10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-Q

x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES ACT OF 1934

For the quarterly period ended June 30, 2015

Commission file number 1-10093

RAMCO-GERSHENSON PROPERTIES TRUST

(Exact name of registrant as specified in its charter)

MARYLAND	13-6908486
(State of other jurisdiction of incorporation or organization)	(I.R.S Employer Identification Numbers)
31500 Northwestern Highway, Suite 300 Farmington Hills, Michigan	48334
(Address of principal executive offices)	(Zip Code)

248-350-9900

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports).  And (2) has been subject to such filing requirements for the past 90 days.

Yes   x                       No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   x                       No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x Accelerated filer  o Non-accelerated filer  o (Do not check if a smaller reporting company) Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   o                       No  x

Number of common shares of beneficial interest ($0.01 par value) of the registrant outstanding as of July 14, 2015: 79,162,358

INDEX

PART I – FINANCIAL INFORMATION		Page No.
Item 1.	Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheets – June 30, 2015 (unaudited) and December 31, 2014	3
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) -
	Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	4
	Condensed Consolidated Statement of Shareholders’ Equity - Six Months Ended June 30, 2015 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2015 and 2014 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 6.	Exhibits	31

Page 2 of 32

PART 1 – FINANCIAL INFORMATION

Item 1.  Unaudited Condensed Consolidated Financial Statements

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
	June 30, 2015			December 31, 2014
	(unaudited)
ASSETS
Income producing properties, at cost:
Land	$	346,925		$	341,388
Buildings and improvements	1,616,326			1,592,644
Less accumulated depreciation and amortization	(311,207		)	(287,177		)
Income producing properties, net	1,652,044			1,646,855
Construction in progress and land available for development or sale	56,710			74,655
Net real estate	1,708,754			1,721,510
Equity investments in unconsolidated joint ventures	22,373			28,733
Cash and cash equivalents	6,932			9,335
Restricted cash	9,386			8,163
Accounts receivable (net of allowance for doubtful accounts of $2,616 and $2,292 as of June 30, 2015 and December 31, 2014, respectively)	12,814			11,997
Acquired lease intangibles, net	69,464			77,045
Other assets, net	91,596			91,596
TOTAL ASSETS	$	1,921,319		$	1,948,379
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable	$	906,167		$	921,705
Capital lease obligation	1,148			1,828
Accounts payable and accrued expenses	38,135			44,232
Acquired lease intangibles, net	51,492			54,278
Other liabilities	9,902			10,106
Distributions payable	18,034			17,951
TOTAL LIABILITIES	1,024,878			1,050,100
Commitments and Contingencies
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), 1,849 and 2,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$	92,427		$	100,000
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,149 and 77,573 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	791			776
Additional paid-in capital	1,155,556			1,130,262
Accumulated distributions in excess of net income	(375,512		)	(356,715		)
Accumulated other comprehensive loss	(2,271		)	(1,966		)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT	870,991			872,357
Noncontrolling interest	25,450			25,922
TOTAL SHAREHOLDERS' EQUITY	896,441			898,279
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,921,319		$	1,948,379

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 3 of 32

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
REVENUE
Minimum rent	$	44,327		$	37,054		$	87,678		$	73,321
Percentage rent	18			5			371			153
Recovery income from tenants	13,962			11,857			28,284			24,104
Other property income	850			578			1,709			1,539
Management and other fee income	578			436			1,110			946
TOTAL REVENUE	59,735			49,930			119,152			100,063
EXPENSES
Real estate taxes	9,126			7,347			18,121			14,714
Recoverable operating expense	6,846			5,739			14,124			11,898
Other non-recoverable operating expense	994			835			1,707			1,684
Depreciation and amortization	21,120			23,658			41,483			41,399
Acquisition costs	265			451			307			533
General and administrative expense	5,474			5,168			10,348			10,700
Provision for impairment	—			—			2,521			—
TOTAL EXPENSES	43,825			43,198			88,611			80,928
OPERATING INCOME	15,910			6,732			30,541			19,135
OTHER INCOME AND EXPENSES
Other income (expense), net	27			(239		)	(191		)	(372		)
Gain on sale of real estate	273			2,672			3,469			2,672
Earnings (loss) from unconsolidated joint ventures	335			816			2,995			(791		)
Interest expense	(10,058		)	(7,632		)	(20,027		)	(15,231		)
Amortization of deferred financing fees	(330		)	(370		)	(664		)	(773		)
Deferred gain recognized on real estate	—			—			—			117
Gain (loss) on extinguishment of debt	1,387			(860		)	1,387			(860		)
INCOME BEFORE TAX	7,544			1,119			17,510			3,897
Income tax (provision) benefit	(255		)	1			(277		)	(16		)
NET INCOME	7,289			1,120			17,233			3,881
Net income attributable to noncontrolling partner interest	(199		)	(34		)	(476		)	(123		)
NET INCOME ATTRIBUTABLE TO RPT	7,090			1,086			16,757			3,758
Preferred share dividends	(1,675		)	(1,813		)	(3,487		)	(3,625		)
Preferred share conversion costs	(500		)	—			(500		)	—
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	4,915		$	(727	)	$	12,770		$	133
EARNINGS (LOSS) PER COMMON SHARE
Basic	$	0.06		$	(0.01	)	$	0.16		$	—
Diluted	$	0.06		$	(0.01	)	$	0.16		$	—
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	79,124			68,853			78,528			67,966
Diluted	79,319			69,097			78,731			68,209
OTHER COMPREHENSIVE INCOME
Net income	$	7,289		$	1,120		$	17,233		$	3,881
Other comprehensive gain (loss):
Gain (loss) on interest rate swaps	1,150			(1,377		)	(315		)	(2,076		)
Comprehensive income (loss)	8,439			(257		)	16,918			1,805
Comprehensive (income) loss attributable to noncontrolling interest	(31		)	44			10			67
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT	$	8,408		$	(213	)	$	16,928		$	1,872

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 4 of 32

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
For the Six Months Ended June 30, 2015
(In thousands)
(Unaudited)
	Shareholders' Equity of Ramco-Gershenson Properties Trust
	Preferred Shares			Common Shares		Additional Paid-in Capital		Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interest			Total Shareholders’ Equity
Balance, December 31, 2014	$	100,000		$	776	$	1,130,262	$	(356,715	)	$	(1,966	)	$	25,922		$	898,279
Issuance of common shares	—			9		17,116		—			—			—			17,125
Conversion and redemption of OP unit holders	—			—		—		—			—			(40		)	(40		)
Conversion of preferred shares	(7,573		)	5		7,568		(500		)	—			—			(500		)
Share-based compensation and other expense, net of shares withheld for employee taxes	—			1		610		—			—			—			611
Dividends declared to common shareholders	—			—		—		(31,409		)	—			—			(31,409		)
Dividends declared to preferred shareholders	—			—		—		(3,487		)	—			—			(3,487		)
Distributions declared to noncontrolling interests	—			—		—		—			—			(898		)	(898		)
Dividends declared to deferred shares	—			—		—		(158		)	—			—			(158		)
Other comprehensive income adjustment	—			—		—		—			(305		)	(10		)	(315		)
Net income	—			—		—		16,757			—			476			17,233
Balance, June 30, 2015	$	92,427		$	791	$	1,155,556	$	(375,512	)	$	(2,271	)	$	25,450		$	896,441

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 5 of 32

RAMCO GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Six Months Ended June 30,
	2015			2014
OPERATING ACTIVITIES
Net income	$	17,233		$	3,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,483			41,399
Amortization of deferred financing fees	664			773
Income tax provision	277			16
(Earnings) loss from unconsolidated joint ventures	(2,995		)	791
Distributions received from operations of unconsolidated joint ventures	901			1,353
Provision for impairment	2,521			—
(Gain) loss on extinguishment of debt	(1,387		)	860
Deferred gain recognized on real estate	—			(117		)
Gain on sale of real estate	(3,469		)	(2,672		)
Amortization of premium on mortgages, net	(806		)	(347		)
Share-based compensation expense	1,082			1,060
Long-term incentive cash compensation expense	720			1,071
Changes in assets and liabilities:
Accounts receivable, net	(817		)	(1,068		)
Acquired lease intangibles and other assets, net	(352		)	674
Accounts payable, acquired lease intangibles and other liabilities	(10,872		)	526
Net cash provided by operating activities	44,183			48,200
INVESTING ACTIVITIES
Acquisition of real estate	$	(12,097	)	$	—
Development and capital improvements	(24,034		)	(34,776		)
Net proceeds from sales of real estate	16,106			9,883
Distributions from sale of joint venture property	8,173			—
Increase in restricted cash	(1,223		)	(11,461		)
Net cash used in investing activities	(13,075		)	(36,354		)
FINANCING ACTIVITIES
Proceeds on mortgages and notes payable	$	—		$	175,000
Repayment of mortgages and notes payable	(20,343		)	(151,672		)
Net (repayments) proceeds on revolving credit facility	7,000			(27,000		)
Payment of deferred financing costs	(204		)	(762		)
Proceeds from issuance of common stock	17,125			49,890
Repayment of capitalized lease obligation	(680		)	(176		)
Redemption or conversion of operating partnership units for cash	(40		)	—
Conversion of preferred shares	(500		)	—
Dividends paid to preferred shareholders	(3,625		)	(3,625		)
Dividends paid to common shareholders	(31,346		)	(25,367		)
Distributions paid to operating partnership unit holders	(898		)	(844		)
Net cash (used in) provided by financing activities	(33,511		)	15,444
Net change in cash and cash equivalents	(2,403		)	27,290
Cash and cash equivalents at beginning of period	9,335			5,795
Cash and cash equivalents at end of period	$	6,932		$	33,085
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $488 and $884 in 2015 and 2014, respectively)	$	21,185		$	16,284
Cash paid for federal income taxes	$	—		$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 6 of 32

RAMCO-GERSHENSON PROPERTIES TRUST

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.  Organization and Basis of Presentations

Organization

Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company” or "RPT"), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States.  As of June 30, 2015, our property portfolio consists of 66 wholly owned shopping centers and one office building comprising approximately 14.2 million square feet.  In addition, we are co-investor in and manager of two institutional joint ventures that own portfolios of shopping centers.  We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.6 million square feet.  We own 30% of Ramco/Lion Venture L.P., an entity that owns two shopping centers comprising approximately 0.6 million square feet. We also have ownership interests in two joint ventures that each own a single shopping center.  In addition, we own interests in several land parcels that are available for development or sale. Most of our properties are anchored by supermarkets and/or national chain stores.  The Company’s credit risk, therefore, is concentrated in the retail industry.

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (97.3% and 97.2% owned by the Company at June 30, 2015 and December 31, 2014, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest.  We have elected to be a REIT for federal income tax purposes.  All intercompany balances and transactions have been eliminated in consolidation.  The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014.

The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period.  We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources.  Actual results could differ from those estimates.

Reclassifications

Certain reclassifications of prior period amounts have been made in the condensed consolidated financial statements and footnotes in order to conform to the current presentation.

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board ("FASB") updated Accounting Standards Codification ("ASC") Topic 835 "Interest" with ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs". ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. Deferred financing costs, net of accumulated amortization were approximately $6.1 million and $6.6 million as of June 30, 2015 and December 31, 2014, respectively. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

In February 2015, FASB updated ASC Topic 810 "Consolidation" with ASU 2015-02, "Amendments to the Consolidation Analysis". ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are Variable Interest Entities ("VIEs") or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved in VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for annual reporting periods (including interim periods within those

Page 7 of 32

periods), beginning after December 15, 2015. Early adoption is permitted. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements

In May 2014, FASB issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, ASC Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and it will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017, pursuant to the one year deferral of the effective date by the FASB in July 2015, and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is permitted beginning after December 15, 2016. We are currently evaluating the guidance and have not determined the impact this standard may have on the consolidated financial statements nor decided upon the method of adoption.

2.  Real Estate

Included in our net real estate assets are income producing shopping center properties and one office building that are recorded at cost less accumulated depreciation and amortization.

We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable.  These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, geographic location, real estate values and expected holding period.

Land available for development or sale includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use.  Land available for development or sale was $39.4 million and $48.9 million at June 30, 2015 and December 31, 2014, respectively.

Construction in progress represents existing development, redevelopment and tenant build-out projects.  When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate.  Construction in progress was $17.3 million and $25.7 million at June 30, 2015 and December 31, 2014, respectively.

The decrease in construction in progress from December 31, 2014 to June 30, 2015 was due primarily to the substantial completion of two redevelopment projects, offset in part by ongoing development, redevelopment and expansion projects across the portfolio.

During the first quarter of 2015, we recorded an impairment provision of $2.5 million related to developable land that was subsequently sold in the second quarter of 2015. The adjustment was triggered by an unforeseen increase in development costs and changes in the associated sales price assumptions. Refer to Note 3 for additional information related to dispositions.

Page 8 of 32

3.  Property Acquisitions and Dispositions

Acquisitions

The following table provides a summary of our acquisition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Petco at West Oaks	Novi, MI	26		06/10/15	$	5,500	$	—
Jackson Crossing Shops	Jackson, MI	15		06/22/15	5,000		—
Total consolidated income producing acquisitions		41			$	10,500	$	—
Gaines Marketplace	Gaines Township, MI	N/A	1.9	02/12/15	1,000		—
Lakeland Park Center	Lakeland, FL	N/A	1.6	01/23/15	475		—
Total consolidated land / outparcel acquisitions			4.1		$	1,475	$	—
Total Acquisitions		41	4.1		$	11,975	$	—

Dispositions

The following table provides a summary of our disposition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Debt Repaid		Gain (Loss) on Sale
		(In thousands)			(In thousands)
The Town Center at Aquia - Commercial / Residential Land	Stafford, VA	35	32.8	05/29/15	$	13,350	$	—	$	289
Taylors Square - Outparcel	Taylors, SC	N/A	0.6	04/22/15	250		—		(16		)
Target and Shell Oil Parcels	Gaines Township, MI	N/A	11.3	02/12/15	5,150		—		3,196
Total consolidated land / outparcel dispositions		35	44.7		$	18,750	$	—	$	3,469

Pursuant to the criteria established under ASC 360, Property, Plant, and Equipment, we will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and we are able to conclude that the sale of the property within one year is probable. The adoption of ASU 2014-08 eliminated classifying the results of operations of properties held for sale as Discontinued Operations in the Condensed Consolidated Statements of Operations. As of June 30, 2015 there were no properties or land classified as held for sale.

Page 9 of 32

4.  Equity Investments in Unconsolidated Joint Ventures

We have four joint venture agreements whereby we own between 7% and 30% of the equity in the joint venture. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  We cannot make significant decisions without our partner’s approval.  Accordingly, we account for our interest in the joint ventures using the equity method of accounting.

The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:

Balance Sheets	June 30, 2015		December 31, 2014
	(In thousands)
ASSETS
Income producing properties, net	$	374,267	$	394,740
Cash, accounts receivable and other assets	19,796		23,102
Total Assets	$	394,063	$	417,842
LIABILITIES AND OWNERS' EQUITY
Mortgage notes payable	$	169,673	$	170,194
Other liabilities	6,306		7,625
Owners' equity	218,084		240,023
Total Liabilities and Owners' Equity	$	394,063	$	417,842
RPT's equity investments in unconsolidated joint ventures	$	22,373	$	28,733

As of June 30, 2015, we had investments in the following unconsolidated joint ventures:

	Ownership as of	Total Assets as of		Total Assets as of
	June 30,	June 30,		December 31,
Unconsolidated Entities	2015	2015		2014
		(In thousands)
Ramco 450 Venture LLC	20%	$	280,676	$	283,100
Ramco/Lion Venture LP	30%	69,078		89,091
Other Joint Ventures (1)	7%	44,309		45,651
		$	394,063	$	417,842

⁽¹⁾ Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property.

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	Three Months Ended June 30,						Six Months Ended June 30,
Statements of Operations	2015			2014			2015			2014
	(In thousands)
Total revenue	$	10,285		$	10,578		$	20,910		$	21,502
Total expenses (1)	7,367			7,035			14,663			24,961
Income (loss) before other income and expense	2,918			3,543			6,247			(3,459		)
Gain on sale of real estate (2)	—			740			7,463			740
Interest expense	(1,801		)	(1,816		)	(3,594		)	(3,691		)
(Loss) gain on extinguishment of debt	—			—			(148		)	529
Amortization of deferred financing fees	(74		)	(77		)	—			(152		)
Net income (loss)	$	1,043		$	2,390		$	9,968		$	(6,033	)
RPT's share of earnings (loss) from unconsolidated joint ventures	$	335		$	816		$	2,995		$	(791	)

⁽¹⁾  The higher expenses for the six months ended June 30, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period.

⁽²⁾  See dispositions below for details of the transaction.

Acquisitions

There was no acquisition activity in the six months ended June 30, 2015 by any of our unconsolidated joint ventures.

Dispositions

During the six months ended June 30, 2015 we sold our 30% interest in the Village of Oriole Plaza, a 156,000 square foot shopping center located in Delray Beach, Florida, to our joint venture partner for $8.3 million resulting in a gain to the joint venture of $7.5 million.

Debt

Our unconsolidated joint ventures had the following debt outstanding at June 30, 2015:

	Balance
Entity Name	Outstanding
	(In thousands)
Ramco 450 Venture LLC  (1)	$	140,010
Ramco/Lion Venture LP (2)	29,706
	169,716
Unamortized premium	(43		)
Total mortgage debt (3)	$	169,673

⁽¹⁾  Maturities range from October 2015 to September 2023 with interest rates ranging from 1.9% to 5.8%.

⁽²⁾  Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5.0% interest rate.

⁽³⁾  Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing.

Joint Venture Management and Other Fee Income

We are engaged by our joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective properties.  We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered.  

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The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(In thousands)
Management fees	$	383	$	367	$	782	$	766
Leasing fees	88		46		208		105
Construction fees	107		23		120		75
Total	$	578	$	436	$	1,110	$	946

5.  Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of June 30, 2015 and December 31, 2014:

Notes Payable	June 30, 2015		December 31, 2014
	(In thousands)
Senior unsecured notes	$	310,000	$	310,000
Unsecured term loan facilities	210,000		210,000
Fixed rate mortgages	334,371		354,714
Unsecured revolving credit facility	17,000		10,000
Junior subordinated notes	28,125		28,125
	899,496		912,839
Unamortized premium	6,671		8,866
	$	906,167	$	921,705
Capital lease obligation	$	1,148	$	1,828

During the six months ended June 30, 2015 we repaid mortgages securing the following properties:

• Treasure Coast Commons in the amount of $7.8 million with an interest rate of 5.5%; and

• Vista Plaza in the amount of $10.3 million with an interest rate of 5.5%.

In conjunction with the mortgage repayments we recognized a gain on extinguishment of debt of approximately $1.4 million as a result of the write off of the associated debt premiums.

We have a mortgage in the amount of $13.7 million secured by the Aquia Town Center Office property with a maturity date of June 1, 2015. We are currently in negotiations with the lender to amend and extend the maturity date of the loan for a one year period.

Our $334.4 million of fixed rate mortgages have interest rates ranging from 5.0% to 7.4% and are due at various maturity dates from September 2015 through June 2026.  Included in fixed rate mortgages at June 30, 2015 and December 31, 2014 were unamortized premium balances related to the fair market value of debt of approximately $6.7 million and $8.9 million, respectively.  The fixed rate mortgages are secured by properties that have an approximate net book value of $337.5 million as of June 30, 2015.

We had net borrowings of $7.0 million under our revolving credit facility during the six months ended June 30, 2015 with a balance of $17.0 million as of June 30, 2015.  After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $3.5 million we had $329.5 million of availability under our revolving credit facility. The interest rate as of June 30, 2015 was 1.5%

Our revolving credit facility, term loans and unsecured notes contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations.  As of June 30, 2015, we were in compliance with these covenants.

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The mortgage loans encumbering our properties, including properties held by our unconsolidated joint ventures, are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender.  These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities.  In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses.

We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions.  Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan.  Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

The following table presents scheduled principal payments on mortgages and notes payable as of June 30, 2015:

Year Ending December 31,
	(In thousands)
2015 (July 1 - December 31)	$	83,671
2016	23,265
2017	112,822
2018	101,879
2019	5,860
Thereafter	571,999
Subtotal debt	899,496
Unamortized premium	6,671
Total debt (including unamortized premium)	$	906,167

It is our intent to repay maturing mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing.  

6.  Fair Value

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.  Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis.  Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis.  As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.  The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements.  These levels are:

Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market.  These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities.

The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value.

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Derivative Assets and Liabilities

All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available.  For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves.  We classify these instruments as Level 2.  Refer to Note 7 for additional information on our derivative financial instruments.

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014.

		Total
	Balance Sheet Location	Fair Value			Level 1		Level 2			Level 3
2015		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	302		$	—	$	302		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,786	)	$	—	$	(2,786	)	$	—
2014
Derivative assets - interest rate swaps	Other assets	$	537		$	—	$	537		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,705	)	$	—	$	(2,705	)	$	—

The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.

We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt.  The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assume the debt is outstanding through maturity and consider the debt’s collateral (if applicable).  Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. 

Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $854.4 million and $874.7 million as of June 30, 2015 and December 31, 2014, respectively, have fair values of approximately $872.0 million and $900.9 million, respectively.  Variable rate debt’s fair value is estimated to be the carrying values of $45.1 million and $38.1 million as of June 30, 2015 and December 31, 2014, respectively.

The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis:

Net Real Estate

Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis.  To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset.  To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value.  We classify impaired real estate assets as nonrecurring Level 3.

The table below presents the recorded amount of assets at the time they were marked to fair value during six months ended June 30, 2015 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

Assets	Total Fair Value		Level 1		Level 2		Level 3		Total Impairment
	(In thousands)
Land available for development or sale	7,501		—		—		7,501		(2,521		)
Total	$	7,501	$	—	$	—	$	7,501	$	(2,521	)

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Equity Investments in Unconsolidated Joint Ventures

Our equity investments in unconsolidated joint ventures are subject to impairment testing on a nonrecurring basis if there is an indication that a decrease in the value of our investment has occurred that is other-than-temporary.  To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the assets.  To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value.  We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3.

7.  Derivative Financial Instruments

We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt.  On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability.  Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction.  The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations.  We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis.  Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period.

At June 30, 2015, we had seven interest rate swap agreements with an aggregate notional amount of $210.0 million that were designated as cash flow hedges.  The agreements provided for swapping one-month LIBOR to fixed interest rates ranging from 1.2% to 2.2% on $210.0 million of unsecured term loans and have expirations ranging from April 2016 to May 2020.

The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2015:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan facility	Cash Flow	$	50,000	1.4600	%	$	302		05/2020
Derivative Liabilities
Unsecured term loan facility	Cash Flow	$	75,000	1.2175	%	$	(551	)	04/2016
Unsecured term loan facility	Cash Flow	30,000		2.0480	%	(867		)	10/2018
Unsecured term loan facility	Cash Flow	25,000		1.8500	%	(559		)	10/2018
Unsecured term loan facility	Cash Flow	5,000		1.8400	%	(111		)	10/2018
Unsecured term loan facility	Cash Flow	15,000		2.1500	%	(418		)	05/2020
Unsecured term loan facility	Cash Flow	10,000		2.1500	%	(280		)	05/2020
		$	210,000			$	(2,786	)

The effect of derivative financial instruments on our condensed consolidated statements of operations for the six months ended June 30, 2015 and 2014 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationship	Six Months Ended June 30,							Six Months Ended June 30,
	2015			2014				2015		2014
	(In thousands)							(In thousands)
Interest rate contracts - assets	$	(564	)	$	(1,833	)	Interest Expense	$	329	$	582
Interest rate contracts - liabilities	(1,258		)	(1,771		)	Interest Expense	1,178		946
Total	$	(1,822	)	$	(3,604	)	Total	$	1,507	$	1,528

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8.   Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Net income	$	7,289		$	1,120		$	17,233		$	3,881
Net income attributable to noncontrolling interest	(199		)	(34		)	(476		)	(123		)
Allocation of income to restricted share awards	(60		)	(44		)	(120		)	(94		)
Income attributable to RPT	$	7,030		$	1,042		$	16,637		$	3,664
Preferred share dividends	(1,675		)	(1,813		)	(3,487		)	(3,625		)
Preferred share conversion costs	(500		)	—			(500		)	—
Net income (loss) available to common shareholders	$	4,855		$	(771	)	$	12,650		$	39
Weighted average shares outstanding, Basic	79,124			68,853			78,528			67,966
Stock options and restricted stock awards using the treasury method	195			244			203			243
Dilutive effect of securities (1)	—			—			—			—
Weighted average shares outstanding, Diluted (1)	79,319			69,097			78,731			68,209
Income (loss) per common share, Basic	$	0.06		$	(0.01	)	$	0.16		$	—
Income (loss) per common share, Diluted	$	0.06		$	(0.01	)	$	0.16		$	—

⁽¹⁾ The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS.

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9.  Share-based Compensation Plans

As of June 30, 2015, we have one share-based compensation plan in effect.  The 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) under which our compensation committee may grant, subject to the Company’s performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards to trustees, officers and other key employees.  The 2012 LTIP allows us to issue up to 2,000,000 shares of our common stock, units or stock options, of which 1,592,476 remained available for issuance at June 30, 2015.

As of June 30, 2015, we had 343,553 unvested share awards granted under the 2012 LTIP and other plans which terminated when the 2012 LTIP became effective.  These awards have various expiration dates through May 2020.

During the six months ended June 30, 2015, we had the following activity:

• granted 123,541 shares of service-based restricted stock that vest over five years. The service-based awards were valued based on our closing stock price as of the grant date and the expense is recognized on a graded vesting basis; and

• granted performance-based cash units that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”).  If the performance criterion is met, the actual value of the units earned will be determined and 50% of the award will be paid in cash immediately while the balance will be paid in cash the following year.

Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants, and any subsequent re-measurements, based upon a Monte Carlo simulation model.  We will recognize the compensation expense ratably over the requisite service period.  We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly.  If at the end of the three-year measurement period the performance criteria are not met, compensation expense previously recognized would be reversed.  Compensation expense related to the cash awards was $0.7 million and $1.1 million for the six months ended June 30, 2015 and 2014, respectively.

We recognized share-based compensation expense of $1.1 million for each of the six months ended June 30, 2015 and June 30, 2014.

As of June 30, 2015, we had $6.4 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards.  This expense is expected to be recognized over a weighted-average period of 4.9 years.

10.  Taxes

Income Taxes

We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code.  In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders.  As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes.

Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our Taxable REIT Subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities.

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws.  Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies.  Our temporary differences primarily relate to deferred compensation, depreciation, land basis differences, and net operating loss carry forwards.

As of June 30, 2015, we had a federal and state deferred tax asset of $11.1 million and a valuation allowance of $11.1 million.  Our deferred tax assets, such as net operating losses and land basis differences, are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets.  These future operations are primarily dependent upon the profitability of our TRSs, including the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs.  

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If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our statement of operations in the period we make the determination.

We recorded income tax provisions of approximately $277,000 and $16,000 for the six months ended June 30, 2015 and 2014, respectively.

Sales Taxes

We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities.

11.  Commitments and Contingencies

Construction Costs

In connection with the development and expansion of various shopping centers as of June 30, 2015, we had entered into agreements for construction costs of approximately $10.6 million.

Litigation

We are currently involved in certain litigation arising in the ordinary course of business; however, we do not believe that any of this litigation will have a material effect on our consolidated financial statements.

Leases   

Operating Leases

We lease office space for our corporate headquarters under an operating lease that expires in August 2019.

Capital Leases

We have a ground lease at Buttermilk Towne Center which we have recorded as a capital lease that expires in December 2032 . 

We recognized rent and interest expense related to the operating and capital leases of $0.3 million and $0.7 million for the the six months ended June 30, 2015 and 2014, respectively.

12.  Subsequent Events

We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued.

In July we completed the acquisition of our partner's 80% interest in six shopping centers for approximately $152.9 million, including the assumption of $48.1 million in debt.

Unaudited Proforma Information

If the acquisition had occurred on January 1, 2014, our consolidated revenue and net income for the six months ended June 30, 2015 and 2014 is estimated to have been as follows:

	June 30,
	2015		2014
Consolidated revenue	$	127,880	$	108,700
Consolidated net income available to common shareholders	$	12,594	$	143

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements, including the respective notes thereto, which are included in this Form 10-Q.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements represent our expectations, plans or beliefs concerning future events and may be identified by terminology such as “may,” “will,” “should,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” “predict” or similar terms.  Although the forward-looking statements made in this document are based on our good faith beliefs, reasonable assumptions and our best judgment based upon current information, certain factors could cause actual results to differ materially from those in the forward-looking statements, including: our success or failure in implementing our business strategy; economic conditions generally and in the commercial real estate and finance markets specifically; the cost and availability of capital, which depends in part on our asset quality and our relationships with lenders and other capital providers; our business prospects and outlook; changes in governmental regulations, tax rates and similar matters; our continuing to qualify as a REIT; and other factors discussed elsewhere in this document and our other filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2014.   Given these uncertainties, you should not place undue reliance on any forward-looking statements.  Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.

Overview

We are a fully integrated, self-administered, publicly-traded equity REIT which owns, develops, redevelops, acquires, manages and leases large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States.  As of June 30, 2015, our property portfolio consists of 66 wholly owned shopping centers and one office building comprising approximately 14.2 million million square feet.  In addition, we are co-investor in and manager of two institutional joint ventures that own portfolios of shopping centers.  We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.6 million square feet.  We own 30% of Ramco/Lion Venture L.P., an entity that owns two shopping centers comprising approximately 0.6 million square feet.  We also have ownership interests in two smaller joint ventures that each own a shopping center. In addition, we own interests in three parcels of land available for development and five parcels of land available for sale. Our core portfolio, which includes joint venture properties, was 95.3% leased at June 30, 2015.  Including properties in redevelopment or slated for redevelopment, our overall portfolio was 94.9% leased.

We accomplished the following activity during the six months ended June 30, 2015:

Operating Activity

For the combined portfolio, including wholly-owned and joint venture properties we reported the following leasing activity:

	Leasing Transactions	Square Footage	Base Rent/SF		Prior Rent/SF		Tenant Improvements/SF		Leasing Commissions/SF
Renewals	109	674,963	$	12.76	$	11.84	$	0.10	$	0.06
New Leases - Comparable	14	31,312	21.73		18.15		6.20		1.95
New Leases - Non-Comparable (1)	35	343,277	14.37		N/A		34.49		3.88
Total	158	1,049,552	$	13.56	N/A		$	11.53	$	1.37

⁽¹⁾ Non-comparable lease transactions include leases for space vacant for greater than 12 months, leases for space which has been combined from smaller spaces or demised from larger spaces, and leases structured differently from the prior lease. As a result, there is no prior rent per square foot to compare to the base rent per square foot of the new lease.

Investing Activity

At June 30, 2015, we have ten redevelopment, expansion or re-anchoring projects in process with an anticipated cost of $72.2 million, of which $53.0 million remains to be invested. Completion for these projects is anticipated over the next 12 - 18 months.

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Financing Activity

Equity

Through our controlled equity offering we issued 0.9 million common shares at an average share price of $19.28 and received approximately $17.2 million in net proceeds during the six months ended June 30, 2015.  As of June 30, 2015, there were 3.1 million shares remaining under this program.

In April 2015, we converted preferred shares with a liquidation preference of $7.6 million into 532,628 common shares pursuant to the terms of the convertible preferred shares prospectus supplement dated April 27, 2011 and incurred conversion costs of approximately $0.5 million.

Land Available for Development or Sale

At June 30, 2015, we had one project in pre-development and two projects where Phase I of the development was completed. The remaining future phases at those projects are in pre-development. We estimate that if we proceed with the development of the projects, up to approximately 600,000 square feet of GLA could be developed, excluding various outparcels of land. It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor commitments and construction financing, if appropriate.

Our development and construction activities are subject to risks such as our inability to obtain the necessary governmental approvals for a project, our determination that the expected return on a project is not sufficient to warrant continuation of the planned development, or our change in plan or scope for the development.  If any of these events occur, we may record an impairment provision.

Accounting Policies and Estimates

Our 2014 Annual Report on Form 10-K contains a description of our critical accounting policies, including initial adoption of accounting policies, revenue recognition and accounts receivable, real estate investment, off balance sheet arrangements, fair value measurements and deferred charges.  For the six months ended June 30, 2015, there were no material changes to these policies.

Comparison of three months ended June 30, 2015 to 2014

The following summarizes certain line items from our unaudited condensed consolidated statements of operations that we believe are important in understanding our operations and/or those items that have significantly changed in the three months ended June 30, 2015 as compared to the same period in 2014:

	Three Months Ended June 30,
	2015		2014			Dollar Change			Percent Change
	(In thousands)
Total revenue	$	59,735	$	49,930		$	9,805		19.6	%
Real estate taxes	9,126		7,347			1,779			24.2	%
Operating expenses	7,840		6,574			1,266			19.3	%
Depreciation and amortization	21,120		23,658			(2,538		)	(10.7	)%
General and administrative expense	5,474		5,168			306			5.9	%
Gain on sale of real estate	273		2,672			(2,399		)	NM
Earnings from unconsolidated joint ventures	335		816			(481		)	(58.9	)%
Interest expense and amortization of deferred financing fees	10,388		8,002			2,386			29.8	%
Gain (loss) on extinguishment of debt	1,387		(860		)	2,247			NM
Preferred share dividends and conversion costs	2,175		1,813			362			20.0	%
NM - Not meaningful

Total revenue for the three months ended June 30, 2015, increased $9.8 million, or 19.6%, from 2014.  The increase is primarily due to acquisitions completed in late 2014 and the completion of Phase I of Lakeland Park Center.

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Real estate tax expense for the three months ended June 30, 2015increased $1.8 million, or 24.2% and operating expense increased $1.3 million, or 19.3% from 2014, primarily due to our 2014 acquisitions.

Depreciation and amortization expense for the three months ended June 30, 2015decreased $2.5 million, or 10.7%, from 2014.  The decrease was primarily related to a $4.2 million increase from our acquisitions completed in 2014, new development completion and other capital activities, offset by a decrease of $6.6 million related to sold properties and accelerated depreciation for demolitions of portions of centers undergoing redevelopment during 2014.

General and administrative expense for the three months ended June 30, 2015increased $0.3 million or 5.9% from 2014.  The increase was primarily due to costs associated with executive search and staff training.

Gain on sale of real estate was $0.3 million for the three months ended June 30, 2015 and is primarily related to the sale of land at Aquia Town Center. In 2014 we recognized a gain of $2.7 million primarily related to the sale of the Naples Town Center.

Earnings from unconsolidated joint ventures for the three months ended June 30, 2015decreased $0.5 million, or 58.9%. In 2014 we received proceeds related to the 2011 sale of a joint venture property.

Interest expense for the three months ended June 30, 2015increased $2.4 million from 2014 primarily due to higher average loan balances.

In 2015 we recorded a $1.4 million gain on extinguishment of debt related to the write-off of debt premiums associated with two mortgages that were repaid compared to a loss on extinguishment of debt of $0.9 million in 2014 related to the write-off of deferred financing costs associated with the early payoff of unsecured term loan debt.

Preferred share dividends and conversion costs increased $0.4 million, or 20.0% from 2014 due to the cost of converting shares completed in April 2015 offset by lower dividends for the second quarter 2015 due to the lower number of outstanding preferred shares.

Comparison of six months ended June 30, 2015 to 2014

The following summarizes certain line items from our unaudited condensed consolidated statements of operations that we believe are important in understanding our operations and/or those items that have significantly changed in the six months ended June 30, 2015 as compared to the same period in 2014:

	Six Months Ended June 30,
	2015		2014			Dollar Change			Percent Change
	(In thousands)
Total revenue	$	119,152	$	100,063		$	19,089		19.1	%
Real estate taxes	18,121		14,714			3,407			23.2	%
Operating expenses	15,831		13,582			2,249			16.6	%
Depreciation and amortization	41,483		41,399			84			0.2	%
General and administrative expense	10,348		10,700			(352		)	(3.3	)%
Provision for impairment	2,521		—			2,521			NM
Gain on sale of real estate	3,469		2,672			797			NM
Earnings (loss) from unconsolidated joint ventures	2,995		(791		)	3,786			478.6	%
Interest expense and amortization of deferred financing fees	20,691		16,004			4,687			29.3	%
Gain (loss) on extinguishment of debt	1,387		(860		)	2,247			NM
Preferred share dividends and conversion costs	3,987		3,625			362			10.0	%
NM - Not meaningful

Total revenue for the six months ended June 30, 2015, increased $19.1 million, or 19.1%, from 2014.  The increase is primarily due to acquisitions completed in late 2014 and the completion of Phase I of Lakeland Park Center.

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Real estate tax expense for the six months ended June 30, 2015 increased $3.4 million, or 23.2% and operating expense increased $2.2 million, or 16.6% from 2014, primarily due to our 2014 acquisitions.

Depreciation and amortization expense for the six months ended June 30, 2015 increased $0.1 million, or 0.2%, from 2014.  The increase was primarily related to a $6.9 million increase from our acquisitions in 2014, new development completion and other capital activities offset by a decrease of $6.8 million related to sold properties and accelerated depreciation for demolitions of portions of centers undergoing redevelopment in 2014.

General and administrative expense for the six months ended June 30, 2015 decreased $0.4 million or 3.3% from 2014.  The decrease was primarily due to a decrease in costs associated with our long-term incentive plans which are based on our stock price performance relative to a group of our peers and a bonus accrual adjustment.

Impairment provisions of $2.5 million recorded in 2015 relate to adjustments to the sales price assumptions for certain undeveloped land parcels available for sale at a development property that were sold during the second quarter 2015.

Gain on sale of real estate was $3.5 million for the six months ended June 30, 2015 and is primarily related to the sale of land at Gaines Marketplace.

Earnings from unconsolidated joint ventures for the six months ended June 30, 2015 increased $3.8 million. In 2015 we recognized $2.2 million as our share of gain on sale of one property. In 2014 we recorded accelerated depreciation expense as a result of the demolition of a portion of centers for redevelopment and additional proceeds related to the 2011 sale of a joint venture property.

Interest expense for the six months ended June 30, 2015increased $4.7 million from 2014 primarily due to higher average loan balances.

In 2015 we recorded a $1.4 million gain on extinguishment of debt related to the write-off of debt premiums associated with two mortgages that were repaid compared to a loss on extinguishment of debt of $0.9 million in 2014 related to the write-off of deferred financing costs associated with the early payoff of unsecured term loan debt.

Preferred share dividends and conversion costs increased $0.4 million, or 10.0% from 2014 due to the cost of converting shares completed in April 2015 offset by lower dividends for the second quarter 2015 due to the lower number of outstanding preferred shares.

Liquidity and Capital Resources

Through our controlled equity offering we issued 0.9 million common shares at an average share price of $19.28 and received approximately $17.2 million in net proceeds during the six months ended June 30, 2015.  As of June 30, 2015, there were approximately 3.1 million shares remaining under this program.

Our internally generated funds and distributions from operating centers and other investing activities, augmented by use of our existing lines of credit and equity sales through our controlled equity offering, provide resources to maintain our current operations and assets and pay dividends. Generally, our need to access the capital markets is limited to refinancing debt obligations at or near maturity and funding major capital investments and acquisitions. See “Planned Capital Spending” for more details.

At June 30, 2015, we had $6.9 million in cash and cash equivalents and $9.4 million in restricted cash. Restricted cash was comprised primarily of funds held in escrow to pay real estate taxes, insurance premiums, and certain capital expenditures.

Short-Term Liquidity Requirements

Our short-term liquidity needs are met primarily from rental income and recoveries and consist primarily of funds necessary to pay operating expenses associated with our operating properties, interest and scheduled principal payments on our debt, quarterly dividend payments (including distributions to Operating Partnership unit holders) and capital expenditures related to tenant improvements and redevelopment activities.  We believe that our retained cash flow from operations along with availability under our revolving credit facility is sufficient to meet these obligations.

Our next scheduled debt maturities are in the third quarter of 2015.  As opportunities arise and market conditions permit, we will continue to pursue the strategy of selling mature properties or non-core assets that no longer meet our investment criteria.  Our ability to obtain acceptable selling prices and satisfactory terms and financing will impact the timing of future sales.  We anticipate using net proceeds from the sale of properties to reduce outstanding debt and support current and future growth initiatives.

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Long-Term Liquidity Requirements

Our long-term liquidity needs consist primarily of funds necessary to pay indebtedness at maturity, potential acquisitions of properties, redevelopment of existing properties, the development of land and non-recurring capital expenditures.

As of June 30, 2015, $329.5 million was available to be borrowed under our unsecured revolving credit facility subject to continuing compliance with maintenance covenants that may affect availability.

For the six months ended June 30, 2015, our cash flows were as follows compared to the same period in 2014:

	Six Months Ended June 30,
	2015			2014
	(In thousands)
Cash provided by operating activities	$	44,183		$	48,200
Cash used in investing activities	(13,075		)	(36,354		)
Cash (used in) provided by financing activities	(33,511		)	15,444

Operating Activities

Net cash provided by operating activities decreased$4.0 million in 2015 compared to 2014 primarily due to:

• net income increased $13.4 million as a result of our acquisitions and leasing activity at our shopping centers; offset by

• an overall increase in accounts receivable and net other assets of $0.8 million;

• a decrease in accounts payable and other liabilities of approximately $11.4 million; and

• an increase in interest expense of approximately $4.7 million due to higher average loan balances.

Investing Activities

Net cash used for investing activities decreased $23.3 million compared to 2014 primarily due to:

• in 2015 we had net proceeds from the sale of land of $16.1 million offset by cash used of $12.1 million for acquisitions. We had net proceeds of $9.9 million in the comparable period for 2014;

• in 2015 development and capital expenditures decreased $10.7 million from 2014. Additional costs in 2014 related to Phase I of the Lakeland Park Center ground up construction completed in late 2014;

• in 2015 we received $8.2 million in distributions related to the sale of a joint venture property; and

• the change in the restricted cash balance decreased $10.2 million compared to 2014.

Financing Activities

Net cash used in financing activities increased $49.0 million primarily due to:

• net decrease in debt of $13.3 million in 2015 compared to a net decrease of $3.6 million 2014;

• higher cash dividends to common shareholders by $6.0 million due to the increase in the number of common shares outstanding and a 6.7% increase in our quarterly dividend compared to 2014;

• repayment of a capital lease obligation of $0.5 million; and

• decreased proceeds of $32.8 million from common stock issued under our ongoing controlled equity offering.

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Dividends and Equity

We believe that we currently qualify, and we intend to continue to qualify in the future as a REIT under the Internal Revenue Code of 1986, as amended (the "Code”).  Under the Code, as a REIT we must distribute annually to our shareholders at least 90% of our REIT taxable income annually, excluding net capital gains.  Our dividend policy is set by our Board of Trustees, which monitors our financial results and financial position quarterly.

On May 7, 2015, our Board of Trustees declared a quarterly cash dividend distribution of $0.20 per common share paid to common shareholders of record on June 19, 2015, a 6.7% increase from the same period in 2014.  Future dividends will be declared at the discretion of our Board of Trustees.  On an annual basis, we intend to make distributions to shareholders of at least 90% of our REIT taxable income, excluding net capital gains, in order to maintain our qualification as a REIT.  On an annualized basis, our current dividend is above our estimated minimum required distribution.

Distributions paid by us are funded from cash flows from operating activities. To the extent that cash flows from operating activities are insufficient to pay total distributions for any period, alternative funding sources such as sales of real estate and bank borrowings may be used.  We expect that distribution requirements for an entire year will be met with cash flows from operating activities.  

Additionally, we declared a quarterly cash dividend of $0.90625 per preferred share to preferred shareholders of record on June 19, 2015, unchanged from the per share dividend declared for the same period in 2014.

	Six Months Ended June 30,
	2015			2014
	(In thousands)
Cash provided by operating activities	$	44,183		$	48,200
Cash distributions to preferred shareholders	$	(3,625	)	$	(3,625	)
Cash distributions to common shareholders	(31,346		)	(25,367		)
Cash distributions to operating partnership unit holders	(898		)	(844		)
Total distributions	(35,869		)	(29,836		)
Surplus	$	8,314		$	18,364

For the six months ended June 30, 2015, we issued 0.9 million common shares through our controlled equity offering generating $17.2 million in net proceeds, after sales commissions and fees of $0.3 million.  We used the net proceeds for general corporate purposes including the repayment of debt.  We have registered up to 8.0 million common shares for issuance from time to time, in our sole discretion, through our controlled equity offering sales agreement, of which 3.1 million shares remained unsold as of June 30, 2015.  The shares issued in the controlled equity offering are registered with the Securities and Exchange Commission (“SEC”) on our registration statement on Form S-3 (No. 333-190546).

Debt

At June 30, 2015, we had seven interest rate swap agreements in effect for an aggregate notional amount of $210.0 million converting a portion of our floating rate corporate debt to fixed rate debt.  After taking into account the impact of converting our variable rate debt to fixed rate debt by use of the interest rate swap agreements, at June 30, 2015, we had $45.1 million variable rate debt outstanding.

At June 30, 2015, we had $334.4 million of fixed rate mortgage loans encumbering certain consolidated properties.  Such mortgage loans are non-recourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities.  In addition, upon the occurrence of certain of such events, such as fraud or filing of a bankruptcy petition by the borrower, we would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, penalties and expenses.

We have a $350 million unsecured revolving credit facility that had $329.5 million available to be drawn, subject to certain covenants, as of June 30, 2015. For further information on the credit facility and other debt, refer to Note 5 of the condensed consolidated financial statements.

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Off Balance Sheet Arrangements

Real Estate Joint Ventures

We consolidate entities in which we own less than 100% equity interest if we have a controlling interest or are the primary beneficiary in a variable interest entity, as defined in the Consolidation Topic of FASB ASC 810.  From time to time, we enter into joint venture arrangements from which we believe we can benefit by owning a partial interest in one or more properties.

As of June 30, 2015, we had four equity investments in unconsolidated joint ventures in which we owned 30% or less of the total ownership interest and accounted for these entities under the equity method. Refer to Note 4 of the notes to the condensed consolidated financial statements for more information.

We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable.  In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and we also estimate the fair value of the debt of the joint ventures based on borrowing rates for similar types of borrowing arrangements with the same remaining maturity.  Considerable judgment by management is applied when determining whether an equity invest in an unconsolidated entity is impaired and, if so, the amount of the impairment.  Changes to assumptions regarding cash flows, discount rates, or capitalization rates could be material to our condensed consolidated financial statements.

We are engaged by our joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective properties.  We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received.  

Contractual Obligations

The following are our contractual cash obligations as of June 30, 2015:

	Payments due by period
Contractual Obligations	Total		Less than 1 year (1)		1-3 years		3-5 years		More than 5 years
	(In thousands)
Mortgages and notes payable:
Scheduled amortization	$	21,240	$	1,891	$	8,429	$	4,783	$	6,137
Payments due at maturity	878,256		81,780		229,537		102,865		464,074
Total mortgages and notes payable (2)	899,496		83,671		237,966		107,648		470,211
Interest expense (3)	268,448		18,897		94,753		47,184		107,614
Employment contracts	1,296		263		1,033		—		—
Capital lease (4)	1,800		100		300		200		1,200
Operating leases	2,622		307		1,886		429		—
Construction commitments	10,603		10,603		—		—		—
Total contractual obligations	$	1,184,265	$	113,841	$	335,938	$	155,461	$	579,025

⁽¹⁾  Amounts represent balance of obligation for the remainder of 2015.

⁽²⁾  Excludes $6.7 million of unamortized mortgage debt premium.

⁽³⁾  Variable-rate debt interest is calculated using rates at June 30, 2015.

⁽⁴⁾  Includes interest payments associated with the capital lease obligation.

We anticipate that the combination of cash on hand, cash provided from operating activities, the availability under our revolving credit facility ($329.5 million at June 30, 2015 subject to compliance with covenants), our access to the capital markets, and the sale of existing properties will satisfy our expected working capital and capital expenditure requirements through at least the next 12 months.  Although we believe that the combination of factors discussed will provide sufficient liquidity, no assurance can be given.

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At June 30, 2015, we did not have any contractual obligations that required or allowed settlement, in whole or in part, with consideration other than cash.

Mortgages and notes payable

See the analysis of our debt included in “Liquidity and Capital Resources.”

Employment Contracts

At June 30, 2015, we had employment contracts with our Chief Executive Officer, Chief Financial Officer and Chief Operating Officer that contain minimum guaranteed compensation.  All other employees are subject to at-will employment.

Operating and Capital Leases

We lease office space for our corporate headquarters under an operating lease that expires in August 2019.

We have a capital lease at our Buttermilk Towne Center with the City of Crescent Springs, Kentucky. The lease provides for fixed annual payments of $0.1 million through maturity in December 2032, at which time we can acquire the center for one dollar.

Construction Costs

In connection with the development and expansion of various shopping centers as of June 30, 2015, we have entered into agreements for construction activities with an aggregate cost of approximately $10.6 million.

Planned Capital Spending

We are focused on our core strengths of enhancing the value of our existing portfolio of shopping centers through successful leasing efforts and the completion of our development and redevelopment projects currently in process.

In addition to the construction agreements of approximately $10.6 million we have entered into as of June 30, 2015, we anticipate spending an additional $34.8 million for the remainder of 2015 for development and redevelopment projects, tenant improvements, and leasing costs.  Estimates for future spending will change as new projects are approved.

Disclosures regarding planned capital spending, including estimates regarding timing of tenant openings, capital expenditures and occupancy are forward-looking statements and certain significant factors discussed elsewhere in this document and our other filings with the SEC, including our Annual Report on Form 10-K could cause the actual results to differ materially.

Capitalization

At June 30, 2015 our total market capitalization was $2.3 billion and is detailed below:

	(in thousands)
Net debt (including property-specific mortgages, unsecured revolving credit facility, term loans and capital lease obligation net of $6.9 million in cash)	$	893,712
Common shares, OP units, and dilutive securities based on market price of $16.32 at June 30, 2015	1,331,532
Convertible perpetual preferred shares based on market price of $59.56 at June 30, 2015	110,126
Total market capitalization	$	2,335,370
Net debt to total market capitalization	38.3		%

Outstanding letters of credit issued under our revolving credit facility totaled approximately $3.5 million at June 30, 2015.

At June 30, 2015, the non-controlling interest in the Operating Partnership represented a 2.74% ownership in the Operating Partnership.  The OP Units may, under certain circumstances, be exchanged for our common shares of beneficial interest on a one-for-one basis.  We, as sole general partner of the Operating Partnership, have the option, but not the obligation, to settle exchanged OP Units held by others in cash based on the current trading price of our common shares of beneficial interest.  Assuming the

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exchange of all OP Units, there would have been approximately 81.4 million common shares of beneficial interest outstanding at June 30, 2015, with a market value of approximately $1.3 billion.

Inflation

Inflation has been relatively low in recent years and has not had a significant detrimental impact on the results of our operations.   Should inflation rates increase in the future, substantially all of our tenant leases contain provisions designed to mitigate the negative impact of inflation in the near term.  Such lease provisions include clauses that require our tenants to reimburse us for real estate taxes and many of the operating expenses we incur.  Also, many of our leases provide for periodic increases in base rent which are either of a fixed amount or based on changes in the consumer price index and/or percentage rents (where the tenant pays us rent based on percentage of its sales).  Significant inflation rate increases over a prolonged period of time may have a material adverse impact on our business.

Non-GAAP Financial Measures

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our GAAP financial statements in order to evaluate our operations results. We believe these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations

We consider funds from operations, also known as “FFO”, to be an appropriate supplemental measure of the financial performance of an equity REIT.  Under the NAREIT definition, FFO represents net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of depreciable property and excluding impairment provisions on depreciable real estate or on investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, plus depreciation and amortization, (excluding amortization of financing costs). Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis.

Also, we consider “Operating FFO” a meaningful, additional measure of financial performance because it excludes acquisition costs and periodic items such as impairment provisions on land available for development or sale, bargain purchase gains, and gains or losses on extinguishment of debt that are not adjusted under the current NAREIT definition of FFO.  We provide a reconciliation of FFO to Operating FFO. FFO and Operating FFO should not be considered alternatives to GAAP net income available to common shareholders or as alternatives to cash flow as measures of liquidity.

While we consider FFO and Operating FFO useful measures for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs, our computations of FFO and Operating FFO may differ from the computations utilized by other real estate companies, and therefore, may not be comparable.

We recognize the limitations of FFO and Operating FFO when compared to GAAP net income available to common shareholders.  FFO and Operating FFO do not represent amounts available for needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.  In addition, FFO and Operating FFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the payment of dividends.  FFO and Operating FFO are simply used as additional indicators of our operating performance.  

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The following table illustrates the calculations of FFO and Operating FFO:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Net income (loss) available to common shareholders	$	4,915		$	(727	)	$	12,770		$	133
Adjustments:
Rental property depreciation and amortization expense	21,080			23,531			41,407			41,145
Pro-rata share of real estate depreciation from unconsolidated joint ventures	702			682			1,398			3,445
Gain on sale of depreciable real estate	(298		)	(2,466		)	(298		)	(2,466		)
Gain on sale of joint venture depreciable real estate (1)	—			—			(2,239		)	—
Deferred gain recognized on real estate	—			—			—			(117		)
Noncontrolling interest in Operating Partnership (2)	199			34			476			123
Subtotal	26,598			21,054			53,514			42,263
Add preferred share dividends (if converted)	1,675			1,813			3,487			3,625
FFO	$	28,273		$	22,867		$	57,001		$	45,888
Provision for impairment on land available for development or sale	—			—			2,521			—
(Gain ) loss on extinguishment of debt	(1,387		)	860			(1,387		)	860
Gain on extinguishment of joint venture debt (1)	—			—			—			(106		)
Acquisition costs	265			451			307			533
Preferred share conversion costs	500			—			500			—
Operating FFO	$	27,651		$	24,178		$	58,942		$	47,175
Weighted average common shares	79,124			68,853			78,528			67,966
Shares issuable upon conversion of Operating Partnership Units (2)	2,247			2,252			2,247			2,252
Dilutive effect of securities	195			244			203			243
Subtotal	81,566			71,349			80,978			70,461
Shares issuable upon conversion of preferred shares (3)	6,538			6,990			6,792			6,990
Weighted average equivalent shares outstanding, diluted	88,104			78,339			87,770			77,451
Diluted earnings per share (4)	$	0.06		$	(0.01	)	$	0.16		$	—
FFO per share adjustments to net income available to common shareholders including preferred share dividends	0.26			0.30			0.49			0.59
FFO per share, diluted (5)	$	0.32		$	0.29		$	0.65		$	0.59
Per share adjustments to FFO	(0.01		)	0.02			0.02			0.02
Operating FFO per share, diluted	$	0.31		$	0.31		$	0.67		$	0.61

⁽¹⁾  Amount included in earnings (loss) from unconsolidated joint ventures.

⁽²⁾  The total non-controlling interest reflects OP units convertible 1:1 into common shares.

⁽³⁾  Series D convertible preferred shares were dilutive to FFO per share for the period, but anti-dilutive to earnings per share as disclosed elsewhere. Because the Series D convertible preferred shares are paid annual dividends of $6.7 million and are currently convertible into approximately 6.5 million shares of common stock, they are dilutive only when earnings or FFO exceed approximately $0.26 per diluted share per quarter, which was the case for FFO in the current period, but not for earnings per share. The conversion ratio is subject to adjustment based upon a number of factors, and such adjustment could affect the dilutive impact of the Series D convertible preferred shares on FFO and earnings per share in future periods.

⁽⁴⁾  The denominator to calculate diluted earnings per share excludes shares issuable upon conversion of Operating Partnership Units and preferred shares.

⁽⁵⁾  Six months ended June 30, 2015 includes $0.04 per share attributable to gain on sale of land at Gaines Marketplace.

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Same Property Operating Income

Same Property Operating Income ("Same Property NOI") is a supplemental non-GAAP financial measure of real estate companies' operating performance. Same Property NOI is considered by management to be a relevant performance measure of our operations because it includes only the NOI of comparable properties for the reporting period. Same Property NOI is calculated using consolidated operating income and adjusted to exclude management and other fee income, depreciation and amortization, general and administrative expense, provision for impairment and non-comparable income/expense adjustments such as straight-line rents, lease termination fees, above/below market rents, and other non-comparable operating income and expense adjustments.

Same Property NOI should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity.  Our method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The following is a summary of our wholly owned properties by classification:

	Three and Six Months Ended
Property Designation	June 30, 2015 and 2014
Same property	58
Acquisitions (1)	4
Completed developments (1)	1
Non-retail properties (2)	1
Redevelopment (3)	3
Total wholly owned properties	67
(1) Properties were not owned in both comparable periods.
(2) Office building.
(3) Properties under construction primarily related to re-tenanting resulting in reduced rental income.

Acquisition and redevelopment properties removed from the pool will not be added until owned and operated or construction is complete for the entirety of both periods being compared.

The following is a reconciliation of our Operating Income to Same Property NOI:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Operating income	$	15,910		$	6,732		$	30,541		$	19,135
Adjustments:
Management and other fee income	(578		)	(436		)	(1,110		)	(946		)
Depreciation and amortization	21,120			23,658			41,483			41,399
Acquisition costs	265			451			307			533
General and administrative expenses	5,474			5,168			10,348			10,700
Provision for impairment	—			—			2,521			—
Properties excluded from pool - Non-Same Center	(7,080		)	(1,723		)	(14,016		)	(3,735		)
Non-comparable income/expense adjustments	(2,516		)	(1,974		)	(3,736		)	(2,546		)
Same Property NOI	$	32,595		$	31,876		$	66,338		$	64,540
Period-end Occupancy percent	94.2		%	94.0		%	94.2		%	94.0		%

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk

We have exposure to interest rate risk on our variable rate debt obligations.  Based on market conditions, we may manage our exposure to interest rate risk by entering into interest rate swap agreements to hedge our variable rate debt.  We are not subject to any foreign currency exchange rate risk or commodity price risk, or other material rate or price risks.  Based on our debt and interest rates and interest rate swap agreements in effect at June 30, 2015, a 100 basis point change in interest rates would impact our future earnings and cash flows by approximately $0.5 million annually.  We believe that a 100 basis point increase in interest rates would decrease the fair value of our total outstanding debt by approximately $5.3 million at June 30, 2015.

We had interest rate swap agreements with an aggregate notional amount of $210.0 million as of June 30, 2015.  The agreements provided for swapping one-month LIBOR to fixed interest rates ranging from 1.2% to 2.2% and had expirations ranging from April 2016 to May 2020.  The following table sets forth information as of June 30, 2015 concerning our long-term debt obligations, including principal cash flows by scheduled amortization payment and scheduled maturity, weighted average interest rates of maturing amounts and fair market value:

	2015			2016			2017			2018			2019			Thereafter			Total			Fair Value
(In thousands)
Fixed-rate debt	$	83,671		$	23,265		$	112,822		$	84,879		$	5,860		$	543,874		$	854,371		$	872,031
Average interest rate	5.3		%	5.9		%	5.4		%	4.1		%	6.8		%	4.2		%	4.5		%	4.0		%
Variable-rate debt	$	—		$	—		$	—		$	17,000		$	—		$	28,125		$	45,125		$	45,125
Average interest rate	—			—			—			1.5		%	—			3.6		%	2.8		%	2.8		%

We estimated the fair value of our fixed rate mortgages using a discounted cash flow analysis, based on borrowing rates for similar types of borrowing arrangements with the same remaining maturity.  Considerable judgment is required to develop estimated fair values of financial instruments.  The table incorporates only those exposures that exist at June 30, 2015 and does not consider those exposures or positions which could arise after that date or firm commitments as of such date.  Therefore, the information presented therein has limited predictive value.  Our actual interest rate fluctuations will depend on the exposures that arise during the period and on market interest rates at that time.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our reports under the  Securities Exchange Act of 1934, as amended (“Exchange Act”), such as this report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.  In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the designed control objectives, and therefore management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We carried out an assessment as of June 30, 2015 of the effectiveness of the design and operation of our disclosure controls and procedures.  This assessment was done under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer.  Based on such evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that such disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2015.

Changes in Internal Control Over Financial Reporting

During the quarter ended June 30, 2015, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Page 30 of 32

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings

We are currently involved in certain litigation arising in the ordinary course of business. We do not believe that any of this litigation will have a material effect on our consolidated financial statements. There are no material pending governmental proceedings.

Item 1A.  Risk Factors

You should review our Annual Report on Form 10-K for the year ended December 31, 2014 which contains a detailed description of risk factors that may materially affect our business, financial condition or results of operations.

Item 6. Exhibits

Exhibit No.	Description
10.1*	Agreement for Partial Liquidation of Joint Venture between Ramco HMW LLC, Ramco Gershenson Properties, L.P., Ramco 450 Venture LLC and the State Board of Administration of Florida dated June 29, 2015.
12.1*	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends.
31.1*	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
32.2*	Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101.INS(1)	XBRL Instance Document.
101.SCH(1)	XBRL Taxonomy Extension Schema.
101.CAL(1)	XBRL Taxonomy Extension Calculation.
101.DEF(1)	XBRL Taxonomy Extension Definition.
101.LAB(1)	XBRL Taxonomy Extension Label.
101.PRE(1)	XBRL Taxonomy Extension Presentation.

____________________________

* Filed herewith

** Management contract or compensatory plan or arrangement

⁽¹⁾  Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability thereunder.

Page 31 of 32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	RAMCO-GERSHENSON PROPERTIES TRUST
Date: July 23, 2015	By:/s/ DENNIS GERSHENSON Dennis Gershenson President and Chief Executive Officer (Principal Executive Officer)
Date: July 23, 2015	By: /s/ GREGORY R. ANDREWS Gregory R. Andrews Chief Financial Officer (Principal Financial and Accounting Officer)

Page 32 of 32

EX-10.1

Exhibit 10.1

AGREEMENT FOR PARTIAL LIQUIDATION OF JOINT VENTURE

THIS AGREEMENT FOR PARTIAL LIQUIDATION OF JOINT VENTURE (this "Agreement")entered into as of June 29, 2015 ("Effective Date"), by and between RAMCO HMW LLC, a Delaware limited liability company ("Ramco LLC"), RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited partnership ("Ramco LP"), RAMCO 450 VENTURE LLC, a Delaware limited liability company ("Venture"), and The State Board of Administration of Florida ("SBA"). This Agreement is made with reference to the following facts and circumstances:

RECITALS:

A.Ramco LP is the sole member of Ramco LLC.

B.Ramco LLC owns a 20% membership interest in the Venture. The SBA owns a 80% membership interest in the Venture.

C.The Venture is governed by that certain Operating Agreement of Ramco 450 Venture LLC entered into as of December 28, 2006 (as amended, the "Venture LLC Agreement").

D.The Venture owns 100% of the membership interests in those limited liability companies that are listed on Exhibit A attached hereto and incorporated herein by reference (individually, an "LLC Subsidiary", and collectively the "LLC Subsidiaries").

E.Each LLC Subsidiary owns one of the real estate projects also listed on Exhibit A attached hereto and incorporated herein by reference (individually, a "Property", and collectively the "Properties").

F.In connection with the partial liquidation of a portion of Ramco LLC's interest in the Venture, Venture, Ramco LLC and the SBA desire to cause the Venture to distribute to Ramco LP, as the designee of Ramco LLC, and Ramco LP, in such capacity, desires to accept, the distribution of all of Venture’s membership interest in and to the six (6) Ramco LLC Subsidiaries (identified on Exhibit A "Ramco Subsidiaries"), all on the terms and conditions hereinafter set forth.

G.In connection with the partial liquidation of a portion of SBA's interest in the Venture, Venture, Ramco LLC and the SBA desire to cause the Venture (i) to distribute to SBA certain cash funds as more particularly detailed in this Agreement, and (ii) to distribute to the SBA or a wholly owned subsidiary of the SBA designated by SBA (as applicable the "SBA Assignee), and the SBA desires to accept, the distribution to the SBA Assignee of all of Venture’s membership interest in the SBA Subsidiary (identified on Exhibit A), all on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

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AGREEMENT:

1.Distribution of Interests.

(a)Subject to the terms and conditions set forth in this Agreement, on the Partial Liquidation Date (as hereinafter defined) Venture, Ramco LLC and the SBA will cause the distribution to Ramco LP, as the designee of Ramco LLC, and Ramco LP will accept, all of the Venture’s right, title and membership interest in and to the Ramco Subsidiaries (sometimes referred to collectively as the "Ramco Interests").

(b)Subject to the terms and conditions set forth in this Agreement, on the Partial Liquidation Date, Venture, Ramco LLC and the SBA will cause the distribution to the SBA Assignee, and the SBA Assignee will accept, all of the Venture’s right, title and membership interest in and to the SBA Subsidiary (the "SBA Interests"; the Ramco Interests and the SBA Interests are sometimes hereinafter collectively referred to as the "Interests").

2.Lender Consents.

(a)To the extent they have not already done so, Ramco LLC shall immediately make application to such lenders as is necessary under the applicable loan documents to (i) obtain any required consents to the distribution to Ramco LP of the Ramco Interests and (ii) to replace and release the Venture from any continuing liability as the guarantor of any loans to the Ramco Subsidiaries (collectively, the "Ramco Lender Consents"). All costs of obtaining the Ramco Lender Consents shall be borne entirely by Ramco LLC. Notwithstanding the foregoing, if on the date scheduled for Closing (as hereinafter defined) (i) all the Ramco Lender Consents have been obtained other than from the holder of the indebtedness secured by the Rolling Meadows Shopping Center, Rolling Meadows, Illinois ("Rolling Meadow Loan") and (ii) the SBA Lender Consent (as hereinafter defined) has been obtained; in that event on or before the Partial Liquidation Closing Date, Ramco LLC and Ramco LP will cause to be funded to Rolling Meadows 450 LLC, a Delaware limited liability company a capital contribution necessary to fully payoff and discharge the Rolling Meadow Loan and the consent of the holder of the Rolling Meadow Loan shall no longer be a Ramco Lender Consent.

(b)To the extent they have not already done so, SBA shall immediately make application to Allianz as is necessary under the applicable loan documents to (i) obtain any required consent to the distribution to the SBA Assignee of the SBA Interests and (ii) to replace and release the Venture from any continuing liability as the guarantor of the loan to the SBA Subsidiary (the "SBA Lender Consent"). All costs of obtaining the SBA Lender Consent shall be borne entirely by SBA.

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3.Capital Contribution and Distributions. On the Partial Liquidation Closing Date (as hereinafter defined), Ramco LLC shall contribute to the Venture the cash sum of Eighty Four Million Three Hundred Thousand and 00/100 Dollars ($84,300,000.00) in immediately available federal funds. On the Partial Liquidation Closing Date, the Venture shall distribute the following to Ramco LP and the SBA:

(a)To Ramco LP, all of the Ramco Interests;

(b)To the SBA Assignee, all of the SBA Interests; and

(c)To SBA, the cash sum of Eighty Four Million Three Hundred Thousand and 00/100 Dollars ($84,300,000.00) in immediately available federal funds (the "Cash Distribution").

4.Representations and Warranties of Ramco LLC. Ramco LLC and Ramco LP hereby make the following representations and warranties for the sole and exclusive benefit of the SBA and the SBA Assignee as of the date hereof (which shall be ratified and confirmed on the Partial Liquidation Closing Date):

(a)Authorization. Ramco LLC and Ramco LP each have the requisite power and authority to enter into this Agreement and to perform their respective obligations hereunder. This Agreement constitutes the legal, valid and binding obligations of Ramco LLC and the Ramco LP, fully enforceable against them in accordance with its terms.

(b)Brokers and Finders. Neither Ramco LLC, Ramco LP nor any of their trustees, employees or agents of each of them have employed any broker, finder or similar agent or incurred any liability for any brokerage fees, commissions, finder’s fees or similar payments in connection with the transactions contemplated by this Agreement.

(c)No Conflict or Violation. Neither the execution and delivery of this Agreement by either Ramco LLC or Ramco LP, nor the consummation of the transactions contemplated hereby, nor compliance with any of the provisions hereof will (i) violate, conflict with, or result in a breach of any provisions of, or constitute a material default (or an event which, with notice or lapse of time or both, would constitute a material default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, security or pledge agreement, license, lease, franchise, permit, agreement or other instrument or obligation to which Ramco LLC or Ramco LP are parties or to which Ramco LLC or Ramco LP, or any of the properties or assets of them may be subject, or (ii) violate any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation applicable to Ramco LLC and Ramco LP or any of the properties or assets of them.

(d)Consents and Approvals. No notice to, declaration, filing or registration with, or authorization, consent or approval (except for the Ramco Lender Consents), or permit from, any domestic or foreign governmental regulatory body or authority, or any person or

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entity, is necessary in connection with the execution and delivery of this Agreement by Ramco LLC and Ramco LP and the consummation by them of the transactions contemplated by this Agreement.

5.Representations and Warranties of the SBA. SBA hereby makes the following representations and warranties for the sole and exclusive benefit of Ramco LLC and Ramco LP as of the date hereof (which shall be ratified and confirmed on the Partial Liquidation Closing Date):

(a)Authorization. SBA has the requisite power and authority to enter into this Agreement and to perform its obligations hereunder. This Agreement constitutes the legal, valid and binding obligations of the SBA, fully enforceable against it in accordance with its terms.

(b)Brokers and Finders. Neither SBA nor any of the trustees, employees or agents of SBA have employed any broker, finder or similar agent or incurred any liability for any brokerage fees, commissions, finder’s fees or similar payments in connection with the transactions contemplated by this Agreement.

(c)No Conflict or Violation. Neither the execution and delivery of this Agreement by SBA, nor the consummation by SBA of the transactions contemplated hereby, nor compliance by the SBA with any of the provisions hereof will (i) violate, conflict with, or result in a breach of any provisions of, or constitute a material default (or an event which, with notice or lapse of time or both, would constitute a material default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, security or pledge agreement, license, lease, franchise, permit, agreement or other instrument or obligation to which SBA is a party or to which SBA, or any of the properties or assets of SBA may be subject, or (ii) violate any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation applicable to SBA or any of the properties or assets of the SBA.

(d)Consents and Approvals. No notice to, declaration, filing or registration with, or authorization, consent or approval (except for the SBA Lender Consent), or permit from, any domestic or foreign governmental regulatory body or authority, or any person or entity, is necessary in connection with the execution and delivery of this Agreement by the SBA and the consummation by the SBA and the SBA Assignee of the transactions contemplated by this Agreement.

6.Closing.

(a)Subject to obtaining the Ramco Lender Consents, the SBA Lender Consent and the B of A Agreement (hereinafter defined in Paragraph 8, the closing of the distribution of the Interests and the Cash Distribution (the "Closing") pursuant to this Agreement shall occur on a date (the "Partial Liquidation Closing Date") to be mutually agreed by the SBA and Ramco LLC but in no event later than June 30, 2015. In the event the Ramco Lender Consents and the SBA Lender Consent is not obtained by June 15, 2015, the Closing shall

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be extended to the date which is fifteen (15) days following the receipt of the Ramco Lender Consents and the SBA Lender Consent; provided in no event shall the Closing be later than August 31, 2015 and if the Ramco Lender Consents and the SBA Lender Consent has not been obtained by August 31, 2015, this Agreement shall terminate.

(b)Each party shall cause to be delivered the following items at the Closing:

(i)Such instruments from the Venture as may be required to effect the transfer of the Ramco Interests to Ramco LP;

(ii)Such instruments from the Venture as may be required to effect the transfer of the SBA Interests to the SBA Designee; and

(iii)The Cash Distribution from the Venture to the SBA by wire transfer of current federal funds in accordance with wiring instructions to be provided by the SBA.

(c)Each party shall bear its own legal expenses in connection with the contemplated transactions. Any closing costs incident to the conveyance of the Ramco Interests (including, without limitation, any transfer taxes, title insurance costs or other transaction costs) shall be borne entirely by Ramco LLC. Any closing costs incident to the conveyance of the SBA Interests (including, without limitation, any transfer taxes, title insurance costs or other transaction costs) shall be borne entirely by the SBA.

(d)Effective as of 12:01 A.M. on the date of Closing, all real estate taxes, all other property expenses, and property revenue of each Property will be prorated at Closing between the Venture and (a) the SBA with regard to the SBA Property and (b) Ramco LLC with regard to the Ramco Properties. Each LLC Subsidiary shall be entitled to 100% of all rents, additional rents, including escrows received for common area maintenance, taxes, or insurance, or any other rental adjustments paid by tenants and received on or after the Closing date which are attributable to the period commencing with the date of Closing with respect to its Property. Notwithstanding the foregoing, rents, additional rents, escrows and any other income received during the month of Closing shall be prorated between the SBA and Ramco LLC even if received after the date of Closing in accordance with the Venture LLC Agreement. On the date of Closing, there shall also be a proration between the SBA and Ramco LLC of all prepaid and accrued expenses and utility deposits as well as any liabilities, including but not limited to, accrued interest, tenant deposits, accrued real estate taxes, accrued sales tax, and all other accrued liabilities outstanding at the date of Closing with regard to all of the Properties except Chester Springs Shopping Center. At Closing, Venture shall receive a payment (a) from Ramco LLC equal to 100% of any impound for taxes, insurance, cap "x" or any other reason, held by pursuant to the terms of the loan documents secured by any of the Ramco Properties and (b) from SBA the equal to 100% of any impound for taxes, insurance, cap "x" or any other reason, held by pursuant to the terms of the loan documents secured by the SBA Property. No later than April 30, 2016 (other than any ad valorem taxes where the final tax statement which has not been issued by such date (and such tax ad valorem taxes will be re-prorated within 30 days of the receipt of the final tax

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statement), a true-up of all prorations shall be completed and appropriate adjustments made to the prorations prepared at Closing. The provisions of this Section 7 shall survive Closing.

7.Operations Through Closing. All net cash flow from each of the Properties shall be advanced to the Venture through the Closing. It is the intention of the parties that there will not be any cash held in any account of any LLC Subsidiary (other than Chester Springs SC, LLC) at Closing. Other than the completion of capital improvement projects underway pursuant to an applicable annual operating budget on March 1, 2015 or otherwise approved by the Executive Committee, no capital improvements shall be made to the Properties between the Effective Date and the Closing.

8.Agreement Regarding Chester Springs. Unless otherwise disposed of pursuant to this Section 8 prior to the Closing, following the Closing, the sole remaining asset of the Venture shall be the ownership of the LLC Subsidiary, Chester Springs SC, LLC, a Delaware limited liability company. Venture, Ramco LLC and the SBA agree that immediately following the Effective Date, they shall cause Chester Springs SC, LLC, a Delaware limited liability company, to engage Holliday Fenoglio Fowler, L.P. ("Listing Broker") to market Chester Springs Shopping Center for a cash purchase price and will diligently and continuously market Chester Springs Shopping Center until sold. All net proceeds and all continuing costs and benefits of operating Chester Springs Shopping Center until such sale shall be for benefit of the Venture. Any closing costs incident to the sale of the Chester Springs Shopping Center as contemplated in this Section 8 (including, without limitation, any transfer taxes, title insurance costs or other transaction costs) shall be borne entirely by the Venture. The obligations of this Section 8 shall survive the Closing. Anything contained in this Agreement to the contrary notwithstanding, to the extent they have not already done so, Ramco LLC or the SBA shall make application to Bank of America (“B of A”) to obtain B of A’s agreement that notwithstanding the distribution to Ramco LP of the Ramco Interests and the distribution to the SBA Assignee of the SBA Interests, no Event of Default shall be occasioned thereby under the documentation in favor of B of A evidencing, governing and securing that certain Term Loan in the amount of Twenty Two Million and 00/100 Dollars ($22,000,000.00) made to Chester Springs SC, LLC upon the security of the Chester Springs Shopping Center (the “B of A Agreement”).  All costs of obtaining the B of A Agreement shall be borne by the Venture.

9.Miscellaneous.

(a)Survival of Covenants, Representations and Warranties. The covenants, representations and warranties set forth in this Agreement shall survive the Closing.

(b)Further Acts. Each party hereto agrees to perform any further acts, and to execute and deliver (with acknowledgment, verification, and/or affidavit, if required) any further documents and instruments, as may be reasonably necessary or desirable to implement and/or accomplish the provisions of this Agreement and the transactions contemplated herein.

(c)Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original Agreement, but all of which, taken together, shall constitute one (1) and the same Agreement, binding on the parties hereto. The signature of

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any party hereto to any counterpart hereof shall be deemed a signature to, and may be appended to, any other counterpart hereof.

(d)Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is declared by a court of competent jurisdiction to be illegal or invalid, such illegal or invalid term or provision shall not affect the other terms and provisions hereof, which terms and provisions shall remain binding and enforceable.

(e)No Waiver. The waiver or failure to enforce any provision of this Agreement shall not operate as a waiver of any future breach of any such provision or any other provision hereof.

(f)Entire Agreement. This Agreement contains and constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior understandings, if any, with respect thereto.

(g)Attorneys’ Fees. If any proceeding is brought by any party hereto against any other party hereto, to enforce, or for the breach of, any of the provisions of this Agreement, then the prevailing party shall be entitled in such proceeding to recover reasonable attorneys’ and expert witness’ fees, together with the costs of such proceeding therein incurred.

(h)Amendment. The terms of this Agreement may not be modified, amended or otherwise changed in any manner, except by an instrument in writing executed by each of the parties hereto.

(i)Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the successors, assigns, personal representatives, heirs and legatees of the respective parties hereto.

(j)No-Third Party Beneficiaries. Except as otherwise provided by this Agreement, this Agreement is solely for the benefit of the parties hereto and no other person or entity is entitled to rely upon or benefit from this Agreement or any term hereof.

(k)Rules of Construction. The Paragraph headings used in this Agreement are for reference purposes only, and are not intended to be used in construing this Agreement. Each of the Recitals set forth herein and each of the Schedules attached hereto is incorporated herein by this reference and expressly made a part of this Agreement for all purposes. References to any Recital set forth herein or any Schedule attached hereto made in this Agreement shall be deemed to include this reference and incorporation. As used in this Agreement, where the context so requires, the use of the neuter gender shall include the masculine and the feminine genders, the masculine gender shall include the feminine and neuter, and the singular number shall include the plural, and vice versa. The provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to such state’s laws concerning conflicts of laws. Each party hereto acknowledges, represents and warrants that (i) each party hereto is of equal bargaining

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strength; (ii) each party has actively participated in the drafting, preparation and negotiation of this Agreement; and (iii) any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the interpretation of this Agreement, or any portion hereof.

(l)Confidentiality. Ramco LLC, Ramco LP, Venture and SBA agree that this Agreement and all negotiations relating to the transaction described herein will remain confidential. Ramco LLC, Ramco LP, Venture and SBA shall only disclose such information to those parties who are required to know the same, such as employees of the parties, consultants and attorneys. Ramco LLC, Ramco LP, and Venture acknowledges that notwithstanding the foregoing, SBA is an entity of government of the State of Florida and is subject to the provisions of the Florida Public Records Act, Chapter 119, Florida Statutes. Therefore, notwithstanding the foregoing, nothing in this Agreement shall prohibit disclosure by SBA of this Agreement or any information that is required to be disclosed by SBA pursuant to Florida or other applicable law. Notwithstanding the foregoing, nothing in this Agreement shall prohibit disclosure by Ramco LLC or Ramco LP of any information that is required to be disclosed by Ramco LLC or Ramco LP pursuant to applicable securities laws. Anything contained in this Agreement to the contrary notwithstanding, Ramco LLC or Ramco LP may issue a press release upon consummation of the transactions contemplated pursuant to this Agreement; provided, however, any such press release (i) shall contain information mutually acceptable to the parties to this Agreement, and (ii) shall not identify the SBA or any monetary details of the subject transactions.

[Signatures appear on the following page]

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IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first set forth above.

"Ramco LLC"

RAMCO HMW LLC,

a Delaware limited liability company

By:     

Its:     

"Ramco LP"

RAMCO-GERSHENSON PROPERTIES, L.P.,

a Delaware limited partnership

By:    Ramco-Gershenson Properties Trust,

a Maryland real estate investment trust,

its general partner

By:     

Its:     

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"SBA"

The State Board of Administration of Florida

By:     

Its:     

"Venture"

RAMCO 450 Venture, LLC, a Delaware limited liability company

By: RAMCO HMW, LLC, a Delaware limited liability company, its manager

By:     

Its:     

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EXHIBIT A

LLC Subsidiaries and Properties

Ramco LLC Subsidiaries Ramco Properties

Crofton 450 LLC, a Delaware limited liability company Market Plaza 450 LLC, a Delaware limited liability company Olentangy Plaza 450 LLC, a Delaware limited liability company Ramco Peachtree Hill, LLC, a Delaware limited liability company Rolling Meadows 450 LLC, a Delaware limited liability company Lane Avenue 450 LLC, a Delaware limited liability company Crofton Centre Market Plaza Olentangy Plaza Peachtree Hill Rolling Meadows Shopping Center The Shops on Lane Avenue Crofton, Maryland Glen Ellyn, Illinois Columbus, Ohio Duluth, Georgia Rolling Meadows, Illinois Upper Arlington, Ohio

SBA Subsidiary SBA Property

Linton Delray, LLC, a Delaware limited liability company The Plaza at Delray Delray Beach, Florida

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Remaining LLC Subsidiary Remaining Property

Chester Springs SC, LLC, a Delaware limited liability company Chester Springs Shopping Center Chester, New Jersey

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EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
		Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
		(In thousands, except ratio computation)
Pretax income before adjustment for noncontrolling interest		$7,544		$1,119		$17,510		$3,897
Add back:
	Fixed charges	10,664		8,557		21,289		16,993
	Distributed income of equity investees	334		570		9,074		1,353
	Equity in loss of equity investees	—		—		—		791
Deduct:
	Equity in earnings of equity investees	(335	)	(816	)	(2,995	)	—
	Capitalized interest	(222	)	(503	)	(488	)	(884	)
Earnings as Defined		$17,985		$8,927		$44,390		$22,150
Fixed Charges
	Interest expense including amortization of deferred financing fees	$10,388		$8,002		$20,691		$16,004
	Capitalized interest	222		503		488		884
	Interest portion of rent expense	54		52		110		105
Fixed Charges		10,664		8,557		21,289		16,993
	Preferred share dividends	1,675		1,813		3,487		3,625
Combined Fixed Charges and Preferred Dividends		$12,339		$10,370		$24,776		$20,618
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.46		(a)		1.79		1.07

(a) For the three months ended June 30, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $1.4 million to achieve a coverage of 1:1 for the period.

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Dennis Gershenson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Ramco-Gershenson Properties Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining  disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness  of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 23, 2015 By:/s/ DENNIS GERSHENSON Dennis Gershenson President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Gregory R. Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Ramco-Gershenson Properties Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining  disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness  of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 23, 2015 By: /s/ Gregory R. Andrews Gregory R. Andrews Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification

Pursuant to 18 U.S.C. Section 1350

In connection with the quarterly report of Ramco-Gershenson Properties Trust (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dennis Gershenson, President and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that:

(1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 23, 2015 By:/s/ DENNIS GERSHENSON Dennis Gershenson President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification

Pursuant to 18 U.S.C. Section 1350

In connection with the quarterly report of Ramco-Gershenson Properties Trust (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory R. Andrews, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that:

(1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 23, 2015 By: /s/ GREGORY R. ANDREWS Gregory R. Andrews Chief Financial Officer

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Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Senior unsecured notes	$ 310,000	$ 310,000
Unsecured term loan facilities	210,000	210,000
Fixed rate mortgages	334,371	354,714
Unsecured revolving credit facility	17,000	10,000
Junior subordinated notes	28,125	28,125
Subtotal debt	899,496	912,839
Unamortized premium	6,671	8,866
Total debt (including unamortized premium)	906,167	921,705
Capital lease obligation	$ 1,148	$ 1,828

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Earnings Per Common Share - Computation of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income from continuing operations		$ 7,289	$ 1,120	$ 17,233	$ 3,881
Net income from continuing operations attributable to noncontrolling interest		(199)	(34)	(476)	(123)
Allocation of continuing income to restricted share awards		(60)	(44)	(120)	(94)
Income attributable to RPT		7,030	1,042	16,637	3,664
Preferred share dividends		(1,675)	(1,813)	(3,487)	(3,625)
Preferred share conversion costs		(500)	0	(500)	0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS		$ 4,915	$ (727)	$ 12,770	$ 133
Weighted average shares outstanding, Basic (in shares)		79,124,000	68,853,000	78,528,000	67,966,000
Stock options and restricted stock awards using the treasury method (in shares)		195,000	244,000	203,000	243,000
Dilutive effect of securities (in shares)	[1]	0	0	0	0
Weighted average shares outstanding, Diluted	[1]	79,319,000	69,097,000	78,731,000	68,209,000
Income per common share, Basic (in USD per share)		$ 0.06	$ (0.01)	$ 0.16	$ 0.00
Income per common share, Diluted (in USD per share)		$ 0.06	$ (0.01)	$ 0.16	$ 0.00
Basic Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS		$ 4,855	$ (771)	$ 12,650	$ 39

[1] The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS.

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Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Fair Value	$ (302,000)	$ (537,000)
Fair Value	(2,786,000)	$ (2,705,000)
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional Amount	210,000,000
Fair Value	(2,786,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with 1.4600 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Notional Amount	$ 50,000,000
Fixed rate	1.46%
Fair Value	$ (302,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.2175 % Swap Rate, Expiration Date 04/2016
Derivative [Line Items]
Notional Amount	$ 75,000,000
Fixed rate	1.2175%
Fair Value	$ (551,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Notional Amount	$ 30,000,000
Fixed rate	2.048%
Fair Value	$ (867,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Notional Amount	$ 25,000,000
Fixed rate	1.85%
Fair Value	$ (559,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Notional Amount	$ 5,000,000
Fixed rate	1.84%
Fair Value	$ (111,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Notional Amount	$ 15,000,000
Fixed rate	2.15%
Fair Value	$ (418,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Notional Amount	$ 10,000,000
Fixed rate	2.15%
Fair Value	$ (280,000)

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Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total Assets		$ 394,063	$ 417,842
Ramco 450 Venture LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		20.00%
Total Assets		$ 280,676	283,100
Ramco/Lion Venture LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		30.00%
Total Assets		$ 69,078	89,091
Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Total Assets	[1]	$ 44,309	$ 45,651
Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		7.00%
Minimum | Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		7.00%

[1] Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property.

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Values and Fair Values of Derivative Financial Instruments

The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2015:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan facility	Cash Flow	$	50,000	1.4600	%	$	302		05/2020
Derivative Liabilities
Unsecured term loan facility	Cash Flow	$	75,000	1.2175	%	$	(551	)	04/2016
Unsecured term loan facility	Cash Flow	30,000		2.0480	%	(867		)	10/2018
Unsecured term loan facility	Cash Flow	25,000		1.8500	%	(559		)	10/2018
Unsecured term loan facility	Cash Flow	5,000		1.8400	%	(111		)	10/2018
Unsecured term loan facility	Cash Flow	15,000		2.1500	%	(418		)	05/2020
Unsecured term loan facility	Cash Flow	10,000		2.1500	%	(280		)	05/2020
		$	210,000			$	(2,786	)

Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations

The effect of derivative financial instruments on our condensed consolidated statements of operations for the six months ended June 30, 2015 and 2014 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationship	Six Months Ended June 30,							Six Months Ended June 30,
	2015			2014				2015		2014
	(In thousands)							(In thousands)
Interest rate contracts - assets	$	(564	)	$	(1,833	)	Interest Expense	$	329	$	582
Interest rate contracts - liabilities	(1,258		)	(1,771		)	Interest Expense	1,178		946
Total	$	(1,822	)	$	(3,604	)	Total	$	1,507	$	1,528

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Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Percentage of taxable income required to distribute annually to maintain REIT qualification, (in hundredths)	90.00%		90.00%
Income tax provision (benefit)	$ 255	$ (1)	$ 277	$ 16
Federal and State Income Taxes
Income Taxes [Line Items]
Federal and state deferred tax asset	11,100		11,100
Federal and state deferred tax asset, valuation allowance	$ 11,100		$ 11,100

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Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	$ (2,786)	$ (2,705)
Derivative assets - interest rate swaps	302	537
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	0	0
Derivative assets - interest rate swaps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	(2,786)	(2,705)
Derivative assets - interest rate swaps	302	537
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative liabilities - interest rate swaps	0	0
Derivative assets - interest rate swaps	$ 0	$ 0

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Equity Investments in Unconsolidated Joint Ventures - Debt Outstanding of Unconsolidated Entities (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fixed rate mortgages		$ 334,371	$ 354,714
Unamortized premium		(6,671)	(8,866)
Total mortgage debt		$ 169,673	$ 170,194
Ramco/Lion Venture LP
Debt Instrument [Line Items]
Mortgage debt interest rate, minimum		1.90%
Mortgage debt interest rate, maximum		5.80%
Ramco 450 Venture LLC
Debt Instrument [Line Items]
Mortgage debt interest rate		5.00%
Unconsolidated joint ventures
Debt Instrument [Line Items]
Fixed rate mortgages		$ 169,716
Unamortized premium		(43)
Total mortgage debt	[1]	169,673
Unconsolidated joint ventures | Ramco/Lion Venture LP
Debt Instrument [Line Items]
Fixed rate mortgages	[2]	140,010
Unconsolidated joint ventures | Ramco 450 Venture LLC
Debt Instrument [Line Items]
Fixed rate mortgages	[3]	$ 29,706

[1] Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing.

[2] Maturities range from October 2015 to September 2023 with interest rates ranging from 1.9% to 5.8%

[3] Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5.0% interest rate.

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Subsequent Events (Details)	1 Months Ended	6 Months Ended
	Jul. 23, 2015 USD ($) Property	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Subsequent Event [Line Items]
Assumed debt		$ 0
Consolidated revenue		127,880,000	$ 108,700,000
Consolidated net income available to common shareholders		$ 12,594,000	$ 143,000
Subsequent Event
Subsequent Event [Line Items]
Acquisition percentage of shopping center	80.00%
Number of shopping centers acquired | Property	6
Consideration transfered	$ 152,900,000
Assumed debt	$ 48.1

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Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - Interest Rate Contracts - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ (1,822)	$ (3,604)
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	1,507	1,528
Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(564)	(1,833)
Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(1,258)	(1,771)
Interest Expense | Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	329	582
Interest Expense | Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ 1,178	$ 946

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Real Estate

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Real Estate

Real Estate

Included in our net real estate assets are income producing shopping center properties and one office building that are recorded at cost less accumulated depreciation and amortization.

We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable.  These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, geographic location, real estate values and expected holding period.

Land available for development or sale includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use.  Land available for development or sale was $39.4 million and $48.9 million at June 30, 2015 and December 31, 2014, respectively.

Construction in progress represents existing development, redevelopment and tenant build-out projects.  When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate.  Construction in progress was $17.3 million and $25.7 million at June 30, 2015 and December 31, 2014, respectively.

The decrease in construction in progress from December 31, 2014 to June 30, 2015 was due primarily to the substantial completion of two redevelopment projects, offset in part by ongoing development, redevelopment and expansion projects across the portfolio.

During the first quarter of 2015, we recorded an impairment provision of $2.5 million related to developable land that was subsequently sold in the second quarter of 2015. The adjustment was triggered by an unforeseen increase in development costs and changes in the associated sales price assumptions. Refer to Note 3 for additional information related to dispositions.

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Fair Value - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements [Line Items]
Long term debt, carrying amount	$ 906,167	$ 921,705
Level 2 | Fixed Rate Mortgages
Fair Value Measurements [Line Items]
Long term debt, carrying amount	854,400	874,700
Long term debt, fair value	872,000	900,900
Level 2 | Floating Rate Debt
Fair Value Measurements [Line Items]
Long term debt, carrying amount	$ 45,100	$ 38,100

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Real Estate - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) Property	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Property	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Real Estate [Abstract]
Number of office buildings | Property	1		1
Land held for development or sale	$ 39,400		$ 39,400		$ 48,900
Constructions in progress	17,300		17,300		$ 25,700
Provision for impairment	$ 0	$ 0	$ 2,521	$ 0

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Organization and Basis of Presentations - Additional Information (Detail) ft² in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) ft² PartnershipUnit Contract Property	Dec. 31, 2014 USD ($)
Basis of Presentation [Line Items]
Area of an real estate property | ft²	14.2
Number of Joint Ventures | Contract	4
Ownership interest in Ramco-Gershenson Properties, L. P.	97.30%	97.20%
Deferred financing costs, net of accumulated amortization | $	$ 6.1	$ 6.6
Shopping Centers
Basis of Presentation [Line Items]
Number of real estate properties owned and managed	66
Number of Joint Ventures | PartnershipUnit	2
Office building
Basis of Presentation [Line Items]
Number of real estate properties owned and managed	1
Ramco/Lion Venture LP
Basis of Presentation [Line Items]
Percentage of ownership	20.00%
Ramco/Lion Venture LP | Shopping Centers
Basis of Presentation [Line Items]
Number of real estate properties owned and managed	8
Area of an real estate property | ft²	1.6
Ramco 450 Venture LLC
Basis of Presentation [Line Items]
Percentage of ownership	30.00%
Ramco 450 Venture LLC | Shopping Centers
Basis of Presentation [Line Items]
Number of real estate properties owned and managed	2
Area of an real estate property | ft²	0.6
Smaller joint ventures
Basis of Presentation [Line Items]
Number of Joint Ventures | PartnershipUnit	2

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Fair Value Fair Value - Recorded Amount of Assets Marked to Fair Value on Nonrecurring Basis (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	$ 7,501
Total impairment	(2,521)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	7,501
Land available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	7,501
Total impairment	(2,521)
Land available for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	$ 7,501

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Property Acquisitions and Dispositions - Summary of Disposition Activity (Detail) - Jun. 30, 2015 ft² in Thousands, $ in Thousands	USD ($) a ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	35
Purchase Price	$ 11,975
Assumed debt	$ 0
Income producing property acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	41
Purchase Price	$ 10,500
Assumed debt	$ 0
Total consolidated land / outparcel acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acreage | a	4.1
Purchase Price	$ 1,475
Assumed debt	$ 0
Income producing property dispositions | Naples Towne Centre
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Stafford, VA
Area of Real Estate Property | ft²	35
Acreage | a	32.8
Date Sold	May 29, 2015
Sales Price	$ 13,350
Debt Repaid	0
Gain on Sale	$ 289
Total consolidated land / outparcel dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acreage | a	44.7
Sales Price	$ 18,750
Debt Repaid	0
Gain on Sale	$ 3,469
Total consolidated land / outparcel dispositions | Taylors Square - Outparcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Taylors, SC
Acreage | a	0.6
Date Sold	Apr. 22, 2015
Sales Price	$ 250
Debt Repaid	0
Gain on Sale	$ (16)
Total consolidated land / outparcel dispositions | Target and Shell Oil Parcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Gaines Township, MI
Acreage | a	11.3
Date Sold	Feb. 12, 2015
Sales Price	$ 5,150
Debt Repaid	0
Gain on Sale	$ 3,196
Woodbury Lakes | Income producing property acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Novi, MI
Area of Real Estate Property | ft²	26
Date Acquired	Jun. 10, 2015
Purchase Price	$ 5,500
Assumed debt	$ 0
Bridgewater Falls Shopping Center | Income producing property acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Jackson, MI
Area of Real Estate Property | ft²	15
Date Acquired	Jun. 22, 2015
Purchase Price	$ 5,000
Assumed debt	$ 0
Gaines Marketplace | Total consolidated land / outparcel acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Gaines Township, MI
Acreage | a	1.9
Date Acquired	Feb. 12, 2015
Purchase Price	$ 1,000
Assumed debt	$ 0
Lakeland Park Center | Total consolidated land / outparcel acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Lakeland, FL
Acreage | a	1.6
Date Acquired	Jan. 23, 2015
Purchase Price	$ 475
Assumed debt	$ 0

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Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) - Jun. 30, 2015 - Contract	Total
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	4
Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	7.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	30.00%

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Organization and Basis of Presentations

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Organization and Basis of Presentations

Organization and Basis of Presentations

Organization

Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company” or "RPT"), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States.  As of June 30, 2015, our property portfolio consists of 66 wholly owned shopping centers and one office building comprising approximately 14.2 million square feet.  In addition, we are co-investor in and manager of two institutional joint ventures that own portfolios of shopping centers.  We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.6 million square feet.  We own 30% of Ramco/Lion Venture L.P., an entity that owns two shopping centers comprising approximately 0.6 million square feet. We also have ownership interests in two joint ventures that each own a single shopping center.  In addition, we own interests in several land parcels that are available for development or sale. Most of our properties are anchored by supermarkets and/or national chain stores.  The Company’s credit risk, therefore, is concentrated in the retail industry.

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (97.3% and 97.2% owned by the Company at June 30, 2015 and December 31, 2014, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest.  We have elected to be a REIT for federal income tax purposes.  All intercompany balances and transactions have been eliminated in consolidation.  The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014.

The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period.  We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources.  Actual results could differ from those estimates.

Reclassifications

Certain reclassifications of prior period amounts have been made in the condensed consolidated financial statements and footnotes in order to conform to the current presentation.

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board ("FASB") updated Accounting Standards Codification ("ASC") Topic 835 "Interest" with ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs". ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. Deferred financing costs, net of accumulated amortization were approximately $6.1 million and $6.6 million as of June 30, 2015 and December 31, 2014, respectively. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

In February 2015, FASB updated ASC Topic 810 "Consolidation" with ASU 2015-02, "Amendments to the Consolidation Analysis". ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are Variable Interest Entities ("VIEs") or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved in VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for annual reporting periods (including interim periods within those periods), beginning after December 15, 2015. Early adoption is permitted. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements

In May 2014, FASB issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, ASC Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and it will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017, pursuant to the one year deferral of the effective date by the FASB in July 2015, and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is permitted beginning after December 15, 2016. We are currently evaluating the guidance and have not determined the impact this standard may have on the consolidated financial statements nor decided upon the method of adoption.

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Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Income producing properties, net	$ 374,267	$ 394,740
Cash, accounts receivable and other assets	19,796	23,102
Total Assets	394,063	417,842
LIABILITIES AND OWNERS' EQUITY
Mortgage notes payable	169,673	170,194
Other liabilities	6,306	7,625
Owners' equity	218,084	240,023
Total Liabilities and Owners' Equity	394,063	417,842
RPT's equity investments in unconsolidated joint ventures	$ 22,373	$ 28,733

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Debt - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Unsecured term loan facilities		$ 210,000		$ 210,000		$ 210,000
Gain (loss) on extinguishment of debt		1,387	$ (860)	1,387	$ (860)
Mortgages payable		334,371		334,371		354,714
Unamortized premium		6,671		6,671		8,866
Net repayments on revolving credit facility				7,000	$ (27,000)
Letter of credit, unadjusted outstanding balance		17,000		$ 17,000		10,000
Fixed Rate Mortgages
Debt Instrument [Line Items]
Mortgage debt interest rate, minimum				5.00%
Mortgage debt interest rate, maximum				7.40%
Unamortized premium		6,700		$ 6,700		$ 8,900
Net book value of mortgage on properties		$ 337,500		337,500
Treasure Coast Commons Mortgage
Debt Instrument [Line Items]
Repayments of mortgages				$ 7,800
Mortgage debt interest rate		5.50%		5.50%
Vista Plaza Mortgage
Debt Instrument [Line Items]
Repayments of mortgages				$ 10,300
Mortgage debt interest rate		5.50%		5.50%
The Town Center at Aquia - El Gran Charro Outparcel
Debt Instrument [Line Items]
Mortgages payable		$ 13,700		$ 13,700
Amended and extended maturity date	1 year
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Net repayments on revolving credit facility				7,000
Letter of credit, unadjusted outstanding balance		17,000		17,000
Letter of credit, outstanding balance		3,500		3,500
Letter of credit, remaining borrowing capacity		$ 329,500		$ 329,500
Letter of credit, interest rate at end of period		1.50%		1.50%

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Income producing properties, at cost:
Land	$ 346,925	$ 341,388
Buildings and improvements	1,616,326	1,592,644
Less accumulated depreciation and amortization	(311,207)	(287,177)
Income producing properties, net	1,652,044	1,646,855
Construction in progress and land available for development or sale	56,710	74,655
Net real estate	1,708,754	1,721,510
Equity investments in unconsolidated joint ventures	22,373	28,733
Cash and cash equivalents	6,932	9,335
Restricted cash	9,386	8,163
Accounts receivable (net of allowance for doubtful accounts of $2,616 and $2,292 as of June 30, 2015 and December 31, 2014, respectively)	12,814	11,997
Acquired lease intangibles, net	69,464	77,045
Other assets, net	91,596	91,596
TOTAL ASSETS	1,921,319	1,948,379
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable	906,167	921,705
Capital lease obligation	1,148	1,828
Accounts payable and accrued expenses	38,135	44,232
Acquired lease intangibles, net	51,492	54,278
Other liabilities	9,902	10,106
Distributions payable	18,034	17,951
TOTAL LIABILITIES	$ 1,024,878	$ 1,050,100
Commitments and Contingencies
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), 1,849 and 2,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 92,427	$ 100,000
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,149 and 77,573 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	791	776
Additional paid-in capital	1,155,556	1,130,262
Accumulated distributions in excess of net income	(375,512)	(356,715)
Accumulated other comprehensive loss	(2,271)	(1,966)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT	870,991	872,357
Noncontrolling interest	25,450	25,922
TOTAL SHAREHOLDERS' EQUITY	896,441	898,279
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,921,319	$ 1,948,379

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Derivative Financial Instruments - Additional Information (Detail) - Jun. 30, 2015 - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions	USD ($) Investment
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Number of interest swap agreements | Investment	7
Notional amount of derivatives	$ 210.0
Minimum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative interest rate, one-month LIBOR interest rate	1.20%
Maximum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative interest rate, one-month LIBOR interest rate	2.20%

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Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 17,233	$ 3,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,483	41,399
Amortization of deferred financing fees	664	773
Income tax provision	277	16
(Earnings) loss from unconsolidated joint ventures	(2,995)	791
Distributions received from operations of unconsolidated joint ventures	901	1,353
Provision for impairment	2,521	0
(Gain) loss on extinguishment of debt	(1,387)	860
Deferred gain recognized on real estate	0	(117)
Gain on sale of real estate	(3,469)	(2,672)
Amortization of premium on mortgages, net	(806)	(347)
Share-based compensation expense	1,082	1,060
Long-term incentive cash compensation expense	720	1,071
Changes in assets and liabilities:
Accounts receivable, net	(817)	(1,068)
Acquired lease intangibles and other assets, net	(352)	674
Accounts payable, acquired lease intangibles and other liabilities	(10,872)	526
Net cash provided by operating activities	44,183	48,200
INVESTING ACTIVITIES
Acquisition of real estate	(12,097)	0
Development and capital improvements	(24,034)	(34,776)
Net proceeds from sales of real estate	16,106	9,883
Distributions from sale of joint venture property	8,173	0
Increase in restricted cash	(1,223)	(11,461)
Net cash used in investing activities	(13,075)	(36,354)
FINANCING ACTIVITIES
Proceeds on mortgages and notes payable	0	175,000
Repayment of mortgages and notes payable	(20,343)	(151,672)
Net (repayments) proceeds on revolving credit facility	7,000	(27,000)
Payment of deferred financing costs	(204)	(762)
Proceeds from issuance of common stock	17,125	49,890
Repayment of capitalized lease obligation	(680)	(176)
Redemption or conversion of operating partnership units for cash	(40)	0
Conversion of preferred shares	(500)	0
Dividends paid to preferred shareholders	(3,625)	(3,625)
Dividends paid to common shareholders	(31,346)	(25,367)
Distributions paid to operating partnership unit holders	(898)	(844)
Net cash (used in) provided by financing activities	(33,511)	15,444
Net change in cash and cash equivalents	(2,403)	27,290
Cash and cash equivalents at beginning of period	9,335	5,795
Cash and cash equivalents at end of period	6,932	33,085
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $488 and $884 in 2015 and 2014, respectively)	21,185	16,284
Cash paid for federal income taxes	$ 0	$ 0

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Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Total revenue		$ 10,285	$ 10,578	$ 20,910	$ 21,502
Total expenses	[1]	7,367	7,035	14,663	24,961
Income (loss) before other income and expense		2,918	3,543	6,247	(3,459)
Gain on sale of land	[2]	0	740	7,463	740
Interest expense		(1,801)	(1,816)	(3,594)	(3,691)
Gain on extinguishment of debt		0	0	(148)	529
Amortization of deferred financing fees		(74)	(77)	0	(152)
Net income (loss)		1,043	2,390	9,968	(6,033)
RPT's share of earnings (loss) from unconsolidated joint ventures		$ 335	$ 816	$ 2,995	$ (791)

[1] The higher expenses for the six months ended June 30, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period.

[2] See dispositions below for details of the transaction.

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Equity Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Equity Method Investments [Line Items]

Summary of Combined Financial Information for Unconsolidated Joint Ventures, Balance Sheets

The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:

Balance Sheets	June 30, 2015		December 31, 2014
	(In thousands)
ASSETS
Income producing properties, net	$	374,267	$	394,740
Cash, accounts receivable and other assets	19,796		23,102
Total Assets	$	394,063	$	417,842
LIABILITIES AND OWNERS' EQUITY
Mortgage notes payable	$	169,673	$	170,194
Other liabilities	6,306		7,625
Owners' equity	218,084		240,023
Total Liabilities and Owners' Equity	$	394,063	$	417,842
RPT's equity investments in unconsolidated joint ventures	$	22,373	$	28,733

Investments in Unconsolidated Joint Ventures

As of June 30, 2015, we had investments in the following unconsolidated joint ventures:

	Ownership as of	Total Assets as of		Total Assets as of
	June 30,	June 30,		December 31,
Unconsolidated Entities	2015	2015		2014
		(In thousands)
Ramco 450 Venture LLC	20%	$	280,676	$	283,100
Ramco/Lion Venture LP	30%	69,078		89,091
Other Joint Ventures (1)	7%	44,309		45,651
		$	394,063	$	417,842

⁽¹⁾ Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property.

Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
Statements of Operations	2015			2014			2015			2014
	(In thousands)
Total revenue	$	10,285		$	10,578		$	20,910		$	21,502
Total expenses (1)	7,367			7,035			14,663			24,961
Income (loss) before other income and expense	2,918			3,543			6,247			(3,459		)
Gain on sale of real estate (2)	—			740			7,463			740
Interest expense	(1,801		)	(1,816		)	(3,594		)	(3,691		)
(Loss) gain on extinguishment of debt	—			—			(148		)	529
Amortization of deferred financing fees	(74		)	(77		)	—			(152		)
Net income (loss)	$	1,043		$	2,390		$	9,968		$	(6,033	)
RPT's share of earnings (loss) from unconsolidated joint ventures	$	335		$	816		$	2,995		$	(791	)

⁽¹⁾  The higher expenses for the six months ended June 30, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period.

⁽²⁾  See dispositions below for details of the transaction.

Debt Outstanding of Unconsolidated Joint Ventures

Our unconsolidated joint ventures had the following debt outstanding at June 30, 2015:

	Balance
Entity Name	Outstanding
	(In thousands)
Ramco 450 Venture LLC  (1)	$	140,010
Ramco/Lion Venture LP (2)	29,706
	169,716
Unamortized premium	(43		)
Total mortgage debt (3)	$	169,673

⁽¹⁾  Maturities range from October 2015 to September 2023 with interest rates ranging from 1.9% to 5.8%.

⁽²⁾  Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5.0% interest rate.

⁽³⁾  Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing.

Information of Fees Earned

The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(In thousands)
Management fees	$	383	$	367	$	782	$	766
Leasing fees	88		46		208		105
Construction fees	107		23		120		75
Total	$	578	$	436	$	1,110	$	946

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Equity Investments in Unconsolidated Joint Ventures Equity Investments in Unconsolidated Joint Ventures - Disposition Activity (Details) - Jun. 30, 2015 ft² in Thousands, $ in Millions	USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property	35
Village of Oriole Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage	30.00%
Area of Real Estate Property	156
Proceeds from Sale of Real Estate | $	$ 8.3
Equity Method Investment, Realized Gain (Loss) on Disposal | $	$ 7.5

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014.

		Total
	Balance Sheet Location	Fair Value			Level 1		Level 2			Level 3
2015		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	302		$	—	$	302		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,786	)	$	—	$	(2,786	)	$	—
2014
Derivative assets - interest rate swaps	Other assets	$	537		$	—	$	537		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,705	)	$	—	$	(2,705	)	$	—

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The table below presents the recorded amount of assets at the time they were marked to fair value during six months ended June 30, 2015 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

Assets	Total Fair Value		Level 1		Level 2		Level 3		Total Impairment
	(In thousands)
Land available for development or sale	7,501		—		—		7,501		(2,521		)
Total	$	7,501	$	—	$	—	$	7,501	$	(2,521	)

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Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Cash paid for interest, capitalized interest	$ 488	$ 884

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts	$ 2,616	$ 2,292
Preferred shares, par (in shares)	$ 0.01	$ 0.01
Common shares of beneficial interest, par (in usd per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	120,000,000	120,000,000
Common shares of beneficial interest, shares issued (in shares)	79,149,000	77,573,000
Common shares of beneficial interest, shares outstanding (in shares)	79,149,000	77,573,000
Series D Preferred Stock
Preferred shares, shares authorized (in shares)	2,000,000	2,000,000
Cumulative Perpetual Convertible Preferred Shares, shares issued (in shares)	1,849,000	2,000,000
Cumulative Perpetual Convertible Preferred Shares, shares outstanding (in shares)	1,849,000	2,000,000
Cumulative Perpetual Convertible Preferred Shares, liquidation preference (in usd per share)	$ 50	$ 50
Cumulative Perpetual Convertible Preferred Shares, dividend rate percentage	7.25%	7.25%

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Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Taxes

Taxes

Income Taxes

We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code.  In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders.  As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes.

Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our Taxable REIT Subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities.

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws.  Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies.  Our temporary differences primarily relate to deferred compensation, depreciation, land basis differences, and net operating loss carry forwards.

As of June 30, 2015, we had a federal and state deferred tax asset of $11.1 million and a valuation allowance of $11.1 million.  Our deferred tax assets, such as net operating losses and land basis differences, are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets.  These future operations are primarily dependent upon the profitability of our TRSs, including the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs.  

If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our statement of operations in the period we make the determination.

We recorded income tax provisions of approximately $277,000 and $16,000 for the six months ended June 30, 2015 and 2014, respectively.

Sales Taxes

We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 14, 2015
Document Documentand Entity Information [Abstract]
Entity Registrant Name	RAMCO GERSHENSON PROPERTIES TRUST
Entity Central Index Key	0000842183
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	RPT
Entity Common Stock, Shares Outstanding		79,162,358

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Construction Costs

In connection with the development and expansion of various shopping centers as of June 30, 2015, we had entered into agreements for construction costs of approximately $10.6 million.

Litigation

We are currently involved in certain litigation arising in the ordinary course of business; however, we do not believe that any of this litigation will have a material effect on our consolidated financial statements.

Leases   

Operating Leases

We lease office space for our corporate headquarters under an operating lease that expires in August 2019.

Capital Leases

We have a ground lease at Buttermilk Towne Center which we have recorded as a capital lease that expires in December 2032 . 

We recognized rent and interest expense related to the operating and capital leases of $0.3 million and $0.7 million for the the six months ended June 30, 2015 and 2014, respectively.

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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE
Minimum rent		$ 44,327	$ 37,054	$ 87,678	$ 73,321
Percentage rent		18	5	371	153
Recovery income from tenants		13,962	11,857	28,284	24,104
Other property income		850	578	1,709	1,539
Management and other fee income		578	436	1,110	946
TOTAL REVENUE		59,735	49,930	119,152	100,063
EXPENSES
Real estate taxes		9,126	7,347	18,121	14,714
Recoverable operating expense		6,846	5,739	14,124	11,898
Other non-recoverable operating expense		994	835	1,707	1,684
Depreciation and amortization		21,120	23,658	41,483	41,399
Acquisition costs		265	451	307	533
General and administrative expense		5,474	5,168	10,348	10,700
Provision for impairment		0	0	2,521	0
TOTAL EXPENSES		43,825	43,198	88,611	80,928
OPERATING INCOME		15,910	6,732	30,541	19,135
OTHER INCOME AND EXPENSES
Other income (expense), net		27	(239)	(191)	(372)
Gain on sale of real estate		273	2,672	3,469	2,672
Earnings (loss) from unconsolidated joint ventures		335	816	2,995	(791)
Interest expense		(10,058)	(7,632)	(20,027)	(15,231)
Amortization of deferred financing fees		(330)	(370)	(664)	(773)
Deferred gain recognized on real estate		0	0	0	117
Gain (loss) on extinguishment of debt		1,387	(860)	1,387	(860)
INCOME BEFORE TAX		7,544	1,119	17,510	3,897
Income tax (provision) benefit		(255)	1	(277)	(16)
NET INCOME		7,289	1,120	17,233	3,881
Net income attributable to noncontrolling partner interest		(199)	(34)	(476)	(123)
NET INCOME ATTRIBUTABLE TO RPT		7,090	1,086	16,757	3,758
Preferred share dividends		(1,675)	(1,813)	(3,487)	(3,625)
Preferred share conversion costs		(500)	0	(500)	0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS		$ 4,915	$ (727)	$ 12,770	$ 133
EARNINGS (LOSS) PER COMMON SHARE
Basic (in USD per share)		$ 0.06	$ (0.01)	$ 0.16	$ 0.00
Diluted (in USD per share)		$ 0.06	$ (0.01)	$ 0.16	$ 0.00
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)		79,124	68,853	78,528	67,966
Diluted (in shares)	[1]	79,319	69,097	78,731	68,209
OTHER COMPREHENSIVE INCOME
Net income		$ 7,289	$ 1,120	$ 17,233	$ 3,881
Other comprehensive gain (loss):
Gain (loss) on interest rate swaps		1,150	(1,377)	(315)	(2,076)
Comprehensive income (loss)		8,439	(257)	16,918	1,805
Comprehensive (income) loss attributable to noncontrolling interest		(31)	44	10	67
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT		$ 8,408	$ (213)	$ 16,928	$ 1,872

[1] The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS.

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Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of June 30, 2015 and December 31, 2014:

Notes Payable	June 30, 2015		December 31, 2014
	(In thousands)
Senior unsecured notes	$	310,000	$	310,000
Unsecured term loan facilities	210,000		210,000
Fixed rate mortgages	334,371		354,714
Unsecured revolving credit facility	17,000		10,000
Junior subordinated notes	28,125		28,125
	899,496		912,839
Unamortized premium	6,671		8,866
	$	906,167	$	921,705
Capital lease obligation	$	1,148	$	1,828

During the six months ended June 30, 2015 we repaid mortgages securing the following properties:

• Treasure Coast Commons in the amount of $7.8 million with an interest rate of 5.5%; and

• Vista Plaza in the amount of $10.3 million with an interest rate of 5.5%.

In conjunction with the mortgage repayments we recognized a gain on extinguishment of debt of approximately $1.4 million as a result of the write off of the associated debt premiums.

We have a mortgage in the amount of $13.7 million secured by the Aquia Town Center Office property with a maturity date of June 1, 2015. We are currently in negotiations with the lender to amend and extend the maturity date of the loan for a one year period.

Our $334.4 million of fixed rate mortgages have interest rates ranging from 5.0% to 7.4% and are due at various maturity dates from September 2015 through June 2026.  Included in fixed rate mortgages at June 30, 2015 and December 31, 2014 were unamortized premium balances related to the fair market value of debt of approximately $6.7 million and $8.9 million, respectively.  The fixed rate mortgages are secured by properties that have an approximate net book value of $337.5 million as of June 30, 2015.

We had net borrowings of $7.0 million under our revolving credit facility during the six months ended June 30, 2015 with a balance of $17.0 million as of June 30, 2015.  After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $3.5 million we had $329.5 million of availability under our revolving credit facility. The interest rate as of June 30, 2015 was 1.5%

Our revolving credit facility, term loans and unsecured notes contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations.  As of June 30, 2015, we were in compliance with these covenants.

The mortgage loans encumbering our properties, including properties held by our unconsolidated joint ventures, are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender.  These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities.  In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses.

We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions.  Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan.  Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

The following table presents scheduled principal payments on mortgages and notes payable as of June 30, 2015:

Year Ending December 31,
	(In thousands)
2015 (July 1 - December 31)	$	83,671
2016	23,265
2017	112,822
2018	101,879
2019	5,860
Thereafter	571,999
Subtotal debt	899,496
Unamortized premium	6,671
Total debt (including unamortized premium)	$	906,167

It is our intent to repay maturing mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing.

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Equity Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments in Unconsolidated Joint Ventures

Equity Investments in Unconsolidated Joint Ventures

We have four joint venture agreements whereby we own between 7% and 30% of the equity in the joint venture. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations.  We cannot make significant decisions without our partner’s approval.  Accordingly, we account for our interest in the joint ventures using the equity method of accounting.

The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:

Balance Sheets	June 30, 2015		December 31, 2014
	(In thousands)
ASSETS
Income producing properties, net	$	374,267	$	394,740
Cash, accounts receivable and other assets	19,796		23,102
Total Assets	$	394,063	$	417,842
LIABILITIES AND OWNERS' EQUITY
Mortgage notes payable	$	169,673	$	170,194
Other liabilities	6,306		7,625
Owners' equity	218,084		240,023
Total Liabilities and Owners' Equity	$	394,063	$	417,842
RPT's equity investments in unconsolidated joint ventures	$	22,373	$	28,733

As of June 30, 2015, we had investments in the following unconsolidated joint ventures:

	Ownership as of	Total Assets as of		Total Assets as of
	June 30,	June 30,		December 31,
Unconsolidated Entities	2015	2015		2014
		(In thousands)
Ramco 450 Venture LLC	20%	$	280,676	$	283,100
Ramco/Lion Venture LP	30%	69,078		89,091
Other Joint Ventures (1)	7%	44,309		45,651
		$	394,063	$	417,842

⁽¹⁾ Includes two joint ventures in which we have a 7% ownership interest. Each joint venture owns one property.

	Three Months Ended June 30,						Six Months Ended June 30,
Statements of Operations	2015			2014			2015			2014
	(In thousands)
Total revenue	$	10,285		$	10,578		$	20,910		$	21,502
Total expenses (1)	7,367			7,035			14,663			24,961
Income (loss) before other income and expense	2,918			3,543			6,247			(3,459		)
Gain on sale of real estate (2)	—			740			7,463			740
Interest expense	(1,801		)	(1,816		)	(3,594		)	(3,691		)
(Loss) gain on extinguishment of debt	—			—			(148		)	529
Amortization of deferred financing fees	(74		)	(77		)	—			(152		)
Net income (loss)	$	1,043		$	2,390		$	9,968		$	(6,033	)
RPT's share of earnings (loss) from unconsolidated joint ventures	$	335		$	816		$	2,995		$	(791	)

⁽¹⁾  The higher expenses for the six months ended June 30, 2014 were due to the demolition of a portion of a center for redevelopment and the commensurate acceleration of depreciation in that period.

⁽²⁾  See dispositions below for details of the transaction.

Acquisitions

There was no acquisition activity in the six months ended June 30, 2015 by any of our unconsolidated joint ventures.

Dispositions

During the six months ended June 30, 2015 we sold our 30% interest in the Village of Oriole Plaza, a 156,000 square foot shopping center located in Delray Beach, Florida, to our joint venture partner for $8.3 million resulting in a gain to the joint venture of $7.5 million.

Debt

Our unconsolidated joint ventures had the following debt outstanding at June 30, 2015:

	Balance
Entity Name	Outstanding
	(In thousands)
Ramco 450 Venture LLC  (1)	$	140,010
Ramco/Lion Venture LP (2)	29,706
	169,716
Unamortized premium	(43		)
Total mortgage debt (3)	$	169,673

⁽¹⁾  Maturities range from October 2015 to September 2023 with interest rates ranging from 1.9% to 5.8%.

⁽²⁾  Balance relates to Millennium Park’s mortgage loan which has a maturity date of October 2015 with a 5.0% interest rate.

⁽³⁾  Debt is non-recourse to the ventures, subject to carve-outs customary to such types of mortgage financing.

Joint Venture Management and Other Fee Income

We are engaged by our joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective properties.  We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered.  

The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(In thousands)
Management fees	$	383	$	367	$	782	$	766
Leasing fees	88		46		208		105
Construction fees	107		23		120		75
Total	$	578	$	436	$	1,110	$	946

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Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Summary of Mortgages, Notes Payable and Capital Lease Obligation

The following table summarizes our mortgages and notes payable and capital lease obligation as of June 30, 2015 and December 31, 2014:

Notes Payable	June 30, 2015		December 31, 2014
	(In thousands)
Senior unsecured notes	$	310,000	$	310,000
Unsecured term loan facilities	210,000		210,000
Fixed rate mortgages	334,371		354,714
Unsecured revolving credit facility	17,000		10,000
Junior subordinated notes	28,125		28,125
	899,496		912,839
Unamortized premium	6,671		8,866
	$	906,167	$	921,705
Capital lease obligation	$	1,148	$	1,828

Scheduled Principal Payments on Mortgages and Notes Payable

The following table presents scheduled principal payments on mortgages and notes payable as of June 30, 2015:

Year Ending December 31,
	(In thousands)
2015 (July 1 - December 31)	$	83,671
2016	23,265
2017	112,822
2018	101,879
2019	5,860
Thereafter	571,999
Subtotal debt	899,496
Unamortized premium	6,671
Total debt (including unamortized premium)	$	906,167

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Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued.

In July we completed the acquisition of our partner's 80% interest in six shopping centers for approximately $152.9 million, including the assumption of $48.1 million in debt.

Unaudited Proforma Information

If the acquisition had occurred on January 1, 2014, our consolidated revenue and net income for the six months ended June 30, 2015 and 2014 is estimated to have been as follows:

	June 30,
	2015		2014
Consolidated revenue	$	127,880	$	108,700
Consolidated net income available to common shareholders	$	12,594	$	143

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

 Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Net income	$	7,289		$	1,120		$	17,233		$	3,881
Net income attributable to noncontrolling interest	(199		)	(34		)	(476		)	(123		)
Allocation of income to restricted share awards	(60		)	(44		)	(120		)	(94		)
Income attributable to RPT	$	7,030		$	1,042		$	16,637		$	3,664
Preferred share dividends	(1,675		)	(1,813		)	(3,487		)	(3,625		)
Preferred share conversion costs	(500		)	—			(500		)	—
Net income (loss) available to common shareholders	$	4,855		$	(771	)	$	12,650		$	39
Weighted average shares outstanding, Basic	79,124			68,853			78,528			67,966
Stock options and restricted stock awards using the treasury method	195			244			203			243
Dilutive effect of securities (1)	—			—			—			—
Weighted average shares outstanding, Diluted (1)	79,319			69,097			78,731			68,209
Income (loss) per common share, Basic	$	0.06		$	(0.01	)	$	0.16		$	—
Income (loss) per common share, Diluted	$	0.06		$	(0.01	)	$	0.16		$	—

⁽¹⁾ The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS.

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Fair Value

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.  Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis.  Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis.  As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.  The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements.  These levels are:

Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market.  These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities.

The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value.

Derivative Assets and Liabilities

All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available.  For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves.  We classify these instruments as Level 2.  Refer to Note 7 for additional information on our derivative financial instruments.

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014.

		Total
	Balance Sheet Location	Fair Value			Level 1		Level 2			Level 3
2015		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	302		$	—	$	302		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,786	)	$	—	$	(2,786	)	$	—
2014
Derivative assets - interest rate swaps	Other assets	$	537		$	—	$	537		$	—
Derivative liabilities - interest rate swaps	Other liabilities	$	(2,705	)	$	—	$	(2,705	)	$	—

The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.

We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt.  The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assume the debt is outstanding through maturity and consider the debt’s collateral (if applicable).  Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. 

Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $854.4 million and $874.7 million as of June 30, 2015 and December 31, 2014, respectively, have fair values of approximately $872.0 million and $900.9 million, respectively.  Variable rate debt’s fair value is estimated to be the carrying values of $45.1 million and $38.1 million as of June 30, 2015 and December 31, 2014, respectively.

The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis:

Net Real Estate

Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis.  To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset.  To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value.  We classify impaired real estate assets as nonrecurring Level 3.

The table below presents the recorded amount of assets at the time they were marked to fair value during six months ended June 30, 2015 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

Assets	Total Fair Value		Level 1		Level 2		Level 3		Total Impairment
	(In thousands)
Land available for development or sale	7,501		—		—		7,501		(2,521		)
Total	$	7,501	$	—	$	—	$	7,501	$	(2,521	)

Equity Investments in Unconsolidated Joint Ventures

Our equity investments in unconsolidated joint ventures are subject to impairment testing on a nonrecurring basis if there is an indication that a decrease in the value of our investment has occurred that is other-than-temporary.  To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the assets.  To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value.  We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt.  On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability.  Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction.  The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations.  We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis.  Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period.

At June 30, 2015, we had seven interest rate swap agreements with an aggregate notional amount of $210.0 million that were designated as cash flow hedges.  The agreements provided for swapping one-month LIBOR to fixed interest rates ranging from 1.2% to 2.2% on $210.0 million of unsecured term loans and have expirations ranging from April 2016 to May 2020.

The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2015:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan facility	Cash Flow	$	50,000	1.4600	%	$	302		05/2020
Derivative Liabilities
Unsecured term loan facility	Cash Flow	$	75,000	1.2175	%	$	(551	)	04/2016
Unsecured term loan facility	Cash Flow	30,000		2.0480	%	(867		)	10/2018
Unsecured term loan facility	Cash Flow	25,000		1.8500	%	(559		)	10/2018
Unsecured term loan facility	Cash Flow	5,000		1.8400	%	(111		)	10/2018
Unsecured term loan facility	Cash Flow	15,000		2.1500	%	(418		)	05/2020
Unsecured term loan facility	Cash Flow	10,000		2.1500	%	(280		)	05/2020
		$	210,000			$	(2,786	)

The effect of derivative financial instruments on our condensed consolidated statements of operations for the six months ended June 30, 2015 and 2014 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationship	Six Months Ended June 30,							Six Months Ended June 30,
	2015			2014				2015		2014
	(In thousands)							(In thousands)
Interest rate contracts - assets	$	(564	)	$	(1,833	)	Interest Expense	$	329	$	582
Interest rate contracts - liabilities	(1,258		)	(1,771		)	Interest Expense	1,178		946
Total	$	(1,822	)	$	(3,604	)	Total	$	1,507	$	1,528

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Share-based Compensation Plans

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Plans

Share-based Compensation Plans

As of June 30, 2015, we have one share-based compensation plan in effect.  The 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) under which our compensation committee may grant, subject to the Company’s performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards to trustees, officers and other key employees.  The 2012 LTIP allows us to issue up to 2,000,000 shares of our common stock, units or stock options, of which 1,592,476 remained available for issuance at June 30, 2015.

As of June 30, 2015, we had 343,553 unvested share awards granted under the 2012 LTIP and other plans which terminated when the 2012 LTIP became effective.  These awards have various expiration dates through May 2020.

During the six months ended June 30, 2015, we had the following activity:

• granted 123,541 shares of service-based restricted stock that vest over five years. The service-based awards were valued based on our closing stock price as of the grant date and the expense is recognized on a graded vesting basis; and

• granted performance-based cash units that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”).  If the performance criterion is met, the actual value of the units earned will be determined and 50% of the award will be paid in cash immediately while the balance will be paid in cash the following year.

Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants, and any subsequent re-measurements, based upon a Monte Carlo simulation model.  We will recognize the compensation expense ratably over the requisite service period.  We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly.  If at the end of the three-year measurement period the performance criteria are not met, compensation expense previously recognized would be reversed.  Compensation expense related to the cash awards was $0.7 million and $1.1 million for the six months ended June 30, 2015 and 2014, respectively.

We recognized share-based compensation expense of $1.1 million for each of the six months ended June 30, 2015 and June 30, 2014.

As of June 30, 2015, we had $6.4 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards.  This expense is expected to be recognized over a weighted-average period of 4.9 years.

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Equity Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Additional Detail) (Detail) - Jun. 30, 2015	Contract Property entity
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	4
Number of Properties Owned by Joint Venture | Property	1
Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | entity	2
Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	7.00%
Minimum | Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	7.00%

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Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Construction costs related to development and expansion	$ 10.6
Operating and capital leases expenses	$ 0.3	$ 0.7

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Property Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Summary of Acquisition Activity

The following table provides a summary of our acquisition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Petco at West Oaks	Novi, MI	26		06/10/15	$	5,500	$	—
Jackson Crossing Shops	Jackson, MI	15		06/22/15	5,000		—
Total consolidated income producing acquisitions		41			$	10,500	$	—
Gaines Marketplace	Gaines Township, MI	N/A	1.9	02/12/15	1,000		—
Lakeland Park Center	Lakeland, FL	N/A	1.6	01/23/15	475		—
Total consolidated land / outparcel acquisitions			4.1		$	1,475	$	—
Total Acquisitions		41	4.1		$	11,975	$	—

Summary of Disposal Activity

The following table provides a summary of our disposition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Debt Repaid		Gain (Loss) on Sale
		(In thousands)			(In thousands)
The Town Center at Aquia - Commercial / Residential Land	Stafford, VA	35	32.8	05/29/15	$	13,350	$	—	$	289
Taylors Square - Outparcel	Taylors, SC	N/A	0.6	04/22/15	250		—		(16		)
Target and Shell Oil Parcels	Gaines Township, MI	N/A	11.3	02/12/15	5,150		—		3,196
Total consolidated land / outparcel dispositions		35	44.7		$	18,750	$	—	$	3,469

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Net income	$	7,289		$	1,120		$	17,233		$	3,881
Net income attributable to noncontrolling interest	(199		)	(34		)	(476		)	(123		)
Allocation of income to restricted share awards	(60		)	(44		)	(120		)	(94		)
Income attributable to RPT	$	7,030		$	1,042		$	16,637		$	3,664
Preferred share dividends	(1,675		)	(1,813		)	(3,487		)	(3,625		)
Preferred share conversion costs	(500		)	—			(500		)	—
Net income (loss) available to common shareholders	$	4,855		$	(771	)	$	12,650		$	39
Weighted average shares outstanding, Basic	79,124			68,853			78,528			67,966
Stock options and restricted stock awards using the treasury method	195			244			203			243
Dilutive effect of securities (1)	—			—			—			—
Weighted average shares outstanding, Diluted (1)	79,319			69,097			78,731			68,209
Income (loss) per common share, Basic	$	0.06		$	(0.01	)	$	0.16		$	—
Income (loss) per common share, Diluted	$	0.06		$	(0.01	)	$	0.16		$	—

⁽¹⁾ The assumed conversion of preferred shares is anti-dilutive for all periods presented and accordingly, has been excluded from the weighted average common shares used to compute diluted EPS.

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Share-Based Compensation Plans - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015 USD ($) plan shares	Jun. 30, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans in effect | plan	1
Share based compensation, number of options terminated (in shares)	343,553
Performance-based liability awards, measurement period	3 years
Percentage of award to be paid in cash	50.00%
Compensation expense related to cash awards | $	$ 0.7	$ 1.1
Share-based compensation expenses | $	1.1	$ 1.1
Total unrecognized compensation expense | $	$ 6.4
Total unrecognized compensation expense, weighted average period of recognition	4 years 10 months 24 days
Long-Term Incentive Plan ("LTIP")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant	2,000,000
Share based compensation, number of options available for issuance (in shares)	1,592,476
Service-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, shares granted during period	123,541
Service based restricted stock, vesting period	5 years

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Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015 (July 1 - December 31)	$ 83,671
2016	23,265
2017	112,822
2018	101,879
2019	5,860
Thereafter	571,999
Subtotal debt	899,496	$ 912,839
Unamortized premium	6,671	8,866
Total debt (including unamortized premium)	$ 906,167	$ 921,705

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Condensed Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2014	$ 898,279	$ 100,000	$ 776	$ 1,130,262	$ (356,715)	$ (1,966)	$ 25,922
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares	17,125		9	17,116
Conversion and redemption of OP unit holders	(40)						(40)
Conversion of preferred shares	(500)	(7,573)	5	7,568	(500)
Share-based compensation and other expense, net of shares withheld for employee taxes	611		1	610
Dividends declared to common shareholders	(31,409)				(31,409)
Dividends declared to preferred shareholders	(3,487)				(3,487)
Distributions declared to noncontrolling interests	(898)						(898)
Dividends declared to deferred shares	(158)				(158)
Other comprehensive income adjustment	(315)					(305)	(10)
Net income	17,233				16,757		476
Ending balance at Jun. 30, 2015	$ 896,441	$ 92,427	$ 791	$ 1,155,556	$ (375,512)	$ (2,271)	$ 25,450

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Property Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Property Acquisitions and Dispositions

Property Acquisitions and Dispositions

Acquisitions

The following table provides a summary of our acquisition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Petco at West Oaks	Novi, MI	26		06/10/15	$	5,500	$	—
Jackson Crossing Shops	Jackson, MI	15		06/22/15	5,000		—
Total consolidated income producing acquisitions		41			$	10,500	$	—
Gaines Marketplace	Gaines Township, MI	N/A	1.9	02/12/15	1,000		—
Lakeland Park Center	Lakeland, FL	N/A	1.6	01/23/15	475		—
Total consolidated land / outparcel acquisitions			4.1		$	1,475	$	—
Total Acquisitions		41	4.1		$	11,975	$	—

Dispositions

The following table provides a summary of our disposition activity for the six months ended June 30, 2015:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Debt Repaid		Gain (Loss) on Sale
		(In thousands)			(In thousands)
The Town Center at Aquia - Commercial / Residential Land	Stafford, VA	35	32.8	05/29/15	$	13,350	$	—	$	289
Taylors Square - Outparcel	Taylors, SC	N/A	0.6	04/22/15	250		—		(16		)
Target and Shell Oil Parcels	Gaines Township, MI	N/A	11.3	02/12/15	5,150		—		3,196
Total consolidated land / outparcel dispositions		35	44.7		$	18,750	$	—	$	3,469

Pursuant to the criteria established under ASC 360, Property, Plant, and Equipment, we will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and we are able to conclude that the sale of the property within one year is probable. The adoption of ASU 2014-08 eliminated classifying the results of operations of properties held for sale as Discontinued Operations in the Condensed Consolidated Statements of Operations. As of June 30, 2015 there were no properties or land classified as held for sale.

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Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Business Acquisition, Pro Forma Information

If the acquisition had occurred on January 1, 2014, our consolidated revenue and net income for the six months ended June 30, 2015 and 2014 is estimated to have been as follows:

	June 30,
	2015		2014
Consolidated revenue	$	127,880	$	108,700
Consolidated net income available to common shareholders	$	12,594	$	143

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Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Management fees	$ 383	$ 367	$ 782	$ 766
Leasing fees	88	46	208	105
Construction fees	107	23	120	75
Total	$ 578	$ 436	$ 1,110	$ 946

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Organization and Basis of Presentations (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Organization

Organization

Ramco-Gershenson Properties Trust, together with its subsidiaries (the “Company” or "RPT"), is a real estate investment trust (“REIT”) engaged in the business of owning, developing, redeveloping, acquiring, managing and leasing large multi-anchored shopping centers primarily in a dozen of the largest metropolitan markets in the United States.  As of June 30, 2015, our property portfolio consists of 66 wholly owned shopping centers and one office building comprising approximately 14.2 million square feet.  In addition, we are co-investor in and manager of two institutional joint ventures that own portfolios of shopping centers.  We own 20% of Ramco 450 Venture LLC, an entity that owns eight shopping centers comprising approximately 1.6 million square feet.  We own 30% of Ramco/Lion Venture L.P., an entity that owns two shopping centers comprising approximately 0.6 million square feet. We also have ownership interests in two joint ventures that each own a single shopping center.  In addition, we own interests in several land parcels that are available for development or sale. Most of our properties are anchored by supermarkets and/or national chain stores.  The Company’s credit risk, therefore, is concentrated in the retail industry.

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. (97.3% and 97.2% owned by the Company at June 30, 2015 and December 31, 2014, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest.  We have elected to be a REIT for federal income tax purposes.  All intercompany balances and transactions have been eliminated in consolidation.  The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014.

The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of revenues and expenses during the reporting period.  We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources.  Actual results could differ from those estimates.

Reclassifications

Reclassifications

Certain reclassifications of prior period amounts have been made in the condensed consolidated financial statements and footnotes in order to conform to the current presentation.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board ("FASB") updated Accounting Standards Codification ("ASC") Topic 835 "Interest" with ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs". ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. Deferred financing costs, net of accumulated amortization were approximately $6.1 million and $6.6 million as of June 30, 2015 and December 31, 2014, respectively. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

In February 2015, FASB updated ASC Topic 810 "Consolidation" with ASU 2015-02, "Amendments to the Consolidation Analysis". ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are Variable Interest Entities ("VIEs") or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved in VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for annual reporting periods (including interim periods within those periods), beginning after December 15, 2015. Early adoption is permitted. We believe the adoption of this guidance will not have a material effect on our consolidated financial statements

In May 2014, FASB issued ASU 2014-09 "Revenue from Contract with Customers" as a new Topic, ASC Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and it will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017, pursuant to the one year deferral of the effective date by the FASB in July 2015, and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is permitted beginning after December 15, 2016. We are currently evaluating the guidance and have not determined the impact this standard may have on the consolidated financial statements nor decided upon the method of adoption.