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):  February 16, 2010

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 February 16, 2010, Ramco-Gershenson Properties Trust (the “Company”) issued a press release with respect to its results of operations and financial condition for the three months and twelve months ended December 31, 2009.  A copy of the February 16, 2010, press release is filed herewith as Exhibit 99.1 and is hereby incorporated by reference.

A copy of the Company’s Quarterly Financial and Operating Supplement (“Quarterly Supplement”) for the three months and twelve months ended December 31, 2009, which is referenced in the press release and available on its website at www.rgpt.com, is attached hereto as Exhibit 99.2 and is hereby incorporated by reference.

Item 9.01           Financial Statements and Exhibits

(d)           Exhibits.

99.1     Press release, dated February 16, 2010, entitled “Ramco-Gershenson Properties   Trust Reports Financial Results for the Fourth Quarter 2009 and Reaffirms Corporate Objectives.”

99.2     Ramco-Gershenson Properties Trust Quarterly Supplement for the three months and twelve months ended December 31, 2009.

2

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:  February 17, 2010	By:	/s/ James H. Smith
		James H. Smith
		Interim Chief Financial Officer

3

EXHIBIT INDEX

Exhibit		Description
99.1	Press release, dated February 16, 2010, entitled “Ramco-Gershenson Properties Trust Reports Financial Results for the Fourth Quarter 2009 and Reaffirms Corporate Objectives.”
99.2	Ramco-Gershenson Properties Trust Quarterly Supplement for the three months and twelve months ended December 31, 2009.

4

EX-99.1

Exhibit 99.1

Ramco-Gershenson Properties Trust Reports Financial Results for the Fourth Quarter and Year-End 2009 and Reaffirms Corporate Objectives

FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--February 16, 2010--Ramco-Gershenson Properties Trust (NYSE:RPT) today announced results for the fourth quarter and year-end December 31, 2009 and reaffirmed its commitment to the following goals it established during 2009:

1.	Reduce leverage and continue to improve Debt to EBITDA – 2010 goal of 7.0x-7.2x
2.	Complete current redevelopment pipeline – slated to fully-stabilize in 2011 and produce net operating income of $3.4 million
3.	Continue lease-up of vacant space resulting from mid-box bankruptcies – maintain or exceed 2009 occupancy levels

Highlights for the fourth quarter and year-end 2009:

· Balance Sheet Activities

o Closed on new $217 million three-year secured corporate credit facility

o Amended and reduced credit facility for The Town Center at Aquia to $20 million

o Improved Debt to EBITDA of 7.7x, compared to 8.6x at December 31, 2008

o Improved Fixed Charge Coverage Ratio of 1.98x, compared to 1.82x at December 31, 2008

· Core Real Estate Operations

o Opened 80 new stores for the year at an average base rent of $12.60 per SF, 15.9% above portfolio average rents

o Renewed 219 leases for the year at rental rates 4.3% over prior rents paid

o Retained over 70% of expiring tenancies

o Total portfolio occupancy of 90.3%, in-line with guidance

"In 2009, we refocused our priorities to reduce balance sheet risk and to establish a solid foundation for sustainable earnings growth," said Dennis Gershenson, President and Chief Executive Officer. "I am pleased with our accomplishments in what proved to be a very challenging year. We were diligent in maintaining the strength of our core shopping center portfolio. We also completed strategic equity and debt transactions to improve our financial position. Although market conditions are still very dynamic, we remain committed to further strengthening the balance sheet and feel confident that we will reach our Debt to EBITDA goal of between 7.0x to 7.2x by year-end. Meeting this deleveraging goal will shape our activities for the remainder of 2010.”

Funds from operations (FFO) for the fourth quarter of 2009 was $9.8 million, or $0.29 per diluted share, compared to $7.5 million or $0.35 per diluted share for the fourth quarter of 2008. Funds from operations for the year-ended December 31, 2009 was $45.3 million, or $1.80 per diluted share, compared to $47.4 million or $2.21 per diluted share in 2008. Excluding one-time charges in both 2009 and 2008, recurring funds from operations for the fourth quarter of 2009 was $12.6 million, or $0.37 per diluted share, compared to $13.1 million or $0.61 per diluted share for the fourth quarter of 2008. Recurring funds from operations for the year-ended December 31, 2009 was $49.7 million, or $1.98 per diluted share, compared to $53.1 million or $2.48 per diluted share in 2008. The change in recurring FFO is primarily attributable to decreased revenues from asset sales and tenant bankruptcies. On a per share basis, FFO was impacted by a significant increase in weighted average shares outstanding in 2009 as the result of the equity share offering completed in September 2009.

Net income available to RPT common shareholders for the fourth quarter of 2009 was $0.6 million or $0.02 per diluted share, compared to a net loss of $2.5 million or $(0.14) per diluted share for the fourth quarter of 2008. Net income available to RPT common shareholders for the twelve months ended December 31, 2009 was $13.7 million or $0.62 per diluted share, compared to $23.5 million or $1.27 per diluted share for 2008. The decline in net income for the twelve month period was the result of a decrease in the gain on asset sales from 2008 levels.

Portfolio Statistics

As of December 31, 2009, the Company owned equity interests in 88 retail shopping centers totaling approximately 19.8 million square feet consisting of 55 wholly-owned properties and 33 properties held through joint ventures. The overall portfolio occupancy, including properties under redevelopment, was 90.3% at December 31, 2009, compared to 91.3% at year-end 2008. The decrease in occupancy year-over-year was the result of a continued weak retail environment.

At year-end, the Company had 49 properties in its wholly-owned, same-center portfolio, representing those centers (excluding redevelopment) that have been owned and operated for the same three and twelve month periods during each year. Same center net operating income (NOI) decreased 1.7% for the quarter and 3.5% for the year, compared to the same periods in 2008. The decrease was anticipated and primarily resulted from the Linens ‘n Things and Circuit City bankruptcies as well as rent concessions granted during the year. Excluding the effect of these items, same center NOI would have increased 0.5% for the quarter and would have decreased 1.5% for the year. Ramco-Gershenson’s same-center portfolio occupancy was 93.5%, compared to 94.4% at the end of 2008.

Redevelopment

At year-end, the Company had a pipeline of eight value-added redevelopments, including four joint venture properties, encompassing approximately 597,768 square feet. The Company expects to spend $10.5 million to complete its redevelopment pipeline during 2010 and will limit future redevelopment activity, allowing its efforts to translate into earnings growth and improved net asset value. Upon completion, the redevelopments are projected to cost $26.7 million and produce stabilized net operating income of $3.4 million on a pro-rata basis.

Pre-Development Write-Off

As part of a continuous review of future growth opportunities, in the fourth quarter the Company determined that there were better investment alternatives than continuing to pursue the pre-development of the Northpointe Town Center in Jackson, Michigan. Therefore, the Company elected to write-off its land option payments, third party due diligence expenses, and capitalized general and administrative cost for this project, resulting in a one-time, non-cash charge of approximately $1.2 million during the fourth quarter.

Debt Financings

In December, the company closed on a new $217 million secured credit facility. The new financing is comprised of a three-year, $150 million secured revolving credit facility, which includes a built in accordion feature allowing up to $50 million in additional borrowing. The credit facility also includes a $67 million amortizing secured term loan, requiring a $33 million payment in September 2010 and a final payment of $34 million in June 2011. The Company also amended its secured revolving credit facility for The Town Center at Aquia. The Aquia credit facility was reduced from $40 million to $20 million and has a new scheduled maturity date of December 31, 2010, with two, one-year extension options. Pricing on the credit facilities and term loan is LIBOR plus 350 basis points with a 2% LIBOR floor.

Dividend

For 2009, it was the Company’s policy to pay aggregate annual dividends in an amount generally equal to its annual taxable income. On January 4, 2010, the Company paid a fourth quarter common share dividend of $0.16325 per share for the period of October 1, 2009 through December 31, 2009, to shareholders of record on December 20, 2009. The Company’s FFO payout ratio for the quarter was 56.5%.

2010 Guidance

The Company’s primary goal in 2010 will be to strengthen its balance sheet by significantly reducing leverage. The Company is continuing to evaluate the best course of action to achieve this objective, which will consist of a variety of actions, including asset sales.

Taking into consideration the potential dilutive effect of its deleveraging efforts, the Company forecasts FFO for the year-end December 31, 2010 to be between $1.12 to $1.24 per diluted share. The Company expects earnings per diluted common share to be between $0.23 and $0.35.

This FFO guidance takes into consideration the following:

· Improving Debt to EBITDA to between 7.0x-7.2x

· Increased interest costs associated with the new secured revolving credit facility

· Full-year effect of the NOI reduction from three asset sales completed in 2009

· Minimum rent reduction in core operating portfolio, due primarily from the impact of tenant bankruptcies and short-term rent concessions granted in 2009

For the overall shopping center portfolio, the Company estimates occupancy to be between 90 and 91% at the end of 2010 and for same-center NOI to be down between 2.0% and 3.0% for the year, reflecting a continuous difficult retail environment.

The Company will provide further details on guidance as part of its earnings conference call scheduled for February 17, 2010.

Conference Call/Webcast

Ramco-Gershenson Properties Trust will host a live broadcast of itsfourth quarter conference call on Wednesday, February 17, 2010, at 9:00 a.m. Eastern Time, to discuss its fourth quarter/year-end financial and operating results. The live broadcast will be available online at www.rgpt.com and www.investorcalendar.com and also by telephone at (877) 407-0778, no pass code. A replay will be available shortly after the call on the aforementioned websites (for ninety days) or by telephone at (877) 660-6853, (pass code-Account #286, Conference ID # 341964), for one week.

Supplemental Materials

The Company’s supplemental financial package is available on its corporate web site at www.rgpt.com in the investors section, SEC filings tab. If you wish to receive a copy via email, please send requests to dhendershot@rgpt.com.

About Ramco-Gershenson Properties Trust

Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally. The Trust owns interests in 88 shopping centers totaling approximately 19.8 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, Maryland and Illinois. For additional information regarding Ramco-Gershenson Properties Trust visit the Trust’s website at www.rgpt.com.

This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, the ongoing U.S. recession, the existing global credit and financial crisis and other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, our continuing to qualify as a REIT and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission.

Consolidated Statements of Income
(in thousands)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2009			2008			2009			2008
Revenues:
Minimum rents	$	20,466		$	22,039		$	83,281		$	90,271
Percentage rents		92			118			769			636
Recoveries from tenants		7,941			8,369			32,694			34,258
Fees and management income		880			1,455			4,916			6,484
Other income		964			1,463			2,480			2,980
Total revenues		30,343			33,444			124,140			134,629
Expenses:
Real estate taxes		4,401			4,473			18,280			18,344
Recoverable operating expenses		4,372			4,364			15,883			16,974
Depreciation and amortization		7,569			8,434			30,866			32,009
Other operating		890			1,719			3,714			4,611
General and administrative		2,256			3,322			13,448			15,121
Restructuring costs, impairment and other items		2,819			5,619			4,379			5,787
Interest expense		7,323			9,161			31,088			36,518
Total expenses		29,630			37,092			117,658			129,364
Income (loss) from continuing operations before gain on sale
of real estate assets and earnings from unconsolidated entities		713			(3,648	)		6,482			5,265
Gain (loss) on sale of real estate assets		(1	)		61			5,010			19,595
Earnings (loss) from unconsolidated entities		(21			557			1,328			2,506
Income (loss) from continuing operations		691			(3,030			12,820			27,366
Discontinued operations:
Gain (loss) on sale of real estate assets		-			-			2,886			(463	)
Income from operations		-			98			230			529
Income from discontinued operations		-			98			3,116			66
Net income (loss)		691			(2,932	)		15,936			27,432
Less: Net (income) loss attributable to the noncontrolling interest
in subsidiaries		(108	)		419			(2,216	)		(3,931	)
Net income (loss) attributable to Ramco-Gershenson Properties
Trust ("RPT") common shareholders	$	583		$	(2,513	)	$	13,720		$	23,501
Amounts attributable to RPT common shareholders:
Income (loss) from continuing operations	$	583		$	(2,598	)	$	11,027		$	23,444
Gain from discontinued operations		-			85			2,693			57
Net income (loss)	$	583		$	(2,513	)	$	13,720		$	23,501

Calculation of Funds from Operations
(in thousands, except per share amounts)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2009		2008			2009			2008
Calculation of Funds from Operations:
Net income (loss) attributable to RPT common shareholders	$	583	$	(2,513	)	$	13,720		$	23,501	)
Add:
Depreciation and amortization expense		9,037		9,949			36,819			37,850
Noncontrolling interest in partnership:
Continuing operations		108		(427	)		1,793			3,922
Discontinued operations		-		-			423			(27	)
Less:
Loss (gain) on sale of depreciable real estate		22		481			(4,571	)		(18,347	)
Discontinued operations, loss (gain) on sale of property		-		-			(2,886			463
Funds from operations available to RPT common shareholders,
assuming conversion of OP units	$	9,750	$	7,490		$	45,298		$	47,362
Weighted average equivalent shares outstanding, diluted		33,720		21,390			25,112			21,397
Funds from operations available to RPT common shareholders,
per diluted share	$	0.29	$	0.35		$	1.80		$	2.21

Management considers funds from operations, also known as “FFO,” an appropriate supplemental measure of the financial performance of an equity REIT. Under the NAREIT definition, FFO represents income before minority interest, excluding extraordinary items, as defined under accounting principles generally accepted in the United States of America (“GAAP”), gains on sales of depreciable property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures. FFO should not be considered an alternative to GAAP net income as an indication of our performance. We consider FFO as a useful measure for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs. However, our computation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies, and therefore, may not be comparable to these other real estate companies.

Consolidated Balance Sheets
(in thousands)
	December 31,			December 31,
	2009			2008
ASSETS
Investment in real estate, net	$	804,295		$	830,392
Cash and cash equivalents		8,800			5,295
Restricted cash		3,838			4,891
Accounts receivable, net		31,900			34,020
Notes receivable from unconsolidated entities		12,566			6,716
Equity investments in unconsolidated entities		97,506			95,867
Other assets, net		39,052			37,345
Total Assets	$	997,957		$	1,014,526
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	552,551		$	662,601
Accounts payable and accrued expenses		26,440			26,751
Distributions payable		5,477			4,945
Capital lease obligation		6,924			7,191
Total Liabilities		591,392			701,488
SHAREHOLDERS' EQUITY
Ramco-Gershenson Properties Trust ("RPT") shareholders' equity:
Common shares of beneficial interest		309			185
Additional paid-in capital		486,731			389,528
Accumulated other comprehensive loss		(2,149	)		(3,328	)
Cumulative distributions in excess of net income		(117,663	)		(112,671	)
Total RPT Shareholders' Equity		367,228			273,714
Noncontrolling interest in subsidiaries		39,337			39,324
Total Shareholders' Equity		406,565			313,038
Total Liabilities and Shareholders' Equity	$	997,957		$	1,014,526

CONTACT:

Ramco-Gershenson Properties Trust

Dawn Hendershot, 248-592-6202

Director of Investor Relations and Corporate Communications

EX-99.2

Exhibit 99.1

Ramco Gershenson Properties Trust December 31, 2009 Quarterly Financial & Operating Supplement

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, Southeastern and Mid-Atlantic United States. At December 31, 2009, the Company owned interests in 88 shopping centers with approximately 19.8 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 87 community centers and one regional mall. Ramco-Gershenson’s shopping center portfolio is concentrated in metropolitan markets with an average five-mile population base of 169,000 people and an average household income of $74,000. The average shopping center size is 225,000 square feet and contains on average more than two anchors per center. Ramco-Gershenson’s shopping centers are primarily anchored by necessity retail tenants including grocery stores, discount department stores, pharmacies and other destination oriented retailers. Eighty-one percent of the Company’s rental stream comes from a diverse line-up of national and regional tenants. No single tenant accounts for more than 4.0% of the Company’s annualized base rent and only three tenants contribute more than 2.0%. Ramco-Gershenson has a proven track record of building value and generating growth through the management and 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. Historically, the Company has generated additional growth through the development and acquisition of new shopping centers, primarily through co-investment partnerships. Going forward, the Company plans to limit its development and acquisition activity until market conditions improve, positioning itself to take advantage of future opportunities. The Company is listed on the New York Stock Exchange (NYSE:RPT) and is headquartered in Farmington Hills, Michigan.

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 J.P. Morgan Michael W. Mueller, CFA 212. 622.6689 KeyBanc Capital Markets Todd M. Thomas, CFA 917.368.2286 RBC Capital Markets Richard C. Moore, CFA 440.715.2646 Stifel Nicolaus Nathan Isbee 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.

Section Page Earnings Release 1-4 Quarterly & Year-to-Date Financial Results Consolidated Statements of Income 5 Income Statement Detail 6 Earnings Per Common Share 7 Consolidated Balance Sheets 8 Balance Sheet Detail 9 Calculation of Funds from Operations and Additional Supplemental Disclosures 10 Selected Financial and Operating Ratios 11 Quarterly & Year-to-Date Operating Information Same Properties Analysis 12 Leasing Activity Analysis 13 Current Development Projects 14 Current Redevelopment Projects 15 Market Capitalization Information Summary of Outstanding Debt 16 Loan Maturity Summary 17 Market Capitalization Information 18 Common Stock Performance 18 Portfolio Information Property Summary 19-21 Geographic Diversification 22 Anchor, Non-Anchor Tenant Mix 22 National, Regional, Local Tenant Mix 22 Major Tenant Exposure 23 Summary of Expiring GLA 24 Joint Venture Information Joint Ventures Contribution to Funds from Operations 25 Joint Ventures Combining Balance Sheets 26 Summary of Joint Venture Debt 27 Joint Venture Same Properties Analysis 28 Joint Venture Leasing Activity Analysis 29 Summary of Expiring GLA - Joint Venture Properties 30 Table of Contents

NEWS RELEASE 31500 Northwestern Highway, Suite 300 Farmington Hills, Michigan 48334 (248) 350-9900 FAX: (248) 350-9925 Ramco-Gershenson Properties Trust Reports Financial Results for the Fourth Quarter and Year-End 2009 and Reaffirms Corporate Objectives FARMINGTON HILLS, Mich. – February 16, 2010 -- Ramco-Gershenson Properties Trust (NYSE:RPT) today announced results for the fourth quarter and year-end December 31, 2009 and reaffirmed its commitment to the following goals it established during 2009: 1. Reduce leverage and continue to improve Debt to EBITDA – 2010 goal of 7.0x-7.2x 2. Complete current redevelopment pipeline – slated to fully-stabilize in 2011 and produce net operating income of $3.4 million 3. Continue lease-up of vacant space resulting from mid-box bankruptcies – maintain or exceed 2009 occupancy levels Highlights for the fourth quarter and year-end 2009: Balance Sheet Activities Closed on new $217 million three-year secured corporate credit facility Amended and reduced credit facility for The Town Center at Aquia to $20 million Improved Debt to EBITDA of 7.7x, compared to 8.6x at December 31, 2008 Improved Fixed Charge Coverage Ratio of 1.98x, compared to 1.82x at December 31, 2008 Core Real Estate Operations Opened 80 new stores for the year at an average base rent of $12.60 per SF, 15.9% above portfolio average rents Renewed 219 leases for the year at rental rates 4.3% over prior rents paid Retained over 70% of expiring tenancies Total portfolio occupancy of 90.3%, in-line with guidance "In 2009, we refocused our priorities to reduce balance sheet risk and to establish a solid foundation for sustainable earnings growth," said Dennis Gershenson, President and Chief Executive Officer. "I am pleased with our accomplishments in what proved to be a very challenging year. We were diligent in maintaining the strength of our core shopping center portfolio. We also completed strategic equity and debt transactions to improve our financial position. Although market conditions are still very dynamic, we remain committed to further strengthening the balance sheet and feel confident that we will reach our Debt to EBITDA goal of between 7.0x to 7.2x by year-end. Meeting this deleveraging goal will shape our activities for the remainder of 2010.”

RAMCO-GERSHENSON PROPERTIES TRUST 4Q2009 Page 2 Funds from operations (FFO) for the fourth quarter of 2009 was $9.8 million, or $0.29 per diluted share, compared to $7.5 million or $0.35 per diluted share for the fourth quarter of 2008. Funds from operations for the year-ended December 31, 2009 was $45.3 million, or $1.80 per diluted share, compared to $47.4 million or $2.21 per diluted share in 2008. Excluding one-time charges in both 2009 and 2008, recurring funds from operations for the fourth quarter of 2009 was $12.6 million, or $0.37 per diluted share, compared to $13.1 million or $0.61 per diluted share for the fourth quarter of 2008. Recurring funds from operations for the year-ended December 31, 2009 was $49.7 million, or $1.98 per diluted share, compared to $53.1 million or $2.48 per diluted share in 2008. The change in recurring FFO is primarily attributable to decreased revenues from asset sales and tenant bankruptcies. On a per share basis, FFO was impacted by a significant increase in weighted average shares outstanding in 2009 as the result of the equity share offering completed in September 2009. Net income available to RPT common shareholders for the fourth quarter of 2009 was $0.6 million or $0.02 per diluted share, compared to a net loss of $2.5 million or $(0.14) per diluted share for the fourth quarter of 2008. Net income available to RPT common shareholders for the twelve months ended December 31, 2009 was $13.7 million or $0.62 per diluted share, compared to $23.5 million or $1.27 per diluted share for 2008. The decline in net income for the twelve month period was the result of a decrease in the gain on asset sales from 2008 levels. Portfolio Statistics As of December 31, 2009, the Company owned equity interests in 88 retail shopping centers totaling approximately 19.8 million square feet consisting of 55 wholly-owned properties and 33 properties held through joint ventures. The overall portfolio occupancy, including properties under redevelopment, was 90.3% at December 31, 2009, compared to 91.3% at year-end 2008. The decrease in occupancy yearover- year was the result of a continued weak retail environment. At year-end, the Company had 49 properties in its wholly-owned, same-center portfolio, representing those centers (excluding redevelopment) that have been owned and operated for the same three and twelve month periods during each year. Same center net operating income (NOI) decreased 1.7% for the quarter and 3.5% for the year, compared to the same periods in 2008. The decrease was anticipated and primarily resulted from the Linens ‘n Things and Circuit City bankruptcies as well as rent concessions granted during the year. Excluding the effect of these items, same center NOI would have increased 0.5% for the quarter and would have decreased 1.5% for the year. Ramco- Gershenson’s same-center portfolio occupancy was 93.5%, compared to 94.4% at the end of 2008. Redevelopment At year-end, the Company had a pipeline of eight value-added redevelopments, including four joint venture properties, encompassing approximately 597,768 square feet. The Company expects to spend $10.5 million to complete its redevelopment pipeline during 2010 and will limit future redevelopment activity, allowing its efforts to translate into earnings growth and improved net asset value. Upon completion, the redevelopments are projected to cost $26.7 million and produce stabilized net operating income of $3.4 million on a pro-rata basis. Pre-Development Write-Off As part of a continuous review of future growth opportunities, in the fourth quarter the Company determined that there were better investment alternatives than continuing to pursue the predevelopment of the Northpointe Town Center in Jackson, Michigan. Therefore, the Company elected to write-off its land option payments, third-party due diligence expenses, and capitalized general and

RAMCO-GERSHENSON PROPERTIES TRUST 4Q2009 Page 3 administrative cost for this project, resulting in a one-time, non-cash charge of approximately $1.2 million during the fourth quarter. Debt Financings In December, the company closed on a new $217 million secured credit facility. The new financing is comprised of a three-year, $150 million secured revolving credit facility, which includes a built in accordion feature allowing up to $50 million in additional borrowing. The credit facility also includes a $67 million amortizing secured term loan, requiring a $33 million payment in September 2010 and a final payment of $34 million in June 2011. The Company also amended its secured revolving credit facility for The Town Center at Aquia. The Aquia credit facility was reduced from $40 million to $20 million and has a new scheduled maturity date of December 31, 2010, with two, one-year extension options. Pricing on the credit facilities and term loan is LIBOR plus 350 basis points with a 2% LIBOR floor. Dividend For 2009, it was the Company’s policy to pay aggregate annual dividends in an amount generally equal to its annual taxable income. On January 4, 2010, the Company paid a fourth quarter common share dividend of $0.16325 per share for the period of October 1, 2009 through December 31, 2009, to shareholders of record on December 20, 2009. The Company’s FFO payout ratio for the quarter was 56.5%. 2010 Guidance The Company’s primary goal in 2010 will be to strengthen its balance sheet by significantly reducing leverage. The Company is continuing to evaluate the best course of action to achieve this objective, which will consist of a variety of actions, including asset sales. Taking into consideration the potential dilutive effect of its deleveraging efforts, the Company forecasts FFO for the year-end December 31, 2010 to be between $1.12 to $1.24 per diluted share. The Company expects earnings per diluted common share to be between $0.23 and $0.35. This FFO guidance takes into consideration the following: • Improving Debt to EBIDTA to between 7.0x-7.2x • Increased interest costs associated with the new secured revolving credit facility • Full-year effect of the NOI reduction from three asset sales completed in 2009 • Minimum rent reduction in core operating portfolio, due primarily from the impact of tenant bankruptcies and short-term rent concessions granted in 2009 For the overall shopping center portfolio, the Company estimates occupancy to be between 90 and 91% at the end of 2010 and for same-center NOI to be down between 2.0% and 3.0% for the year, reflecting a continuous difficult retail environment. The Company will provide further details on guidance as part of its earnings conference call scheduled for February 17, 2010.

RAMCO-GERSHENSON PROPERTIES TRUST 4Q2009 Page 4 Conference Call/Webcast Ramco-Gershenson Properties Trust will host a live broadcast of its fourth quarter conference call on Wednesday, February 17, 2010, at 9:00 a.m. Eastern Time, to discuss its fourth quarter/year-end financial and operating results. The live broadcast will be available online at www.rgpt.com and www.investorcalendar.com and also by telephone at (877) 407-0778, no pass code. A replay will be available shortly after the call on the aforementioned websites (for ninety days) or by telephone at (877) 660-6853, (pass code-Account #286, Conference ID # 341964), for one week. Supplemental Materials The Company’s supplemental financial package is available on its corporate web site at www.rgpt.com in the investors section, SEC filings tab. If you wish to receive a copy via email, please send requests to dhendershot@rgpt.com. About Ramco-Gershenson Properties Trust Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally. The Trust owns interests in 88 shopping centers totaling approximately 19.8 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, Maryland and Illinois. For additional information regarding Ramco-Gershenson Properties Trust visit the Trust’s website at www.rgpt.com. This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, the ongoing U.S. recession, the existing global credit and financial crisis and other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, our continuing to qualify as a REIT and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission. Ramco-Gershenson Properties Trust: Dawn Hendershot, 248-592-6202 Director of Investor Relations and Corporate Communications

Increase Increase 2009 2008 (Decrease) 2009 2008 (Decrease) Revenues: Minimum rents 20,466 $ 22,039 $ (1,573) $ (7.1) % 83,281 $ 90,271 $ (6,990) $ (7.7) % Percentage rents 92 118 (26) (22.0) 769 636 133 20.9 Recoveries from tenants 7,941 8,369 (428) (5.1) 32,694 34,258 (1,564) (4.6) Fees and management income (see page 6 for detail) 880 1,455 (575) (39.5) 4,916 6,484 (1,568) (24.2) Other income (see page 6 for detail) 964 1,463 (499) (34.1) 2,480 2,980 (500) (16.8) Total revenues 30,343 33,444 (3,101) (9.3) 124,140 134,629 (10,489) (7.8) Expenses: Real estate taxes 4,401 4,473 (72) (1.6) 18,280 18,344 (64) (0.3) Recoverable operating expenses 4,372 4,364 8 0.2 15,883 16,974 (1,091) (6.4) Depreciation and amortization 7,569 8,434 (865) (10.3) 30,866 32,009 (1,143) (3.6) Other operating 890 1,719 (829) (48.2) 3,714 4,611 (897) (19.5) General and administrative 2,256 3,322 (1,066) (32.1) 13,448 15,121 (1,673) (11.1) Restructuring costs, impairment and other items 2,819 5,619 (2,800) (49.8) 4,379 5,787 (1,408) (24.3) Interest expense 7,323 9,161 (1,838) (20.1) 31,088 36,518 (5,430) (14.9) Total expenses 29,630 37,092 (7,462) (20.1) 117,658 129,364 (11,706) (9.0) Income (loss) from continuing operations before gain on sale of real estate assets and earnings from unconsolidated entities 713 (3,648) 4,361 (119.5) 6,482 5,265 1,217 23.1 Gain (loss) on sale of real estate assets (see page 6 for detail) (1) 61 (62) (101.6) 5,010 19,595 (14,585) (74.4) Earnings (loss) from unconsolidated entities (see page 25 for detail) (21) 557 (578) (103.8) 1,328 2,506 (1,178) (47.0) Income (loss) from continuing operations 691 (3,030) 3,721 (122.8) 12,820 27,366 (14,546) (53.2) Discontinued operations: Gain (loss) on sale of real estate assets - - - 0.0 2,886 (463) 3,349 (723.3) Income from operations - 98 (98) (100.0) 230 529 (299) (56.5) Income from discontinued operations - 98 (98) (100.0) 3,116 66 3,050 4,621.2 Net income (loss) 691 (2,932) 3,623 (123.6) 15,936 27,432 (11,496) (41.9) Less: Net (income) loss attributable to the noncontrolling interest in subsidiaries (108) 419 (527) (125.8) (2,216) (3,931) 1,715 (43.6) Net income (loss) attributable to Ramco-Gershenson Properties Trust ("RPT") common shareholders 583 $ (2,513) $ 3,096 $ (123.2) % 13,720 $ 23,501 $ (9,781) $ (41.6) % Amounts attributable to RPT common shareholders: Income (loss) from continuing operations 583 $ (2,598) $ 3,181 $ (122.4) % 11,027 $ 23,444 $ (12,417) $ (53.0) % Gain from discontinued operations - 85 (85) (100.0) 2,693 57 2,636 4,624.6 Net income (loss) 583 $ (2,513) $ 3,096 $ (123.2) % 13,720 $ 23,501 $ (9,781) $ (41.6) % Property Operating Expense Recovery Ratio 90.5 % 94.7 % (4.2) % 95.7 % 97.0 % (1.3) % Consolidated Statements of Income (in thousands) Percent Change Percent Change Three Months Ended December 31, Twelve Months Ended December 31, Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 5

Increase Increase 2009 2008 (Decrease) 2009 2008 (Decrease) Fees and management income: Management fees 722 $ 839 $ (117) $ (13.9) % 2,956 $ 2,943 $ 13 $ 0.4 % Leasing fees 205 157 48 30.6 1,055 1,134 (79) (7.0) Acquisition related fees - - - - - 67 (67) (100.0) Development related fees 191 353 (162) (45.9) 905 1,861 (956) (51.4) Other (238) 106 (344) (324.5) - 479 (479) (100.0) Fees and management income 880 $ 1,455 $ (575) $ (39.5) % 4,916 $ 6,484 $ (1,568) $ (24.2) % Other income: Lease termination income 245 $ 384 $ (139) $ (36.2) % 584 $ 805 $ (221) $ (27.5) % Temporary income 186 119 67 56.3 556 592 (36) (6.1) Interest income 320 134 186 138.8 906 359 547 152.4 Previous write-off of receivable 143 56 87 155.4 248 149 99 66.4 TIF revenue 188 656 (468) (71.3) 188 656 (468) (71.3) Other (118) 114 (232) (203.5) (2) 419 (421) (100.5) Other income 964 $ 1,463 $ (499) $ (34.1) % 2,480 $ 2,980 $ (500) $ (16.8) % Restructuring costs, impairment and other items: Restructuring expense 1,224 $ - $ 1,224 $ 100.0 % 1,604 $ - $ 1,604 $ 100.0 % Strategic review and proxy contest expenses 379 - 379 100.0 1,551 - 1,551 100.0 Impairment of real estate assets - 5,103 (5,103) (100.0) - 5,103 (5,103) (100.0) Abandonment of pre-development site 1,216 516 700 135.7 1,224 684 540 78.9 Restructuring costs, impairment and other items 2,819 $ 5,619 $ (2,800) $ (49.8) % 4,379 $ 5,787 $ (1,408) $ (24.3) % Gain on sale of real estate assets: FFO gain on sales 21 $ 542 $ (521) $ (96.1) % 439 $ 1,248 $ (809) $ (64.8) % Non-FFO gain (loss) on sales (22) (481) 459 (95.4) 4,571 18,347 (13,776) (75.1) Gain on sale of real estate assets (1) $ 61 $ (62) $ (101.6) % 5,010 $ 19,595 $ (14,585) $ (74.4) % Income Statement Detail (in thousands) Percent Change Percent Change Twelve Months Ended December 31, Three Months Ended December 31, Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 6

2009 2008 2009 2008 Numerator: Income from continuing operations before noncontrolling interest 691 $ (3,030) $ 12,820 $ 27,366 $ Noncontrolling interest in subsidiaries from continuing operations (108) 432 (1,793) (3,922) Income from continuing operations available to RPT common shareholders 583 (2,598) 11,027 23,444 Discontinued operations, net of noncontrolling interest in subsidiaries: Gain (loss) on sale of real estate assets - - 2,494 (400) Income from operations - 85 199 457 Net income available to RPT common shareholders 583 $ (2,513) $ 13,720 $ 23,501 $ Denominator: Weighted-average common shares for basic EPS 30,802 18,471 22,193 18,471 Effect of dilutive securities: Options outstanding - - - 7 Weighted-average common shares for diluted EPS 30,802 18,471 22,193 18,478 Basic EPS: Income from continuing operations attributable to RPT common shareholders 0.02 $ (0.14) $ 0.50 $ 1.27 $ Income from discontinued operations attributable to RPT common shareholders - - 0.12 - Net income attributable to RPT common shareholders 0.02 $ (0.14) $ 0.62 $ 1.27 $ Diluted EPS: Income from continuing operations attributable to RPT common shareholders 0.02 $ (0.14) $ 0.50 $ 1.27 $ Income from discontinued operations attributable to RPT common shareholders - - 0.12 - Net income attributable to RPT common shareholders 0.02 $ (0.14) $ 0.62 $ 1.27 $ Earnings Per Common Share ("EPS") (in thousands, except per share data) Twelve Months Ended December 31, December 31, Three Months Ended Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 7

December 31, December 31, 2009 2008 ASSETS Investment in real estate, net (see page 9 for detail) 804,295 $ 830,392 $ Cash and cash equivalents 8,800 5,295 Restricted cash 3,838 4,891 Accounts receivable, net (see page 9 for detail) 31,900 34,020 Notes receivable from unconsolidated entities 12,566 6,716 Equity investments in unconsolidated entities (see page 26 for detail) 97,506 95,867 Other assets, net (see page 9 for detail) 39,052 37,345 Total Assets 997,957 $ 1,014,526 $ LIABILITIES AND SHAREHOLDERS' EQUITY Mortgages and notes payable (see page 16 for detail) 552,551 $ 662,601 $ Accounts payable and accrued expenses 26,440 26,751 Distributions payable 5,477 4,945 Capital lease obligation 6,924 7,191 Total Liabilities 591,392 701,488 SHAREHOLDERS' EQUITY Ramco-Gershenson Properties Trust ("RPT") shareholders' equity: Common shares of beneficial interest 309 185 Additional paid-in capital 486,731 389,528 Accumulated other comprehensive loss (2,149) (3,328) Cumulative distributions in excess of net income (117,663) (112,671) Total RPT Shareholders' Equity 367,228 273,714 Noncontrolling interest in subsidiaries 39,337 39,324 Total Shareholders' Equity 406,565 313,038 Total Liabilities and Shareholders' Equity 997,957 $ 1,014,526 $ Consolidated Balance Sheets (in thousands) Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 8

December 31, December 31, 2009 2008 Investment in Real Estate: Land 141,794 $ 144,422 $ Buildings and improvements 820,070 813,705 Construction in progress 33,587 46,982 995,451 1,005,109 Less: accumulated depreciation (191,156) (174,717) Investment in real estate, net 804,295 $ 830,392 $ Accounts Receivable: Accounts receivable tenants, net 14,426 $ 16,415 $ Straight-line rent receivable 17,474 17,605 Accounts receivable, net 31,900 $ 34,020 $ Other Assets: Leasing costs 40,922 $ 38,980 $ Intangible assets 5,836 5,836 Deferred financing costs 10,525 6,626 Other 6,162 5,904 63,445 57,346 Less: accumulated amortization (37,766) (34,320) 25,679 23,026 Prepaid expenses and other 13,373 12,967 Proposed development and acquisition costs - 1,352 Other assets, net 39,052 $ 37,345 $ Balance Sheet Detail (in thousands) Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 9

2009 2008 2009 2008 Calculation of Funds from Operations: Net income (loss) attributable to RPT common shareholders 583 $ (2,513) $ 13,720 $ 23,501 $ Add: Depreciation and amortization expense 9,037 9,949 36,819 37,850 Noncontrolling interest in partnership: Continuing operations 108 (427) 1,793 3,922 Discontinued operations - - 423 (27) Less: Loss (gain) on sale of depreciable real estate 22 481 (4,571) (18,347) Discontinued operations, loss (gain) on sale of property - - (2,886) 463 Funds from operations available to RPT common shareholders, assuming conversion of OP units 9,750 $ 7,490 $ 45,298 $ 47,362 $ Weighted average equivalent shares outstanding, diluted 33,720 21,390 25,112 21,397 Funds from operations available to RPT common shareholders, per diluted share 0.29 $ 0.35 $ 1.80 $ 2.21 $ Dividend per Common Share 0.1633 $ 0.2313 $ 0.7892 $ 1.6200 $ Payout Ratio - FFO 56.5% 66.1% 43.7% 73.2% Additional Supplemental Disclosures: Consolidated : Straight-line rental income 595 $ 568 $ 1,214 $ 1,641 $ Above - and below - market rent amortization 3 21 31 91 Fair market value of interest adjustment - acquired property 74 79 304 254 Stock-based compensation expense (reversal) 233 (94) 1,291 953 Pro-rata share from Joint Ventures: Straight-line rent 97 119 467 622 Above - and below - market rent amortization 17 (1) 30 390 Fair market value of interest adjustment - - acquired property 121 128 485 504 Calculation of Funds from Operations and Additional Supplemental Disclosures (in thousands, except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 10

2009 2008 2009 2008 EBITDA Calculation: Operating Income Plus Earnings From Unconsolidated Entities 692 $ [1] (3,091) $ [3] 7,810 $ [2] 7,771 $ [4] Add Back: Expenses related to Proxy Contest and Strategic Review Process 379 - 1,551 - Income From Discontinued Operations - 98 230 529 Interest Expense 7,323 9,161 31,088 36,518 Depreciation and Amortization 7,569 8,434 30,866 32,009 Consolidated EBITDA 15,963 14,602 71,545 76,827 Scheduled Principal Payments 1,247 2,227 5,131 5,808 Preferred Dividends - - - - Debt and Coverage Ratios: Consolidated Debt to EBITDA - Latest Twelve Months (LTM) 7.72 8.62 7.72 8.62 Interest Coverage Ratio (EBITDA / Interest Expense) 2.18 1.59 2.30 2.10 Fixed Charge Coverage Ratio (EBITDA / Interest Expense + Scheduled Principal Pmts. + Pref. Div.) 1.86 1.28 1.98 1.82 Operating Ratios: NOI 18,836 19,970 78,867 85,236 Operating Margin (NOI / Total Rental Revenue) 66.1% 65.4% 67.6% 68.1% General & Administrative Expense as a Percentage of Total Rental Revenues Under Management [5]: Revenue From REIT Owned Properties 29,463 $ 31,989 $ 119,224 $ 128,145 $ Revenue From Joint Venture Properties 23,798 26,386 99,434 97,994 Revenue From Non-REIT Properties Under Management Contract 929 915 3,704 3,953 Total Rental Revenues Under Management 54,190 $ 59,290 $ 222,362 $ 230,092 $ General and Administrative Expense 2,256 $ 3,322 $ 13,448 $ 15,121 $ General and Administrative Expense / Total Rental Revenues Under Management 4.16% 5.60% 6.05% 6.57% [1] Q4 2009 excludes $(1) related to the loss on sale of real estate from continuing operations. Including the loss would have no impact on the interest coverage ratio for the three months ended 12/31/09. [2] YTD 2009 excludes $5,010 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 0.16 for the twelve months ended 12/31/09. [3] Q4 2008 excludes $61 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 0.01 for the three months ended 12/31/08. [4] YTD 2008 excludes $19,595 related to the gain on sale of real estate from continuing operations. Including the gain would positively impact the interest coverage ratio by 0.54 for the twelve months ended 12/31/08. [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. Selected Financial and Operating Ratios Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 11

2009 2008 % Change 2009 2008 % Change Number of Properties [1] 49 49 0.0% 49 49 0.0% Occupancy 93.5% 94.4% -0.9% 93.5% 94.4% -0.9% REVENUE: Rents $18,899 $19,883 -4.9% $76,359 $78,426 -2.6% [2] Recoveries from Tenants 8,076 8,169 -1.1% 30,987 31,431 -1.4% Other Income 590 573 3.1% 1,386 1,305 6.2% $27,565 $28,625 -3.7% $108,732 $111,162 -2.2% EXPENSES: Recoverable Operating Expenses $7,899 $8,152 -3.1% $31,092 $31,045 0.1% Other Operating 549 1,034 - -47.0% 2,694 2,467 9.2% $8,448 $9,186 -8.0% $33,785 $33,512 0.8% OPERATING INCOME $19,117 $19,438 -1.7% $74,947 $77,649 -3.5% [3] Operating Expense Recovery Ratio 102.2% 100.2% 2.0% 99.7% 101.2% -1.6% [1] Excludes joint venture properties and centers currently under development and redevelopment. [2] Portion of decrease in Minimum Rents attributable to: Qtr over Qtr Ytd over Ytd Tenant Bankruptcies ($224) ($1,070) Rent Relief ($196) ($476) ($419) ($1,546) [3] Excluding the effect of tenant bankruptcies and rent relief, the change in operating income would have been 0.5% and (1.5%) for the three and twelve months ended December 31, 2009, respectively. Same Properties Analysis (in thousands) Three Months Ended December 31, 2009 Twelve Months Ended December 31, 2009 Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 12

Non-Anchors Anchors Total Non-Anchors Anchors Total Summary of Expiring Leases on a GAAP Basis: Total Number of Scheduled Lease Expirations 56 1 57 302 23 325 Gross Leasable Area (sq.ft.)  143,559 42,112 185,671 836,062 907,489 1,743,551 Average Base Rent / Sq.Ft ($/sq.ft.)  $15.05 $6.25 $13.06 $15.21 $6.64 $10.75 Leases Renewed at Expiration: Number of Leases 1 33 201 18 219 Gross Leasable Area (sq.ft.)  88,166 42,112 130,278 572,319 699,538 1,271,857 Renewal Base Rent / Sq.Ft. ($/sq.ft.)  $15.22 $6.25 $12.32 $15.11 $7.52 $10.93 Previous Base Rent / Sq.Ft. ($/sq.ft.)  $15.14 $6.25 $12.27 $14.59 $7.13 $10.49 PSF Increase / (Decrease)  $0.08 $0.00 $0.05 $0.52 $0.38 $0.45 % Increase / (Decrease)  0.5% 0.0% 0.4% 3.6% 5.4% 4.3% Leases Currently Month-to-Month or Under Negotiation for Renewal: Number of Leases 7 - 7 12 - 12 Gross Leasable Area (sq.ft.) 18,360 - 18,360 28,628 - 28,628 Current Base Rent / Sq.Ft. ($/sq.ft.)  $13.90 $0.00 $13.90 $16.49 $0.00 $16.49 Leases Ended at Expiration: Number of Leases 17 0 17 89 5 94 Gross Leasable Area (sq.ft.)  37,033 0 37,033 235,115 207,951 443,066 Base Rent / Sq.Ft. ($/sq.ft.)  $15.41 $0.00 $15.41 $16.55 $4.99 $11.13 New Rent Starts on a Cash Basis: Number of Leases 21 - 21 75 5 80 Gross Leasable Area (sq.ft.)  71,226 - 71,226 229,856 159,948 389,804 Base Rent / Sq.Ft. ($/sq.ft.)  $15.73 $0.00 $15.73 $15.07 $9.04 $12.60 % Increase / (Decrease) from Portfolio Average -2.3% 0.0% 44.7% -6.4% 9.9% 15.9% Current Portfolio Average on a Cash Basis: Portfolio Average Base Rent / Sq.Ft. (as of 12/31/09) $16.10 $8.22 $10.87 $16.10 $8.22 $10.87 Historical Portfolio Averages on a Cash Basis: Year Ended 12/31/08 Portfolio Average Base Rent / Sq.Ft. $16.51 $8.11 $10.82 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 Three Months Ended December 31, 2009 Twelve Months Ended December 31, 2009 Leasing Activity Wholly Owned and Joint Venture Assets Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 13

Development Projects (in millions) Property/Location Project Description RPT Ownership % Cost to Date Current Development Projects Off-Balance Sheet Assets Hartland Towne Square - Hartland Twp., MI Phase 1 - sale to Meijer for 192,000 SF - complete. Future - 200,000 SF power center project. 20% $25.6 Total Current Off-Balance Sheet Assets $25.6 RPT Share of Total Current Off-Balance Sheet Assets $5.1 Proposed Off-Balance Sheet Assets The Town Center at Aquia - Stafford, VA Retail development. 20% $15.1 [1] Phase 1 office building. 20% $22.3 [1] Basis in future office component. 20% $7.3 [1] Basis in residential component. 20% $15.8 [1] Total Current Proposed Off-Balance Sheet Assets $60.5 RPT Share of Total Current Proposed Off-Balance Sheet Assets $12.1 RPT Share of Current Development Projects $17.2 Pre-Development Projects Proposed Off-Balance Sheet Assets Gateway Commons - Lakeland, FL 375,000 SF power center project. 20% $20.3 Parkway Shops - Jacksonville, FL 350,000 SF power center project. 20% $14.0 [2] Total Pre-Development Proposed Off-Balance Sheet Assets $34.3 RPT Share of Total Pre-Development Proposed Off-Balance Sheet Assets $6.9 RPT Share of Pre-Development Projects $6.9 RPT Share of All Development Projects $24.1 [1] Includes pro-rata portion of net book value of existing center and applicable fixed cost allocation. [2] Includes $6,856,775 payable on land purchased under two purchase money mortgages due in November 2010. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 14

Redevelopment Projects (in millions) Property/Location Project Description RPT Ownership % Projected Stabilization Date Stabilized Return on Cost [1] Projected Stabilized NOI [2] Projected Cost Cost to Date Estimated Costs 2010 Current Redevelopment Projects [3] On-Balance Sheet Assets West Allis - - West Allis, WI Complete reconfiguration of center to accommodate Burlington Coat in 71,000 SF -opened, new small shop tenancies. 100% Q4 2010 11.5% $1.4 $11.8 $9.2 $2.6 Holcomb - Roswell, GA Studio Movie Grill in 39,668 SF -under construction. 100% Q3 2010 11.6% $0.5 $4.1 $0.2 $3.9 Rivertowne Square - Deerfield Beach, FL Beall's Department Store in 60,000 SF-under construction. 100% Q1 2010 11.8% $0.2 $1.9 $1.1 $0.8 Southbay - Osprey, FL Freestanding CVS - -under construction, retenanting small shop space. 100% Q1 2010 15.2% $0.1 $1.0 $0.6 $0.4 Total On-Balance Sheet Assets 11.7% $2.2 $18.8 $11.1 $7.7 Off-Balance Sheet Assets Troy Marketplace - Troy, MI Retenanting 97,000 SF Home Expo/LA Fitness - opened, additional mid-box uses identified. New out lot building. 30% Q4 2010 20.5% $2.1 $10.0 $5.9 $4.1 The Shops at Old Orchard - W. Bloomfield, MI Plum Market in 37,000 SF (specialty grocery) - opened, complete small shop retenancy plus façade and structural improvements. 30% Q2 2010 11.1% $1.1 $10.2 $8.9 $1.3 Marketplace of Delray - Delray Beach, FL Ross Dress For Less in 27,625 SF -deliver to tenant 1Q10, downsizing Office Depot, adding Dollar Tree and small shop space -under construction. 30% Q1 2010 14.4% $0.6 $4.1 $1.7 $2.4 Collins Pointe Plaza - Cartersville, GA Freestanding CVS-under constuction, retenanting Winn Dixie and small shop space. 20% Q3 2010 21.0% $0.6 $2.9 $0.9 $2.0 Total Off-Balance Sheet Assets 16.1% $4.4 $27.2 $17.4 $9.8 RPT Share of Total Off-Balance Sheet Assets 15.9% [4] $1.3 $7.9 $5.1 $2.8 RPT Share of Current Redevelopments 13.0% [4] $3.4 $26.7 $16.2 $10.5 Potential Future Projects RPT Ownership % Village Lakes - Land O' Lakes, FL Retenant anchor space. 100% The Shops on Lane Avenue - Columbus, OH Expand existing grocery to prototype size. 20% [1] Percentage based on actual numbers before rounding. [2] Represents incremental change in revenue. [3] Current redevelopments does not include The Town Center at Aquia, which is considered a development project by the Company. Refer to page 14 for details on The Town Center at Aquia. [4] Does not include fees earned by RPT. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 15

Percent of Balance Stated Months Total at Interest Maturity To Lender or Servicer Indebtedness 12/31/2009 Rate Date Maturity Fixed Rate Debt Promenade at Pleasant Hill Principal Life 2.33% 12,893,605 $ 8.0900% Sep-10 8 Publix at River Crossing Jackson National Life Ins Co. 0.56% 3,107,097 6.6700% Oct-10 9 Parkway Shops St. Johns purchase money mortgage 0.85% 4,690,000 7.0000% Nov-10 11 Parkway Shops River City Signature purchase money mortgage 0.39% 2,166,775 6.0000% Nov-10 11 Madison Shopping Center LaSalle Bank N.A. 1.70% 9,370,762 7.5080% May-11 16 Secured Term Loan Facility * KeyBank, as agent 10.86% 60,000,000 6.6467% Jun-11 18 Lakeshore Marketplace Wells Fargo/Midland 2.64% 14,588,736 7.6470% Aug-11 19 Sunshine Plaza Shopping Center Nationwide Life 2.02% 11,158,397 7.3500% May-12 28 Coral Creek KeyBank 1.69% 9,355,784 6.7800% Jul-12 30 The Crossroads at Royal Palm L.J. Melody & Co./Salomon 2.02% 11,156,947 6.5000% Aug-12 31 Secured Revolving Credit Facility * KeyBank, as agent 7.24% 40,000,000 6.5050% Dec-12 37 Centre at Woodstock Wachovia 0.78% 4,285,712 6.9100% Jul-13 43 East Town Plaza Citigroup Global Markets 1.98% 10,944,737 5.4500% Jul-13 43 Kentwood Towne Center Nationwide Life 1.66% 9,165,390 5.7400% Jul-13 43 Lantana Plaza Shopping Center Key Bank 1.78% 9,832,495 4.7600% Aug-13 44 Auburn Hills Citigroup Global Markets 1.31% 7,232,731 5.3800% May-14 53 Crossroads Shopping Center Citigroup Global Markets 4.56% 25,193,079 5.3800% May-14 53 Jackson West KeyBank 3.11% 17,180,000 5.2000% Nov-15 71 West Oaks I KeyBank 4.94% 27,300,000 5.2000% Nov-15 71 New Towne Plaza Deutsche Bank 3.58% 19,800,000 5.0910% Dec-15 72 Hoover Eleven Canada Life/GMAC 1.00% 5,507,651 7.6250% Feb-16 74 River City Marketplace JPMorgan Chase Bank, N.A. 19.91% 110,000,000 5.4355% Apr-17 88 Hoover Eleven Canada Life/GMAC 0.38% 2,082,786 7.2000% May-18 101 Crossroads Home Depot Farm Bureau 0.71% 3,950,000 7.3800% Dec-19 121 Junior Subordinated Note ** The Bank of New York Trust Company 5.09% 28,125,000 7.8700% Jan-38 342 Subtotal Fixed Rate Debt 83.09% 459,087,683 $ 6.1652% 69 - - Variable Rate Mortgages - - Beacon Square Huntington Bank 1.29% 7,121,100 $ 5.5000% Jun-11 18 Gaines Marketplace Huntington Bank 1.32% 7,306,169 5.2500% Jun-11 18 Subtotal Variable Rate Mortgages 2.61% 14,427,269 $ 5.3734% 18 - - Variable Rate Secured Facility - - Secured Revolving Credit Facility - Aquia KeyBank 3.62% 20,000,000 $ 5.5000% Dec-10 12 Secured Term Loan Facility KeyBank, as agent 1.27% 7,000,000 5.5679% Jun-11 18 Secured Revolving Credit Facility KeyBank, as agent 9.42% 52,036,496 4.7175% Dec-12 37 Subtotal Variable Rate Secured Facilities 14.30% 79,036,496 $ 4.9908% - Subtotal Variable Rate Mortgages & Secured Facilities 16.91% 93,463,765 $ 5.0499% 27 Subtotal Variable Rate Debt 16.91% 93,463,765 $ 5.0499% 27 Total debt 100.00% 552,551,448 $ 5.9765% 62 * Effectively converted to fixed rate through swap agreements. ** Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%. Summary of Outstanding Debt 12/31/09 Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 16

Cumulative Scheduled Total Percentage Percentage Amortization Scheduled Scheduled of Debt of Debt Year Payments Maturities Maturities Maturing Maturing 2010 41,286,530 38,815,995 80,102,525 14.50% 14.50% 2011 4,859,248 71,092,256 75,951,504 13.75% 28.24% 2012 4,246,614 121,916,182 126,162,796 22.83% 51.08% 2013 3,530,107 30,121,368 33,651,474 6.09% 57.17% 2014 2,574,061 29,676,361 32,250,422 5.84% 63.00% 2015 2,397,298 59,457,889 61,855,187 11.19% 74.20% 2016 561,275 - 561,275 0.10% 74.30% 2017 404,147 110,000,000 110,404,147 19.98% 94.28% 2018 237,999 - 237,999 0.04% 94.32% 2019 + 100,977 31,273,141 31,374,118 5.68% 100.00% Totals 60,198,255 $ 492,353,192 $ 552,551,448 $ Loan Maturities Split between Scheduled Amortization and Scheduled Maturities 12/31/09 Note: Scheduled maturities in 2012 includes $92,036,496 which represents the balance of the Secured Revolving Credit Facility drawn as of December 31, 2009 due at maturity in December 2012, and scheduled amortization payments in 2010 includes $33,000,000, which represents the portion of the Secured Term Loan Facility due by September 30, 2010, with the balance of $34,000,000 due at maturity in June 2011. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 17

Debt: Shares Dollars Percentage Fixed Rate Debt 459,087,683 $ 52.46% Variable Rate Debt 93,463,765 $ 10.68% Total Debt 552,551,448 $ 63.14% Equity: Market price Common Shares and Equivalents REIT Shares 9.54 $ 91.41% 30,907,087 294,853,610 $ 33.69% OP Units 8.59% 2,902,641 27,691,195 $ 3.16% Total Common Shares and Equivalents 100.00% 33,809,728 322,544,805 $ 36.86% Total Market Capitalization 875,096,253 $ 100.00% Market Capitalization Information Common Stock Performance - 01/01/2009 through 12/31/2009 12/31/09 Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 18

Property Location Ownership % Number of Units Non- Company Owned Company Owned Total Anchor GLA Non- Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2] Wholly-Owned Portfolio Florida Coral Creek Shops Coconut Creek, FL 100% 1992/2002/NA 33 42,112 42,112 67,200 109,312 109,312 100,487 91.9% 1,519,245 $ 15.12 $ Publix Lantana Shopping Center Lantana, FL 100% 1959/1996/2002 22 61,166 61,166 62,444 123,610 123,610 117,268 94.9% 1,241,795 10.59 Publix Naples Towne Centre Naples, FL 100% 1982/1996/2003 14 32,680 102,027 134,707 32,680 167,387 134,707 128,018 95.0% 782,707 6.11 Goodwill [3], Save-A-Lot, Bealls Pelican Plaza Sarasota, FL 100% 1983/1997/NA 26 35,768 35,768 57,389 93,157 93,157 78,502 84.3% 785,068 10.00 Linens 'N Things [6] River City Marketplace Jacksonville, FL 100% 2005/2005/NA 70 342,501 323,907 666,408 221,445 887,853 545,352 530,150 97.2% 8,391,824 15.83 Wal-Mart [3], Lowe's[3], Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters, Ashley Furniture HomeStore River Crossing Centre New Port Richey, FL 100% 1998/2003/NA 16 37,888 37,888 24,150 62,038 62,038 58,538 94.4% 709,291 12.12 Publix Sunshine Plaza Tamarac, FL 100% 1972/1996/2001 28 146,409 146,409 89,317 235,726 235,726 223,181 94.7% 1,918,129 8.59 Publix, Old Time Pottery The Crossroads Royal Palm Beach, FL 100% 1988/2002/NA 35 42,112 42,112 77,980 120,092 120,092 103,910 86.5% 1,602,765 15.42 Publix Village Lakes Shopping Center Land O' Lakes, FL 100% 1987/1997/NA 24 125,141 125,141 61,355 186,496 186,496 181,246 97.2% 1,111,977 6.14 Sweet Bay, Wal-Mart[4] Total / Average 268 375,181 916,530 1,291,711 693,960 1,985,671 1,610,490 1,521,300 94.5% 18,062,802 $ 11.87 $ Georgia Centre at Woodstock Woodstock, GA 100% 1997/2004/NA 14 51,420 51,420 35,328 86,748 86,748 69,660 80.3% 788,379 $ 11.32 $ Publix Conyers Crossing Conyers, GA 100% 1978/1998/NA 15 138,915 138,915 31,560 170,475 170,475 170,475 100.0% 958,471 5.62 Burlington Coat Factory, Hobby Lobby Horizon Village Suwanee, GA 100% 1996/2002/NA 22 47,955 47,955 49,046 97,001 97,001 84,002 86.6% 878,201 10.45 Publix [4] Mays Crossing Stockbridge, GA 100% 1984/1997/2007 20 100,244 100,244 37,040 137,284 137,284 128,584 93.7% 836,435 6.50 ApplianceSmart Factory Outlet [4], Big Lots, Dollar Tree Promenade at Pleasant Hill Duluth, GA 100% 1993/2004/NA 34 199,555 199,555 82,076 281,631 281,631 245,244 87.1% 1,763,839 7.19 Farmers Home Furniture, Old Time Pottery, Publix Total / Average 105 - 538,089 538,089 235,050 773,139 773,139 697,965 90.3% 5,225,325 $ 7.49 $ 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% 944,457 $ 10.43 $ 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 45,932 89.4% 771,331 16.79 Home Depot [3] Clinton Pointe Clinton Twp., MI 100% 1992/2003/NA 14 112,876 65,735 178,611 69,595 248,206 135,330 123,280 91.1% 1,201,151 9.74 OfficeMax, Sports Authority, Target [3] Clinton Valley Sterling Heights, MI 100% 1985/1996/2009 10 50,852 50,852 45,348 96,200 96,200 83,324 86.6% 518,170 6.22 Hobby Lobby Clinton Valley Mall Sterling Heights, MI 100% 1977/1996/2002 8 55,175 55,175 44,106 99,281 99,281 99,281 100.0% 1,628,581 16.40 Office Depot, DSW Shoe Warehouse Eastridge Commons Flint, MI 100% 1990/1996/2001 16 117,777 117,972 235,749 51,704 287,453 169,676 163,322 96.3% 1,596,012 9.77 Farmer Jack (A&P) [4], Office Depot[4], 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 72,722 84.8% 814,230 11.20 OfficeMax, Sam's Club [3], Target [3] Fairlane Meadows Dearborn, MI 100% 1987/2003/NA 23 201,300 56,586 257,886 80,922 338,808 137,508 120,223 87.4% 1,615,197 13.44 Best Buy, Citi Trends, Target [3], Burlington Coat Factory [3] Fraser Shopping Center Fraser, MI 100% 1977/1996/NA 8 32,384 32,384 39,163 71,547 71,547 51,335 71.8% 299,648 5.84 Oakridge Market Gaines Marketplace Gaines Twp., MI 100% 2004/2004/NA 15 351,981 351,981 40,188 392,169 392,169 387,669 98.9% 1,642,974 4.24 Meijer, Staples, Target Hoover Eleven Warren, MI 100% 1989/2003/NA 47 153,810 153,810 130,960 284,770 284,770 235,230 82.6% 2,914,308 12.39 Kroger, Marshalls, OfficeMax Jackson Crossing Jackson, MI 100% 1967/1996/2002 64 254,242 222,192 476,434 176,576 653,010 398,768 369,633 92.7% 3,406,363 9.22 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 15,837 210,321 210,321 190,838 90.7% 1,357,418 7.11 Lowe's, Michaels, OfficeMax Kentwood Towne Centre Kentwood, MI 77.88% 1988/1996//NA 17 101,909 122,887 224,796 58,265 283,061 181,152 158,952 87.7% 987,766 6.21 Hobby Lobby, OfficeMax, Rooms Today [3] Lake Orion Plaza Lake Orion, MI 100% 1977/1996/NA 9 126,195 126,195 14,878 141,073 141,073 136,073 96.5% 527,281 3.87 Hollywood Super Market, Kmart Lakeshore Marketplace Norton Shores, MI 100% 1996/2003/NA 21 126,800 258,638 385,438 89,015 474,453 347,653 337,142 97.0% 2,577,690 7.65 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 93,380 93,380 43,042 136,422 136,422 123,378 90.4% 1,287,187 10.43 Kroger, TJ Maxx Madison Center Madison Heights, MI 100% 1965/1997/2000 15 167,830 167,830 59,258 227,088 227,088 183,957 81.0% 1,168,960 6.35 Kmart New Towne Plaza Canton Twp., MI 100% 1975/1996/2005 17 126,425 126,425 62,798 189,223 189,223 172,298 91.1% 1,698,051 9.86 Kohl's, Jo-Ann Oak Brook Square Flint, MI 100% 1982/1996/NA 20 79,744 79,744 72,629 152,373 152,373 143,773 94.4% 1,227,216 8.54 TJ Maxx, Hobby Lobby Roseville Towne Center Roseville, MI 100% 1963/1996/2004 9 206,747 206,747 40,221 246,968 246,968 246,968 100.0% 1,702,773 6.89 Marshalls, Wal-Mart, Office Depot[4] Shoppes at Fairlane Meadows Dearborn, MI 100% 2007/NA/NA 8 - - 19,925 19,925 19,925 15,197 76.3% 365,540 24.05 Southfield Plaza Southfield, MI 100% 1969/1996/2003 14 128,339 128,339 37,660 165,999 165,999 164,649 99.2% 1,335,486 8.11 Burlington Coat Factory, Marshalls, Staples Tel-Twelve Southfield, MI 100% 1968/1996/2005 21 479,869 479,869 43,542 523,411 523,411 520,411 99.4% 5,589,278 10.74 Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART West Oaks I Novi, MI 100% 1979/1996/2004 8 213,717 213,717 30,270 243,987 243,987 243,987 100.0% 2,384,688 9.77 Best Buy, DSW Shoe Warehouse, Gander Mountain, Home Goods, Michaels, OfficeMax West Oaks II Novi, MI 100% 1986/1996/2000 30 221,140 90,753 311,893 77,201 389,094 167,954 166,979 99.4% 2,865,700 17.16 Value City Furniture [3], Bed Bath & Beyond [3], Marshalls, Toys "R" Us[3], Kohl's[3], Jo-Ann Total / Average 459 2,000,212 3,483,517 5,483,729 1,482,961 6,966,690 4,966,478 4,647,089 93.6% 42,427,457 $ 9.13 $ North Carolina Ridgeview Crossing Elkin, NC 100% 1989/1997/1995 7 58,581 58,581 11,140 69,721 69,721 69,721 100.0% 252,771 $ 3.63 $ Belk Department Store, Ingles Market Total / Average 7 - 58,581 58,581 11,140 69,721 69,721 69,721 100.0% 252,771 $ 3.63 $ Anchors: Company Owned GLA Year Constructed / Acquired / Year of Latest Renovation or Expansion (1) Annualized Base Rent Portfolio Property Summary As of December 31, 2009 Total Shopping Center GLA: Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 19

Property Location Ownership % Number of Units Non- Company Owned Company Owned Total Anchor GLA Non- Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2] Anchors: Company Owned GLA Year Constructed / Acquired / Year of Latest Renovation or Expansion (1) Annualized Base Rent Portfolio Property Summary As of December 31, 2009 Total Shopping Center GLA: Ohio Crossroads Centre Rossford, OH 100% 2001/2001/NA 22 126,200 244,991 371,191 99,054 470,245 344,045 332,505 96.6% 2,987,079 $ 8.98 $ Home Depot, Target [3], Giant Eagle, Michaels, T J Maxx OfficeMax Center Toledo, OH 100% 1994/1996/NA 1 22,930 22,930 - 22,930 22,930 22,930 100.0% 277,453 12.10 OfficeMax Rossford Pointe Rossford, OH 100% 2006/2005/NA 6 41,077 41,077 6,400 47,477 47,477 45,877 96.6% 452,339 9.86 PETsMART, Office Depot[4] Spring Meadows Place Holland, OH 100% 1987/1996/2005 28 384,770 110,691 495,461 101,126 596,587 211,817 191,401 90.4% 2,121,920 11.09 Dick's Sporting Goods [3], Best Buy [3], Kroger [3], Target [3], Ashley Furniture, OfficeMax, PETsMART, T J Maxx, Sam's Club[3], Big Lots[3] Troy Towne Center Troy, OH 100% 1990/1996/2003 18 197,109 86,584 283,693 58,026 341,719 144,610 141,110 97.6% 879,214 6.23 Wal-Mart[3], Kohl's Total / Average 75 708,079 506,273 1,214,352 264,606 1,478,958 770,879 733,823 95.2% 6,718,005 $ 9.15 $ South Carolina Taylors Square Taylors, SC 100% 1989/1997/2005 13 207,445 - 207,445 33,791 241,236 33,791 28,048 83.0% 468,813 $ 16.71 $ Wal-Mart[3] Total / Average 13 207,445 - 207,445 33,791 241,236 33,791 28,048 83.0% 468,813 $ 16.71 $ Tennessee Northwest Crossing Knoxville, TN 100% 1989/1997/NA 10 207,945 66,346 274,291 29,933 304,224 96,279 94,779 98.4% 810,523 $ 8.55 $ Wal-Mart[3], Ross Dress for Less, HH Gregg Northwest Crossing II Knoxville, TN 100% 1999/1999/NA 2 23,500 23,500 4,674 28,174 28,174 28,174 100.0% 320,719 11.38 OfficeMax Total / Average 12 207,945 89,846 297,791 34,607 332,398 124,453 122,953 98.8% 1,131,241 $ 9.20 $ Wisconsin East Town Plaza Madison, WI 100% 1992/2000/2000 18 132,995 144,685 277,680 64,274 341,954 208,959 185,551 88.8% 1,702,503 $ 9.18 $ Burlington Coat Factory, Marshalls, Jo-Ann, Borders, Toys "R" Us[3], Shopko[3] Total / Average 18 132,995 144,685 277,680 64,274 341,954 208,959 185,551 88.8% 1,702,503 $ 9.18 $ Wholly-Owned Subtotal / Average 957 3,631,857 5,737,521 9,369,378 2,820,389 12,189,767 8,557,910 8,006,450 93.6% 75,988,916 $ 9.49 $ Wholly-Owned - Under Redevelopment: Rivertowne Square Deerfield Beach, FL 100% 1980/1998/NA 16 90,173 90,173 46,474 136,647 136,647 128,547 94.1% 1,138,496 $ 8.86 $ Beall's Outlet, Winn-Dixie Southbay Shopping Center Osprey, FL 100% 1978/1998/NA 19 31,700 31,700 65,090 96,790 96,790 77,765 80.3% 607,287 7.81 Beall's Clearance Store Holcomb Center Roswell, GA 100% 1986/1996/NA 25 39,668 39,668 67,385 107,053 107,053 20,584 19.2% 204,985 9.96 The Towne Center at Aquia [5] Stafford, VA 100% 1989/1998/NA 17 86,184 86,184 52,325 138,509 138,509 126,863 91.6% 2,531,940 19.96 Northrop Grumman, Regal Cinemas West Allis Towne Centre West Allis, WI 100% 1987/1996/NA 27 179,818 179,818 125,363 305,181 305,181 251,050 82.3% 1,657,047 6.60 Burlington Coat Factory, Kmart, Office Depot Total / Average 104 - 427,543 427,543 356,637 784,180 784,180 604,809 77.1% 6,139,755 $ 10.15 $ Wholly-Owned Total / Average 1061 3,631,857 6,165,064 9,796,921 3,177,026 12,973,947 9,342,090 8,611,259 92.2% 82,128,670 $ 9.54 $ Joint Venture Portfolio at 100% Florida Cocoa Commons Cocoa, FL 30% 2001/2007/NA 23 51,420 51,420 38,696 90,116 90,116 76,920 85.4% 940,309 $ 12.22 $ Publix Cypress Point Clearwater, FL 30% 1983/2007/NA 22 103,085 103,085 64,195 167,280 167,280 146,853 87.8% 1,746,669 11.89 Burlington Coat Factory, The Fresh Market Kissimmee West Kissimmee, FL 7% 2005/2005/NA 17 184,600 67,000 251,600 48,586 300,186 115,586 110,386 95.5% 1,343,687 12.17 Jo-Ann, Marshalls,Target [3] Martin Square Stuart, FL 30% 1981/2005/NA 14 291,432 291,432 39,673 331,105 331,105 301,735 91.1% 1,856,101 6.15 Home Depot, Kmart, Staples Mission Bay Plaza Boca Raton, FL 30% 1989/2004/NA 56 159,147 159,147 113,719 272,866 272,866 259,680 95.2% 4,949,658 19.06 Albertsons, LA Fitness Sports Club, OfficeMax, Toys "R" Us Plaza at Delray, The Delray Beach, FL 20% 1979/2004/NA 48 193,967 193,967 137,529 331,496 331,496 255,868 77.2% 3,977,614 15.55 Books-A-Million, Marshalls, Publix, Regal Cinemas, Staples Shenandoah Square Davie, FL 40% 1989/2001/NA 43 42,112 42,112 81,534 123,646 123,646 115,516 93.4% 1,794,987 15.54 Publix Shoppes of Lakeland Lakeland, FL 7% 1985/1996/NA 22 123,400 122,441 245,841 66,447 312,288 188,888 157,072 83.2% 1,861,295 11.85 Michaels, Ashley Furniture, Target [3] Treasure Coast Commons Jensen Beach, FL 30% 1996/2004/NA 3 92,979 92,979 - 92,979 92,979 92,979 100.0% 1,154,920 12.42 Barnes & Noble, OfficeMax, Sports Authority Village of Oriole Plaza Delray Beach, FL 30% 1986/2005/NA 39 42,112 42,112 113,640 155,752 155,752 151,272 97.1% 2,107,810 13.93 Publix Village Plaza Lakeland, FL 30% 1989/2004/NA 25 64,504 64,504 82,251 146,755 146,755 114,372 77.9% 1,442,485 12.61 Staples Vista Plaza Jensen Beach, FL 30% 1998/2004/NA 9 87,072 87,072 22,689 109,761 109,761 81,347 74.1% 1,067,602 13.12 Bed Bath & Beyond, Michaels West Broward Shopping Center Plantation, FL 30% 1965/2005/NA 19 81,801 81,801 74,435 156,236 156,236 151,242 96.8% 1,571,483 10.39 Badcock, National Pawn Shop, Save-A-Lot, US Postal Service Total / Average 340 308,000 1,399,072 1,707,072 883,394 2,590,466 2,282,466 2,015,242 88.3% 25,814,622 $ 12.81 $ Georgia Paulding Pavilion Hiram, GA 20% 1995/2006/NA 13 60,509 60,509 24,337 84,846 84,846 78,196 92.2% 1,201,349 $ 15.36 $ Sports Authority, Staples Peachtree Hill Duluth, GA 20% 1986/2007/NA 35 87,411 87,411 63,461 150,872 150,872 98,120 65.0% 1,106,524 11.28 Kroger Total / Average 48 - 147,920 147,920 87,798 235,718 235,718 176,316 74.8% 2,307,873 $ 13.09 $ Illinois Market Plaza Glen Ellyn, IL 20% 1965/2007/1996 35 66,079 66,079 96,975 163,054 163,054 154,974 95.0% 2,291,508 $ 14.79 $ Jewel Osco, Staples Rolling Meadows Rolling Meadows, IL 20% 1956/2008/1995 18 83,230 83,230 47,206 130,436 130,436 102,107 78.3% 1,246,536 12.21 Jewel Osco Total / Average 53 - 149,309 149,309 144,181 293,490 293,490 257,081 87.6% 3,538,044 $ 13.76 $ Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 20

Property Location Ownership % Number of Units Non- Company Owned Company Owned Total Anchor GLA Non- Anchor GLA Total Total Leased Occupancy Total PSF Anchors [2] Anchors: Company Owned GLA Year Constructed / Acquired / Year of Latest Renovation or Expansion (1) Annualized Base Rent Portfolio Property Summary As of December 31, 2009 Total Shopping Center GLA: Indiana Merchants' Square Carmel, IN 20% 1970/2004/NA 48 80,000 69,504 149,504 209,503 359,007 279,007 239,171 85.7% 2,595,632 $ 10.85 $ Marsh [3], Cost Plus, Hobby Lobby Nora Plaza Indianapolis, IN 7% 1958/2007/2002 25 123,800 57,713 181,513 82,325 263,838 140,038 135,554 96.8% 1,806,048 13.32 Target [3], Marshalls, Whole Foods Total / Average 73 203,800 127,217 331,017 291,828 622,845 419,045 374,725 89.4% 4,401,680 $ 11.75 $ Maryland Crofton Centre Crofton, MD 20% 1974/1996/NA 18 196,570 196,570 54,941 251,511 251,511 223,655 88.9% 1,552,750 $ 6.94 $ Basics/Metro, Kmart, Gold's Gym Total / Average 18 - 196,570 196,570 54,941 251,511 251,511 223,655 88.9% 1,552,750 $ 6.94 $ Michigan Gratiot Crossing Chesterfield, MI 30% 1980/2005/NA 15 122,406 122,406 43,138 165,544 165,544 150,586 91.0% 1,317,840 $ 8.75 $ Jo-Ann, Kmart Hunter's Square Farmington Hills, MI 30% 1988/2005/NA 37 194,236 194,236 163,066 357,302 357,302 349,601 97.8% 5,878,292 16.81 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 39,524 634,015 281,374 242,550 86.2% 3,196,275 13.18 Home Depot, Marshalls, Michaels, PETsMART, Costco[3], Meijer[3] Southfield Plaza Expansion Southfield, MI 50% 1987/1996/2003 11 - - 19,410 19,410 19,410 12,410 63.9% 203,584 16.40 West Acres Commons Flint, MI 40% 1998/2001/NA 14 59,889 59,889 35,200 95,089 95,089 82,489 86.7% 1,033,485 12.53 VG's Food Center Winchester Center Rochester Hills, MI 30% 1980/2005/NA 16 224,356 224,356 89,309 313,665 313,665 313,665 100.0% 4,379,577 13.96 Borders, Dick's Sporting Goods, Linens 'N Things [6], Marshalls, Michaels, PETsMART Total / Average 107 352,641 842,737 1,195,378 389,647 1,585,025 1,232,384 1,151,301 93.4% 16,009,053 $ 13.91 $ New Jersey Chester Springs Shopping Center Chester, NJ 20% 1970/1996/1999 41 81,760 81,760 142,393 224,153 224,153 194,320 86.7% 2,653,545 $ 13.66 $ Shop-Rite Supermarket, Staples Total / Average 41 - 81,760 81,760 142,393 224,153 224,153 194,320 86.7% 2,653,545 $ 13.66 $ Ohio Olentangy Plaza Columbus, OH 20% 1981/2007/1997 41 116,707 116,707 114,800 231,507 231,507 215,899 93.3% 2,282,182 $ 10.57 $ Eurolife Furniture, Marshalls, MicroCenter, Sunflower Market[4] The Shops on Lane Avenue Upper Arlington, OH 20% 1952/2007/2004 40 46,574 46,574 115,236 161,810 161,810 151,399 93.6% 2,798,954 18.49 Bed Bath & Beyond, Whole Foods Total / Average 81 - 163,281 163,281 230,036 393,317 393,317 367,298 93.4% 5,081,136 $ 13.83 $ JV Subtotal / Average at 100% 761 864,441 3,107,866 3,972,307 2,224,218 6,196,525 5,332,084 4,759,938 89.3% 61,358,703 $ 12.89 $ Joint Venture Under Redevelopment: Marketplace of Delray Delray Beach, FL 30% 1981/2005/NA 48 107,190 107,190 131,711 238,901 238,901 181,525 76.0% 2,281,194 12.57 Office Depot, Winn-Dixie Collins Pointe Plaza Cartersville, GA 20% 1987/2006/NA 18 46,358 46,358 47,909 94,267 94,267 35,225 37.4% 423,956 $ 12.04 $ Troy Marketplace Troy, MI 30% 2000/2005/NA 12 20,600 193,360 213,960 28,813 242,773 222,173 168,678 75.9% 3,009,291 17.84 Golfsmith, LA Fitness, Nordstom Rack, PETsMART, REI [3] The Shops at Old Orchard W. Bloomfield, MI 30% 1972/2007/NA 17 36,044 36,044 39,975 76,019 76,019 68,769 90.5% 1,146,846 16.68 Plum Market Total / Average 95 20,600 382,952 403,552 248,408 651,960 631,360 454,197 71.9% 6,861,287 $ 15.11 $ JV Total / Average at 100% 856 885,041 3,490,818 4,375,859 2,472,626 6,848,485 5,963,444 5,214,135 87.4% 68,219,991 $ 13.08 $ PORTFOLIO TOTAL / AVERAGE 1917 4,516,898 9,655,882 14,172,780 5,649,652 19,822,432 15,305,534 13,825,394 90.3% 150,348,661 $ 10.87 $ [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] The Town Center at Aquia is considered a development project by the Company. Refer to the development projects on page 14 for details on The Town Center at Aquia. [6] Tenant closed in Bankruptcy, though Leases are guaranteed by CVS. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 21

BY RENT [1] BY GLA [2] GEOGRAPHIC DIVERSIFICATION LEGEND IN 3% WI 2% All Others 8% IN 3% WI 3% All Others 7% MI: Michigan FL: Florida OH: Ohio IN: Indiana GA: Georgia WI: Wisconsin MI 42% FL 32% OH 8% GA 5% MI 42% FL 29% OH 8% GA 8% BY RENT [1] BY GLA [2] ANCHOR, NON-ANCHOR TENANT MIX ANCHORS: Spaces greater than or equal to 19,000 square feet NON ANCHORS: LEGEND ANCHOR 50% NONANCHOR Non- Anchor 34% NON-Spaces of less than 19,000 square feet 50% Anchor 66% BY RENT [1] BY GLA [2] CREDIT QUALITY TENANT MIX LEGEND LOC 19% LOC 14% NAT: National REG: Regional LOC: Local NAT 67% REG 14% NAT 68% REG 18% Quarterly Financial and Operating Supplement [1] Figures shown represent annualized base rents [2] Figures shown represent occupied Gross Leasable Area Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 22

Lease Name Credit Rating S&P/Moody's [1] Number of Leases Leased GLA as of 12/31/09 (Sq.Ft.) % of Total Company Owned GLA Total Annualized Base Rent Annualized Base Rent/Square Foot % of Base Rental Revenue as of 12/31/09 T.J. Maxx/Marshalls A/A3 20 636,154 4.16% $5,941,987 $9.34 3.95% Publix NR/NR 12 574,794 3.76% 4,534,891 $7.89 3.02% OfficeMax B/B1 12 273,720 1.79% 3,083,183 $11.26 2.05% Home Depot BBB+/Baa1 3 384,690 2.51% 2,819,500 $7.33 1.88% Kmart NR/NR 6 618,341 4.04% 2,717,603 $4.39 1.81% Dollar Tree NR/NR 26 277,516 1.81% 2,481,494 $8.94 1.65% Jo-Ann B+/B1 6 218,976 1.43% 2,378,777 $10.86 1.58% Staples BBB/Baa2 10 224,292 1.47% 2,277,886 $10.16 1.52% Michaels B-/Caa1 9 199,724 1.30% 2,222,989 $11.13 1.48% Best Buy BBB-/Baa2 5 176,677 1.15% 2,214,623 $12.53 1.47% PETsMART BB/NR 7 160,428 1.05% 2,160,407 $13.47 1.44% Burlington Coat Factory B-/B3 6 363,307 2.37% 2,022,588 $5.57 1.35% Gander Mountain NR/NR 2 159,791 1.04% 1,899,745 $11.89 1.26% Major Tenant Exposure* as of December 31, 2009 Annualized Base Rent in Place at 12/31/09 Bed Bath & Beyond BBB/NR 5 154,599 1.01% 1,846,043 $11.94 1.23% Lowe's Home Centers A+/A1 2 270,394 1.77% 1,822,956 $6.74 1.21% 131 4,693,403 30.66% $40,424,672 $8.61 26.90% *Based upon percentage of annualized base rent. [1] Source: Latest Company filings per Credit Risk Monitor. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 23

All Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 37 81,139 0.59% $840,386 0.56% $10.36 2010 207 964,091 6.97% 10,378,253 6.90% 10.76 2011 291 1,474,552 10.67% 18,593,707 12.37% 12.61 2012 276 1,485,537 10.74% 18,166,862 12.08% 12.23 2013 215 1,630,464 11.79% 19,564,551 13.01% 12.00 2014 173 1,582,899 11.45% 14,753,379 9.81% 9.32 2015 94 1,143,297 8.27% 12,379,222 8.23% 10.83 2016 69 1,345,876 9.73% 13,538,691 9.00% 10.06 2017 44 761,587 5.51% 10,163,133 6.76% 13.34 2018 37 562,830 4.07% 6,853,269 4.56% 12.18 2019+ 85 2,793,122 20.21% 25,117,208 16.72% 8.99 Total 1,528 13,825,394 100.00% $150,348,661 100.00% $10.87 All Anchor Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 0 0 0.00% $0 0.00% $0.00 2010 8 368,819 4.02% 2,168,025 2.88% 5.88 2011 17 550,771 6.01% 4,285,079 5.69% 7.78 2012 16 657,273 7.17% 4,231,210 5.62% 6.44 2013 27 1,065,593 11.62% 9,115,643 12.10% 8.55 2014 22 1,036,465 11.31% 6,286,742 8.35% 6.07 2015 22 822,376 8.97% 7,303,653 9.69% 8.88 2016 26 1,097,217 11.97% 8,920,707 11.84% 8.13 2017 17 646,197 7.05% 7,965,746 10.57% 12.33 2018 12 444,668 4.85% 4,827,080 6.41% 10.86 2019+ 36 2,477,908 27.03% 20,231,449 26.85% 8.16 Total 203 9,167,287 100.00% $75,335,334 100.00% $8.22 All Non-Anchor Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 37 81,139 1.74% $840,386 1.12% $10.36 2010 199 595,272 12.78% 8,210,228 10.95% 13.79 2011 274 923,781 19.83% 14,308,628 19.07% 15.49 2012 260 828,264 17.78% 13,935,652 18.58% 16.83 2013 188 564,871 12.13% 10,448,908 13.93% 18.50 2014 151 546,434 11.73% 8,466,637 11.29% 15.49 2015 72 320,921 6.89% 5,075,569 6.77% 15.82 2016 43 248,659 5.34% 4,617,984 6.16% 18.57 2017 27 115,390 2.48% 2,197,387 2.93% 19.04 2018 25 118,162 2.54% 2,026,189 2.70% 17.15 2019+ 49 315,214 6.76% 4,885,759 6.50% 15.50 Total 1,325 4,658,107 100.00% $75,013,327 100.00% $16.10 Annualized Base Rent in Place at 12/31/09 Summary of Expiring GLA Total Portfolio Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 24

Joint Venture Information

For Three Months Ended December 31, 2009 Ramco/Lion Ramco 450 Ramco 191 Ramco Ramco Hartland West Acres Shenandoah Other Total Ramco Venture LP Venture LLC Venture LLC HHF KL LLC HHF NP LLC Towne Square Commons Square Joint Joint Ventures Pro-rata Consolidated Consolidated Consolidated Consolidated Indianapolis, IN Hartland, MI Flint, MI Davie, FL Ventures (1) at 100% Share Total revenue 13,074 $ 7,664 $ 492 $ 1,097 $ 300 $ 90 $ 352 $ 660 $ 69 $ 23,798 $ 6,108 $ Operating expense 4,595 3,707 163 307 (171) 127 137 256 25 9,146 2,357 Depreciation and amortization 3,587 2,578 179 319 170 - 68 133 8 7,042 1,746 Interest expense 4,043 3,192 39 - - - 178 223 15 7,690 2,027 Total expenses 12,225 9,477 381 626 (1) 127 383 612 48 23,878 6,130 Net income 849 $ (1,813) $ 111 $ 471 $ 301 $ (37) $ (31) $ 48 $ 21 $ (80) $ (21) $ Ramco ownership interest 30% 20% 20% 7% 7% 20% 40% 40% Various Ramco's share of net income 255 $ (362) $ 22 $ 33 $ 21 $ (8) $ (13) $ 20 $ 11 $ (21) $ Add: depreciation expense 1,032 491 34 22 12 - 27 47 4 1,669 Funds from operations contributed 1,287 $ 129 $ 56 $ 55 $ 33 $ (8) $ 14 $ 67 $ 15 $ 1,648 $ by joint ventures For Twelve Months Ended December 31, 2009 Ramco/Lion Ramco 450 Ramco 191 Ramco Ramco Hartland West Acres Shenandoah Other Total Ramco Venture LP Venture LLC Venture LLC HHF KL LLC HHF NP LLC Towne Square Commons Square Joint Joint Ventures Pro-rata Consolidated Consolidated Consolidated Consolidated Indianapolis, IN Hartland, MI Flint, MI Davie, FL Ventures (1) at 100% Share Total revenue 53,834 $ 31,953 $ 1,881 $ 4,613 $ 2,351 $ 324 $ 1,480 $ 2,722 $ 276 $ 99,434 $ 25,288 $ Operating expense 17,813 12,554 533 1,326 600 318 516 1,081 121 34,862 8,857 Depreciation and amortization 14,244 10,418 718 1,276 668 109 276 580 37 28,326 7,019 Interest expense 16,124 12,726 160 - - 712 889 60 30,671 8,085 Total expenses 48,181 35,698 1,411 2,602 1,268 427 1,504 2,550 218 93,859 23,960 Net income 5,653 $ (3,745) $ 470 $ 2,011 $ 1,083 $ (103) $ (24) $ 172 $ 58 $ 5,575 $ 1,328 $ Ramco ownership interest 30% 20% 20% 7% 7% 20% 40% 40% Various Ramco's share of net income 1,696 $ (749) $ 94 $ 141 $ 76 $ (21) $ (10) $ 69 $ 32 $ 1,328 $ Add: depreciation expense 4,092 1,990 136 89 46 1 109 208 18 6,689 Funds from operations contributed 5,788 $ 1,241 $ 230 $ 230 $ 122 $ (20) $ 99 $ 277 $ 50 $ 8,017 $ by joint ventures (1) Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest). Joint Ventures Contribution to Funds from Operations (in thousands) Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 25

Ramco/Lion Ramco 450 Ramco 191 Ramco Ramco Hartland West Acres Shenandoah Other Total Venture LP Venture LLC Venture LLC HHF KL LLC HHF NP LLC Towne Square Commons Square Joint Joint Ventures Consolidated Consolidated Consolidated Consolidated Indianapolis, IN Hartland, MI Flint, MI Davie, FL Ventures (1) at 100% ASSETS Investment in real estate Land 76,891 $ 50,609 $ 2,879 $ 7,600 $ 4,019 $ 7,387 $ 1,118 $ 1,653 $ 1,177 $ 153,333 $ Buildings and improvements 470,915 305,457 19,741 44,574 23,515 - 10,104 15,200 445 889,951 Construction in progress 1,700 1,897 462 - - 15,429 - - 114 19,602 Intangible assets, net 10,904 7,522 887 1,083 550 2,742 40 214 62 24,004 560,410 365,485 23,969 53,257 28,084 25,558 11,262 17,067 1,798 1,086,890 Less: accumulated depreciation (47,706) (18,163) (1,185) (2,864) (1,397) - (2,105) (3,102) (152) (76,674) Investments in real estate, net 512,704 347,322 22,784 50,393 26,687 25,558 9,157 13,965 1,646 1,010,216 Cash and cash equivalents 9,435 11,414 670 228 222 44 353 572 152 23,090 Accounts receivable, net 9,822 3,607 415 398 (60) 28 29 401 23 14,663 Other assets, net 2,387 2,004 106 (28) 237 - 71 226 102 5,105 Total Assets 534,348 $ 364,347 $ 23,975 $ 50,991 $ 27,086 $ 25,630 $ 9,610 $ 15,164 $ 1,923 $ 1,053,074 $ LIABILITIES AND SHAREHOLDERS' EQUITY Mortgages and notes payable 269,740 $ 216,916 $ 8,750 $ - $ - $ 20,323 $ 8,572 $ 11,873 $ 1,558 $ 537,732 $ Accounts payable and accrued expenses 12,753 9,677 212 348 242 1,700 172 305 248 25,657 282,493 226,593 8,962 348 242 22,023 8,744 12,178 1,806 563,389 ACCUMULATED EQUITY (DEFICIT) 251,855 137,754 15,013 50,643 26,844 3,607 866 2,986 117 489,685 Total Liabilities and Accumulated Equity 534,348 $ 364,347 $ 23,975 $ 50,991 $ 27,086 $ 25,630 $ 9,610 $ 15,164 $ 1,923 $ 1,053,074 $ Ramco Equity Investment in EQUITY INVESTMENTS IN AND NOTES Joint Ventures RECEIVABLE FROM UNCONSOLIDATED ENTITIES Equity Investments in Unconsolidated Entities 70,784 $ 15,459 $ 3,452 $ 2,779 $ 1,919 $ 707 $ 305 $ 1,153 $ 948 $ 97,506 $ Notes Receivable from Unconsolidated Entities - - - - - 11,818 - - 748 12,566 Total Equity Investments in and Notes Receivable from Unconsolidated Entities 70,784 $ 15,459 $ 3,452 $ 2,779 $ 1,919 $ 12,525 $ 305 $ 1,153 $ 1,696 $ 110,072 $ (1) Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest). Joint Ventures Combining Balance Sheets as of December 31, 2009 (in thousands) Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 26

Summary of Joint Venture Debt as of December 31, 2009 Ramco Ramco Ownership Mortgage Maturity Loan Interest Share of Entity Property Location Interest Balance Date Type Rate Debt Ramco/Lion Venture RLV Cypress Pointe LP Cypress Pointe Clearwater, FL 30% 14,500,000 $ 11/09 Fixed 4.60% 4,350,000 $ RLV Oriole Plaza LP Village of Oriole Plaza Delray Beach, FL 30% 11,620,502 10/10 Fixed 8.25% 3,486,151 RLV Marketplace of Delray LP Marketplace of Delray Delray Beach, FL 30% 16,428,384 01/11 Fixed 7.88% 4,928,515 RLV Martin Square LP Martin Square Stuart, FL 30% 12,786,453 08/11 Fixed 7.44% 3,835,936 RLV West Broward LP West Broward Shopping Center Plantation, FL 30% 9,531,038 10/12 Fixed 6.64% 2,859,311 RLV Boca Mission LP Mission Bay Plaza Boca Raton, FL 30% 43,872,703 07/13 Fixed 6.64% 13,161,811 RLV Winchester Center LP Winchester Center Rochester Hills, MI 30% 28,173,886 07/13 Fixed 8.07% 8,452,166 RLV Hunter's Square LP Hunter's Square Farmington Hills, MI 30% 36,597,291 08/13 Fixed 8.12% 10,979,187 RLV Village Plaza LP Village Plaza Lakeland, FL 30% 9,300,000 09/15 Fixed 5.01% 2,790,000 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 RLV Treasure Coast LP Treasure Coast Commons Jensen Beach, FL 30% 8,415,000 06/20 Fixed 5.54% 2,524,500 RLV Vista Plaza LP Vista Plaza Jensen Beach, FL 30% 11,115,000 06/20 Fixed 5.54% 3,334,500 Subtotal Ramco/Lion Venture 269,740,257 $ 80,922,077 $ Ramco 450 Venture LLC Ramco Peachtree Hill LLC Peachtree Hill Duluth, GA 20% 11,000,000 $ 02/11 Variable 6.50% [1] 2,200,000 $ Plaza at Delray 450 LLC The Plaza at Delray Delray Beach, FL 20% 47,855,929 09/13 Fixed 6.00% 9,571,186 Chester Springs SC LLC Chester Springs Shopping Center Chester, NJ 20% 22,743,868 10/13 Fixed 5.51% 4,548,773 Rolling Meadows 450 LLC Rolling Meadows Rolling Meadows, IL 20% 11,911,250 12/15 Fixed 5.34% 2,382,250 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 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 Subtotal Ramco 450 Venture LLC 216,916,047 $ 43,383,209 $ Ramco RM Hartland SC LLC Hartland Towne Square Hartland, MI 20% 8,505,000 $ 01/10 Variable 6.00% [3] 1,701,000 $ Ramco/West Acres LLC West Acres Commons Flint, MI 40% 8,572,114 04/10 Fixed 8.14% 3,428,846 Paulding Holding LLC Paulding Pavilion Hiram, GA 20% 8,750,000 06/10 Variable 1.68% [5] 1,750,000 Jacksonville North Industrial Outlot LLC Jacksonville, FL 5% 748,000 09/10 Variable 6.00% [4] 37,400 Ramco RM Hartland SC LLC Hartland Towne Square Hartland, MI 20% 11,817,870 10/10 Fixed 13.00% 2,363,574 Ramco/Shenandoah LLC Shenandoah Square Davie, FL 40% 11,873,004 02/12 Fixed 7.33% 4,749,201 S-12 Associates Southfield Plaza Expansion Southfield, MI 50% 809,953 05/16 Fixed 7.25% [6] 404,977 Total Debt 537,732,245 $ 138,740,284 $ [1] Interest rate is variable based on LIBOR plus 4.50% and has a 2.00% LIBOR floor. [2] Interest rate is fixed for five years and then lender has right to reset interest rate in 2013. [3] Interest rate is based on LIBOR plus 4.50% with a LIBOR floor of 1.50%. [4] Interest rate is based on LIBOR plus 4.00% with a LIBOR floor of 2.00%. [5] Interest rate is variable based on LIBOR plus 1.45%. [6] Resets per formula annually each June 1. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 27

2009 2008 % Change 2009 2008 % Change Number of Properties [1] 28 28 0% 28 28 0% Occupancy 89.8% 91.6% -1.8% 89.8% 91.6% -1.8% REVENUE: Rents $14,334 $15,237 -5.9% $59,533 $60,890 -2.2% [2] Recoveries from Tenants 4,314 4,567 - -5.5% 18,921 19,866 -4.8% Other Income 264 185 42.3% 862 681 26.5% $18,912 $19,990 -5.4% $79,316 $81,437 -2.6% EXPENSES: Operating Expenses $5,076 $4,868 4.3% $20,257 $20,213 0.2% Other Operating 1,534 1,871 -18.0% 6,005 5,378 11.6% $6,610 $6,740 -1.9% $26,262 $25,592 2.6% OPERATING INCOME $12,302 $13,250 -7.2% $53,054 $55,845 -5.0% [3] Operating Expense Recovery Ratio 85.0% 93.8% -8.8% 93.4% 98.3% -4.9% [1] Excludes redevelopment properties. [2] Portion of decrease in Minimum Rents attributable to: Qtr over Qtr Ytd over Ytd Tenant Bankruptcies ($182) ($578) Rent Relief ($92) ($102) ($274) ($680) Joint Venture Same Properties Analysis (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, [3] Excluding the effect of tenant bankruptcies and rent relief, the change in operating income would have been (5.1%) and (3.3%) for the three and twelve months ended December 31, 2009, respectively. Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 28

Non-Anchors Anchors Total Non-Anchors Anchors Total Summary of Expiring Leases on a GAAP Basis: Total Number of Scheduled Lease Expirations  29 1 30 128 8 136 Gross Leasable Area (sq.ft.)  51,581 42,112 93,693 307,466 277,857 585,323 Average Base Rent / Sq.Ft ($/sq.ft.)  $19.74 $6.25 $13.67 $17.69 $7.36 $12.78 Leases Renewed at Expiration: Number of Leases 16 1 17 84 7 91 Gross Leasable Area (sq.ft.)  29,407 42,112 71,519 217,042 256,071 473,113 Renewal Base Rent / Sq.Ft. ($/sq.ft.)  $20.76 $6.25 $12.22 $17.58 $8.69 $12.77 Previous Base Rent / Sq.Ft. ($/sq.ft.)  $20.14 $6.25 $11.96 $16.42 $7.73 $11.72 PSF Increase / (Decrease)  $0.62 $0.00 $0.25 $1.16 $0.96 $1.05 % Increase / (Decrease)  3.1% 0.0% 2.1% 7.0% 12.5% 9.0% Leases Currently Month-to-Month or Under Negotiation for Renewal: Number of Leases  3 - 3 5 - 5 Gross Leasable Area (sq.ft.)  8,165 - 8,165 12,013 - 12,013 Current Base Rent / Sq.Ft. ($/sq.ft.)  $19.15 $0.00 $19.15 $22.69 $0.00 $22.69 Leases Ended at Expiration: Number of Leases 10 0 10 39 1 40 Gross Leasable Area (sq.ft.)  14,009 0 14,009 78,411 21,786 100,197 Base Rent / Sq.Ft. ($/sq.ft.)  $19.23 $0.00 $19.23 $20.42 $3.03 $16.64 New Rent Starts on a Cash Basis: Number of Leases 11 - 11 37 3 40 Gross Leasable Area (sq.ft.)  42,783 - 42,783 110,949 91,026 201,975 Base Rent / Sq.Ft. ($/sq.ft.)  $17.03 $0.00 $17.03 $16.53 $11.87 $14.43 % Increase / (Decrease) from Portfolio Average 5.8% 0.0% 56.7% 2.7% 44.4% 32.7% Current Portfolio Average on a Cash Basis: Portfolio Average Base Rent / Sq.Ft. (as of 12/31/09) $16.10 $8.22 $10.87 $16.10 $8.22 $10.87 Historical Portfolio Averages on a Cash Basis: Year Ended 12/31/08 Portfolio Average Base Rent / Sq.Ft. $16.51 $8.11 $10.82 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 Three Months Ended December 31, 2009 Twelve Months Ended December 31, 2009 Leasing Activity Joint Venture Assets Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 29

All Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 17 35,288 0.68% $514,704 0.75% $14.59 2010 109 445,401 8.54% 5,486,989 8.04% 12.32 2011 128 504,775 9.68% 8,085,218 11.85% 16.02 2012 119 536,133 10.28% 8,216,070 12.04% 15.32 2013 91 723,108 13.87% 9,600,693 14.07% 13.28 2014 79 581,789 11.16% 7,000,554 10.26% 12.03 2015 43 593,254 11.38% 6,655,581 9.76% 11.22 2016 29 482,575 9.26% 6,049,522 8.87% 12.54 2017 19 187,468 3.60% 3,235,528 4.74% 17.26 2018 17 244,622 4.69% 2,958,275 4.34% 12.09 2019+ 39 879,722 16.86% 10,416,857 15.28% 11.84 Total 690 5,214,135 100.00% $68,219,991 100.00% $13.08 All Anchor Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 0 0 0.00% $0 0.00% $0.00 2010 4 139,244 4.47% 965,639 3.15% 6.93 2011 5 157,634 5.06% 1,486,382 4.86% 9.43 2012 4 173,058 5.55% 1,571,073 5.13% 9.08 2013 11 482,070 15.47% 4,626,105 15.11% 9.60 2014 10 338,572 10.86% 2,659,844 8.69% 7.86 2015 11 432,528 13.88% 3,988,906 13.03% 9.22 2016 10 358,950 11.52% 3,770,920 12.32% 10.51 2017 5 134,910 4.33% 2,044,005 6.68% 15.15 2018 4 177,514 5.69% 1,851,413 6.05% 10.43 2019+ 13 722,584 23.17% 7,646,143 24.98% 10.58 Total 77 3,117,064 100.00% $30,610,430 100.00% $9.82 All Non-Anchor Leases Lease Expiration Year Number of Leases Expiring GLA Under Expiring Leases % of Company Owned GLA Total Annualized Base Rent % of Annualized Base Rent Annualized Base Rent per Square Foot 2009 17 35,288 1.68% $514,704 1.37% $14.59 2010 105 306,157 14.60% 4,521,350 12.02% 14.77 2011 123 347,141 16.55% 6,598,836 17.55% 19.01 2012 115 363,075 17.31% 6,644,997 17.67% 18.30 2013 80 241,038 11.49% 4,974,588 13.23% 20.64 2014 69 243,217 11.60% 4,340,710 11.54% 17.85 2015 32 160,726 7.66% 2,666,675 7.09% 16.59 2016 19 123,625 5.90% 2,278,602 6.06% 18.43 2017 14 52,558 2.51% 1,191,523 3.17% 22.67 2018 13 67,108 3.20% 1,106,862 2.94% 16.49 2019+ 26 157,138 7.50% 2,770,714 7.36% 17.63 Total 613 2,097,071 100.00% $37,609,561 100.00% $17.93 Summary of Expiring GLA Annualized Base Rent in Place at 12/31/09 Joint Venture Properties Quarterly Financial and Operating Supplement Ramco-Gershenson Properties Trust (RPT) Q4 2009 Page 30