/2005	11	241,236		33,791	-	33,791	22,124	95.8%	65.5%	$ 17.26	(Wal-Mart)
Total / Average				11	241,236		33,791	-	33,791	22,124	95.8%	65.5%	$ 17.26

Tennessee
Northwest Crossing	Knoxville, TN	100%	1989/1997/NA	10	304,224		96,279	66,346	29,933	96,279	100.0%	100.0%	$ 8.77	HH Gregg, Ross Dress For Less, (Wal-Mart)
Northwest Crossing II	Knoxville, TN	100%	1999/1999/NA	2	28,174		28,174	23,500	4,674	28,174	100.0%	100.0%	11.38	OfficeMax
Total / Average				12	332,398		124,453	89,846	34,607	124,453	100.0%	100.0%	$ 9.36

Virginia
The Town Center at Aquia [7]	Stafford, VA	100%	1989/1998/NA	13	97,990		97,990	62,184	35,806	87,251	89.0%	89.0%	$ 25.16	Northrop Grumman
Total / Average				13	97,990		97,990	62,184	35,806	87,251	89.0%	89.0%	$ 25.16

Wisconsin
East Town Plaza	Madison, WI	100%	1992/2000/2000	18	341,954		208,959	144,685	64,274	187,569	89.8%	89.8%	$ 9.23	Burlington Coat Factory, Marshalls, Jo-Ann, Borders, (Toys "R" Us), (Shopko)
The Shoppes at Fox River	Waukesha, WI	100%	2009/2010/NA	20	267,992		135,610	61,045	74,565	125,559	92.6%	92.6%	$ 16.27	Pick n' Save, (Target)
Total / Average				38	609,946		344,569	205,730	138,839	313,128	90.9%	90.9%	$ 12.05

Consolidated Portfolio Subtotal / Average				1116	13,329,888		9,485,649	6,105,455	3,380,194	8,515,080	90.7%	89.8%	$ 9.93

Consolidated Portfolio Under Redevelopment:
The Town Center at Aquia [4]	Stafford, VA	100%	1989/1998/NA	3	40,518		40,518	24,000	16,518	40,518	100.0%	100.0%	$ 10.64	Regal Cinemas
West Allis Towne Centre	West Allis, WI	100%	1987/1996/NA	28	315,626		315,626	179,818	135,808	268,935	90.7%	85.2%	8.20	Burlington Coat Factory, Kmart, Office Depot
Total / Average				31	356,144	#	356,144	203,818	152,326	309,453	91.8%	86.9%	$ 8.52

Consolidated Portfolio Subtotal / Average				1147	13,686,032		9,841,793	6,309,273	3,532,520	8,824,533	90.7%	89.7%	$ 9.88


Joint Venture Portfolio at 100%

Florida
Cocoa Commons	Cocoa, FL	30%	2001/2007/NA	23	90,116		90,116	51,420	38,696	76,020	84.4%	84.4%	$ 12.17	Publix
Cypress Point	Clearwater, FL	30%	1983/2007/NA	22	167,280		167,280	103,085	64,195	155,717	95.0%	93.1%	11.81	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee, FL	7%	2005/2005/NA	17	300,186		115,586	67,000	48,586	100,371	86.8%	86.8%	12.17	Jo-Ann, Marshalls, (Target)
Marketplace of Delray	Delray Beach, FL	30%	1981/2005/NA	49	238,901		238,901	107,190	131,711	214,660	89.9%	89.9%	12.09	Office Depot, Ross Dress For Less, Winn-Dixie
Martin Square	Stuart, FL	30%	1981/2005/NA	15	331,105		331,105	291,432	39,673	301,931	91.2%	91.2%	6.24	Home Depot, Sears, Staples
Mission Bay Plaza	Boca Raton, FL	30%	1989/2004/NA	58	272,866		272,866	154,637	118,229	217,752	91.9%	79.8%	20.56	Golfsmith (6), LA Fitness Sports Club, OfficeMax, Toys "R" Us
Shenandoah Square	Davie, FL	40%	1989/2001/NA	40	123,646		123,646	42,112	81,534	121,216	98.0%	98.0%	14.92	Publix
Shoppes of Lakeland	Lakeland, FL	7%	1985/1996/NA	22	312,288		188,888	122,441	66,447	155,289	96.5%	82.2%	11.93	Ashley Furniture, Michaels, (Target)
The Plaza at Delray	Delray Beach, FL	20%	1979/2004/NA	48	331,496		331,496	193,967	137,529	306,343	92.4%	92.4%	15.28	Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less, Staples
Treasure Coast Commons	Jensen Beach, FL	30%	1996/2004/NA	3	92,979		92,979	92,979	-	92,979	100.0%	100.0%	12.42	Barnes & Noble, OfficeMax, Sports Authority
Village of Oriole Plaza	Delray Beach, FL	30%	1986/2005/NA	40	155,770		155,770	42,112	113,658	147,110	94.4%	94.4%	12.40	Publix
Village Plaza	Lakeland, FL	30%	1989/2004/NA	25	146,755		146,755	64,504	82,251	111,412	75.9%	75.9%	12.65	Staples
Vista Plaza	Jensen Beach, FL	30%	1998/2004/NA	10	109,761		109,761	78,658	31,103	97,347	88.7%	88.7%	12.84	Bed Bath & Beyond, Michaels, Total Wine & More (6)
West Broward Shopping Center	Plantation, FL	30%	1965/2005/NA	19	156,236		156,236	81,801	74,435	153,121	98.0%	98.0%	10.80	Badcock, National Pawn Shop, Save-A-Lot, US Postal Service
Total / Average				391	2,829,385		2,521,385	1,493,338	1,028,047	2,251,268	91.8%	89.3%	$ 12.69

Georgia
Collins Pointe Plaza	Cartersville, GA	20%	1987/2006/NA	18	94,267		94,267	46,358	47,909	86,833	92.1%	92.1%	$ 8.68	Goodwill
Paulding Pavilion	Hiram, GA	20%	1995/2006/NA	12	84,846		84,846	60,509	24,337	82,896	97.7%	97.7%	14.03	Sports Authority, Staples
Peachtree Hill	Duluth, GA	20%	1986/2007/NA	34	150,872		150,872	87,411	63,461	94,965	63.9%	62.9%	10.46	Kroger
Total / Average				64	329,985		329,985	194,278	135,707	264,694	80.7%	80.2%	$ 10.99

Illinois
Market Plaza	Glen Ellyn, IL	20%	1965/2007/1996	35	163,054		163,054	66,079	96,975	147,386	90.4%	90.4%	$ 14.85	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows, IL	20%	1956/2008/1995	18	130,436		130,436	83,230	47,206	116,687	89.5%	89.5%	10.46	Jewel Osco, Northwest Community Hospital
Total / Average				53	293,490		293,490	149,309	144,181	264,073	90.0%	90.0%	$ 12.91

Page 19 of 26

Ramco-Gershenson Properties Trust

Portfolio Summary Report

As of December 31, 2010

Company Owned GLA (1)

Property Name

Location

Ownership

Year Built /

Acquired /

Renovated

Number of

Units

Total Center

GLA (1)

Total

Anchor

Non-Anchor

Occupied

Leased

Occupied

ABR

psf

Anchor Tenants (2)


Indiana
Nora Plaza	Indianapolis, IN	7%	1958/2007/2002	25	263,838	140,038	57,713	82,325	138,809	99.1%	99.1%	13.34	Marshalls, Whole Foods, (Target),
Total / Average				25	263,838	140,038	57,713	82,325	138,809	99.1%	99.1%	$ 13.34

Maryland
Crofton Centre	Crofton, MD	20%	1974/1996/NA	19	252,491	252,491	196,570	55,921	226,725	89.8%	89.8%	$ 7.35	Basics/Metro, Kmart, Gold's Gym
Total / Average				19	252,491	252,491	196,570	55,921	226,725	89.8%	89.8%	$ 7.35

Michigan
Gratiot Crossing	Chesterfield, MI	30%	1980/2005/NA	15	165,544	165,544	122,406	43,138	150,586	91.0%	91.0%	$ 8.55	Jo-Ann, Kmart
Hunter's Square	Farmington Hills, MI	30%	1988/2005/NA	37	357,302	357,302	194,236	163,066	351,170	98.3%	98.3%	16.36	Bed Bath & Beyond, Borders, Loehmann's, Marshalls, T J Maxx
Millennium Park	Livonia, MI	30%	2000/2005/NA	14	634,015	281,374	241,850	39,524	241,750	85.9%	85.9%	13.19	Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
Southfield Plaza Expansion	Southfield, MI	50%	1987/1996/2003	11	19,410	19,410	-	19,410	15,810	81.5%	81.5%	14.71
Troy Marketplace	Troy, MI	30%	2000/2005/NA	12	242,773	222,173	193,360	28,813	210,873	94.9%	94.9%	14.62	Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PETsMART, (REI)
West Acres Commons	Flint, MI	40%	1998/2001/NA	14	95,089	95,089	59,889	35,200	84,489	88.9%	88.9%	12.36	VG's Food Center
Winchester Center	Rochester Hills, MI	30%	1980/2005/NA	16	429,622	314,409	224,356	90,053	309,409	98.4%	98.4%	13.36	Borders, Dick's Sporting Goods, Linens 'N Things (5), Marshalls, Michaels, PETsMART, (Kmart)
Total / Average				119	1,943,755	1,455,301	1,036,097	419,204	1,364,087	93.7%	93.7%	$ 13.72

New Jersey
Chester Springs Shopping Center	Chester, NJ	20%	1970/1996/1999	41	223,201	223,201	108,769	114,432	167,998	87.4%	75.3%	$ 13.70	Shop-Rite Supermarket, Staples
Total / Average				41	223,201	223,201	108,769	114,432	167,998	87.4%	75.3%	$ 13.70

Ohio
Olentangy Plaza	Columbus, OH	20%	1981/2007/1997	42	253,930	253,930	139,130	114,800	240,172	94.6%	94.6%	$ 10.07	Eurolife Furniture, Marshalls, MicroCenter, Sunflower Market (3), Tues. Morning (6)
The Shops on Lane Avenue	Upper Arlington, OH	20%	1952/2007/2004	40	161,805	161,805	46,574	115,231	152,811	95.9%	94.4%	18.92	Bed Bath & Beyond, Whole Foods
Total / Average				82	415,735	415,735	185,704	230,031	392,983	95.9%	94.5%	$ 13.51

JV Subtotal / Average at 100%				794	6,551,880	5,631,626	3,421,778	2,209,848	5,070,637	91.8%	90.0%	$ 12.77

Joint Venture Under Redevelopment:
The Shops at Old Orchard	W. Bloomfield, MI	30%	1972/2007/NA	21	97,024	97,024	36,044	60,980	75,369	77.7%	77.7%	$ 18.25	Plum Market
Total / Average				21	97,024	97,024	36,044	60,980	75,369	77.7%	77.7%	$ 18.25

JV Total / Average at 100%				815	6,648,904	5,728,650	3,457,822	2,270,828	5,146,006	91.5%	89.8%	$ 12.85


PORTFOLIO TOTAL / AVERAGE				1,962	20,334,936	15,570,443	9,767,095	5,803,348	13,970,539	91.0%	89.7%	$ 10.98

Footnotes

(1) Company Owned GLA represents gross leaseable area that is owned by the Company. Total Center GLA includes Owned GLA and square footage attributable to non-owned anchor space.

(2) Anchor tenants are any tenant over 19,000 square feet. Tenants in parenthesis own their own GLA.

(3) Tenant closed - lease obligated.

(4) The Town Center at Aquia is considered a development project by the Company.

(5) Tenant closed in Bankruptcy, Leases are guaranteed by CVS.

(6) Space delivered to tenant.

(7) Represents the office building at The Town Center at Aquia.

Page 20 of 26

Ramco-Gershenson Properties Trust

Joint Venture Combining Balance Sheets

As of December 31, 2010

(in thousands)

	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah				S-12		Total
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Associates			JV's
	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Southfield, MI			at 100%

ASSETS
Investment in real estate
Land	$	76,926		$	43,806		$	2,879		$	7,601		$	4,019		$	1,118		$	1,653		$	50		$	138,052
Buildings and improvements		473,511			270,771			21,066			44,577			23,761			10,105			15,385			445			859,621
Construction in progress		468			859			5			545			-			-			-			-			1,877
Intangible assets, net		12,978			5,790			1,058			1,031			508			43			211			-			21,619
		563,883			321,226			25,008			53,754			28,288			11,266			17,249			495			1,021,169
Less: accumulated depreciation		(60,513	)		(22,843	)		(1,844	)		(3,995	)		(2,019	)		(2,364	)		(3,518	)		(163	)		(97,259	)
Investments in real estate, net		503,370			298,383			23,164			49,759			26,269			8,902			13,731			332			923,910
Cash and cash equivalents		9,626			10,312			426			1,150			181			507			573			173			22,948
Accounts receivable, net		9,526			4,006			591			315			85			5			483			20			15,031
Other assets, net		1,638			895			62			-			5			90			203			103			2,996

TOTAL ASSETS	$	524,160		$	313,596		$	24,243		$	51,224		$	26,540		$	9,504		$	14,990		$	628		$	964,885


LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	224,118		$	183,172		$	8,575		$	-		$	-		$	8,401		$	11,676		$	708		$	436,650
Accounts payable and accrued expenses		8,102			5,931			161			753			155			790			287			257			16,436
Total Liabilities		232,220			189,103			8,736			753			155			9,191			11,963			965			453,086

ACCUMULATED EQUITY (DEFICIT)		291,940			124,493			15,507			50,471			26,385			313			3,027			(337	)		511,799

TOTAL LIABILITIES AND ACCUMULATED EQUITY	$	524,160		$	313,596		$	24,243		$	51,224		$	26,540		$	9,504		$	14,990		$	628		$	964,885

																									Ramco Equity
																									Investment in
EQUITY INVESTMENTS IN AND NOTES																									Joint Ventures
RECEIVABLE FROM UNCONSOLIDATED ENTITIES
Equity Investments in Unconsolidated Entities	$	81,439		$	14,602		$	2,951		$	2,767		$	1,727		$	(209	)	$	1,169		$	743		$	105,189
Notes Receivable from Unconsolidated Entities		-			-			-			-			-			-			-			-			-
Total Equity Investments in and Notes
Receivable from Unconsolidated Entities	$	81,439		$	14,602		$	2,951		$	2,767		$	1,727		$	(209	)	$	1,169		$	743		$	105,189

Page 21 of 26

Ramco-Gershenson Properties Trust

Joint Venture Contribution to Funds from Operations

For the Three and Twelve Months Ended December 31, 2010

(in thousands)

	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah				S-12		Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Associates			JV's			Pro-Rata
Three months ended December 31, 2010	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Southfield, MI			at 100%			Share

Total revenue	$	11,655		$	6,183		$	564		$	897		$	557		$	309		$	620		$	69		$	20,854		$	5,323

Operating expense		2,869			1,388			90			41			80			305			140			48			4,961			1,345
Depreciation and amortization		3,536			2,220			190			323			163			67			148			9			6,656			1,663
Interest expense		3,481			3,088			57			-			-			282			219			11			7,138			1,874
Total expenses		9,886			6,696			337			364			243			654			507			68			18,755			4,882

Impairment charge on long-lived assets		-			-			-			-			-			-			-			-			-			-
Net income (loss)	$	1,769		$	(513	)	$	227		$	533		$	314		$	(345	)	$	113		$	1		$	2,099		$	441

Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40	%		40	%		50	%
Ramco's share of net income (loss)	$	531		$	(103	)	$	45		$	37		$	22		$	(137	)	$	45		$	1					$	441

Add: Pro rata share of depreciation expense		1,079			486			42			23			11			26			48			4						1,717
Funds from operations contributed by JV's	$	1,610		$	383		$	87		$	60		$	33		$	(111	)	$	93		$	5					$	2,158






	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah			Other			Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Joint			JV's			Pro-Rata
Twelve months ended December 31, 2010	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Ventures(2)			at 100%			Share

Total revenues	$	51,886		$	29,378		$	2,186		$	4,058		$	2,264		$	1,322		$	2,590		$	261		$	93,945		$	24,016

Operating expense		15,324			9,650			282			861			379			602			839			115			28,052			7,299
Depreciation and amortization		14,388			9,774			762			1,294			667			268			571			34			27,758			6,913
Interest expense		15,716			13,480			176			-			-			959			874			51			31,256			8,205
Total expenses		45,428			32,904			1,220			2,155			1,046			1,829			2,284			200			87,066			22,417

Impairment charge on long-lived assets(1)		-			9,102			-			-			-			-			-			-			9,102			1,820
Net income (loss)	$	6,458		$	(12,628	)	$	966		$	1,903		$	1,218		$	(507	)	$	306		$	61		$	(2,223	)	$	(221	)

Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40	%		40	%
Ramco's share of net income (loss)	$	1,938		$	(2,526	)	$	193		$	133		$	85		$	(202	)	$	122		$	36					$	(221	)

Add: Pro rata share of depreciation expense		4,263			1,945			150			91			46			106			191			6						6,798
Funds from operations contributed by JV's	$	6,201		$	(581	)	$	343		$	224		$	131		$	(96	)	$	313		$	42					$	6,577

(1) Impairment charge on Merchants' Square.

(2) Other joint ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010).

Page 22 of 26

Ramco-Gershenson Properties Trust

Summary of Joint Venture Debt

As of December 31, 2010

			Ramco							Stated				Ramco
			Ownership			Mortgage		Maturity	Loan	Interest				Share of
Property Name	Location	Lender or Servicer	Interest			Balance		Date	Type	Rate				Debt

Peachtree Hill	Duluth, GA	Key Bank NA		20	%	$	11,000,000	Feb-11	Variable		6.50	%	(1)	$	2,200,000
Martin Square	Stuart, FL	Berkadia Commercial Mortgage		30	%		12,383,395	Aug-11	Fixed		7.44	%			3,715,019
Shenandoah Square	Davie, FL	L.J. Melody & Co/Salomon		40	%		11,676,043	Feb-12	Fixed		7.33	%			4,670,417
Paulding Pavilion	Hiram, GA	Fifth Third Bank		20	%		8,574,998	Jun-12	Variable		1.71	%	(2)		1,715,000
West Broward Shopping Center	Plantation, FL	Berkadia Commercial Mortgage		30	%		9,363,351	Oct-12	Fixed		6.64	%			2,809,005
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA		30	%		43,386,804	Jul-13	Fixed		6.64	%			13,016,041
Winchester Center	Rochester Hills, MI	Wachovia		30	%		27,391,503	Jul-13	Fixed		8.11	%			8,217,451
Hunter's Square	Farmington Hills, MI	Wachovia		30	%		35,596,377	Aug-13	Fixed		8.15	%			10,678,913
The Plaza at Delray	Delray Beach, FL	CIGNA		20	%		47,257,598	Sep-13	Fixed		6.00	%			9,451,520
Chester Springs Shopping Center	Chester, NJ	Citigroup		20	%		22,297,849	Oct-13	Fixed		5.51	%			4,459,570
Village Plaza	Lakeland, FL	Citigroup		30	%		9,267,665	Sep-15	Fixed		5.01	%			2,780,300
Millennium Park	Livonia, MI	Citigroup		30	%		31,927,720	Oct-15	Fixed		5.02	%			9,578,316
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA		20	%		11,911,250	Dec-15	Fixed		5.34	%			2,382,250
Southfield Plaza Expansion	Southfield, MI	GECA		50	%		707,473	May-16	Fixed		5.88	%	(3)		353,737
Troy Marketplace	Troy, MI	Deutsche Banc		30	%		21,900,000	Jun-16	Fixed		5.90	%			6,570,000
Gratiot Crossing	Chesterfield Twp., MI	Deutsche Banc		30	%		13,500,000	Jun-16	Fixed		5.90	%			4,050,000
Crofton Centre	Crofton, MD	Citigroup		20	%		17,000,000	Jan-17	Fixed		5.85	%			3,400,000
The Shops on Lane Avenue	Upper Arlington, OH	Principal Global Investors		20	%		27,600,000	Jan-18	Variable		5.95	%	(4)		5,520,000
Olentangy Plaza	Columbus, OH	Principal Global Investors		20	%		21,600,000	Jan-18	Variable		5.88	%	(4)		4,320,000
Market Plaza	Glen Ellyn, IL	Principal Global Investors		20	%		24,505,000	Jan-18	Variable		5.88	%	(4)		4,901,000
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance		30	%		8,359,513	Jun-20	Fixed		5.54	%			2,507,854
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance		30	%		11,041,710	Jun-20	Fixed		5.54	%			3,312,513
West Acres Commons	Flint, MI	Midland Loan Services		40	%		8,401,214	Apr-30	Fixed		13.14	%	(5)		3,360,486

Total Debt						$	436,649,463							$	113,969,392

(1) Interest rate is variable based on LIBOR plus 4.50% and has a 2.00% LIBOR floor.

(2) Interest rate is variable based on LIBOR plus 1.45%.

(3) Resets per formula annually each June 1.

(4) Interest rate is fixed for five years and then lender has right to reset interest rate in 2013.

(5) Interest rate increased to 13.14% on 07/01/2010.

Page 23 of 26

Ramco-Gershenson Properties Trust

Joint Venture Same Properties Analysis

For the Three and Twelve Months Ended December 31, 2010

(in thousands)

	Three Months Ended December 31, 2010									Twelve Months Ended December 31, 2010
	2010			2009			% Change			2010			2009			% Change

Number of Properties (1)		29			29			0.0	%		30			30			0.0	%

Occupancy		90.0	%		88.9	%		1.1	%		90.0	%		88.9	%		1.1	%


REVENUE
Minimum rent	$	14,502		$	14,709			-1.4	%	$	59,955		$	62,807			-4.5	%
Percentage rent		35			7			400.0	%		373			249			49.8	%
Recovery income from tenants		4,209			4,261			-1.2	%		19,488			20,923			-6.9	%
Other property income		331			218			51.8	%		1,090			675			61.5	%
	$	19,077		$	19,195			-0.6	%	$	80,906		$	84,654			-4.4	%

EXPENSES
Real estate taxes	$	2,659		$	2,963			-10.3	%	$	12,918		$	13,429			-3.8	%
Recoverable operating expense		2,544			2,556			-0.5	%		9,275			9,628			-3.7	%
Other non-recoverable operating expense		1,667			1,517			9.9	%		6,742			6,132			9.9	%
	$	6,870		$	7,036			-2.4	%	$	28,935		$	29,189			-0.9	%

NET OPERATING INCOME	$	12,207		$	12,159			0.4	%	$	51,971		$	55,465			-6.3	%

Operating Expense Recovery Ratio		80.9	%		77.2	%		3.7	%		87.8	%		90.7	%		-2.9	%

(1) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment.

Page 24 of 26

Ramco-Gershenson Properties Trust
Joint Venture Leasing Activity
As of December 31, 2010


New leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		13		28,232	$	17.51	$	20.00		-12.4	%		4.7	$	7.41
3rd Quarter 2010		10		36,263	$	12.58	$	13.41		-6.2	%		7.5	$	6.98
2nd Quarter 2010		19		114,143	$	13.72	$	14.35		-4.4	%		8.4	$	32.37
1st Quarter 2010		6		30,097	$	12.17	$	11.86		2.6	%		8.1	$	30.06
Total		48		208,735	$	13.81	$	14.59		-5.3	%		7.7	$	24.25


Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		27		61,645	$	19.15	$	20.09		-4.7	%		4.2	$	0.02
3rd Quarter 2010		26		223,312	$	13.22	$	13.21		0.1	%		4.4	$	0.00
2nd Quarter 2010		28		227,346	$	9.55	$	9.47		0.8	%		4.4	$	2.44
1st Quarter 2010		33		187,849	$	12.35	$	15.53		-20.5	%		3.1	$	0.03
Total		114		700,152	$	12.32	$	13.22		-6.8	%		4.0	$	0.08


Total Comparable Leases (2)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		40		89,877	$	18.63	$	20.06		-7.1	%		4.4	$	2.34
3rd Quarter 2010		36		259,575	$	13.13	$	13.24		-0.8	%		4.8	$	1.00
2nd Quarter 2010		47		341,489	$	10.94	$	11.10		-1.4	%		5.7	$	12.14
1st Quarter 2010		39		217,946	$	12.33	$	15.02		-17.9	%		3.8	$	4.18
Total		162		908,887	$	12.66	$	13.54		-6.5	%		4.9	$	6.08


Total Comparable and Non-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (1)		Rent Growth %			Wtd. Avg. Lease Term			Tls PSF
4th Quarter 2010		46		126,174	$	17.09		N/A		N/A			5.4	$	10.58
3rd Quarter 2010		42		305,261	$	12.72		N/A		N/A			5.5	$	2.05
2nd Quarter 2010		54		366,245	$	11.56		N/A		N/A			6.3	$	13.31
1st Quarter 2010		41		285,304	$	10.84		N/A		N/A			5.3	$	4.42
Total		183		1,082,984	$	12.34		N/A		N/A			5.7	$	7.48


(1) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
(2) Comparable leases represent those leases signed on spaces for which there was a former tenant.

Page 25 of 26

Ramco-Gershenson Properties Trust
Joint Venture Summary of Expiring GLA
As of December 31, 2010


	Anchor Tenants (1)					Non-Anchor Tenants					All Leases

Expiration Year	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf	Number of Leases	Square Feet	% of SF	% of ABR	ABR psf

(2)	1	22,128	0.6%	0.5%	$ 7.05	22	56,682	2.5%	1.9%	$ 11.82	23	78,810	1.4%	1.2%	$ 10.48
2011	3	87,362	2.5%	2.1%	7.65	103	275,462	12.1%	12.7%	15.97	106	362,824	6.3%	7.7%	13.97
2012	6	246,976	7.1%	5.6%	7.14	108	335,540	14.8%	17.5%	18.05	114	582,516	10.2%	11.8%	13.42
2013	10	387,427	11.2%	11.9%	9.69	106	285,614	12.6%	15.4%	18.67	116	673,041	11.7%	13.7%	13.50
2014	10	380,788	11.0%	10.2%	8.45	78	251,490	11.1%	13.1%	18.06	88	632,278	11.0%	11.7%	12.27
2015	13	517,523	15.0%	15.3%	9.32	64	206,468	9.1%	11.2%	18.75	77	723,991	12.6%	13.1%	12.01
2016	11	380,596	11.0%	12.4%	10.31	41	166,254	7.3%	9.0%	18.73	52	546,850	9.5%	10.6%	12.87
2017	5	134,910	3.9%	6.5%	15.15	16	61,763	2.7%	4.1%	23.20	21	196,673	3.4%	5.4%	17.68
2018	4	177,514	5.2%	5.9%	10.43	14	68,350	3.0%	3.3%	16.77	18	245,864	4.3%	4.6%	12.19
2019	5	201,705	5.8%	7.7%	11.98	12	40,804	1.8%	2.5%	20.69	17	242,509	4.2%	4.9%	13.44
2020	3	218,423	6.4%	3.1%	4.43	13	41,796	1.8%	2.9%	23.11	16	260,219	4.6%	2.9%	7.43
2021+	11	480,847	13.9%	18.8%	12.41	13	119,584	5.3%	6.4%	18.28	24	600,431	10.6%	12.4%	13.58
Sub-Total	82	3,236,199	93.6%	100.0%	$ 9.75	590	1,909,807	84.1%	100.0%	$ 18.09	672	5,146,006	89.8%	100.0%	$ 12.85

Vacant	8	221,623	6.4%	N/A	N/A	135	361,021	15.9%	N/A	N/A	143	582,644	10.2%	N/A	N/A

Total	90	3,457,822	100.0%	100.0%	N/A	725	2,270,828	100.0%	100.0%	N/A	815	5,728,650	100.0%	100.0%	N/A



(1) Anchor is defined as a tenant leasing 19,000 square feet or more.
(2) Tenants currently under month to month lease or in the process of renewal.

Page 26 of 26

Attached files

RPT Realty Reports

Also read