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): July 27, 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))

Section 2 – Financial Information

Item 2.02                      Results of Operations and Financial Condition.

On July 27, 2010, Ramco-Gershenson Properties Trust (the “Company”) announced its financial results for the three and six months ended June 30, 2010.  A copy of the Company’s July 27, 2010 press release is furnished as Exhibit 99.1 to this report on Form 8-K.  A copy of the Company’s Quarterly Financial and Operating Supplement Package is furnished as Exhibit 99.2 to this report on Form 8-K.  The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed or to filed by the Company under the Securities Act of 1933, as amended.

Item 7.01                      Regulation FD Disclosure.

On July 27, 2010, the Company announced its financial results for the three and six months ended June 30, 2010.  A copy of the Company’s press release is furnished as Exhibit 99.1 to this report on Form 8-K.  A copy of the Company’s Quarterly Financial and Operating Supplement Package is furnished as Exhibit 99.2 to report on form 8-K.  The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed or to be filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c)                  Exhibits

(a)    Financial Statements of Business Acquired.   Not applicable

(b)   Pro Forma Financial Information.   Not applicable

(c)   Exhibits

99.1	Press release of Ramco-Gershenson Properties Trust, dated July 27, 2010.
99.2	Quarterly Financial and Operating Supplement Package of Ramco-Gershenson Properties Trust for the three and six months ended June 30, 2010.

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:  July 27, 2010	By:	/s/ Gregory R. Andrews
		Gregory R. Andrews
		Chief Financial Officer and Secretary

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Ramco-Gershenson Properties Trust dated July 27, 2010.
99.2	Quarterly Financial and Operating Supplement Package of Ramco-Gershenson Properties Trust for the three and six months ended June 30, 2010.

4

EX-99.1

Exhibit 99.1

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 Second Quarter 2010

FARMINGTON HILLS, Mich. – July 27, 2010 -- Ramco-Gershenson Properties Trust (NYSE:RPT) today announced results for the three and six months ended June 30, 2010.

Second Quarter Highlights:

·   Reported FFO per diluted share of $0.27

·   Posted portfolio occupancy of 90.8% at quarter-end, compared to 90.5% at March 31, 2010

·   Completed a public offering of 6.9 million common shares generating net proceeds of approximately $75.6 million

·   Signed leases with Golfsmith and The Fresh Market to fill the recent Albertson’s vacancy at Mission Bay Plaza in Boca Raton, Florida

·   Signed a lease with Total Wine for the Circuit City vacancy at Vista Plaza in Jensen Beach, Florida

·   Closed a new 5-year CMBS financing of $14.7 million for the Northrop Grumman office building at The Town Center at Aquia in Stafford County, Virginia

“We are very pleased with our financial and operating results for the second quarter and the progress we are making toward our goals on both fronts,” said Dennis Gershenson, President and Chief Executive Officer.  “In a period of ongoing economic uncertainty we have been able to improve our balance sheet and advance our leasing efforts.  We are confident that we will be able to maintain this momentum through the remainder of the year.”

Financial Results

Funds from operations (FFO)for the three months ended June 30, 2010 was $10.0 million or $0.27 per diluted share, as compared to FFO of $11.3 million, or $0.52 per diluted share for the same period in 2009.  FFO for the six months ended June 30, 2010 was $18.5 million or $0.52 per diluted share, as compared to FFO of $23.2 million, or $1.08 per diluted share for the same period in 2009.  The six month 2010 FFO results included $2.7 million, or $0.07 per diluted share, of non-cash impairment charges resulting from other-than-temporary declines in the fair market value of various equity investments in joint ventures taken in the first quarter of 2010.  Excluding the $2.7 million non-cash impairment charge, FFO for the six months ended June 30, 201 0 was $21.2 million, or $0.59 per diluted share.

Net income (loss) attributable to RPT common shareholders for the three months ended June 30, 2010 was $(1.0) million or $(0.03) per diluted share, compared to $1.6 million or $0.08 per diluted share for the same period in 2009. Net income (loss) attributable to RPT common shareholders for the six months ended June 30, 2010 was $(1.7) million or $(0.05) per diluted share, compared to $3.8 million or $0.20 per diluted share for the same period in 2009.

2Q2010-RAMCO-GERSHENSON PROPERTIES TRUST

Page 2 of 6

FFO and earnings per diluted share amounts were impacted by the additional shares issued in conjunction with the Company’s equity offerings completed in September of 2009 and May of 2010.

Operating Statistics

As of June 30, 2010, the Company owned equity interests in 87 retail shopping centers totaling approximately 19.8 million square feet, consisting of 54 wholly-owned properties and 33 properties held through joint ventures.  At quarter-end, the portfolio was 90.8% leased, compared to 90.5% leased at March 31, 2010.

During the second quarter of 2010, the Company executed 40 new leases in its total portfolio encompassing 210,074 square feet.  On a same-space basis, the Company executed 29 new leases totaling 152,024 square feet at an average rental rate of $13.07 per square foot, representing a 2.6% decrease from prior cash rents.  Also during the secondquarter, the Company renewed 48 leases encompassing 490,900 square feet at an average rental rate of $8.83 per square foot, a decrease of 1.2% on a cash basis.  

At quarter-end, the Company had 49 properties in its wholly-owned, same-center portfolio. On a same- center basis, occupancy was 90.9% compared to 94.0% at June 30, 2009.  For the second quarter, same-center net operating income (NOI) decreased 1.3% compared to the second quarter of 2009.  The decrease was primarily due to tenant vacancies and the impact of rent reductions partly offset by improvements in operating expenses. Same-center NOI in the second quarter was flat compared to the first quarter of 2010.

Redevelopment

At the end of the second quarter, the Company had four redevelopments in process.  It is anticipated that the Company will spend an additional $3.4 million to complete these projects.  The Company’s total cost for these projects is estimated to be $20.1 million with an expected return on incremental cost of 12.0%.

Balance Sheet

In May 2010, the Company completed an underwritten public offering of 6.9 million shares of common stock generating net proceeds of approximately $75.6 million.  Net proceeds from the equity offering were used to pay down $37.0 million of the $67.0 million previously outstanding under the Company’s term loan, to pay-off two mortgages totaling $15.8 million and to reduce borrowings under its revolving lines of credit.

Also in May, the Company closed on a new $14.7 million CMBS loan secured by the newly-constructed Northrop Grumman office building at The Town Center at Aquia in Stafford County, Virginia. The $14.7 million financing has a five year term with a fixed interest rate of 5.8% and a thirty year amortization. Proceeds from the loan were used to reduce borrowings under the Company’s revolving lines of credit.

At June 30, 2010, the Company’s total market capitalization equaled $907.2 million, comprised of 40.9 million shares of common stock (or equivalents) valued at $413.3 million and $493.9 million of debt, net of cash.  The Company’s ratio of net debt to total market capitalization was 54.4%.  At June 30, 2010, net debt to EBITDA (first half EBITDA annualized) was 7.2x compared to 8.9x for the same period in 2009.  The weighted-average term of the Company’s debt was approximately 5.8 years.

2Q2010-RAMCO-GERSHENSON PROPERTIES TRUST

Page 3 of 6

Dividend

On July 1, 2010, the Company paid a second quarter cash dividend of $0.16325 per common share (or equivalents) to shareholders of record on June 20, 2010 for the second quarter ended June 30, 2010.   The quarterly dividend represents an annualized dividend rate of $0.653 per common share (or equivalents).  The Company’s FFO payout ratio for the second quarter was 61.0%.

2010 Guidance

Excluding the non-cash impairment charge recognized in the first quarter, the Company reaffirms its previously announced 2010 FFO guidance of $1.04 to $1.12 per diluted share.

Conference Call/Webcast

Ramco-Gershenson Properties Trust will host a live broadcast of itssecond quarter conference call on Wednesday, July 28, 2010, at 1:00 p.m. Eastern Time, to discuss its 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 # 353424), for one week.

Supplemental Materials

The Company’s supplemental financial package is available on its corporate web site at www.rgpt.com in the investor info 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 87 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, 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

2Q2010-RAMCO-GERSHENSON PROPERTIES TRUST

Page 4 of 6

Ramco-Gershenson Properties Trust

Consolidated Condensed Balance Sheets

June 30, 2010 and December 31, 2009

(In thousands)

	June 30,			December 31,
	2010			2009
	(unaudited)
ASSETS
Investment in real estate, net	$	825,840		$	804,295
Cash and cash equivalents		12,722			8,800
Restricted cash		5,949			3,838
Accounts receivable, net		30,245			31,900
Notes receivable from unconsolidated entities		-			12,566
Equity investments in unconsolidated entities		97,775			97,506
Other assets, net		38,280			39,052
Total Assets	$	1,010,811		$	997,957
LIABILITIES
Mortgages and notes payable	$	499,877		$	552,551
Accounts payable and accrued expenses		26,364			26,440
Distributions payable		6,627			5,477
Capital lease obligation		6,784			6,924
Total Liabilities		539,652			591,392
SHAREHOLDERS' EQUITY
Ramco-Gershenson Properties Trust ("RPT") shareholders' equity:
Common shares of beneficial interest		379			309
Additional paid-in capital		562,384			486,731
Accumulated other comprehensive loss		(916	)		(2,149	)
Cumulative distributions in excess of net income		(130,649	)		(117,663	)
Total RPT Shareholders' Equity		431,198			367,228
Noncontrolling interest		39,961			39,337
Total Shareholders' Equity		471,159			406,565
Total Liabilities and Shareholders' Equity	$	1,010,811		$	997,957

2Q2010-RAMCO-GERSHENSON PROPERTIES TRUST

Page 5 of 6

Ramco-Gershenson Properties Trust

Consolidated Condensed Statements of Operations

For the three and six months ended June 30, 2010 and 2009

(In thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
	(unaudited)						(unaudited)
Revenues:
Minimum rents	$	20,411		$	21,026		$	40,923		$	42,175
Percentage rents		143			27			216			253
Recoveries from tenants		7,522			7,873			15,297			16,898
Other property income		1,161			822			2,380			1,021
Fees and management income		1,134			1,497			2,255			2,626
Total revenues		30,371			31,245			61,071			62,973
Expenses:
Real estate taxes		4,466			4,564			8,961			9,141
Recoverable operating expenses		3,455			3,581			7,410			8,082
Other property operating expenses		1,136			550			2,157			1,529
Depreciation and amortization		7,556			7,823			15,318			15,561
General and administrative		4,615			4,666			8,598			8,646
Total expenses		21,228			21,184			42,444			42,959
Income from continuing operations before other income and expenses		9,143			10,061			18,627			20,014
Other income and expenses:
Other income (expense)		(303	)		178			(633	)		331
Gain on sale of real estate		499			53			499			401
Earnings (loss) from unconsolidated entities		(167	)		337			700			857
Interest expense		(8,892	)		(7,904	)		(17,626	)		(16,008	)
Impairment charge on unconsolidated joint ventures		-			-			(2,653	)		-
Restructuring costs and other items		-			(836	)		-			(1,216	)
Income (loss) from continuing operations		280			1,889			(1,086	)		4,379
Discontinued operations:
Loss on sale of real estate		(2,050	)		-			(2,050	)		-
Income (loss) from operations		(32	)		75			(19	)		215
Income (loss) from discontinued operations		(2,082	)		75			(2,069	)		215
Net income (loss)		(1,802	)		1,964			(3,155	)		4,594
Less: Net (income) loss attributable to noncontrolling interest		761			(401	)		1,431			(781	)
Net income (loss) attributable to RPT common shareholders	$	(1,041	)	$	1,563		$	(1,724	)	$	3,813
Amounts attributable to RPT common shareholders:
Income from continuing operations	$	893		$	1,493		$	198		$	3,613
Income (loss) from discontinued operations		(1,934	)		70			(1,922	)		200
Net income (loss)	$	(1,041	)	$	1,563		$	(1,724	)	$	3,813
Property Operating Expense Recovery Ratio		95.0	%		96.7			93.4	%		98.1

2Q2010-RAMCO-GERSHENSON PROPERTIES TRUST

Page 6 of 6

Ramco-Gershenson Properties Trust

Calculation of Funds from Operations

For the three and six months ended June 30, 2010 and 2009

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Calculation of Funds from Operations:
Net income (loss) attributable to RPT common shareholders	$	(1,041	)	$	1,563		$	(1,724	)	$	3,813
Add:
Rental property depreciation and amortization expense		7,366			7,699			14,951			15,309
Pro rata share of real estate depreciation from unconsolidated joint ventures		1,704			1,622			3,380			3,295
Loss on sale of depreciable real estate		2,050			-			2,050			-
Noncontrolling interest in Operating Partnership		(105	)		401			(174	)		781
Funds from operations	$	9,974		$	11,285		$	18,483		$	23,198
Weighted average common shares		34,371			18,699			32,706			18,654
Shares issuable upon conversion of Operating Partnership units		2,902			2,919			2,902			2,919
Dilutive effect of securities		-			-			-			-
Weighted average equivalent shares outstanding, diluted		37,273			21,618			35,608			21,573
Funds from operations per diluted share	$	0.27		$	0.52		$	0.52		$	1.08
Impairment charge on unconsolidated joint ventures		-			-			0.07			-
Funds from operations
excluding impairment charge, per diluted share	$	0.27		$	0.52		$	0.59		$	1.08
Dividend per common share	$	0.1633		$	0.2313		$	0.3265		$	0.4626
Payout ratio - FFO		61.0	%		44.3	%		62.9	%		43.0	%

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

EX-99.2

Exhibit 99.2

Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
June 30, 2010  (unaudited)
TABLE OF CONTENTS		Page
Company Information		1
Quarterly & Year-to-Date Financial Results
	Consolidated Condensed Statements of Operations	2
	Consolidated Condensed Statements of Operations Detail	3
	Earnings Per Common Share	4
	Calculation of Funds from Operations and Additional Disclosures	5
	Selected Financial and Operating Ratios	6
	Consolidated Condensed Balance Sheets	7
	Consolidated Condensed Balance Sheet Detail	8
Quarterly & Year-to-Date Operating Information
	Same Property Analysis	9
	Leasing Activity Summary Total Shopping Center Portfolio	10
	Redevelopment and Development Projects	11
Debt and Market Capitalization Information
	Summary of Outstanding Debt	12
	Loan Maturity and Ammortization Schedule	12
	Market Data	14
Portfolio Information
	Property Summaries	15-17
	Top 20 Tenants	18
	Summary of Expiring GLA	19
Joint Venture Information
	Joint Venture Summary of Operations	20
	Joint Venture Balance Sheet Summary	21
	Summary of Joint Venture Debt	22
	Joint Venture Same Property Analysis	23
	Joint Venture Leasing Activity Summary	24
	Joint Venture Summary of Expiring GLA	25

Ramco-Gershenson Properties Trust
Consolidated Condensed Statements of Operations
For the Three and Six Months Ended June 30, 2010 (in thousands)
	Three Months Ended June 30,									Six Months Ended June 30,
							Increase									Increase
	2010			2009			(Decrease)			2010			2009			(Decrease)
Revenues:
Minimum rents	$	20,411		$	21,026		$	(615	)	$	40,923		$	42,175		$	(1,252	)
Percentage rents		143			27			116			216			253			(37	)
Recoveries from tenants		7,522			7,873			(351	)		15,297			16,898			(1,601	)
Other property income		1,161			822			339			2,380			1,021			1,359
Fees and management income		1,134			1,497			(363	)		2,255			2,626			(371	)
Total revenues		30,371			31,245			(874	)		61,071			62,973			(1,902	)
Expenses:
Real estate taxes		4,466			4,564			(98	)		8,961			9,141			(180	)
Recoverable operating expenses		3,455			3,581			(126	)		7,410			8,082			(672	)
Other property operating expenses		1,136			550			586			2,157			1,529			628
Depreciation and amortization		7,556			7,823			(267	)		15,318			15,561			(243	)
General and administrative		4,615			4,666			(51	)		8,598			8,646			(48	)
Total expenses		21,228			21,184			44			42,444			42,959			(515	)
Income from continuing operations before other income and expenses		9,143			10,061			(918	)		18,627			20,014			(1,387	)
Other income and expenses:
Other income (expense)		(303	)		178			(481	)		(633	)		331			(964	)
Gain on sale of real estate		499			53			446			499			401			98
Earnings (loss) from unconsolidated entities		(167	)		337			(504	)		700			857			(157	)
Interest expense		(8,892	)		(7,904	)		(988	)		(17,626	)		(16,008	)		(1,618	)
Impairment charge on unconsolidated joint ventures		-			-			-			(2,653	)		-			(2,653	)
Restructuring costs and other items		-			(836	)		836			-			(1,216	)		1,216
Income (loss) from continuing operations		280			1,889			(1,609	)		(1,086	)		4,379			(5,465	)
Discontinued operations:
Loss on sale of real estate		(2,050	)		-			(2,050	)		(2,050	)		-			(2,050	)
Income (loss) from operations		(32	)		75			(107	)		(19	)		215			(234	)
Income (loss) from discontinued operations		(2,082	)		75			(2,157	)		(2,069	)		215			(2,284	)
Net income (loss)		(1,802	)		1,964			(3,766	)		(3,155	)		4,594			(7,749	)
Less: Net (income) loss attributable to noncontrolling interest		761			(401	)		1,162			1,431			(781	)		2,212
Net income (loss) attributable to Ramco-Gershenson Properties
Trust ("RPT") common shareholders	$	(1,041	)	$	1,563		$	(2,604	)	$	(1,724	)	$	3,813		$	(5,537	)
Amounts attributable to RPT common shareholders:
Income from continuing operations	$	893		$	1,493		$	(600	)	$	198		$	3,613		$	(3,415	)
Income (loss) from discontinued operations		(1,934	)		70			(2,004	)		(1,922	)		200			(2,122	)
Net income (loss)	$	(1,041	)	$	1,563		$	(2,604	)	$	(1,724	)	$	3,813		$	(5,537	)
Property Operating Expense Recovery Ratio		95.0	%		96.7	%					93.4	%		98.1	%

  Page 2 of 25 

Ramco-Gershenson Properties Trust
Consolidated Condensed Statesments of Operations Detail
For the Three and Six Months Ended June 30, 2010 (in thousands)
	Three Months Ended June 30,										Six Months Ended June 30,
								Increase										Increase
	2010				2009			(Decrease)			2010				2009			(Decrease)
Other property income
Lease termination income	$	129			$	365		$	(236	)	$	1,178			$	369		$	809
Temporary income		112				96			16			207				196			11
TIF revenue		49				-			49			99				-			99
Other		871		[1]		361			510			896		[1]		456			440
Other property income	$	1,161			$	822		$	339		$	2,380			$	1,021		$	1,359
Fees and management income
Management fees	$	730			$	742		$	(12	)	$	1,477			$	1,498		$	(21	)
Leasing fees		322				405			(83	)		549				552			(3	)
Development related fees		82				287			(205	)		229				436			(207	)
Other		-				63			(63	)		-				140			(140	)
Fees and management income	$	1,134			$	1,497		$	(363	)	$	2,255			$	2,626		$	(371	)
Other income (expense)
Real estate taxes on development projects	$	(317	)		$	-		$	(317	)	$	(654	)		$	-		$	(654	)
Interest income		12				178			(166	)		23				331			(308	)
Other		2				-			2			(2	)			-			(2	)
Other income (expense)	$	(303	)		$	178		$	(481	)	$	(633	)		$	331		$	(964	)
Gain on sale of real estate
Gain on sales of non-depreciable real estate	$	499			$	53		$	446		$	499			$	401		$	98
Gain on sales of depreciable real estate		-				-			-			-				-			-
Gain on sale of real estate	$	499			$	53		$	446		$	499			$	401		$	98
Restructuring costs and other items
Strategic review and proxy contest expenses	$	-			$	(836	)	$	836			-			$	(836	)	$	836
Restructuring expense		-				-			-			-				(380	)		380
Restructuring costs and other items	$	-			$	(836	)	$	836		$	-			$	(1,216	)	$	1,216
[1] Includes $674K of lease rejection income from a bankruptcy claim in the three and six months ended June 30, 2010.

  Page 3 of 25 

Ramco-Gershenson Properties Trust
Earnings Per Common Share ("EPS")
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Numerator:
Income (loss) from continuing operations before noncontrolling interest	$	280		$	1,889		$	(1,086	)	$	4,379
Noncontrolling interest from continuing operations		613			(396	)		1,284			(766	)
Income from continuing operations available to RPT common shareholders		893			1,493			198			3,613
Discontinued operations, net of noncontrolling interest:
Loss on sale of real estate		(1,905	)		-			(1,905	)		-
Income (loss) from operations		(29	)		70			(17	)		200
Net income (loss) available to RPT common shareholders	$	(1,041	)	$	1,563		$	(1,724	)	$	3,813
Denominator:
Weighted-average common shares for basic EPS		34,371			18,699			32,706			18,654
Dilutive effect of securities:
Options outstanding		-			-			-			-
Weighted-average common shares for diluted EPS		34,371			18,699			32,706			18,654
Basic EPS:
Income from continuing operations attributable to RPT common shareholders	$	0.03		$	0.08		$	0.01		$	0.20
Loss from discontinued operations attributable to RPT common shareholders		(0.06	)		-			(0.06	)	$	-
Net income (loss) attributable to RPT common shareholders	$	(0.03	)	$	0.08		$	(0.05	)	$	0.20
Diluted EPS:
Income from continuing operations attributable to RPT common shareholders	$	0.03		$	0.08		$	0.01		$	0.20
Loss from discontinued operations attributable to RPT common shareholders		(0.06	)		-			(0.06	)		-
Net income (loss) attributable to RPT common shareholders	$	(0.03	)	$	0.08		$	(0.05	)	$	0.20

  Page 4 of 25 

Ramco-Gershenson Properties Trust
Calculation of Funds from Operations and Additional Disclosures
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts)
	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Calculation of Funds from Operations:
Net income (loss) attributable to RPT common shareholders	$	(1,041	)	$	1,563		$	(1,724	)	$	3,813
Add:
Rental property depreciation and amortization expense		7,366			7,699			14,951			15,309
Pro rata share of real estate depreciation from unconsolidated joint ventures		1,704			1,622			3,380			3,295
Loss on sale of depreciable real estate		2,050			-			2,050			-
Noncontrolling interest in Operating Partnership		(105	)		401			(174	)		781
Funds from operations	$	9,974		$	11,285		$	18,483		$	23,198
Weighted average common shares		34,371			18,699			32,706			18,654
Shares issuable upon conversion of Operating Partnership units		2,902			2,919			2,902			2,919
Dilutive effect of securities		-			-			-			-
Weighted average equivalent shares outstanding, diluted		37,273			21,618			35,608			21,573
Funds from operations per diluted share	$	0.27		$	0.52		$	0.52		$	1.08
Impairment charge on unconsolidated joint ventures		-			-			0.07			-
Funds from operations excluding impairment charge per diluted share	$	0.27		$	0.52		$	0.59		$	1.08
Dividend per common share	$	0.1633		$	0.2313		$	0.3265		$	0.4626
Payout ratio - FFO		61.0	%		44.3	%		62.9	%		43.0	%
Additional Supplemental Disclosures:
Consolidated:
Straight-line rental income	$	358		$	150		$	881		$	301
Above/below market rent amortization		(13	)		8			194			21
Fair market value of interest adjustment - acquired property		110			77			182			155
Pro-rata share from Unconsolidated Joint Ventures:
Straight-line rent		25			95			140			253
Above/below market rent amortization		22			8			119			20
Fair market value of interest adjustment - acquired property		107			121			109			244

  Page 5 of 25 

Ramco-Gershenson Properties Trust
Selected Financial and Operating Ratios
For the Three and Six Months Ended June 30, 2010 (in thousands, except per share amounts)
	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
EBITDA Calculation:
Income (Loss) from Continuing Operations	$	280		$	1,889		$	(1,086	)	$	4,379
Add Back:
Impairment Charge on Unconsolidated Joint Ventures		-			-			2,653			-
Restructuring Expense		-			836			-			1,216
Income (Loss) from Discontinued Operations		(32	)		75			(19	)		215
Interest Expense		8,892			7,904			17,626			16,008
Depreciation and Amortization		7,556			7,823			15,318			15,561
Consolidated EBITDA		16,696			18,527			34,492			37,379
Scheduled Mortgage Principal Payments		1,182			1,359			2,331			2,524
Debt and Coverage Ratios:
Consolidated Debt to EBITDA - [1]		7.4			8.9			7.2			8.9
Interest Coverage Ratio (EBITDA / Interest Expense)		1.9			2.3			2.0			2.3
Fixed Charge Coverage Ratio (EBITDA / Interest Expense + Scheduled Mortgage Principal Pmts.)		1.7			2.0			1.7			2.0
Operating Ratios:
GAAP NOI		20,180			21,053			40,288			41,595
Operating Margin  (GAAP NOI / Total Rental Revenue)		69.0	%		70.8	%		68.5	%		68.9	%
General & Administrative Expense as a Percentage of Total Rental Revenues Under Management [2]:
Revenue From REIT Properties	$	29,237		$	29,748		$	58,816		$	60,347
Revenue From Joint Venture Properties		23,753			24,804			50,167			50,289
Revenue From Non-REIT Properties Under Management Contract		881			941			1,806			1,838
Total Rental Revenues Under Management	$	53,871		$	55,493		$	110,789		$	112,474
General and Administrative Expense	$	4,615		$	4,666		$	8,598		$	8,646
General and Administrative Expense / Total Rental Revenues Under Management		8.6	%		8.4	%		7.8	%		7.7	%
[1] Consolidated debt used in the Debt to EBITDA calculation includes a capital lease obligation and is net of cash.
[2] 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.

  Page 6 of 25 

Ramco-Gershenson Properties Trust
Consolidated Condensed Balance Sheets
As of June 30, 2010 (in thousands)
	June 30,			December 31,
	2010			2009
ASSETS
Investment in real estate, net	$	825,840		$	804,295
Cash and cash equivalents		12,722			8,800
Restricted cash		5,949			3,838
Accounts receivable, net		30,245			31,900
Notes receivable from unconsolidated entities		-			12,566
Equity investments in unconsolidated entities		97,775			97,506
Other assets, net		38,280			39,052
Total Assets	$	1,010,811		$	997,957
LIABILITIES
Mortgages and notes payable	$	499,877		$	552,551
Accounts payable and accrued expenses		26,364			26,440
Distributions payable		6,627			5,477
Capital lease obligation		6,784			6,924
Total Liabilities		539,652			591,392
SHAREHOLDERS' EQUITY
Ramco-Gershenson Properties Trust shareholders' equity:
Common shares of beneficial interest		379			309
Additional paid-in capital		562,384			486,731
Accumulated other comprehensive loss		(916	)		(2,149	)
Cumulative distributions in excess of net income		(130,649	)		(117,663	)
Total RPT Shareholders' Equity		431,198			367,228
Noncontrolling interest		39,961			39,337
Total Shareholders' Equity		471,159			406,565
Total Liabilities and Shareholders' Equity	$	1,010,811		$	997,957

  Page 7 of 25 

Ramco-Gershenson Properties Trust
Consolidated Condensed Balance Sheet Detail
As of June 30, 2010 (in thousands)
	June 30,			December 31,
	2010			2009
Investment in Real Estate:
Land	$	102,641		$	99,147
Buildings and improvements		819,849			818,142
Land held for development		98,541			69,936
Construction in progress		7,959			8,225
		1,028,990			995,450
Less: accumulated depreciation		(203,150	)		(191,155	)
Investment in real estate, net	$	825,840		$	804,295
Accounts Receivable:
Accounts receivable tenants, net	$	12,299		$	14,786
Straight-line rent receivable, net		17,946			17,114
Accounts receivable, net	$	30,245		$	31,900
Other Assets:
Deferred leasing costs	$	42,237		$	40,922
Intangible assets		5,433			5,836
Deferred financing costs		11,528			10,525
Other		6,265			6,162
		65,463			63,445
Less: accumulated amortization		(40,953	)		(37,766	)
		24,510			25,679
Prepaid expenses and other		13,770			13,373
Other assets, net	$	38,280		$	39,052

  Page 8 of 25 

Ramco-Gershenson Properties Trust
Same Property Analysis [1]
For the Three and Six Months Ended June 30, 2010 (in thousands)
	Three Months Ended June 30,									Six Months Ended June 30,
	2010			2009			% Change			2010			2009			% Change
Number of Properties		49			49			0.0	%		49			49			0.0	%
Occupancy		90.9	%		94.0	%		-3.1	%		90.9	%		94.0	%		-3.1	%
REVENUE:
Minimum Rents	$	18,348		$	18,827			-2.5	%	$	36,752		$	37,990			-3.3	%
Percentage Rents		111			28			296.4	%		183			221			-17.2	%
Recoveries from Tenants		7,151			7,241			-1.2	%		14,914			15,358			-2.9	%
Other Income		147			124			18.5	%		279			253			10.3	%
	$	25,757		$	26,220			-1.8	%	$	52,128		$	53,822			-3.1	%
EXPENSES:
Real Estate Taxes	$	4,300		$	4,447			-3.3	%	$	8,629		$	8,873			-2.7	%
Property Operating and Maintenance		2,825			3,124			-9.6	%		6,204			6,842			-9.3	%
Other Operating		667			439			51.9	%		1,386			1,636			-15.3	%
	$	7,792		$	8,010			-2.7	%	$	16,219		$	17,351			-6.5	%
NET OPERATING INCOME	$	17,965		$	18,210			-1.3	%	$	35,909		$	36,471			-1.5	%
Operating Expense Recovery Ratio		100.4	%		95.6	%		4.7	%		100.5	%		97.7	%		2.8	%
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment.

  Page 9 of 25 

Ramco-Gershenson Properties Trust
Leasing Activity Summary-Total Shopping Center Portfolio
As of June 30, 2010
	Leasing	Square	Base Rent		Prior Rent		Rent Growth	Wtd. Avg.
New leases	Transactions	Footage	PSF		PSF [1]		%	Lease Term
2nd Quarter 2010	29	152,024	$	13.07	$	13.42	-2.6%		7.9
1st Quarter 2010	20	140,170	$	11.11	$	11.54	-3.8%		7.9
Total 6 months	49	292,194	$	12.13	$	12.52	-3.1%		7.9
	Leasing	Square	Base Rent		Prior Rent		Rent Growth	Wtd. Avg.
Renewals	Transactions	Footage	PSF		PSF [1]		%	Lease Term
2nd Quarter 2010	48	490,900	$	8.83	$	8.93	-1.2%		4.1
1st Quarter 2010	89	590,303	$	9.66	$	11.37	-15.1%		3.2
Total 6 months	137	1,081,203	$	9.28	$	10.26	-9.6%		3.6
	Leasing	Square	Base Rent		Prior Rent		Rent Growth	Wtd. Avg.
Total Comparable Leases [2]	Transactions	Footage	PSF		PSF [1]		%	Lease Term
2nd Quarter 2010	77	642,924	$	9.83	$	9.99	-1.6%		5.0
1st Quarter 2010	109	730,473	$	9.93	$	11.40	-12.9%		4.1
Total 6 months	186	1,373,397	$	9.89	$	10.74	-8.0%		4.6
	Leasing	Square	Base Rent		Prior Rent		Rent Growth	Wtd. Avg.
Total Comparable and Non-Comparable	Transactions	Footage	PSF		PSF		%	Lease Term
2nd Quarter 2010	88	700,974	$	10.61		n/a	n/a		5.9
1st Quarter 2010	111	797,831	$	9.61		n/a	n/a		4.6
Total 6 months	199	1,498,805	$	10.07					5.2
Notes
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant.

  Page 10 of 25 

Ramco-Gershenson Properties Trust
Redevelopment and Development Projects
As of June 30, 2010 (in millions)
Redevelopment Projects	RPT Ownership %	Project Description	Projected Stabilization Date	Stabilized Return on Cost [1][2]	Projected Stabilized NOI [3]	Pro Rata Stabilized NOI	Total Projected Cost[4]	Pro Rata Projected Cost	Pro Rata Cost to Date	Pro Rata Cost to Complete
West Allis Towne Centre - West Allis, WI	100%	Complete reconfiguration of center to accommodate Burlington Coat in 71,000 SF - opened,  new small shop tenancies.	Q4 2010	11.1%	$1.4	$1.4	$12.2	$12.2	$10.1	$2.0
Holcomb Center - Roswell, GA	100%	Studio Movie Grill in 39,668 SF.	Q3 2010	11.5%	$0.5	$0.5	$4.2	$4.2	$3.5	$0.7
The Shops at Old Orchard - W. Bloomfield, MI	30%	Plum Market  in 37,000 SF (specialty grocery) - opened, complete small shop retenancy plus façade and structural improvements.	Q4 2010	11.9%	$1.2	$0.4	$10.4	$3.1	$2.8	$0.4
Collins Pointe Plaza - Cartersville, GA	20%	Freestanding CVS, retenanting Winn Dixie and small shop space.	Q3 2010	21.0%	$0.6	$0.1	$2.9	$0.6	$0.3	$0.3
Total Current Redevelopments				12.0%	$3.7	$2.4	$29.7	$20.1	$16.7	$3.4
Development Projects		Project Description	Cost to Date
Hartland Towne Square - Hartland Twp., MI		550,000 SF power center project.	$37.4	[5]
The Town Center at Aquia - Stafford, VA		Phased mixed-use project.	$16.1	[6]
Gateway Commons - Lakeland, FL		375,000 SF power center project.	$24.1
Parkway Shops - Jacksonville, FL		350,000 SF power center project.	$13.6
Other		Various parcels near existing assets.	$7.3
Total Land Held for Development			$98.5

[1] Percentage based on actual numbers before rounding.

[2] Does not include fees earned by RPT.

[3] Represents incremental change in revenue.

[4] Represents incremental costs.

[5] Consolidated in Q1 2010. Represents RPT's controlling interest of 20% in a joint venture, plus 100% ownership of two assets held in taxable REIT subsidiaries.

[6] Does not include $23.4 million related to the phase 1 office building or $21.5 million related to the net book value of buildings and other assets at the property.

  Page 11 of 25 

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt-Consolidated Properties
As of June 30, 2010
			Balance	Stated			% of
			at	Interest	Loan	Maturity	Total
Property Name	Location	Lender or Servicer	6/30/2010	Rate	Type	Date	Indebtedness
Mortgage Debt
Parkway Shops	Jacksonville, FL	River City Signature land contract	$        4,690,000	7.0000%	Fixed	Nov-10	0.9%
Madison Center	Madison Heights, MI	LaSalle Bank N.A.	9,291,064	7.5080%	Fixed	May-11	1.9%
Gaines Marketplace	Gaines Twp., MI	Huntington Bank	7,203,304	5.2500%	Variable	Jun-11	1.4%
Beacon Square	Grand Haven, MI	Huntington Bank	6,998,589	5.5000%	Variable	Jun-11	1.4%
Lakeshore Marketplace	Norton Shores, MI	Wells Fargo/Midland	14,473,398	7.6470%	Fixed	Aug-11	2.9%
Parkway Shops	Jacksonville, FL	St. Johns land contract	2,166,775	6.0000%	Fixed	Nov-11	0.4%
Hartland Towne Square	Hartland, MI	Huntington Bank	3,900,000	6.0000%	Variable	Dec-11	0.8%
Hartland Towne Square	Hartland, MI	Huntington Bank	4,605,000	6.0000%	Variable	Dec-11	0.9%
Sunshine Plaza	Tamarac, FL	Nationwide Life	10,997,193	7.3500%	Fixed	May-12	2.2%
Coral Creek	Coconut Creek, FL	KeyBank	9,274,339	6.7800%	Fixed	Jul-12	1.9%
The Crossroads	Royal Palm Beach, FL	L.J. Melody & Co./Salomon	11,055,732	6.5000%	Fixed	Aug-12	2.2%
East Town Plaza	Madison, WI	Citigroup Global Markets	10,835,102	5.4500%	Fixed	Jul-13	2.2%
Centre at Woodstock	Woodstock, GA	Wachovia	4,109,520	6.9100%	Fixed	Jul-13	0.8%
Kentwood Towne Centre	Kentwood, MI	Nationwide Life	9,025,156	5.7400%	Fixed	Jul-13	1.8%
Lantana Shopping Center	Lantana, FL	Key Bank	9,723,334	4.7600%	Fixed	Aug-13	1.9%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets	7,168,534	5.3800%	Fixed	May-14	1.4%
Crossroads Centre	Rossford, OH	Citigroup Global Markets	24,969,467	5.3800%	Fixed	May-14	5.0%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.	14,700,000	5.7980%	Fixed	Jun-15	2.9%
Jackson West	Jackson, MI	KeyBank	17,180,000	5.2000%	Fixed	Nov-15	3.4%
West Oaks I	Novi, MI	KeyBank	27,300,000	5.2000%	Fixed	Nov-15	5.5%
New Towne Plaza	Canton Twp., MI	Deutsche Bank	19,800,000	5.0910%	Fixed	Dec-15	4.0%
Hoover Eleven	Warren, MI	Canada Life/GMAC	5,150,859	7.6250%	Fixed	Feb-16	1.0%
River City Marketplace	Jacksonville, FL	JPMorgan Chase Bank, N.A.	110,000,000	5.4355%	Fixed	Apr-17	22.0%
Hoover Eleven	Warren, MI	Canada Life/GMAC	1,991,057	7.2000%	Fixed	May-18	0.4%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau	3,922,030	7.3800%	Fixed	Dec-19	0.8%
West Oaks II and Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.	31,221,751	6.4950%	Fixed	Apr-20	6.2%
Subtotal Mortgage Debt			$     381,752,204	5.8367%			76.4%
Corporate Debt
Secured Term Loan Facility [1]		KeyBank, as agent	$       30,000,000	6.6467%	Fixed	Jun-11	6.0%
Secured Revolving Credit Facility [1]		KeyBank, as agent	60,000,000	6.5633%	Fixed	Dec-12	12.0%
Junior Subordinated Note [2]		The Bank of New York Trust Company	28,125,000	7.8700%	Fixed	Jan-38	5.6%
Subtotal Corporate Debt			$     118,125,000	6.8956%			23.6%
Total debt			$     499,877,204	6.0870%			100.0%
[1] Effectively converted to fixed rate through swap agreements expiring in December 2010.
[2] Fixed rate until January 30, 2013, and then at LIBOR plus 3.30%.

  Page 12 of 25 

Ramco-Gershenson Properties Trust
Loan Maturities and Amortization Schedule-Consolidated Properties
As of June 30, 2010
										Cumulative
	Scheduled				Total		Percentage			Percentage
	Amortization		Scheduled		Scheduled		of Debt			of Debt
Year	Payments		Maturities		Maturities		Maturing			Maturing
2010	$	2,501,976	$	4,690,000	$	7,191,976		1.4	%		1.4	%
2011		5,554,051		77,764,088		83,318,139		16.7	%		18.1	%
2012		4,974,461		89,879,686		94,854,147		19.0	%		37.1	%
2013		4,314,130		30,121,368		34,435,498		6.9	%		44.0	%
2014		3,409,783		29,676,361		33,086,144		6.6	%		50.6	%
2015		3,155,856		73,189,467		76,345,323		15.3	%		65.9	%
2016		1,263,721		-		1,263,721		0.3	%		66.2	%
2017		1,159,574		110,000,000		111,159,574		22.2	%		88.4	%
2018		1,044,700		-		1,044,700		0.2	%		88.6	%
2019		962,435		3,148,141		4,110,576		0.8	%		89.4	%
2020 +		225,378		52,842,029		53,067,407		10.6	%		100.0	%
Totals	$	28,566,065	$	471,311,140	$	499,877,205
[1] Scheduled maturities in 2011 includes $30 million of Secured Term Loan Facility due June 2011.
[2] Scheduled maturities in 2012 includes $60 million which represents the balance of the Secured Revolving Credit Facility drawn as of 06/30/10 due at maturity in December 2012.

  Page 13 of 25 

Ramco-Gershenson Properties Trust
Consolidated Market Data
As of June 30, 2010
	June 30,
	2010			2009
Market price per common share	$	10.10		$	10.01
Common shares outstanding		38,019,584			18,710,476
Operating Partnership Units		2,902,641			2,918,574
Total common shares and equivalents		40,922,225			21,629,050
Equity market capitalization	$	413,314,473		$	216,506,791
Fixed rate debt	$	477,170,311		$	480,208,952
Variable rate debt		22,706,893			181,967,008
Total debt	$	499,877,204		$	662,175,960
Capital lease obligation	$	6,784,409			7,059,527
Cash and cash equivalents		(12,722,000	)		(7,818,000	)
Net debt	$	493,939,613		$	661,417,487
Equity market capitalization	$	413,314,473		$	216,506,791
Total market capitalization	$	907,524,086		$	877,927,278
Net debt to total market capitalization		54.4	%		75.3	%

  Page 14 of 25 

Ramco-Gershenson Properties Trust
Portfolio Summary Report
As of June 30, 2010
						Company Owned GLA (1)
Property Name	Location	Ownership %	Year Built / Acquired / Renovated	Number of Units	Total Center GLA (1)	Total	Anchor	Non-Anchor	Occupied	% Leased	% Occupied	ABR psf	Anchor Tenants (2)
Consolidated Portfolio
Florida
Coral Creek Shops	Coconut Creek, FL	100%	1992/2002/NA	33	109,312	109,312	42,112	67,200	98,537	90.1%	90.1%	$       15.01	Publix
Lantana Shopping Center	Lantana, FL	100%	1959/1996/2002	22	123,610	123,610	61,166	62,444	105,436	85.3%	85.3%	11.04	Publix
Naples Towne Centre	Naples, FL	100%	1982/1996/2003	14	167,387	134,707	102,027	32,680	126,507	95.3%	93.9%	6.08	(Goodwill), Save-A-Lot, Bealls
Pelican Plaza	Sarasota, FL	100%	1983/1997/NA	25	93,598	93,598	35,768	57,830	77,602	82.9%	82.9%	9.89	Linens 'N Things (5)
River City Marketplace	Jacksonville, FL	100%	2005/2005/NA	69	881,385	538,884	323,907	214,977	518,757	96.3%	96.3%	15.66	(Wal-Mart), (Lowe's), Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PETsMART, Ross Dress For Less, Wallace Theaters
River Crossing Centre	New Port Richey, FL	100%	1998/2003/NA	16	62,038	62,038	37,888	24,150	58,538	94.4%	94.4%	12.18	Publix
Rivertowne Square	Deerfield Beach, FL	100%	1980/1998/NA	16	136,647	136,647	90,173	46,474	123,234	90.2%	90.2%	8.82	Beall's Outlet (6), Winn-Dixie
Southbay Shopping Center	Osprey, FL	100%	1978/1998/NA	19	96,790	96,790	31,700	65,090	77,765	80.3%	80.3%	7.83	Beall's Clearance Store
Sunshine Plaza	Tamarac, FL	100%	1972/1996/2001	28	237,026	237,026	146,409	90,617	210,898	89.0%	89.0%	8.04	Publix, Old Time Pottery
The Crossroads	Royal Palm Beach, FL	100%	1988/2002/NA	35	120,092	120,092	42,112	77,980	94,409	78.6%	78.6%	15.28	Publix
Village Lakes Shopping Center	Land O' Lakes, FL	100%	1987/1997/NA	24	186,496	186,496	125,141	61,355	94,655	50.8%	50.8%	8.46	Sweet Bay
Total / Average				301	2,214,381	1,839,200	1,038,403	800,797	1,586,338	86.4%	86.3%	$       11.76
Georgia
Centre at Woodstock	Woodstock, GA	100%	1997/2004/NA	14	86,748	86,748	51,420	35,328	69,660	80.3%	80.3%	$       11.36	Publix
Conyers Crossing	Conyers, GA	100%	1978/1998/NA	15	170,475	170,475	138,915	31,560	170,475	100.0%	100.0%	5.14	Burlington Coat Factory, Hobby Lobby
Horizon Village	Suwanee, GA	100%	1996/2002/NA	22	97,001	97,001	47,955	49,046	82,602	85.2%	85.2%	10.41	Publix (3)
Mays Crossing	Stockbridge, GA	100%	1984/1997/2007	20	137,284	137,284	100,244	37,040	127,384	92.8%	92.8%	6.51	ApplianceSmart Factory Outlet (3), Big Lots, Dollar Tree
Promenade at Pleasant Hill	Duluth, GA	100%	1993/2004/NA	35	287,506	287,506	199,555	87,951	136,570	47.5%	47.5%	10.32	Farmers Home Furniture, Publix
Total / Average				106	779,014	779,014	538,089	240,925	586,691	75.3%	75.3%	$         8.12
Michigan
Beacon Square	Grand Haven, MI	100%	2004/2004/NA	16	154,703	51,387	-	51,387	45,932	89.4%	89.4%	$      17.07	(Home Depot)
Clinton Pointe	Clinton Twp., MI	100%	1992/2003/NA	14	248,206	135,330	65,735	69,595	123,280	91.1%	91.1%	9.76	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights, MI	100%	1985/1996/2009	11	102,001	102,001	50,852	51,149	89,125	87.4%	87.4%	6.92	Hobby Lobby
Clinton Valley Mall	Sterling Heights, MI	100%	1977/1996/2002	8	99,281	99,281	55,175	44,106	99,281	100.0%	100.0%	16.13	Office Depot, DSW Shoe Warehouse
Eastridge Commons	Flint, MI	100%	1990/1996/2001	16	287,453	169,676	117,972	51,704	163,322	96.3%	96.3%	9.78	Farmer Jack (A&P) (3), Office Depot (3), (Target), TJ Maxx
Edgewood Towne Center	Lansing, MI	100%	1990/1996/2001	17	312,950	85,757	23,524	62,233	72,722	84.8%	84.8%	11.27	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn, MI	100%	1987/2003/NA	23	338,808	137,508	56,586	80,922	125,623	91.8%	91.4%	13.10	Best Buy,  Citi Trends, (Target), (Burlington Coat Factory)
Fraser Shopping Center	Fraser, MI	100%	1977/1996/NA	8	71,703	71,703	32,384	39,319	66,739	100.0%	93.1%	5.89	Oakridge Market
Gaines Marketplace	Gaines Twp., MI	100%	2004/2004/NA	15	392,169	392,169	351,981	40,188	389,169	99.2%	99.2%	4.38	Meijer, Staples, Target
Hoover Eleven	Warren, MI	100%	1989/2003/NA	48	290,687	290,687	153,810	136,877	227,222	78.2%	78.2%	12.33	Kroger, Marshalls, OfficeMax
Jackson Crossing	Jackson, MI	100%	1967/1996/2002	63	652,710	398,468	222,192	176,276	357,365	92.8%	89.7%	9.72	Kohl's, (Sears), (Target), TJ Maxx, Toys "R" Us, Best Buy, Bed Bath & Beyond, Jackson 10 Theater
Jackson West	Jackson, MI	100%	1996/1996/1999	5	210,321	210,321	194,484	15,837	190,838	90.7%	90.7%	7.11	Lowe's, Michaels, OfficeMax
Kentwood Towne Centre	Kentwood, MI	77.9%	1988/1996//NA	18	286,061	184,152	122,887	61,265	157,202	85.4%	85.4%	6.11	Hobby Lobby, OfficeMax, (Rooms Today)
Lake Orion Plaza	Lake Orion, MI	100%	1977/1996/NA	9	141,073	141,073	126,195	14,878	141,073	100.0%	100.0%	3.98	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores, MI	100%	1996/2003/NA	21	474,453	347,653	258,638	89,015	340,027	97.8%	97.8%	7.93	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T J Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia, MI	100%	1988/2003/NA	20	136,422	136,422	93,380	43,042	123,378	91.8%	90.4%	10.30	Kroger, TJ Maxx
Madison Center	Madison Heights, MI	100%	1965/1997/2000	15	227,088	227,088	167,830	59,258	183,957	81.0%	81.0%	5.81	Kmart
New Towne Plaza	Canton Twp., MI	100%	1975/1996/2005	17	189,223	189,223	126,425	62,798	162,298	93.7%	85.8%	9.68	Kohl's, Jo-Ann
Oak Brook Square	Flint, MI	100%	1982/1996/NA	20	152,373	152,373	79,744	72,629	143,773	94.4%	94.4%	8.62	TJ Maxx, Hobby Lobby
Roseville Towne Center	Roseville, MI	100%	1963/1996/2004	9	246,968	246,968	206,747	40,221	246,968	100.0%	100.0%	6.90	Marshalls, Wal-Mart, Office Depot (3)
Shoppes at Fairlane Meadows	Dearborn, MI	100%	2007/NA/NA	8	19,925	19,925	-	19,925	18,425	92.5%	92.5%	23.13
Southfield Plaza	Southfield, MI	100%	1969/1996/2003	14	165,999	165,999	128,339	37,660	161,309	97.2%	97.2%	7.64	Burlington Coat Factory, Marshalls, Staples
Tel-Twelve	Southfield, MI	100%	1968/1996/2005	21	523,411	523,411	479,869	43,542	520,411	99.4%	99.4%	10.84	Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PETsMART
The Auburn Mile	Auburn Hills, MI	100%	2000/1999/NA	7	624,212	90,553	64,315	26,238	90,553	100.0%	100.0%	10.41	(Best Buy), (Target), (Meijer), (Costco), Jo-Ann, Staples
West Oaks I	Novi, MI	100%	1979/1996/2004	8	243,987	243,987	213,717	30,270	243,987	100.0%	100.0%	9.55	Best Buy, DSW Shoe Warehouse, Gander Mountain, Home Goods, Michaels, Old Navy (6)
West Oaks II	Novi, MI	100%	1986/1996/2000	30	389,094	167,954	90,753	77,201	165,946	98.8%	98.8%	17.20	(Value City Furniture), (Bed Bath & Beyond), Marshalls, (Toys "R" Us), (Kohl's), Jo-Ann
Total / Average				461	6,981,281	4,981,069	3,483,534	1,497,535	4,649,925	94.1%	93.4%	$         9.14

  Page 15 of 25 

Ramco-Gershenson Properties Trust

Portfolio Summary Report

As of June 30, 2010

Company Owned GLA (1)

Property Name

Location

Ownership %

Year Built / Acquired / Renovated

Number of Units

Total Center GLA (1)

Total

Anchor

Non-Anchor

Occupied

% Leased

% Occupied

ABR psf

Anchor Tenants (2)

Ohio
Crossroads Centre	Rossford, OH	100%	2001/2001/NA	22	470,245	344,045	244,991	99,054	334,105	97.1%	97.1%	$         9.01	Home Depot, (Target), Giant Eagle, Michaels, T J Maxx
OfficeMax Center	Toledo, OH	100%	1994/1996/NA	1	22,930	22,930	22,930	-	22,930	100.0%	100.0%	12.10	OfficeMax
Rossford Pointe	Rossford, OH	100%	2006/2005/NA	6	47,477	47,477	41,077	6,400	45,877	96.6%	96.6%	9.86	PETsMART, Office Depot (3)
Spring Meadows Place	Holland, OH	100%	1987/1996/2005	28	596,587	211,817	110,691	101,126	195,003	92.1%	92.1%	11.14	(Dick's Sporting Goods), (Best Buy), (Kroger), (Target), Ashley Furniture, OfficeMax, PETsMART, T J Maxx, (Sam's Club), (Big Lots)
Troy Towne Center	Troy, OH	100%	1990/1996/2003	18	341,719	144,610	86,584	58,026	139,670	96.6%	96.6%	6.17	(Wal-Mart), Kohl's
Total / Average				75	1,478,958	770,879	506,273	264,606	737,585	95.7%	95.7%	$         9.18
South Carolina
Taylors Square	Taylors, SC	100%	1989/1997/2005	13	241,236	33,791	-	33,791	22,124	65.5%	65.5%	$      16.97	(Wal-Mart)
Total / Average				13	241,236	33,791	-	33,791	22,124	65.5%	65.5%	$      16.97
Tennessee
Northwest Crossing	Knoxville, TN	100%	1989/1997/NA	10	304,224	96,279	66,346	29,933	96,279	100.0%	100.0%	$         8.72	(Wal-Mart), Ross Dress For Less, HH Gregg
Northwest Crossing II	Knoxville, TN	100%	1999/1999/NA	2	28,174	28,174	23,500	4,674	28,174	100.0%	100.0%	11.38	OfficeMax
Total / Average				12	332,398	124,453	89,846	34,607	124,453	100.0%	100.0%	$         9.33
Wisconsin
East Town Plaza	Madison, WI	100%	1992/2000/2000	18	341,954	208,959	144,685	64,274	185,551	88.8%	88.8%	$         9.24	Burlington Coat Factory, Marshalls, Jo-Ann, Borders, (Toys "R" Us), (Shopko)
Total / Average				18	341,954	208,959	144,685	64,274	185,551	88.8%	88.8%	$         9.24
Consolidated Portfolio Subtotal / Average				986	12,369,222	8,737,365	5,800,830	2,936,535	7,892,667	90.8%	90.3%	$         9.62
Consolidated Portfolio Under Redevelopment:
Holcomb Center	Roswell, GA	100%	1986/1996/NA	24	107,053	107,053	39,668	67,385	75,402	72.2%	70.4%	$      10.46	Studio Movie Grill
The Towne Center at Aquia [4]	Stafford, VA	100%	1989/1998/NA	16	138,508	138,508	86,184	52,324	127,769	92.2%	92.2%	20.40	Northrop Grumman, Regal Cinemas
West Allis Towne Centre	West Allis, WI	100%	1987/1996/NA	29	315,636	315,636	179,818	135,818	270,935	90.1%	85.8%	8.25	Burlington Coat Factory, Kmart, Office Depot
Total / Average				69	561,197	561,197	305,670	255,527	474,106	87.2%	84.5%	$      11.88
Consolidated Portfolio Subtotal / Average				1055	12,930,419	9,298,562	6,106,500	3,192,062	8,366,773	90.5%	90.0%	$         9.75
Joint Venture Portfolio at 100%
Florida
Cocoa Commons	Cocoa, FL	30%	2001/2007/NA	23	90,116	90,116	51,420	38,696	76,020	84.4%	84.4%	$      12.07	Publix
Cypress Point	Clearwater, FL	30%	1983/2007/NA	22	167,280	167,280	103,085	64,195	147,715	88.3%	88.3%	11.70	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee, FL	7%	2005/2005/NA	17	300,186	115,586	67,000	48,586	98,811	85.5%	85.5%	12.12	Jo-Ann, Marshalls, (Target)
Marketplace of Delray	Delray Beach, FL	30%	1981/2005/NA	48	238,901	238,901	107,190	131,711	201,025	84.1%	84.1%	11.99	Office Depot, Ross Dress For Less, Winn-Dixie
Martin Square	Stuart, FL	30%	1981/2005/NA	15	331,105	331,105	291,432	39,673	301,931	91.2%	91.2%	6.24	Home Depot, Sears, Staples
Mission Bay Plaza	Boca Raton, FL	30%	1989/2004/NA	58	272,866	272,866	154,637	118,229	191,238	92.4%	70.1%	21.45	LA Fitness Sports Club, OfficeMax, Toys "R" Us
Shenandoah Square	Davie, FL	40%	1989/2001/NA	43	123,646	123,646	42,112	81,534	120,166	97.2%	97.2%	14.58	Publix
Shoppes of Lakeland	Lakeland, FL	7%	1985/1996/NA	22	312,288	188,888	122,441	66,447	155,289	96.5%	82.2%	11.93	Michaels, Ashley Furniture, (Target)
The Plaza at Delray	Delray Beach, FL	20%	1979/2004/NA	48	331,496	331,496	193,967	137,529	293,688	88.6%	88.6%	15.00	Books-A-Million, Marshalls, Publix, Regal Cinemas, Ross Dress For Less (6), Staples
Treasure Coast Commons	Jensen Beach, FL	30%	1996/2004/NA	3	92,979	92,979	92,979	-	92,979	100.0%	100.0%	12.42	Barnes & Noble, OfficeMax, Sports Authority
Village of Oriole Plaza	Delray Beach, FL	30%	1986/2005/NA	39	155,752	155,752	42,112	113,640	147,092	94.4%	94.4%	13.22	Publix
Village Plaza	Lakeland, FL	30%	1989/2004/NA	25	146,755	146,755	64,504	82,251	112,892	76.9%	76.9%	12.58	Staples
Vista Plaza	Jensen Beach, FL	30%	1998/2004/NA	10	109,761	109,761	78,658	31,103	81,347	92.3%	74.1%	10.82	Bed Bath & Beyond, Michaels
West Broward Shopping Center	Plantation, FL	30%	1965/2005/NA	19	156,236	156,236	81,801	74,435	151,242	98.7%	96.8%	10.50	Badcock, National Pawn Shop, Save-A-Lot, US Postal Service
Total / Average				392	2,829,367	2,521,367	1,493,338	1,028,029	2,171,435	90.5%	86.1%	$      12.54
Georgia
Paulding Pavilion	Hiram, GA	20%	1995/2006/NA	12	84,846	84,846	60,509	24,337	80,896	97.7%	95.3%	$      15.17	Sports Authority, Staples
Peachtree Hill	Duluth, GA	20%	1986/2007/NA	34	150,872	150,872	87,411	63,461	93,465	61.9%	61.9%	10.37	Kroger
Total / Average				46	235,718	235,718	147,920	87,798	174,361	74.8%	74.0%	$      12.60

  Page 16 of 25 

Ramco-Gershenson Properties Trust

Portfolio Summary Report

As of June 30, 2010

Company Owned GLA (1)

Property Name

Location

Ownership %

Year Built / Acquired / Renovated

Number of Units

Total Center GLA (1)

Total

Anchor

Non-Anchor

Occupied

% Leased

% Occupied

ABR psf

Anchor Tenants (2)

Illinois
Market Plaza	Glen Ellyn, IL	20%	1965/2007/1996	35	163,054	163,054	66,079	96,975	156,161	95.8%	95.8%	$      15.01	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows, IL	20%	1956/2008/1995	18	130,436	130,436	83,230	47,206	123,107	94.4%	94.4%	10.92	Jewel Osco, Northwest Community Hospital (6)
Total / Average				53	293,490	293,490	149,309	144,181	279,268	95.2%	95.2%	$      13.20
Indiana
Merchants' Square	Carmel, IN	20%	1970/2004/NA	47	358,875	278,875	69,504	209,371	249,875	89.6%	89.6%	$      10.14	(Marsh), Cost Plus, Hobby Lobby
Nora Plaza	Indianapolis, IN	7%	1958/2007/2002	25	263,838	140,038	57,713	82,325	138,809	99.1%	99.1%	13.25	(Target), Marshalls, Whole Foods
Total / Average				72	622,713	418,913	127,217	291,696	388,684	92.8%	92.8%	$      11.25
Maryland
Crofton Centre	Crofton, MD	20%	1974/1996/NA	19	252,491	252,491	196,570	55,921	226,725	89.8%	89.8%	$         7.31	Basics/Metro, Kmart, Gold's Gym
Total / Average				19	252,491	252,491	196,570	55,921	226,725	89.8%	89.8%	$         7.31
Michigan
Gratiot Crossing	Chesterfield, MI	30%	1980/2005/NA	15	165,544	165,544	122,406	43,138	150,586	91.0%	91.0%	$         8.59	Jo-Ann, Kmart
Hunter's Square	Farmington Hills, MI	30%	1988/2005/NA	36	357,302	357,302	194,236	163,066	352,521	98.7%	98.7%	16.27	Bed Bath & Beyond, Borders, Loehmann's, Marshalls, T J Maxx
Millennium Park	Livonia, MI	30%	2000/2005/NA	14	634,015	281,374	241,850	39,524	242,550	86.2%	86.2%	13.22	Home Depot, Marshalls, Michaels, PETsMART, (Costco), (Meijer)
Southfield Plaza Expansion	Southfield, MI	50%	1987/1996/2003	11	19,410	19,410	-	19,410	14,010	72.2%	72.2%	15.31
Troy Marketplace	Troy, MI	30%	2000/2005/NA	12	242,773	222,173	193,360	28,813	208,873	94.9%	94.0%	14.23	Famous Furniture, Golfsmith, LA Fitness, Nordstom Rack, PETsMART, (REI)
West Acres Commons	Flint, MI	40%	1998/2001/NA	14	95,089	95,089	59,889	35,200	82,489	86.7%	86.7%	12.48	VG's Food Center
Winchester Center	Rochester Hills, MI	30%	1980/2005/NA	16	314,409	314,409	224,356	90,053	314,409	100.0%	100.0%	13.84	Borders, Dick's Sporting Goods, Linens 'N Things (5), Marshalls, Michaels, PETsMART, (Sears)
Total / Average				118	1,828,542	1,455,301	1,036,097	419,204	1,365,438	94.0%	93.8%	$      13.77
New Jersey
Chester Springs Shopping Center	Chester, NJ	20%	1970/1996/1999	41	224,153	224,153	81,760	142,393	198,108	88.4%	88.4%	$      13.71	Shop-Rite Supermarket, Staples
Total / Average				41	224,153	224,153	81,760	142,393	198,108	88.4%	88.4%	$      13.71
Ohio
Olentangy Plaza	Columbus, OH	20%	1981/2007/1997	41	231,507	231,507	116,707	114,800	211,302	91.3%	91.3%	$      10.49	Eurolife Furniture, Marshalls, MicroCenter, Sunflower Market (3)
The Shops on Lane Avenue	Upper Arlington, OH	20%	1952/2007/2004	40	161,810	161,810	46,574	115,236	150,811	95.9%	93.2%	18.77	Bed Bath & Beyond, Whole Foods
Total / Average				81	393,317	393,317	163,281	230,036	362,113	93.2%	92.1%	$      13.94
JV Subtotal / Average at 100%				822	6,679,791	5,794,750	3,395,492	2,399,258	5,166,132	91.2%	89.2%	$      12.72
Joint Venture Portfolio Under Redevelopment:
Collins Pointe Plaza	Cartersville, GA	20%	1987/2006/NA	18	94,267	94,267	46,358	47,909	81,583	90.6%	86.5%	8.46	Goodwill (6)
The Shops at Old Orchard	W. Bloomfield, MI	30%	1972/2007/NA	17	76,019	76,019	36,044	39,975	69,924	94.0%	92.0%	17.12	Plum Market
Total / Average				35	170,286	170,286	82,402	87,884	151,507	92.1%	89.0%	$      12.45
JV Total / Average at 100%				857	6,850,077	5,965,036	3,477,894	2,487,142	5,317,639	91.2%	89.1%	$      12.71
PORTFOLIO TOTAL / AVERAGE				1912	19,780,496	15,263,598	9,584,394	5,679,204	13,684,412	90.8%	89.7%	$   10.90

Footnotes

(1) Company Owned GLA represents gross leaseable area that is owned by the Company. Total Center GLA includes Owned GLA and square footage attributable to non-owned anchor space.

(2) Anchor tenants are any tenant over 19,000 square feet. Tenants in parenthesis own their own GLA.

(3) Tenant closed - lease obligated.

(4) The Town Center at Aquia is considered a development project by the Company.

(5) Tenant closed in Bankruptcy, Leases are guaranteed by CVS.

(6) Space delivered to tenant.

  Page 17 of 25 

Ramco-Gershenson Properties Trust
Top 20 Tenants (ranked by annualized base rent)
As of June 30, 2010
Tenant Name	Credit Rating S&P/Moody's [1]	Number of Leases	Leased GLA SF	% of Total Company Owned GLA	Total ABR	ABR psf	% of Base Rental Revenue
Top 20 Tenants
T.J. Maxx/Marshalls	A/A3	20	636,154	4.1%	$     5,866,497	$      9.22	3.9%
Publix Super Market	NR/NR	12	574,794	3.7%	4,534,891	7.89	3.0%
Home Depot	BBB+/Baa1	3	384,690	2.5%	2,857,500	7.43	1.9%
Kmart/Sears	BB-/Ba2	6	618,341	4.1%	2,717,603	4.39	1.8%
OfficeMax	B/B1	11	252,045	1.7%	2,699,078	10.71	1.8%
Dollar Tree	NR/NR	26	277,516	1.8%	2,442,018	8.80	1.6%
Jo-Ann Fabrics	BB-/NR	6	218,993	1.4%	2,423,614	11.07	1.6%
Burlington Coat Factory	NR/NR	5	360,867	2.4%	2,376,333	6.59	1.6%
Staples	BBB/Baa2	10	224,292	1.5%	2,277,886	10.16	1.5%
Best Buy	BBB-/Baa2	5	176,677	1.2%	2,214,623	12.53	1.5%
PETsMART	BB/NR	7	160,428	1.1%	2,160,407	13.47	1.4%
Michaels Stores	B-/B3	9	199,724	1.3%	2,124,876	10.64	1.4%
Gander Mountain	NR/NR	2	159,791	1.0%	1,899,745	11.89	1.3%
Lowe's Home Centers	A/A1	2	270,394	1.8%	1,822,956	6.74	1.2%
Meijer	NR/NR	2	397,428	2.6%	1,697,000	4.27	1.1%
Kroger	BBB/Baa2	3	207,709	1.4%	1,676,417	8.07	1.1%
Office Depot	B/B2	7	168,832	1.1%	1,674,772	9.92	1.1%
Bed Bath & Beyond	BBB/NR	5	154,599	1.0%	1,658,456	10.73	1.1%
Hobby Lobby	NR/NR	5	276,173	1.8%	1,640,038	5.94	1.1%
LA Fitness Sports Club	NR/NR	2	76,833	0.5%	1,581,552	20.58	1.1%
Sub-Total top 20 tenants		148	5,796,280	38.0%	$   48,346,262	$      8.34	32.1%
Remaining tenants		1,355	7,888,132	51.7%	100,830,198	12.78	67.9%
Sub-Total all tenants		1,503	13,684,412	89.7%	$149,176,460	$    10.90	100.0%
Vacant		409	1,579,186	10.3%	N/A	N/A	N/A
Total including vacant		1,912	15,263,598	100.0%	$149,176,460	N/A	100.0%
[1] Source: Latest Company filings per CreditRiskMonitor.

  Page 18 of 25 

Ramco-Gershenson Properties Trust
Summary of Expiring GLA
As of June 30, 2010
	Anchor Tenants [1]					Non-Anchor Tenants					All Leases
Expiration Year	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf
(2)	-	-	0.0%	0.0%	$        -	24	48,667	0.9%	1.0%	$ 15.85	24	48,667	0.3%	0.5%	$ 15.85
2010	2	46,128	0.5%	0.5%	7.80	92	305,294	5.4%	5.1%	12.24	94	351,422	2.3%	2.7%	11.66
2011	12	424,009	4.4%	4.3%	7.70	273	888,477	15.6%	18.1%	14.98	285	1,312,486	8.6%	11.1%	12.63
2012	17	712,383	7.4%	5.9%	6.23	261	833,154	14.7%	18.9%	16.69	278	1,545,537	10.1%	12.3%	11.87
2013	27	966,086	10.1%	11.2%	8.72	216	637,835	11.2%	14.8%	17.03	243	1,603,921	10.6%	12.9%	12.03
2014	22	1,008,020	10.5%	8.1%	6.05	149	541,060	9.5%	11.3%	15.43	171	1,549,080	10.1%	9.7%	9.33
2015	26	1,027,948	10.7%	11.5%	8.43	109	417,692	7.4%	8.7%	15.36	135	1,445,640	9.5%	10.1%	10.44
2016	27	1,122,093	11.7%	12.1%	8.13	56	309,648	5.5%	7.5%	17.81	83	1,431,741	9.4%	9.8%	10.22
2017	17	646,197	6.7%	10.6%	12.39	30	140,500	2.5%	3.4%	17.81	47	786,697	5.2%	7.0%	13.35
2018	13	466,343	4.9%	6.8%	11.00	25	118,399	2.1%	2.8%	17.44	38	584,742	3.8%	4.8%	12.31
2019	10	524,180	5.5%	6.5%	9.36	21	97,848	1.7%	2.1%	15.57	31	622,028	4.1%	4.3%	10.34
2020+	31	2,120,801	22.1%	22.5%	8.10	43	281,650	5.0%	6.3%	16.44	74	2,402,451	15.7%	14.8%	9.07
Sub-Total	204	9,064,188	94.5%	100.0%	$    8.34	1,299	4,620,224	81.5%	100.0%	$ 15.95	1,503	13,684,412	89.7%	100.0%	$ 10.90
Vacant	14	520,206	5.5%	N/A	N/A	395	1,058,980	18.5%	N/A	N/A	409	1,579,186	10.3%	N/A	N/A
Total	218	9,584,394	100.0%	100.0%	N/A	1,694	5,679,204	100.0%	100.0%	N/A	1,912	15,263,598	100%	100.0%	N/A
[1]  Anchor is defined as a tenant leasing 19,000 square feet or more.
[2]  Tenants currently under month to month lease or in the process of renewal.

  Page 19 of 25 

Ramco-Gershenson Properties Trust
Joint Venture Summary of Operations
For the Three and Six Months Ended June 30, 2010 (in thousands)
For the Three Months Ended June 30, 2010
	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah			Other		Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Joint		Joint Ventures			Pro-Rata
	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Ventures [1]		at 100%			Share
Total revenue	$	12,886		$	7,621		$	507		$	1,043		$	604		$	352		$	667		$	73	$	23,753		$	6,051
Operating expense		4,947			3,016			119			292			125			105			237			23		8,864			2,284
Depreciation and amortization		3,666			2,599			191			321			171			68			141			9		7,166			1,781
Interest expense		4,414			3,249			39			-			-			192			218			14		8,126			2,153
Total expenses		13,027			8,864			349			613			296			365			596			46		24,156			6,218
Net income (loss)	$	(141	)	$	(1,243	)	$	158		$	430		$	308		$	(13	)	$	71		$	27	$	(403	)	$	(167	)
Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40	%		40	%
Ramco's share of net income (loss)	$	(43	)	$	(249	)	$	32		$	30		$	22		$	(5	)	$	28		$	18				$	(167	)
Add: Pro rata share of depreciation expense		1,062			497			36			22			11			27			48			6					1,709
Funds from operations contributed by joint ventures	$	1,019		$	248		$	68		$	52		$	33		$	22		$	76		$	24				$	1,542
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010).
For the Six Months Ended June 30, 2010
	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah			Other		Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Joint		Joint Ventures			Pro-Rata
	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Ventures [1]		at 100%			Share
Total revenues	$	27,886		$	15,737		$	1,050		$	2,135		$	1,171		$	707		$	1,353		$	128	$	50,167		$	12,843
Operating expense		9,262			5,825			199			634			231			236			475			47		16,909			4,346
Depreciation and amortization		7,306			5,105			378			647			341			136			281			17		14,211			3,534
Interest expense		8,361			7,024			75			-			-			366			435			29		16,290			4,263
Total expenses		24,929			17,954			652			1,281			572			738			1,191			93		47,410			12,143
Net income (loss)	$	2,957		$	(2,217	)	$	398		$	854		$	599		$	(31	)	$	162		$	35	$	2,757		$	700
Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40	%		40	%
Ramco's share of net income (loss)	$	887		$	(444	)	$	80		$	60		$	42		$	(12	)	$	64		$	23				$	700
Add: Pro rata share of depreciation expense		2,115			974			71			45			23			53			95			9					3,385
Funds from operations contributed by joint ventures	$	3,002		$	530		$	151		$	105		$	65		$	41		$	159		$	32				$	4,085
[1] Other Joint Ventures include S-12 Associates (50% Ramco ownership interest) and Ramco Jacksonville North Industrial LLC (5% Ramco ownership interest thru May 2010).

  Page 20 of 25 

Ramco-Gershenson Properties Trust
Joint Venture Balance Sheet Summary
As of June 30, 2010 (in thousands)
	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco			West Acres			Shenandoah			S-12			Total
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Commons			Square			Associates			Joint Ventures
	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			Flint, MI			Davie, FL			Southfield, MI			at 100%
ASSETS
Investment in real estate
Land	$	76,891		$	50,317		$	2,879		$	7,601		$	4,019		$	1,118		$	1,653		$	50		$	144,528
Buildings and improvements		470,274			305,797			20,620			44,574			23,518			10,104			15,200			445			890,532
Construction in progress		65			1,893			306			11			-			-			3			-			2,278
Intangible assets, net		13,432			6,951			1,026			1,096			536			42			187			29			23,299
		560,662			364,958			24,831			53,282			28,073			11,264			17,043			524			1,060,637
Less: accumulated depreciation		(53,581	)		(22,299	)		(1,497	)		(3,430	)		(1,692	)		(2,234	)		(3,297	)		(158	)		(88,188	)
Investments in real estate, net		507,081			342,659			23,334			49,852			26,381			9,030			13,746			366			972,449
Cash and cash equivalents		11,447			10,280			423			1,120			191			398			922			175			24,956
Accounts receivable, net		9,652			3,858			511			243			(45	)		61			312			20			14,612
Other assets, net		2,459			2,169			106			(17	)		223			78			255			97			5,370
Total Assets	$	530,639		$	358,966		$	24,374		$	51,198		$	26,750		$	9,567		$	15,235		$	658		$	1,017,387
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	253,607		$	216,400		$	8,750		$	-		$	-		$	8,500		$	11,775		$	760		$	499,792
Accounts payable and accrued expenses		11,882			6,756			262			626			117			257			500			258			20,658
		265,489			223,156			9,012			626			117			8,757			12,275			1,018			520,450
ACCUMULATED EQUITY (DEFICIT)		265,150			135,810			15,362			50,572			26,633			810			2,960			(360	)		496,937
Total Liabilities and Accumulated Equity	$	530,639		$	358,966		$	24,374		$	51,198		$	26,750		$	9,567		$	15,235		$	658		$	1,017,387
																									Ramco Equity
																									Investment in
EQUITY INVESTMENTS IN AND NOTES																									Joint Ventures
RECEIVABLE FROM UNCONSOLIDATED ENTITIES
Equity Investments in Unconsolidated Entities	$	73,402		$	15,070		$	2,922		$	2,774		$	1,744		$	-		$	1,142		$	721		$	97,775
Notes Receivable from Unconsolidated Entities		-			-			-			-			-			-			-			-			-
Total Equity Investments in and Notes
Receivable from Unconsolidated Entities	$	73,402		$	15,070		$	2,922		$	2,774		$	1,744		$	-		$	1,142		$	721		$	97,775

  Page 21 of 25 

Ramco-Gershenson Properties Trust
Summary of Joint Venture Debt
As of June 30, 2010
			Ramco					Stated			Ramco
			Ownership	Mortgage		Maturity	Loan	Interest			Share of
Property	Location	Lender or Servicer	Interest	Balance		Date	Type	Rate			Debt
Village of Oriole Plaza	Delray Beach, FL	Wachovia	30%	$	11,528,874	Oct-10	Fixed		8.25	%	$	3,458,662
Marketplace of Delray	Delray Beach, FL	Berkadia Commercial Mortgage	30%		16,292,817	Jan-11	Fixed		7.88	%		4,887,845
Peachtree Hill	Duluth, GA	KeyBank NA	20%		11,000,000	Feb-11	Variable		6.50	%[1]		2,200,000
Martin Square	Stuart, FL	Berkadia Commercial Mortgage	30%		12,588,660	Aug-11	Fixed		7.44	%		3,776,598
Shenandoah Square	Davie, FL	L.J. Melody & Co/Salomon	40%		11,775,146	Feb-12	Fixed		7.33	%		4,710,058
Paulding Pavilion	Hiram, GA	Fifth Third Bank	20%		8,750,000	Jun-12	Variable		1.80	%[2]		1,750,000
West Broward Shopping Center	Plantation, FL	Berkadia Commercial Mortgage	30%		9,447,729	Oct-12	Fixed		6.64	%		2,834,319
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA	30%		43,629,802	Jul-13	Fixed		6.64	%		13,088,941
Winchester Center	Rochester Hills, MI	Wachovia	30%		27,787,032	Jul-13	Fixed		8.11	%		8,336,110
Hunter's Square	Farmington Hills, MI	Wachovia	30%		36,102,365	Aug-13	Fixed		8.15	%		10,830,709
The Plaza at Delray	Delray Beach, FL	CIGNA	20%		47,561,239	Sep-13	Fixed		6.00	%		9,512,248
Chester Springs Shopping Center	Chester, NJ	Citigroup	20%		22,522,239	Oct-13	Fixed		5.51	%		4,504,448
Village Plaza	Lakeland, FL	Citigroup	30%		9,300,000	Sep-15	Fixed		5.01	%		2,790,000
Millennium Park	Livonia, MI	Citigroup	30%		32,000,000	Oct-15	Fixed		5.02	%		9,600,000
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA	20%		11,911,250	Dec-15	Fixed		5.34	%		2,382,250
Southfield Plaza Expansion	Southfield, MI	GECA	50%		760,251	May-16	Fixed		5.88	%[3]		380,125
Troy Marketplace	Troy, MI	Deutsche Banc	30%		21,900,000	Jun-16	Fixed		5.90	%		6,570,000
Gratiot Crossing	Chesterfield Twp., MI	Deutsche Banc	30%		13,500,000	Jun-16	Fixed		5.90	%		4,050,000
Crofton Centre	Crofton, MD	Citigroup	20%		17,000,000	Jan-17	Fixed		5.85	%		3,400,000
Merchants' Square	Carmel, IN	TIAA-CREF	20%		32,700,000	May-17	Fixed		6.04	%		6,540,000
The Shops on Lane Avenue	Upper Arlington, OH	Principal Global Investors	20%		27,600,000	Jan-18	Variable		5.95	%[4]		5,520,000
Olentangy Plaza	Columbus, OH	Principal Global Investors	20%		21,600,000	Jan-18	Variable		5.88	%[4]		4,320,000
Market Plaza	Glen Ellyn, IL	Principal Global Investors	20%		24,505,000	Jan-18	Variable		5.88	%[4]		4,901,000
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance	30%		8,415,000	Jun-20	Fixed		5.54	%		2,524,500
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance	30%		11,115,000	Jun-20	Fixed		5.54	%		3,334,500
West Acres Commons	Flint, MI	Midland Loan Services	40%		8,499,823	Apr-30	Fixed		10.14	%		3,399,929
				$	499,792,227						$	129,602,242
[1] Interest rate is variable based on LIBOR plus 4.50% and has a 2.00% LIBOR floor.
[2] Interest rate is variable based on LIBOR plus 1.45%.
[3] Resets per formula annually each June 1.
[4] Interest rate is fixed for five years and then lender has right to reset interest rate in 2013.

  Page 22 of 25 

Ramco-Gershenson Properties Trust
Joint Venture Same Property Analysis [1]
For the Three and Six Months Ended June 30, 2010 (in thousands)
	Three Months Ended June 30,									Six Months Ended June 30,
	2010			2009			% Change			2010			2009			% Change
Number of Properties		30			30			0			30			30			0
Occupancy		89.3	%		89.7	%		-0.4	%		89.3	%		89.7	%		-0.4	%
REVENUE:
Minimum Rents	$	15,126		$	16,054			-5.8	%	$	30,577		$	32,286			-5.3	%
Percentage Rent		99			88			12.5	%		129			110			17.1	%
Recoveries from Tenants		5,155			5,341			-3.5	%		10,539			11,021			-4.4	%
Other Income		179			121			47.9	%		399			218			83.0	%
	$	20,559		$	21,604			-4.8	%	$	41,644		$	43,635			-4.6	%
EXPENSES:
Real Estate Taxes	$	3,562		$	3,533			0.8	%	$	7,089		$	7,109			-0.3	%
Property Operating and Maintenance		2,238			2,167			3.3	%		4,636			4,627			0.2	%
Other Operating [2]		1,889			1,662			13.7	%		3,255			3,121			4.3	%
	$	7,689		$	7,362			4.5	%	$	14,980		$	14,857			0.8	%
NET OPERATING INCOME	$	12,870		$	14,242			-9.6	%	$	26,664		$	28,778			-7.3	%
Operating Expense Recovery Ratio		88.9	%		93.7	%		-4.8	%		89.9	%		93.9	%		-4.0	%
[1] Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers undergoing redevelopment.
[2] Includes on-time, bad debt expense of $367.6k related to a tenant dispute.

  Page 23 of 25 

Ramco-Gershenson Properties Trust
Joint Venture Leasing Activity Summary
As of June 30, 2010
	Leasing	Square	Base Rent	Prior Rent	Rent Growth	Wtd. Avg.
New leases	Transactions	Footage	PSF	PSF [1]	%	Lease Term
2nd Quarter 2010	19	114,143	$13.72	$14.35	-4.4%	8.4
1st Quarter 2010	6	30,097	$12.17	$11.86	2.6%	8.1
Total 6 months	25	144,240	$13.40	$13.83	-3.1%	8.3
	Leasing	Square	Base Rent	Prior Rent	Rent Growth	Wtd. Avg.
Renewals	Transactions	Footage	PSF	PSF [1]	%	Lease Term
2nd Quarter 2010	28	227,346	$9.55	$9.47	0.8%	4.4
1st Quarter 2010	33	187,849	$12.35	$15.53	-20.5%	3.1
Total 6 months	61	415,195	$10.82	$12.21	-11.4%	3.8
	Leasing	Square	Base Rent	Prior Rent	Rent Growth	Wtd. Avg.
Total Comparable Leases [2]	Transactions	Footage	PSF	PSF [1]	%	Lease Term
2nd Quarter 2010	47	341,489	$10.94	$11.10	-1.4%	5.7
1st Quarter 2010	39	217,946	$12.33	$15.02	-17.9%	3.8
Total 6 months	86	559,435	$11.48	$12.63	-9.1%	5.0
	Leasing	Square	Base Rent	Prior Rent	Rent Growth	Wtd. Avg.
Total Comparable and Non-Comparable	Transactions	Footage	PSF	PSF	%	Lease Term
2nd Quarter 2010	54	366,245	$11.56	n/a	n/a	6.3
1st Quarter 2010	41	285,304	$10.84	n/a	n/a	5.3
Total 6 months	95	651,549	$11.25			5.8
Notes
[1] Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.
[2] Comparable leases represent those leases signed on spaces for which there was a former tenant.

  Page 24 of 25 

Ramco-Gershenson Properties Trust
Joint Venture Summary of Expiring GLA
As of June 30, 2010
	Anchor Tenants [1]					Non-Anchor Tenants					All Leases
Expiration Year	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf	Number of Leases	Square Feet	% of SF	%  of ABR	ABR psf
(2)	-	-	0.0%	0.0%	$        -	9	22,917	0.9%	1.2%	$ 18.81	9	22,917	0.4%	0.6%	$ 18.81
2010	1	22,128	0.6%	0.5%	7.05	49	186,075	7.5%	6.1%	12.09	50	208,203	3.5%	3.6%	11.56
2011	4	147,727	4.2%	4.5%	9.05	129	347,457	14.0%	16.9%	17.85	133	495,184	8.3%	11.3%	15.36
2012	5	224,553	6.5%	5.3%	7.32	114	362,438	14.6%	17.7%	17.95	119	586,991	9.8%	12.1%	13.88
2013	11	437,427	12.6%	13.3%	9.39	97	267,635	10.8%	14.0%	19.13	108	705,062	11.8%	13.6%	13.09
2014	11	361,573	10.4%	8.6%	7.35	68	238,377	9.6%	11.5%	17.65	79	599,950	10.1%	10.2%	11.45
2015	13	517,523	14.9%	15.0%	8.99	55	208,666	8.4%	9.5%	16.65	68	726,189	12.2%	12.0%	11.19
2016	10	358,950	10.3%	12.2%	10.51	22	133,359	5.4%	6.6%	18.03	32	492,309	8.3%	9.1%	12.54
2017	5	134,910	3.9%	6.6%	15.15	17	69,490	2.8%	4.2%	22.02	22	204,400	3.4%	5.3%	17.49
2018	4	177,514	5.1%	6.0%	10.43	12	65,308	2.6%	2.9%	16.53	16	242,822	4.1%	4.3%	12.07
2019	5	201,705	5.8%	7.8%	11.98	13	43,839	1.8%	2.4%	20.37	18	245,544	4.1%	4.9%	13.48
2020+	12	648,284	18.6%	20.3%	9.60	21	139,784	5.6%	7.0%	18.46	33	788,068	13.2%	13.0%	11.17
Sub-Total	81	3,232,294	92.9%	100.0%	$    9.57	606	2,085,345	84.0%	100.0%	$ 15.94	687	5,317,639	89.2%	100.0%	$ 12.71
Vacant	9	245,600	7.1%	N/A	N/A	161	401,797	16.0%	N/A	N/A	170	647,397	10.8%	N/A	N/A
Total	90	3,477,894	100.0%	100.0%	N/A	767	2,487,142	100.0%	100.0%	N/A	857	5,965,036	100.0%	100.0%	N/A
[1]  Anchor is defined as a tenant leasing 19,000 square feet or more.
[2]  Tenants currently under month to month lease or in the process of renewal.

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