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	a50165684.htm
EX-99.1 - EXHIBIT 99.1 - RPT Realty	a50165684ex_991.htm

Exhibit 99.2

Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
December 31, 2011



TABLE OF CONTENTS


		Page
Overview
	Company Information	3
	Disclosures	4
Financial Results and Debt Information
	Consolidated Balance Sheets	5
	Consolidated Balance Sheets Detail	6
	Consolidated Market Data	7
	Summary of Debt Expiration - Consolidated Properties	8
	Summary of Outstanding Debt - Consolidated Properties	9
	Consolidated Statements of Operations	10
	Consolidated Statements of Operations Detail	11
	Funds from Operations and Additional Disclosures	12
	EBITDA	13
Operating and Portfolio Information
	Consolidated Same Properties Analysis	14
	Summary of Expiring GLA - Consolidated and Unconsolidated Properties	15
	Top Twenty-Five Tenants - Consolidated and Unconsolidated Properties	16
	Leasing Activity - Consolidated and Unconsolidated Portfolios	17
	Portfolio Summary Report	18-21
	Redevelopment and Development Projects	22
	Acquisitions / Dispositions	23
Joint Venture Information
	Joint Venture Combined Balance Sheets	24
	Summary of Joint Venture Debt	25
	Joint Venture Contribution to Funds from Operations	26
	Joint Venture Summary of Expiring GLA	27
	Joint Venture Leasing Activity	28

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

December 31, 2011

Disclosures

Forward-Looking Statements

Certain information contained in this Quarterly Financial and Operating Supplemental Information Package may 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, 2011. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.

Funds From Operations

Management considers funds from operations, also known as "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. In addition, NAREIT has recently clarified its computation of FFO to exclude impairment charges on depreciable property and equity investments in depreciable property. Management has restated FFO for prior periods accordingly. 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 between periods or to compare our performance to different REITs. 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 other real estate companies.

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets
December 31, 2011
(in thousands)


	December 31,			December 31,
	2011			2010
ASSETS
Income producing properties, at cost:
Land	$	133,145		$	114,814
Buildings and improvements		863,763			863,225
Less accumulated depreciation and amortization		(222,722	)		(213,915	)
Income producing properties, net		774,186			764,124
Construction in progress and land held for development or sale (including $0 and $25,812 of consolidated variable interest entities, respectively)		87,549			96,056
Net real estate	$	861,735		$	860,180
Equity investments in unconsolidated joint ventures		97,020			105,189
Cash and cash equivalents		12,155			10,175
Restricted cash		6,063			5,726
Accounts & notes receivable, net		12,614			13,534
Other assets, net		59,236			58,025
TOTAL ASSETS	$	1,048,823		$	1,052,829

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable (including $0 and $4,605 of consolidated variable interest entities, respectively)	$	325,887		$	363,819
Unsecured/secured revolving credit facility		29,500			119,750
Unsecured/secured term loan facilities, including secured bridge loan		135,000			60,000
Junior subordinated notes		28,125			28,125
Total mortgages and notes payable	$	518,512		$	571,694
Capital lease obligation		6,341			6,641
Accounts payable and accrued expenses		31,546			24,986
Other liabilities & distributions payable		11,250			10,142
TOTAL LIABILITIES	$	567,649		$	613,463

Ramco-Gershenson Properties Trust shareholders' equity:
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 2,000 and 0 issued and outstanding as of December 31, 2011 and December 31, 2010, respectively	$	100,000		$	-
Common shares of beneficial interest, $0.01 par, 60,000 shares authorized, 38,735 and 37,947 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively		387			379
Additional paid-in capital		570,225			563,370
Accumulated distributions in excess of net income		(218,888	)		(161,476	)
Accumulated other comprehensive loss		(2,649	)		-
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		449,075			402,273
Noncontrolling interest		32,099			37,093
TOTAL SHAREHOLDERS' EQUITY		481,174			439,366
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,048,823		$	1,052,829

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets Detail
December 31, 2011
(in thousands)


	December 31,		December 31,
	2011		2010
Investment in real estate

Construction in progress	$	10,822	$	2,721
Land held for development or sale		76,727		93,335
Construction in progress and land held for development or sale	$	87,549	$	96,056



Other assets, net
Deferred leasing costs, net	$	14,895	$	14,575
Deferred financing costs, net		5,565		6,703
Lease intangible assets, net		13,702		7,969
Straight-line rent receivable, net		16,030		17,864
Prepaid and other deferred expenses, net		6,702		8,242
Other, net		2,342		2,672
Other assets, net	$	59,236	$	58,025

Ramco-Gershenson Properties Trust
Consolidated Market Data
December 31, 2011


	December 31,			December 31,
	2011			2010
Market price per common share	$	9.83		$	12.45

Common shares outstanding		38,735,083			37,946,541
Operating Partnership Units		2,618,768			2,899,079
Dilutive securities		145,819			-
Total common shares and equivalents		41,499,670			40,845,620

Equity market capitalization	$	407,941,756		$	508,527,969




Fixed rate debt (excluding unamortized premium)	$	488,965,218		$	369,384,328
Variable rate debt		29,500,000			202,227,446
Total fixed and variable rate debt	$	518,465,218		$	571,611,774
Capital lease obligation		6,340,702			6,640,764
Cash and cash equivalents		(12,154,711	)		(10,175,002	)
Net debt	$	512,651,209		$	568,077,536

Equity market capitalization	$	407,941,756		$	508,527,969
Convertible perpetual preferred shares		85,260,000	(1)		-
Total market capitalization	$	1,005,852,965		$	1,076,605,505

Net debt to total market capitalization		51.0	%		52.8	%



(1) Convertible preferred shares based on a market price of $42.63 per share at December 31, 2011 as compared to liquidation value of $50.00 per share.

Ramco-Gershenson Properties Trust
Summary of Debt Expiration - Consolidated Properties
December 31, 2011


													Cumulative
			Scheduled					Total		Percentage			Percentage
			Amortization		Scheduled			Scheduled		of Debt			of Debt
Year			Payments		Maturities			Maturities		Maturing			Maturing
2012				5,008,843		10,602,053			15,610,896		3.0	%		3.0	%
2013				4,740,792		21,080,527			25,821,319		5.0	%		8.0	%
2014				33,471,138		29,676,361	(1)		63,147,499		12.2	%		20.2	%
2015				3,753,247		73,189,467			76,942,714		14.8	%		35.0	%
2016				1,894,009		75,000,000	(2)		76,894,009		14.8	%		49.8	%
2017				1,835,834		110,000,000			111,835,834		21.6	%		71.4	%
2018				1,599,341		82,046,854	(3)		83,646,195		16.1	%		87.5	%
2019				1,265,942		3,148,141			4,414,083		0.9	%		88.4	%
2020				549,024		24,717,029			25,266,053		4.9	%		93.3	%
2021				348,004		-			348,004		0.1	%		93.4	%
	2022	+		-		34,538,612			34,538,612		6.6	%		100.0	%
Subtotal Mortgage Debt			$	54,466,174	$	463,999,044		$	518,465,218
Unamortized premium						46,797			46,797
Total mortgage debt (including unamortized premium)			$	54,466,174	$	464,045,841		$	518,512,015



(1) Scheduled maturities in 2014 include $29.5 million which represents the balance of the Unsecured Revolving Credit Facility drawn as of 12/31/11 due at maturity in April 2014.
(2) Scheduled maturities in 2016 include $75 million of Unsecured Term Loan assuming Company exercises a one-year extension option in April 2015.
(3) Scheduled maturities in 2018 include $60 million of Unsecured Term Loan due Sept 2018.

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt - Consolidated Properties
December 31, 2011

			Balance		Stated					% of
			at		Interest			Loan	Maturity	Total
Property Name	Location	Lender or Servicer	12/31/11		Rate			Type	Date	Indebtedness

Mortgage Debt
The Crossroads	Royal Palm Beach, FL	L.J. Melody & Co./Salomon		10,735,549		6.5000	%	Fixed	Aug-12		2.1	%
East Town Plaza	Madison, WI	Citigroup Global Markets		10,490,895		5.4500	%	Fixed	Jul-13		2.0	%
Centre at Woodstock	Woodstock, GA	Wachovia		3,544,147		6.9100	%	Fixed	Jul-13		0.7	%
Kentwood Towne Centre (1)	Kentwood, MI	Nationwide Life		8,579,538		5.7400	%	Fixed	Jul-13		1.7	%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets		6,967,357		5.3800	%	Fixed	May-14		1.3	%
Crossroads Centre	Rossford, OH	Citigroup Global Markets		24,268,725		5.3800	%	Fixed	May-14		4.7	%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.		14,434,298		5.7980	%	Fixed	Jun-15		2.8	%
Jackson West	Jackson, MI	Key Bank		16,927,171		5.2000	%	Fixed	Nov-15		3.3	%
West Oaks I	Novi, MI	Key Bank		26,898,240		5.2000	%	Fixed	Nov-15		5.2	%
New Towne Plaza	Canton Twp., MI	Deutsche Bank		19,526,841		5.0910	%	Fixed	Dec-15		3.8	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		3,995,398		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		21.2	%
Jackson Crossing	Jackson, MI	Wells Fargo Bank, N.A.		24,457,004		5.7600	%	Fixed	Apr-18		4.7	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		1,695,261		7.2000	%	Fixed	May-18		0.3	%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau		3,831,673		7.3800	%	Fixed	Dec-19		0.7	%
West Oaks II and Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.		30,471,869		6.4950	%	Fixed	Apr-20		5.8	%
Coral Creek (2)	Coconut Creek, FL	Key Bank		9,016,252		6.7800	%	Fixed	Jul-32		1.7	%

Subtotal Mortgage Debt	$	325,840,218	5.6730	%	62.8	%
Unamortized premium		46,797	0.0000	%	0.0	%
Total mortgage debt (including unamortized premium)	$	325,887,015	5.6730	%	62.8	%

Corporate Debt
Unsecured Revolving Credit Facility	Key Bank, as agent	$	29,500,000	2.8007	%	Variable	Apr-14	5.7	%
Unsecured Term Loan (3)	Key Bank, as agent		75,000,000	3.4675	%	Fixed	Apr-16	14.5	%
Unsecured Term Loan (4)	Key Bank, as agent		60,000,000	4.1982	%	Fixed	Sep-18	11.6	%
Junior Subordinated Note (5)	The Bank of New York Trust Co.		28,125,000	7.8700	%	Fixed	Jan-38	5.4	%

Subtotal Corporate Debt

192,625,000

4.2358

37.2

Total debt

518,512,015

5.1386

100.0

Capital Lease Obligation (6)

Gaines Twp., MI

Crown Development Corp

6,340,702

5.8000

Ground Lease

Oct-14

N/A

(1) The Company owns a 77% interest in this property.

(2) Fixed rate to July 2012 when loan can be prepaid or rate increases to greater of 8.78% or Treasuries + 2.0%.

(3) Effectively converted to fixed rate through swap agreement that expires at final maturity in April 2016. Assumes Company exercises a one-year extension option in April 2015.

(4) Effectively converted to fixed rate through swap agreements that expire at loan maturity in September 2018.

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

(6) 99 year Ground Lease expires Sept 2103. Purchase option date is Oct 2014.

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2011 and 2010
(in thousands, except per share data)


	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase									Increase
	2011			2010			(Decrease)			2011			2010			(Decrease)
REVENUE
Minimum rent	$	20,350		$	19,339		$	1,011		$	81,958		$	76,703		$	5,255
Percentage rent		30			57			(27	)		256			387			(131	)
Recovery income from tenants		8,557			8,254			303			30,813			28,865			1,948
Other property income		397			499			(102	)		4,167			3,070			1,097
Management and other fee income		1,032			1,035			(3	)		4,126			4,192			(66	)
TOTAL REVENUE		30,366			29,184			1,182			121,320			113,217			8,103

EXPENSES
Real estate taxes		4,463			4,171			292			17,253			15,989			1,264
Recoverable operating expense		4,404			4,402			2			15,438			14,617			821
Other non-recoverable operating expense		1,295			1,003			292			3,704			3,159			545
Depreciation and amortization		9,380			8,777			603			36,255			30,590			5,665
General and administrative		4,382			5,535			(1,153	)		19,650			18,994			656
TOTAL EXPENSES		23,924			23,888			36			92,300			83,349			8,951

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		6,442			5,296			1,146			29,020			29,868			(848	)

OTHER INCOME AND EXPENSES
Other (expense) income		(39	)		48			(87	)		(257	)		(973	)		716
(Loss) gain on sale of real estate		-			(36	)		36			2,441			2,096			345
(Loss) earnings from unconsolidated joint ventures		(3,667	)		441			(4,108	)		1,669			(221	)		1,890
Interest expense		(7,016	)		(7,910	)		894			(28,138	)		(30,785	)		2,647
Amortization of deferred financing fees		(380	)		(810	)		430			(1,869	)		(2,612	)		743
Provision for impairment		(27,800	)		-			(27,800	)		(27,800	)		(28,787	)		987
Provision for impairment on equity investments in unconsolidated joint ventures		(9,611	)		-			(9,611	)		(9,611	)		(2,653	)		(6,958	)
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 extinguishment of debt		-			-			-			(1,968	)		-			(1,968	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX		(42,071	)		8,661			(50,732	)		(36,513	)		(22,435	)		(14,078	)
Income tax benefit (provision)		190			358			(168	)		(795	)		670			(1,465	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(41,881	)		9,019			(50,900	)		(37,308	)		(21,765	)		(15,543	)

DISCONTINUED OPERATIONS
Gain (loss) on sale of real estate		1,020			-			1,020			7,197			(2,050	)		9,247
Gain (loss) on extinguishment of debt		1,218			(242	)		1,460			1,218			(242	)		1,460
Income (loss) from discontinued operations		66			96			(30	)		393			333			60
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		2,304			(146	)		2,450			8,808			(1,959	)		10,767

NET (LOSS) INCOME		(39,577	)		8,873			(48,450	)		(28,500	)		(23,724	)		(4,776	)
Net (income) loss attributable to noncontrolling partner interest		(4	)		28			(32	)		-			1,944			(1,944	)
Net loss (income) attributable to noncontrolling OP unit holder interest		2,485			(583	)		3,068			1,742			1,632			110
NET (LOSS) INCOME ATTRIBUTABLE TO RPT		(37,096	)		8,318			(45,414	)		(26,758	)		(20,148	)		(6,610	)
Preferred share dividends		(1,813	)		-			(1,813	)		(5,244	)		-			(5,244	)
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	(38,909	)	$	8,318		$	(47,227	)	$	(32,002	)	$	(20,148	)	$	(11,854	)

(LOSS) EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	(1.05	)	$	0.22		$	(1.27	)	$	(1.05	)	$	(0.51	)	$	(0.54	)
Discontinued operations		0.05			-			0.05			0.21			(0.06	)		0.27
	$	(1.00	)	$	0.22		$	(1.22	)	$	(0.84	)	$	(0.57	)	$	(0.27	)
(LOSS) EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	(1.05	)	$	0.22		$	(1.27	)	$	(1.05	)	$	(0.51	)	$	(0.54	)
Discontinued operations		0.05			-			0.05			0.21			(0.06	)		0.27
	$	(1.00	)	$	0.22		$	(1.22	)	$	(0.84	)	$	(0.57	)	$	(0.27	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		38,735			37,649			1,086			38,466			35,046			3,420
Diluted		38,735			37,845			890			38,466			35,046			3,420

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations Detail
For the Three and Twelve Months Ended December 31, 2011 and 2010
(in thousands)


	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase									Increase
	2011			2010			(Decrease)			2011			2010			(Decrease)
Other property income
Lease termination income	$	40		$	14		$	26		$	2,541		$	1,193		$	1,348
Temporary income		177			244			(67	)		611			461			150
TIF revenue		75			155			(80	)		405			316			89
Other		105			86			19			610			1,100			(490	)
Other property income	$	397		$	499		$	(102	)	$	4,167		$	3,070		$	1,097

Management and other fee income
Management fees	$	695		$	689		$	6		$	2,760		$	2,893		$	(133	)
Leasing fees		177			214			(37	)		935			924			11
Acquisition / Disposition fees		-			-			-			66			375			(309	)
Construction fees		160			132			28			365			-			365
Management and other fee income	$	1,032		$	1,035		$	(3	)	$	4,126		$	4,192		$	(66	)

Other (expense) income
Real estate taxes and insurance expense on land held for development or sale	$	(216	)	$	(211	)	$	(5	)	$	(1,115	)	$	(1,289	)	$	174
Interest income		177			281			(104	)		858			316			542
Other		-			(22	)		22			-			-			-
Other (expense) income	$	(39	)	$	48		$	(87	)	$	(257	)	$	(973	)	$	716



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

Ramco-Gershenson Properties Trust
Funds from Operations and Additional Disclosures
For the Three and Twelve Months Ended December 31, 2011 and 2010
(in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2011			2010			2011			2010

Net (loss) income available to common shareholders	$	(38,909	)	$	8,318		$	(32,002	)	$	(20,148	)
Adjustments:
Rental property depreciation and amortization expense		9,261			8,920			36,271			31,213
Pro-rata share of real estate depreciation from unconsolidated joint ventures		4,365			1,717			9,310			6,798
(Gain) loss on sale of depreciable real estate		(1,020	)		(1,809	)		(7,197	)		241
Gain on sale of joint venture depreciable real estate		-			-			(2,718	)		-
Provision for impairment on income-producing properties		16,332			-			16,332			-
Provision for impairment on equity investments in unconsolidated joint ventures		9,611			-			9,611			2,653
Provision for impairment on joint venture income-producing properties (1)		1,644			-			1,644			1,820
Noncontrolling interest in Operating Partnership		(2,485	)		583			(1,742	)		(1,632	)
FUNDS FROM OPERATIONS	$	(1,201	)	$	17,729		$	29,509		$	20,945
Bargain purchase gain on acquisition of real estate		-			(9,836	)		-			(9,836	)
(Gain) loss on extinguishment of debt		(1,218	)		242			750			242
Provision for impairment for land available for salej		11,468			-			11,468			28,787
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE	$	9,049		$	8,135		$	41,727		$	40,138

Weighted average common shares		38,735			37,649			38,466			35,046
Shares issuable upon conversion of Operating Partnership Units		2,629			2,901			2,785			2,902
Dilutive effect of securities		132			196			145			178
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		41,496			40,746			41,396			38,126


FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	(0.03	)	$	0.44		$	0.71		$	0.55
Bargain purchase gain on acquisition of real estate		-			(0.25	)		-			(0.26	)
(Gain) loss on extinguishment of debt		(0.03	)		0.01			0.02			0.01
Provision for impairment for land available for sale		0.28			-			0.28			0.76
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE, PER DILUTED SHARE	$	0.22		$	0.20		$	1.01		$	1.05

Dividend per common share	$	0.1633		$	0.1633		$	0.6530		$	0.6530
Payout ratio - FFO, excluding impairment charges and extinguishment of debt		74.2	%		81.7	%		64.7	%		62.2	%

Additional Supplemental Disclosures:
Consolidated (includes discontinued operations):
Straight-line rental income	$	(667	)	$	(159	)	$	(331	)	$	789
Above/below market rent amortization		(117	)		(42	)		(126	)		150
Fair market value of interest adjustment - acquired property		8			9			35			202
Stock-based compensation expense (2)		465			436			1,849			1,174

Pro-rata share from Unconsolidated Joint Ventures (includes discontinued operations):
Straight-line rental income		241			93			347			311
Above/below market rent amortization		10			25			160			157
Fair market value of interest adjustment - acquired property		45			85			217			291

(1) Amount included in (loss) earnings from unconsolidated joint ventures
(2) Includes expense reversal of $472k in the twelve months ended December 31, 2010 for performance shares not issued.

Ramco-Gershenson Properties Trust
Earnings Before Interest, Taxes, Depreciation and Amortization
For the Twelve Months Ended December 31, 2011 and 2010
(in thousands, except per share data)


	Twelve Months Ended December 31,
	2011			2010
EBITDA Calculation

Net loss	$	(28,500	)	$	(23,724	)
Add back:
(Gain) loss on sale of depreciable real estate from continuing operations		(7,197	)		2,050
Gain on sale of joint venture depreciable real estate		(2,718	)		-
Provision for impairment on income-producing properties		16,332			-
Provision for impairment on unconsolidated joint ventures		9,611			2,653
Provision for impairment on joint venture income-producing properties		1,644			1,820
Provision for impairment for land available for sale		11,468			28,787
Bargain purchase gain on acquisition of real estate		-			(9,836	)
Deferred gain recognized upon acquisition of real estate		-			(1,796	)
Loss on early extinguishment of debt		750			242
Income tax provision (benefit)		795			(670	)
Interest expense		29,104			32,699
Amortization of deferred financing fees		1,879			2,663
Depreciation and amortization		37,026			31,990
Non-recurring depreciation expense for joint venture redevelopment projects		2,656			-
Consolidated EBITDA	$	72,850		$	66,878

Scheduled mortgage principal payments	$	5,292		$	4,798

Debt and Coverage Ratios
Consolidated net debt to EBITDA - trailing twelve months		7.0			8.5
Interest coverage ratio (EBITDA / interest expense) - trailing twelve months		2.5			2.0
Fixed charge coverage ratio (EBITDA / interest expense + preferred dividends + scheduled principal amortization - trailing twelve months mortgage principal pmts.)		1.8			1.8

Operating Ratios
GAAP NOI	$	82,950		$	78,971
Operating margin (GAAP NOI / total rental revenue)		68.6	%		68.3	%

General & Administrative Expense as a Percentage of Total Rental Revenues Under Management (1)
Revenue from REIT owned properties	$	120,878		$	115,564
Revenue from joint venture properties		86,150			93,945
Revenue from non-REIT properties under management contract		3,376			3,480
Total rental revenues under management	$	210,404		$	212,989

General and administrative expense	$	19,650		$	18,994
General and administrative expense / total rental revenues under management		9.3	%		8.9	%



(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 and managed properties that are not owned.

Ramco-Gershenson Properties Trust
Consolidated Same Properties Analysis
For the Three and Twelve Months Ended December 31, 2011 and 2010
(in thousands)


	Three Months Ended December 31,									Twelve Months Ended December 31,
	2011			2010			% Change			2011			2010			% Change

Number of Properties		40			40			0.0	%		38			38			0.0	%

Occupancy		93.8	%		92.6	%		1.2	%		94.1	%		93.0	%		1.1	%


REVENUE (1)
Minimum rent	$	16,601		$	16,503			0.6	%	$	64,386		$	63,940			0.7	%
Percentage rent		30			55			-45.5	%		237			352			-32.7	%
Recovery income from tenants		7,129			6,977			2.2	%		25,195			25,352			-0.6	%
Other property income		213			202			5.4	%		634			636			-0.3	%
	$	23,973		$	23,737			1.0	%	$	90,452		$	90,280			0.2	%

EXPENSES
Real estate taxes	$	3,444		$	3,636			-5.3	%	$	13,409		$	14,012			-4.3	%
Recoverable operating expense		3,330			3,353			-0.7	%		11,020			10,723			2.8	%
Other non-recoverable operating expense		535			464			15.3	%		1,847			2,276			-18.8	%
	$	7,309		$	7,453			-1.9	%	$	26,276		$	27,011			-2.7	%

NET OPERATING INCOME	$	16,664		$	16,284			2.3	%	$	64,176		$	63,269			1.4	%

Operating Expense Recovery Ratio		105.2	%		99.8	%		5.4	%		103.1	%		102.5	%		0.6	%


(1) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers held for redevelopment or available for sale.

Ramco-Gershenson Properties Trust
Summary of Expiring GLA - Consolidated and Unconsolidated Properties
December 31, 2011


			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	)		3		84,143		0.9	%		0.8	%	$	7.71		31		82,656		1.4	%		1.3	%	$	11.86		34		166,799		1.1	%		1.1	%	$	9.77
	2012			8		350,548		3.7	%		2.6	%		5.86		224		731,127		12.6	%		14.9	%		15.87		232		1,081,675		7.1	%		8.8	%		12.62
	2013			22		779,162		8.3	%		7.6	%		7.62		251		769,484		13.2	%		15.8	%		15.97		273		1,548,646		10.2	%		11.7	%		11.77
	2014			20		902,836		9.7	%		7.6	%		6.54		253		799,320		13.8	%		15.8	%		15.45		273		1,702,156		11.2	%		11.7	%		10.72
	2015			27		1,055,498		11.3	%		11.7	%		8.62		179		594,904		10.2	%		12.6	%		16.45		206		1,650,402		10.9	%		12.1	%		11.45
	2016			31		1,231,620		13.2	%		14.0	%		8.85		186		723,872		12.5	%		16.0	%		17.20		217		1,955,492		12.9	%		15.0	%		11.94
	2017			24		849,341		9.1	%		11.6	%		10.58		74		299,923		5.2	%		6.5	%		16.99		98		1,149,264		7.6	%		9.0	%		12.26
	2018			13		514,468		5.5	%		6.6	%		9.92		31		126,399		2.2	%		3.0	%		18.64		44		640,867		4.2	%		4.8	%		11.64
	2019			12		602,164		6.4	%		7.1	%		9.22		24		106,810		1.8	%		2.4	%		17.44		36		708,974		4.7	%		4.8	%		10.46
	2020			6		354,080		3.8	%		3.0	%		6.56		30		155,811		2.7	%		3.5	%		17.44		36		509,891		3.4	%		3.2	%		9.88
	2021			19		681,160		7.3	%		8.5	%		9.75		26		130,878		2.3	%		2.7	%		16.20		45		812,038		5.4	%		5.6	%		10.79
	2022	+		22		1,524,811		16.3	%		18.9	%		9.59		36		251,161		4.2	%		5.5	%		17.05		58		1,775,972		11.7	%		12.2	%		10.64
Sub-Total				207		8,929,831		95.5	%		100.0	%	$	8.71		1,345		4,772,345		82.1	%		100.0	%	$	16.32		1,552		13,702,176		90.4	%		100.0	%	$	11.36

Leased [3]				1		40,461		0.4	%		N/A			N/A		21		120,025		2.1	%		N/A			N/A		22		160,486		1.0	%		N/A			N/A

Vacant				8		380,238		4.1	%		N/A			N/A		326		917,366		15.8	%		N/A			N/A		334		1,297,604		8.6	%		N/A			N/A

Total				216		9,350,530		100.0	%		100.0	%		N/A		1,692		5,809,736		100.0	%		100.0	%		N/A		1,908		15,160,266		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.
(3) Lease has been executed, but space has not yet been delivered.

Ramco-Gershenson Properties Trust
Top Twenty-Five Tenants (ranked by annualized base rent)
Consolidated and Unconsolidated Properties
December 31, 2011

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	23		720,738		4.8	%	$	6,825,036	$	9.47		4.4	%
Home Depot	A-/A3	3		384,690		2.5	%		3,110,250		8.09		2.0	%
Dollar Tree	NR/NR	31		328,967		2.2	%		2,935,412		8.92		1.9	%
Publix Super Market	NR/NR	8		372,141		2.5	%		2,790,512		7.50		1.8	%
OfficeMax	B-/B1	11		252,045		1.7	%		2,710,828		10.76		1.7	%
Jo-Ann Fabrics	B/B2	6		218,993		1.4	%		2,542,174		11.61		1.6	%
Burlington Coat Factory	NR/NR	5		360,867		2.4	%		2,376,333		6.59		1.5	%
PETsMART	BB+/NR	7		160,428		1.1	%		2,367,142		14.76		1.5	%
Bed Bath & Beyond/Buy Buy Baby	BBB+/NR	6		192,753		1.3	%		2,245,794		11.65		1.4	%
Best Buy	BBB-/Baa2	5		176,677		1.2	%		2,238,008		12.67		1.4	%
Staples	BBB/Baa2	9		181,569		1.2	%		2,142,437		11.80		1.4	%
Michaels Stores	B-/B3	9		199,724		1.3	%		2,124,876		10.64		1.4	%
Kmart/Sears	CCC+/B3	5		475,511		3.1	%		2,086,159		4.39		1.3	%
Gander Mountain	NR/NR	2		159,791		1.1	%		1,899,745		11.89		1.2	%
Office Depot	B-/B2	7		173,550		1.1	%		1,847,145		10.64		1.2	%
Lowe's Home Centers	A-/A3	2		270,394		1.8	%		1,822,956		6.74		1.2	%
Meijer	NR/NR	2		397,428		2.6	%		1,731,560		4.36		1.1	%
Kroger	BBB/Baa2	3		201,469		1.3	%		1,676,417		8.32		1.1	%
Hobby Lobby	NR/NR	5		276,173		1.8	%		1,640,038		5.94		1.1	%
Whole Foods	BB+/NR	3		92,675		0.6	%		1,585,908		17.11		1.0	%
Jewel-Osco	B+/B1	3		162,982		1.1	%		1,584,293		9.72		1.0	%
LA Fitness Sports Club	NR/NR	2		76,833		0.5	%		1,581,552		20.58		1.0	%
Kohl's	BBB+/Baa1	5		276,972		1.8	%		1,491,739		5.39		1.0	%
The Sports Authority	B-/NR	3		126,653		0.8	%		1,383,219		10.92		0.9	%
Ross Stores	BBB+/NR	5		138,058		0.9	%		1,339,880		9.71		0.9	%

Sub-Total top 25 tenants		170		6,378,081		42.1	%	$	56,079,413	$	8.79		36.0	%

Remaining tenants		1,382		7,324,095		48.3	%		99,601,146		13.60		64.0	%

Sub-Total all tenants		1,552		13,702,176		90.4	%	$	155,680,559	$	11.36		100.0	%

Vacant		356		1,458,090		9.6	%		N/A		N/A		N/A

Total including vacant		1,908		15,160,266		100.0	%	$	155,680,559		N/A		100.0	%

(1) Source: Latest Company filings per CreditRiskMonitor.

Ramco Gershenson Properties Trust
Leasing Activity - Consolidated and Unconsolidated Portfolios
December 31, 2011


Total Comparable Leases (1)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		92		444,310	$	14.52	$	14.80		-1.9	%		5.6	$	5.63		1.3	%
3rd Quarter 2011		83		327,743	$	14.25	$	14.10		1.1	%		4.6	$	6.43		7.4	%
2nd Quarter 2011		79		431,718	$	10.91	$	11.11		-1.8	%		4.5	$	1.99		2.1	%
1st Quarter 2011		99		424,978	$	13.00	$	13.77		-5.6	%		5.0	$	5.69		-3.2	%
Total		353		1,628,749	$	13.11	$	13.41		-2.2	%		4.9	$	4.84		1.4	%

Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		61		337,660	$	14.28	$	14.21		0.5	%		5.0	$	0.06		0.5	%
3rd Quarter 2011		48		213,511	$	13.78	$	13.36		3.1	%		3.4	$	0.37		3.1	%
2nd Quarter 2011		52		290,837	$	11.67	$	11.48		1.7	%		3.8	$	0.07		1.7	%
1st Quarter 2011		72		312,003	$	13.24	$	13.07		1.3	%		3.9	$	0.00		1.3	%
Total		233		1,154,011	$	13.25	$	13.06		1.5	%		4.1	$	0.11		1.5	%

New Leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		31		106,650	$	15.29	$	16.66		-8.2	%		7.4	$	23.27		6.8	%
3rd Quarter 2011		35		114,232	$	15.13	$	15.48		-2.3	%		6.9	$	17.76		26.7	%
2nd Quarter 2011		27		140,881	$	9.34	$	10.34		-9.7	%		6.0	$	5.96		4.5	%
1st Quarter 2011		27		112,975	$	12.33	$	15.71		-21.5	%		8.1	$	21.40		-18.3	%
Total		120		474,738	$	12.78	$	14.28		-10.5	%		7.0	$	16.36		0.9	%

Total Comparable and Non-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		104		495,697	$	14.17		N/A		N/A			5.6	$	8.23		N/A
3rd Quarter 2011		91		435,092	$	13.22		N/A		N/A			5.6	$	13.87		N/A
2nd Quarter 2011		84		495,208	$	10.75		N/A		N/A			5.1	$	4.58		N/A
1st Quarter 2011		106		603,983	$	13.04		N/A		N/A			6.8	$	15.32		N/A
Total		385		2,029,980	$	12.80		N/A		N/A			5.8	$	10.66		N/A



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

Ramco-Gershenson Properties Trust
Portfolio Summary Report
December 31, 2011

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

Consolidated Core Portfolio

Florida
Coral Creek Shops	Coconut Creek		100	%	1992/2002/NA		33		109,312		42,112		67,200		96.6	%		96.6	%	$	16.33	Publix
Naples Towne Centre	Naples		100	%	1982/1996/2003		11		134,707		102,027		32,680		89.8	%		89.8	%		5.62	Beall's, Save-A-Lot, (Goodwill)
River City Marketplace	Jacksonville		100	%	2005/2005/NA		71		551,428		323,907		227,521		98.8	%		98.8	%		16.18	Ashley Furniture Home Store, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters, (Lowe's), (Wal-Mart Supercenter)
River Crossing Centre	New Port Richey		100	%	1998/2003/NA		16		62,038		37,888		24,150		100.0	%		100.0	%		12.37	Publix
Rivertowne Square	Deerfield Beach		100	%	1980/1998/2010		15		148,643		107,583		41,060		89.3	%		89.3	%		8.24	Beall's Outlet, Winn-Dixie
The Crossroads	Royal Palm Beach		100	%	1988/2002/NA		33		120,092		42,112		77,980		94.3	%		94.3	%		14.54	Publix
Village Lakes Shopping Center	Land O' Lakes		100	%	1987/1997/NA		26		186,496		109,735		76,761		69.2	%		69.2	%		8.61	Beall's Outlet, Sweet Bay (2)
Total / Average							205		1,312,716		765,364		547,352		92.1	%		92.1	%	$	13.10

Georgia
Centre at Woodstock	Woodstock		100	%	1997/2004/NA		14		86,748		51,420		35,328		88.6	%		88.6	%	$	11.51	Publix
Conyers Crossing	Conyers		100	%	1978/1998/NA		15		170,475		138,915		31,560		99.4	%		98.8	%		5.14	Burlington Coat Factory, Hobby Lobby
Holcomb Center	Roswell		100	%	1986/1996/2010		22		107,053		39,668		67,385		77.0	%		77.0	%		11.40	Studio Movie Grill
Horizon Village	Suwanee		100	%	1996/2002/NA		22		97,001		47,955		49,046		75.2	%		75.2	%		10.99	Movie Tavern (4)
Mays Crossing	Stockbridge		100	%	1984/1997/2007		21		137,284		100,244		37,040		94.8	%		94.8	%		6.67	Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
Total / Average							94		598,561		378,202		220,359		88.8	%		88.7	%	$	8.22

Illinois
Liberty Square	Wauconda		100	%	1987/2010/2008		26		107,369		54,522		52,847		85.8	%		85.8	%	$	12.74	Jewel-Osco
Total/Average							26		107,369		54,522		52,847		85.8	%		85.8	%	$	12.74

Indiana
Merchants' Square	Carmel		100	%	1970/2010/NA		45		278,875		69,504		209,371		84.1	%		82.5	%	$	10.53	Cost Plus, Hobby Lobby (2), (Marsh Supermarket)
Total/Average							45		278,875		69,504		209,371		84.1	%		82.5	%	$	10.53

Michigan
Beacon Square	Grand Haven		100	%	2004/2004/NA		16		51,387		-		51,387		91.8	%		91.8	%	$	16.78	(Home Depot)
Clinton Pointe	Clinton Township		100	%	1992/2003/NA		14		135,330		65,735		69,595		96.8	%		96.8	%		9.89	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights		100	%	1977/1996/2009		19		201,282		106,027		95,255		96.4	%		96.4	%		11.90	DSW Shoe Warehouse, Hobby Lobby, Office Depot
Edgewood Towne Center	Lansing		100	%	1990/1996/2001		17		85,757		23,524		62,233		93.1	%		93.1	%		10.34	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn		100	%	1987/2003/2007		31		157,246		56,586		100,660		98.3	%		98.3	%		14.37	Best Buy, Citi Trends, (Burlington Coat Factory), (Target)
Fraser Shopping Center	Fraser		100	%	1977/1996/NA		8		68,326		32,384		35,942		100.0	%		100.0	%		6.78	Oakridge Market
Gaines Marketplace	Gaines Township		100	%	2004/2004/NA		15		392,169		351,981		40,188		100.0	%		100.0	%		4.66	Meijer, Staples, Target
Hoover Eleven	Warren		100	%	1989/2003/NA		47		288,184		157,341		130,843		92.8	%		78.7	%		12.62	Kroger, Marshalls, OfficeMax
Jackson Crossing	Jackson		100	%	1967/1996/2002		61		398,526		222,192		176,334		93.9	%		93.9	%		9.85	Bed Bath & Beyond, Best Buy, Jackson 10 Theater, Kohl's, T.J. Maxx, Toys "R" Us, (Sears), (Target)
Jackson West	Jackson		100	%	1996/1996/1999		6		210,321		175,001		35,320		97.5	%		90.7	%		7.17	Lowe's, Michaels, OfficeMax
Kentwood Towne Centre	Kentwood		77.9	%	1988/1996/NA		18		184,152		122,887		61,265		93.0	%		93.0	%		6.06	Hobby Lobby-Sublease of Rubloff Development Group, OfficeMax, (Rooms Today), (BuyBuyBaby)
Lake Orion Plaza	Lake Orion		100	%	1977/1996/NA		9		141,073		126,195		14,878		100.0	%		100.0	%		4.04	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores		100	%	1996/2003/NA		21		346,854		244,089		102,765		96.9	%		91.1	%		8.24	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T.J. Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia		100	%	1988/2003/NA		20		136,422		93,380		43,042		94.9	%		94.9	%		10.40	Kroger, TJ Maxx
New Towne Plaza	Canton Township		100	%	1975/1996/2005		15		192,587		145,389		47,198		100.0	%		100.0	%		10.48	DSW Shoe Warehouse, Jo-Ann, Kohl's
Oak Brook Square	Flint		100	%	1982/1996/2008		20		152,373		79,744		72,629		96.3	%		96.3	%		8.81	Hobby Lobby, T.J. Maxx
Roseville Towne Center	Roseville		100	%	1963/1996/2004		9		246,968		206,747		40,221		100.0	%		100.0	%		7.04	Marshalls, Office Depot (2), Wal-Mart
Southfield Plaza	Southfield		100	%	1969/1996/2003		14		165,999		128,339		37,660		98.0	%		98.0	%		7.62	Big Lots, Burlington Coat Factory, Marshalls
Tel-Twelve	Southfield		100	%	1968/1996/2005		21		523,411		479,869		43,542		100.0	%		100.0	%		10.82	Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
The Auburn Mile	Auburn Hills		100	%	2000/1999/NA		7		90,553		64,315		26,238		100.0	%		100.0	%		10.79	Jo-Ann, Staples, (Best Buy), (Costco), (Meijer), (Target)
West Oaks I	Novi		100	%	1979/1996/2004		8		243,987		213,717		30,270		100.0	%		100.0	%		9.70	Best Buy, DSW Shoe Warehouse, Gander Mountain, Old Navy, Home Goods & Michaels-Sublease of JLPK-Novi LLC
West Oaks II	Novi		100	%	1986/1996/2000		30		167,954		90,753		77,201		97.6	%		97.6	%		16.52	Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
Total / Average							426		4,580,861		3,186,195		1,394,666		97.4	%		95.8	%	$	9.39

Ramco-Gershenson Properties Trust

Portfolio Summary Report

December 31, 2011

Company Owned GLA

Property Name

Location

Ownership

Year Built /

Acquired /

Redeveloped

Number of Units

Total

Anchor

Non-

Anchor

Leased

Occupied

ABR

psf

Anchor Tenants (1)

Missouri
Heritage Place	Creve Coeur (St Louis)	100	%	1989/2011/2005	38	269,254	157,946	111,308	90.9	%	90.9	%	$	13.26	Dierberg's Market, Marshalls, Office Depot, T.J. Maxx
Town & Country Crossing	Town & Country	100	%	2008/2011/2011	36	141,996	55,012	86,984	84.4	%	84.4	%		24.51	Whole Foods, (Target)
Total / Average					74	411,250	212,958	198,292	88.6	%	88.6	%	$	16.96

Ohio
Crossroads Centre	Rossford	100	%	2001/2001/NA	22	344,045	244,991	99,054	92.3	%	91.3	%	$	9.11	Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
OfficeMax Center	Toledo	100	%	1994/1996/NA	1	22,930	22,930	-	100.0	%	100.0	%		12.10	OfficeMax
Rossford Pointe	Rossford	100	%	2006/2005/NA	6	47,477	41,077	6,400	100.0	%	100.0	%		10.18	MC Sporting Goods, PETsMART
Spring Meadows Place	Holland	100	%	1987/1996/2005	28	211,817	110,691	101,126	93.2	%	92.1	%		11.27	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	100	%	1990/1996/2003	18	144,485	86,584	57,901	99.0	%	97.6	%		6.42	Kohl's, (Wal-Mart Supercenter)
Total / Average					75	770,754	506,273	264,481	94.5	%	93.5	%	$	9.33

Tennessee
Northwest Crossing	Knoxville	100	%	1989/1999/2006	12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.58	HH Gregg, OfficeMax, Ross Dress For Less, (Wal-Mart Supercenter)
Total / Average					12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.58

Virginia
The Town Center at Aquia Office (5)	Stafford	100	%	1989/1998/NA	13	98,147	62,184	35,963	91.8	%	91.8	%	$	26.06	Northrop Grumman
The Town Center at Aquia	Stafford	100	%	1989/1998/NA	3	40,518	24,000	16,518	100.0	%	100.0	%		10.64	Regal Cinemas
Total / Average					16	138,665	86,184	52,481	94.2	%	94.2	%	$	21.28

Wisconsin
East Town Plaza	Madison	100	%	1992/2000/2000	19	208,675	117,000	91,675	84.3	%	76.6	%	$	8.40	Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
The Shoppes at Fox River	Waukesha	100	%	2009/2010/2011	20	135,566	61,045	74,521	95.7	%	94.5	%		16.44	Pick N' Save, (Target)
West Allis Towne Centre	West Allis	100	%	1987/1996/2011	29	326,271	179,818	146,453	91.3	%	91.3	%		8.29	Burlington Coat Factory, Kmart, Office Depot
Total / Average					68	670,512	357,863	312,649	90.0	%	87.4	%	$	10.10

Consolidated Core Portfolio Subtotal / Average					1,041	8,994,016	5,706,911	3,287,105	94.3	%	93.1	%	$	10.48

Joint Venture Core Portfolio at 100%

Florida
Cocoa Commons	Cocoa	30	%	2001/2007/2008	23	90,116	51,420	38,696	78.9	%	78.9	%	$	11.88	Publix
Cypress Point	Clearwater	30	%	1983/2007/NA	22	167,280	103,085	64,195	93.8	%	93.8	%		11.75	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee	7	%	2005/2005/NA	17	115,586	67,000	48,586	92.7	%	92.7	%		11.61	Jo-Ann, Marshalls, (SuperTarget)
Marketplace of Delray	Delray Beach	30	%	1981/2005/2010	49	238,901	107,190	131,711	90.2	%	90.2	%		12.47	Office Depot, Ross Dress For Less, Winn-Dixie
Martin Square	Stuart	30	%	1981/2005/NA	15	331,105	291,432	39,673	91.2	%	91.2	%		6.27	Home Depot, Sears, Staples
Mission Bay Plaza	Boca Raton	30	%	1989/2004/NA	58	263,721	148,245	115,476	93.0	%	92.4	%		21.29	The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
Shoppes of Lakeland	Lakeland	7	%	1985/1996/NA	22	181,988	115,541	66,447	96.3	%	96.3	%		12.02	Ashley Furniture, Michaels, Staples, (Target)
The Plaza at Delray	Delray Beach	20	%	1979/2004/NA	48	326,763	189,234	137,529	93.8	%	93.8	%		15.79	Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less, Staples
Treasure Coast Commons	Jensen Beach	30	%	1996/2004/NA	3	92,979	92,979	-	100.0	%	100.0	%		12.42	Barnes & Noble, OfficeMax, Sports Authority
Village of Oriole Plaza	Delray Beach	30	%	1986/2005/NA	40	155,770	42,112	113,658	95.2	%	95.2	%		12.85	Publix
Village Plaza	Lakeland	30	%	1989/2004/NA	25	146,755	64,504	82,251	72.1	%	72.1	%		13.17	Big Lots
Vista Plaza	Jensen Beach	30	%	1998/2004/NA	10	109,761	78,658	31,103	96.4	%	96.4	%		13.08	Bed Bath & Beyond, Michaels, Total Wine & More
West Broward Shopping Center	Plantation	30	%	1965/2005/NA	19	156,073	81,638	74,435	97.6	%	97.6	%		10.84	Badcock, DD's Discounts, Save-A-Lot, US Postal Service
Total / Average					351	2,376,798	1,433,038	943,760	91.9	%	91.9	%	$	12.89

Georgia
Collins Pointe Plaza	Cartersville	20	%	1987/2006/2010	19	101,637	46,358	55,279	91.7	%	91.7	%	$	8.55	Goodwill
Paulding Pavilion	Hiram	20	%	1995/2006/2008	12	84,846	60,509	24,337	100.0	%	98.9	%		13.94	Sports Authority, Staples
Total / Average					31	186,483	106,867	79,616	95.5	%	94.9	%	$	11.10

Ramco-Gershenson Properties Trust

Portfolio Summary Report

December 31, 2011

Company Owned GLA

Property Name

Location

Ownership

Year Built /

Acquired /

Redeveloped

Number of Units

Total

Anchor

Non-

Anchor

Leased

Occupied

ABR

psf

Anchor Tenants (1)

Illinois
Market Plaza	Glen Ellyn	20	%	1965/2007/2009	35	163,054	66,079	96,975	89.1	%	89.1	%	$	15.04	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows	20	%	1956/2008/1995	20	134,236	83,230	51,006	89.9	%	87.6	%		11.59	Jewel Osco, Northwest Community Hospital
Total / Average					55	297,290	149,309	147,981	89.5	%	88.4	%	$	13.50

Indiana
Nora Plaza	Indianapolis	7	%	1958/2007/2002	25	139,905	57,713	82,192	96.8	%	91.8	%	$	13.19	Marshalls, Whole Foods, (Target)
Total / Average					25	139,905	57,713	82,192	96.8	%	91.8	%	$	13.19

Maryland
Crofton Centre	Crofton	20	%	1974/1996/NA	20	252,491	170,804	81,687	93.7	%	88.6	%	$	7.71	Basics/Metro, Gold's Gym, Kmart
Total / Average					20	252,491	170,804	81,687	93.7	%	88.6	%	$	7.71

Michigan
Gratiot Crossing	Chesterfield	30	%	1980/2005/NA	15	165,544	122,406	43,138	91.0	%	91.0	%	$	8.49	Jo-Ann, Kmart
Hunter's Square	Farmington Hills	30	%	1988/2005/NA	38	354,323	197,149	157,174	92.3	%	92.3	%		16.64	Bed Bath & Beyond, BuyBuyBaby, Loehmann's, Marshalls, T.J. Maxx
Millennium Park	Livonia	30	%	2000/2005/NA	16	281,374	206,850	74,524	89.7	%	86.0	%		13.97	Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
Southfield Plaza Expansion	Southfield	50	%	1987/1996/2003	11	19,410	-	19,410	81.5	%	73.2	%		14.78
The Shops at Old Orchard	West Bloomfield	30	%	1972/2007/2011	20	96,994	36,044	60,950	90.8	%	82.4	%		18.97	Plum Market
Troy Marketplace	Troy	30	%	2000/2005/2010	12	222,193	193,360	28,833	97.5	%	97.5	%		14.69	Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PETsMART, (REI)
West Acres Commons	Flint	40	%	1998/2001/NA	14	95,089	59,889	35,200	87.4	%	87.4	%		8.15	Family Fare
Winchester Center	Rochester Hills	30	%	1980/2005/NA	16	314,734	224,681	90,053	90.3	%	90.3	%		12.19	Dick's Sporting Goods, Linens 'N Things (3), Marshalls, Michaels, PETsMART, (Kmart)
Total / Average					142	1,549,661	1,040,379	509,282	91.5	%	90.2	%	$	13.70

New Jersey
Chester Springs Shopping Center	Chester	20	%	1970/1996/1999	41	223,201	108,769	114,432	89.6	%	89.6	%	$	13.95	Marshalls, Shop-Rite Supermarket, Staples
Total / Average					41	223,201	108,769	114,432	89.6	%	89.6	%	$	13.95

Ohio
Olentangy Plaza	Columbus	20	%	1981/2007/1997	42	253,474	139,130	114,344	95.1	%	92.1	%	$	10.17	Eurolife Furniture, Marshalls, Micro Center, Columbus Asia Market-Sublease of SuperValu, Tuesday Morning
Total / Average					42	253,474	139,130	114,344	95.1	%	92.1	%	$	10.17

JV Core Subtotal / Average at 100%					707	5,279,303	3,206,009	2,073,294	92.1	%	91.0	%	$	12.77

CORE PORTFOLIO TOTAL / AVERAGE					1,748	14,273,319	8,912,920	5,360,399	93.5	%	92.4	%	$	11.32

Ramco-Gershenson Properties Trust

Portfolio Summary Report

December 31, 2011

Company Owned GLA

Property Name

Location

Ownership

Year Built /

Acquired /

Redeveloped

Number of Units

Total

Anchor

Non-

Anchor

Leased

Occupied

ABR

psf

Anchor Tenants (1)

Consolidated Portfolio Future Redevelopments (6):
Eastridge Commons	Flint	100	%	1990/1996/2001	16	169,676	117,972	51,704	50.4	%	50.4	%	$	8.57	Office Depot (2), T.J. Maxx, (Target)
Pelican Plaza	Sarasota, FL	100	%	1983/1997/NA	30	105,873	35,768	70,105	35.1	%	35.1	%		9.56
Promenade at Pleasant Hill	Duluth, GA	100	%	1993/2004/NA	33	280,225	199,555	80,670	51.9	%	51.9	%		9.63	Farmers Home Furniture, Publix
Southbay Shopping Center	Osprey, FL	100	%	1978/1998/NA	18	83,890	31,700	52,190	26.7	%	26.7	%		11.71
					97	639,664	384,995	254,669	45.4	%	45.4	%	$	9.47

Joint Venture Portfolio Under Redevelopment:
Peachtree Hill	Duluth	20	%	1986/2007/NA	28	112,407	65,625	46,782	86.8	%	85.4	%	$	10.34	Kroger
The Shops on Lane Avenue	Upper Arlington, OH	20	%	1952/2007/2004	35	134,876	25,624	109,252	99.0	%	99.0	%		20.57	Bed Bath & Beyond, Whole Foods (7)
					63	247,283	91,249	156,034	93.5	%	92.8	%	$	16.29

COMBINED PORTFOLIO TOTAL / AVERAGE (CORE AND UNDER REDEV)					1,908	15,160,266	9,389,164	5,771,102	91.4	%	90.4	%	$	11.36

Footnotes

(1) Anchor tenants are any tenant over 19,000 square feet. Tenants in parenthesis represent non-company owned GLA.
(2) Tenant closed - lease obligated.
(3) Tenant closed in Bankruptcy, lease guaranteed by CVS.
(4) Space delivered to tenant.
(5) Represents the Office Building at The Town Center at Aquia.
(6) Represents 1.8% of combined portfolio annual base rent.
(7) Current construction of new 35K sf Whole Foods replaces former 21K sf store.

Ramco-Gershenson Properties Trust
Redevelopment and Development Projects
December 31, 2011
(in thousands)


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

The Shops on Lane Avenue	20%	Construct new 35K sf Whole Foods, replacing existing 21K sf		4Q 2012		8.2	%	$	533	$	107	$	6,530	$	1,306	$	364	$	942
Peachtree Hill	20%	Construct new 45K sf LA Fitness replacing 41K sf vacant space		4Q 2012		13.9	%	$	780	$	156	$	5,605	$	1,121	$	25	$	1,096
Total Redevelopment								$	1,313	$	263	$	12,135	$	2,427	$	389	$	2,038

Development Projects	RPT Ownership %	Project Description	Projected Stabilization Date		Stabilized Return on Cost (1)			Projected Stabilized NOI (2)		Percent Leased			Total Projected Cost (4)		Cost to Date		Cost to Complete

Parkway Shops Phase I - Jacksonville, FL	100%	Ground-up development of 88,720 sf retail center (adjacent to our 900,000 sf River City Marketplace) anchored by Dick's Sporting Goods & Marshalls		2Q 2013		7.30	%	$	1,360		79.0	%	$	18,600	$	7,312	$	11,288

Land Available for Future Development and Sale	Cost to Date 12/31/11

Land held for future development (5)	$	53,549
Land available for sale		23,178
Total Land Held for Development or Sale	$	76,727

(1) Percentage based on actual numbers before rounding.

(2) Represents incremental change in net operating income.

(3) Represents incremental costs.

(4) Represents costs to date and incremental costs to complete.

(5) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL.

Ramco-Gershenson Properties Trust
Acquisitions / Dispositions
December 31, 2011
(in thousands)


ACQUISITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Acquired	Ownership %			Purchase Price		Debt

Consolidated

Town & Country Crossing	Town and Country (St. Louis), MO		141,996	11/30/11		100	%	$	37,850	$	-
Heritage Place	Creve Coeur (St. Louis), MO		269,254	05/19/11		100	%		39,410		-
	Total consolidated income producing acquisitions							$	77,260	$	-

DISPOSITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Sold	Ownership %			Sales Price		Debt Repaid		Gain (loss) on Sale

Consolidated

Taylors Square	Greenville, SC		33,791	12/20/11		100	%	$	4,300	$	-	$	1,020
Sunshine Plaza	Tamarac, FL		237,026	07/11/11		100	%		15,000		-		(32	)
Lantana Shopping Center	Lantana, FL		123,014	04/29/11		100	%		16,942		-		6,209
	Total consolidated income producing dispositions							$	36,242	$	-	$	7,197


Southbay Shopping Center - outparcel	Osprey, FL		1.311	06/29/11		100	%	$	2,625	$	-	$	2,240
River City Shopping Center - outparcel	Jacksonville, FL		0.95	03/02/11		100	%		678		-		74
River City Shopping Center - outparcel	Jacksonville, FL		1.02	01/21/11		100	%		663		-		127
	Total consolidated land / outparcel dispositions							$	3,966	$	-	$	2,441


	Total consolidated dispositions							$	40,208	$	-	$	9,638

Unconsolidated Joint Ventures

Shenandoah Square	Davie, FL		123,612	08/24/11		40	%	$	21,950	$	11,519	$	6,796
	Total unconsolidated joint venture's income producing dispositions							$	21,950	$	11,519	$	6,796

Ramco-Gershenson Properties Trust
Joint Venture Combined Balance Sheets
December 31, 2011
(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 (1)			Davie, FL(2)		Southfield, MI			at 100%

ASSETS
Income producing properties, at cost:
Land	$	76,891		$	43,806		$	2,880		$	7,600		$	4,019		$	1,118		$	-	$	50		$	136,364
Buildings and improvements		482,397			275,143			21,451			46,268			24,128			9,980			-		445			859,812
Less accumulated depreciation and amortization		(74,006	)		(44,275	)		(2,561	)		(5,266	)		(2,656	)		(2,620	)		-		(174	)		(131,558	)
Income producing properties, net		485,282			274,674			21,770			48,602			25,491			8,478			-		321			864,618

Construction in progress		-			1,523			-			3			40			-			-		-			1,566
Net real estate	$	485,282		$	276,197		$	21,770		$	48,605		$	25,531		$	8,478		$	-	$	321		$	866,184

Cash and cash equivalents		6,794			2,723			170			275			120			34			406		148			10,670
Restricted cash		5,867			12,970			1			27			-			858			6		21			19,750
Accounts receivable, net		2,650			1,398			80			114			13			-			216		-			4,471
Other assets, net		16,751			7,092			1,251			710			476			117			-		89			26,486
TOTAL ASSETS	$	517,344		$	300,380		$	23,272		$	49,731		$	26,140		$	9,487		$	628	$	579		$	927,561


LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	209,009		$	170,560		$	8,225		$	-		$	-		$	8,401		$	-	$	808		$	397,003
Accounts payable and accrued expenses		7,799			5,677			128			290			123			1,915			369		35			16,336
Total Liabilities		216,808			176,237			8,353			290			123			10,316			369		843			413,339

ACCUMULATED EQUITY (DEFICIT)		300,536			124,143			14,919			49,441			26,017			(829	)		259		(264	)		514,222

TOTAL LIABILITIES AND ACCUMULATED EQUITY	$	517,344		$	300,380		$	23,272		$	49,731		$	26,140		$	9,487		$	628	$	579		$	927,561


Total number of properties in each portfolio		16			8			2			2			1			1			-		1			31


																								Investments in
																								Unconsolidated
EQUITY INVESTMENTS IN UNCONSOLIDATED ENTITIES																								Joint Ventures
Equity investments in unconsolidated entities	$	76,408		$	14,535		$	1,657		$	2,695		$	1,582		$	-		$	72	$	71		$	97,020
Total equity investments in unconsolidated entities	$	76,408		$	14,535		$	1,657		$	2,695		$	1,582		$	-		$	72	$	71		$	97,020

(1) In the first quarter 2011, the joint venture recorded a $125,000 impairment of long-lived assets, the extent of the entity's equity. Ramco suspended equity method accounting and reversed any losses

previously recorded in excess of our investment. Our investment in the West Acres joint venture was zero at December 31, 2011.

(2) The joint venture owned one shopping center which was sold on August 24, 2011.

Ramco-Gershenson Properties Trust
Summary of Joint Venture Debt
December 31, 2011

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

West Acres Commons	Flint, MI	Midland Loan Services		40	%	$	8,401,214	(1)	Fixed		13.1400	%		$	3,360,486
Paulding Pavilion	Hiram, GA	Fifth Third Bank		20	%		8,224,994	Jun-12	Variable		1.7440	%	(2)		1,644,999
West Broward Shopping Center	Plantation, FL	Berkadia Commercial Mortgage		30	%		9,184,020	Oct-12	Fixed		6.6400	%			2,755,206
The Shops on Lane Avenue	Upper Arlington, OH	Principal Global Investors		20	%		27,600,000	Jan-13	Fixed		5.9500	%	(3)		5,520,000
Olentangy Plaza	Columbus, OH	Principal Global Investors		20	%		21,600,000	Jan-13	Fixed		5.8800	%	(3)		4,320,000
Market Plaza	Glen Ellyn, IL	Principal Global Investors		20	%		24,505,000	Jan-13	Fixed		5.8800	%	(3)		4,901,000
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA		30	%		42,867,164	Jul-13	Fixed		6.6400	%			12,860,149
Winchester Center	Rochester Hills, MI	Wachovia		30	%		26,549,973	Jul-13	Fixed		8.1056	%			7,964,992
Hunter's Square	Farmington Hills, MI	Wachovia		30	%		34,519,251	Aug-13	Fixed		8.1504	%			10,355,775
The Plaza at Delray	Delray Beach, FL	CIGNA		20	%		46,622,362	Sep-13	Fixed		6.0000	%			9,324,472
Chester Springs Shopping Center	Chester, NJ	Citigroup		20	%		21,826,265	Oct-13	Fixed		5.5100	%			4,365,253
Village Plaza	Lakeland, FL	Citigroup		30	%		9,135,455	Sep-15	Fixed		5.0050	%			2,740,636
Millennium Park	Livonia, MI	Citigroup		30	%		31,476,250	Oct-15	Fixed		5.0210	%			9,442,875
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA		20	%		11,911,250	Dec-15	Fixed		5.3440	%			2,382,250
Southfield Plaza Expansion	Southfield, MI	GECA		50	%		596,826	May-16	Fixed		5.6250	%	(4)		298,413
Troy Marketplace	Troy, MI	Deutsche Banc		30	%		21,776,014	Jun-16	Fixed		5.9040	%			6,532,804
Gratiot Crossing	Chesterfield Twp., MI	Deutsche Banc		30	%		13,423,570	Jun-16	Fixed		5.9040	%			4,027,071
Crofton Centre	Crofton, MD	Citigroup		20	%		17,000,000	Jan-17	Fixed		5.8490	%			3,400,000
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance		30	%		8,243,829	Jun-20	Fixed		5.5400	%			2,473,149
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance		30	%		10,888,912	Jun-20	Fixed		5.5400	%			3,266,674
Subtotal Mortgage Debt						$	396,352,349							$	101,936,204
Unamortized premium							439,765								113,101
Total mortgage debt (including unamortized premium)						$	396,792,114							$	102,049,305

(1) On February 10, 2012, the joint venture completed a deed-in-lieu transfer to the Lender in exchange for full release under its loan obligations.

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

(3) Interest rate is fixed for five years and then lender has right to reset the interest rate or call the loan in 2013.

(4) Resets per formula annually each June 1.

Ramco-Gershenson Properties Trust
Joint Venture Contribution to Funds from Operations (1)
For the Three and Twelve Months Ended December 31, 2011
(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, 2011	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI (2)			Davie, FL (3)			Southfield, MI			at 100%			Share

Total revenue	$	12,052		$	6,232		$	597		$	933		$	542		$	159		$	4		$	64		$	20,583		$	4,709

Operating expenses		3,558			2,511			162			184			157			169			13			48			6,802			2,314

Net operating income	$	8,494		$	3,721		$	435		$	749		$	385		$	(10	)	$	(9	)	$	16		$	13,781		$	2,395

Depreciation and amortization		3,848			15,643			213			337			168			66			-			9			20,284			4,391
Interest expense		3,154			2,501			36			-			-			282			-			9			5,982			1,571
Amortization of deferred financing fees		66			70			5			-			-			-			-			-			141			35
Impairment provision on long-lived assets		5,482			-			-			-			-			-			-			-			5,482			1,644
Total other expenses		12,550			18,214			254			337			168			348			-			18			31,889			7,641
Gain on sale of real estate		-			-			-			-			-			-			-			-			-			-

Net (loss) income	$	(4,056	)	$	(14,493	)	$	181		$	412		$	217		$	(358	)	$	(9	)	$	(2	)	$	(18,108	)	$	(5,246	)

Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40	%		40	%		50	%		N/A			N/A
Ramco's share of net (loss) income	$	(1,218	)	$	(2,898	)	$	36		$	29		$	15		$	-		$	(4	)	$	(1	)		N/A		$	(4,041	)
Addback: Ramco's fee income		207			102			8			2			4			-			-			-			N/A			323
(Loss) earnings from unconsolidated joint ventures	$	(1,011	)	$	(2,796	)	$	44		$	31		$	19		$	-		$	(4	)	$	(1	)		N/A		$	(3,718	)

Addback: Pro rata share of depreciation expense		1,155			3,129			42			24			11			-			-			4			N/A			4,365
Addback: Pro rata share of impairment provision		1,644																											1,644
Funds from operations contributed by joint ventures	$	1788		$	333		$	86		$	55		$	30		$	-		$	(4	)	$	3			N/A		$	2,291



	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
Twelve months ended December 31, 2011	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI (2)			Davie, FL (3)			Southfield, MI			at 100%			Share

Total revenue	$	48,992		$	25,797		$	2,312		$	4,129		$	2,048		$	881		$	1,740		$	251		$	86,150		$	21,926

Operating expenses		15,063			9,817			507			1,089			571			513			769			109			28,438			7,317

Net operating income	$	33,929		$	15,980		$	1,805		$	3,040		$	1,477		$	368		$	971		$	142		$	57,712		$	14,609

Depreciation and amortization		14,706			22,233			806			1,357			678			265			326			34			40,405			9,415
Interest expense		12,810			10,396			143			-			-			1,119			574			38			25,080			6,647
Amortization of deferred financing fees		287			310			18			-			-			-			-			1			616			152
Impairment provision on long-lived assets		5,482			-			-			-			-			125			-			-			5,607			1,645
Total other expenses		33,285			32,939			967			1,357			678			1,509			900			73			71,708			17,859
Gain on sale of real estate		-			-			-			-			-			-			6,796			-			6,796			2,718

Net income (loss)	$	644		$	(16,959	)	$	838		$	1,683		$	799		$	(1,141	)	$	6,867		$	69		$	(7,200	)	$	(532	)

Ramco's share of net income (loss)	$	193		$	(3,392	)	$	167		$	118		$	56		$	209		$	2,746		$	35			N/A		$	132
Addback: Ramco's fee income		853			346			25			18			11			4			78			2			N/A			1,337
Earnings (loss) from unconsolidated joint ventures	$	1,046		$	(3,046	)	$	192		$	136		$	67		$	213		$	2,824		$	37			N/A		$	1,469

Addback: Pro rata share of depreciation expense		4,412			4,447			161			95			47			-			131			17			N/A			9,310
Addback: Pro rata share of impairment provision		1644															50			-									1,694
Subtract: Pro rata share of depreciation asset sold																				(2,718)									(2,718)
Funds from operations contributed by joint ventures	$	7,102		$	1,401		$	353		$	231		$	114		$	263		$	237		$	54			N/A		$	9,755

Year to date includes prior period reclassifications to conform with the fourth quarter presentation.

(1) 2011 presentation was revised to include management fee expense in operating expense. Previously our noncontrolling portion was included in earnings (loss) from unconsolidated joint ventures.

(2) In the first quarter 2011, the joint venture recorded a $125,000 impairment of long-lived assets, the extent of the entity's equity. Ramco suspended equity method accounting and reversed any losses previously recorded in

excess of our investment. Our investment in the West Acres joint venture was zero at December 31, 2011.

(3) The joint venture owned one shopping center which was sold on August 24, 2011. FFO contributed is adjusted for our proportionate share of the gain on sale ($2.7mm).

Ramco-Gershenson Properties Trust
Joint Venture Summary of Expiring GLA
December 31, 2011


	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	20,000	0.6	%	0.7	%		10.69	16	37,856	1.7	%	1.6	%	$	13.88	17	57,856	1.0	%	1.1	%	$	12.77
2012	5	222,311	6.7	%	4.2	%		5.94	97	300,970	13.5	%	15.7	%		17.62	102	523,281	9.5	%	10.2	%		12.66
2013	6	220,770	6.7	%	5.4	%		7.71	89	261,818	11.7	%	14.7	%		18.91	95	482,588	8.7	%	10.2	%		13.79
2014	9	338,676	10.3	%	8.6	%		7.97	108	321,959	14.4	%	15.7	%		16.43	117	660,635	12.0	%	12.3	%		12.10
2015	13	517,523	15.7	%	15.3	%		9.29	70	218,137	9.8	%	12.6	%		19.38	83	735,660	13.3	%	13.9	%		12.28
2016	11	380,596	11.5	%	13.1	%		10.78	73	241,548	10.8	%	14.0	%		19.51	84	622,144	11.3	%	13.5	%		14.17
2017	7	192,283	5.8	%	8.7	%		14.15	27	100,139	4.5	%	6.3	%		21.08	34	292,422	5.3	%	7.4	%		16.52
2018	5	249,256	7.6	%	7.2	%		9.11	16	75,276	3.4	%	3.7	%		16.75	21	324,532	5.9	%	5.4	%		10.88
2019	5	201,705	6.1	%	7.7	%		11.98	12	48,893	2.2	%	2.7	%		18.42	17	250,598	4.5	%	5.1	%		13.23
2020	3	218,423	6.6	%	3.1	%		4.43	13	41,796	1.9	%	2.9	%		23.33	16	260,219	4.7	%	3.0	%		7.47
2021	11	328,079	10.0	%	11.9	%		11.41	12	51,730	2.3	%	3.1	%		19.92	23	379,809	6.9	%	7.3	%		12.57
2022+	6	325,410	9.9	%	14.1	%		13.72	16	120,648	5.4	%	7.0	%		19.88	22	446,058	8.0	%	10.6	%		15.39
Sub-Total	82	3,215,032	97.5	%	100.0	%	$	9.78	549	1,820,770	81.6	%	100.00	%	$	18.50	631	5,035,802	91.1	%	100.0	%	$	12.93

Leased [3]	-	-	0.0	%	N/A			N/A	11	54,957	2.5	%	N/A			N/A	11	54,957	1.0	%	N/A			N/A

Vacant	3	82,226	2.5	%	N/A			N/A	125	353,601	15.9	%	N/A			N/A	128	435,827	7.9	%	N/A			N/A

Total	85	3,297,258	100.0	%	100.0	%		N/A	685	2,229,328	100.0	%	100.0	%		N/A	770	5,526,586	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.

(3) Space has not yet been delivered.

Ramco-Gershenson Properties Trust
Joint Venture Leasing Activity
December 31, 2011


Total Comparable Leases (1)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		35		183,947	$	14.06	$	15.00		-6.3	%		5.5	$	5.16		-2.6	%
3rd Quarter 2011		38		127,714	$	17.53	$	17.70		-1.0	%		5.3	$	6.91		2.2	%
2nd Quarter 2011		20		72,006	$	14.12	$	15.43		-8.5	%		4.2	$	7.97		2.8	%
1st Quarter 2011		35		150,678	$	13.31	$	14.51		-8.3	%		5.6	$	11.54		-7.8	%
Total		128		534,345	$	14.68	$	15.56		-5.7	%		5.3	$	7.76		-2.4	%

Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		24		140,814	$	13.90	$	14.87		-6.5	%		4.8	$	0.00		-6.5	%
3rd Quarter 2011		23		78,803	$	17.96	$	17.67		1.6	%		4.5	$	0.76		1.6	%
2nd Quarter 2011		13		31,024	$	19.96	$	19.48		2.5	%		3.4	$	0.68		2.5	%
1st Quarter 2011		25		97,236	$	14.37	$	14.11		1.8	%		3.3	$	0.01		1.8	%
Total		85		347,877	$	15.49	$	15.70		-1.3	%		4.2	$	0.23		-1.3	%

New Leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		11		43,133	$	14.57	$	15.40		-5.4	%		8.0	$	22.02		18.3	%
3rd Quarter 2011		15		48,911	$	16.83	$	17.74		-5.1	%		6.6	$	16.82		4.1	%
2nd Quarter 2011		7		40,982	$	9.69	$	12.35		-21.5	%		4.9	$	13.50		5.2	%
1st Quarter 2011		10		53,442	$	11.39	$	15.25		-25.3	%		9.8	$	32.51		-26.6	%
Total		43		186,468	$	13.18	$	15.30		-13.9	%		7.5	$	21.79		-6.2	%

Total Comparable and Non-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF		Rent Growth (spaces vacant < 12 Months)
4th Quarter 2011		43		219,036	$	13.41		N/A		N/A			5.4	$	8.38		N/A
3rd Quarter 2011		41		151,101	$	17.01		N/A		N/A			5.7	$	9.52		N/A
2nd Quarter 2011		21		80,420	$	14.24		N/A		N/A			4.8	$	14.63		N/A
1st Quarter 2011		40		286,597	$	13.74		N/A		N/A			8.4	$	24.78		N/A
Total		145		737,154	$	14.37		N/A		N/A			6.6	$	15.67		N/A

(1) Comparable leases represent those leases signed on spaces for which there was a former tenant.

(2) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.

RPT Realty - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 14, 2012

Attached files

RPT Realty Reports