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 March 31, 2017

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, a smaller reporting company or an emerging growth company.  See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth 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
			Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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 April 27, 2017:79,343,429

INDEX

PART I – FINANCIAL INFORMATION		Page No.
Item 1.	Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheets – March 31, 2017 (unaudited) and December 31, 2016	3
	Condensed Consolidated Statements of Operations and Comprehensive Income -
	Three Months Ended March 31, 2017 and 2016 (unaudited)	4
	Condensed Consolidated Statement of Shareholders’ Equity - Three Months Ended March 31, 2017 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2017 and 2016 (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	31
Item 4.	Controls and Procedures	31
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 6.	Exhibits	32

Page 2 of 33

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)
	March 31, 2017			December 31, 2016
	(unaudited)
ASSETS
Income producing properties, at cost:
Land	$	420,450		$	374,889
Buildings and improvements	1,861,025			1,757,781
Less accumulated depreciation and amortization	(358,979		)	(345,204		)
Income producing properties, net	1,922,496			1,787,466
Construction in progress and land available for development or sale	63,341			61,224
Real estate held for sale	—			8,776
Net real estate	1,985,837			1,857,466
Equity investments in unconsolidated joint ventures	2,855			3,150
Cash and cash equivalents	4,486			3,582
Restricted cash and escrows	31,785			11,144
Accounts receivable (net of allowance for doubtful accounts of $1,914 and $1,861 as of March 31, 2017 and December 31, 2016, respectively)	26,888			24,016
Acquired lease intangibles, net	80,965			72,424
Other assets, net	93,342			89,716
TOTAL ASSETS	$	2,226,158		$	2,061,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable, net	$	1,192,312		$	1,021,223
Capital lease obligation	1,066			1,066
Accounts payable and accrued expenses	51,404			57,357
Acquired lease intangibles, net	68,903			63,734
Other liabilities	6,488			6,800
Distributions payable	19,653			19,627
TOTAL LIABILITIES	1,339,826			1,169,807
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 shares issued and outstanding as of March 31, 2017 and December 31, 2016	92,427			92,427
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,343 and 79,272 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	793			793
Additional paid-in capital	1,158,590			1,158,430
Accumulated distributions in excess of net income	(388,048		)	(381,912		)
Accumulated other comprehensive income	1,691			985
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT	865,453			870,723
Noncontrolling interest	20,879			20,968
TOTAL SHAREHOLDERS' EQUITY	886,332			891,691
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,226,158		$	2,061,498

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

Page 3 of 33

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended March 31,
	2017			2016
REVENUE
Minimum rent	$	49,437		$	48,396
Percentage rent	238			302
Recovery income from tenants	16,891			16,746
Other property income	1,106			958
Management and other fee income	153			110
TOTAL REVENUE	67,825			66,512
EXPENSES
Real estate taxes	10,993			10,308
Recoverable operating expense	7,608			8,080
Non-recoverable operating expense	1,148			1,394
Depreciation and amortization	22,817			23,847
Acquisition costs	—			59
General and administrative expense	6,451			5,605
Provision for impairment	5,717			—
TOTAL EXPENSES	54,734			49,293
OPERATING INCOME	13,091			17,219
OTHER INCOME AND EXPENSES
Other expense, net	(311		)	(347		)
Gain on sale of real estate	11,375			6,525
Earnings from unconsolidated joint ventures	86			109
Interest expense	(10,799		)	(11,302		)
INCOME BEFORE TAX	13,442			12,204
Income tax provision	(28		)	(62		)
NET INCOME	13,414			12,142
Net income attributable to noncontrolling partner interest	(316		)	(297		)
NET INCOME ATTRIBUTABLE TO RPT	13,098			11,845
Preferred share dividends	(1,675		)	(1,675		)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	11,423		$	10,170
EARNINGS PER COMMON SHARE
Basic	$	0.14		$	0.13
Diluted	$	0.14		$	0.13
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	79,299			79,194
Diluted	79,481			79,372
Cash Dividend Declared per Common Share	0.22			0.21
OTHER COMPREHENSIVE INCOME
Net income	$	13,414		$	12,142
Other comprehensive gain (loss):
Gain (loss) on interest rate swaps	723			(4,777		)
Comprehensive income	14,137			7,365
Comprehensive income attributable to noncontrolling interest	(333		)	(180		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT	$	13,804		$	7,185

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

Page 4 of 33

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
For the Three Months Ended March 31, 2017
(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 Income		Noncontrolling Interest			Total Shareholders’ Equity
Balance, December 31, 2016	$	92,427	$	793	$	1,158,430		$	(381,912	)	$	985	$	20,968		$	891,691
Issuance of common shares, net of issuance costs	—		—		(24		)	—			—		—			(24		)
Share-based compensation and other expense, net of shares withheld for employee taxes	—		—		184			—			—		—			184
Dividends declared to common shareholders	—		—		—			(17,458		)	—		—			(17,458		)
Dividends declared to preferred shareholders	—		—		—			(1,675		)	—		—			(1,675		)
Distributions declared to noncontrolling interests	—		—		—			—			—		(422		)	(422		)
Dividends declared to deferred shares	—		—		—			(101		)	—		—			(101		)
Other comprehensive income adjustment	—		—		—			—			706		17			723
Net income	—		—		—			13,098			—		316			13,414
Balance, March 31, 2017	$	92,427	$	793	$	1,158,590		$	(388,048	)	$	1,691	$	20,879		$	886,332

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

Page 5 of 33

RAMCO GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Three Months Ended March 31,
	2017			2016
OPERATING ACTIVITIES
Net income	$	13,414		$	12,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,817			23,847
Amortization of deferred financing fees	346			380
Income tax provision	28			62
Earnings from unconsolidated joint ventures	(86		)	(109		)
Distributions received from operations of unconsolidated joint ventures	374			58
Provision for impairment	5,717			—
Gain on sale of real estate	(11,375		)	(6,525		)
Amortization of premium on mortgages, net	(292		)	(468		)
Service-based restricted share expense	645			641
Long-term incentive cash and equity compensation (benefit) expense	(118		)	409
Changes in assets and liabilities:
Accounts receivable, net	(2,872		)	1,388
Acquired lease intangibles and other assets, net	277			1,602
Accounts payable, acquired lease intangibles and other liabilities	(3,388		)	(6,661		)
Net cash provided by operating activities	25,487			26,766
INVESTING ACTIVITIES
Acquisition of real estate	(164,763		)	—
Development and capital improvements	(13,656		)	(17,306		)
Net proceeds from sales of real estate	1,292			12,681
Change in restricted cash	1,489			(21		)
Net cash used in investing activities	(175,638		)	(4,646		)
FINANCING ACTIVITIES
Repayments of mortgages and notes payable	(806		)	(21,497		)
Proceeds on revolving credit facility	178,000			16,000
Repayments on revolving credit facility	(6,000		)	—
Payment of deferred financing costs	—			(374		)
Proceeds, net of costs, from issuance of common stock	(24		)	—
Shares used for employee taxes upon vesting of awards	(485		)	(431		)
Dividends paid to preferred shareholders	(1,675		)	(1,675		)
Dividends paid to common shareholders	(17,533		)	(16,710		)
Distributions paid to operating partnership unit holders	(422		)	(422		)
Net cash provided by (used in) financing activities	151,055			(25,109		)
Net change in cash and cash equivalents	904			(2,989		)
Cash and cash equivalents at beginning of period	3,582			6,644
Cash and cash equivalents at end of period	$	4,486		$	3,655
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $54 and $204 in 2017 and 2016, respectively)	$	6,714		$	9,431
Proceeds from dispositions held in escrow	$	26,130		$	—

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

Page 6 of 33

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 number of the largest metropolitan markets in the central United States.  As of March 31, 2017, our property portfolio consisted of 65 wholly owned shopping center comprising approximately 15.0 million square feet. We also have ownership interests of 7%, 20% and 30%, respectively, in three joint ventures. Our joint ventures are reported using equity method accounting. We earn fees from the joint ventures for managing, leasing and redeveloping the shopping centers they own. 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.  Our 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. (the "OP") (97.6% owned by the Company at March 31, 2017 and December 31, 2016, 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, 2016.

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.

Recently Adopted Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is certain transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective January 1, 2019, however the Company early adopted this standard during the first quarter of 2017.

In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard resulted in classifying cash paid by the Company to taxing authorities when directly withholding shares upon vesting as financing activities in the consolidated statements of cash flows.

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Recent Accounting Pronouncements

In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15 "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In February 2016, the FASB updated ASC Topic 842 "Leases" ("ASU 2016-02"). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted upon issuance using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of non-financial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our consolidated financial statements.

2.  Real Estate

Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in process and land available for development or sale.

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.

For the three months ended March 31, 2017, we recorded an impairment provision totaling $5.7 million on shopping centers classified as income producing. The adjustment was triggered by changes in the associated market price and expected hold period assumptions related to these shopping centers. To estimate fair value, we use discounted cash flow models that include assumptions

Page 8 of 33

of the discount rates that market participants would use in pricing an asset or market pricing from potential or comparable transactions.

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 $36.9 million and $37.8 million at March 31, 2017 and December 31, 2016, 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 $26.4 million and $23.4 million at March 31, 2017 and December 31, 2016, respectively.

The increase in construction in progress from December 31, 2016 to March 31, 2017 was due primarily to ongoing redevelopment and expansion projects across the portfolio.

3.  Property Acquisitions and Dispositions

Acquisitions

The following table provides a summary of our acquisitions for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Providence Marketplace	Mt. Juliet, TN	632	N/A	02/17/17	$	115,126	$	—
Webster Place	Chicago, IL	135	N/A	02/17/17	53,162		—
Total consolidated income producing acquisitions		767	—		$	168,288	$	—
Troy Marketplace - Outparcel	Troy, MI	N/A	0.5	01/17/17	$	475	$	—
Total consolidated land / outparcel acquisitions		—	0.5		$	475	$	—
Total Acquisitions		767	0.5		$	168,763	$	—

The aggregate fair value of our 2017 acquisitions through March 31, 2017, was allocated and is reflected in the following table.

	Allocated Fair Value
	(In thousands)
Land	$	51,056
Buildings and improvements	107,156
Above market leases	409
Lease origination costs	12,885
Other assets	3,899
Below market leases	(6,642		)
Net assets acquired	$	168,763

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Total revenue and net income for the 2017 acquisitions included in our condensed consolidated statement of operations for the three months ended March 31, 2017 were as follows:

	Three Months Ended March 31, 2017
	(In thousands)
Total revenue from 2017 acquisitions	$	1,751
Net income from 2017 acquisitions	$	247

Unaudited Proforma Information

If the 2017 acquisitions had occurred on January 1, 2016, our consolidated revenues and net income for the three months ended March 31, 2017 and 2016 would have been as follows:

	Three Months ended March 31,
	2017		2016
	(In thousands)
Consolidated revenue	$	69,577	$	68,264
Consolidated net income available to common shareholders	$	11,665	$	10,411

Dispositions

The following table provides a summary of our disposition activity for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Gain on Sale
		(In thousands)			(In thousands)
Auburn Mile	Auburn Hills, MI	91	N/A	03/17/17	$	13,311	$	7,005
Oak Brook Square	Flint, MI	152	N/A	02/10/17	14,200		4,185
Total income producing dispositions		243	—		$	27,511	$	11,190
Lakeland Park Center - Outparcel	Lakeland, FL	N/A	1.8	03/31/17	$	1,305	$	185
Total outparcel dispositions		—	1.8		$	1,305	$	185
Total consolidated dispositions		243	1.8		$	28,816	$	11,375

Approximately $26.1 million of the net proceeds related to the Auburn Mile and Oak Brook Square dispositions were placed into escrow at closing to complete an Internal Revenue Code section 1031 exchange. These proceeds are included in Restricted Cash and Escrows on the condensed consolidated balance sheet as of March 31, 2017.

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4.  Equity Investments in Unconsolidated Joint Ventures

We have three joint venture agreements whereby we own 7%, 20% and 30%, respectively, of the equity in each 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	March 31, 2017		December 31, 2016
	(In thousands)
ASSETS
Investment in real estate, net	$	43,645	$	43,995
Other assets	2,964		3,712
Total Assets	$	46,609	$	47,707
LIABILITIES AND OWNERS' EQUITY
Other liabilities	$	400	$	219
Owners' equity	46,209		47,488
Total Liabilities and Owners' Equity	$	46,609	$	47,707
RPT's equity investments in unconsolidated joint ventures	$	2,855	$	3,150

		Three Months Ended March 31,
Statements of Operations		2017		2016
	(In thousands)
Total revenue		$	1,163	$	1,709
Total expenses		708		1,047
Net income		$	455	$	662
RPT's share of earnings from unconsolidated joint ventures		$	86	$	109

Acquisitions

There was no acquisition activity in the three months ended March 31, 2017 by any of our unconsolidated joint ventures.

Dispositions

There was no disposition activity in the three months ended March 31, 2017 by any of our unconsolidated joint ventures.

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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 ventures' 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 March 31,
		2017		2016
	(In thousands)
Management fees		$	74	$	95
Leasing fees		79		14
Construction fees		—		1
Total		$	153	$	110

5.  Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of March 31, 2017 and December 31, 2016:

Notes Payable and Capital Lease Obligation	March 31, 2017			December 31, 2016
	(In thousands)
Senior unsecured notes	$	535,000		$	535,000
Unsecured term loan facilities	210,000			210,000
Fixed rate mortgages	159,913			160,718
Unsecured revolving credit facility	258,000			86,000
Junior subordinated notes	28,125			28,125
	1,191,038			1,019,843
Unamortized premium	4,829			5,120
Unamortized deferred financing costs	(3,555		)	(3,740		)
Total notes payable	$	1,192,312		$	1,021,223
Capital lease obligation	$	1,066		$	1,066

Senior unsecured notes and unsecured term loans

Our $745.0 million of senior unsecured notes and unsecured term loans have interest rates ranging from 2.99% to 4.74% and are due at various maturity dates from May 2020 through November 2028.

Mortgages

Our $159.9 million of fixed rate mortgages have interest rates ranging from 2.86% to 7.38% and are due at various maturity dates from January 2018 through June 2026. The fixed rate mortgages are secured by properties that have an approximate net book value of $252.4 million as of March 31, 2017. It is our intent to repay the mortgages maturing in 2018 using cash, borrowings under our unsecured line of credit, or other sources of financing.

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The mortgage loans encumbering our properties 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.

Revolving Credit Facility

As of March 31, 2017 we had $258.0 million outstanding under our revolving credit facility, an increase of $172.0 million during the quarter, as a result of borrowings principally to fund acquisitions of properties. After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $0.5 million, we had $91.5 million of availability under our revolving credit facility. The interest rate as of March 31, 2017 was 2.30%.

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 March 31, 2017, we were in compliance with these covenants.

Junior Subordinated Notes

Our junior subordinated notes have a variable rate of LIBOR plus 3.30%. The maturity date is January 2038.

The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2017:

Year Ending December 31,
	(In thousands)
2017	$	2,398
2018 (1)	297,132
2019	5,859
2020	102,269
2021	114,508
Thereafter	668,872
Subtotal debt	1,191,038
Unamortized premium	4,829
Unamortized deferred financing costs	(3,555		)
Total debt	$	1,192,312

⁽¹⁾ Scheduled maturities in 2018 include the $258.0 million balance on the unsecured revolving credit facility drawn as of March 31, 2017. The unsecured revolving credit facility has a one-year extension available at the Company's option provided compliance with financial covenants is maintained.

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 March 31, 2017, we were in compliance with these covenants.

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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.

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 Derivative Financial Instruments of the notes to the condensed consolidated financial statements 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 March 31, 2017 and December 31, 2016.

		Total
	Balance Sheet Location	Fair Value			Level 2
March 31, 2017		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	2,511		$	2,511
Derivative liabilities - interest rate swaps	Other liabilities	$	(945	)	$	(945	)
December 31, 2016
Derivative assets - interest rate swaps	Other assets	$	2,143		$	2,143
Derivative liabilities - interest rate swaps	Other liabilities	$	(1,300	)	$	(1,300	)

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 (Level 3), 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 $904.9 million and $905.7 million as of March 31, 2017 and December 31, 2016, respectively, had fair values of approximately $900.7 million and $900.3 million, respectively.  Variable rate debt’s fair value is estimated to be the carrying values of $286.1 million and $114.1 million as of March 31, 2017 and December 31, 2016, respectively.

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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 or pricing from potential or comparable market transactions. 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. During the three months ended March 31, 2017, certain income producing shopping centers with a fair value of approximately $60.0 million incurred an impairment charge of $5.7 million. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

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.  We may also enter into forward starting swaps to set the effective interest rate on planned variable rate financing. 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 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, for example, 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 and LIBOR rate. Changes in the fair values are immediately included in other income and expenses. At March 31, 2017, all of our hedges were effective.

The following table summarizes the notional values and fair values of our derivative financial instruments as of March 31, 2017:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan	Cash Flow	$	50,000	1.460	%	$	330		05/2020
Unsecured term loan	Cash Flow	20,000		1.498	%	250			05/2021
Unsecured term loan	Cash Flow	15,000		1.490	%	192			05/2021
Unsecured term loan	Cash Flow	40,000		1.480	%	553			05/2021
		$	125,000			$	1,325
Derivative Assets - Forward Swaps
Unsecured term loan	Cash Flow	60,000		1.770	%	1,186			03/2023
Total Derivative Assets		$	185,000			$	2,511
Derivative Liabilities
Unsecured term loan	Cash Flow	$	30,000	2.048	%	$	(344	)	10/2018
Unsecured term loan	Cash Flow	25,000		1.850	%	(186		)	10/2018
Unsecured term loan	Cash Flow	5,000		1.840	%	(41		)	10/2018
Unsecured term loan	Cash Flow	15,000		2.150	%	(228		)	05/2020
Unsecured term loan	Cash Flow	10,000		2.150	%	(146		)	05/2020
Total Derivative Liabilities		$	85,000			$	(945	)

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The effect of derivative financial instruments on our condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain (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	Three Months Ended March 31,						Three Months Ended March 31,
	2017		2016				2017			2016
	(In thousands)						(In thousands)
Interest rate contracts - assets	$	522	$	(716	)	Interest Expense	$	(154	)	$	(74	)
Interest rate contracts - liabilities	648		(4,659		)	Interest Expense	(293		)	(524		)
Total	$	1,170	$	(5,375	)	Total	$	(447	)	$	(598	)

8.   Earnings Per Common Share

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

	Three Months Ended March 31,
	2017			2016
	(In thousands, except per share data)
Net income	$	13,414		$	12,142
Net income attributable to noncontrolling interest	(316		)	(297		)
Allocation of income to restricted share awards	(94		)	—
Income attributable to RPT	13,004			11,845
Preferred share dividends	(1,675		)	(1,675		)
Net income available to common shareholders	$	11,329		$	10,170
Weighted average shares outstanding, Basic	79,299			79,194
Restricted stock awards using the treasury method	182			178
Weighted average shares outstanding, Diluted	79,481			79,372
Income per common share, Basic	$	0.14		$	0.13
Income per common share, Diluted	$	0.14		$	0.13

We exclude certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (amounts in thousands):

	March 31, 2017		March 31, 2016
		Convertible		Convertible
	Outstanding	Into	Outstanding	Into
Operating Partnership Units	1,917	1,917	2,001	2,001
Series D Preferred Shares	1,849	6,657	1,849	6,572
Performance Share Units	104	—	—	—
	3,870	8,574	3,850	8,573

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9.  Share-based Compensation Plans

As of March 31, 2017, 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 any Company 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 2.0 million shares of our common stock, units or stock options, of which 1.3 million remained available for issuance as of March 31, 2017.

As of March 31, 2017, we had 391,402 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 March 2022.

During the three months ended March 31, 2017, we had the following awards:

• granted 151,960 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date; and

• granted performance-based equity and cash awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”).  

The service-based restricted share awards vest over five years and the compensation expense is recognized on a graded vesting basis. We recognized expense related to restricted share grants of $0.6 million and $0.6 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, 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 criterion is not met, compensation expense related to the cash awards previously recognized would be reversed. Compensation expense related to the cash awards was a benefit of $0.1 million and an expense of $0.4 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognize the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. Compensation expense related to the equity awards was an expense of $26 thousand and $0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

We recognized total share-based compensation expense of $0.5 million and $1.0 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

As of March 31, 2017, 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 3.5 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.

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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 March 31, 2017, we had a federal and state deferred tax asset of $11.3 million and a valuation allowance of $11.3 million.  Our deferred tax assets 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, 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 $28 thousand and $62 thousand for the three months ended March 31, 2017 and 2016, 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 March 31, 2017, we had entered into agreements for construction costs of approximately $10.3 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. We also have a ground lease at Centennial Shops located in Edina, Minnesota. The lease includes rent escalations throughout the lease period and expires in April 2105. We recognized rent expense related to these operating leases of $0.4 million and $0.1 million for the three months ended March 31, 2017 and 2016, respectively.

Capital Lease

We have a ground lease at Buttermilk Towne Center which we have recorded as a capital lease that expires in December 2032. Interest expense for this capital lease was negligible for the three months ended March 31, 2017 and 2016, respectively.

12.  Subsequent Events

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

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

Where we say "we," "us," or "our," we mean Ramco-Gershenson Properties Trust.

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, 2016.   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 number of the largest metropolitan markets in the central United States.  As of March 31, 2017, our property portfolio consisted of 65 wholly owned shopping centers comprising approximately 15.0 million square feet. We also have ownership interests of 7%, 20% and 30%, respectively, in three joint ventures. In addition, we own interests in several land parcels that are available for development or sale, the majority of which are adjacent to certain of our existing developed properties. Our consolidated portfolio was 94.1% leased at March 31, 2017 as compared to 94.9% at March 31, 2016.  

We accomplished the following activity during the three months ended March 31, 2017:

Operating Activity

For our consolidated properties we reported the following leasing activity:

	Leasing Transactions	Square Footage	Base Rent/SF(1)	Prior Rent/SF	Tenant Improvements/SF	Leasing Commissions/SF
Renewals	63	418,660	$15.42	$14.32	$0.32	$0.00
New Leases - Comparable	7	19,971	$19.38	$17.75	$16.80	$5.41
New Leases - Non-Comparable (2)	10	46,713	$15.40	N/A	$62.58	$4.02
Total	80	485,344	$15.58	N/A	$6.76	$0.84

⁽¹⁾Base rent represents contractual minimum rent under the new lease for the first 12 months of the term.

⁽²⁾ 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 comparable prior rent per square foot to compare to the base rent per square foot of the new lease.

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Investing Activity

At March 31, 2017, we have 10 properties under redevelopment, expansion or re-anchoring that have an estimated cost of $69.3 million, of which $38.3 million remains to be invested. Completion for these projects is expected over the next two years.

In addition to the above we completed $28.8 million of gross proceeds on dispositions during the three months ended March 31, 2017. Refer to Note 3 Property Acquisitions and Dispositions of the notes to the condensed consolidated financial statements for additional information related to dispositions.

Financing Activity

Debt

As of March 31, 2017 we had net debt to total market capitalization of 48.9% as compared to 40.3% at March 31, 2016. The increase is attributable to borrowings on our unsecured revolving credit facility to fund acquisitions. Also, at March 31, 2017, we have approximately $26.1 million of escrowed disposition proceeds and expect to complete additional dispositions in subsequent quarters to generate additional cash that will be used to reduce the balance on our revolving credit facility. Including the disposition funds held in escrow of $26.1 million, net debt to total market capitalization would have been 48.3%. Lastly, at March 31, 2017 and March 31, 2016 we had $91.5 million and $273.9 million, respectively, available to draw under our unsecured revolving credit facility.

Equity

For the three months ended March 31, 2017, we did not issue any common shares through our equity distribution arrangement. The shares issuable are registered with the Securities and Exchange Commission (“SEC”) on our registration statement on Form S-3 (No. 333-211925).

Land Available for Development or Sale

At March 31, 2017, the three largest development sites, Hartland Towne Square, Lakeland Park Center and Parkway Shops, had phase one completed. At Hartland Towne Square, we are under contract to sell 7.5 acres for the development of a theater, however there are significant conditions that have to be satisfied for the transaction to close. The remaining future phases at these projects are in pre-development. We estimate that if we proceed with the development of the projects, up to approximately 510,000 square feet of gross leasable area ("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 2016 Annual Report on Form 10-K contains a description of our critical accounting policies, including policies for the 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 three months ended March 31, 2017, there were no material changes to these policies, other than the adoption of ASU 2017-01 "Clarifying the Definition of a Business" and ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting".

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Comparison of three months ended March 31, 2017 to March 31, 2016

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 have significantly changed in the three months ended March 31, 2017 as compared to the same period in 2016:

	Three Months Ended March 31,
	2017		2016		Dollar Change			Percent Change
	(In thousands)
Total revenue	$	67,825	$	66,512	$	1,313		2.0	%
Real estate taxes	10,993		10,308		685			6.6	%
Recoverable operating expense	7,608		8,080		(472		)	(5.8	)%
Non-recoverable operating expense	1,148		1,394		(246		)	(17.6	)%
Depreciation and amortization	22,817		23,847		(1,030		)	(4.3	)%
General and administrative expense	6,451		5,605		846			15.1	%
Provision for impairment	5,717		—		5,717			100.0	%
Gain on sale of real estate	11,375		6,525		4,850			74.3	%
Earnings from unconsolidated joint ventures	86		109		(23		)	(21.1	)%
Interest expense	10,799		11,302		(503		)	(4.5	)%
Preferred share dividends and conversion costs	1,675		1,675		—			—	%

Total revenue for the three months ended March 31, 2017, increased $1.3 million, or 2.0%, from 2016.  The increase is primarily due to acquisitions completed during the fourth quarter 2016 and first quarter 2017, net of properties sold during 2016 and 2017, as well as completed redevelopment projects.

Real estate tax expense for the three months ended March 31, 2017 increased $0.7 million, or 6.6% from 2016, primarily due to incremental tax increases within existing properties.

Recoverable operating expense for the three months ended March 31, 2017 decreased $0.5 million, or 5.8%, from 2016.  The decrease is primarily a result of lower expenses related to sold properties partially offset by additional expense from acquired properties.

Non-recoverable operating expense for the three months ended March 31, 2017 decreased $0.2 million, or (17.6)% from 2016. The decrease is primarily a result of lower bad debt expense partially offset by ground rent expense at a property acquired in the fourth quarter of 2016.

Depreciation and amortization expense for the three months ended March 31, 2017 decreased $1.0 million, or 4.3%, from 2016.  The decrease is primarily a result of the write-off of certain assets in the first quarter of 2016 related to a vacated tenant.

General and administrative expense for the three months ended March 31, 2017 increased $0.8 million or 15.1% from 2016.  The increase was primarily due to an increase in outside professional fees and higher compensation and benefits expense.

In the first quarter 2017, we recorded an impairment provision totaling $5.7 million on shopping centers classified as income producing. The adjustment was triggered by changes in the associated market price and expected hold period assumptions related to these shopping centers.

Gain on sale of real estate was $11.4 million for the three months ended March 30, 2017 compared to $6.5 million during the same period in 2016. Refer to Note 3 Property Acquisitions and Dispositions of the notes to the condensed consolidated financial statements for further information related to our 2017 dispositions.

Earnings from unconsolidated joint ventures for the three months ended March 31, 2017 decreased $23 thousand or 21.1% as a result of our exit from one of our joint ventures in the second quarter of 2016.

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Interest expense for the three months ended March 31, 2017decreased $0.5 million or 4.5% from 2016. The decrease is primarily a result of a 40 basis point decline in our weighted average interest rate, partially offset by a 3.4% increase in our average outstanding debt.

Liquidity and Capital Resources

Our internally generated funds from operating centers and other investing activities, augmented by use of our existing credit facility and equity sales through our equity distribution arrangement, 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 March 31, 2017, we had $4.5 million in cash and cash equivalents and $31.8 million in restricted cash and escrows. Restricted cash and escrows was comprised of funds held in escrow to pay real estate taxes, insurance premiums, and certain capital expenditures. Restricted cash and escrows also included $26.1 million of disposition proceeds that are intended to be used to to complete an Internal Revenue Code section 1031 exchange.

Short-Term Liquidity Requirements

Our short-term liquidity needs are met primarily from rental and recovery income 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 ("OP") unit holders) and capital expenditures related to tenant improvements and redevelopment activities, as well as salaries and other general and administrative expenses.  We believe that our retained cash flow from operations along with availability under our revolving credit facility and proceeds generated from dispositions, are sufficient to meet these obligations.

We have no additional debt maturing until January 2018. As opportunities arise and market conditions permit, we will look to repay maturing mortgages by issuing unsecured debt, utilizing cash flow from operating activities or funding from availability under our credit facility.

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.

We continually search for investment opportunities that may require additional capital and/or liquidity.

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 March 31, 2017, $91.5 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 three months ended March 31, 2017, our cash flows were as follows compared to the same period in 2016:

	Three Months Ended March 31,
	2017			2016
	(In thousands)
Net cash provided by operating activities	$	25,487		$	26,766
Net cash used in investing activities	(175,638		)	(4,646		)
Net cash provided by (used in) financing activities	151,055			(25,109		)

Operating Activities

Net cash provided by operating activities decreased $1.3 million compared to 2016 primarily due to higher net income, offset by lower depreciation and amortization, higher gains on real estate sales, as well changes in operating assets and liabilities.

Page 22 of 33

Investing Activities

Net cash used in investing activities increased $171.0 million compared to 2016 primarily due to real estate acquisitions partially offset by lower disposition proceeds. Approximately $26.1 million of the proceeds related to the Auburn Mile and Oak Brook Square dispositions were placed into escrow at closing to complete an Internal Revenue Code section 1031 exchange. As such they have been excluded from disposition proceeds in the Consolidated Statements of Cash Flows.

Financing Activities

Net cash provided by financing activities increased $176.2 million compared to 2016 primarily due to the net borrowings under our revolving credit facility to fund acquisitions.

Dividends and Equity

We currently qualify, and 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 to our shareholders at least 90% of our REIT taxable income annually, excluding net capital gains.  Distributions paid are at the discretion of our Board and depend on our actual net income available to common shareholders, cash flow, financial condition, capital requirements, restrictions in financing arrangements, the annual distribution requirements under REIT provisions of the Code and such other factors as our Board deems relevant.

On March 7, 2017, our Board of Trustees declared a quarterly cash dividend distribution of $0.22 per common share paid to common shareholders of record as of March 20, 2017, a $0.01 per common share or 4.8% increase from the same period in 2016.  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 as of March 20, 2017, unchanged from the per share dividend declared for the same period in 2016.

	Three Months Ended March 31,
	2017			2016
	(In thousands)
Net cash provided by operating activities	$	25,487		$	26,766
Cash distributions to preferred shareholders	$	(1,675	)	$	(1,675	)
Cash distributions to common shareholders	(17,533		)	(16,710		)
Cash distributions to operating partnership unit holders	(422		)	(422		)
Total distributions	(19,630		)	(18,807		)
Surplus	$	5,857		$	7,959

In June 2016, we commenced a new equity distribution agreement that registered up to 8.0 million common shares for issuance from time to time, in our sole discretion. For the three months ended March 31, 2017, we did not issue any common shares through the arrangement. The shares issuable in the new distribution agreement are registered with the Securities and Exchange Commission (“SEC”) on our registration statement on Form S-3 (No. 333-211925).

Page 23 of 33

Debt

At March 31, 2017, we had $258.0 million outstanding on our revolving credit facility, $159.9 million of fixed rate mortgage loans encumbering certain properties, $210.0 million of unsecured term loan facilities, $535.0 million in senior unsecured notes and $28.1 million of junior subordinated notes.  We have approximately $26.1 million of escrowed disposition proceeds available at March 31, 2017 and expect to complete additional dispositions in subsequent quarters to generate additional cash that will be used to reduce the balance on our revolving credit facility. For further information on the fixed rate mortgages and other debt, refer to Note 5 Debt of the notes to the condensed consolidated financial statements.

In addition, we had interest rate swap derivative instruments in effect for an aggregate notional amount of $270.0 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 March 31, 2017, we had $286.1 million of variable rate debt outstanding.

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 March 31, 2017, we had three 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 Equity Investments in Unconsolidated Joint Ventures 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.  

Page 24 of 33

Contractual Obligations

The following are our contractual cash obligations as of March 31, 2017:

	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	$	17,740	$	2,398	$	8,095	$	3,956	$	3,291
Payments due at maturity	1,173,298		—		397,165		162,949		613,184
Total mortgages and notes payable (2)	1,191,038		2,398		405,260		166,905		616,475
Interest expense (3)	286,024		34,083		113,889		57,042		81,010
Employment contracts	1,512		912		600		—		—
Capital lease (4)	1,600		100		300		200		1,000
Operating leases	101,744		1,114		3,635		1,712		95,283
Construction commitments	10,255		10,255		—		—		—
Total contractual obligations	$	1,592,173	$	48,862	$	523,684	$	225,859	$	793,768

⁽¹⁾  Amounts represent balance of obligation for the remainder of 2017.

⁽²⁾  Excludes $4.8 million of unamortized mortgage debt premium and $3.6 million in net deferred financing costs.

⁽³⁾  Variable-rate debt interest is calculated using rates at March 31, 2017.

⁽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 ($91.5 million at March 31, 2017 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.

At March 31, 2017, 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 March 31, 2017, we had employment contracts with our Chief Executive, Chief Financial and Chief Operating Officers 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.

We also have a ground lease at Centennial Shops located in Edina, Minnesota. The lease includes rent escalations throughout the lease period and expires in April 2105.

Construction Costs

In connection with the development and expansion of various shopping centers as of March 31, 2017, we have entered into agreements for construction activities with an aggregate cost of approximately $10.3 million.

Page 25 of 33

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 $10.3 million we have entered into as of March 31, 2017, we anticipate spending an additional $40.0 million to $50.0 million for the remainder of 2017 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 March 31, 2017 our total market capitalization was $2.4 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 $4.5 million in cash)	$	1,187,618
Common shares, OP units, and dilutive securities based on market price of $14.02 at March 31, 2017	1,141,817
Convertible perpetual preferred shares based on market price of $54.20 at March 31, 2017	100,216
Total market capitalization	$	2,429,651
Net debt to total market capitalization(1)	48.9		%
(1)Including the $26.1 million of disposition proceeds held in escrow, net debt to total market capitalization would have been 48.3%.

Outstanding letters of credit issued under our revolving credit facility totaled approximately $0.5 million at March 31, 2017.

At March 31, 2017, the non-controlling interest in the Operating Partnership was approximately 2.4%.  The OP Units outstanding 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 exchange of all OP Units, there would have been approximately 81.3 million common shares of beneficial interest outstanding at March 31, 2017, with a market value of approximately $1.1 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.

Page 26 of 33

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 gains (or losses) from sales of land and 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 net income available to common shareholders to 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 reconciliation of net income available to common shareholders to FFO to Operating FFO:

	Three Months Ended March 31,
	2017			2016
	(In thousands, except per share data)
Net income	$	13,414		$	12,142
Net income attributable to noncontrolling partner interest	(316		)	(297		)
Preferred share dividends	(1,675		)	(1,675		)
Net income available to common shareholders	11,423			10,170
Adjustments:
Rental property depreciation and amortization expense	22,758			23,807
Pro-rata share of real estate depreciation from unconsolidated joint ventures	73			82
Gain on sale of depreciable real estate	(11,190		)	(6,274		)
Provision for impairment on income-producing properties	5,717			—
FFO available to common shareholders	28,781			27,785
Noncontrolling interest in Operating Partnership (1)	316			297
Preferred share dividends (assuming conversion)	1,675			1,675
FFO available to common shareholders and dilutive securities	$	30,772		$	29,757
Gain on sale of land	(185		)	(251		)
Acquisition costs	—			59
Operating FFO available to common shareholders and dilutive securities	$	30,587		$	29,565
Weighted average common shares	79,299			79,194
Shares issuable upon conversion of Operating Partnership Units (1)	1,917			2,001
Dilutive effect of restricted stock	182			178
Shares issuable upon conversion of preferred shares (2)	6,657			6,572
Weighted average equivalent shares outstanding, diluted	88,055			87,945
Diluted earnings per share (3)	$	0.14		$	0.13
Per share adjustments for FFO available to common shareholders and dilutive securities	0.21			0.21
FFO available to common shareholders and dilutive securities per share, diluted	$	0.35		$	0.34
Per share adjustments for Operating FFO available to common shareholders and dilutive securities	$	—		$	—
Operating FFO available to common shareholders and dilutive securities per share, diluted	$	0.35		$	0.34

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

⁽²⁾  Series D convertible preferred shares are paid annual dividends of $6.7 million and are currently convertible into approximately 6.7 million shares of common stock. They are dilutive only when earnings or FFO exceed approximately $0.25 per diluted share per quarter, which was the case for FFO for the three months ended March 31, 2017 and 2016. 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 earnings per share and FFO in future periods.

⁽³⁾  The denominator to calculate diluted earnings per share excludes shares issuable upon conversion of OP units and preferred shares for the three months ended March 31, 2017 and March 31, 2016.

Page 28 of 33

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 excludes acquisitions, dispositions, and redevelopment properties. A property is designated as redevelopment when projected costs exceed $1.0 million, and the construction impacts approximately 20% or more of the income producing property's gross leasable area ("GLA") or the location and nature of the construction significantly impacts or disrupts the daily operations of the property. Redevelopment may also include a portion of certain properties designated as same property for which we are adding additional GLA or retenanting space. 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.

In addition, to Same Property NOI, the Company also believes Same Property NOI with Redevelopment to be a relevant performance measure of our operations. Same Property NOI with Redevelopment follows the same methodology as Same Property NOI, however it is inclusive of redevelopment activity that significantly impacts the entire property, as well as lesser redevelopment activity where we are adding GLA or retenanting a specific space.

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. 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 for the periods noted with consistent classification in the prior period for presentation of Same Property NOI:

	Three Months Ended March 31,
Property Designation	2017	2016
Same-property	59	59
Acquisitions (1)	3	3
Redevelopment (2)	3	3
Total wholly owned properties	65	65
(1) Includes the following properties not owned in both comparable periods: Centennial Shops, Providence Marketplace and Webster Place.
(2) Includes the following properties: Hunter's Square, West Oaks, and Deerfield Towne Center. The entire property indicated for each period is completely excluded from same property NOI.

Page 29 of 33

The following is a reconciliation of our net income available to commons shareholders to Same Property NOI:

		Three Months Ended March 31,
		2017			2016
	(in thousands)
Net income available to common shareholders		$	11,423		$	10,170
Adjustments to reconcile to Same Property NOI:
Preferred share dividends		1,675			1,675
Net income attributable to noncontrolling interest		316			297
Income tax provision		28			62
Interest expense		10,799			11,302
Earnings from unconsolidated joint ventures		(86		)	(109		)
Gain on sale of real estate		(11,375		)	(6,525		)
Other expense, net		311			347
Management and other fee income		(153		)	(110		)
Depreciation and amortization		22,817			23,847
Acquisition costs		—			59
General and administrative expenses		6,451			5,605
Provision for impairment		5,717			—
Amortization of lease inducements		44			94
Amortization of acquired above and below market lease intangibles		(959		)	(735		)
Lease termination fees		(33		)	(68		)
Straight-line ground rent expense		70			—
Amortization of acquired ground lease intangibles		6			—
Straight-line rental income		(810		)	(480		)
NOI		46,241			45,431
NOI from Other Investment Properties		(2,151		)	(3,091		)
Same Property NOI with Redevelopment		44,090			42,340
NOI from Redevelopment		(4,848		)	(4,242		)
Same Property NOI without Redevelopment		$	39,242		$	38,098
Period-end Occupancy percent without Redevelopment		92.9		%	93.8		%

The following table summarizing GLA and NOI at properties for which we are adding additional GLA or retenanting space. The property is included in same property NOI with Redevelopment, however a portion of GLA and NOI is excluded.

		Portion of GLA & NOI Impacted by Redevelopment
		Three Months Ended March 31,
	Stable	2017				2016
Property	GLA	GLA	NOI			GLA	NOI
	(In thousands)	(In thousands)
Shops on Lane	168	4	$	(27	)	4	$	—
Spring Meadows Place	290	25	(122		)	25	(42		)
The Shoppes at Fox River	267	10	(49		)	10	—
Town & Country Crossing	146	31	(81		)	31	(30		)
Mission Bay	207	52	(278		)	52	(199		)
Total adjustments		122	$	(557	)	122	$	(271	)

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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 March 31, 2017, a 100 basis point change in interest rates would impact our future earnings and cash flows by approximately $2.9 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 $3.4 million at March 31, 2017.

We had derivative instruments outstanding with an aggregate notional amount of $270.0 million as of March 31, 2017.  The agreements provided for swapping one-month LIBOR to fixed interest rates ranging from 1.46% to 2.15% and had expirations ranging from 2018 to 2023.  The following table sets forth information as of March 31, 2017 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:

	2017			2018			2019			2020			2021			Thereafter			Total			Fair Value
(In thousands)
Fixed-rate debt	$	2,398		$	39,132		$	5,860		$	102,269		$	114,508		$	640,746		$	904,913		$	900,702
Average interest rate	5.63		%	4.72		%	6.76		%	3.90		%	3.42		%	4.26		%	4.20		%	4.07		%
Variable-rate debt	$	—		$	258,000		$	—		$	—		$	—		$	28,125		$	286,125		$	286,125
Average interest rate	—		%	2.30		%	—		%	—		%	—		%	4.34		%	2.50		%	2.50		%

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 March 31, 2017 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 March 31, 2017 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 March 31, 2017.

Changes in Internal Control Over Financial Reporting

During the quarter ended March 31, 2017, 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 31 of 33

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

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016, which is updated as set forth below.

A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations.

In recent periods, sales by online retailers such as Amazon have increased, and many retailers operating brick and mortar stores have made online sales a vital piece of their businesses. Although many of the retailers operating in our properties sell groceries and other necessity-based soft goods or provide services, including entertainment and dining options, the shift to online shopping may cause declines in brick and mortar sales generated by certain of our tenants and/or may cause certain of our tenants to reduce the size or number of their retail locations in the future. As a result, our cash flow, financial condition and results of operations could be adversely affected.

Item 6. Exhibits

Exhibit No.	Description
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

⁽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 32 of 33

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: May 4, 2017	By:/s/DENNIS GERSHENSON Dennis Gershenson President and Chief Executive Officer (Principal Executive Officer)
Date: May 4, 2017	By:/s/GEOFFREY BEDROSIAN Geoffrey Bedrosian Chief Financial Officer (Principal Financial Officer)
Date: May 4, 2017	By:/s/RAYMOND J. MERK Raymond J. Merk Chief Accounting Officer (Principal Accounting Officer)

Page 33 of 33

EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
		Three Months Ended March 31,
		2017			2016
Pretax income before adjustment for noncontrolling interest		$	13,442		$	12,204
Add back:
	Fixed charges	10,981			11,559
	Distributed income of equity investees	374			58
Deduct:
	Equity in earnings of equity investees	(86		)	(109		)
	Capitalized interest	(54		)	(204		)
Earnings as Defined		$	24,657		$	23,508
Fixed Charges
	Interest expense including amortization of deferred financing fees	$	10,799		$	11,302
	Capitalized interest	54			204
	Interest portion of rent expense	128			53
Fixed Charges		10,981			11,559
	Preferred share dividends	1,675			1,675
Combined Fixed Charges and Preferred Dividends		$	12,656		$	13,234
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.95			1.78

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: May 4, 2017 By:/s/ DENNIS GERSHENSON Dennis Gershenson President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Geoffrey Bedrosian, 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: May 4, 2017 By: /s/ GEOFFREY BEDROSIAN Geoffrey Bedrosian 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 March 31, 2017, 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: May 4, 2017 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 March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Geoffrey Bedrosian, 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: May 4, 2017 By: /s/ GEOFFREY BEDROSIAN Geoffrey Bedrosian Chief Financial Officer

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document and 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	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	RPT
Entity Common Stock, Shares Outstanding		79,343,429

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Income producing properties, at cost:
Land	$ 420,450	$ 374,889
Buildings and improvements	1,861,025	1,757,781
Less accumulated depreciation and amortization	(358,979)	(345,204)
Income producing properties, net	1,922,496	1,787,466
Construction in progress and land available for development or sale	63,341	61,224
Real estate held for sale	0	8,776
Net real estate	1,985,837	1,857,466
Equity investments in unconsolidated joint ventures	2,855	3,150
Cash and cash equivalents	4,486	3,582
Restricted cash and escrows	31,785	11,144
Accounts receivable (net of allowance for doubtful accounts of $1,914 and $1,861 as of March 31, 2017 and December 31, 2016, respectively)	26,888	24,016
Acquired lease intangibles, net	80,965	72,424
Other assets, net	93,342	89,716
TOTAL ASSETS	2,226,158	2,061,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable, net	1,192,312	1,021,223
Capital lease obligation	1,066	1,066
Accounts payable and accrued expenses	51,404	57,357
Acquired lease intangibles, net	68,903	63,734
Other liabilities	6,488	6,800
Distributions payable	19,653	19,627
TOTAL LIABILITIES	1,339,826	1,169,807
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 shares issued and outstanding as of March 31, 2017 and December 31, 2016	92,427	92,427
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,343 and 79,272 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	793	793
Additional paid-in capital	1,158,590	1,158,430
Accumulated distributions in excess of net income	(388,048)	(381,912)
Accumulated other comprehensive income	1,691	985
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT	865,453	870,723
Noncontrolling interest	20,879	20,968
TOTAL SHAREHOLDERS' EQUITY	886,332	891,691
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,226,158	$ 2,061,498

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounts receivable, allowance for doubtful accounts	$ 1,914	$ 1,861
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)	79,343,000	79,272,000
Common shares of beneficial interest, shares outstanding (in shares)	79,343,000	79,272,000
Series D Preferred Stock
Preferred shares, par (in usd per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	2,000,000	2,000,000
Cumulative Perpetual Convertible Preferred Shares, shares issued (in shares)	1,849,000	1,849,000
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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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Minimum rent	$ 49,437	$ 48,396
Percentage rent	238	302
Recovery income from tenants	16,891	16,746
Other property income	1,106	958
Management and other fee income	153	110
TOTAL REVENUE	67,825	66,512
EXPENSES
Real estate taxes	10,993	10,308
Recoverable operating expense	7,608	8,080
Non-recoverable operating expense	1,148	1,394
Depreciation and amortization	22,817	23,847
Acquisition costs	0	59
General and administrative expense	6,451	5,605
Provision for impairment	5,717	0
TOTAL EXPENSES	54,734	49,293
OPERATING INCOME	13,091	17,219
OTHER INCOME AND EXPENSES
Other expense, net	(311)	(347)
Gain on sale of real estate	11,375	6,525
Earnings from unconsolidated joint ventures	86	109
Interest expense	(10,799)	(11,302)
INCOME BEFORE TAX	13,442	12,204
Income tax provision	(28)	(62)
NET INCOME	13,414	12,142
Net income attributable to noncontrolling partner interest	(316)	(297)
NET INCOME ATTRIBUTABLE TO RPT	13,098	11,845
Preferred share dividends	(1,675)	(1,675)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 11,423	$ 10,170
EARNINGS PER COMMON SHARE
Basic (in USD per share)	$ 0.14	$ 0.13
Diluted (in USD per share)	$ 0.14	$ 0.13
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	79,299	79,194
Diluted (in shares)	79,481	79,372
Cash Dividend Declared per Common Share (in dollars per share)	$ 0.22	$ 0.21
OTHER COMPREHENSIVE INCOME
Net income	$ 13,414	$ 12,142
Other comprehensive gain (loss):
Gain (loss) on interest rate swaps	723	(4,777)
Comprehensive income	14,137	7,365
Comprehensive income attributable to noncontrolling interest	(333)	(180)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT	$ 13,804	$ 7,185

XML

Condensed Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income	Noncontrolling Interest
Beginning balance at Dec. 31, 2016	$ 891,691	$ 92,427	$ 793	$ 1,158,430	$ (381,912)	$ 985	$ 20,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net of issuance costs	(24)			(24)
Share-based compensation and other expense, net of shares withheld for employee taxes	184		0	184
Dividends declared to common shareholders	(17,458)				(17,458)
Dividends declared to preferred shareholders	(1,675)				(1,675)
Distributions declared to noncontrolling interests	(422)						(422)
Dividends declared to deferred shares	(101)				(101)
Other comprehensive income adjustment	723					706	17
Net income	13,414				13,098		316
Ending balance at Mar. 31, 2017	$ 886,332	$ 92,427	$ 793	$ 1,158,590	$ (388,048)	$ 1,691	$ 20,879

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 13,414	$ 12,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,817	23,847
Amortization of deferred financing fees	346	380
Income tax provision	28	62
Earnings from unconsolidated joint ventures	(86)	(109)
Distributions received from operations of unconsolidated joint ventures	374	58
Provision for impairment	5,717	0
Gain on sale of real estate	(11,375)	(6,525)
Amortization of premium on mortgages, net	(292)	(468)
Service-based restricted share expense	645	641
Long-term incentive cash and equity compensation (benefit) expense	(118)	409
Changes in assets and liabilities:
Accounts receivable, net	(2,872)	1,388
Acquired lease intangibles and other assets, net	277	1,602
Accounts payable, acquired lease intangibles and other liabilities	(3,388)	(6,661)
Net cash provided by operating activities	25,487	26,766
INVESTING ACTIVITIES
Acquisition of real estate	(164,763)	0
Development and capital improvements	(13,656)	(17,306)
Net proceeds from sales of real estate	1,292	12,681
Change in restricted cash	1,489	(21)
Net cash used in investing activities	(175,638)	(4,646)
FINANCING ACTIVITIES
Repayments of mortgages and notes payable	(806)	(21,497)
Proceeds on revolving credit facility	178,000	16,000
Repayments on revolving credit facility	(6,000)	0
Payment of deferred financing costs	0	(374)
Proceeds, net of costs, from issuance of common stock	(24)	0
Shares used for employee taxes upon vesting of awards	(485)	(431)
Dividends paid to preferred shareholders	(1,675)	(1,675)
Dividends paid to common shareholders	(17,533)	(16,710)
Distributions paid to operating partnership unit holders	(422)	(422)
Net cash provided by (used in) financing activities	151,055	(25,109)
Net change in cash and cash equivalents	904	(2,989)
Cash and cash equivalents at beginning of period	3,582	6,644
Cash and cash equivalents at end of period	4,486	3,655
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest of $54 and $204 in 2017 and 2016, respectively)	6,714	9,431
Proceeds from dispositions held in escrow	$ 26,130	$ 0

XML

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Cash paid for interest, capitalized interest	$ 54	$ 204

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Organization and Basis of Presentations

3 Months Ended

Mar. 31, 2017

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 number of the largest metropolitan markets in the central United States.  As of March 31, 2017, our property portfolio consisted of 65 wholly owned shopping center comprising approximately 15.0 million square feet. We also have ownership interests of 7%, 20% and 30%, respectively, in three joint ventures. Our joint ventures are reported using equity method accounting. We earn fees from the joint ventures for managing, leasing and redeveloping the shopping centers they own. 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.  Our 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. (the "OP") (97.6% owned by the Company at March 31, 2017 and December 31, 2016, 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, 2016.

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.

Recently Adopted Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is certain transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective January 1, 2019, however the Company early adopted this standard during the first quarter of 2017.

In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard resulted in classifying cash paid by the Company to taxing authorities when directly withholding shares upon vesting as financing activities in the consolidated statements of cash flows.

Recent Accounting Pronouncements

In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15 "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In February 2016, the FASB updated ASC Topic 842 "Leases" ("ASU 2016-02"). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted upon issuance using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of non-financial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our consolidated financial statements.

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Real Estate

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real Estate

Real Estate

Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in process and land available for development or sale.

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.

For the three months ended March 31, 2017, we recorded an impairment provision totaling $5.7 million on shopping centers classified as income producing. The adjustment was triggered by changes in the associated market price and expected hold period assumptions related to these shopping centers. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing an asset or market pricing from potential or comparable transactions.

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 $36.9 million and $37.8 million at March 31, 2017 and December 31, 2016, 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 $26.4 million and $23.4 million at March 31, 2017 and December 31, 2016, respectively.

The increase in construction in progress from December 31, 2016 to March 31, 2017 was due primarily to ongoing redevelopment and expansion projects across the portfolio.

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Property Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Property Acquisitions and Dispositions

Property Acquisitions and Dispositions

Acquisitions

The following table provides a summary of our acquisitions for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Providence Marketplace	Mt. Juliet, TN	632	N/A	02/17/17	$	115,126	$	—
Webster Place	Chicago, IL	135	N/A	02/17/17	53,162		—
Total consolidated income producing acquisitions		767	—		$	168,288	$	—
Troy Marketplace - Outparcel	Troy, MI	N/A	0.5	01/17/17	$	475	$	—
Total consolidated land / outparcel acquisitions		—	0.5		$	475	$	—
Total Acquisitions		767	0.5		$	168,763	$	—

The aggregate fair value of our 2017 acquisitions through March 31, 2017, was allocated and is reflected in the following table.

	Allocated Fair Value
	(In thousands)
Land	$	51,056
Buildings and improvements	107,156
Above market leases	409
Lease origination costs	12,885
Other assets	3,899
Below market leases	(6,642		)
Net assets acquired	$	168,763

Total revenue and net income for the 2017 acquisitions included in our condensed consolidated statement of operations for the three months ended March 31, 2017 were as follows:

	Three Months Ended March 31, 2017
	(In thousands)
Total revenue from 2017 acquisitions	$	1,751
Net income from 2017 acquisitions	$	247

Unaudited Proforma Information

If the 2017 acquisitions had occurred on January 1, 2016, our consolidated revenues and net income for the three months ended March 31, 2017 and 2016 would have been as follows:

	Three Months ended March 31,
	2017		2016
	(In thousands)
Consolidated revenue	$	69,577	$	68,264
Consolidated net income available to common shareholders	$	11,665	$	10,411

Dispositions

The following table provides a summary of our disposition activity for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Gain on Sale
		(In thousands)			(In thousands)
Auburn Mile	Auburn Hills, MI	91	N/A	03/17/17	$	13,311	$	7,005
Oak Brook Square	Flint, MI	152	N/A	02/10/17	14,200		4,185
Total income producing dispositions		243	—		$	27,511	$	11,190
Lakeland Park Center - Outparcel	Lakeland, FL	N/A	1.8	03/31/17	$	1,305	$	185
Total outparcel dispositions		—	1.8		$	1,305	$	185
Total consolidated dispositions		243	1.8		$	28,816	$	11,375

Approximately $26.1 million of the net proceeds related to the Auburn Mile and Oak Brook Square dispositions were placed into escrow at closing to complete an Internal Revenue Code section 1031 exchange. These proceeds are included in Restricted Cash and Escrows on the condensed consolidated balance sheet as of March 31, 2017.

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Equity Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments in Unconsolidated Joint Ventures

Equity Investments in Unconsolidated Joint Ventures

We have three joint venture agreements whereby we own 7%, 20% and 30%, respectively, of the equity in each 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	March 31, 2017		December 31, 2016
	(In thousands)
ASSETS
Investment in real estate, net	$	43,645	$	43,995
Other assets	2,964		3,712
Total Assets	$	46,609	$	47,707
LIABILITIES AND OWNERS' EQUITY
Other liabilities	$	400	$	219
Owners' equity	46,209		47,488
Total Liabilities and Owners' Equity	$	46,609	$	47,707
RPT's equity investments in unconsolidated joint ventures	$	2,855	$	3,150

		Three Months Ended March 31,
Statements of Operations		2017		2016
	(In thousands)
Total revenue		$	1,163	$	1,709
Total expenses		708		1,047
Net income		$	455	$	662
RPT's share of earnings from unconsolidated joint ventures		$	86	$	109

Acquisitions

There was no acquisition activity in the three months ended March 31, 2017 by any of our unconsolidated joint ventures.

Dispositions

There was no disposition activity in the three months ended March 31, 2017 by any of our unconsolidated joint ventures.

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 ventures' 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 March 31,
		2017		2016
	(In thousands)
Management fees		$	74	$	95
Leasing fees		79		14
Construction fees		—		1
Total		$	153	$	110

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Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of March 31, 2017 and December 31, 2016:

Notes Payable and Capital Lease Obligation	March 31, 2017			December 31, 2016
	(In thousands)
Senior unsecured notes	$	535,000		$	535,000
Unsecured term loan facilities	210,000			210,000
Fixed rate mortgages	159,913			160,718
Unsecured revolving credit facility	258,000			86,000
Junior subordinated notes	28,125			28,125
	1,191,038			1,019,843
Unamortized premium	4,829			5,120
Unamortized deferred financing costs	(3,555		)	(3,740		)
Total notes payable	$	1,192,312		$	1,021,223
Capital lease obligation	$	1,066		$	1,066

Senior unsecured notes and unsecured term loans

Our $745.0 million of senior unsecured notes and unsecured term loans have interest rates ranging from 2.99% to 4.74% and are due at various maturity dates from May 2020 through November 2028.

Mortgages

Our $159.9 million of fixed rate mortgages have interest rates ranging from 2.86% to 7.38% and are due at various maturity dates from January 2018 through June 2026. The fixed rate mortgages are secured by properties that have an approximate net book value of $252.4 million as of March 31, 2017. It is our intent to repay the mortgages maturing in 2018 using cash, borrowings under our unsecured line of credit, or other sources of financing.

The mortgage loans encumbering our properties 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.

Revolving Credit Facility

As of March 31, 2017 we had $258.0 million outstanding under our revolving credit facility, an increase of $172.0 million during the quarter, as a result of borrowings principally to fund acquisitions of properties. After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $0.5 million, we had $91.5 million of availability under our revolving credit facility. The interest rate as of March 31, 2017 was 2.30%.

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 March 31, 2017, we were in compliance with these covenants.

Junior Subordinated Notes

Our junior subordinated notes have a variable rate of LIBOR plus 3.30%. The maturity date is January 2038.

The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2017:

Year Ending December 31,
	(In thousands)
2017	$	2,398
2018 (1)	297,132
2019	5,859
2020	102,269
2021	114,508
Thereafter	668,872
Subtotal debt	1,191,038
Unamortized premium	4,829
Unamortized deferred financing costs	(3,555		)
Total debt	$	1,192,312

⁽¹⁾ Scheduled maturities in 2018 include the $258.0 million balance on the unsecured revolving credit facility drawn as of March 31, 2017. The unsecured revolving credit facility has a one-year extension available at the Company's option provided compliance with financial covenants is maintained.

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 March 31, 2017, we were in compliance with these covenants.

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Fair Value

3 Months Ended

Mar. 31, 2017

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 Derivative Financial Instruments of the notes to the condensed consolidated financial statements 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 March 31, 2017 and December 31, 2016.

		Total
	Balance Sheet Location	Fair Value			Level 2
March 31, 2017		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	2,511		$	2,511
Derivative liabilities - interest rate swaps	Other liabilities	$	(945	)	$	(945	)
December 31, 2016
Derivative assets - interest rate swaps	Other assets	$	2,143		$	2,143
Derivative liabilities - interest rate swaps	Other liabilities	$	(1,300	)	$	(1,300	)

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 (Level 3), 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 $904.9 million and $905.7 million as of March 31, 2017 and December 31, 2016, respectively, had fair values of approximately $900.7 million and $900.3 million, respectively.  Variable rate debt’s fair value is estimated to be the carrying values of $286.1 million and $114.1 million as of March 31, 2017 and December 31, 2016, 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 or pricing from potential or comparable market transactions. 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. During the three months ended March 31, 2017, certain income producing shopping centers with a fair value of approximately $60.0 million incurred an impairment charge of $5.7 million. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2017

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.  We may also enter into forward starting swaps to set the effective interest rate on planned variable rate financing. 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 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, for example, 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 and LIBOR rate. Changes in the fair values are immediately included in other income and expenses. At March 31, 2017, all of our hedges were effective.

The following table summarizes the notional values and fair values of our derivative financial instruments as of March 31, 2017:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan	Cash Flow	$	50,000	1.460	%	$	330		05/2020
Unsecured term loan	Cash Flow	20,000		1.498	%	250			05/2021
Unsecured term loan	Cash Flow	15,000		1.490	%	192			05/2021
Unsecured term loan	Cash Flow	40,000		1.480	%	553			05/2021
		$	125,000			$	1,325
Derivative Assets - Forward Swaps
Unsecured term loan	Cash Flow	60,000		1.770	%	1,186			03/2023
Total Derivative Assets		$	185,000			$	2,511
Derivative Liabilities
Unsecured term loan	Cash Flow	$	30,000	2.048	%	$	(344	)	10/2018
Unsecured term loan	Cash Flow	25,000		1.850	%	(186		)	10/2018
Unsecured term loan	Cash Flow	5,000		1.840	%	(41		)	10/2018
Unsecured term loan	Cash Flow	15,000		2.150	%	(228		)	05/2020
Unsecured term loan	Cash Flow	10,000		2.150	%	(146		)	05/2020
Total Derivative Liabilities		$	85,000			$	(945	)

The effect of derivative financial instruments on our condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain (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	Three Months Ended March 31,						Three Months Ended March 31,
	2017		2016				2017			2016
	(In thousands)						(In thousands)
Interest rate contracts - assets	$	522	$	(716	)	Interest Expense	$	(154	)	$	(74	)
Interest rate contracts - liabilities	648		(4,659		)	Interest Expense	(293		)	(524		)
Total	$	1,170	$	(5,375	)	Total	$	(447	)	$	(598	)

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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 March 31,
	2017			2016
	(In thousands, except per share data)
Net income	$	13,414		$	12,142
Net income attributable to noncontrolling interest	(316		)	(297		)
Allocation of income to restricted share awards	(94		)	—
Income attributable to RPT	13,004			11,845
Preferred share dividends	(1,675		)	(1,675		)
Net income available to common shareholders	$	11,329		$	10,170
Weighted average shares outstanding, Basic	79,299			79,194
Restricted stock awards using the treasury method	182			178
Weighted average shares outstanding, Diluted	79,481			79,372
Income per common share, Basic	$	0.14		$	0.13
Income per common share, Diluted	$	0.14		$	0.13

We exclude certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (amounts in thousands):

	March 31, 2017		March 31, 2016
		Convertible		Convertible
	Outstanding	Into	Outstanding	Into
Operating Partnership Units	1,917	1,917	2,001	2,001
Series D Preferred Shares	1,849	6,657	1,849	6,572
Performance Share Units	104	—	—	—
	3,870	8,574	3,850	8,573

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Share-based Compensation Plans

3 Months Ended

Mar. 31, 2017

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

Share-based Compensation Plans

Share-based Compensation Plans

As of March 31, 2017, 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 any Company 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 2.0 million shares of our common stock, units or stock options, of which 1.3 million remained available for issuance as of March 31, 2017.

As of March 31, 2017, we had 391,402 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 March 2022.

During the three months ended March 31, 2017, we had the following awards:

• granted 151,960 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date; and

• granted performance-based equity and cash awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”).  

The service-based restricted share awards vest over five years and the compensation expense is recognized on a graded vesting basis. We recognized expense related to restricted share grants of $0.6 million and $0.6 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, 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 criterion is not met, compensation expense related to the cash awards previously recognized would be reversed. Compensation expense related to the cash awards was a benefit of $0.1 million and an expense of $0.4 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognize the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. Compensation expense related to the equity awards was an expense of $26 thousand and $0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

We recognized total share-based compensation expense of $0.5 million and $1.0 million for the three months ended March 31, 2017 and March 31, 2016, respectively.

As of March 31, 2017, 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 3.5 years.

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Taxes

3 Months Ended

Mar. 31, 2017

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 March 31, 2017, we had a federal and state deferred tax asset of $11.3 million and a valuation allowance of $11.3 million.  Our deferred tax assets 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, 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 $28 thousand and $62 thousand for the three months ended March 31, 2017 and 2016, 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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Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

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 March 31, 2017, we had entered into agreements for construction costs of approximately $10.3 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. We also have a ground lease at Centennial Shops located in Edina, Minnesota. The lease includes rent escalations throughout the lease period and expires in April 2105. We recognized rent expense related to these operating leases of $0.4 million and $0.1 million for the three months ended March 31, 2017 and 2016, respectively.

Capital Lease

We have a ground lease at Buttermilk Towne Center which we have recorded as a capital lease that expires in December 2032. Interest expense for this capital lease was negligible for the three months ended March 31, 2017 and 2016, respectively.

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Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

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

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Organization and Basis of Presentations (Policies)

3 Months Ended

Mar. 31, 2017

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 number of the largest metropolitan markets in the central United States.  As of March 31, 2017, our property portfolio consisted of 65 wholly owned shopping center comprising approximately 15.0 million square feet. We also have ownership interests of 7%, 20% and 30%, respectively, in three joint ventures. Our joint ventures are reported using equity method accounting. We earn fees from the joint ventures for managing, leasing and redeveloping the shopping centers they own. 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.  Our 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. (the "OP") (97.6% owned by the Company at March 31, 2017 and December 31, 2016, 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, 2016.

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.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15 "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements.

In February 2016, the FASB updated ASC Topic 842 "Leases" ("ASU 2016-02"). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted upon issuance using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of non-financial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our consolidated financial statements.

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Property Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Schedule of Acquisitions

The following table provides a summary of our acquisitions for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Acquired	Purchase Price		Assumed Debt
		(In thousands)			(In thousands)
Providence Marketplace	Mt. Juliet, TN	632	N/A	02/17/17	$	115,126	$	—
Webster Place	Chicago, IL	135	N/A	02/17/17	53,162		—
Total consolidated income producing acquisitions		767	—		$	168,288	$	—
Troy Marketplace - Outparcel	Troy, MI	N/A	0.5	01/17/17	$	475	$	—
Total consolidated land / outparcel acquisitions		—	0.5		$	475	$	—
Total Acquisitions		767	0.5		$	168,763	$	—

Summary of Total Aggregate Fair Value of Acquisitions Allocated

The aggregate fair value of our 2017 acquisitions through March 31, 2017, was allocated and is reflected in the following table.

	Allocated Fair Value
	(In thousands)
Land	$	51,056
Buildings and improvements	107,156
Above market leases	409
Lease origination costs	12,885
Other assets	3,899
Below market leases	(6,642		)
Net assets acquired	$	168,763

Pro Forma Information

If the 2017 acquisitions had occurred on January 1, 2016, our consolidated revenues and net income for the three months ended March 31, 2017 and 2016 would have been as follows:

	Three Months ended March 31,
	2017		2016
	(In thousands)
Consolidated revenue	$	69,577	$	68,264
Consolidated net income available to common shareholders	$	11,665	$	10,411

Total revenue and net income for the 2017 acquisitions included in our condensed consolidated statement of operations for the three months ended March 31, 2017 were as follows:

	Three Months Ended March 31, 2017
	(In thousands)
Total revenue from 2017 acquisitions	$	1,751
Net income from 2017 acquisitions	$	247

Summary of Disposal Activity

The following table provides a summary of our disposition activity for the three months ended March 31, 2017:

					Gross
Property Name	Location	GLA	Acreage	Date Sold	Sales Price		Gain on Sale
		(In thousands)			(In thousands)
Auburn Mile	Auburn Hills, MI	91	N/A	03/17/17	$	13,311	$	7,005
Oak Brook Square	Flint, MI	152	N/A	02/10/17	14,200		4,185
Total income producing dispositions		243	—		$	27,511	$	11,190
Lakeland Park Center - Outparcel	Lakeland, FL	N/A	1.8	03/31/17	$	1,305	$	185
Total outparcel dispositions		—	1.8		$	1,305	$	185
Total consolidated dispositions		243	1.8		$	28,816	$	11,375

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Equity Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

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	March 31, 2017		December 31, 2016
	(In thousands)
ASSETS
Investment in real estate, net	$	43,645	$	43,995
Other assets	2,964		3,712
Total Assets	$	46,609	$	47,707
LIABILITIES AND OWNERS' EQUITY
Other liabilities	$	400	$	219
Owners' equity	46,209		47,488
Total Liabilities and Owners' Equity	$	46,609	$	47,707
RPT's equity investments in unconsolidated joint ventures	$	2,855	$	3,150

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

		Three Months Ended March 31,
Statements of Operations		2017		2016
	(In thousands)
Total revenue		$	1,163	$	1,709
Total expenses		708		1,047
Net income		$	455	$	662
RPT's share of earnings from unconsolidated joint ventures		$	86	$	109

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 March 31,
		2017		2016
	(In thousands)
Management fees		$	74	$	95
Leasing fees		79		14
Construction fees		—		1
Total		$	153	$	110

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Debt (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016:

Notes Payable and Capital Lease Obligation	March 31, 2017			December 31, 2016
	(In thousands)
Senior unsecured notes	$	535,000		$	535,000
Unsecured term loan facilities	210,000			210,000
Fixed rate mortgages	159,913			160,718
Unsecured revolving credit facility	258,000			86,000
Junior subordinated notes	28,125			28,125
	1,191,038			1,019,843
Unamortized premium	4,829			5,120
Unamortized deferred financing costs	(3,555		)	(3,740		)
Total notes payable	$	1,192,312		$	1,021,223
Capital lease obligation	$	1,066		$	1,066

Scheduled Principal Payments on Mortgages and Notes Payable

The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2017:

Year Ending December 31,
	(In thousands)
2017	$	2,398
2018 (1)	297,132
2019	5,859
2020	102,269
2021	114,508
Thereafter	668,872
Subtotal debt	1,191,038
Unamortized premium	4,829
Unamortized deferred financing costs	(3,555		)
Total debt	$	1,192,312

⁽¹⁾ Scheduled maturities in 2018 include the $258.0 million balance on the unsecured revolving credit facility drawn as of March 31, 2017. The unsecured revolving credit facility has a one-year extension available at the Company's option provided compliance with financial covenants is maintained.

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016.

		Total
	Balance Sheet Location	Fair Value			Level 2
March 31, 2017		(In thousands)
Derivative assets - interest rate swaps	Other assets	$	2,511		$	2,511
Derivative liabilities - interest rate swaps	Other liabilities	$	(945	)	$	(945	)
December 31, 2016
Derivative assets - interest rate swaps	Other assets	$	2,143		$	2,143
Derivative liabilities - interest rate swaps	Other liabilities	$	(1,300	)	$	(1,300	)

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017:

	Hedge	Notional		Fixed		Fair			Expiration
Underlying Debt	Type	Value		Rate		Value			Date
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan	Cash Flow	$	50,000	1.460	%	$	330		05/2020
Unsecured term loan	Cash Flow	20,000		1.498	%	250			05/2021
Unsecured term loan	Cash Flow	15,000		1.490	%	192			05/2021
Unsecured term loan	Cash Flow	40,000		1.480	%	553			05/2021
		$	125,000			$	1,325
Derivative Assets - Forward Swaps
Unsecured term loan	Cash Flow	60,000		1.770	%	1,186			03/2023
Total Derivative Assets		$	185,000			$	2,511
Derivative Liabilities
Unsecured term loan	Cash Flow	$	30,000	2.048	%	$	(344	)	10/2018
Unsecured term loan	Cash Flow	25,000		1.850	%	(186		)	10/2018
Unsecured term loan	Cash Flow	5,000		1.840	%	(41		)	10/2018
Unsecured term loan	Cash Flow	15,000		2.150	%	(228		)	05/2020
Unsecured term loan	Cash Flow	10,000		2.150	%	(146		)	05/2020
Total Derivative Liabilities		$	85,000			$	(945	)

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 three months ended March 31, 2017 and 2016 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain (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	Three Months Ended March 31,						Three Months Ended March 31,
	2017		2016				2017			2016
	(In thousands)						(In thousands)
Interest rate contracts - assets	$	522	$	(716	)	Interest Expense	$	(154	)	$	(74	)
Interest rate contracts - liabilities	648		(4,659		)	Interest Expense	(293		)	(524		)
Total	$	1,170	$	(5,375	)	Total	$	(447	)	$	(598	)

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31,
	2017			2016
	(In thousands, except per share data)
Net income	$	13,414		$	12,142
Net income attributable to noncontrolling interest	(316		)	(297		)
Allocation of income to restricted share awards	(94		)	—
Income attributable to RPT	13,004			11,845
Preferred share dividends	(1,675		)	(1,675		)
Net income available to common shareholders	$	11,329		$	10,170
Weighted average shares outstanding, Basic	79,299			79,194
Restricted stock awards using the treasury method	182			178
Weighted average shares outstanding, Diluted	79,481			79,372
Income per common share, Basic	$	0.14		$	0.13
Income per common share, Diluted	$	0.14		$	0.13

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (amounts in thousands):

	March 31, 2017		March 31, 2016
		Convertible		Convertible
	Outstanding	Into	Outstanding	Into
Operating Partnership Units	1,917	1,917	2,001	2,001
Series D Preferred Shares	1,849	6,657	1,849	6,572
Performance Share Units	104	—	—	—
	3,870	8,574	3,850	8,573

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Organization and Basis of Presentations - Additional Information (Detail) ft² in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017 property	Dec. 31, 2016	Mar. 31, 2017 partnership_unit	Mar. 31, 2017 investment	Mar. 31, 2017 ft²	Mar. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Area of an real estate property (in sq feet) | ft²					15.0
Number of joint ventures			3	3
Ownership interest in Ramco-Gershenson Properties, L. P. (as a percent)	97.60%	97.60%
Shopping Centers
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of real estate properties owned and managed | property	65
Joint Venture One
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership interest (as a percent)						7.00%
Joint Venture Two
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership interest (as a percent)						20.00%
Joint Venture Three
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership interest (as a percent)						30.00%

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Real Estate - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Real Estate [Abstract]
Provision for impairment	$ 5,717	$ 0
Land held for development or sale	36,900		$ 37,800
Constructions in progress	$ 26,400		$ 23,400

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Property Acquisitions and Dispositions - Property Acquisitions (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) a ft²
Income Producing Property Acquisitions
Business Acquisition [Line Items]
GLA (in sq ft) | ft²	767
Purchase Price	$ 168,288
Assumed Debt	$ 0
Land and Outparcel Acquisition
Business Acquisition [Line Items]
Acreage (in acres) | a	0.5
Purchase Price	$ 475
Assumed Debt	$ 0
Income Producing Property and Land and Outparcel Acquisition
Business Acquisition [Line Items]
GLA (in sq ft) | ft²	767
Acreage (in acres) | a	0.5
Purchase Price	$ 168,763
Assumed Debt	$ 0
Providence Marketplace | Income Producing Property Acquisitions
Business Acquisition [Line Items]
Location	Mt. Juliet, TN
GLA (in sq ft) | ft²	632
Date Acquired	Feb. 17, 2017
Purchase Price	$ 115,126
Assumed Debt	$ 0
Webster Place | Income Producing Property Acquisitions
Business Acquisition [Line Items]
Location	Chicago, IL
GLA (in sq ft) | ft²	135
Date Acquired	Feb. 17, 2017
Purchase Price	$ 53,162
Assumed Debt	$ 0
Troy Marketplace - Outparcel | Land and Outparcel Acquisition
Business Acquisition [Line Items]
Location	Troy, MI
Acreage (in acres) | a	0.5
Date Acquired	Jan. 17, 2017
Purchase Price	$ 475
Assumed Debt	$ 0

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Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated (Details) $ in Thousands	Mar. 31, 2017 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net assets acquired	$ 168,763
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Land	51,056
Buildings and improvements	107,156
Lease origination costs	12,885
Other assets	3,899
Below market leases	(6,642)
Above Market Leases | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Above market leases	$ 409

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Property Acquisitions and Dispositions - Revenue and Net Income for Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Business Combinations [Abstract]
Total revenue from 2017 acquisitions	$ 1,751
Net income from 2017 acquisitions	$ 247

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Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Income Producing Property Acquisitions - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Consolidated revenue	$ 69,577	$ 68,264
Consolidated net income available to common shareholders	$ 11,665	$ 10,411

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Property Acquisitions and Dispositions - Summary of Disposition Activity (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) a ft²
Income Producing Property Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
GLA (in sq ft) | ft²	243
Acreage (in acres) | a	0.0
Sales Price	$ 27,511
Gain on Sale	$ 11,190
Income Producing Property Dispositions | Auburn Mile
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Auburn Hills, MI
GLA (in sq ft) | a	91,000
Date Sold	Mar. 17, 2017
Sales Price	$ 13,311
Gain on Sale	$ 7,005
Income Producing Property Dispositions | Oak Brook Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Flint, MI
GLA (in sq ft) | a	152,000
Date Sold	Feb. 10, 2017
Sales Price	$ 14,200
Gain on Sale	$ 4,185
Land And Outparcel Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acreage (in acres) | a	1.8
Sales Price	$ 1,305
Gain on Sale	$ 185
Land And Outparcel Disposition | Lakeland Park Center - Outparcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	Lakeland, FL
Acreage (in acres) | a	1.8
Date Sold	Mar. 31, 2017
Sales Price	$ 1,305
Gain on Sale	$ 185
Income Producing Property and Land and Outparcel Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
GLA (in sq ft) | ft²	243
Acreage (in acres) | a	1.8
Sales Price	$ 28,816
Gain on Sale	$ 11,375

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Property Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Combinations [Abstract]
Proceeds from dispositions held in escrow	$ 26,130	$ 0

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Equity Investments in Unconsolidated Joint Ventures - Additional Information (Detail) - Mar. 31, 2017	partnership_unit	investment	Total
Schedule of Equity Method Investments [Line Items]
Number of joint ventures	3	3
Joint Venture One
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)			7.00%
Joint Venture Two
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)			20.00%
Joint Venture Three
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)			30.00%

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Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investment in real estate, net	$ 43,645	$ 43,995
Other assets	2,964	3,712
Total Assets	46,609	47,707
LIABILITIES AND OWNERS' EQUITY
Other liabilities	400	219
Owners' equity	46,209	47,488
Total Liabilities and Owners' Equity	46,609	47,707
RPT's equity investments in unconsolidated joint ventures	$ 2,855	$ 3,150

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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
	Mar. 31, 2017	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Total revenue	$ 1,163	$ 1,709
Total expenses	708	1,047
Net income	455	662
RPT's share of earnings from unconsolidated joint ventures	$ 86	$ 109

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Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Management fees	$ 74	$ 95
Leasing fees	79	14
Construction fees	0	1
Total	$ 153	$ 110

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Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Senior unsecured notes	$ 535,000	$ 535,000
Unsecured term loan facilities	210,000	210,000
Fixed rate mortgages	159,913	160,718
Unsecured revolving credit facility	258,000	86,000
Junior subordinated notes	28,125	28,125
Subtotal debt	1,191,038	1,019,843
Unamortized premium	4,829	5,120
Unamortized deferred financing costs	(3,555)	(3,740)
Total debt	1,192,312	1,021,223
Capital lease obligation	$ 1,066	$ 1,066

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Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Senior unsecured notes and unsecured term loans	$ 1,191,038,000	$ 1,019,843,000
Mortgages payable	159,913,000	160,718,000
Letter of credit, unadjusted outstanding balance	258,000,000	$ 86,000,000
Fixed Rate Mortgages
Debt Instrument [Line Items]
Mortgages payable	159,900,000
Net book value of mortgage on properties	252,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Letter of credit, unadjusted outstanding balance	258,000,000
Net repayments on revolving credit facility	172,000,000
Letter of credit, outstanding balance	500,000
Letter of credit, remaining borrowing capacity	$ 91,500,000
Letter of credit, interest rate at end of period (as a percent)	2.30%
Minimum | Fixed Rate Mortgages
Debt Instrument [Line Items]
Mortgage debt interest rate (as a percent)	2.86%
Maximum | Fixed Rate Mortgages
Debt Instrument [Line Items]
Mortgage debt interest rate (as a percent)	7.38%
London Interbank Offered Rate (LIBOR) | Junior Subordinated Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.30%
Senior Unsecured Notes and Unsecured Term Loans | Unsecured Debt
Debt Instrument [Line Items]
Senior unsecured notes and unsecured term loans	$ 745,000,000.0
Senior Unsecured Notes and Unsecured Term Loans | Minimum | Unsecured Debt
Debt Instrument [Line Items]
Mortgage debt interest rate (as a percent)	2.99%
Senior Unsecured Notes and Unsecured Term Loans | Maximum | Unsecured Debt
Debt Instrument [Line Items]
Mortgage debt interest rate (as a percent)	4.74%

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Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2017	$ 2,398
2018	297,132
2019	5,859
2020	102,269
2021	114,508
Thereafter	668,872
Subtotal debt	1,191,038	$ 1,019,843
Unamortized premium	4,829	5,120
Unamortized deferred financing costs	(3,555)	(3,740)
Total debt	1,192,312	$ 1,021,223
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
2018	$ 258,000
Extension option (in years)	1 year

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Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	$ 2,511	$ 2,143
Derivative liabilities - interest rate swaps	(945)	(1,300)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]
Derivative assets - interest rate swaps	2,511	2,143
Derivative liabilities - interest rate swaps	$ (945)	$ (1,300)

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Fair Value - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	$ 1,192,312		$ 1,021,223
Provision for impairment	5,717	$ 0
Level 2 | Fixed Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	904,900		905,700
Long term debt, fair value	900,700		900,300
Level 2 | Floating Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt, carrying amount	286,100		$ 114,100
Shopping centers | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 60,000

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Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative assets, at fair value	$ 2,511,000	$ 2,143,000
Derivative liability, at fair value	(945,000)	$ (1,300,000)
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset, notional amount	185,000,000
Derivative liability, notional amount	85,000,000
Derivative assets, at fair value	2,511,000
Derivative liability, at fair value	(945,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4600 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative asset, notional amount	$ 50,000,000
Fixed rate (as a percent)	1.46%
Derivative assets, at fair value	$ 330,000
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4980 % Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative asset, notional amount	$ 20,000,000
Fixed rate (as a percent)	1.498%
Derivative assets, at fair value	$ 250,000
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4900 % Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative asset, notional amount	$ 15,000,000
Fixed rate (as a percent)	1.49%
Derivative assets, at fair value	$ 192,000
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.4800 % Swap Rate, Expiration Date 05/2021
Derivative [Line Items]
Derivative asset, notional amount	$ 40,000,000
Fixed rate (as a percent)	1.48%
Derivative assets, at fair value	$ 553,000
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.7700 % Swap Rate, Expiration Date 05/2023
Derivative [Line Items]
Derivative asset, notional amount	$ 60,000,000
Fixed rate (as a percent)	1.77%
Derivative assets, at fair value	$ 1,186,000
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.0480 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Derivative liability, notional amount	$ 30,000,000
Fixed rate (as a percent)	2.048%
Derivative liability, at fair value	$ (344,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8500 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Derivative liability, notional amount	$ 25,000,000
Fixed rate (as a percent)	1.85%
Derivative liability, at fair value	$ (186,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 1.8400 % Swap Rate, Expiration Date 10/2018
Derivative [Line Items]
Derivative liability, notional amount	$ 5,000,000
Fixed rate (as a percent)	1.84%
Derivative liability, at fair value	$ (41,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative liability, notional amount	$ 15,000,000
Fixed rate (as a percent)	2.15%
Derivative liability, at fair value	$ (228,000)
Cash Flow Hedging | Designated as Hedging Instrument | Unsecured term loan facility with: 2.1500 % Swap Rate, Expiration Date 05/2020
Derivative [Line Items]
Derivative liability, notional amount	$ 10,000,000
Fixed rate (as a percent)	2.15%
Derivative liability, at fair value	$ (146,000)
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Derivative asset, notional amount	125,000,000
Derivative assets, at fair value	$ 1,325,000

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Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 1,170	$ (5,375)
Interest Expense | Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	522	(716)
Interest Expense | Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	648	(4,659)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(447)	(598)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Derivative Assets
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(154)	(74)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Derivative Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ (293)	$ (524)

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Earnings Per Common Share - Computation of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 13,414	$ 12,142
Net income attributable to noncontrolling interest	(316)	(297)
Allocation of income to restricted share awards	(94)	0
Income attributable to RPT	13,004	11,845
Preferred share dividends	(1,675)	(1,675)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 11,423	$ 10,170
Weighted average shares outstanding, Basic (in shares)	79,299	79,194
Stock options and restricted stock awards using the treasury method (in shares)	182	178
Weighted average shares outstanding, Diluted (in shares)	79,481	79,372
Income per common share, Basic (in USD per share)	$ 0.14	$ 0.13
Income per common share, Diluted (in USD per share)	$ 0.14	$ 0.13
Basic Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 11,329	$ 10,170

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Earnings Per Common Share - Antidilutive (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	3,870	3,850
Convertible into (in shares)	8,574	8,573
Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,917	2,001
Convertible into (in shares)	1,917	2,001
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	1,849	1,849
Convertible into (in shares)	6,657	6,572
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	104	0
Convertible into (in shares)	0	0

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Share-based Compensation Plans - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) plan shares	Mar. 31, 2016 USD ($)
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) | shares	391,402
Performance-based liability awards, measurement period (in years)	3 years
Compensation expense (benefit) related to cash awards	$ (100)	$ 400
Share-based compensation expenses	500	1,000
Total unrecognized compensation expense	$ 6,400
Total unrecognized compensation expense, weighted average period of recognition (in years)	3 years 6 months
Long-Term Incentive Plan ("LTIP")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant | shares	2,000,000.0
Share based compensation, number of options available for issuance (in shares) | shares	1,300,000
Service-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, shares granted during period (in shares) | shares	151,960
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service based restricted stock, vesting period (in years)	5 years
Share-based compensation expenses	$ 600	600
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 26	$ 0

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Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Tax Credit Carryforward [Line Items]
Annual distribution of REIT taxable income (as a percent)	90.00%
Income tax provision (benefit)	$ 28	$ 62
Federal and State Income Taxes
Tax Credit Carryforward [Line Items]
Federal and state deferred tax asset	11,300
Federal and state deferred tax asset, valuation allowance	$ 11,300

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Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Construction costs related to development and expansion	$ 10.3
Operating leases, rent expense	$ 0.4	$ 0.1