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	a50448380.htm
EX-99.1 - EXHIBIT 99.1 - RPT Realty	a50448380ex99-1.htm

Exhibit 99.2

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

September 30, 2012

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	26-27
	Joint Venture Summary of Expiring GLA	28
	Joint Venture Leasing Activity	29

Page 2 of 29

Page 3 of 29

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

September 30, 2012

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 slow recovery of the U.S. economy; (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.

Page 4 of 29

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets
September 30, 2012
(in thousands)


	September 30,			December 31,
	2012			2011
ASSETS
Income producing properties, at cost:
Land	$	158,985		$	133,145
Buildings and improvements		941,321			863,763
Less accumulated depreciation and amortization		(230,068	)		(222,722	)
Income producing properties, net		870,238			774,186
Construction in progress and land held for development or sale		96,768			87,549
Net real estate	$	967,006		$	861,735
Equity investments in unconsolidated joint ventures		96,549			97,020
Cash and cash equivalents		8,353			12,155
Restricted cash		4,949			6,063
Accounts & notes receivable, net		15,077			12,614
Other assets, net		74,048			59,236
TOTAL ASSETS	$	1,165,982		$	1,048,823

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable	$	294,295		$	325,887
Unsecured revolving credit facility		45,000			29,500
Unsecured term loan facilities		180,000			135,000
Junior subordinated notes		28,125			28,125
Total mortgages and notes payable	$	547,420		$	518,512
Capital lease obligation		6,104			6,341
Accounts payable and accrued expenses		18,762			18,662
Other liabilities & distributions payable		35,884			24,134
TOTAL LIABILITIES	$	608,170		$	567,649

Ramco-Gershenson Properties Trust ("RPT") 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 issued and outstanding as of September 30, 2012 and December 31, 2011	$	100,000		$	100,000
Common shares of beneficial interest, $0.01 par, 80,000 shares authorized, 47,699 and 38,735 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		477			387
Additional paid-in capital		673,150			570,225
Accumulated distributions in excess of net income		(240,659	)		(218,888	)
Accumulated other comprehensive loss		(5,639	)		(2,649	)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		527,329			449,075
Noncontrolling interest		30,483			32,099
TOTAL SHAREHOLDERS' EQUITY		557,812			481,174
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,165,982		$	1,048,823

Page 5 of 29

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets Detail
September 30, 2012
(in thousands)

	September 30,		December 31,
	2012		2011
Investment in real estate

Construction in progress	$	12,344	$	8,881
Land held for development or sale		84,424		78,668
Construction in progress and land held for development or sale	$	96,768	$	87,549



Other assets, net
Deferred leasing costs, net	$	17,205	$	14,895
Deferred financing costs, net		6,406		5,565
Lease intangible assets, net		26,512		13,702
Straight-line rent receivable, net		15,156		16,030
Prepaid and other deferred expenses, net		6,857		6,702
Other, net		1,912		2,342
Other assets, net	$	74,048	$	59,236

Other liabilities & distributions payable
Lease intangible liabilities, net	$	14,784	$	7,722
Cash flow hedge mark-to-market liability		5,991		2,828
Deferred liabilities		2,714		2,644
Tenant security deposits		1,956		1,866
Other, net		417		468
Distributions payable		10,022		8,606
Other liabilities & distributions payable	$	35,884	$	24,134

Page 6 of 29

Ramco-Gershenson Properties Trust
Consolidated Market Data
September 30, 2012


	September 30,			September 30,
	2012			2011
Market price per common share	$	12.53		$	8.20

Market price per convertible perpetual preferred share	$	51.13		$	38.05

Common shares outstanding		47,698,664			38,732,419
Operating Partnership Units		2,371,451			2,783,908
Dilutive securities		281,206			161,616
Total common shares and equivalents		50,351,321			41,677,943

Equity market capitalization	$	630,902,052		$	341,759,133




Fixed rate debt (excluding unamortized premium)	$	457,395,783		$	499,314,922
Variable rate debt		90,000,000			-
Total fixed and variable rate debt	$	547,395,783		$	499,314,922
Capital lease obligation		6,103,983			6,417,353
Cash and cash equivalents		(8,353,068	)		(21,802,018	)
Net debt	$	545,146,698		$	483,930,257

Equity market capitalization	$	630,902,052		$	341,759,133
Convertible perpetual preferred shares (at market)		102,260,000			76,100,000
Total market capitalization	$	1,278,308,750		$	901,789,390

Net debt to total market capitalization		42.6	%		53.7	%

Page 7 of 29

Ramco-Gershenson Properties Trust
Summary of Debt Expiration - Consolidated Properties
September 30, 2012


													Cumulative
			Scheduled					Total		Percentage			Percentage
			Amortization		Scheduled			Scheduled		of Debt			of Debt
Year			Payments		Maturities			Maturities		Maturing			Maturing
2012				1,131,927		-			1,131,927		0.2	%		0.2	%
2013				4,326,224		13,033,370			17,359,594		3.2	%		3.4	%
2014				3,755,603		29,676,361			33,431,964		6.1	%		9.5	%
2015				3,522,424		73,189,467			76,711,891		14.0	%		23.5	%
2016				1,648,423		45,000,000	(1)		46,648,423		8.5	%		32.0	%
2017				1,571,207		230,000,000	(2)		231,571,207		42.3	%		74.3	%
2018				1,315,941		82,046,854	(3)		83,362,795		15.2	%		89.5	%
2019				962,434		3,148,141			4,110,575		0.8	%		90.3	%
2020				225,378		24,717,029			24,942,407		4.6	%		94.9	%
2021				-		-			-		0.0	%		94.9	%
	2022	+		-		28,125,000			28,125,000		5.1	%		100.0	%
Debt			$	18,459,561	$	528,936,222		$	547,395,783
Unamortized premium				-		23,888			23,888

Total debt (including unamortized premium)			$	18,459,561	$	528,960,110		$	547,419,671


(1)	Scheduled maturities in 2016 include $45.0 million which represents the balance of the Unsecured Revolving Credit
	Facility drawn as of September 30, 2012 due at maturity in July 2016.
(2)	Scheduled maturities in 2017 include $120.0 million of Unsecured Term Loan due July 2017.
(3)	Scheduled maturities in 2018 include $60.0 million of Unsecured Term Loan due Sept 2018.

Page 8 of 29

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt - Consolidated Properties
September 30, 2012

			Balance		Stated					% of
			at		Interest			Loan	Maturity	Total
Property Name	Location	Lender or Servicer	09/30/12		Rate			Type	Date	Indebtedness

Mortgage Debt
East Town Plaza	Madison, WI	Citigroup Global Markets		10,309,388		5.4500	%	Fixed	Jul-13	1.9	%
Centre at Woodstock	Woodstock, GA	Wachovia		3,239,075		6.9100	%	Fixed	Jul-13	0.6	%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets		6,861,470		5.3800	%	Fixed	May-14	1.3	%
Crossroads Centre	Rossford, OH	Citigroup Global Markets		23,899,900		5.3800	%	Fixed	May-14	4.4	%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.		14,294,738		5.7980	%	Fixed	Jun-15	2.6	%
Jackson West	Jackson, MI	Key Bank		16,747,341		5.2000	%	Fixed	Nov-15	3.1	%
West Oaks I	Novi, MI	Key Bank		26,612,481		5.2000	%	Fixed	Nov-15	4.9	%
New Towne Plaza	Canton Twp., MI	Deutsche Bank		19,316,033		5.0910	%	Fixed	Dec-15	3.5	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		3,366,347		7.6250	%	Fixed	Feb-16	0.6	%
River City Marketplace	Jacksonville, FL	JPMorgan Chase Bank, N.A.		110,000,000		5.4355	%	Fixed	Apr-17	20.1	%
Jackson Crossing	Jackson, MI	Wells Fargo Bank, N.A.		24,232,648		5.7600	%	Fixed	Apr-18	4.4	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		1,534,982		7.2000	%	Fixed	May-18	0.3	%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau		3,782,615		7.3800	%	Fixed	Dec-19	0.7	%
West Oaks II and Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.		30,073,765		6.4950	%	Fixed	Apr-20	5.4	%
Subtotal Mortgage Debt			$	294,270,783		5.6010	%			53.8	%
Unamortized premium				23,888		0.0000	%			0.0	%
Total mortgage debt (including unamortized premium)			$	294,294,671		5.6010	%			53.8	%

Corporate Debt
Unsecured Revolving Credit Facility		Key Bank, as agent	$	45,000,000		1.8747	%	Variable	Jul-16	8.2	%
Unsecured Term Loan		Key Bank, as agent		45,000,000		1.8700	%	Variable	Jul-17	8.2	%
Unsecured Term Loan (1)		Key Bank, as agent		75,000,000		3.4675	%	Fixed	Jul-17	13.7	%
Unsecured Term Loan (2)		Key Bank, as agent		60,000,000		4.1982	%	Fixed	Sep-18	11.0	%
Junior Subordinated Note (3)		The Bank of New York Trust Co.		28,125,000		7.8700	%	Fixed	Jan-38	5.1	%
Subtotal Corporate Debt			$	253,125,000		3.5627	%			46.2	%

Total debt			$	547,419,671		4.6582	%			100.0	%

Capital Lease Obligation (4)	Gaines Twp., MI	Crown Development Corp	$	6,103,983		5.8000	%	Ground Lease	Oct-14	N/A



(1) Effectively converted to fixed rate through swap agreement that expires in April 2016 (loan matures in July 2017).
(2) Effectively converted to fixed rate through swap agreements that expire at loan maturity in September 2018.
(3) Fixed rate until January 2013, and then at LIBOR plus 3.30%.
(4) 99 year Ground Lease expires Sept 2103. Purchase option date is Oct 2014.

Page 9 of 29

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2012 and 2011
(in thousands, except per share data)


	Three Months Ended September 30,									Nine Months Ended September 30,
							Increase									Increase
	2012			2011			(Decrease)			2012			2011			(Decrease)
REVENUE
Minimum rent	$	23,181		$	20,416		$	2,765		$	66,340		$	59,640		$	6,700
Percentage rent		170			105			65			378			214			164
Recovery income from tenants		7,826			7,201			625			23,270			21,419			1,851
Other property income		497			1,621			(1,124	)		1,672			3,721			(2,049	)
Management and other fee income		1,021			1,306			(285	)		2,935			3,093			(158	)
TOTAL REVENUE		32,695			30,649			2,046			94,595			88,087			6,508

EXPENSES
Real estate taxes		4,094			3,695			399			12,847			12,130			717
Recoverable operating expense		3,955			3,515			440			11,275			10,278			997
Other non-recoverable operating expense		682			946			(264	)		1,956			2,268			(312	)
Depreciation and amortization		10,614			8,433			2,181			28,990			25,505			3,485
General and administrative		4,990			5,345			(355	)		14,746			15,265			(519	)
TOTAL EXPENSES		24,335			21,934			2,401			69,814			65,446			4,368

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		8,360			8,715			(355	)		24,781			22,641			2,140

OTHER INCOME AND EXPENSES
Other income (expense), net		54			192			(138	)		171			(219	)		390
Gain on sale of real estate		-			45			(45	)		69			231			(162	)
Earnings from unconsolidated joint ventures		1,008			3,702			(2,694	)		2,084			5,336			(3,252	)
Interest expense		(6,430	)		(6,320	)		(110	)		(19,509	)		(20,743	)		1,234
Amortization of deferred financing fees		(354	)		(387	)		33			(1,108	)		(1,482	)		374
Provision for impairment on equity investments in unconsolidated joint ventures		(294	)		-			(294	)		(294	)		-			(294	)
Deferred gain recognized upon acquisition of real estate		845			-			845			845			-			845
Loss on extinguishment of debt		-			-			-			-			(1,968	)		1,968
INCOME FROM CONTINUING OPERATIONS BEFORE TAX		3,189			5,947			(2,758	)		7,039			3,796			3,243
Income tax benefit (provision)		19			(94	)		113			18			(984	)		1,002
INCOME FROM CONTINUING OPERATIONS		3,208			5,853			(2,645	)		7,057			2,812			4,245

DISCONTINUED OPERATIONS
(Loss) gain on sale of real estate		-			(33	)		33			336			8,386			(8,050	)
Gain on extinguishment of debt		-			-			-			307			-			307
Provision for impairment		-			-			-			(2,536	)		-			(2,536	)
Income (loss) from discontinued operations		113			(18	)		131			269			(120	)		389
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		113			(51	)		164			(1,624	)		8,266			(9,890	)

NET INCOME		3,321			5,802			(2,481	)		5,433			11,078			(5,645	)
Net (income) loss attributable to noncontrolling partner interest		(1	)		(2	)		1			465			5			460
Net income attributable to noncontrolling OP unit holder interest		(157	)		(387	)		230			(274	)		(744	)		470
NET INCOME ATTRIBUTABLE TO RPT		3,163			5,413			(2,250	)		5,624			10,339			(4,715	)
Preferred share dividends		(1,813	)		(1,813	)		-			(5,438	)		(3,432	)		(2,006	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	1,350		$	3,600		$	(2,250	)	$	186		$	6,907		$	(6,721	)

INCOME (LOSS) PER COMMON SHARE, BASIC
Continuing operations	$	0.03		$	0.09		$	(0.06	)	$	0.04		$	(0.02	)	$	0.06
Discontinued operations		-			-			-			(0.04	)		0.20			(0.24	)
	$	0.03		$	0.09		$	(0.06	)	$	-		$	0.18		$	(0.18	)
INCOME (LOSS) PER COMMON SHARE, DILUTED
Continuing operations	$	0.03		$	0.09		$	(0.06	)	$	0.04		$	(0.02	)	$	0.06
Discontinued operations		-			-			-			(0.04	)		0.20			(0.24	)
	$	0.03		$	0.09		$	(0.06	)	$	-		$	0.18		$	(0.18	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		46,911			38,596			8,315			42,834			38,351			4,483
Diluted		47,197			38,739			8,458			43,115			38,513			4,602

Page 10 of 29

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations Detail
For the Three and Nine Months Ended September 30, 2012 and 2011
(in thousands)


	Three Months Ended September 30,											Nine Months Ended September 30,
									Increase											Increase
	2012				2011				(Decrease)			2012				2011				(Decrease)
Other property income
Lease termination income	$	104			$	1,325			$	(1,221	)	$	732			$	2,501			$	(1,769	)
Temporary tenant income		207				116				91			442				387				55
Tax increment financing revenue		75				50				25			249				329				(80	)
Other		111				130				(19	)		249				504				(255	)
Other property income	$	497			$	1,621			$	(1,124	)	$	1,672			$	3,721			$	(2,049	)

Management and other fee income
Management fees	$	636			$	677			$	(41	)	$	2,006			$	2,065			$	(59	)
Leasing fees		253				458				(205	)		683				758				(75	)
Acquisition / Disposition fees		-				66				(66	)		-				66				(66	)
Construction fees		132				105				27			246				204				42
Management and other fee income	$	1,021			$	1,306			$	(285	)	$	2,935			$	3,093			$	(158	)

Other income (expense), net
Real estate taxes and insurance expense on land held for development or sale	$	(280	)		$	(345	)		$	65		$	(789	)		$	(900	)		$	111
Interest income		(14	)			49				(63	)		187				193				(6	)
Other		348		(1)		488		(2)		(140	)		773		(1)		488		(2)		285
Other income (expense), net	$	54			$	192			$	(138	)	$	171			$	(219	)		$	390

(1)	Three and nine months ended September 30, 2012 includes insurance proceeds in the amount of $0.2 million and $0.7 million, respectively, related to a tenant fire.
(2)	Includes easement income in the three and nine months ended September 30, 2011.

Page 11 of 29

Ramco-Gershenson Properties Trust
Funds from Operations and Additional Disclosures
For the Three and Nine Months Ended September 30, 2012 and 2011
(in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011

Net income (loss) available to common shareholders	$	1,350		$	3,600		$	186		$	6,907
Adjustments:
Rental property depreciation and amortization expense		10,479			8,657			28,881			27,011
Pro-rata share of real estate depreciation from unconsolidated joint ventures		1,614			1,658			4,984			4,944
Add preferred share dividends (assumes if converted) (1)		1,813			1,813			-			-
Loss (gain) on sale of depreciable real estate		-			33			(336	)		(6,177	)
Loss (gain) on sale of joint venture depreciable real estate (2)		57			(2,718	)		75			(2,718	)
Provision for impairment on income-producing properties (3)		-			-			1,976			-
Provision for impairment on equity investments in unconsolidated joint ventures		294			-			294			-
Provision for impairment on joint venture income-producing properties (2)		-			-			50			-
Deferred gain recognized upon acquisition of real estate		(845	)		-			(845	)		-
Noncontrolling interest in Operating Partnership		157			387			274			744
FUNDS FROM OPERATIONS	$	14,919		$	13,430		$	35,539		$	30,711

Weighted average common shares		46,911			38,596			42,834			38,351
Shares issuable upon conversion of Operating Partnership Units		2,437			2,784			2,556			2,837
Shares issuable upon conversion of preferred shares (1)		6,940			6,940			-			-
Dilutive effect of securities		286			143			281			162
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		56,574			48,463			45,671			41,350


FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	0.26		$	0.28		$	0.78		$	0.74

Dividend per common share	$	0.16325		$	0.16325		$	0.48975		$	0.48975
Payout ratio - FFO		62.8	%		58.3	%		62.8	%		66.2	%

Additional Supplemental Disclosures:
Consolidated (includes discontinued operations):
Straight-line rental income	$	(614	)	$	102		$	(624	)	$	414
Above/below market rent amortization		159			24			205			(9	)
Fair market value of interest adjustment - acquired property		7			9			23			27
Long-term incentive cash and share-based compensation expense		679			501			1,841			1,384

Pro-rata share from Unconsolidated Joint Ventures (includes discontinued operations):
Straight-line rental income		97			83			180			106
Above/below market rent amortization		5			100			16			150
Fair market value of interest adjustment - acquired property		35			45			127			172

(1)	Series D convertible preferred shares were dilutive for the three months ended September 30, 2012 and 2011 and antidilutive for the nine months ended September 30, 2012 and 2011.
(2)	Amount included in earnings from unconsolidated joint ventures.
(3)	Amount represents our proportionate ownership share of the total for one property that was previously held in a consolidated partnership. In June 2012, the partnership completed a deed-in-lieu transfer to the lender in exchange for full release under its mortgage loan obligation in the amount of $8.5m.

Page 12 of 29

Ramco-Gershenson Properties Trust
Earnings Before Interest, Taxes, Depreciation and Amortization
For the Three and Nine Months Ended September 30, 2012 and 2011
(in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
EBITDA Calculation

Net income	$	3,321		$	5,802		$	5,433		$	11,078
Add back:
Loss (gain) on sale of depreciable real estate		-			33			(336	)		(6,177	)
(Gain) loss on extinguishment of debt		-			-			(307	)		1,968
Provision for impairment on income producing properties		-			-			2,536			-
Depreciation and amortization		10,614			8,817			29,332			27,592
Loss (gain) on sale of joint venture depreciable real estate		57			(2,718	)		75			(2,718	)
Interest expense		6,430			6,740			19,753			21,987
Amortization of deferred financing fees		354			389			1,113			1,498
Provision for impairment on equity investments in unconsolidated joint ventures		294			-			294			-
Deferred gain recognized upon acquisition of real estate		(845	)		-			(845	)		-
Income tax provision (benefit)		(19	)		94			(18	)		984
Consolidated EBITDA	$	20,206		$	19,157		$	57,030		$	56,212


Scheduled mortgage principal payments	$	1,087		$	1,322		$	3,457		$	4,049

Debt and Coverage Ratios
Consolidated net debt to EBITDA - annualized		6.7			6.3
Interest coverage ratio (EBITDA / interest expense)		3.1			2.8
Fixed charge coverage ratio (EBITDA / interest expense + preferred dividends + scheduled principal amortization)		2.2			1.9

Operating Ratios
GAAP NOI	$	23,055		$	21,976
Operating margin (GAAP NOI / total rental revenue)		72.5	%		71.6	%

General & Administrative Expense as a Percentage of Total Rental Revenues Under Management (1)
Revenue from REIT owned properties	$	31,789		$	30,711
Revenue from joint venture properties		20,848			21,966
Revenue from non-REIT properties under management contract		793			880
Total rental revenues under management	$	53,430		$	53,557

General and administrative expense	$	4,990		$	5,346
General and administrative expense / total rental revenues under management		9.3	%		10.0	%

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

Page 13 of 29

Ramco-Gershenson Properties Trust
Consolidated Same Properties Analysis
For the Three and Nine Months Ended September 30, 2012 and 2011
(in thousands)


	Three Months Ended September 30,									Nine Months Ended September 30,
	2012			2011			% Change			2012			2011			% Change

Number of Properties		43			43			0.0	%		42			42			0.0	%

Occupancy		93.9	%		92.8	%		1.1	%		94.1	%		92.9	%		1.2	%


REVENUE (1)
Minimum rent	$	19,489		$	18,930			3.0	%	$	55,054		$	53,939			2.1	%
Percentage rent		170			100			70.0	%		377			209			80.4	%
Recovery income from tenants		6,799			6,925			-1.8	%		20,095			20,230			-0.7	%
Other property income		281			182			54.4	%		360			381			-5.5	%
	$	26,739		$	26,137			2.3	%	$	75,886		$	74,759			1.5	%

EXPENSES
Real estate taxes	$	3,476		$	3,490			-0.4	%	$	10,793		$	11,101			-2.8	%
Recoverable operating expense		3,280			3,178			3.2	%		9,425			9,190			2.6	%
Other non-recoverable operating expense		556			683			-18.6	%		1,409			1,816			-22.4	%
	$	7,312		$	7,351			-0.5	%	$	21,627		$	22,107			-2.2	%

NET OPERATING INCOME	$	19,427		$	18,786			3.4	%	$	54,259		$	52,652			3.1	%

Operating Expense Recovery Ratio		100.6	%		103.9	%		-3.2	%		99.4	%		99.7	%		-0.3	%

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

Page 14 of 29

Ramco-Gershenson Properties Trust
Summary of Expiring GLA - Consolidated and Unconsolidated Properties
September 30, 2012


	Anchor Tenants [1]												Non-Anchor Tenants												All Leases

Expiration Year	Number of Leases		GLA		% of GLA			% of ABR (2)			ABR psf		Number of Leases		GLA		% of GLA			% of ABR			ABR psf		Number of Leases		GLA		% of GLA			% of ABR			ABR psf

(3)		1		24,000		0.3	%		0.3	%	$	8.50		17		55,996		1.0	%		0.8	%	$	11.47		18		79,996		0.5	%		0.5	%	$	10.58
2012		2		42,419		0.5	%		0.2	%		4.53		51		173,251		3.1	%		3.0	%		14.23		53		215,670		1.4	%		1.6	%		12.32
2013		10		390,986		4.2	%		3.3	%		6.78		241		691,769		12.2	%		13.9	%		16.31		251		1,082,755		7.2	%		8.6	%		12.87
2014		16		803,127		8.6	%		6.3	%		6.29		249		792,716		14.0	%		15.5	%		15.79		265		1,595,843		10.6	%		10.9	%		11.01
2015		30		1,122,754		12.0	%		12.1	%		8.64		248		767,160		13.5	%		15.5	%		16.36		278		1,889,914		12.6	%		13.8	%		11.77
2016		33		1,287,095		13.8	%		14.3	%		8.92		190		767,967		13.5	%		16.1	%		16.98		223		2,055,062		13.7	%		15.2	%		11.93
2017		31		1,114,420		11.9	%		14.6	%		10.56		140		544,484		9.6	%		11.6	%		17.21		171		1,658,904		11.0	%		13.1	%		12.74
2018		17		578,462		6.2	%		7.3	%		10.08		59		254,033		4.5	%		5.5	%		17.46		76		832,495		5.5	%		6.4	%		12.33
2019		13		630,358		6.7	%		7.2	%		9.12		25		120,315		2.1	%		2.5	%		17.15		38		750,673		5.0	%		4.8	%		10.41
2020		9		458,287		4.9	%		4.2	%		7.29		32		166,193		2.9	%		3.6	%		17.33		41		624,480		4.2	%		3.9	%		9.96
2021		19		681,160		7.3	%		8.1	%		9.53		25		131,175		2.3	%		2.6	%		16.03		44		812,335		5.4	%		5.3	%		10.58
2022+		32		1,851,522		19.6	%		22.1	%		9.67		68		425,853		7.4	%		9.4	%		17.96		100		2,277,375		15.2	%		15.9	%		11.22
Sub-Total		213		8,984,590		96.0	%		100.0	%	$	8.95		1,345		4,890,912		86.1	%		100.0	%	$	16.56		1,558		13,875,502		92.3	%		100.0	%	$	11.63

Leased [4]		2		44,843		0.5	%		N/A			N/A		13		56,978		1.0	%		N/A			N/A		15		101,821		0.7	%		N/A			N/A

Vacant		6		327,842		3.5	%		N/A			N/A		273		730,206		12.9	%		N/A			N/A		279		1,058,048		7.0	%		N/A			N/A

Total		221		9,357,275		100.0	%		100.0	%		N/A		1,631		5,678,096		100.0	%		100.0	%		N/A		1,852		15,035,371		100.0	%		100.0	%		N/A

(1)	Anchor is defined as a tenant leasing 19,000 square feet or more.
(2)	Annualized Base Rent in based upon rents currently in place.
(3)	Tenants currently under month to month lease or in the process of renewal.
(4)	Lease has been executed, but space has not yet been delivered.

Page 15 of 29

Ramco-Gershenson Properties Trust

Top Twenty-Five Retail Tenants (ranked by annualized base rent) (1)

Consolidated and Unconsolidated Properties

September 30, 2012

Tenant Name	Credit Rating S&P/Moody's (2)	Number of Leases		GLA		% of Total Company Owned GLA			Total Annualized Base Rent		Annualized Base Rent PSF		% of Annualized Base Rental Revenue

TJX Companies (3)	A/A3		23		727,879		4.8	%	$	6,984,914	$	9.60		4.3	%
Bed Bath & Beyond (4)	BBB+/NR		11		324,220		2.1	%		3,678,504		11.35		2.3	%
Home Depot	A-/A3		3		384,690		2.6	%		3,110,250		8.09		1.9	%
Jo-Ann Stores	B/B2		7		249,237		1.7	%		2,921,434		11.72		1.8	%
Dollar Tree	NR/NR		30		316,392		2.1	%		2,912,935		9.21		1.8	%
Publix Super Market	NR/NR		8		372,141		2.5	%		2,790,512		7.50		1.7	%
Best Buy	BB+/Baa2		6		206,677		1.4	%		2,721,008		13.17		1.7	%
Michaels Stores	B/B2		11		240,993		1.6	%		2,603,874		10.80		1.6	%
PetSmart	BB+/NR		8		174,661		1.2	%		2,511,142		14.38		1.5	%
Staples	BBB/Baa2		10		201,954		1.3	%		2,438,020		12.07		1.5	%
OfficeMax	B-/B1		10		224,165		1.5	%		2,429,388		10.84		1.5	%
Burlington Coat Factory	NR/NR		5		360,867		2.4	%		2,390,179		6.62		1.5	%
Whole Foods (5)	BBB-/NR		4		128,063		0.8	%		2,285,908		17.85		1.4	%
Kohl's	BBB+/Baa1		6		363,081		2.4	%		2,223,027		6.12		1.4	%
SUPERVALU (6)	B/B3		6		255,841		1.7	%		2,200,959		8.60		1.4	%
Ascena Retail (7)	BB-/Ba2		23		145,934		1.0	%		2,072,454		14.20		1.3	%
Gander Mountain	NR/NR		2		159,791		1.1	%		1,899,745		11.89		1.2	%
LA Fitness Sports Club	NR/NR		3		94,343		0.6	%		1,856,556		19.68		1.2	%
Ross Stores	BBB+/NR		7		193,443		1.3	%		1,833,166		9.48		1.1	%
Lowe's Home Centers	A-/A3		2		270,394		1.8	%		1,822,956		6.74		1.1	%
DSW Designer Shoe Warehouse	NR/NR		6		118,642		0.8	%		1,792,878		15.11		1.1	%
Meijer	NR/NR		2		397,428		2.6	%		1,731,560		4.36		1.1	%
Hobby Lobby	NR/NR		5		276,173		1.8	%		1,640,038		5.94		1.0	%
Office Depot	B-/B2		5		131,792		0.9	%		1,590,652		12.07		1.0	%
Kmart/Sears	CCC+/B3		4		388,105		2.6	%		1,586,159		4.09		1.0	%

Sub-Total top 25 tenants			207		6,706,906		44.6	%	$	62,028,218	$	9.25		38.4	%

Remaining tenants			1,351		7,168,596		47.7	%		99,354,580		13.86		61.6	%

Sub-Total all tenants			1,558		13,875,502		92.3	%	$	161,382,798	$	11.63		100.0	%

Vacant			294		1,159,869		7.7	%		N/A		N/A		N/A

Total including vacant			1,852		15,035,371		100.0	%	$	161,382,798		N/A		100.0	%

(1)	Excludes one office tenant at Aquia office property. TASC (Formerly Northrup Grumann), base rent of $1.6 million.
(2)	Source: Latest Company filings per CreditRiskMonitor.
(3)	Marshalls (15), T J Maxx (8).
(4)	Bed Bath & Beyond (7), Buy Buy Baby (2), Cost Plus (2).
(5)	Includes delivery of new 35K square foot Whole Foods at The Shops on Lane Avenue, which shall replace current 9,500 square footage temporary space.
(6)	Jewel-Osco (3), Save-A-Lot (1), Shoppers Food (1), Sunflower Market (1).
(7)	Fashion Bug (6), Catherine's (4), Maurices (4), Justice (4), Dress Barn (3), Lane Bryant (2).

Page 16 of 29

Ramco Gershenson Properties Trust
Leasing Activity - Consolidated and Unconsolidated Portfolios
September 30, 2012

Total Comparable Leases (1)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF (3)
3nd Quarter 2012		37		145,039	$	16.81	$	15.94		5.4	%		5.6	$	2.38
2nd Quarter 2012		54		307,205	$	13.24	$	12.64		4.7	%		4.2	$	0.32
1st Quarter 2012		78		483,299	$	10.83	$	10.47		3.4	%		5.1	$	1.20
4th Quarter 2011		73		392,702	$	14.28	$	14.09		1.3	%		5.5	$	3.79
Total		242		1,328,245	$	13.06	$	12.64		3.3	%		5.1	$	1.89

Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
3nd Quarter 2012		31		131,110	$	16.30	$	15.61		4.4	%		5.3	$	0.06
2nd Quarter 2012		49		297,579	$	12.44	$	12.16		2.3	%		4.0	$	0.04
1st Quarter 2012		69		457,219	$	10.41	$	10.13		2.8	%		4.9	$	0.26
4th Quarter 2011		61		337,660	$	14.28	$	14.21		0.5	%		5.0	$	0.06
Total		210		1,223,568	$	12.60	$	12.34		2.1	%		4.7	$	0.13

New Leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
3nd Quarter 2012		6		13,929	$	21.63	$	19.03		13.6	%		8.5	$	24.17
2nd Quarter 2012		5		9,626	$	37.89	$	27.32		38.7	%		10.9	$	9.00
1st Quarter 2012		9		26,080	$	18.26	$	16.38		11.5	%		9.9	$	17.74
4th Quarter 2011		12		55,042	$	14.26	$	13.36		6.7	%		8.4	$	26.71
Total		32		104,677	$	18.41	$	16.15		14.0	%		9.0	$	22.51

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
3nd Quarter 2012		67		311,711	$	15.20		N/A		N/A			6.9	$	18.86
2nd Quarter 2012		80		505,163	$	12.22		N/A		N/A			5.6	$	9.30
1st Quarter 2012		102		549,340	$	11.76		N/A		N/A			5.3	$	5.49
4th Quarter 2011		104		495,697	$	14.17		N/A		N/A			5.6	$	8.23
Total		353		1,861,911	$	13.10		N/A		N/A			5.7	$	9.49

(1)	Comparable leases represent those leases signed on spaces for which there was a former tenant within the last twelve months.
(2)	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
(3)	Tenant improvement costs include lease-specific costs (improvements and allowances) as well as certain landlord costs necessary to bring the space to leasable condition.

Page 17 of 29

Ramco-Gershenson Properties Trust

Portfolio Summary Report

September 30, 2012

						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

Colorado
Harvest Junction North	Longmont	100	%	2006/2012/NA	14		159,385		100,385		59,000		96.6	%		96.6	%	$	15.58	Best Buy, Dick's Sporting Goods, Staples
Harvest Junction South	Longmont	100	%	2006/2012/NA	23		176,960		111,423		65,537		95.9	%		95.9	%		14.52	Bed Bath & Beyond, Marshalls, Michaels, Ross Dress for Less, (Lowe's)
Total / Average					37		336,345		211,808		124,537		96.2	%		96.2	%	$	15.02

Florida
Coral Creek Shops	Coconut Creek	100	%	1992/2002/NA	33		109,312		42,112		67,200		98.1	%		98.1	%	$	16.64	Publix
Naples Towne Centre	Naples	100	%	1982/1996/2003	11		134,707		102,027		32,680		88.8	%		88.8	%		5.85	Beall's, Save-A-Lot, (Goodwill)
River City Marketplace	Jacksonville	100	%	2005/2005/NA	70		551,428		323,907		227,521		98.8	%		98.8	%		16.34	Ashley Furniture HomeStore, 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		97.7	%		97.7	%		12.28	Publix
Rivertowne Square	Deerfield Beach	100	%	1980/1998/2010	14		146,843		107,583		39,260		90.4	%		90.4	%		8.00	Beall's Outlet, Winn-Dixie
Shoppes of Lakeland	Lakeland	100	%	1985/1996/NA	22		183,842		115,541		68,301		97.3	%		97.3	%		12.14	Ashley Furniture, Michaels, Staples, (Target)
The Crossroads	Royal Palm Beach	100	%	1988/2002/NA	33		120,092		42,112		77,980		95.2	%		95.2	%		14.74	Publix
Village Lakes Shopping Center	Land O' Lakes	100	%	1987/1997/NA	28		186,313		93,456		92,857		61.4	%		48.1	%		9.54	Beall's Outlet
Total / Average					227		1,494,575		864,626		629,949		91.9	%		90.2	%	$	13.28

Georgia
Centre at Woodstock	Woodstock	100	%	1997/2004/NA	14		86,748		51,420		35,328		87.2	%		87.2	%	$	11.36	Publix
Conyers Crossing	Conyers	100	%	1978/1998/NA	15		170,475		138,915		31,560		100.0	%		100.0	%		5.20	Burlington Coat Factory, Hobby Lobby
Holcomb Center	Roswell	100	%	1986/1996/2010	22		106,003		39,668		66,335		80.8	%		80.8	%		11.53	Studio Movie Grill
Horizon Village	Suwanee	100	%	1996/2002/NA	22		97,001		47,955		49,046		73.9	%		73.9	%		11.31	Movie Tavern
Mays Crossing	Stockbridge	100	%	1984/1997/2007	21		137,284		100,244		37,040		93.9	%		93.9	%		6.99	Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
Total / Average					94		597,511		378,202		219,309		89.1	%		89.1	%	$	8.35

Illinois
Liberty Square	Wauconda	100	%	1987/2010/2008	26		107,369		54,522		52,847		85.8	%		85.8	%	$	12.96	Jewel-Osco
Total/Average					26		107,369		54,522		52,847		85.8	%		85.8	%	$	12.96

Indiana
Merchants' Square	Carmel	100	%	1970/2010/NA	44		278,875		69,504		209,371		84.8	%		84.8	%	$	10.39	Cost Plus, Hobby Lobby (2), (Marsh Supermarket)
Total/Average					44		278,875		69,504		209,371		84.8	%		84.8	%	$	10.39

Michigan
Beacon Square	Grand Haven	100	%	2004/2004/NA	15		51,387		-		51,387		95.3	%		95.3	%	$	17.14	(Home Depot)
Clinton Pointe	Clinton Township	100	%	1992/2003/NA	14		135,330		65,735		69,595		96.8	%		96.8	%		9.71	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights	100	%	1977/1996/2009	19		201,115		106,027		95,088		93.6	%		93.6	%		11.53	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	%		9.62	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn	100	%	1987/2003/2007	31		157,246		56,586		100,660		98.3	%		98.3	%		14.20	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	%		6.97	Oakridge Market
Gaines Marketplace	Gaines Township	100	%	2004/2004/NA	15		392,169		351,981		40,188		100.0	%		100.0	%		4.69	Meijer, Staples, Target
Hoover Eleven	Warren	100	%	1989/2003/NA	48		282,110		147,667		134,443		91.3	%		91.3	%		11.68	Dunham's, Kroger, Marshalls, OfficeMax
Jackson Crossing	Jackson	100	%	1967/1996/2002	61		398,526		222,192		176,334		94.8	%		94.8	%		9.93	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		210,374		175,001		35,373		97.5	%		97.5	%		7.41	Lowe's, Michaels, OfficeMax
Lake Orion Plaza	Lake Orion	100	%	1977/1996/NA	9		141,073		126,195		14,878		100.0	%		100.0	%		4.07	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores	100	%	1996/2003/NA	20		342,854		244,089		98,765		98.0	%		94.7	%		8.48	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T.J. Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia	100	%	1988/2003/NA	20		136,616		93,574		43,042		90.7	%		90.7	%		10.36	Kroger, T.J. Maxx
New Towne Plaza	Canton Township	100	%	1975/1996/2005	15		192,587		145,389		47,198		100.0	%		100.0	%		10.47	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	%		8.99	Hobby Lobby, T.J. Maxx
Roseville Towne Center	Roseville	100	%	1963/1996/2004	9		246,968		206,747		40,221		100.0	%		91.5	%		6.80	Marshalls, Wal-Mart
Southfield Plaza	Southfield	100	%	1969/1996/2003	25		185,409		128,339		57,070		97.7	%		97.7	%		8.30	Big Lots, Burlington Coat Factory, Marshalls
Tel-Twelve	Southfield	100	%	1968/1996/2005	21		523,411		479,869		43,542		99.5	%		99.5	%		10.69	Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PetSmart

Page 18 of 29

Ramco-Gershenson Properties Trust

Portfolio Summary Report

September 30, 2012

						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)

The Auburn Mile	Auburn Hills	100	%	2000/1999/NA	7	90,553	64,315	26,238	100.0	%	100.0	%		10.89	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	96.2	%	96.2	%		16.89	Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
Total / Average					418	4,406,125	3,053,828	1,352,297	97.3	%	96.6	%	$	9.51

Missouri
Central Plaza	Ballwin	100	%	1970/2012/2012	16	166,431	103,592	62,839	100.0	%	100.0	%		10.71	Buy Buy Baby, Jo-Ann, OfficeMax, Ross Dress for Less (3)
Heritage Place	Creve Coeur (St Louis)	100	%	1989/2011/2005	38	269,185	157,946	111,239	90.5	%	88.7	%	$	13.26	Dierbergs Markets, Marshalls, Office Depot, T.J. Maxx
Town & Country Crossing	Town & Country	100	%	2008/2011/2011	36	141,996	55,012	86,984	82.6	%	82.6	%		24.12	Whole Foods, (Target)
Total / Average					90	577,612	316,550	261,062	91.3	%	90.4	%	$	14.88

Ohio
Crossroads Centre	Rossford	100	%	2001/2001/NA	20	344,045	244,991	99,054	96.2	%	96.2	%	$	8.49	Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
Rossford Pointe	Rossford	100	%	2006/2005/NA	6	47,477	41,077	6,400	100.0	%	100.0	%		12.09	MC Sporting Goods, PetSmart
Spring Meadows Place	Holland	100	%	1987/1996/2005	27	211,808	110,691	101,117	94.6	%	94.6	%		11.68	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	97.3	%	97.3	%		6.40	Kohl's, (Wal-Mart Supercenter)
Total / Average					71	747,815	483,343	264,472	96.2	%	96.2	%	$	9.21

Tennessee
Northwest Crossing	Knoxville	100	%	1989/1999/2006	12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.73	HH Gregg, OfficeMax, Ross Dress for Less, (Wal-Mart Supercenter)
Total / Average					12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.73

Virginia
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
The Town Center at Aquia Office (4)	Stafford	100	%	1989/1998/2009	13	98,147	62,184	35,963	91.8	%	91.8	%	$	26.64	TASC
Total / Average					16	138,665	86,184	52,481	94.2	%	94.2	%	$	21.68

Wisconsin
East Town Plaza	Madison	100	%	1992/2000/2000	19	208,472	117,000	91,472	89.8	%	89.8	%	$	9.43	Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
Nagawaukee Center	Delafield	100	%	1994/2012/NA	13	113,617	80,684	32,933	100.0	%	100.0	%		10.01	Kohl's, (Sentry Foods)
The Shoppes at Fox River	Waukesha	100	%	2009/2010/2011	20	135,334	61,045	74,289	100.0	%	100.0	%		16.51	Pick N' Save, (Target)
West Allis Towne Centre	West Allis	100	%	1987/1996/2011	29	326,271	179,818	146,453	96.8	%	91.3	%		8.29	Burlington Coat Factory, Kmart, Office Depot
Total / Average					81	783,694	438,547	345,147	95.9	%	93.7	%	$	10.36

Consolidated Core Portfolio Subtotal / Average					1,116	9,593,039	6,046,960	3,546,079	94.9	%	94.0	%	$	10.80

Joint Venture Core Portfolio at 100%

Florida
Cocoa Commons	Cocoa	30	%	2001/2007/2008	23	90,116	51,420	38,696	79.9	%	79.9	%	$	11.81	Publix
Cypress Point	Clearwater	30	%	1983/2007/NA	23	167,280	103,085	64,195	93.3	%	93.3	%		11.59	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee	7	%	2005/2005/NA	17	115,586	67,000	48,586	92.7	%	92.7	%		11.63	Jo-Ann, Marshalls, (Super Target)
Marketplace of Delray	Delray Beach	30	%	1981/2005/2010	49	238,901	107,190	131,711	90.7	%	89.6	%		11.92	Office Depot, Ross Dress for Less, Winn-Dixie
Martin Square	Stuart	30	%	1981/2005/NA	15	331,105	291,432	39,673	91.5	%	91.5	%		6.31	Home Depot, Sears (2), Staples
Mission Bay Plaza	Boca Raton	30	%	1989/2004/NA	57	263,721	148,245	115,476	94.7	%	93.2	%		21.48	The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
The Plaza at Delray	Delray Beach	20	%	1979/2004/NA	48	326,824	189,295	137,529	94.1	%	93.4	%		16.06	Marshalls, Michaels, 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	%		12.26	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	%		13.03	Publix
Village Plaza	Lakeland	30	%	1989/2004/NA	25	146,755	64,504	82,251	67.0	%	67.0	%		13.15	Big Lots
Vista Plaza	Jensen Beach	30	%	1998/2004/NA	11	109,761	78,658	31,103	99.0	%	99.0	%		13.31	Bed Bath & Beyond, Michaels, Total Wine & More
West Broward Shopping Center	Plantation	30	%	1965/2005/NA	18	152,973	81,638	71,335	97.6	%	97.6	%		10.67	Badcock, DD's Discounts, Save-A-Lot, US Postal Service
Total / Average					329	2,191,771	1,317,558	874,213	91.7	%	91.3	%	$	12.97

Page 19 of 29

Ramco-Gershenson Properties Trust

Portfolio Summary Report

September 30, 2012

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)


Georgia
Collins Pointe Plaza	Cartersville	20	%	1987/2006/2010	1	13,225	-	13,225	100.0	%	100.0	%	$	12.36
Paulding Pavilion	Hiram	20	%	1995/2006/2008	11	84,846	60,509	24,337	100.0	%	92.2	%		14.07	Sports Authority, Staples
Total / Average					12	98,071	60,509	37,562	100.0	%	93.3	%	$	13.82

Illinois
Market Plaza	Glen Ellyn	20	%	1965/2007/2009	35	163,054	66,079	96,975	85.9	%	85.9	%	$	14.87	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows	20	%	1956/2008/1995	20	134,088	83,230	50,858	85.0	%	85.0	%		11.27	Jewel Osco, Northwest Community Hospital
Total / Average					55	297,142	149,309	147,833	85.5	%	85.5	%	$	13.26

Indiana
Nora Plaza	Indianapolis	7	%	1958/2007/2002	25	139,905	57,713	82,192	97.2	%	97.2	%	$	12.71	Marshalls, Whole Foods, (Target)
Total / Average					25	139,905	57,713	82,192	97.2	%	97.2	%	$	12.71

Maryland
Crofton Centre	Crofton	20	%	1974/1996/NA	20	252,230	170,804	81,426	98.4	%	98.4	%	$	8.08	Gold's Gym, Kmart, Shoppers Food Warehouse
Total / Average					20	252,230	170,804	81,426	98.4	%	98.4	%	$	8.08

Michigan
Hunter's Square	Farmington Hills	30	%	1988/2005/NA	37	354,323	197,149	157,174	97.5	%	97.5	%	$	16.03	Bed Bath & Beyond, BuyBuyBaby, Loehmann's, Marshalls, T.J. Maxx
Millennium Park	Livonia	30	%	2000/2005/NA	16	272,568	206,850	65,718	99.2	%	97.4	%		14.13	Home Depot, Marshalls, Michaels, PetSmart, (Costco), (Meijer)
The Shops at Old Orchard	West Bloomfield	30	%	1972/2007/2011	20	96,994	36,044	60,950	92.9	%	92.9	%		18.05	Plum Market
Troy Marketplace	Troy	30	%	2000/2005/2010	13	222,193	193,360	28,833	100.0	%	100.0	%		15.49	Airtime Trampoline (3), Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PetSmart, (REI)
Winchester Center	Rochester Hills	30	%	1980/2005/NA	16	314,575	224,522	90,053	90.3	%	90.3	%		11.35	Bed Bath & Beyond, Dick's Sporting Goods, Marshalls, Michaels, PetSmart, (Kmart)
Total / Average					102	1,260,653	857,925	402,728	96.1	%	95.8	%	$	14.56

New Jersey
Chester Springs Shopping Center	Chester	20	%	1970/1996/1999	41	223,201	108,769	114,432	92.1	%	92.1	%	$	14.13	Marshalls, Shop-Rite Supermarket, Staples
Total / Average					41	223,201	108,769	114,432	92.1	%	92.1	%	$	14.13

Ohio
Olentangy Plaza	Columbus	20	%	1981/2007/1997	41	253,474	139,130	114,344	95.3	%	95.3	%	$	10.42	Eurolife Furniture, Marshalls, Micro Center, Columbus Asia Market-Sublease of SuperValu, Tuesday Morning
Total / Average					41	253,474	139,130	114,344	95.3	%	95.3	%	$	10.42

JV Core Subtotal / Average at 100%					625	4,716,447	2,861,717	1,854,730	93.4	%	93.0	%	$	13.07

CORE PORTFOLIO TOTAL / AVERAGE					1,741	14,309,486	8,908,677	5,400,809	94.4	%	93.7	%	$	11.54

Page 20 of 29

Ramco-Gershenson Properties Trust

Portfolio Summary Report

September 30, 2012

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 & Joint Venture Portfolio Future Redevelopments / Available for Sale (5):
Gratiot Crossing	Chesterfield, MI	30	%	1980/2005/NA	15	165,544	122,406	43,138	38.2	%	38.2	%	$	12.39	Jo-Ann
Promenade at Pleasant Hill	Duluth, GA	100	%	1993/2004/NA	33	280,225	199,555	80,670	51.0	%	51.0	%		9.83	Farmers Home Furniture, Publix
					48	445,769	321,961	123,808	46.2	%	46.2	%	$	10.62

Joint Venture Portfolio Under Redevelopment:
Peachtree Hill	Duluth, GA	20	%	1986/2007/NA	27	109,718	65,625	44,093	89.8	%	88.1	%	$	10.40	Kroger, LA Fitness (6)
The Shops on Lane Avenue	Upper Arlington, OH	20	%	1952/2007/2004	36	170,398	61,012	109,386	98.2	%	98.2	%		20.70	Bed Bath & Beyond, Whole Foods (3)
					63	280,116	126,637	153,479	94.9	%	94.3	%	$	16.93

COMBINED PORTFOLIO TOTAL / AVERAGE (CORE AND UNDER REDEV)					1,852	15,035,371	9,357,275	5,678,096	93.0	%	92.3	%	$	11.63

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) Space delivered to tenant.

(4) Represents the Office Building at The Town Center at Aquia.

(5) Represents 1.4% of combined portfolio annual base rent.

(6) Current construction of new 45,000 square foot LA Fitness replaces 41,000 square feet of former vacant non-anchor space.

Page 21 of 29

Ramco-Gershenson Properties Trust
Redevelopment and Development Projects
September 30, 2012
(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		1Q 2013		8.2	%	$	533	$	107		$	6,530	$	1,306	$	994	$	312
Peachtree Hill		20%	Construct new 45K sf LA Fitness replacing 41K sf vacant space		4Q 2012		13.9	%		780		156			5,605		1,121		835		286
Total Redevelopment									$	1,313	$	263		$	12,135	$	2,427	$	1,829	$	598



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 (5)			Cost to Complete

Parkway Shops Phase I - Jacksonville, FL		100%	Ground-up development of 89,123 sf retail center anchored by Dick's Sporting Goods & Marshalls		2Q 2013		7.8	%	$	1,540		98.2	%	$	19,600	$	9,322	$	10,278


Land Available for Future Development and Sale					Cost to Date 09/30/12

Land held for future development (5)(6)				$	62,869
Land available for sale					21,555
Total Land Held for Development or Sale				$	84,424



(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) During 3Q2012 certain infrastructure costs related to future phases at Parkway Shops were reallocated to land held for future development.
(6) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL.

Page 22 of 29

Ramco-Gershenson Properties Trust
Acquisitions / Dispositions
September 30, 2012
(in thousands)


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

Consolidated

Shoppes of Lakeland	Lakeland, FL		183,842	09/06/12		100	%	$	28,000	$	-
Central Plaza	St. Louis County, MO		166,431	06/07/12		100	%		21,600		-
Harvest Junction North	Longmont (Boulder), CO		159,385	06/01/12		100	%		35,520		-
Harvest Junction South	Longmont (Boulder), CO		176,960	06/01/12		100	%		33,550		-
Nagawaukee Shopping Center	Delafield (Milwaukee), WI		113,617	06/01/12		100	%		15,000		-
	Total consolidated income producing acquisitions							$	133,670	$	-

Harvest Junction North Land	Longmont (Boulder), CO		14.0	06/01/12		100	%	$	2,661	$	-
	Total consolidated land / outparcel acquisitions							$	2,661	$	-

	Total consolidated acquisitions							$	136,331	$	-


DISPOSITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Sold	Ownership %			Sales Price		Debt Repaid		Gain (loss) on Sale (at 100%)

Consolidated (1)

Southbay Shopping Center and Pelican Plaza	Osprey, FL and Sarasota, FL		189,763	05/15/12		100	%	$	5,600	$	-	$	72
Eastridge Commons	Flint, MI		169,676	02/27/12		100	%		1,750		-		137
OfficeMax Center	Toledo, OH		22,930	03/27/12		100	%		1,725		-		127
	Total consolidated income producing dispositions							$	9,075	$	-	$	336

Outparcel	Roswell, GA		2.26	02/14/12		100	%	$	2,030	$	-	$	69
	Total consolidated land / outparcel dispositions							$	2,030	$	-	$	69

	Total consolidated dispositions							$	11,105	$	-	$	405
Unconsolidated Joint Ventures

Outparcel	West Broward, FL		1.00	09/28/12		20	%	$	1,063	$	-	$	627
Southfield Expansion	Southfield, MI		19,410	09/18/12		50	%		396		-		(138	)
Shoppes of Lakeland	Lakeland, FL		183,842	09/06/12		7	%		28,000		-		166
Outparcel	Cartersville, GA		0.85	09/10/12		20	%		939		-		89
Collins Pointe Shopping Center (2)	Cartersville, GA		81,042	06/01/12		20	%		4,650		-		(89	)
	Total unconsolidated joint venture's income producing dispositions							$	35,048	$	-	$	655


(1) Excludes the conveyance of our ownership interest in the Kentwood Towne Centre, located in Kentwood, MI, to the lender in June 2012 which resulted in a reduction of debt of $8.5 million.
(2) Sale excludes two outparcels, one of which was sold on 9/10/12. The remaining parcel is expected to be sold during 4Q2012.

Page 23 of 29

Ramco-Gershenson Properties Trust
Joint Venture Combined Balance Sheets
September 30, 2012
(in thousands)

	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco					Total
	Venture LP			Venture LLC			Venture LLC (1)			HHF KL LLC (2)			HHF NP LLC			Other		JV's
	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			JV's (3)		at 100%

ASSETS
Income producing properties, at cost:
Land	$	76,695		$	43,806		$	3,526		$	3,167		$	4,019		$	-	$	131,213
Buildings and improvements		486,464			262,422			15,238			18,864			24,359			-		807,347
Less accumulated depreciation and amortization		(84,240	)		(35,228	)		(2,215	)		(2,566	)		(3,134	)		-		(127,383	)
Income producing properties, net		478,919			271,000			16,549			19,465			25,244			-		811,177

Construction in progress		455			9,442			-			-			3			-		9,900
Net real estate	$	479,374		$	280,442		$	16,549		$	19,465		$	25,247		$	-	$	821,077


Cash and cash equivalents		8,318			1,769			257			612			298			533		11,787
Restricted cash		3,841			9,575			2			13			-			5		13,436
Accounts receivable, net		4,043			1,938			62			101			73			8		6,225
Other assets, net		16,162			7,208			785			292			630			10		25,087
TOTAL ASSETS	$	511,738		$	300,932		$	17,655		$	20,483		$	26,248		$	556	$	877,612


LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	196,525		$	169,680		$	7,962		$	-		$	-		$	-	$	374,167
Accounts payable and accrued expenses		7,696			6,734			209			278			128			363		15,408
Total Liabilities		204,221			176,414			8,171			278			128			363		389,575

ACCUMULATED EQUITY (DEFICIT)		307,517			124,518			9,484			20,205			26,120			193		488,037

TOTAL LIABILITIES AND ACCUMULATED EQUITY	$	511,738		$	300,932		$	17,655		$	20,483		$	26,248		$	556	$	877,612


Total number of properties in each portfolio		16			8			1			1			1			-		27


																		Investments in
																		Unconsolidated
EQUITY INVESTMENTS IN UNCONSOLIDATED ENTITIES																		Joint Ventures
Equity investments in unconsolidated entities	$	78,503		$	14,610		$	571		$	1,199		$	1,589		$	77	$	96,549
Total equity investments in unconsolidated entities	$	78,503		$	14,610		$	571		$	1,199		$	1,589		$	77	$	96,549

(1)	On June 1, 2012, the joint venture sold the shopping center portion only of Collins Pointe Plaza located in Cartersville, GA for $4.65 million. Of the two remaining outparcels, one was sold September 10, 2012 for $0.94 million and the remaining parcel is expected to be sold by the end of 2012.
(2)	On September 6, 2012 we purchased the Shoppes at Lakeland from the joint venture for $28 million.
(3)	Other JV's included joint ventures formed with private investors where we owned 40%-50% of the sole property in the joint venture. In September 2012 we purchased our joint venture partner's interest in a shopping center located in Southfield, MI which was the last remaining property related to these joint ventures.

Page 24 of 29

Ramco-Gershenson Properties Trust
Summary of Joint Venture Debt
September 30, 2012


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

Paulding Pavilion	Hiram, GA	Fifth Third Bank	20	%	$	7,962,491	Dec-12	Variable	3.7155	%	(1)	$	1,592,498
The Shops on Lane Avenue	Upper Arlington, OH	Principal Global Investors	20	%		27,600,000	Jan-13	Fixed	5.9500	%	(2)		5,520,000
Olentangy Plaza	Columbus, OH	Principal Global Investors	20	%		21,600,000	Jan-13	Fixed	5.8800	%	(2)		4,320,000
Market Plaza	Glen Ellyn, IL	Principal Global Investors	20	%		24,505,000	Jan-13	Fixed	5.8800	%	(2)		4,901,000
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA	30	%		42,463,953	Jul-13	Fixed	6.6400	%			12,739,186
Winchester Center	Rochester Hills, MI	Wachovia	30	%		25,884,064	Jul-13	Fixed	8.1056	%			7,765,219
Hunter's Square	Farmington Hills, MI	Wachovia	30	%		33,666,736	Aug-13	Fixed	8.1504	%			10,100,021
The Plaza at Delray	Delray Beach, FL	CIGNA	20	%		46,120,354	Sep-13	Fixed	6.0000	%			9,224,071
Chester Springs Shopping Center	Chester, NJ	Citigroup	20	%		21,459,143	Oct-13	Fixed	5.5100	%			4,291,829
Village Plaza	Lakeland, FL	Citigroup	30	%		9,033,416	Sep-15	Fixed	5.0050	%			2,710,025
Millennium Park	Livonia, MI	Citigroup	30	%		31,127,827	Oct-15	Fixed	5.0210	%			9,338,348
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA	20	%		11,911,250	Dec-15	Fixed	5.3440	%			2,382,250
Troy Marketplace	Troy, MI	Deutsche Banc	30	%		21,584,689	Jun-16	Fixed	5.9040	%			6,475,407
Gratiot Crossing	Chesterfield Twp., MI	Deutsche Banc	30	%		13,399,785	Jun-16	Fixed	5.9040	%			4,019,936
Crofton Centre	Crofton, MD	Citigroup	20	%		16,869,388	Jan-17	Fixed	5.8490	%			3,373,878
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance	30	%		8,152,773	Jun-20	Fixed	5.5400	%			2,445,832
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance	30	%		10,768,641	Jun-20	Fixed	5.5400	%			3,230,592

Subtotal Mortgage Debt	$	374,109,510	$	94,430,092
Unamortized premium		57,531		55,782
Total mortgage debt (including unamortized premium)	$	374,167,041	$	94,485,874

(1)	The mortgage loan was extended until December 2012. Interest rate is variable based on LIBOR plus 3.50%.
(2)	Interest rate is fixed for five years and then lender has right to reset the interest rate or call the loan in 2013.
(3)	In October 2012 we conveyed our ownership interest in Gratiot Crossing to the lender in exchange for release from the non-recourse mortgage obligation.

Page 25 of 29

Joint Venture Contribution to Funds from Operations
For the Three Months Ended September 30, 2012
(in thousands)

	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco						Total		Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Other			JV's		Pro-Rata
Three months ended September 30, 2012	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			JV's (1)			at 100%		Share

Total revenue	$	12,350		$	6,697		$	362		$	856		$	511		$	72		$	20,848	$	5,249

Operating expenses		3,620			2,454			76			203			129			7			6,489		1,620

Net operating income	$	8,730		$	4,243		$	286		$	653		$	382		$	65		$	14,359	$	3,629

Depreciation and amortization		3,705			2,187			141			286			181			13			6,513		1,614
General & administrative expense		41			43			3			4			3			2			96		23
Interest expense		3,158			2,538			85			-			-			18			5,799		1,481
Amortization of deferred financing fees		61			70			-			-			-			-			131		32
Total other expense (income)		6,965			4,838			229			290			184			33			12,539		3,150
Gain on early extinguishment of debt		-			-			-			-			-			77			77		37
Gain (loss) on sale of depreciable real estate		-			-			-			166			-			(138	)		28		(57	)
Gain on sale of land		627			-			89			-			-			-			716		206

Net income (loss)	$	2,392		$	(595	)	$	146		$	529		$	198		$	(29	)	$	2,641	$	665

Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40% - 50	%		N/A		N/A
Ramco's share of net income (loss)	$	717		$	(119	)	$	29		$	37		$	14		$	(13	)		N/A	$	665
Addback: Management fee exp allocable to Ramco (2)		206			90			4			7			2			1			N/A		310
Earnings (loss) from unconsolidated joint ventures (3)	$	923		$	(29	)	$	33		$	44		$	16		$	(12	)		N/A	$	975

Addback: Pro rata share of depreciation expense		1,111			438			28			20			13			4			N/A		1,614
Addback: Pro rata share of impairment provision		-			-			-			-			-			-			N/A		-
Addback: Pro rata share of depreciable real estate sold		-			-			-			(12	)		-			69			N/A		57
Funds from operations contributed by joint ventures	$	2,034		$	409		$	61		$	52		$	29		$	61			N/A	$	2,646

(1)	Other JV's include joint ventures formed with private investors where we own 40%-50% of the sole property in the joint venture. In September 2012, the last remaining joint venture was dissolved when we purchased the shopping center.
(2)	Ramco's share of management fee expense is eliminated in consolidation.
(3)	Ramco's Pro-Rata Share excludes $33,000 of expense related to our acquisition of our partners interest in the S-12 co-partnership.

Page 26 of 29

Joint Venture Contribution to Funds from Operations
For the Nine Months Ended September 30, 2012
(in thousands)

	Ramco/Lion		Ramco 450			Ramco 191			Ramco			Ramco					Total			Ramco
	Venture LP		Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC		Other			JV's			Pro-Rata
Nine months ended September 30, 2012	Consolidated		Consolidated			Consolidated			Consolidated			Indianapolis, IN		JV's (1)			at 100%			Share

Total revenue	$	36,822	$	19,716		$	1,430		$	3,000		$	1,588	$	241		$	62,797		$	15,714

Operating expenses		10,923		7,256			307			793			401		(161	)		19,519			4,814

Net operating income	$	25,899	$	12,460		$	1,123		$	2,207		$	1,187	$	402		$	43,278		$	10,900

Depreciation and amortization		11,507		6,479			517			1,030			523		54			20,110			4,984
General & administrative expense		179		131			13			14			11		(7	)		341			82
Interest expense		9,649		7,615			155			-			-		(277	)		17,142			4,341
Amortization of deferred financing fees		201		210			7			-			-		1			419			104
Provision for impairment		-		-			-			712			-		-			712			50
Total other expense (income)		21,536		14,435			692			1,756			534		(229	)		38,724			9,561
Gain on early extinguishment of debt		-		-			-			-			-		275			275			116
(Loss) gain on sale of depreciable real estate		-		-			(89	)		166			-		(138	)		(61	)		(75	)
Gain on sale of land		627		-			89			-			-		-			716			206

Net income (loss)	$	4,990	$	(1,975	)	$	431		$	617		$	653	$	768		$	5,484		$	1,586

Ramco's share of net income (loss)	$	1,496	$	(395	)	$	86		$	43		$	46	$	310			N/A		$	1,586
Addback: Management fee exp allocable to Ramco (2)		588		263			16			16			9		4			N/A			896
Earnings (loss) from unconsolidated joint ventures (3)	$	2,084	$	(132	)	$	102		$	59		$	55	$	314			N/A		$	2,482

Addback: Pro rata share of depreciation expense		3,452		1,296			103			72			37		24			N/A			4,984
Addback: Pro rata share of impairment provision		-		-			-			50			-		-			N/A			50
Addback: Pro rata share of depreciable real estate sold		-		-			18			(12	)		-		69			N/A			75
Funds from operations contributed by joint ventures	$	5,536	$	1,164		$	223		$	169		$	92	$	407			N/A		$	7,591

(1)	Other JV's include joint ventures formed with private investors where we own 40%-50% of the sole property in the joint venture. In September 2012, the remaining joint venture was dissolved when we purchased the shopping center.
(2)	Ramco's share of management fee expense is eliminated in consolidation.
(3)	Ramco's Pro-Rata Share excludes $0.43 million expense incurred in the first quarter of 2012 related to the liquidation of the Ramco/West Acres joint venture and $33,000 of expense related to our acquisition of our partners interest in the S-12 co-partnership.

Page 27 of 29

Ramco-Gershenson Properties Trust

Joint Venture Summary of Expiring GLA

September 30, 2012

	Anchor Tenants (1)								Non-Anchor Tenants								All Leases

Expiration Year	Number of Leases	GLA	% of GLA		% of ABR		ABR psf		Number of Leases	GLA	% of GLA		% of ABR		ABR psf		Number of Leases	GLA	% of GLA		% of ABR		ABR psf

(2)	-	-	0.0	%	0.0	%		-	7	11,195	0.5	%	0.7	%	$	20.94	7	11,195	0.2	%	0.4	%	$	20.94
2012	2	42,419	1.4	%	0.6	%		4.53	27	90,247	4.4	%	4.0	%		14.99	29	132,666	2.6	%	2.5	%		11.65
2013	3	154,903	5.0	%	3.4	%		6.57	79	213,386	10.4	%	13.0	%		20.05	82	368,289	7.1	%	8.5	%		14.38
2014	6	215,135	6.9	%	6.1	%		8.48	93	291,145	14.2	%	15.0	%		16.88	99	506,280	9.8	%	10.8	%		13.31
2015	14	539,946	17.4	%	16.6	%		9.11	86	246,947	12.0	%	13.9	%		18.45	100	786,893	15.2	%	15.1	%		12.05
2016	11	380,596	12.2	%	13.8	%		10.80	70	247,133	12.0	%	14.5	%		19.28	81	627,729	12.2	%	14.2	%		14.14
2017	7	192,283	6.2	%	9.1	%		14.07	57	210,283	10.3	%	12.0	%		18.73	64	402,566	7.8	%	10.6	%		16.51
2018	6	236,207	7.6	%	8.3	%		10.42	23	105,540	5.1	%	5.5	%		17.22	29	341,747	6.6	%	6.8	%		12.52
2019	6	229,705	7.4	%	8.7	%		11.21	11	42,649	2.1	%	2.3	%		17.66	17	272,354	5.3	%	5.3	%		12.22
2020	3	191,092	6.1	%	2.7	%		4.16	14	43,565	2.1	%	3.1	%		23.65	17	234,657	4.5	%	2.9	%		7.78
2021	10	308,079	9.9	%	10.9	%		10.56	11	52,027	2.5	%	3.1	%		19.42	21	360,106	7.0	%	6.8	%		11.84
2022+	10	450,763	14.4	%	19.8	%		13.03	32	217,202	10.7	%	12.9	%		19.35	42	667,965	13.0	%	16.1	%		15.09
Sub-Total	78	2,941,128	94.5	%	100.0	%	$	10.11	510	1,771,319	86.3	%	100.0	%	$	18.55	588	4,712,447	91.3	%	100.0	%	$	13.28

Leased [3]	-	-	0.0	%	N/A			N/A	7	19,798	1.0	%	N/A			N/A	7	19,798	0.4	%	N/A			N/A

Vacant	4	169,632	5.5	%	N/A			N/A	104	260,230	12.7	%	N/A			N/A	108	429,862	8.3	%	N/A			N/A

Total	82	3,110,760	100.0	%	100.0	%		N/A	621	2,051,347	100.0	%	100.0	%		N/A	703	5,162,107	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.

Page 28 of 29

Ramco-Gershenson Properties Trust

Joint Venture Leasing Activity

September 30, 2012

Total Comparable Leases (1)	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF (3)
3rd Quarter 2012		16		71,716	$	16.40	$	15.52		5.7	%		5.8	$	0.47
2nd Quarter 2012		24		117,298	$	14.91	$	14.75		1.1	%		4.3	$	0.25
1st Quarter 2012		25		98,285	$	16.39	$	16.25		0.9	%		5.4	$	2.79
4th Quarter 2011		30		173,295	$	13.95	$	14.33		-2.7	%		5.6	$	5.20
Total		95		460,594	$	15.10	$	15.03		0.4	%		5.3	$	2.69

Renewals	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
3rd Quarter 2012		14		69,329	$	16.05	$	15.20		5.6	%		5.9	$	0.00
2nd Quarter 2012		22		113,083	$	14.48	$	14.07		2.9	%		4.2	$	0.10
1st Quarter 2012		22		91,935	$	15.72	$	15.74		-0.1	%		5.2	$	1.01
4th Quarter 2011		24		140,814	$	13.90	$	14.87		-6.5	%		4.8	$	0.00
Total		82		415,161	$	14.82	$	14.90		-0.5	%		4.9	$	0.25

New Leases-Comparable	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
3rd Quarter 2012		2		2,387	$	26.69	$	24.83		7.5	%		4.1	$	14.01
2nd Quarter 2012		2		4,215	$	26.47	$	33.06		-19.9	%		8.2	$	4.34
1st Quarter 2012		3		6,350	$	26.04	$	23.58		10.4	%		8.4	$	28.56
4th Quarter 2011		6		32,481	$	14.18	$	11.99		18.3	%		9.0	$	27.77
Total		13		45,433	$	17.64	$	16.24		8.6	%		8.6	$	24.98

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
3rd Quarter 2012		26		112,563	$	16.07		N/A		N/A			5.9	$	8.25
2nd Quarter 2012		36		240,515	$	11.71		N/A		N/A			5.9	$	7.57
1st Quarter 2012		39		147,364	$	16.89		N/A		N/A			6.0	$	16.23
4th Quarter 2011		43		219,036	$	13.41		N/A		N/A			5.4	$	8.38
Total		144		719,478	$	13.97		N/A		N/A			5.8	$	9.70

(1)	Comparable leases represent those leases signed on spaces for which there was a former tenant within the last twelve months.
(2)	Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
(3)	Tenant improvement costs include lease-specific costs (improvements and allowances) as well as certain landlord costs necessary to bring the space to leasable condition.

Page 29 of 29

RPT Realty - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 23, 2012

Attached files

RPT Realty Reports