8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 22, 2008

RAMCO-GERSHENSON PROPERTIES TRUST

(Exact name of registrant as specified in its Charter)

Maryland	1-10093	13-6908486
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

31500 Northwestern Highway, Suite 300, Farmington Hills, Michigan	48334
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code (248) 350-9900

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02                      Results of Operations and Financial Condition.

On October 22, 2008, Ramco-Gershenson Properties Trust (the “Company”) issued a quarterly financial supplement containing financial and operating statistics of the Company (“Quarterly Supplement”) for the three and nine months ended September 30, 2008.  A copy of the Quarterly Supplement is filed herewith as Exhibit 99.2 and is hereby incorporated by reference.

Item 7.01                      Regulation FD Disclosure.

On October 22, 2008, the Trust made available on its website a quarterly financial supplement containing financial and operating statistics for the three and nine months ended September 30, 2008.  A copy of the quarterly financial supplement is attached hereto as Exhibit 99.2 and is hereby incorporated by reference.

Item 9.01                      Financial Statements and Exhibits

(d)           Exhibits.

99.2 Ramco-Gershenson Properties Trust Quarterly Supplement for the three and nine months ended September 30, 2008.”

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 hereunto duly authorized.

	RAMCO-GERSHENSON PROPERTIES TRUST
Date:  October 22, 2008	By:	/s/ Richard J. Smith
		Richard J. Smith
		Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.2	Ramco-Gershenson Properties Trust Quarterly Supplement for the three and nine months ended September 30, 2008.

EX-99.2

Exhibit 99.2

Table of Contents  Section Page Company Overview 1  Consolidated Statements of Income 2  Income Statement Detail 3  Earnings Per Common Share 4  Consolidated Balance Sheets 5  Balance Sheet Detail 6  Calculation of Funds from Operations and Funds Available for Distribution 7  Selected Financial and Operating Ratios 8 Quarterly & Year-to-Date Operating Information  Same Properties Analysis 9  Leasing Activity Analysis 10  Current Development Projects 11  Current Redevelopment Projects 12 Market Capitalization Information  Summary of Outstanding Debt 13  Loan Maturity Summary 14  Market Capitalization Information 15  Common Stock Performance 15 Portfolio Information  Property Summary 16-18  Geographic Diversification 19  Anchor, Non-Anchor Tenant Mix 19  National, Regional, Local Tenant Mix 19  Major Tenant Exposure 20  Summary of Expiring GLA 21 Joint Venture Information  Joint Ventures Contribution to Funds from Operations 22  Joint Ventures Combining Balance Sheets 23  Summary of Joint Venture Debt 24 Investor Information 25   Quarterly & Year-to-Date Financial Results

COMPANY OVERVIEW   Ramco-Gershenson Properties Trust (NYSE:RPT) is a self-administered and self-managed real estate investment trust primarily engaged in the business of owning, developing, acquiring, managing and leasing community shopping centers located primarily in the Midwestern, Mid-Atlantic and Southeastern United States.  At September 30, 2008, the Company owned interests in 89 shopping centers with approximately 20.1 million square feet of gross leasable area located in Michigan, Florida, Georgia, Ohio, Wisconsin, Indiana, New Jersey, Maryland, North Carolina, South Carolina, Virginia, Tennessee and Illinois.  The Company’s properties consist of 88 community centers and one regional mall.    Ramco-Gershenson has a proven track record of generating growth through the redevelopment of its shopping center portfolio. In an effort to maximize the potential of each asset, the Company constantly reevaluates the shopping center’s position within its respective market.  This effort is part of an overall approach that allows management to anticipate changes in retailing trends and tenant needs; and proactively implement solutions to boost the performance and value of the center namely through enhancement in the tenant mix, improvement of existing rental rates and occupancy growth.  Ramco-Gershenson generates additional growth through the construction of new shopping centers. The Company is focused on developing community shopping centers within metropolitan markets where it currently operates or where it believes demand for additional shopping centers exist.  Throughout the Company’s history, management’s experience and long-standing relationships with tenants, has allowed it to capitalize on attractive development opportunities.    The Company also remains committed to the acquisition of well-located shopping centers, under appropriate market conditions, that may lend themselves to further improvements, either through strategic joint ventures or on-balance sheet transactions.  Ramco-Gershenson seeks to attract investors based on the quality and performance of its assets and the experience of its management team.  The Company expects to build shareholder value through the proactive management of its assets as well as the selective development and acquisition of shopping centers.  The Company is listed on the New York Stock Exchange under the symbol RPT and is headquartered in Farmington Hills, Michigan. Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 1

Consolidated Statements of Income  (in thousands)  Three Months Ended September 30,  Nine Months Ended September 30,   Increase  Percent  Increase  Percent   2008  2007  (Decrease)  Change  2008  2007  (Decrease)  Change   Revenues:   Minimum rents  $  22,467 23,905$  $  (1,438)  (6.0) %  68,589$ 72,283$  $  (3,694)  (5.1) %   Percentage rents  21  117  (96)  (82.1)  518  525  (7)  (1.3)   Recoveries from tenants  9,942  10,414  (472)  (4.5)  31,338  32,805  (1,467)  (4.5)   Fees and management income (see page 3 for detail)  1,677  1,132  545  48.1  5,029  5,162  (133)  (2.6)   Other income (see page 3 for detail)  538  1,938  (1,400)  (72.2)  1,517  3,588  (2,071)  (57.7)   Total revenues  34,645  37,506  (2,861)  (7.6)  106,991  114,363  (7,372)  (6.4)   Expenses:   Real estate taxes  4,481  5,051  (570)  (11.3)  14,133  15,242  (1,109)  (7.3)   Recoverable operating expenses  5,757  5,944  (187)  (3.1)  17,840  18,145  (305)  (1.7)   Depreciation and amortization  7,824  8,005  (181)  (2.3)  23,659  24,220  (561)  (2.3)   Other operating  836  768  68  8.9  2,897  2,037  860  42.2   General and administrative  3,342  4,043  (701)  (17.3)  11,967  10,950  1,017  9.3   Interest expense  8,685  9,887  (1,202)  (12.2)  27,357  31,649  (4,292)  (13.6)   Total expenses  30,925  33,698  (2,773)  (8.2)  97,853  102,243  (4,390)  (4.3)   Income from continuing operations before gain on sale   of real estate assets, minority interest and earnings from   unconsolidated entities  3,720  3,808  (88)  (2.3)  9,138  12,120  (2,982)  (24.6)   Gain (loss) on sale of real estate assets (see page 3 for detail)  9,247  (107)  9,354  (8,742.1)  19,534  31,269  (11,735)  (37.5)   Minority interest  (1,665)  (1,167)  (498)  42.7  (4,385)  (7,183)  2,798  (39.0)   Earnings from unconsolidated entities (see page 22 for detail)  283  688  (405)  (58.9)  1,949  1,806  143  7.9   Income from continuing operations  11,585  3,222  8,363  259.6  26,236  38,012  (11,776)  (31.0)   Discontinued operations, net of minority interest:   Loss on sale of real estate assets  - - - - (400)  - (400)  100.0   Income from operations  - 62  (62)  (100.0)  178  182  (4)  (2.2)   Income (loss) from discontinued operations  - 62  (62)  (100.0)  (222)  182  (404)  (222.0)   Net Income  11,585  3,284  8,301  252.8  26,014  38,194  (12,180)  (31.9)   Preferred stock dividends  - (593)  593  (100.0)  - (2,863)  2,863  (100.0)   Loss on redemption of preferred shares  - - - - - (35)  35  (100.0)   Net income available to common shareholders  $  11,585 2,691$ 8,894$  330.5 %  26,014$ 35,296$  $  (9,282)  (26.3) %   Property Operating Expense Recovery Ratio  97.1 %  94.7 %  2.4 %  98.0 %  98.3 %  (0.3) %

Income Statement Detail  (in thousands)  Three Months Ended September 30,  Nine Months Ended September 30,   Increase  Percent  Increase  Percent   2008  2007  (Decrease)  Change  2008  2007  (Decrease)  Change   Fees and management income:   Management fees  674$  507$ 167$ 32.9 %  2,104$  1,463$ 641$  43.8 %   Leasing fees  413  90  323  358.9  977  487  490  100.6   Acquisition related fees  - 436  (436)  (100.0)  67  1,383  (1,316)  (95.2)   Development related fees  463  38  425  1,118.4  1,508  1,655  (147)  (8.9)   Other  127  61  66  108.2  373  174  199  114.4   Fee and management income  1,677$  1,132$ 545$ 48.1 %  5,029$  5,162$  $  (133)  (2.6) %   Other income:   Lease termination income  130$  1,389$  $  (1,259)  (90.6) %  421$  1,687$  $  (1,266)  (75.0) %   Temporary income  222  238  (16)  (6.7)  473  538  (65)  (12.1)   Interest income  23  100  (77)  (77.0)  225  733  (508)  (69.3)   Previous write-off of receivable  26  31  (5)  (16.1)  93  333  (240)  (72.1)   Other  137  180  (43)  (23.9)  305  297  8  2.7   Other income  538$  1,938$  $  (1,400)  (72.2) %  1,517$  3,588$  $  (2,071)  (57.7) %   Gain (loss) on sale of real estate assets:   FFO gain on sales  295$  910$  $  (615)  (67.6) %  706$  1,472$  $  (766)  (52.0) %   Non-FFO gain (loss) on sales  8,952  (1,017)  9,969  (980.2)  18,828  29,797  (10,969)  (36.8)   Gain (loss) on sale of real estate assets  $  9,247  (107)$ 9,354$  (8,742.1) %  19,534$  31,269$  $  (11,735)  (37.5) %

Earnings Per Common Share ("EPS")  (in thousands, except per share data)  Three Months Ended  Nine Months Ended   September 30,  September 30,   2008  2007  2008  2007   Numerator:   Income from continuing operations before minority interest  $  13,250  $  4,389  $  30,621  $  45,195   Minority interest  (1,665)  (1,167)  (4,385)  (7,183)   Preferred stock dividends  - (593)  - (2,863)   Loss on redemption of preferred shares  - - - (35)   Income from continuing operations available to common shareholders  11,585  2,629  26,236  35,114   Discontinued operations, net of minority interest:   Loss on sale of real estate assets  - - (400)  -  Income from operations  - 62  178  182   Net income available to common shareholders  11,585  2,691  26,014  35,296   Add income impact of assumed conversion   of preferred shares  - - - 1,081   Adjusted numerator for diluted EPS  $  11,585  $  2,691  $  26,014  $  36,377   Denominator:   Weighted-average common shares for basic EPS  18,471  18,469  18,470  17,642   Effect of dilutive securities:   Preferred shares  - - - 835   Unvested shares of restricted stock  5  - 10  -  Options outstanding  11  51  12  67   Weighted-average common shares for diluted EPS  18,487  18,520  18,492  18,544   Basic EPS:   Income from continuing operations  $  0.63  $  0.14  $  1.42  $  1.99   Income (loss) from discontinued operations  - 0.01  (0.01)  0.01   Net income  $  0.63  $  0.15  $  1.41  $  2.00   Diluted EPS:   Income from continuing operations  $  0.63  $  0.14  $  1.42  $  1.95   Income (loss) from discontinued operations  - 0.01  (0.01)  0.01   Net income  $  0.63  $  0.15  $  1.41  $  1.96

Consolidated Balance Sheets  (in thousands) September 30,  June 30,  March 31,  December 31,   2008  2008  2008  2007   ASSETS   Investment in real estate, net (see page 6 for detail)  $  821,270  $  882,763  $  880,142  $  876,410   Cash and cash equivalents  7,035  6,670  15,043  14,977   Restricted cash  5,555  7,490  6,537  5,777   Accounts receivable, net (see page 6 for detail)  34,353  39,035  38,460  35,787   Equity investments in and advances to unconsolidated entities (see page 23 for detail)  98,087  93,626  94,561  117,987   Other assets, net (see page 6 for detail)  38,102  38,036  38,021  37,561   Total Assets  $  1,004,402  $  1,067,620  $  1,072,764  $  1,088,499   LIABILITIES AND SHAREHOLDERS' EQUITY   Mortgages and notes payable (see page 13 for detail)  $  637,770  $  690,999  $  691,276  $  690,801   Accounts payable and accrued expenses  25,211  38,020  39,783  57,614   Distributions payable  9,888  9,888  9,887  9,884   Capital lease obligation  7,256  7,319  7,382  7,443   Total Liabilities  680,125  746,226  748,328  765,742   Minority Interest  40,965  40,650  41,406  41,353   SHAREHOLDERS' EQUITY   Common Shares of Beneficial Interest  185  186  186  185   Additional paid-in capital  388,932  389,126  388,686  388,164   Accumulated other comprehensive income (loss)  (105)  179  (2,649)  (845)   Cumulative distributions in excess of net income  (105,700)  (108,747)  (103,193)  (106,100)   Total Shareholders' Equity  283,312  280,744  283,030  281,404   Total Liabilities and Shareholders' Equity  $  1,004,402  $  1,067,620  $  1,072,764  $  1,088,499

Balance Sheet Detail  (in thousands)  September 30,  June 30,  March 31,  December 31,   2008  2008  2008  2007   Investments in Real Estate:   Land  134,050$  $  143,390  136,735$  136,566$   Buildings and improvements  816,954  870,381  880,590  883,067   Construction in progress  42,851  41,443  32,204  25,739   993,855  1,055,214  1,049,529  1,045,372   Less: accumulated depreciation  (172,585)  (172,451)  (169,387)  (168,962)   Investments in real estate, net  821,270$  $  882,763  880,142$  876,410$   Accounts Receivable:   Accounts receivable tenants, net  17,316$  $  21,752  21,454$  19,177$   Straight-line rent receivable  17,037  17,283  17,006  16,610   Accounts receivable, net  34,353$  $  39,035  38,460$  35,787$   Other Assets:   Leasing costs  38,408$  $  37,654  36,484$  35,646$   Intangible assets  5,836  6,557  6,557  6,673   Deferred financing costs  5,552  5,874  5,867  5,818   Other  5,794  5,643  5,590  5,400   55,590  55,728  54,498  53,537   Less: accumulated amortization  (33,159)  (32,484)  (31,136)  (29,956)   22,431  23,244  23,362  23,581   Prepaid expenses and other  12,786  12,140  11,378  12,079   Proposed development and acquisition costs  2,885  2,652  3,281  1,901   Other assets, net  38,102$  $  38,036  38,021$  37,561$

Calculation of Funds from Operations   and Funds Available for Distribution   (in thousands, except per share amounts)   Three Months Ended September 30,  Nine Months Ended September 30,   2008  2007  2008  2007   Calculation of Funds from Operations:   Net income  11,585$ 3,284$  26,014$ 38,194$   Add:   Depreciation and amortization expense  9,218  9,192  27,901  27,445   Minority interest in partnership:   Continuing operations  1,653  1,212  4,357  7,183   Discontinued operations  - 10  (35)  29   Discontinued operations, loss on sale of property  - - 463  -  Less:   Loss (gain) on sale of depreciable real estate  (8,952)  1,017  (18,828)  (29,797)   Funds from operations  13,504  14,715  39,872  43,054   Less:   Series B Preferred Stock dividends  - (593)  - (1,781)   Funds from operations available to common shareholders,   assuming conversion of OP units  13,504$ 14,122$  39,872$ 41,273$   Weighted average equivalent shares outstanding, diluted  21,406  21,439  21,411  21,464   Funds from operations available to common shareholders,   per diluted share  0.63$ 0.66$  1.86$ 1.92$   Calculation of Funds Available for Distribution:   Funds from operations available to common shareholders  13,504$ 14,122$  39,872$ 41,273$   Less:   Straight-line rent  (386)  (385)  (1,073)  (963)   Above/below market rents - acquisitions  (21)  (20)  (70)  (57)   FMV interest adjustment - acquired properties  (82)  11  (175)  34   Recurring capital expenditures (non-recoverable)  (536)  (393)  (1,114)  (1,554)   Funds Available for Distribution  12,479$ 13,335$  37,440$ 38,733$   FAD per share available to common shareholders  0.58$ 0.62$  1.75$ 1.80$   Dividend per Common Share  0.4625$ 0.4625$  1.3875$ 1.3875$   Payout Ratio - FFO  73.3%  70.2%  74.5%  72.2%   Payout Ratio - FAD  79.3%  74.4%  79.3%  76.9%   Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 7

Selected Financial and Operating Ratios  Three Months Ended September 30,  Nine Months Ended September 30,   2008  2007  2008  2007   EBITDA Calculation:   Operating Income Plus Earnings From Unconsolidated Entities  $  4,003  [1] $  4,496  [3]  $  11,087  [2] $  13,926  [4]   Add Back:   Income From Discontinued Operations  - 72  206  211   Interest Expense  8,685  9,887  27,357  31,649   Depreciation and Amortization  7,824  8,005  23,659  24,220   EBITDA  20,512  22,460  62,309  70,006   Scheduled Principal Payments  1,132  1,291  3,581  3,990   Preferred Dividends  - 593  - 2,863   Coverage Ratios:   Interest Coverage Ratio (EBITDA / Interest Expense)  2.36  2.27  2.28  2.21   Debt Service Coverage Ratio (EBITDA / Interest Expense + Scheduled Principal Pmts.)  2.09  2.01  2.01  1.96   Fixed Charge Coverage Ratio (EBITDA / Interest Expense + Scheduled Principal Pmts. + Pref. Div.)  2.09  1.91  2.01  1.82   Operating Ratios:   NOI  21,356  22,673  65,575  70,189   Operating Margin (NOI / Total Rental Revenue)  65.9%  65.8%  65.3%  66.5%   General & Administrative Expense as a Percentage of Total Rental Revenues Under Management [5]:   Revenue From REIT Owned Properties  $  32,968  $  36,374  $  101,962  $  109,201   Revenue From Joint Venture Properties  23,606  18,406  71,608  32,189   Revenue From Non-REIT Properties Under Management Contract  935  916  3,038  2,748   Total Rental Revenues Under Management  $  57,509  $  55,696  $  176,608  $  144,138   General and Administrative Expense  $  3,342  $  4,043  $  11,967  $  10,950   General and Administrative Expense / Total Rental Revenues Under Management  5.81%  7.26%  6.78%  7.60%    [1] Q3 2008 excludes $9,247 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 1.07 for the three months ended 9/30/08.  [2] YTD 2008 excludes $19,534 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 0.71 for the nine months ended 9/30/08.  [3] Q3 2007 excludes $107 related to the loss on sale of real estate from continuing operations. Including the loss would negatively impact the interest coverage ratio by 0.01 for the three months ended 9/30/07.  [4] YTD 2007 excludes $31,269 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 0.99 for the nine months ended 9/30/07.  [5] General & administrative expense shown as a percentage of rental revenues under management which includes base rent, recoveries and other income from wholly owned properties, joint venture properties, and properties that are under management contract.

Same Properties Analysis  (in thousands)  Three Months Ended September 30, Nine Months Ended September 30, 2008 2007 % Change 2008 2007 % Change  Number of Properties [1] 51 51 0% 51 51 0%  Occupancy 95.3% 96.0% -0.8% 95.3% 96.0% -0.8%  REVENUE: Minimum Rents $17,647 Percentage Rent 31 Recoveries from Tenants 8,704 Other Income 166  $26,549  $17,503 0.8% $52,638 $52,324 0.6%24 29.8% 446 362 23.0%8,102 7.4% 26,879 25,288 6.3%168 -1.6% 585 654 -10.6% $25,797 2.9% $80,547 $78,628 2.4%  EXPENSES: Real Estate Taxes $3,723 Property Operating and Maintenance 4,732 Other Operating 366  $8,821 OPERATING INCOME $17,727  $4,022 -7.4% $11,744 $11,708 0.3%4,327 9.4% 14,470 13,513 7.1%380 -3.7% 1,246 1,065 16.9% $8,729 1.1% $27,460 $26,287 4.5% $17,069 3.9% $53,087 $52,341 1.4%  Operating Expense Recovery Ratio 102.9% 97.0% 5.9% 102.5% 100.3% 2.3%  [1] Excludes joint venture properties.Note: Excludes centers under redevelopment and reflects recovery adjustments to the proper period.

Leasing Activity Analysis   Three Months Ended September 30, 2008  Nine Months Ended September 30, 2008   Non-Anchors  Anchors  Total  Non-Anchors  Anchors  Total   Summary of Expiring Leases:   Total Number of Scheduled Lease Expirations 31  5  36  184  18  202   Gross Leasable Area (sq.ft.) 88,552  182,820  271,372  594,691  509,249  1,103,940   Average Base Rent / Sq.Ft ($/sq.ft.)  $13.09  $7.91  $9.60  $13.53  $7.55  $10.77   Leases Renewed at Expiration:   Number of Leases 13  3  16  107  15  122   Gross Leasable Area (sq.ft.) 42,486  133,215  175,701  368,250  428,489  796,739   Renewal Base Rent / Sq.Ft. ($/sq.ft.) $14.86  $8.10  $9.73  $14.79  $8.09  $11.19   Previous Base Rent / Sq.Ft. ($/sq.ft.) $13.15  $7.77  $9.07  $13.19  $7.56  $10.17   PSF Increase / (Decrease) $1.71  $0.32  $0.66  $1.59  $0.53  $1.02   % Increase / (Decrease) 13.0%  4.2%  7.3%  12.1%  7.0%  10.1%   Leases Currently Month-to-Month or Under Negotiation for Renewal:   Number of Leases 9  1  10  21  1  22   Gross Leasable Area (sq.ft.) 27,230  24,605  51,835  55,167  24,605  79,772   Current Base Rent / Sq.Ft. ($/sq.ft.) $11.90  $9.42  $10.72  $13.96  $9.42  $23.38   Leases Ended at Expiration:   Number of Leases 9  1  10  56  2  58   Gross Leasable Area (sq.ft.) 18,836  25,000  43,836  171,274  56,155  227,429   Base Rent / Sq.Ft. ($/sq.ft.) $14.68  $7.14  $10.38  $14.12  $6.65  $12.27   Lease-Up of Vacant Space: [1]   Number of Leases 22  1  23  64  2  66   Gross Leasable Area (sq.ft.) 71,245  39,172  110,417  183,026  80,992  264,018   Base Rent / Sq.Ft. ($/sq.ft.) $19.69  $15.00  $18.03  $17.74  $13.19  $16.34   % Increase / (Decrease) from Portfolio Average 19.9%  85.9%  67.4%  8.0%  63.5%  51.8%    [1] Lease-Up of Vacant Space are rent starts in the quarter   Current Portfolio Average:   Portfolio Average Base Rent / Sq.Ft. (as of 9/30/08)  $16.43  $8.07  $10.77  $16.43  $8.07  $10.77   Historical Portfolio Averages:   Year Ended 12/31/07 Portfolio Average Base Rent / Sq.Ft.  $16.05  $7.90  $10.61   Year Ended 12/31/06 Portfolio Average Base Rent / Sq.Ft.  $15.10  $7.67  $10.08   Year Ended 12/31/05 Portfolio Average Base Rent / Sq.Ft.  $14.57  $7.21  $9.55   Year Ended 12/31/04 Portfolio Average Base Rent / Sq.Ft.  $13.70  $6.61  $8.83   Year Ended 12/31/03 Portfolio Average Base Rent / Sq.Ft.  $12.60  $6.29  $8.17   Supplemental Financial and Operating Statistics   Ramco-Gershenson Properties Trust (RPT)  Q3 2008   Page 10

Development Projects (in millions)   Estimated Additional Costs   RPT  Projected  Stabilized  Projected   Ownership  Stabilization  Return on  Stabilized  Projected  Cost to  10/1/08 -  Property/Location  Project Description  %  Date  Cost  NOI  Cost  Date  12/31/08  2009  2010  2011   Current Development Projects   On-Balance Sheet Assets   Northpointe Town Center - Jackson, MI  550,000 SF town center project  100%  Q2 2011  8.8%  $6.6  $74.2  $1.6  $0.1  $0.7  $43.1  $28.7   Rossford Pointe - Rossford, OH  70,000 SF project includes Office Depot, Petsmart and  100%  Q4 2009  9.1%  $0.8  $8.5  $6.3  $0.1  $2.1  $0.0  $0.0   an additional mid-box user as well as 6,400 SF of   retail space.   Total On-Balance Sheet Assets  8.9% [1]  $7.3  $82.6  $7.9  $0.2  $2.8  $43.1  $28.7   Off-Balance Sheet Assets   Hartland Towne Square - Hartland Twp., MI  500,000 SF power center project  20%  Q2 2011  7.0%  $4.0  $56.5  $13.1  $3.9  $15.3  $20.7  $3.6   Total Off-Balance Sheet Assets  7.0% [1]  $4.0  $56.5  $13.1  $3.9  $15.3  $20.7  $3.6   RPT Share of Total Off-Balance Sheet Assets  7.0% [1]  $0.8  $11.3  $2.6  $0.8  $3.1  $4.1  $0.7   Proposed Off-Balance Sheet Assets   The Town Center at Aquia - Stafford, VA  Phase 1 - 114,340 SF of the mixed-use project  20%  Q2 2009  8.7%  $2.2  $25.8  $19.7 [2]  $1.3  $2.4  $2.4  $0.0   Future phases - 446,563 SF of the mixed-use project  20%  Q3 2011  8.1%  $7.9  $96.7  $19.2 [2]  $1.1  $2.0  $61.6  $12.8   Potential additions or land sales  20%  $16.5  $16.5 [2]   8.2% [3]  $10.1  $139.1  $55.4  $2.4  $4.5  $64.0  $12.8   Gateway Commons - Lakeland, FL  375,000 SF power center project  20%  Q3 2011  9.0%  $5.7  $63.0  $13.5  $0.4  $14.3  $26.2  $8.7   Total Proposed Off-Balance Sheet Assets  8.5% [1][3]  $15.8  $202.1  $68.9  $2.7  $18.7  $90.2  $21.5   RPT Share of Total Proposed Off-Balance Sheet Assets  8.5% [1][3]  $3.2  $40.4  $13.8  $0.5  $3.7  $18.0  $4.3   RPT Share of Current Developments  8.6% [1][3]  $11.3  $134.4  $24.3  $1.5  $9.6  $65.3  $33.7   [1] Does not include gains on sales held in TRS or fee revenue.   [2] Includes pro-rata portion of net book value of existing center and applicable fixed cost allocation.   [3] Does not include costs associated with the "Potential additions or land sales" at The Town Center at Aquia.

Redevelopment Projects  (in millions)  Estimated Additional Costs  RPT  Projected  Stabilized  Projected   Ownership  Stabilization  Return on  Stabilized  Projected  Cost to  10/1/08 -  Property/Location  Project Description  %  Date  Cost  NOI [1]  Cost  Date  12/31/08  2009  2010   Current Redevelopment Projects   On-Balance Sheet Assets   West Allis - West Allis, WI  Relocating existing tenants, adding Burlington Coat  100%  Q1 2010  9.1%  $1.1  $12.0  $3.7  $1.2  $5.5  $1.6   Factory, adding retail and upgrading façade.    Oakbrook Square - Flint, MIAdding a 55,000 SF Hobby Lobby, replacing 100% Q4 2008 11.0% $0.4 $3.4 $1.0 $2.3 $0.0 $0.0 vacancy and build-out of additional space.  Holcomb - Roswell, GAAdd national theater operator in 25,000 SF. 100% Q4 2009 11.6% $0.3 $2.5 $0.1 $0.1 $2.3 $0.0  Rivertowne Square - Deerfield Beach, FL Adding a 60,000 SF Beall's Department Store. 100% Q1 2009 13.8% $0.2 $1.6 $0.3 $0.6 $0.6 $0.0 Clinton Valley - Sterling Heights, MI Adding a 58,852 SF Hobby Lobby. 100% Q1 2009 13.8% $0.1 $1.0 $0.5 $0.2 $0.3 $0.0  Southbay - Osprey, FLAdding freestanding drug store, relocating tenants, 100% Q2 2009 15.2% $0.1 $1.0 $0.1 $0.2 $0.6 $0.0 retenanting space and demolishing vacated space.  Hoover Eleven - Warren, MIExpanding Kroger Supermarket by 12,000 SF. 100% Q4 2008 127.9% $0.1 $0.1 $0.0 $0.1 $0.0 $0.0  Total On-Balance Sheet Assets 11.1% $2.4 $21.6 $5.8 $4.8 $9.4 $1.6 Off-Balance Sheet Assets  Paulding Pavilion - Hiram, GAReplacing and expanding former Publix space with 20% Q4 2008 10.9% $1.0 $8.8 $8.2 $0.6 $0.0 $0.0 Sports Authority and Staples, adding 4,000 SF outlot building.  Troy Marketplace - Troy, MIRetenanting 97,000 SF Home Expo with LA 30% Q4 2009 21.0% $2.1 $9.8 $4.2 $0.4 $5.2 $0.0 Fitness (which has opened) and additional mid-box uses, constructing new outlot building.  Old Orchard - West Bloomfield, MIAdding 37,000 SF specialty grocer Plum Market as 30% Q4 2009 12.0% $1.2 $9.6 $3.0 $1.5 $5.2 $0.0 well as other upscale tenants; plus façade and structural improvements.  Collins Pointe Plaza - Cartersville, GARetenanting Winn-Dixie, building additional outlot 20% Q1 2010 15.1% $0.7 $4.7 $0.0 $0.0 $3.5 $1.2 and small-shop retail space.  Market Plaza - Glen Ellyn, ILAdding a 19,849 SF Staples. 20% Q1 2009 15.0% $0.2 $1.6 $0.8 $0.4 $0.3 $0.0  Total Off-Balance Sheet Assets 14.8% $5.1 $34.5 $16.2 $2.9 $14.2 $1.2 RPT Share of Total Off-Balance Sheet Assets 15.2% $1.3 $8.8 $3.9 $0.8 $3.9 $0.2 RPT Share of Current Redevelopments 12.3% $3.7 $30.5 $9.8 $5.6 $13.3 $1.8  Future Projects  Lakeshore Marketplace - Norton Shores, MI Retenant with mid-box use a portion of Elder-Beerman space. Develop new outlots. The Shops on Lane Avenue - Columbus, OH Expand existing grocery to prototype size. Sunshine Plaza - Tamarac, FL Taking back 20,000 SF of anchor space to create new mid-box opportunity. Stonegate - Kingsport, TN Reconfiguration of existing site. Pelican Plaza - Sarasota, FL Adding 20,000 SF specialty grocer. Marketplace of Delray - Delray Beach, FL Reconfiguring center to accommodate up to two new mid-box users.  [1] Represents incremental change in revenue. Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 12

Summary of Outstanding Debt 09/30/08  Percent of Total Lender or Servicer Indebtedness  Balance Stated Months at Interest Maturity To 9/30/2008 Rate Date Maturity  Fixed Rate Debt  West Oaks II/Spring Meadows Promenade at Pleasant Hill Publix at River Crossing Unsecured Term Loan Facility * Madison Shopping Center Lakeshore Marketplace Sunshine Plaza Shopping Center Coral Creek The Crossroads at Royal Palm Centre at Woodstock East Town Plaza Kentwood Towne Center Lantana Plaza Shopping Center Auburn Hills Crossroads Shopping Center Jackson West West Oaks I New Towne Plaza Hoover Eleven River City Marketplace Hoover Eleven Junior Subordinated Note **  Subtotal Fixed Rate Debt  Variable Rate Mortgages  Beacon Square Secured Term Loan Gaines Marketplace  Subtotal Variable Rate Mortgages Variable Rate Unsecured Facility  Unsecured Revolving Credit Facility  Subtotal Variable Rate Unsecured Facilities Subtotal Variable Rate Debt Total debt  Travelers Insurance Principal Life Jackson National Life Ins Co. KeyBank, as agent LaSalle Bank N.A. Wells Fargo/Midland Nationwide Life KeyBank  L.J. Melody & Co./Salomon Wachovia Citigroup Global Markets Nationwide Life Key Bank Citigroup Global Markets Citigroup Global Markets KeyBank KeyBank Deutsche Bank Canada Life/GMAC JPMorgan Chase Bank, N.A. Canada Life/GMAC The Bank of New York Trust Company  Huntington Bank KeyBank Huntington Bank  3.75% $ 2.06% 0.52% 15.68% 1.50% 2.33% 1.81% 1.49% 1.78% 0.73% 1.75% 1.49% 1.58% 1.16% 4.03% 2.69% 4.28% 3.10% 0.99% 17.25% 0.36% 4.41%  74.74% $  1.33% $ 6.27% 1.20%  23,889,719 13,137,016 3,326,867 100,000,000 9,542,906 14,862,956 11,512,346 9,533,074 11,378,011 4,672,632 11,186,979 9,477,402 10,075,539 7,384,775 25,722,680 17,180,000 27,300,000 19,800,000 6,289,277 110,000,000 2,284,441 28,125,000  476,681,621  8,458,065 40,000,000 7,630,534  7.0500% 8.0900% 6.6700% 6.0065% 7.5080% 7.6470% 7.3500% 6.7800% 6.5000% 6.9100% 5.4500% 5.7400% 4.7600% 5.3800% 5.3800% 5.2000% 5.2000% 5.0910% 7.6250% 5.4355% 7.2000% 7.8700%  6.0744%  4.2375% 3.9900% 3.9856%  8.79% $ 56,088,598 4.0267%  KeyBank, as agent 16.46% $ 105,000,000 4.9426% 16.46% $ 105,000,000 4.9426%  25.26% $ 161,088,598 4.6237% 100.00% $ 637,770,220 5.7080%  Dec-09 14 Sep-10 23 Oct-10 25 Dec-10 27 May-11 31 Aug-11 35 May-12 44 Jul-12 46 Aug-12 47 Jul-13 58 Jul-13 58 Jul-13 58 Aug-13 59 May-14 68 May-14 68 Nov-15 86 Nov-15 86 Dec-15 87 Feb-16 89 Apr-17 104 May-18 117 Jan-38 357 78  Nov-08 1 Dec-08 2 Mar-09 5 2  Dec-09 15  10 61  * Effectively converted to fixed rate through swap agreements.  ** Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%.  Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 13 Cumulative Scheduled Total Percentage Percentage Amortization Scheduled Scheduled of Debt of Debt Year Payments Maturities Maturities Maturing Maturing

Loan Maturities Split between Scheduled Amortization and Scheduled Maturities 09/30/08   2008  $ 1,258,002 $ 48,458,065 $ 49,716,066  7.80%  7.80%   2009  4,841,750  135,172,769  140,014,519  21.95%  29.75%   2010  4,013,811  115,709,220  119,723,032  18.77%  48.52%   2011  4,599,918  23,332,219  27,932,137  4.38%  52.90%   2012  4,130,892  29,879,687  34,010,579  5.33%  58.23%   2013  3,363,353  30,121,368  33,484,721  5.25%  63.48%   2014  2,505,331  29,676,361  32,181,691  5.05%  68.53%   2015  2,323,334  59,457,889  61,781,223  9.69%  78.22%   2016  382,038  - 382,038  0.06%  78.28%   2017  310,621  110,000,000  110,310,621  17.30%  95.57%   2018 +  108,593  28,125,000  28,233,593  4.43%  100.00%   Totals  $ 27,837,643 $ 609,932,577 $ 637,770,220   Note: Scheduled maturities in 2009 includes $105,000,000 which represents the balance of the Unsecured Revolving Credit Facility drawn as of September 30, 2008 due at maturity in December 2009, and scheduled maturities in 2010 includes $100,000,000 which represents the balance of the Unsecured Term Loan  Facility due at maturity in December 2010. The Unsecured Revolving Credit Facility can be extended to December 2010.   Supplemental Financial and Operating Statistics Ramco-Gershenson Properties Trust (RPT)  Q3 2008 Page 14

Market Capitalization Information   09/30/08   Debt:  Shares  Dollars  Percentage   Fixed Rate Debt  $  476,681,621  42.57%   Variable Rate Debt  $  161,088,598  14.38%   Total Debt  $  637,770,220  56.95%   Equity:  Market price   Common Shares and Equivalents   REIT Shares  $  22.42  86.43%  18,583,362 $  416,638,976  37.20%   OP Units  13.57%  2,918,809  $  65,439,698  5.84%    Total Common Shares and Equivalents 100.00% 21,502,171 $ 482,078,674 43.05% Total Market Capitalization $ 1,119,848,894 100.00%    Common Stock Performance - 10/1/07 through 9/30/08   Q3 2008 Supplemental Financial and Operating Statistics Page 15 Ramco-Gershenson Properties Trust (RPT)   Non-Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2]

Operating Property Summary As of September 30, 2008  Total Shopping Center GLA: Company Owned GLA Annualized Base Rent Year Constructed / Anchors: Acquired / Year of Non-Ownership Latest Renovation or Number Company Company Total Property Location % Expansion (1) of UnitsOwned Owned Anchor GLA Operating: Florida  Coral Creek Shops Coconut Creek, FL 100% 1992/2002/NA 34 Lantana Shopping Center Lantana, FL 100% 1959/1996/2002 22 Naples Towne Centre Naples, FL 100% 1982/1996/2003 14 Pelican Plaza Sarasota, FL 100% 1983/1997/NA 28 River City Marketplace Jacksonville, FL 100% 2005/2005/NA 68  River Crossing Centre New Port Richey, FL 100% 1998/2003/NA 16 Sunshine Plaza Tamarac, FL 100% 1972/1996/2001 28 The Crossroads Royal Palm Beach, FL 100% 1988/2002/NA 33 Village Lakes Shopping Center Land O' Lakes, FL 100% 1987/1997/NA 24  42,112 42,112 67,200 109,312 109,312 88,512 81.0% $ 1,319,602 $ 14.91 Publix 61,166 61,166 62,444 123,610 123,610 115,768 93.7% $ 1,248,337 $ 10.78 Publix 32,680 102,027 134,707 32,680 167,387 134,707 130,794 97.1% $ 822,386 $ 6.29 Goodwill [3], Save-A-Lot, Bealls 35,768 35,768 58,254 94,022 94,022 77,570 82.5% $ 869,813 $ 11.21 Linens 'n Things  342,501 323,907 666,408 214,979 881,387 538,886 519,532 96.4% $ 8,114,011 $ 15.62Wal-Mart [3], Lowe's[3], Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters, Ashley Furniture HomeStore  37,888 37,888 24,150 62,038 62,038 59,238 95.5% $ 696,095 $ 11.75 Publix 146,409 146,409 89,317 235,726 235,726 224,112 95.1% $ 1,998,095 $ 8.92 Publix, Old Time Pottery 42,112 42,112 72,410 114,522 114,522 105,092 91.8% $ 1,562,784 $ 14.87 Publix 125,141 125,141 61,355 186,496 186,496 185,096 99.2% $ 1,149,735 $ 6.21 Kash 'N Karry Food Store, Wal-Mart  Total / Average267 375,181 916,530 1,291,711 682,789 1,974,500 1,599,319 1,505,714 94.1% $ 17,780,859 $ 11.81  Georgia   Centre at Woodstock  Woodstock, GA  100%  1997/2004/NA  14  51,420  51,420  35,328  86,748  86,748  78,060  90.0%  $  915,483  $  11.73  Publix   Conyers Crossing  Conyers, GA  100%  1978/1998/NA  15  138,915  138,915  31,560  170,475  170,475  170,475  100.0%  $  968,507  $  5.68  Burlington Coat Factory, Hobby Lobby   Horizon Village  Suwanee, GA  100%  1996/2002/NA  22  47,955  47,955  49,046  97,001  97,001  78,786  81.2%  $  848,123  $  10.76  Publix [4]   Mays Crossing  Stockbridge, GA  100%  1984/1997/NA  20  100,244  100,244  37,040  137,284  137,284  128,384  93.5%  $  818,512  $  6.38  ApplianceSmart Factory Outlet, Big Lots, Dollar Tree   Promenade at Pleasant Hill  Duluth, GA  100%  1993/2004/NA  36  199,555  199,555  95,000  294,555  294,555  261,336  88.7%  $  2,010,656  $  7.69  Farmers Home Furniture, Old Time Pottery, Publix    Total / Average107 -538,089 538,089 247,974 786,063 786,063 717,041 91.2% $ 5,561,281 $ 7.76  Michigan   Auburn Mile, The  Auburn Hills, MI  100%  2000/1999/NA  7  533,659  64,298  597,957  26,238  624,195  90,536  90,536  100.0%  $  938,457  $  10.37  Best Buy [3], Target [3], Meijer [3], Costco [3], Jo-Ann, Staples   Beacon Square  Grand Haven, MI  100%  2004/2004/NA  16  103,316  - 103,316  51,387  154,703  51,387  44,225  86.1%  $  743,844  $  16.82  Home Depot [3]   Clinton Pointe  Clinton Twp., MI  100%  1992/2003/NA  14  112,876  65,735  178,611  69,595  248,206  135,330  104,780  77.4%  $  1,048,031  $  10.00  OfficeMax, Sports Authority, Target [3]   Clinton Valley Mall  Sterling Heights, MI  100%  1977/1996/2002  9  55,175  55,175  53,271  108,446  108,446  99,281  91.5%  $  1,550,740  $  15.62  Office Depot, DSW Shoe Warehouse   Eastridge Commons  Flint, MI  100%  1990/1996/2001  16  117,777  117,972  235,749  51,704  287,453  169,676  161,459  95.2%  $  1,682,883  $  10.42  Farmer Jack (A&P) [4], Office Depot, Target [3], TJ Maxx   Edgewood Towne Center  Lansing, MI  100%  1990/1996/2001  17  227,193  23,524  250,717  62,233  312,950  85,757  75,122  87.6%  $  864,647  $  11.51  OfficeMax, Sam's Club [3], Target [3]   Fairlane Meadows  Dearborn, MI  100%  1987/2003/NA  22  201,300  56,586  257,886  80,922  338,808  137,508  106,301  77.3%  $  1,675,731  $  15.76  Best Buy, Target [3], Burlington Coat Factory [3]   Fraser Shopping Center  Fraser, MI  100%  1977/1996/NA  8  52,784  52,784  23,915  76,699  76,699  71,735  93.5%  $  440,962  $  6.15  Oakridge Market, Rite-Aid   Gaines Marketplace  Gaines Twp., MI  100%  2005/2004/NA  15  351,981  351,981  40,188  392,169  392,169  387,669  98.9%  $  1,648,172  $  4.25  Meijer, Staples, Target   Jackson Crossing  Jackson, MI  100%  1967/1996/2002  65  254,242  222,192  476,434  178,784  655,218  400,976  377,593  94.2%  $  3,617,769  $  9.58  Kohl's, Sears [3], Target [3] TJ Maxx, Toys "R" Us, Best Buy, Bed Bath   & Beyond, Jackson 10 Theater   Jackson West  Jackson, MI  100%  1996/1996/1999  5  194,484  194,484  15,837  210,321  210,321  210,321  100.0%  $  1,636,531  $  7.78  Circuit City, Lowe's, Michaels, OfficeMax   Kentwood Towne Centre  Kentwood, MI  77.88%  1988/1996//NA  18  101,909  122,390  224,299  61,265  285,564  183,655  164,663  89.7%  $  1,268,114  $  7.70  Hobby Lobby, OfficeMax, Rooms Today [3],   Lake Orion Plaza  Lake Orion, MI  100%  1977/1996/NA  9  126,195  126,195  14,878  141,073  141,073  138,753  98.4%  $  685,129  $  4.94  Hollywood Super Market, Kmart   Lakeshore Marketplace  Norton Shores, MI  100%  1996/2003/NA  21  126,800  258,638  385,438  89,015  474,453  347,653  339,074  97.5%  $  2,727,143  $  8.04  Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T J Maxx,   Toys "R" Us, Target[3]   Livonia Plaza  Livonia, MI  100%  1988/2003/NA  20  90,831  90,831  43,042  133,873  133,873  122,922  91.8%  $  1,254,444  $  10.21  Kroger, TJ Maxx   Madison Center  Madison Heights, MI  100%  1965/1997/2000  15  167,830  167,830  59,258  227,088  227,088  213,332  93.9%  $  1,384,014  $  6.49  Dunham's, Kmart   New Towne Plaza  Canton Twp., MI  100%  1975/1996/2005  16  126,425  126,425  59,943  186,368  186,368  183,568  98.5%  $  1,842,100  $  10.03  Kohl's, Jo-Ann   Roseville Towne Center  Roseville, MI  100%  1963/1996/2004  9  206,747  206,747  40,221  246,968  246,968  246,968  100.0%  $  1,644,745  $  6.66  Marshalls, Wal-Mart, Office Depot   Shoppes at Fairlane Meadows  Dearborn, MI  100%  2007/NA/NA  8  - - 19,925  19,925  19,925  13,197  66.2%  $  316,736  $  24.00  No Anchor   Southfield Plaza  Southfield, MI  100%  1969/1996/2003  14  128,340  128,340  37,660  166,000  166,000  161,310  97.2%  $  1,320,519  $  8.19  Burlington Coat Factory, Marshalls, Staples   Taylor Plaza  Taylor, MI  100%  1970/1996/2006  1  102,513  102,513  - 102,513  102,513  102,513  100.0%  $  439,992  $  4.29  Home Depot   Tel-Twelve  Southfield, MI  100%  1968/1996/2003  21  479,869  479,869  43,542  523,411  523,411  523,411  100.0%  $  5,692,739  $  10.88  Meijer, Lowe's, Office Depot, Best Buy, DSW Shoe Warehouse,   Michaels, PETsMART   West Oaks I  Novi, MI  100%  1979/1996/2004  8  215,251  215,251  30,270  245,521  245,521  245,521  100.0%  $  2,684,239  $  10.93  Circuit City, OfficeMax, DSW Shoe Warehouse, Home Goods, Michaels,   Gander Mountain   West Oaks II  Novi, MI  100%  1986/1996/2000  30  221,140  90,753  311,893  77,201  389,094  167,954  166,154  98.9%  $  2,830,016  $  17.03  Value City Furniture [3], Bed Bath & Beyond [3], Marshalls, Toys "R"   Us[3], Kohl's[3], Jo-Ann    Total / Average  384  2,000,212  3,320,513  5,320,725  1,230,294  6,551,019  4,550,807  4,350,408  95.6%  $  39,937,698  $  9.18   North Carolina   Ridgeview Crossing  Elkin, NC  100%  1989/1997/1995  20  168,659  168,659  42,865  211,524  211,524  206,449  97.6%  $  1,120,095  $  5.43  Belk Department Store, Ingles Market, Wal-Mart[4]   Total / Average  20  - 168,659  168,659  42,865  211,524  211,524  206,449  97.6%  $  1,120,095  $  5.43     Non-Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2]

Operating Property Summary As of September 30, 2008  Total Shopping Center GLA: Company Owned GLA Annualized Base Rent Year Constructed / Anchors: Acquired / Year of Non-Ownership Latest Renovation or Number Company Company Total Property Location % Expansion (1) of UnitsOwned Owned Anchor GLA Ohio  Crossroads Centre Rossford, OH 100% 2001/2001/NA 22 126,200 255,091 381,291 99,054 480,345 354,145 347,645 98.2% $ 3,179,575 $ 9.15 Home Depot, Target [3], Giant Eagle, Michaels, Linens 'n Things [4]  OfficeMax Center Toledo, OH 100% 1994/1996/NA 1 22,930 22,930 - -22,930 22,930 22,930 100.0% $ 265,988 $ 11.60 OfficeMax Rossford Pointe Rossford, OH 100% 2006/2005/NA 6 41,077 41,077 6,400 47,477 47,477 44,277 93.3% $ 552,727 $ 12.48 PETsMART, Office Depot Spring Meadows Place Holland, OH 100% 1987/1996/2005 28 384,770 110,691 495,461 101,126 596,587 211,817 205,669 97.1% $ 2,321,461 $ 11.29 Dick's Sporting Goods [3], Best Buy [3], Kroger [3], Target [3], T J  Maxx, OfficeMax, PETsMART, Ashley Furniture, Sam's Club[3], Big Lots[3] Troy Towne Center Troy, OH 100% 1990/1996/2003 18 197,109 86,584 283,693 58,026 341,719 144,610 130,670 90.4% $ 846,408 $ 6.48 Wal-Mart[3], Kohl's  Total / Average 75 708,079 516,373 1,224,452 264,606 1,489,058 780,979 751,191 96.2% $ 7,166,158 $ 9.54  South Carolina  Taylors Square Taylors, SC 100% 1989/1997/2005 14 207,455 207,455 33,777 241,232 241,232 238,476 98.9% $ 1,427,720 $ 5.99 Wal-Mart  Total / Average 14 -207,455 207,455 33,777 241,232 241,232 238,476 98.9% $ 1,427,720 $ 5.99   Tennessee  Northwest Crossing Knoxville, TN 100% 1989/1997/NA 11 274,291 274,291 29,933 304,224 304,224 304,224 100.0% $ 1,809,118 $ 5.95 Wal-Mart, Ross Dress for Less, Greggs Appliances Northwest Crossing II Knoxville, TN 100% 1999/1999/NA 2 23,500 23,500 4,674 28,174 28,174 28,174 100.0% $ 308,969 $ 10.97 OfficeMax  Total / Average 13 -297,791 297,791 34,607 332,398 332,398 332,398 100.0% $ 2,118,087 $ 6.37   Wisconsin  East Town Plaza Madison, WI 100% 1992/2000/2000 18 132,995 144,685 277,680 64,274 341,954 208,959 199,551 95.5% $ 1,842,231 $ 9.23 Burlington Coat Factory, Marshalls, Jo-Ann, Borders, Toys "R" Us[3], Shopko[3]  Total / Average 18 132,995 144,685 277,680 64,274 341,954 208,959 199,551 95.5% $ 1,842,231 $ 9.23  Operating Total / Average 898 3,216,467 6,110,095 9,326,562 2,601,186 11,927,748 8,711,281 8,301,228 95.3% $ 76,954,128 $ 9.27  Joint Ventures:   Florida   Cocoa Commons  Cocoa, FL  30%  2001/2007/NA  23   Cypress Point  Clearwater, FL  30%  1983/2007/NA  22   Kissimmee West  Kissimmee, FL  7%  2005/2005/NA  17   Marketplace of Delray  Delray Beach, FL  30%  1981/2005/NA  47   Martin Square  Stuart, FL  30%  1981/2005/NA  14   Mission Bay Plaza  Boca Raton, FL  30%  1989/2004/NA  57   Plaza at Delray, The  Delray Beach, FL  20%  1979/2004/NA  48    Shenandoah Square  Davie, FL  40%  1989/2001/NA  44   Shoppes of Lakeland  Lakeland, FL  7%  1985/1996/NA  22   Treasure Coast Commons  Jensen Beach, FL  30%  1996/2004/NA  3   Village of Oriole Plaza  Delray Beach, FL  30%  1986/2005/NA  39   Village Plaza  Lakeland, FL  30%  1989/2004/NA  26   Vista Plaza  Jensen Beach, FL  30%  1998/2004/NA  9   West Broward Shopping Center  Plantation, FL  30%  1965/2005/NA  19    51,420  51,420  38,696  90,116  90,116  75,120  83.4%  $  870,820  $  11.59  Publix   94,500  94,500  64,185  158,685  158,685  151,648  95.6%  $  1,680,370  $  11.08  Burlington Coat Factory, The Fresh Market   184,600  67,000  251,600  48,586  300,186  115,586  114,386  99.0%  $  1,438,731  $  12.58  Jo-Ann, Marshalls,Target [3]   103,193  103,193  119,711  222,904  222,904  204,065  91.5%  $  2,578,438  $  12.64  David Morgan Fine Arts[5], Office Depot, Winn-Dixie   291,432  291,432  39,673  331,105  331,105  326,240  98.5%  $  2,080,621  $  6.38  Home Depot, Howards Interiors, Kmart, Staples   159,147  159,147  113,719  272,866  272,866  255,389  93.6%  $  4,721,864  $  18.49  Albertsons, LA Fitness Sports Club, OfficeMax, Toys "R" Us   193,967  193,967  137,529  331,496  331,496  315,631  95.2%  $  5,059,852  $  16.03  Books-A-Million, Linens 'n Things [4], Marshalls, Publix, Regal Cinemas Staples    42,112  42,112  81,500  123,612  123,612  115,032  93.1%  $  1,872,095  $  16.27  Publix   123,400  122,441  245,841  66,447  312,288  188,888  188,888  100.0%  $  2,194,719  $  11.62  Michaels, Ashley Furniture, Target [3], Linens 'n Things   92,979  92,979  - 92,979  92,979  92,979  100.0%  $  1,154,920  $  12.42  Barnes & Noble, OfficeMax, Sports Authority   42,112  42,112  113,640  155,752  155,752  149,832  96.2%  $  2,028,122  $  13.54  Publix   64,504  64,504  82,251  146,755  146,755  142,315  97.0%  $  1,653,449  $  11.62  Circuit City, Staples   87,072  87,072  22,689  109,761  109,761  109,761  100.0%  $  1,426,812  $  13.00  Bed Bath & Beyond, Circuit City, Michaels   81,801  81,801  74,435  156,236  156,236  154,185  98.7%  $  1,601,828  $  10.39  Badcock, National Pawn Shop, Save-A-Lot, US Postal Service   Total / Average 390 308,000  1,493,680  1,801,680  1,003,061  2,804,741  2,496,741  2,395,471  95.9%  $  30,362,640  $  12.68    Georgia   Peachtree Hill  Duluth, GA  20%  1986/2007/NA  35  85,772  85,772  63,461  149,233  149,233  119,732  80.2%  $  1,428,161  $  11.93  Kroger, Outrageous Bargains   Total / Average  35  - 85,772  85,772  63,461  149,233  149,233  119,732  80.2%  $  1,428,161  $  11.93   Illinois   Rolling Meadows  Rolling Meadows, IL  20%  1956/2008/1995  18  - 83,230  83,230  47,206  130,436  130,436  123,107  94.4%  $  1,314,394  $  10.68  Jewel Osco   Total / Average  18  - 83,230  83,230  47,206  130,436  130,436  123,107  94.4%  $  1,314,394  $  10.68   Indiana   Merchants' Square  Carmel, IN  20%  1970/2004/NA  48  80,000  69,504  149,504  209,993  359,497  279,497  254,572  91.1%  $  2,877,714  $  11.30  Marsh [3], Cost Plus, Hobby Lobby   Nora Plaza  Indianapolis, IN  7%  1958/2007/2002  25  123,800  58,144  181,944  82,322  264,266  140,466  137,211  97.7%  $  1,903,669  $  13.87  Target [3], Marshalls, Whole Foods   Total / Average  73  203,800  127,648  331,448  292,315  623,763  419,963  391,783  93.3%  $  4,781,383  $  12.20     Non-Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2]

Operating Property Summary As of September 30, 2008  Total Shopping Center GLA: Company Owned GLA Annualized Base Rent Year Constructed / Anchors: Acquired / Year of Non-Ownership Latest Renovation or Number Company Company Total Property Location % Expansion (1) of UnitsOwned Owned Anchor GLA Maryland  Crofton Centre Crofton, MD 20% 1974/1996/NA 18 176,376 176,376 75,135 251,511 251,511 251,511 100.0% $ 1,834,422 $ 7.29 Shoppers Food Warehouse, Kmart, Leather Expo, Gold's Gym  Total / Average 18 - -176,376 176,376 75,135 251,511 251,511 251,511 100.0% $ 1,834,422 $ 7.29  Michigan   Gratiot Crossing  Chesterfield, MI  30%  1980/2005/NA  15  122,406  122,406  43,138  165,544  165,544  150,586  91.0%  $  1,323,440  $  8.79  Jo-Ann, Kmart   Hunter's Square  Farmington Hills, MI  30%  1988/2005/NA  37  194,236  194,236  163,066  357,302  357,302  342,715  95.9%  $  6,338,248  $  18.49  Bed Bath & Beyond, Borders, Loehmann's, Marshalls, T J Maxx,   Millennium Park  Livonia, MI  30%  2000/2005/NA  14  352,641  241,850  594,491  38,700  633,191  280,550  244,050  87.0%  $  3,223,124  $  13.21  Home Depot, Linens 'n Things [4], Marshalls, Michaels, PETsMART,   Costco[3], Meijer[3]   Southfield Plaza Expansion  Southfield, MI  50%  1987/1996/2003  11  - - 19,410  19,410  19,410  14,010  72.2%  $  226,715  $  16.18  No Anchor   West Acres Commons  Flint, MI  40%  1998/2001/NA  14  59,889  59,889  35,200  95,089  95,089  84,489  88.9%  $  1,067,003  $  12.63  VG's Food Center   Winchester Center  Rochester Hills, MI  30%  1980/2005/NA  16  224,356  224,356  89,309  313,665  313,665  310,269  98.9%  $  4,196,040  $  13.52  Borders, Dick's Sporting Goods, Linens 'n Things [4], Marshalls,   Michaels, PETsMART    Total / Average  107  352,641  842,737  1,195,378  388,823  1,584,201  1,231,560  1,146,119  93.1%  $  16,374,569  $  14.29   New Jersey   Chester Springs Shopping Center  Chester, NJ  20%  1970/1996/1999  42  81,760  81,760  142,393  224,153  224,153  209,690  93.5%  $  3,194,822  $  15.24  Shop-Rite Supermarket, Staples   Total / Average  42  - 81,760  81,760  142,393  224,153  224,153  209,690  93.5%  $  3,194,822  $  15.24   Ohio   Olentangy Plaza  Columbus, OH  20%  1981/2007/1997  41  139,130  139,130  114,800  253,930  253,930  221,225  87.1%  $  2,395,363  $  10.83  Eurolife Furniture, Marshalls, MicroCenter, Stitching Post, Sunflower   Market[4]   The Shops on Lane Avenue  Upper Arlington, OH  20%  1952/2007/2004  47  46,574  46,574  130,111  176,685  176,685  149,716  84.7%  $  2,939,850  $  19.64  Bed Bath & Beyond, Whole Foods   Total / Average  88  - 185,704  185,704  244,911  430,615  430,615  370,941  86.1%  $  5,335,213  $  14.38   JV Total / Average  771  864,441  3,076,907  3,941,348  2,257,305  6,198,653  5,334,212  5,008,354  93.9%  $  64,625,604  $  12.90    Operating Under Redevelopment:  Rivertowne Square  Deerfield Beach, FL  100%  1980/1998/NA  17  70,948  70,948  47,589  118,537  118,537  111,122  93.7%  $  978,280  $  8.80  Winn-Dixie, Office Depot   Southbay Shopping Center  Osprey, FL  100%  1978/1998/NA  18  31,700  31,700  52,190  83,890  83,890  68,687  81.9%  $  515,338  $  7.50  Bealls Clearance Store   Holcomb Center  Roswell, GA  100%  1986/1996/NA  25  39,668  39,668  67,385  107,053  107,053  36,095  33.7%  $  312,768  $  8.67   Clinton Valley  Sterling Heights, MI  100%  1985/1996/NA  11  30,847  30,847  51,149  81,996  81,996  75,506  92.1%  $  623,706  $  8.26  Big Lots   Hoover Eleven  Warren, MI  100%  1989/2003/NA  55  153,810  153,810  142,833  296,643  296,643  269,925  91.0%  $  3,093,132  $  11.46  Kroger, Marshalls, OfficeMax   Oak Brook Square  Flint, MI  100%  1982/1996/NA  20  79,744  79,744  72,629  152,373  152,373  77,686  51.0%  $  776,527  $  10.00  TJ Maxx   The Towne Center at Aquia  Stafford, VA  100%  1989/1998/NA  13  119,727  119,727  29,458  149,185  149,185  149,185  100.0%  $  2,540,517  $  17.03  Big Lots, Northrop Grumman, Regal Cinemas   West Allis Towne Centre  West Allis, WI  100%  1987/1996/NA  29  163,069  163,069  123,990  287,059  287,059  232,895  81.1%  $  1,554,817  $  6.68  Kmart, Dollar Tree, Big Lots, Office Depot    Total / Average  188  - 689,513  689,513  587,223  1,276,736  1,276,736  1,021,101  80.0%  $  10,395,086  $  10.18   Joint Venture Under Redevelopment:   Collins Pointe Plaza  Cartersville, GA  20%  1987/2006/NA  17  46,358  46,358  34,684  81,042  81,042  22,350  27.6%  $  293,930  $  13.15   Paulding Pavilion  Hiram, GA  20%  1995/2006/NA  10  60,512  60,512  21,087  81,599  81,599  76,899  94.2%  $  1,178,529  $  15.33  Sports Authority, Staples   Market Plaza  Glen Ellyn, IL  20%  1965/2007/1996  37  46,230  46,230  116,475  162,705  162,705  131,818  81.0%  $  1,876,015  $  14.23  Jewel Osco   Old Orchard  W. Bloomfield, MI  30%  1972/2007/NA  21  37,371  37,371  51,065  88,436  88,436  19,495  22.0%  $  452,862  $  23.23   Troy Marketplace  Troy, MI  30%  2000/2005/NA  11  20,600  192,178  212,778  23,813  236,591  215,991  158,496  73.4%  $  2,970,348  $  18.74  Linens 'n Things [4], Nordstom Rack, PETsMART, REI [3], LA Fitness   Total / Average  96  20,600  382,649  403,249  247,124  650,373  629,773  409,058  65.0%  $  6,771,684  $  16.55   PORTFOLIO   TOTAL / AVERAGE  1953  4,101,508  10,259,164  14,360,672  5,692,838  20,053,510  15,952,002  14,739,741  92.4%  $  158,746,502  $  10.77    [1] Represents year constructed/acquired/year of latest renovation or expansion by either the Company or the former Ramco Group, as applicable.  [2] We define anchor tenants as single tenants which lease 19,000 square feet or more at a property. [3] Non-Company owned anchor space [4] Tenant closed - lease obligated [5] Tenant lease expired 4/30/07, remains in occupancy as month to month tenant.

[1] Figures shown represent annualized base rents [2] Figures shown represent occupied Gross Leasable Area  Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust  (RPT) Page 19      Major Tenant Exposure* as of September 30, 2008  Annualized Base Rent in Place at 09/30/08  % of Total  % of Base Rental   Number of  Leased GLA as of  Company Owned  Total Annualized  Annualized Base  Revenue as of   Lease Name  Leases  09/30/08 (Sq.Ft.)  GLA  Base Rent  Rent/Square Foot  09/30/08   T.J. Maxx/Marshalls  19  611,155  3.83%  $5,676,678  $9.29  3.58%   Publix  12  574,794  3.60%  4,534,891  $7.89  2.86%   Home Depot  4  487,203  3.05%  3,259,492  $6.69  2.05%   Wal-Mart  5  746,335  4.68%  3,232,787  $4.33  2.04%   OfficeMax  12  273,720  1.72%  3,173,220  $11.59  2.00%   Kmart  6  618,341  3.88%  2,717,603  $4.39  1.71%   Jo-Ann  7  230,976  1.45%  2,480,777  $10.74  1.56%   PETsMART  7  160,428  1.01%  2,283,195  $14.23  1.44%   Michaels Stores  9  199,724  1.25%  2,187,349  $10.95  1.38%   Dollar Tree  23  245,195  1.54%  2,099,009  $8.56  1.32%   Best Buy  4  141,895  0.89%  2,072,663  $14.61  1.31%   Staples  9  204,443  1.28%  1,935,886  $9.47  1.22%   Office Depot  8  193,832  1.22%  1,900,425  $9.80  1.20%   Bed Bath & Beyond  6  155,662  0.98%  1,849,043  $11.88  1.16%   Gander Mountain  2  159,791  1.00%  1,844,967  $11.55  1.16%   133  5,003,494  31.37%  $41,247,985  $8.24  25.98%    *Based upon percentage of annualized base rent.  Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 19

Major Tenant Exposure* as of September 30, 2008  Annualized Base Rent in Place at 09/30/08  % of Total  % of Base Rental   Number of  Leased GLA as of  Company Owned  Total Annualized  Annualized Base  Revenue as of   Lease Name  Leases  09/30/08 (Sq.Ft.)  GLA  Base Rent  Rent/Square Foot  09/30/08   T.J. Maxx/Marshalls  19  611,155  3.83%  $5,676,678  $9.29  3.58%   Publix  12  574,794  3.60%  4,534,891  $7.89  2.86%   Home Depot  4  487,203  3.05%  3,259,492  $6.69  2.05%   Wal-Mart  5  746,335  4.68%  3,232,787  $4.33  2.04%   OfficeMax  12  273,720  1.72%  3,173,220  $11.59  2.00%   Kmart  6  618,341  3.88%  2,717,603  $4.39  1.71%   Jo-Ann  7  230,976  1.45%  2,480,777  $10.74  1.56%   PETsMART  7  160,428  1.01%  2,283,195  $14.23  1.44%   Michaels Stores  9  199,724  1.25%  2,187,349  $10.95  1.38%   Dollar Tree  23  245,195  1.54%  2,099,009  $8.56  1.32%   Best Buy  4  141,895  0.89%  2,072,663  $14.61  1.31%   Staples  9  204,443  1.28%  1,935,886  $9.47  1.22%   Office Depot  8  193,832  1.22%  1,900,425  $9.80  1.20%   Bed Bath & Beyond  6  155,662  0.98%  1,849,043  $11.88  1.16%   Gander Mountain  2  159,791  1.00%  1,844,967  $11.55  1.16%   133  5,003,494  31.37%  $41,247,985  $8.24  25.98%    *Based upon percentage of annualized base rent.  Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 20

Summary of Expiring GLA  All Leases Annualized Base Rent in Place at 09/30/08  Lease  Number of  GLA Under  % of  Annualized Base   Expiration  Leases  Expiring  Company  Total Annualized  % of Annualized  Rent per Square   Year  Expiring  Leases  Owned GLA  Base Rent  Base Rent  Foot   2008 109 577,801 3.92% $5,765,368 3.63% $9.98  2009 259 1,186,162 8.05% 13,898,569 8.76% 11.72  2010 252 1,442,879 9.79% 17,198,916 10.83% 11.92  2011 271 1,345,602 9.13% 17,884,153 11.27% 13.29  2012 216 1,391,513 9.44% 15,788,611 9.95% 11.35  2013 179 1,556,788 10.56% 17,903,205 11.28% 11.50  2014 83 1,184,844 8.04% 10,240,879 6.45% 8.64  2015 38 650,358 4.41% 7,184,585 4.53% 11.05  2016 69 1,391,859 9.44% 14,488,219 9.13% 10.41  2017 50 786,363 5.33% 10,476,134 6.60% 13.32  2018+ 85 3,225,572 21.88% 27,917,863 17.59% 8.66  Total  1,611 14,739,741 100.00% $158,746,502 100.00% $10.77  All Anchor Leases   Lease  Number of  GLA Under  % of  Annualized Base   Expiration  Leases  Expiring  Company  Total Annualized  % of Annualized  Rent per Square   Year  Expiring  Leases  Owned GLA  Base Rent  Base Rent  Foot   2008 11 275,086 2.76% $1,974,259 2.45% $7.18  2009 12 515,765 5.17% 3,425,687 4.26% 6.64  2010 20 733,934 7.36% 5,928,218 7.37% 8.08  2011 13 440,334 4.41% 3,369,197 4.19% 7.65  2012 16 711,156 7.13% 4,142,480 5.15% 5.82  2013 26 1,061,330 10.64% 9,053,429 11.25% 8.53  2014 20 940,481 9.43% 5,816,700 7.23% 6.18  2015 14 521,034 5.22% 4,997,579 6.21% 9.59  2016 27 1,140,239 11.43% 9,748,919 12.12% 8.55  2017 17 668,620 6.70% 8,140,256 10.12% 12.17  2018+ 42 2,966,549 29.74% 23,857,727 29.64% 8.04  Total  218 9,974,528 100.00% $80,454,451 100.00% $8.07  All Non-Anchor Leases   Lease  Number of  GLA Under  % of  Annualized Base   Expiration  Leases  Expiring  Company  Total Annualized  % of Annualized  Rent per Square   Year  Expiring  Leases  Owned GLA  Base Rent  Base Rent  Foot   2008 98 302,715 6.35% $3,791,109 4.84% $12.52  2009 247 670,397 14.07% 10,472,882 13.38% 15.62  2010 232 708,945 14.88% 11,270,698 14.40% 15.90  2011 258 905,268 19.00% 14,514,956 18.54% 16.03  2012 200 680,357 14.28% 11,646,131 14.88% 17.12  2013 153 495,458 10.40% 8,849,776 11.30% 17.86  2014 63 244,363 5.13% 4,424,179 5.65% 18.10  2015 24 129,324 2.71% 2,187,006 2.79% 16.91  2016 42 251,620 5.28% 4,739,300 6.05% 18.84  2017 33 117,743 2.47% 2,335,878 2.98% 19.84  2018+ 43 259,023 5.46% 4,060,136 5.19% 15.67  Total  1,393 4,765,213 100.00% $78,292,051 100.00% $16.43   Q3 2008 Supplemental Financial and Operating Statistics Page 21 Ramco-Gershenson Properties Trust (RPT)

Joint Ventures Contribution to Funds from Operations  (in thousands)  For Three Months Ended September 30, 2008   Ramco/Lion  Ramco 450  Ramco 191  Ramco  Ramco  Ramco RM  Ramco Jacksonville  S-12  Ramco/  Ramco/   Venture LP  Venture LLC  Venture LLC  HHF KL LLC  HHF NP LLC  Hartland SC LLC  North Industrial LLC  Associates  West Acres LLC  Shenandoah LLC   Ramco/Lion  Ramco 450  Ramco 191  Ramco  Ramco  Hartland  River City  Southfield  West Acres  Shenandoah  Ramco   Venture LP  Venture LLC  Venture LLC  HHF KL LLC  HHF NP LLC  Towne Square  North Ind  Plaza Expansion  Commons  Square  Consolidated   Consolidated  Consolidated  Consolidated  Consolidated  Indianapolis, IN  Hartland, MI  Jacksonville, FL  Southfield, MI  Flint, MI  Davie, FL  Interest   Total revenue  12,202$  7,852$  426$  1,240$  685$  $  - - -$  73$  386$  742$  5,938$   Operating expense  4,359  2,396  73  335  233  4  (1)  19  109  253  $  1,996   Depreciation and amortization  3,595  2,268  100  318  163  33  3  10  70  138  $  1,680   Interest expense  4,082  2,899  16  - - - - 16  182  227  $  1,979   Total expenses  12,036  7,563  189  653  396  37  2  45  361  618  5,655   Net income  166$  289$  237$  587$  289$  $  (37)  (2)$  28$  25$  124$  283$   Ramco ownership interest  30%  20%  20%  7%  7%  20%  5%  50%  40%  40%   Ramco's share of net income  51$  57$  47$  41$  20$  $  (7)  -$  14$  10$  50$  283$   Add: depreciation expense  1,028  435  20  22  12  - - - 4  28  46  1,595   Funds from operations contributed  1,079$  492$  67$  63$  32$  $  (7)  -$  18$  38$  96$  1,878$   by joint ventures   For Nine Months Ended September 30, 2008   Ramco/Lion  Ramco 450  Ramco 191  Ramco  Ramco  Hartland  River City  Southfield  West Acres  Shenandoah  Ramco   Venture LP  Venture LLC  Venture LLC  HHF KL LLC  HHF NP LLC  Towne Square  North Ind  Plaza Expansion  Commons  Square  Consolidated   Consolidated  Consolidated  Consolidated  Consolidated  Indianapolis, IN  Hartland, MI  Jacksonville, FL  Southfield, MI  Flint, MI  Davie, FL  Interest   Total revenue  40,401$  20,611$  1,140$  3,717$  2,184$  38$  -$  233$  1,226$  2,058$  18,321$   Operating expense  13,007  6,239  313  980  878  12  - 64  400  790  $  5,853   Depreciation and amortization  10,871  6,116  310  947  488  38  7  31  207  430  $  4,925   Interest expense  11,768  7,784  (30)  - - - 48  544  678  $  5,594   Total expenses  35,646  20,139  593  1,927  1,366  50  7  143  1,151  1,898  16,372   Net income  4,755$  472$  547$  1,790$  818$  $  (12)  (7)$  90$  75$  160$  1,949$   Ramco ownership interest  30%  20%  20%  7%  7%  20%  5%  50%  40%  40%   Ramco's share of net income  1,427$  94$  109$  125$  57$  $  (2)  -$  45$  30$  64$  1,949$   Add: depreciation expense  3,114  1,177  58  66  34  - - - 15  82  146  4,692   Funds from operations contributed  4,541$  1,271$  167$  191$  91$  $  (2)  -$  60$  112$  210$  6,641$   by joint ventures    Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 22

Joint Ventures   Combining Balance Sheets   as of September 30, 2008  (in thousands)   Ramco/Lion  Ramco 450  Ramco 191  Ramco  Ramco  Ramco RM  Ramco Jacksonville  S-12  Ramco/  Ramco/   Venture LP  Venture LLC  Venture LLC  HHF KL LLC  HHF NP LLC  Hartland SC LLC  North Industrial LLC  Associates  West Acres LLC  Shenandoah LLC   Ramco/Lion  Ramco 450  Ramco 191  Ramco  Ramco  Hartland  River City  Southfield  West Acres  Shenandoah  Ramco   Venture LP  Venture LLC  Venture LLC  HHF KL LLC  HHF NP LLC  Towne Square  North Ind  Plaza Expansion  Commons  Square  Equity   Consolidated  Consolidated  Consolidated  Consolidated  Indianapolis, IN  Hartland, MI  Jacksonville, FL  Southfield, MI  Flint, MI  Davie, FL  Investment   ASSETS   Investment in real estate   Land  76,891$  51,815$  2,879$  7,600$ 4,019$ 7,387$  1,127$  50$  1,118$  1,653$   Buildings and improvements  454,111  299,278  13,942  44,503  23,508  - - - 446  10,124  14,976   Construction in progress  3,004  905  5,518  12  - 4,270  80  - - -  Intangible assets, net  15,573  9,078  829  1,624  546  1,412  27  33  45  276   549,579  361,076  23,168  53,739  28,073  13,069  1,234  529  11,287  16,905   Less: accumulated depreciation  (32,549)  (7,930)  (465)  (1,443)  (662)  - - - (138)  (1,799)  (2,626)   Investments in real estate, net  517,030  353,146  22,703  52,296  27,411  13,069  1,234  391  9,488  14,279   Cash and cash equivalents  10,141  6,999  355  549  790  97  7  214  217  904   Accounts receivable, net  9,139  2,245  424  255  341  7,500  - 54  173  567   Other assets, net  1,954  815  13  19  - 2,500  - 21  106  434   Total Assets  538,264$  363,205$  23,495$  53,119$ 28,542$ 23,166$  1,241$  680$  9,984$  16,184$   LIABILITIES AND SHAREHOLDERS' EQUITY   Mortgages and notes payable  273,460$  222,849$  7,441$  $  - - -$ 8,505$  693$  928$  8,727$  12,085$   Accounts payable and accrued expenses  15,519  9,682  1,594  962  510  11,570  10  239  62  666   288,979  232,531  9,035  962  510  20,075  703  1,167  8,789  12,751   ACCUMULATED EQUITY (DEFICIT)  249,285  130,674  14,460  52,157  28,032  3,091  538  (487)  1,195  3,433   Total Liabilities and Accumulated Equity  538,264$  363,205$  23,495$  53,119$ 28,542$ 23,166$  1,241$  680$  9,984$  16,184$   EQUITY INVESTMENTS IN AND ADVANCES   TO UNCONSOLIDATED AFFILIATES   Equity Investments in Unconsolidated Entities  69,967$  13,869$  3,342$  2,885$ 2,002$ 634$  10$  910$  440$  1,358$  95,417$   Advances to Unconsolidated Entities  - - - - - 2,670  - - - - 2,670   Total Equity Investments in and   Advances to Unconsolidated Entities  69,967$  13,869$  3,342$  2,885$ 2,002$ 3,304$  10$  910$  440$  1,358$  98,087$

Summary of Joint Venture Debt   as of September 30, 2008   Ramco  Ramco   Ownership  Mortgage  Maturity  Loan  Interest  Share of   Entity  Property  Location  Interest  Balance  Date  Type  Rate  Debt   Ramco/Lion Venture   RLV Village Plaza LP  Village Plaza  Lakeland, FL  30%  $  9,300,000  09/15  Fixed  5.01%  $  2,790,000   RLV West Broward LP  West Broward Shopping Center  Plantation, FL  30%  9,725,855  10/12  Fixed  6.64%  2,917,756   RLV Martin Square LP  Martin Square  Stuart, FL  30%  13,220,417  08/11  Fixed  7.44%  3,966,125   RLV Marketplace of Delray LP  Marketplace of Delray  Delray Beach, FL  30%  16,741,319  01/11  Fixed  7.88%  5,022,396   RLV Treasure Coast LP  Treasure Coast Commons  Jensen Beach, FL  30%  8,415,000  06/20  Fixed  5.54%  2,524,500   RLV Oriole Plaza LP  Village of Oriole Plaza  Delray Beach, FL  30%  11,816,671  10/10  Fixed  8.25%  3,545,001   RLV Vista Plaza LP  Vista Plaza  Jensen Beach, FL  30%  11,115,000  06/20  Fixed  5.54%  3,334,500   RLV Cypress Pointe LP  Cypress Pointe  Clearwater, FL  30%  14,500,000  11/09  Fixed  4.60%  4,350,000   RLV Boca Mission LP  Mission Bay Plaza  Boca Raton, FL  30%  44,398,456  07/13  Fixed  6.64%  13,319,537   RLV Winchester Center LP  Winchester Center  Rochester Hills, MI  30%  29,076,396  07/13  Fixed  8.00%  8,722,919   RLV Hunter's Square LP  Hunter's Square  Farmington Hills, MI  30%  37,751,275  08/13  Fixed  8.04%  11,325,383   RLV Millennium Park LP  Millennium Park  Livonia, MI  30%  32,000,000  10/15  Fixed  5.02%  9,600,000   RLV Troy Marketplace LP  Troy Marketplace  Troy, MI  30%  21,900,000  06/16  Fixed  5.90%  6,570,000   RLV Gratiot Crossing LP  Gratiot Crossing  Chesterfield Twp., MI  30%  13,500,000  06/16  Fixed  5.90%  4,050,000   Subtotal Ramco/Lion Venture  $ 273,460,389  $  82,038,117   Ramco 450 Venture LLC   Crofton 450 LLC  Crofton Centre  Crofton, MD  20%  $  17,000,000  01/17  Fixed  5.85%  $  3,400,000   Merchants 450 LLC  Merchants' Square  Carmel, IN  20%  32,700,000  05/17  Fixed  6.04%  6,540,000   Chester Springs SC LLC  Chester Springs Shopping Center  Chester, NJ  20%  23,233,149  10/13  Fixed  5.51%  4,646,630   Ramco Peachtree Hill LLC  Peachtree Hill  Duluth, GA  20%  16,300,000  02/09  Variable  4.19% [1]  3,260,000   Lane Avenue 450 LLC  Shops on Lane  Upper Arlington, OH  20%  27,600,000  01/18  Variable  5.95% [2]  5,520,000   Olentangy Plaza 450 LLC  Olentangy Plaza  Columbus, OH  20%  21,600,000  01/18  Variable  5.88% [2]  4,320,000   Market Plaza 450 LLC  Market Plaza  Glen Ellyn, IL  20%  24,505,000  01/18  Variable  5.88% [2]  4,901,000   Rolling Meadows 450 LLC  Rolling Meadows  Rolling Meadows, IL  20%  11,911,250  12/15  Fixed  5.34%  2,382,250   Plaza at Delray 450 LLC  The Plaza at Delray  Delray Beach, FL  20%  48,000,000  09/13  Fixed  6.00%  9,600,000   Subtotal Ramco 450 Venture LLC  $ 222,849,399  $  44,569,880   S-12 Associates  Southfield Plaza Expansion  Southfield, MI  50%  $  928,068  05/16  Fixed  6.75% [3]  $  464,034   Ramco/West Acres LLC  West Acres Commons  Flint, MI  40%  8,727,232  04/10  Fixed  8.14%  3,490,893   Ramco/Shenandoah LLC  Shenandoah Square  Davie, FL  40%  12,084,664  02/12  Fixed  7.33%  4,833,865   Paulding Holding LLC  Paulding Pavilion  Hiram, GA  20%  7,440,787  06/10  Variable  3.92% [4]  1,488,157   Ramco RM Hartland SC LLC  Hartland Towne Square  Hartland, MI  20%  8,505,000  07/09  Variable  5.44% [5]  1,701,000   Jacksonville North Industrial Outlot LLC  Jacksonville, FL  5%  693,000  09/09  Variable  5.68% [6]  34,650   Total Debt  $ 534,688,538  $  138,620,596   [1] Interest rate is variable based on LIBOR plus 1.70%.   [2] Interest rate is fixed for five years and then lender has right to reset interest rate in 2013.   [3] Interest rate is fixed until 6/1/2009, then resets per formula annually.   [4] Interest rate is variable based on LIBOR plus 1.45%.   [5] Interest rate is based on LIBOR plus 2.95%.   [6] Interest rate is based on LIBOR plus 2.25%.   Supplemental Financial and Operating Statistics  Q3 2008   Ramco-Gershenson Properties Trust (RPT)  Page 24

 INVESTOR INFORMATION  Inquiries  Ramco-Gershenson Properties Trust welcomes any questions or comments from shareholders, analysts, investment managers, media or prospective investors.   Please address all inquiries to our Investor Relations Department:  Dawn L. Hendershot Director of Investor Relations and Corporate Communications Ramco-Gershenson Properties Trust 31500 Northwestern Highway, Suite 300 Farmington Hills, MI 48334  Phone: (248) 592-6202 FAX: (248) 592-6203  E-mail:  dhendershot@rgpt.com  Website: www.rgpt.com  Ticker: NYSE:RPT   Research Coverage  Cantor Fitzgerald   Philip Martin  312.469.7485   Deutsche Bank Securities Inc. Louis W. Taylor  203.863.2381  RBC Capital Markets Richard C. Moore, CFA      440.715.2646  Stifel Nicolaus    David M. Fick, CPA      Nathan Isbee  443.224.1308 443.224.1346  Our Supplemental Financial Package is available via e-mail and is also featured on our corporate website at www.rgpt.com. If you would like to receive this document electronically each quarter, please e-mail: dhendershot@rgpt.com.  Supplemental Financial and Operating Statistics Q3 2008 Ramco-Gershenson Properties Trust (RPT) Page 25