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 24, 2012

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 24, 2012, Ramco-Gershenson Properties Trust (the “Company”) announced its financial results for the three and six months ended June 30, 2012.  A copy of the Company’s July 24, 2012 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 be filed by the Company under the Securities Act of 1933, as amended.

Item 7.01                Regulation FD Disclosure.

On July 24, 2012, the Company announced its financial results for the three and six months ended June 30, 2012.  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 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 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 24, 2012.

 99.2 Quarterly Financial and Operating Supplement Package of Ramco-Gershenson Properties Trust for the three and six months ended June 30, 2012.

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 24, 2012	By:	/s/ GREGORY R. ANDREWS
		Gregory R. Andrews
		Chief Financial Officer and Secretary

EXHIBIT INDEX

Exhibit No.             Description

99.1 Press release of Ramco-Gershenson Properties Trust dated July 24, 2012.

99.2 Quarterly Financial and Operating Supplement Package of Ramco-Gershenson Properties Trust for the three and six months ended June 30, 2012.

EX-99.1

Exhibit 99.1

Ramco-Gershenson Properties Trust Reports Financial Results for the Second Quarter of 2012; Raises Guidance

FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--July 24, 2012--Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial results for the three and six months ended June 30, 2012.

Second Quarter Highlights:

Shopping Center Operations

·   Increased same-center net operating income 2.9% over the comparable quarter.

·   Signed 80 leases encompassing 505,163 square feet achieving same-space rental growth of 4.7%.

·   Increased core portfolio leased occupancy to 93.7%, compared to 93.2% as of March 31, 2012.

Capital Recycling

·   Acquired four multi-anchored shopping centers in Colorado, Missouri, and Wisconsin for $108.3 million broadening the Company’s presence in targeted metropolitan markets.

·   Sold/conveyed ownership interest in four shopping centers.

Balance Sheet

·   Successfully completed a $73.2 million common share equity offering.

·   Improved interest coverage ratio of 2.7x, compared to 2.2x for the same period in 2011.

·   Net debt to market capitalization of 42.0%, compared to 44.7% for the same period in 2011.

"We are extremely pleased to report the continued successful execution of our plan to increase quality in all aspects of our business,” said Dennis Gershenson, President and Chief Executive Officer. "Our year-to-date operating and financial results reflect the progress we have made in upgrading our shopping center portfolio, diversifying into demographically superior markets, mitigating portfolio risk, and promoting a sound capital structure. The Company’s improved operating performance provides the basis for an increase in FFO guidance for 2012, notwithstanding an additional 7.0 million common shares issued during the second quarter.”

Financial Results

Funds from Operations (“FFO”) for the three months ended June 30, 2012, was $11.6 million or $0.26 per diluted share, compared to FFO of $9.0 million, or $0.22 per diluted share for the same period in 2011. FFO for the six months ended June 30, 2012, was $22.4 million or $0.52 per diluted share, compared to FFO of $19.1 million, or $0.47 per diluted share for the same period in 2011.

Net Income (loss) available to common shareholders for the three months ended June 30, 2012 was $0.2 million or $0.00 per diluted share. Net income (loss) available to common shareholders for the six months ended June 30, 2012 was $(1.2) million or $(0.03) per diluted share. Net income (loss) available to common shareholders for the six months ended June 30, 2012 included a non-cash impairment charge, net of non-controlling partner interest, of $2.0 million related to an income producing property conveyed to the lender during the second quarter.

Ramco-Gershenson reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). A full definition of FFO is available in the Company’s financial and operating supplement.

Operating Statistics

As of June 30, 2012, the Company owned equity interests in 81 retail shopping centers and one office building consisting of 53 wholly-owned properties and 29 joint venture assets totaling 15.0 million square feet. At quarter-end, the Company’s core portfolio was 93.7% leased and its total portfolio, which includes redevelopment properties, was 92.3% leased. These statistics compare favorably to a core portfolio leased rate of 93.2% and a total portfolio leased rate of 91.6% at March 31, 2012.

At quarter-end, the Company had 42 properties in its wholly-owned, same-center portfolio with occupancy of 93.3%, compared to 92.9% for the same period last year. Same-center net operating income for the wholly-owned portfolio increased 2.9% for the quarter and 3.1% for the six months ended June 30, 2012.

During the quarter, the Company executed 80 lease transactions encompassing 505,163 square feet in its total portfolio achieving same-space rental growth of 4.7%.

Capital Recycling

During the quarter, the Company acquired four multi-anchored shopping centers in Colorado, Missouri, and Wisconsin for $108.3 million.

·   Harvest Junction North and South are located in the metropolitan Boulder, Colorado area. Combined, the two shopping centers encompass 336,345 square feet and feature a noteworthy line up of national, creditworthy anchors, including Bed Bath & Beyond, Marshalls, Ross Dress for Less, DSW Shoe Warehouse, Dick’s Sporting Goods, Michaels, and Staples.

·   Central Plaza is located in metropolitan St. Louis, Missouri. The 166,431 square foot center is anchored by Ross, Dress for Less, buybuy Baby, Office Max, and JoAnn Fabrics.

·   Nagawaukee Shopping Center is located in the greater Milwaukee, Wisconsin area. The 113,617 square foot shopping center is anchored by a Kohl’s Department Store and shadow-anchored by a 60,000 square foot Sentry Supermarket.

During the quarter, the Company sold Pelican Plaza and Southbay Shopping Center, two wholly-owned centers located in Florida. The Company also sold a portion of Collins Pointe Plaza, a joint venture shopping center located in Georgia. The sales of these centers generated approximately $6.3 million in net cash proceeds. Also during the quarter, the Company conveyed its ownership interest in the Kentwood Towne Centre located in Kentwood, Michigan to the lender resulting in a reduction in debt of $8.5 million. These dispositions demonstrate the Company’s continued commitment to upgrade the quality of its portfolio by selling non-core properties.

Capital Markets/Balance Sheet

During the quarter, the Company completed a 6.3 million common share offering, which generated $73.2 million in net cash proceeds. The Company also issued 0.7 million common shares through its controlled equity offering program, generating net cash proceeds of $8.2 million. The Company used the net proceeds to fund a portion of the acquisition of four shopping centers located in Colorado, Missouri, and Wisconsin.

Subsequent to quarter end, the Company closed a $360 million unsecured credit facility which replaced the Company’s previous $250 million facility. The new facility consists of a $240 million revolving line of credit with a four-year term and one-year extension option and a $120 million five-year term loan. The facility can be upsized to $450 million through an accordion feature. Borrowings under the new facility will bear interest at an annual rate of LIBOR plus 165 basis points subject to a pricing grid for changes in the company’s leverage. An existing $75 million interest rate swap that extends to 2016 hedges a portion of the term loan to a fixed rate of 2.9% based upon the current LIBOR-based pricing.

At June 30, 2012, the Company’s total market capitalization equaled $1.2 billion, comprised of 49.4 million shares of common stock (or equivalents) valued at $621.5 million, two million shares of convertible perpetual preferred stock valued at $100.0 million and $521.5 million of debt and capital lease obligations, net of cash. The weighted-average term of the Company’s consolidated debt was approximately 5.3 years.

At June 30, 2012, the Company’s ratio of net debt to total market capitalization was 42.0%, compared to 44.7% for the same period in 2011. Its net debt to EBITDA was 7.2x, compared to 7.1x at June 30, 2011.

Development

As previously announced, the Company commenced the development of Phase I of Parkway Shops, a 88,000 square foot development, in Jacksonville, Florida earlier this year. Phase I will be anchored by a 45,000 square foot Dick’s Sporting Goods and a 25,000 square foot Marshalls. During the second quarter, the Company signed leases with ULTA Beauty, Newk’s Deli and Signature Salon. As of June 30, 2012, the project is over 96% leased and is on schedule to open in the spring of 2013.

Dividend

On July 2, 2012, the Company paid second quarter cash dividends of $0.16325 per common share (or equivalent) and $0.90625 per Series D convertible perpetual preferred share for the period from April 1, 2012 through June 30, 2012. The Company’s FFO payout ratio for the quarter was 62.8%.

2012 Guidance

The Company has raised its 2012 FFO guidance to $0.97 to $1.03 per diluted share from its previous FFO guidance of $0.94 to $1.02 per diluted share. The Company’s revised 2012 guidance takes into consideration projected improvements in key operating statistics. These include a year-end portfolio leased occupancy rate of 93.5% to 94.5%, which was previously estimated to be 93.0% to 94.0% and an increase in same-center net operating income of 2.5% to 3.5%, which was previously projected to be 1.0% to 2.0%.

Conference Call/Webcast

Ramco-Gershenson Properties Trust will host a live broadcast of itssecond quarter 2012 conference call on Wednesday, July 25, 2012, at 9:00 a.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) 407-9205, 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-Acco unt #286, Conference ID # 396793), 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 (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company’s business is the ownership and management of multi-anchor shopping centers in strategic, quality of life markets throughout the Eastern, Midwestern and Central United States. At June 30, 2012, the Company owned and managed a portfolio of 81 shopping centers and one office building with approximately 15.0 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois Indiana, New Jersey, Virginia, Maryland, and Tennessee. At June 30, 2012, the Company’s core operating portfolio was 93.7% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com.

This press release may contain forward-looking statements that represent the Company’s expectations and projections for the future. Management of Ramco-Gershenson believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing to ability qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2012 (Unaudited) and December 31, 2011
(In thousands, except per share amounts)
	June 30,			December 31,
	2012			2011
ASSETS
Income producing properties, at cost:
Land	$	153,482		$	133,145
Buildings and improvements		915,704			863,763
Less accumulated depreciation and amortization		(222,537	)		(222,722	)
Income producing properties, net		846,649			774,186
Construction in progress and land held for development or sale		94,583			87,549
Net real estate		941,232			861,735
Equity investments in unconsolidated joint ventures		98,101			97,020
Cash and cash equivalents		4,191			12,155
Restricted cash		5,460			6,063
Accounts receivable (net of allowance for doubtful accounts of $2,819 and $3,516 as of June 30, 2012 and December 31, 2011, respectively)		9,170			9,614
Note receivable		3,000			3,000
Other assets, net		73,965			59,236
TOTAL ASSETS	$	1,135,119		$	1,048,823
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable	$	295,389		$	325,887
Unsecured revolving credit facility		61,000			29,500
Unsecured term loan facilities		135,000			135,000
Junior subordinated notes		28,125			28,125
Total mortgages and notes payable		519,514			518,512
Capital lease obligation		6,184			6,341
Accounts payable and accrued expenses		21,068			18,663
Other liabilities		25,527			15,528
Distributions payable		9,882			8,605
TOTAL LIABILITIES		582,175			567,649
Ramco-Gershenson Properties Trust ("RPT") Shareholders' Equity:
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 2,000 shares issued and outstanding as of June 30, 2012 and December 31, 2011	$	100,000		$	100,000
Common shares of beneficial interest, $0.01 par, 60,000 shares authorized, 46,518 and 38,735 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively		465			387
Additional paid-in capital		660,597			570,225
Accumulated distributions in excess of net income		(234,159	)		(218,888	)
Accumulated other comprehensive loss		(4,726	)		(2,649	)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		522,177			449,075
Noncontrolling interest		30,767			32,099
TOTAL SHAREHOLDERS' EQUITY		552,944			481,174
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,135,119		$	1,048,823

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
REVENUE
Minimum rent	$	21,912		$	20,086		$	43,159		$	39,224
Percentage rent		13			45			208			109
Recovery income from tenants		7,649			6,984			15,444			14,218
Other property income		451			596			1,175			2,100
Management and other fee income		947			795			1,914			1,787
TOTAL REVENUE		30,972			28,506			61,900			57,438
EXPENSES
Real estate taxes		4,519			4,361			8,753			8,435
Recoverable operating expense		3,465			3,039			7,320			6,763
Other non-recoverable operating expense		584			659			1,274			1,322
Depreciation and amortization		9,755			8,785			18,376			17,072
General and administrative expense		4,878			4,864			9,756			9,920
TOTAL EXPENSES		23,201			21,708			45,479			43,512
INCOME BEFORE OTHER INCOME AND EXPENSES, TAX AND DISCONTINUED OPERATIONS		7,771			6,798			16,421			13,926
OTHER INCOME AND EXPENSES
Other income (expense), net		230			(201	)		117			(411	)
Gain on sale of real estate		-			30			69			186
Earnings from unconsolidated joint ventures		580			672			1,076			1,633
Interest expense		(6,453	)		(6,591	)		(13,079	)		(14,423	)
Amortization of deferred financing fees		(376	)		(473	)		(754	)		(1,095	)
Loss on early extinguishment of debt		-			(1,968	)		-			(1,968	)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX		1,752			(1,733	)		3,850			(2,152	)
Income tax benefit (provision)		23			(831	)		(1	)		(890	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,775			(2,564	)		3,849			(3,042	)
DISCONTINUED OPERATIONS
Gain on sale of real estate		72			8,420			336			8,420
Gain on early extinguishment of debt		307			-			307			-
Provision for impairment		-			-			(2,536	)		-
Income (loss) from discontinued operations		10			(327	)		156			(102	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		389			8,093			(1,737	)		8,318
NET INCOME		2,164			5,529			2,112			5,276
Net (income) loss attributable to noncontrolling partner interest		(185	)		(371	)		349			(350	)
NET INCOME ATTRIBUTABLE TO RPT		1,979			5,158			2,461			4,926
Preferred share dividends		(1,813	)		(1,619	)		(3,625	)		(1,619	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	166		$	3,539		$	(1,164	)	$	3,307
INCOME (LOSS) PER COMMON SHARE, BASIC
Continuing operations	$	-		$	(0.10	)	$	0.01		$	(0.11	)
Discontinued operations		-			0.19			(0.04	)		0.20
	$	-		$	0.09		$	(0.03	)	$	0.09
INCOME (LOSS) PER COMMON SHARE, DILUTED
Continuing operations	$	-		$	(0.10	)	$	0.01		$	(0.11	)
Discontinued operations		-			0.19			(0.04	)		0.20
	$	-		$	0.09		$	(0.03	)	$	0.09
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		42,662			38,523			40,773			38,227
Diluted		42,662			38,523			40,773			38,227

RAMCO-GERSHENSON PROPERTIES TRUST
FUNDS FROM OPERATIONS
For the three and six months ended June 30, 2012 and 2011
(in thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net income (loss) available to common shareholders	$	166		$	3,539		$	(1,164	)	$	3,307
Adjustments:
Rental property depreciation and amortization expense		9,682			9,621			18,402			18,354
Pro-rata share of real estate depreciation from unconsolidated joint ventures		1,683			1,663			3,370			3,286
Gain on sale of depreciable real estate		(72	)		(6,210	)		(336	)		(6,210	)
Loss on sale of joint venture depreciable real estate (1)		18			-			18			-
Provision for impairment on income-producing properties (2)		-			-			1,976			-
Provision for impairment on joint venture income-producing properties (1)		50			-			50			-
Noncontrolling interest in Operating Partnership		118			374			117			357
FUNDS FROM OPERATIONS	$	11,645		$	8,987		$	22,433		$	19,094
Weighted average common shares		42,662			38,523			40,773			38,227
Shares issuable upon conversion of Operating Partnership Units		2,613			2,829			2,616			2,856
Dilutive effect of securities		317			305			312			313
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		45,592			41,657			43,701			41,396
FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	0.26		$	0.22		$	0.52		$	0.47
Dividend per common share	$	0.16325		$	0.16325		$	0.32650		$	0.32650
Payout ratio - FFO		62.8	%		74.2	%		62.8	%		69.5	%
(1) Amount included in earnings from unconsolidated joint ventures.
(2) Amount represents RPT's proportionate share.

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 (2“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. In addition, NAREIT has recently clarified its computation of FFO to exclude impairment charges on depreciable property and equity investments in depreciable property. Management has restated FFO for prior periods accordingly. 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.

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CONTACT:

Ramco-Gershenson Properties Trust

Dawn Hendershot, 248-592-6202

Director of Investor Relations and Corporate Communications

EX-99.2

Exhibit 99.2

Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
June 30, 2012
TABLE OF CONTENTS
		Page
Overview
	Company Information	3
	Disclosures	4
Financial Results and Debt Information
	Consolidated Balance Sheets	5
	Consolidated Balance Sheets Detail	6
	Consolidated Market Data	7
	Summary of Debt Expiration - Consolidated Properties	8
	Summary of Outstanding Debt - Consolidated Properties	9
	Consolidated Statements of Operations	10
	Consolidated Statements of Operations Detail	11
	Funds from Operations and Additional Disclosures	12
	EBITDA	13
Operating and Portfolio Information
	Consolidated Same Properties Analysis	14
	Summary of Expiring GLA - Consolidated and Unconsolidated Properties	15
	Top Twenty-Five Tenants - Consolidated and Unconsolidated Properties	16
	Leasing Activity - Consolidated and Unconsolidated Portfolios	17
	Portfolio Summary Report	18 - 21
	Redevelopment and Development Projects	22
	Acquisitions / Dispositions	23
Joint Venture Information
	Joint Venture Combined Balance Sheets	24
	Summary of Joint Venture Debt	25
	Joint Venture Contribution to Funds from Operations	26
	Joint Venture Summary of Expiring GLA	27
	Joint Venture Leasing Activity	28

Page 2 of 28

Page 3 of 28

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

June 30, 2012

Disclosures

Forward-Looking Statements

Certain information contained in this Quarterly Financial and Operating Supplemental Information Package may contain forward-looking statements that represent the company and management's hopes, intentions, beliefs, expectations or projections of the future.  Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements are based on reasonable assumptions.  It is important to note that certain factors could occur that might cause actual results to vary from current expectations and include, but are not limited to, (i) the ongoing slow recovery of the U.S. economy; (ii) the existing global credit and financial crisis; (iii) other changes in general economic and real estate conditions; (iv) changes in the interest rate and/or other changes in interest rate environment; (v) the availability of financing; (vi) adverse changes in the retail industry; and (vii) our ability to qualify as a REIT.  Additional information concerning factors that could cause actual results to differ from those forward-looking statements is contained in the company's SEC filings, including but not limited to the company's report on Form 10-K for the year ended December 31, 2011. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.

Funds From Operations

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.  In addition, NAREIT has recently clarified its computation of FFO to exclude impairment charges on depreciable property and equity investments in depreciable property.  Management has restated FFO for prior periods accordingly.  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.

Page 4 of 28

Ramco-Gershenson Properties Trust

Consolidated Balance Sheets

June 30, 2012

(in thousands)

	June 30,			December 31,
	2012			2011
ASSETS
Income producing properties, at cost:
Land	$	153,482		$	133,145
Buildings and improvements		915,704			863,763
Less accumulated depreciation and amortization		(222,537	)		(222,722	)
Income producing properties, net		846,649			774,186
Construction in progress and land held for development or sale		94,583			87,549
Net real estate	$	941,232		$	861,735
Equity investments in unconsolidated joint ventures		98,101			97,020
Cash and cash equivalents		4,191			12,155
Restricted cash		5,460			6,063
Accounts & notes receivable, net		12,170			12,614
Other assets, net		73,965			59,236
TOTAL ASSETS	$	1,135,119		$	1,048,823
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable	$	295,389		$	325,887
Unsecured revolving credit facility		61,000			29,500
Unsecured term loan facilities		135,000			135,000
Junior subordinated notes		28,125			28,125
Total mortgages and notes payable	$	519,514		$	518,512
Capital lease obligation		6,184			6,341
Accounts payable and accrued expenses		21,068			18,663
Other liabilities & distributions payable		35,409			24,133
TOTAL LIABILITIES	$	582,175		$	567,649
Ramco-Gershenson Properties Trust ("RPT") Shareholders' Equity:
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 2,000 issued and outstanding as of June 30, 2012 and December 31, 2011.	$	100,000		$	100,000
Common shares of beneficial interest, $0.01 par, 60,000 shares authorized,46,518 and 38,735 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively		465			387
Additional paid-in capital		660,597			570,225
Accumulated distributions in excess of net income		(234,159	)		(218,888	)
Accumulated other comprehensive loss		(4,726	)		(2,649	)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		522,177			449,075
Noncontrolling interest		30,767			32,099
TOTAL SHAREHOLDERS' EQUITY		552,944			481,174
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,135,119		$	1,048,823

Page 5 of 28

Ramco-Gershenson Properties Trust

Consolidated Balance Sheets Detail

June 30, 2012

(in thousands)

	June 30,		December 31,
	2012		2011
Investment in real estate
Construction in progress	$	14,133	$	10,822
Land held for development or sale		80,450		76,727
Construction in progress and land held for development or sale	$	94,583	$	87,549
Other assets, net
Deferred leasing costs, net	$	16,857	$	14,895
Deferred financing costs, net		4,801		5,565
Lease intangible assets, net		25,815		13,702
Straight-line rent receivable, net		15,771		16,030
Prepaid and other deferred expenses, net		8,645		6,702
Other, net		2,076		2,342
Other assets, net	$	73,965	$	59,236

Page 6 of 28

Ramco-Gershenson Properties Trust

Consolidated Market Data

June 30, 2012

	June 30,				June 30,
	2012				2011
Market price per common share	$	12.57			$	12.38
Common shares outstanding		46,517,636				38,542,673
Operating Partnership Units		2,611,618				2,829,079
Dilutive securities		312,283				313,113
Total common shares and equivalents		49,441,537				41,684,865
Equity market capitalization	$	621,480,120			$	516,058,629
Fixed rate debt (excluding unamortized premium)	$	458,483,138			$	367,719,957
Variable rate debt		61,000,000				130,273,285
Total fixed and variable rate debt	$	519,483,138			$	497,993,242
Capital lease obligation		6,184,033				6,492,903
Cash and cash equivalents		(4,191,462	)			(6,313,826	)
Net debt	$	521,475,709			$	498,172,319
Equity market capitalization	$	621,480,120			$	516,058,629
Convertible perpetual preferred shares		100,000,000		(1)		99,840,000
Total market capitalization	$	1,242,955,829			$	1,114,070,948
Net debt to total market capitalization		42.0	%			44.7	%
(1) Convertible preferred shares based on a market price of $50.00 per share at June 30, 2012 which is the same as the per share liquidation value.

Page 7 of 28

Ramco-Gershenson Properties Trust

Summary of Debt Expiration - Consolidated Properties

June 30, 2012

													Cumulative
			Scheduled					Total		Percentage			Percentage
			Amortization		Scheduled			Scheduled		of Debt			of Debt
Year			Payments		Maturities			Maturities		Maturing			Maturing
2012				2,219,282		-			2,219,282		0.4	%		0.4	%
2013				4,326,223		13,033,370			17,359,593		3.3	%		3.7	%
2014				3,755,604		90,676,362	(1)		94,431,966		18.2	%		21.9	%
2015				3,522,422		73,189,467			76,711,889		14.8	%		36.7	%
2016				1,648,423		75,000,000	(2)		76,648,423		14.8	%		51.5	%
2017				1,571,208		110,000,000			111,571,208		21.5	%		73.0	%
2018				1,315,940		82,046,854	(3)		83,362,794		16.0	%		89.0	%
2019				962,435		3,148,141			4,110,576		0.8	%		89.8	%
2020				225,378		24,717,029			24,942,407		4.8	%		94.6	%
2021				-		-			-		0.0	%		94.6	%
	2022	+		-		28,125,000			28,125,000		5.4	%		100.0	%
Debt			$	19,546,915	$	499,936,223		$	519,483,138
Unamortized premium				-		31,182			31,182
Total debt (including unamortized premium)			$	19,546,915	$	499,967,405		$	519,514,320

(1)  Scheduled maturities in 2014 include $61.0 million which represents the balance of the Unsecured Revolving Credit Facility drawn as of 06/30/12 due at maturity in April 2014.

(2)  Scheduled maturities in 2016 include $75.0 million of Unsecured Term Loan assuming Company exercises a one-year extension option in April 2015.

(3) Scheduled maturities in 2018 include $60.0 million of Unsecured Term Loan due Sept 2018.

Page 8 of 28

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt - Consolidated Properties
June 30, 2012
			Balance		Stated					% of
			at		Interest			Loan	Maturity	Total
Property Name	Location	Lender or Servicer	06/30/12		Rate			Type	Date	Indebtedness
Mortgage Debt
East Town Plaza	Madison, WI	Citigroup Global Markets		10,370,217		5.4500	%	Fixed	Jul-13		2.0	%
Centre at Woodstock	Woodstock, GA	Wachovia		3,342,349		6.9100	%	Fixed	Jul-13		0.6	%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets		6,896,911		5.3800	%	Fixed	May-14		1.3	%
Crossroads Centre	Rossford, OH	Citigroup Global Markets		24,023,349		5.3800	%	Fixed	May-14		4.6	%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.		14,341,188		5.7980	%	Fixed	Jun-15		2.8	%
Jackson West	Jackson, MI	Key Bank		16,807,281		5.2000	%	Fixed	Nov-15		3.2	%
West Oaks I	Novi, MI	Key Bank		26,707,729		5.2000	%	Fixed	Nov-15		5.1	%
New Towne Plaza	Canton Twp., MI	Deutsche Bank		19,386,313		5.0910	%	Fixed	Dec-15		3.7	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		3,580,028		7.6250	%	Fixed	Feb-16		0.7	%
River City Marketplace	Jacksonville, FL	JPMorgan Chase Bank, N.A.		110,000,000		5.4355	%	Fixed	Apr-17		21.2	%
Jackson Crossing	Jackson, MI	Wells Fargo Bank, N.A.		24,307,255		5.7600	%	Fixed	Apr-18		4.7	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		1,589,370		7.2000	%	Fixed	May-18		0.3	%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau		3,799,269		7.3800	%	Fixed	Dec-19		0.7	%
West Oaks II and Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.		30,206,879		6.4950	%	Fixed	Apr-20		6.1	%
Subtotal Mortgage Debt			$	295,358,138		5.6033	%				57.0	%
Unamortized premium				31,182		0.0000	%				0.0	%
Total mortgage debt (including unamortized premium)			$	295,389,320		5.6033	%				57.0	%
Corporate Debt
Unsecured Revolving Credit Facility		Key Bank, as agent	$	61,000,000		2.8148	%	Variable	Apr-14		11.7	%
Unsecured Term Loan (1)		Key Bank, as agent		75,000,000		3.4675	%	Fixed	Apr-16		14.4	%
Unsecured Term Loan (2)		Key Bank, as agent		60,000,000		4.1982	%	Fixed	Sep-18		11.5	%
Junior Subordinated Note (3)		The Bank of New York Trust Co.		28,125,000		7.8700	%	Fixed	Jan-38		5.4	%
Subtotal Corporate Debt			$	224,125,000		4.0379	%				43.0	%
Total debt			$	519,514,320		4.9276	%				100.0	%
Capital Lease Obligation (4)	Gaines Twp., MI	Crown Development Corp	$	6,184,033		5.8000	%	Ground Lease	Oct-14		N/A
(1) Effectively converted to fixed rate through swap agreement that expires at final maturity in April 2016. Assumes Company exercises a one-year extension option in April 2015.
(2) Effectively converted to fixed rate through swap agreements that expire at loan maturity in September 2018.
(3) Fixed rate until January 2013, and then at LIBOR plus 3.30%.
(4) 99 year Ground Lease expires Sept 2103. Purchase option date is Oct 2014.

Page 9 of 28

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2012 and 2011
(in thousands, except per share data)
	Three Months Ended June 30,									Six Months Ended June 30,
							Increase									Increase
	2012			2011			(Decrease)			2012			2011			(Decrease)
REVENUE
Minimum rent	$	21,912		$	20,086		$	1,826		$	43,159		$	39,224		$	3,935
Percentage rent		13			45			(32	)		208			109			99
Recovery income from tenants		7,649			6,984			665			15,444			14,218			1,226
Other property income		451			596			(145	)		1,175			2,100			(925	)
Management and other fee income		947			795			152			1,914			1,787			127
TOTAL REVENUE		30,972			28,506			2,466			61,900			57,438			4,462
EXPENSES
Real estate taxes		4,519			4,361			158			8,753			8,435			318
Recoverable operating expense		3,465			3,039			426			7,320			6,763			557
Other non-recoverable operating expense		584			659			(75	)		1,274			1,322			(48	)
Depreciation and amortization		9,755			8,785			970			18,376			17,072			1,304
General and administrative		4,878			4,864			14			9,756			9,920			(164	)
TOTAL EXPENSES		23,201			21,708			1,493			45,479			43,512			1,967
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		7,771			6,798			973			16,421			13,926			2,495
OTHER INCOME AND EXPENSES
Other income (expense), net		230			(201	)		431			117			(411	)		528
Gain on sale of real estate		-			30			(30	)		69			186			(117	)
Earnings from unconsolidated joint ventures		580			672			(92	)		1,076			1,633			(557	)
Interest expense		(6,453	)		(6,591	)		138			(13,079	)		(14,423	)		1,344
Amortization of deferred financing fees		(376	)		(473	)		97			(754	)		(1,095	)		341
Loss on early extinguishment of debt		-			(1,968	)		1,968			-			(1,968	)		1,968
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX		1,752			(1,733	)		3,485			3,850			(2,152	)		6,002
Income tax benefit (provision)		23			(831	)		854			(1	)		(890	)		889
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,775			(2,564	)		4,339			3,849			(3,042	)		6,891
DISCONTINUED OPERATIONS
Gain on sale of real estate		72			8,420			(8,348	)		336			8,420			(8,084	)
Gain on early extinguishment of debt		307			-			307			307			-			307
Provision for Impairment		-			-			-			(2,536	)		-			(2,536	)
Income (loss) from discontinued operations		10			(327	)		337			156			(102	)		258
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		389			8,093			(7,704	)		(1,737	)		8,318			(10,055	)
NET INCOME		2,164			5,529			(3,365	)		2,112			5,276			(3,164	)
Net (income) loss attributable to noncontrolling partner interest		(67	)		3			(70	)		466			7			459
Net income attributable to noncontrolling OP unit holder interest		(118	)		(374	)		256			(117	)		(357	)		240
NET INCOME ATTRIBUTABLE TO RPT		1,979			5,158			(3,179	)		2,461			4,926			(2,465	)
Preferred share dividends		(1,813	)		(1,619	)		(194	)		(3,625	)		(1,619	)		(2,006	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	166		$	3,539		$	(3,373	)	$	(1,164	)	$	3,307		$	(4,471	)
INCOME (LOSS) PER COMMON SHARE, BASIC
Continuing operations	$	-		$	(0.10	)	$	0.10		$	0.01		$	(0.11	)	$	0.12
Discontinued operations		-			0.19			(0.19	)		(0.04	)		0.20			(0.24	)
	$	-		$	0.09		$	(0.09	)	$	(0.03	)	$	0.09		$	(0.12	)
INCOME (LOSS) PER COMMON SHARE, DILUTED
Continuing operations	$	-		$	(0.10	)	$	0.10		$	0.01		$	(0.11	)	$	0.12
Discontinued operations		-			0.19			(0.19	)		(0.04	)		0.20			(0.24	)
	$	-		$	0.09		$	(0.09	)	$	(0.03	)	$	0.09		$	(0.12	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		42,662			38,523			4,139			40,773			38,227			2,546
Diluted		42,662			38,523			4,139			40,773			38,227			2,546

Page 10 of 28

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations Detail
For the Three and Six Months Ended June 30, 2012 and 2011
(in thousands)
	Three Months Ended June 30,									Six Months Ended June 30,
							Increase									Increase
	2012			2011			(Decrease)			2012			2011			(Decrease)
Other property income
Lease termination income	$	173		$	1		$	172		$	628		$	1,175		$	(547	)
Temporary income		121			128			(7	)		235			271			(36	)
TIF revenue		98			211			(113	)		173			280			(107	)
Other		59			256			(197	)		139			374			(235	)
Other property income	$	451		$	596		$	(145	)	$	1,175		$	2,100		$	(925	)
Management and other fee income
Management fees	$	656		$	615		$	41		$	1,370		$	1,387		$	(17	)
Leasing fees		208			155			53			430			300			130
Construction fees		83			25			58			114			100			14
Management and other fee income	$	947		$	795		$	152		$	1,914		$	1,787		$	127
Other income (expense), net
Real estate taxes and insurance expense on land held for development or sale	$	(251	)	$	(279	)	$	28		$	(509	)	$	(555	)	$	46
Interest income		56			78			(22	)		105			144			(39	)
Other (1)		425			-			425			521			-			521
Other income (expense), net	$	230		$	(201	)	$	431		$	117		$	(411	)	$	528
(1) Three months ended June 30, 2012 includes insurance proceeds in the amount of $0.4 million related to a tenant fire.

Page 11 of 28

Ramco-Gershenson Properties Trust
Funds from Operations and Additional Disclosures
For the Three and Six Months Ended June 30, 2012 and 2011
(in thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net income (loss) available to common shareholders	$	166		$	3,539		$	(1,164	)	$	3,307
Adjustments:
Rental property depreciation and amortization expense		9,682			9,621			18,402			18,354
Pro-rata share of real estate depreciation from unconsolidated joint ventures		1,683			1,663			3,370			3,286
Gain on sale of depreciable real estate		(72	)		(6,210	)		(336	)		(6,210	)
Loss on sale of joint venture depreciable real estate (1)		18			-			18			-
Provision for impairment on income-producing properties (2)		-			-			1,976			-
Provision for impairment on joint venture income-producing properties (1)		50			-			50			-
Noncontrolling interest in Operating Partnership		118			374			117			357
FUNDS FROM OPERATIONS	$	11,645		$	8,987		$	22,433		$	19,094
Weighted average common shares		42,662			38,523			40,773			38,227
Shares issuable upon conversion of Operating Partnership Units		2,613			2,829			2,616			2,856
Dilutive effect of securities		317			305			312			313
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		45,592			41,657			43,701			41,396
FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	0.26		$	0.22		$	0.52		$	0.47
Dividend per common share	$	0.16325		$	0.16325		$	0.32650		$	0.32650
Payout ratio - FFO		62.8	%		74.2	%		62.8	%		69.5	%
Additional Supplemental Disclosures:
Consolidated (includes discontinued operations):
Straight-line rental income	$	(61	)	$	449		$	(10	)	$	368
Above/below market rent amortization		47			(15	)		46			(33	)
Fair market value of interest adjustment - acquired property		8			9			16			18
Stock-based compensation expense		586			399			1,162			883
Pro-rata share from Unconsolidated Joint Ventures (includes discontinued operations):
Straight-line rental income		40			94			83			198
Above/below market rent amortization		4			26			11			50
Fair market value of interest adjustment - acquired property		49			65			92			127

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

(2) Amount represents our proportionate ownership share of the total for one property that was previously held in a consolidated partnership. In June 2012, the partnership completed a deed-in-lieu transfer to the lender in exchange for full release under its mortgage loan obligation in the amount of $8.5m.

Page 12 of 28

Ramco-Gershenson Properties Trust
Earnings Before Interest, Taxes, Depreciation and Amortization
For the Trailing Twelve Months Ended June 30, 2012 and 2011
(in thousands, except per share data)
	Twelve Months Ended June 30,
	2012			2011
EBITDA Calculation
Net loss		(31,663	)		(15,294	)
Add back:
Gain on sale of depreciable real estate		(1,322	)		(5,695	)
Gain on sale of joint venture depreciable real estate		(2,700	)		-
Provision for impairment on income-producing properties		18,868			-
Provision for impairment on unconsolidated joint ventures		9,611			-
Provision for impairment on joint venture income-producing properties		1,695			1,820
Provision for impairment for land available for sale		11,468			28,787
Bargain purchase gain on acquisition of real estate		-			(9,836	)
Deferred gain recognized upon acquisition of real estate		-			(1,796	)
(Gain) loss on early extinguishment of debt		(1,526	)		2,210
Income tax provision (benefit)		(94	)		536
Interest expense		27,179			31,495
Amortization of deferred financing fees		1,529			2,598
Depreciation and amortization		36,969			35,447
Non-recurring depreciation expense for joint venture redevelopment projects		2,656			-
Trailing Twelve Months Consolidated EBITDA (1)	$	72,670		$	70,272
Scheduled mortgage principal payments	$	4,935		$	5,194
Debt and Coverage Ratios
Consolidated net debt to EBITDA - trailing twelve months (1)		7.2			7.1
Interest coverage ratio (EBITDA / interest expense) - trailing twelve months		2.7			2.2
Fixed charge coverage ratio (EBITDA / interest expense + preferred dividends + scheduled principal amortization - trailing twelve months)		1.8			1.8
Operating Ratios
GAAP NOI	$	84,182		$	79,799
Operating margin  (GAAP NOI / total rental revenue)		68.9	%		68.2	%
General & Administrative Expense as a Percentage of Total Rental Revenues Under Management(2)
Revenue from REIT owned properties	$	122,107		$	116,934
Revenue from joint venture properties		83,852			88,312
Revenue from non-REIT properties under management contract		3,384			3,244
Total rental revenues under management	$	209,343		$	208,490
General and administrative expense (3)	$	18,937		$	18,734
General and administrative expense / total rental revenues under management		9.0	%		9.0	%

(1) After adjusting for increases or decreases resulting from acquisitions and dispositions, consolidated net debt to EBITDA would be 6.6X for 2012 and 6.9X for 2011.

(2) General & administrative expense shown as a percentage of rental revenues under management which includes minimum rent, recoveryincome from tenants and other property income from wholly owned properties, joint venture and managed properties that are not owned.

(3) General & administrative expense excludes severance and acquisition costs of $1.0 million and $0.5 million, respectively.

Page 13 of 28

Ramco-Gershenson Properties Trust
Consolidated Same Properties Analysis
For the Three and Six Months Ended June 30, 2012 and 2011
(in thousands)
	Three Months Ended June 30,									Six Months Ended June 30,
	2012			2011			% Change			2012			2011			% Change
Number of Properties		42			42			0.0	%		42			42			0.0	%
Occupancy		93.3	%		92.9	%		0.4	%		93.3	%		92.9	%		0.4	%
REVENUE (1)
Minimum rent	$	18,262		$	17,953			1.7	%	$	36,365		$	35,820			1.5	%
Percentage rent		13			45			-71.1	%		208			109			90.8	%
Recovery income from tenants		6,555			6,563			-0.1	%		13,550			13,565			-0.1	%
Other property income		177			190			-6.7	%		360			381			-5.5	%
	$	25,007		$	24,751			1.0	%	$	50,483		$	49,875			1.2	%
EXPENSES
Real estate taxes	$	3,762		$	4,000			-6.0	%	$	7,532		$	7,811			-3.6	%
Recoverable operating expense		2,902			2,722			6.6	%		6,216			6,129			1.4	%
Other non-recoverable operating expense		366			550			-33.5	%		859			1,138			-24.5	%
	$	7,030		$	7,272			-3.3	%	$	14,607		$	15,078			-3.1	%
NET OPERATING INCOME	$	17,977		$	17,479			2.9	%	$	35,876		$	34,797			3.1	%
Operating Expense Recovery Ratio		98.4	%		97.6	%		0.7	%		98.6	%		97.3	%		1.2	%

(1) Excludes straight-line rent, above/below market rent, lease termination fees, prior year adjustments and centers held for redevelopment or available for sale.

Page 14 of 28

Ramco-Gershenson Properties Trust

Summary of Expiring GLA - Consolidated and Unconsolidated Properties

June 30, 2012

	Anchor Tenants [1]												Non-Anchor Tenants												All Leases
Expiration Year	Number of Leases		GLA		% of GLA			%  of ABR (2)			ABR psf		Number of Leases		GLA		% of GLA			%  of ABR			ABR psf		Number of Leases		GLA		% of GLA			%  of ABR			ABR psf
(3)		1		24,000		0.3	%		0.3	%	$	8.50		16		46,100		0.8	%		1.0	%	$	16.80		17		70,100		0.5	%		0.6	%	$	13.96
2012		3		96,503		1.0	%		0.4	%		3.23		92		295,190		5.2	%		5.6	%		15.19		95		391,693		2.6	%		3.0	%		12.25
2013		13		490,316		5.3	%		4.3	%		6.90		253		760,291		13.3	%		15.1	%		15.91		266		1,250,607		8.3	%		9.7	%		12.38
2014		16		803,127		8.6	%		6.4	%		6.29		252		796,906		14.0	%		15.7	%		15.74		268		1,600,033		10.7	%		11.0	%		11.00
2015		29		1,100,331		11.8	%		12.1	%		8.72		237		735,576		12.9	%		15.1	%		16.44		266		1,835,907		12.2	%		13.6	%		11.81
2016		33		1,287,095		13.8	%		14.5	%		8.92		189		756,637		13.3	%		16.3	%		17.28		222		2,043,732		13.6	%		15.4	%		12.01
2017		31		1,114,420		12.0	%		14.8	%		10.55		123		479,149		8.4	%		10.3	%		17.28		154		1,593,569		10.6	%		12.6	%		12.57
2018		16		548,068		5.9	%		7.2	%		10.41		42		176,891		3.1	%		4.1	%		18.44		58		724,959		4.8	%		5.6	%		12.37
2019		13		630,358		6.8	%		7.2	%		9.12		26		122,810		2.2	%		2.7	%		17.52		39		753,168		5.0	%		5.0	%		10.49
2020		8		439,260		4.7	%		4.1	%		7.37		32		165,893		2.9	%		3.6	%		17.41		40		605,153		4.0	%		3.8	%		10.12
2021		19		681,160		7.3	%		8.1	%		9.41		25		131,175		2.3	%		2.6	%		16.00		44		812,335		5.5	%		5.3	%		10.47
2022+		29		1,734,537		18.5	%		20.6	%		9.53		56		353,829		6.2	%		7.9	%		17.98		85		2,088,366		13.8	%		14.4	%		10.96
Sub-Total		211		8,949,175		96.0	%		100.0	%	$	8.87		1,343		4,820,447		84.6	%		100.0	%	$	16.62		1,554		13,769,622		91.6	%		100.0	%	$	11.58
Leased [4]		1		23,864		0.3	%		N/A			N/A		10		68,202		1.2	%		N/A			N/A		11		92,066		0.6	%		N/A			N/A
Vacant		7		348,821		3.7	%		N/A			N/A		281		811,221		14.2	%		N/A			N/A		288		1,160,042		7.7	%		N/A			N/A
Total		219		9,321,860		100.0	%		100.0	%		N/A		1,634		5,699,870		100.0	%		100.0	%		N/A		1,853		15,021,730		99.9	%		100.0	%		N/A

(1)  Anchor is defined as a tenant leasing 19,000 square feet or more.

(2) Annualized Base Rent in based upon rents currently in place.

(3) Tenants currently under month to month lease or in the process of renewal.

(4) Lease has been executed, but space has not yet been delivered.

Page 15 of 28

Ramco-Gershenson Properties Trust
Top Twenty-Five Retail Tenants (ranked by annualized base rent) (1)
Consolidated and Unconsolidated Properties
June 30, 2012
Tenant Name	Credit Rating S&P/Moody's (2)	Number of Leases		GLA		% of Total Company Owned GLA			Total Annualized Base Rent		Annualized Base Rent PSF		% of Annualized Base Rental Revenue
T.J. Maxx/Marshalls	A/A3		23		727,879		4.8	%	$	6,984,914	$	9.60		4.4	%
Bed Bath & Beyond/Buy Buy Baby	BBB+/NR		9		287,174		1.9	%		3,167,421		11.03		2.0	%
Home Depot	A-/A3		3		384,690		2.6	%		3,110,250		8.09		1.9	%
Jo-Ann Stores	B/B2		7		249,237		1.7	%		2,921,434		11.72		1.8	%
Dollar Tree	NR/NR		30		316,392		2.1	%		2,851,899		9.01		1.8	%
Publix Super Market	NR/NR		8		372,141		2.5	%		2,790,512		7.50		1.7	%
Best Buy	BBB-/Baa2		6		206,677		1.4	%		2,721,008		13.17		1.7	%
Michaels Stores	B/B2		11		240,966		1.6	%		2,603,874		10.81		1.6	%
PetSmart	BB+/NR		8		174,661		1.2	%		2,511,142		14.38		1.6	%
Staples	BBB/Baa2		10		201,954		1.3	%		2,438,020		12.07		1.5	%
OfficeMax	B-/B1		10		224,165		1.5	%		2,429,388		10.84		1.5	%
Burlington Coat Factory	NR/NR		5		360,867		2.4	%		2,390,179		6.62		1.5	%
Kohl's	BBB+/Baa1		6		363,081		2.4	%		2,223,027		6.12		1.4	%
SUPERVALU	B+/B1		6		255,841		1.7	%		2,200,959		8.60		1.4	%
Gander Mountain	NR/NR		2		159,791		1.1	%		1,899,745		11.89		1.2	%
Ross Stores	BBB+/NR		7		193,443		1.3	%		1,833,166		9.48		1.1	%
Lowe's Home Centers	A-/A3		2		270,394		1.8	%		1,822,956		6.74		1.1	%
Meijer	NR/NR		2		397,428		2.6	%		1,731,560		4.36		1.1	%
Hobby Lobby	NR/NR		5		276,173		1.8	%		1,640,038		5.94		1.0	%
DSW Designer Shoe Warehouse	NR/NR		5		102,618		0.7	%		1,600,590		15.60		1.0	%
Office Depot	B-/B2		5		131,792		0.9	%		1,590,652		12.07		1.0	%
Kmart/Sears	CCC+/B3		4		388,105		2.6	%		1,586,159		4.09		1.0	%
Whole Foods	BB+/NR		3		92,675		0.6	%		1,585,908		17.11		1.0	%
LA Fitness Sports Club	NR/NR		2		76,833		0.5	%		1,581,552		20.58		1.0	%
Kroger	BBB/Baa2		3		191,989		1.3	%		1,548,497		8.07		1.0	%
Sub-Total top 25 tenants			182		6,646,966		44.3	%	$	59,764,850	$	8.99		37.3	%
Remaining tenants			1,372		7,122,656		47.4	%		99,740,567		14.00		62.7	%
Sub-Total all tenants			1,554		13,769,622		91.7	%	$	159,505,417	$	11.58		100.0	%
Vacant			299		1,252,108		8.3	%		N/A		N/A		N/A
Total including vacant			1,853		15,021,730		100.0	%	$	159,505,417		N/A		100.0	%
(1) Excludes one office tenant at Aquia office property. TASC (Formerly Northrup Grumann), base rent of $1.6 million.
(2) Source: Latest Company filings per CreditRiskMonitor.

Page 16 of 28

Ramco Gershenson Properties Trust
Leasing Activity - Consolidated and Unconsolidated Portfolios
June 30, 2012
Total Comparable Leases (1)	Leasing Transactions		Square Footage		Base Rent  PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
2nd Quarter 2012		54		307,205		$13.24		$12.64		4.7	%		4.2		$0.32
1st Quarter 2012		78		483,299		$10.83		$10.47		3.4	%		5.1		$1.20
4th Quarter 2011		73		392,702		$14.28		$14.09		1.3	%		5.5		$3.79
3rd Quarter 2011		61		264,870		$14.17		$13.19		7.4	%		4.2		$3.41
Total		266		1,448,076		$12.89		$12.41		3.9	%		4.9		$2.12
Renewals	Leasing Transactions		Square Footage		Base Rent  PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
2nd Quarter 2012		49		297,579		$12.44		$12.16		2.3	%		4.0		$0.04
1st Quarter 2012		69		457,219		$10.41		$10.13		2.8	%		4.9		$0.26
4th Quarter 2011		61		337,660		$14.28		$14.21		0.5	%		5.0		$0.06
3rd Quarter 2011		48		213,511		$13.78		$13.36		3.1	%		3.4		$0.37
Total		227		1,305,969		$12.42		$12.18		2.0	%		4.5		$0.18
New Leases-Comparable	Leasing Transactions		Square Footage		Base Rent  PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
2nd Quarter 2012		5		9,626		$37.89		$27.32		38.7	%		10.9		$9.00
1st Quarter 2012		9		26,080		$18.26		$16.38		11.5	%		9.9		$17.74
4th Quarter 2011		12		55,042		$14.26		$13.36		6.7	%		8.4		$26.71
3rd Quarter 2011		13		51,359		$15.81		$12.48		26.7	%		7.6		$16.05
Total		39		142,107		$17.15		$14.54		18.0	%		8.6		$20.01
Total Comparable and Non-Comparable	Leasing Transactions		Square Footage		Base Rent  PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF
2nd Quarter 2012		80		505,163		$12.22		N/A		N/A			5.6		$9.30
1st Quarter 2012		102		549,340		$11.76		N/A		N/A			5.3		$5.49
4th Quarter 2011		104		495,697		$14.17		N/A		N/A			5.6		$8.23
3rd Quarter 2011		91		435,092		$13.22		N/A		N/A			5.6		$13.87
Total		377		1,985,292		$12.80		N/A		N/A			5.5		$8.98
(1) Comparable leases represent those leases signed on spaces for which there was a former tenant within the last twelve months.
(2) Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.

Page 17 of 28

Ramco-Gershenson Properties Trust

Portfolio Summary Report

June 30, 2012

						Company Owned GLA
Property Name	Location	Ownership  %		Year Built / Acquired / Redeveloped	Number of Units	Total		Anchor		Non-Anchor		% Leased		% Occupied			ABR psf		Anchor Tenants (1)
Consolidated Core Portfolio
Colorado
Harvest Junction North	Longmont	100	%	2006/2012/NA	14		159,385		100,385		59,000	96.6	%		96.6	%	$	15.58	Best Buy, Dick's Sporting Goods, Staples
Harvest Junction South	Longmont	100	%	2006/2012/NA	23		176,960		111,423		65,537	95.9	%		95.9	%		14.51	Bed Bath & Beyond, Marshalls, Michaels, Ross Dress for Less, (Lowe's)
Total / Average					37		336,345		211,808		124,537	96.2	%		96.2	%	$	15.02
Florida
Coral Creek Shops	Coconut Creek	100	%	1992/2002/NA	33		109,312		42,112		67,200	98.1	%		98.1	%	$	16.55	Publix
Naples Towne Centre	Naples	100	%	1982/1996/2003	11		134,707		102,027		32,680	88.8	%		88.8	%		5.85	Beall's, Save-A-Lot, (Goodwill)
River City Marketplace	Jacksonville	100	%	2005/2005/NA	70		551,428		323,907		227,521	98.8	%		98.8	%		16.23	Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Gander Mountain, Michaels, OfficeMax, PetSmart, Ross Dress for Less, Wallace Theaters, (Lowe's), (Wal-Mart Supercenter)
River Crossing Centre	New Port Richey	100	%	1998/2003/NA	16		62,038		37,888		24,150	97.7	%		97.7	%		12.27	Publix
Rivertowne Square	Deerfield Beach	100	%	1980/1998/2010	14		146,843		107,583		39,260	90.4	%		90.4	%		8.00	Beall's Outlet, Winn-Dixie
The Crossroads	Royal Palm Beach	100	%	1988/2002/NA	33		120,092		42,112		77,980	95.2	%		95.2	%		14.72	Publix
Village Lakes Shopping Center	Land O' Lakes	100	%	1987/1997/NA	28		186,496		93,456		93,040	62.9	%		50.1	%		9.27	Beall's Outlet
Total / Average					205		1,310,916		749,085		561,831	91.3	%		89.5	%	$	13.36
Georgia
Centre at Woodstock	Woodstock	100	%	1997/2004/NA	14		86,748		51,420		35,328	87.2	%		87.2	%	$	11.32	Publix
Conyers Crossing	Conyers	100	%	1978/1998/NA	15		170,475		138,915		31,560	100.0	%		100.0	%		5.19	Burlington Coat Factory, Hobby Lobby
Holcomb Center	Roswell	100	%	1986/1996/2010	22		106,003		39,668		66,335	79.8	%		79.8	%		11.75	Studio Movie Grill
Horizon Village	Suwanee	100	%	1996/2002/NA	22		97,001		47,955		49,046	73.9	%		73.9	%		11.31	Movie Tavern
Mays Crossing	Stockbridge	100	%	1984/1997/2007	21		137,284		100,244		37,040	94.8	%		94.8	%		6.99	Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
Total / Average					94		597,511		378,202		219,309	89.1	%		89.1	%	$	8.37
Illinois
Liberty Square	Wauconda	100	%	1987/2010/2008	26		107,369		54,522		52,847	85.8	%		85.8	%	$	12.94	Jewel-Osco
Total/Average					26		107,369		54,522		52,847	85.8	%		85.8	%	$	12.94
Indiana
Merchants' Square	Carmel	100	%	1970/2010/NA	45		278,875		69,504		209,371	79.4	%		79.4	%	$	9.95	Cost Plus, Hobby Lobby (2), (Marsh Supermarket)
Total/Average					45		278,875		69,504		209,371	79.4	%		79.4	%	$	9.95
Michigan
Beacon Square	Grand Haven	100	%	2004/2004/NA	15		51,387		-		51,387	95.3	%		95.3	%	$	17.14	(Home Depot)
Clinton Pointe	Clinton Township	100	%	1992/2003/NA	14		135,330		65,735		69,595	96.8	%		96.8	%		9.71	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights	100	%	1977/1996/2009	19		200,582		106,027		94,555	93.6	%		93.6	%		11.52	DSW Shoe Warehouse, Hobby Lobby, Office Depot
Edgewood Towne Center	Lansing	100	%	1990/1996/2001	17		85,757		23,524		62,233	93.1	%		93.1	%		9.17	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn	100	%	1987/2003/2007	31		157,246		56,586		100,660	98.3	%		98.3	%		14.17	Best Buy,  Citi Trends, (Burlington Coat Factory), (Target)
Fraser Shopping Center	Fraser	100	%	1977/1996/NA	8		68,326		32,384		35,942	100.0	%		100.0	%		6.92	Oakridge Market
Gaines Marketplace	Gaines Township	100	%	2004/2004/NA	15		392,169		351,981		40,188	100.0	%		100.0	%		4.67	Meijer, Staples, Target
Hoover Eleven	Warren	100	%	1989/2003/NA	48		282,110		147,667		134,443	91.3	%		91.3	%		11.83	Dunham's, Kroger, Marshalls, OfficeMax
Jackson Crossing	Jackson	100	%	1967/1996/2002	61		398,526		222,192		176,334	94.3	%		94.3	%		9.89	Bed Bath & Beyond, Best Buy, Jackson 10 Theater, Kohl's, T.J. Maxx, Toys "R" Us, (Sears), (Target)
Jackson West	Jackson	100	%	1996/1996/1999	6		210,374		175,001		35,373	97.5	%		97.5	%		7.41	Lowe's, Michaels, OfficeMax
Lake Orion Plaza	Lake Orion	100	%	1977/1996/NA	9		141,073		126,195		14,878	100.0	%		100.0	%		4.06	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores	100	%	1996/2003/NA	21		346,854		244,089		102,765	96.9	%		91.1	%		8.37	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T.J. Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia	100	%	1988/2003/NA	20		136,616		93,574		43,042	90.7	%		90.7	%		10.32	Kroger, T.J. Maxx
New Towne Plaza	Canton Township	100	%	1975/1996/2005	15		192,587		145,389		47,198	100.0	%		100.0	%		10.48	DSW Shoe Warehouse, Jo-Ann, Kohl's
Oak Brook Square	Flint	100	%	1982/1996/2008	20		152,373		79,744		72,629	96.3	%		96.3	%		8.95	Hobby Lobby, T.J. Maxx
Roseville Towne Center	Roseville	100	%	1963/1996/2004	9		246,968		206,747		40,221	91.5	%		91.5	%		6.80	Marshalls, Wal-Mart
Southfield Plaza	Southfield	100	%	1969/1996/2003	14		165,999		128,339		37,660	98.5	%		98.5	%		7.67	Big Lots, Burlington Coat Factory, Marshalls
Tel-Twelve	Southfield	100	%	1968/1996/2005	21		523,411		479,869		43,542	99.5	%		99.5	%		10.69	Best Buy, DSW Shoe Warehouse, Lowe's, Meijer, Michaels, Office Depot, PetSmart
The Auburn Mile	Auburn Hills	100	%	2000/1999/NA	7		90,553		64,315		26,238	100.0	%		100.0	%		10.89	Jo-Ann, Staples, (Best Buy), (Costco), (Meijer), (Target)
West Oaks I	Novi	100	%	1979/1996/2004	8		243,987		213,717		30,270	100.0	%		100.0	%		9.70	Best Buy, DSW Shoe Warehouse, Gander Mountain, Old Navy, Home Goods & Michaels-Sublease of JLPK-Novi LLC
West Oaks II	Novi	100	%	1986/1996/2000	30		167,954		90,753		77,201	97.6	%		97.6	%		16.81	Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
Total / Average					408		4,390,182		3,053,828		1,336,354	96.8	%		96.4	%	$	9.47

Page 18 of 28

Ramco-Gershenson Properties Trust

Portfolio Summary Report

June 30, 2012

						Company Owned GLA
Property Name	Location	Ownership		Year Built / Acquired / Redeveloped	Number of Units	Total	Anchor	Non-Anchor	% Leased		% Occupied			ABR psf	Anchor Tenants (1)
Missouri
Heritage Place	Creve Coeur (St Louis)	100	%	1989/2011/2005	38	269,254	157,946	111,308	90.9	%	90.9	%	$	13.35	Dierbergs Markets, Marshalls, Office Depot, T.J. Maxx
Central Plaza	Ballwin	100	%	1970/2012/2012	16	166,431	103,592	62,839	100.0	%	100.0	%		10.70	Buy Buy Baby, Jo-Ann, OfficeMax, Ross Dress for Less (3)
Town & Country Crossing	Town & Country	100	%	2008/2011/2011	36	141,996	55,012	86,984	83.3	%	83.3	%		24.49	Whole Foods, (Target)
Total / Average					90	577,681	316,550	261,131	91.7	%	91.7	%	$	15.01
Ohio
Crossroads Centre	Rossford	100	%	2001/2001/NA	20	344,045	244,991	99,054	92.3	%	92.3	%	$	8.83	Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
Rossford Pointe	Rossford	100	%	2006/2005/NA	6	47,477	41,077	6,400	100.0	%	100.0	%		10.26	MC Sporting Goods, PetSmart
Spring Meadows Place	Holland	100	%	1987/1996/2005	27	211,808	110,691	101,117	94.6	%	94.6	%		11.66	Ashley Furniture, OfficeMax, PetSmart, T.J. Maxx, (Best Buy), (Big Lots), (Dick's Sporting Goods), (Guitar Center), (Kroger), (Sam's Club), (Target)
Troy Towne Center	Troy	100	%	1990/1996/2003	18	144,485	86,584	57,901	97.3	%	97.3	%		6.40	Kohl's, (Wal-Mart Supercenter)
Total / Average					71	747,815	483,343	264,472	94.4	%	94.4	%	$	9.25
Tennessee
Northwest Crossing	Knoxville	100	%	1989/1999/2006	12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.73	HH Gregg, OfficeMax, Ross Dress for Less, (Wal-Mart Supercenter)
Total / Average					12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.73
Virginia
The Town Center at Aquia Office (4)	Stafford	100	%	1989/1998/NA	13	98,147	62,184	35,963	91.8	%	91.8	%	$	26.42	TASC
The Town Center at Aquia	Stafford	100	%	1989/1998/NA	3	40,518	24,000	16,518	100.0	%	100.0	%		10.64	Regal Cinemas
Total / Average					16	138,665	86,184	52,481	94.2	%	94.2	%	$	21.53
Wisconsin
East Town Plaza	Madison	100	%	1992/2000/2000	19	208,606	117,000	91,606	89.8	%	76.6	%	$	8.52	Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
Nagawaukee Center	Delafield	100	%	1994/2012/NA	13	113,617	80,684	32,933	100.0	%	100.0	%		10.01	Kohl's, (Sentry Foods)
The Shoppes at Fox River	Waukesha	100	%	2009/2010/2011	20	135,334	61,045	74,289	100.0	%	100.0	%		16.51	Pick N' Save, (Target)
West Allis Towne Centre	West Allis	100	%	1987/1996/2011	29	326,271	179,818	146,453	91.3	%	91.3	%		8.29	Burlington Coat Factory, Kmart, Office Depot
Total / Average					81	783,828	438,547	345,281	93.7	%	90.2	%	$	10.19
Consolidated Core Portfolio Subtotal / Average					1,085	9,393,640	5,931,419	3,462,221	94.1	%	93.4	%	$	10.74
Joint Venture Core Portfolio at 100%
Florida
Cocoa Commons	Cocoa	30	%	2001/2007/2008	23	90,116	51,420	38,696	79.9	%	79.9	%	$	11.86	Publix
Cypress Point	Clearwater	30	%	1983/2007/NA	22	167,280	103,085	64,195	95.0	%	95.0	%		11.79	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee	7	%	2005/2005/NA	17	115,586	67,000	48,586	92.7	%	92.7	%		11.63	Jo-Ann, Marshalls, (Super Target)
Marketplace of Delray	Delray Beach	30	%	1981/2005/2010	49	238,901	107,190	131,711	89.6	%	88.4	%		12.19	Office Depot, Ross Dress for Less, Winn-Dixie
Martin Square	Stuart	30	%	1981/2005/NA	15	331,105	291,432	39,673	91.5	%	91.5	%		6.27	Home Depot, Sears (2), Staples
Mission Bay Plaza	Boca Raton	30	%	1989/2004/NA	58	263,721	148,245	115,476	95.3	%	91.8	%		21.59	The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
Shoppes of Lakeland	Lakeland	7	%	1985/1996/NA	22	183,842	115,541	68,301	96.4	%	96.4	%		12.10	Ashley Furniture, Michaels, Staples, (Target)
The Plaza at Delray	Delray Beach	20	%	1979/2004/NA	48	326,797	189,268	137,529	94.1	%	93.4	%		15.99	Marshalls, Michaels (3), Publix, Regal Cinemas, Ross Dress for Less, Staples
Treasure Coast Commons	Jensen Beach	30	%	1996/2004/NA	3	92,979	92,979	-	100.0	%	100.0	%		12.26	Barnes & Noble, OfficeMax, Sports Authority
Village of Oriole Plaza	Delray Beach	30	%	1986/2005/NA	40	155,770	42,112	113,658	95.2	%	95.2	%		12.96	Publix
Village Plaza	Lakeland	30	%	1989/2004/NA	25	146,755	64,504	82,251	66.0	%	66.0	%		13.12	Big Lots
Vista Plaza	Jensen Beach	30	%	1998/2004/NA	10	109,761	78,658	31,103	96.4	%	96.4	%		13.08	Bed Bath & Beyond, Michaels, Total Wine & More
West Broward Shopping Center	Plantation	30	%	1965/2005/NA	19	156,073	81,638	74,435	97.6	%	97.6	%		10.91	Badcock, DD's Discounts, Save-A-Lot, US Postal Service
Total / Average					351	2,378,686	1,433,072	945,614	91.9	%	91.4	%	$	12.92
Georgia
Collins Pointe Plaza	Cartersville	20	%	1987/2006/2010	2	20,595	-	20,595	100.0	%	100.0	%	$	10.56
Paulding Pavilion	Hiram	20	%	1995/2006/2008	11	84,846	60,509	24,337	100.0	%	92.2	%		14.13	Sports Authority, Staples
Total / Average					13	105,441	60,509	44,932	100.0	%	93.8	%	$	13.39

Page 19 of 28

Ramco-Gershenson Properties Trust

Portfolio Summary Report

June 30, 2012

						Company Owned GLA
Property Name	Location	Ownership		Year Built / Acquired / Redeveloped	Number of Units	Total	Anchor	Non-Anchor	% Leased		% Occupied			ABR psf	Anchor Tenants (1)
Illinois
Market Plaza	Glen Ellyn	20	%	1965/2007/2009	35	163,054	66,079	96,975	86.9	%	86.9	%	$	14.97	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows	20	%	1956/2008/1995	20	133,826	83,230	50,596	85.1	%	85.1	%		11.26	Jewel Osco, Northwest Community Hospital
Total / Average					55	296,880	149,309	147,571	86.1	%	86.1	%	$	13.32
Indiana
Nora Plaza	Indianapolis	7	%	1958/2007/2002	25	139,905	57,713	82,192	94.8	%	94.8	%	$	13.32	Marshalls, Whole Foods, (Target)
Total / Average					25	139,905	57,713	82,192	94.8	%	94.8	%	$	13.32
Maryland
Crofton Centre	Crofton	20	%	1974/1996/NA	20	252,491	170,804	81,687	93.7	%	93.7	%	$	8.10	Basics/Metro, Gold's Gym, Kmart
Total / Average					20	252,491	170,804	81,687	93.7	%	93.7	%	$	8.10
Michigan
Hunter's Square	Farmington Hills	30	%	1988/2005/NA	37	354,323	197,149	157,174	97.5	%	97.5	%	$	16.02	Bed Bath & Beyond, BuyBuyBaby, Loehmann's, Marshalls, T.J. Maxx
Millennium Park	Livonia	30	%	2000/2005/NA	16	280,154	206,850	73,304	94.8	%	94.8	%		14.13	Home Depot, Marshalls, Michaels, PetSmart, (Costco), (Meijer)
Southfield Plaza Expansion	Southfield	50	%	1987/1996/2003	11	19,410	-	19,410	81.5	%	81.5	%		14.58
The Shops at Old Orchard	West Bloomfield	30	%	1972/2007/2011	20	96,994	36,044	60,950	92.9	%	92.9	%		18.04	Plum Market
Troy Marketplace	Troy	30	%	2000/2005/2010	12	222,193	193,360	28,833	100.0	%	100.0	%		14.64	Famous Furniture, Golfsmith, LA Fitness, Nordstrom Rack, PetSmart, (REI)
Winchester Center	Rochester Hills	30	%	1980/2005/NA	16	314,575	224,522	90,053	90.3	%	90.3	%		11.35	Bed Bath & Beyond, Dick's Sporting Goods, Marshalls, Michaels, PetSmart, (Kmart)
Total / Average					112	1,287,649	857,925	429,724	95.0	%	95.0	%	$	14.41
New Jersey
Chester Springs Shopping Center	Chester	20	%	1970/1996/1999	41	223,201	108,769	114,432	90.2	%	90.2	%	$	13.89	Marshalls, Shop-Rite Supermarket, Staples
Total / Average					41	223,201	108,769	114,432	90.2	%	90.2	%	$	13.89
Ohio
Olentangy Plaza	Columbus	20	%	1981/2007/1997	41	253,474	139,130	114,344	95.3	%	95.3	%	$	10.40	Eurolife Furniture, Marshalls, Micro Center, Columbus Asia Market-Sublease of SuperValu, Tuesday Morning
Total / Average					41	253,474	139,130	114,344	95.3	%	95.3	%	$	10.40
JV Core Subtotal / Average at 100%					658	4,937,727	2,977,231	1,960,496	92.8	%	92.4	%	$	13.02
CORE PORTFOLIO TOTAL / AVERAGE					1,743	14,331,367	8,908,650	5,422,717	93.7	%	93.0	%	$	11.52

Page 20 of 28

Ramco-Gershenson Properties Trust

Portfolio Summary Report

June 30, 2012

						Company Owned GLA
Property Name	Location	Ownership  %		Year Built / Acquired / Redeveloped	Number of Units	Total	Anchor	Non-Anchor	% Leased		% Occupied			ABR psf	Anchor Tenants (1)
Consolidated & Joint Venture Portfolio Future Redevelopments / Available for Sale (5):
Gratiot Crossing	Chesterfield	30	%	1980/2005/NA	15	165,544	122,406	43,138	38.2	%	38.2	%	$	12.39	Jo-Ann
Promenade at Pleasant Hill	Duluth, GA	100	%	1993/2004/NA	33	280,225	199,555	80,670	51.0	%	51.0	%		9.70	Farmers Home Furniture, Publix
					48	445,769	321,961	123,808	46.2	%	46.2	%	$	10.53
Joint Venture Portfolio Under Redevelopment:
Peachtree Hill	Duluth, GA	20	%	1986/2007/NA	27	109,718	65,625	44,093	88.1	%	88.1	%	$	10.38	Kroger, LA Fitness (6)
The Shops on Lane Avenue	Upper Arlington, OH	20	%	1952/2007/2004	35	134,876	25,624	109,252	99.2	%	99.2	%		20.59	Bed Bath & Beyond, Whole Foods (7)
					62	244,594	91,249	153,345	94.2	%	94.2	%	$	16.31
COMBINED PORTFOLIO TOTAL / AVERAGE (CORE AND UNDER REDEV)					1,853	15,021,730	9,321,860	5,699,870	92.3	%	91.7	%	$	11.58

Footnotes

(1)  Anchor tenants are any tenant over 19,000 square feet.  Tenants in parenthesis represent non-company owned GLA.

(2)  Tenant closed - lease obligated.

(3) Space delivered to tenant.

(4)  Represents the Office Building at The Town Center at Aquia.

(5)  Represents 0.9% of combined portfolio annual base rent.

(6)  Current construction of new 45,000 square foot LA Fitness replaces 41,000 square feet of former vacant non-anchor space.

(7)  Current construction of new 35,000 square foot Whole Foods replaces former 21,000 square foot store.

Page 21 of 28

Ramco-Gershenson Properties Trust

Redevelopment and Development Projects

June 30, 2012

(in thousands)

Redevelopment Projects	RPT Ownership %	Project Description	Projected Stabilization Date	Stabilized Return on Cost (1)		Projected Stabilized NOI (2)		Pro Rata Stabilized NOI		Total Projected Cost (3)		Pro Rata Projected Cost		Pro Rata Cost to Date		Pro Rata Cost to Complete
The Shops on Lane Avenue	20%	Construct new 35K sf Whole Foods	1Q 2013	8.2	%	$	533	$	107	$	6,530	$	1,306	$	737	$	569
Peachtree Hill	20%	Construct new 45K sf LA Fitness replacing 41K sf vacant space	4Q 2012	13.9	%		780		156		5,605		1,121		117		1,004
Total Redevelopment						$	1,313	$	263	$	12,135	$	2,427	$	854	$	1,573

Development Projects	RPT Ownership %	Project Description	Projected Stabilization Date		Stabilized Return on Cost (1)			Projected Stabilized NOI (2)		Percent Leased			Total Projected Cost (4)		Cost to Date		Cost to Complete
Parkway Shops Phase I - Jacksonville, FL   100%		Ground-up development of 88,720 sf retail center (adjacent to our 900,000 sf River City Marketplace) anchored by Dick's Sporting Goods & Marshalls		2Q 2013		7.8	%	$	1,540		96.0	%	$	19,600	$	9,374	$	10,226
Land Available for Future Development and Sale				Cost to Date 06/30/12
Land held for future development (5)			$	58,978
Land available for sale				21,472
Total Land Held for Development or Sale			$	80,450

(1) Percentage based on actual numbers before rounding.

(2) Represents incremental change in net operating income.

(3)  Represents incremental costs.

(4)  Represents costs to date and incremental costs to complete.

(5)  Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL.

Page 22 of 28

Ramco-Gershenson Properties Trust

Acquisitions / Dispositions

June 30, 2012

(in thousands)

ACQUISITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Acquired	Ownership %			Purchase Price		Debt
Consolidated
Central Plaza	St Louis County, MO		166,431	06/07/12		100	%	$	21,600	$	-
Harvest Junction North	Longmont (Boulder), CO		159,385	06/01/12		100	%		35,520		-
Harvest Junction South	Longmont (Boulder), CO		176,960	06/01/12		100	%		33,550		-
Nagawaukee Shopping Center	Delafield (Milwaukee), WI		113,617	06/01/12		100	%		15,000		-
	Total consolidated income producing acquisitions							$	105,670	$	-
Harvest Junction North Land	Longmont (Boulder), CO		14.0	06/01/12		100	%	$	2,661	$	-
	Total consolidated land / outparcel acquisitions							$	2,661	$	-
	Total consolidated acquisitions							$	108,331	$	-
DISPOSITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Sold	Ownership %			Sales Price		Debt Repaid		Gain (loss) on Sale
Consolidated (1)
Southbay Shopping Center and Pelican Plaza	Osprey, FL and Sarasota, FL		189,763	05/15/12		100	%	$	5,600	$	-	$	72
Eastridge Commons	Flint, MI		169,676	02/27/12		100	%		1,750		-		137
OfficeMax Center	Toledo, OH		22,930	03/27/12		100	%		1,725		-		127
	Total consolidated income producing dispositions							$	9,075	$	-	$	336
Outparcel	Roswell, GA		2.26	02/14/12		100	%	$	2,030		-	$	69
	Total consolidated land / outparcel dispositions							$	2,030	$	-	$	69
	Total consolidated dispositions							$	11,105	$	-	$	405
Unconsolidated Joint Ventures
Collins Pointe Shopping Center (2)	Cartersville, GA		81,042	06/01/12		20	%	$	4,650	$	-	$	(89	)
	Total unconsolidated joint venture's income producing dispositions							$	4,650	$	-	$	(89	)
(1) Excludes the conveyance of our ownership interest in Kentwood Town Centre, located in Kentwood, MI, to the lender in June 2012 which resulted in the reduction of debt of $8.5 million.
(2)  Sale excludes two outparcels.

Page 23 of 28

Ramco-Gershenson Properties Trust

Joint Venture Combined Balance Sheets

June 30, 2012

(in thousands)

	Ramco/Lion			Ramco 450			Ramco 191				Ramco			Ramco						Total
	Venture LP			Venture LLC			Venture LLC (1)				HHF KL LLC			HHF NP LLC			Other			JV's
	Consolidated			Consolidated			Consolidated				Consolidated			Indianapolis, IN			JV's (2)			at 100%
ASSETS
Income producing properties, at cost:
Land	$	76,891		$	43,806		$	4,211		(3)	$	7,600		$	4,019		$	50		$	136,577
Buildings and improvements		484,165			263,220			15,240				45,500			24,347			445			832,917
Less accumulated depreciation and amortization		(80,975	)		(33,226	)		(2,088	)			(5,948	)		(2,968	)		(180	)		(125,385	)
Income producing properties, net		480,081			273,800			17,363				47,152			25,398			315			844,109
Construction in progress		1,367			4,067			-				21			-			-			5,455
Net real estate	$	481,448		$	277,867		$	17,363			$	47,173		$	25,398		$	315		$	849,564
Cash and cash equivalents		7,558			2,760			216				670			177			676			12,057
Restricted cash		4,780			10,689			2				22			-			36			15,529
Accounts receivable, net		3,040			1,364			47				75			61			17			4,604
Other assets, net		16,491			7,039			865				710			568			96			25,769
TOTAL ASSETS	$	513,317		$	299,719		$	18,493			$	48,650		$	26,204		$	1,140		$	907,523
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	197,598		$	169,982		$	8,050			$	-		$	-		$	539		$	376,169
Accounts payable and accrued expenses		8,408			5,707			117				466			67			610			15,375
Total Liabilities		206,006			175,689			8,167				466			67			1,149			391,544
ACCUMULATED EQUITY (DEFICIT)		307,311			124,030			10,326				48,184			26,137			(9	)		515,979
TOTAL LIABILITIES AND ACCUMULATED EQUITY	$	513,317		$	299,719		$	18,493			$	48,650		$	26,204		$	1,140		$	907,523
Total number of properties in each portfolio		16			8			1				2			1			1			29
																				Investments in
																				Unconsolidated
EQUITY INVESTMENTS IN UNCONSOLIDATED ENTITIES																				Joint Ventures
Equity investments in unconsolidated entities	$	78,441		$	14,513		$	739			$	2,607		$	1,590		$	211		$	98,101
Total equity investments in unconsolidated entities	$	78,441		$	14,513		$	739			$	2,607		$	1,590		$	211		$	98,101

(1)	On June 1, 2012, the joint venture sold the shopping center portion only of Collins Pointe Plaza located in Cartersville, GA for $4.65 million. The two remaining out parcels will be sold by the end of 2012.
(2)	Other JV's include joint ventures formed with private investors where we own 40%-50% of the sole property in the joint venture. As of June 30, 2012, we had one private investor joint venture who owns a shopping center located in Southfield, MI.
(3)	Includes adjustment for remaining two out parcel's land net book value.

Page 24 of 28

Ramco-Gershenson Properties Trust
Summary of Joint Venture Debt
June 30, 2012
			Ramco				Stated		Ramco
			Ownership	Mortgage	Maturity	Loan	Interest		Share of
Property Name	Location	Lender or Servicer	Interest	Balance	Date	Type	Rate		Debt
Paulding Pavilion	Hiram, GA	Fifth Third Bank	20%	$         8,049,992	Sep-12	Variable	3.7453%	(1)	$       1,609,998
The Shops on Lane Avenue	Upper Arlington, OH	Principal Global Investors	20%	27,600,000	Jan-13	Fixed	5.9500%	(2)	5,520,000
Olentangy Plaza	Columbus, OH	Principal Global Investors	20%	21,600,000	Jan-13	Fixed	5.8800%	(2)	4,320,000
Market Plaza	Glen Ellyn, IL	Principal Global Investors	20%	24,505,000	Jan-13	Fixed	5.8800%	(2)	4,901,000
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA	30%	42,598,059	Jul-13	Fixed	6.6400%		12,779,418
Winchester Center	Rochester Hills, MI	Wachovia	30%	26,108,407	Jul-13	Fixed	8.1056%		7,832,522
Hunter's Square	Farmington Hills, MI	Wachovia	30%	33,953,933	Aug-13	Fixed	8.1504%		10,186,180
The Plaza at Delray	Delray Beach, FL	CIGNA	20%	46,290,200	Sep-13	Fixed	6.0000%		9,258,040
Chester Springs Shopping Center	Chester, NJ	Citigroup	20%	21,582,152	Oct-13	Fixed	5.5100%		4,316,430
Village Plaza	Lakeland, FL	Citigroup	30%	9,067,449	Sep-15	Fixed	5.0050%		2,720,235
Millennium Park	Livonia, MI	Citigroup	30%	31,244,022	Oct-15	Fixed	5.0210%		9,373,207
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA	20%	11,911,250	Dec-15	Fixed	5.3440%		2,382,250
Southfield Plaza Expansion	Southfield, MI	GECA	50%	538,924	May-16	Fixed	4.7500%	(3)	269,462
Troy Marketplace	Troy, MI	Deutsche Banc	30%	21,648,259	Jun-16	Fixed	5.9040%		6,494,478
Gratiot Crossing	Chesterfield Twp., MI	Deutsche Banc	30%	13,399,785	Jun-16	Fixed	5.9040%		4,019,936
Crofton Centre	Crofton, MD	Citigroup	20%	16,917,606	Jan-17	Fixed	5.8490%		3,383,521
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance	30%	8,183,546	Jun-20	Fixed	5.5400%		2,455,064
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance	30%	10,809,287	Jun-20	Fixed	5.5400%		3,242,786
Subtotal Mortgage Debt				$    376,007,871					$     95,064,527
Unamortized premium				161,468					90,902
Total mortgage debt (including unamortized premium)				$    376,169,339					$     95,155,429
(1) The mortgage loan was extended until September 2012.  Interest rate is variable based on LIBOR plus 3.50%.
(2) Interest rate is fixed for five years and then lender has right to reset the interest rate or call the loan in 2013.
(3) Resets per formula annually each June 1.

Page 25 of 28

Joint Venture Contribution to Funds from Operations
For the Three and Six Months Ended June 30, 2012
(in thousands)
	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco						Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Other			JV's			Pro-Rata
Three months ended June 30, 2012	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			JV's (1)			at 100%			Share
Total revenue	$	12,159		$	6,507		$	507		$	1,100		$	545		$	48		$	20,866		$	5,192
Operating expenses		3,553			2,331			114			312			136			(11	)		6,435			1,583
Net operating income	$	8,606		$	4,176		$	393		$	788		$	409		$	59		$	14,431		$	3,609
Depreciation and amortization		4,004			2,062			180			245			172			4			6,667			1,684
General & administrative expense		110			39			5			6			4			2			166			43
Interest expense		3,270			2,536			35			-			-			8			5,849			1,499
Amortization of deferred financing fees		73			70			3			-			-			-			146			37
Provision for impairment		-			-			-			712			-			-			712			50
Total other expense (income)		7,457			4,707			223			963			176			14			13,540			3,313
Gain (loss) on sale of real estate		-			-			(89	)		-			-			-			(89	)		(18	)
Net income (loss)	$	1,149		$	(531	)	$	81		$	(175	)	$	233		$	45		$	802		$	278
Ramco ownership interest		30	%		20	%		20	%		7	%		7	%		40% - 50	%		N/A			N/A
Ramco's share of net income (loss)	$	344		$	(106	)	$	16		$	(12	)	$	16		$	20			N/A		$	278
Addback: Management fee exp allocable to Ramco (2)		204			85			6			5			2			-			N/A			302
Earnings (loss) from unconsolidated joint ventures	$	548		$	(21	)	$	22		$	(7	)	$	18		$	20			N/A		$	580
Addback: Pro rata share of depreciation expense		1,202			412			36			17			12			4			N/A			1,683
Addback: Pro rata share of impairment provision		-			-			-			50			-			-			N/A			50
Subtract:  Pro rata share of depreciable asset sold		-			-			18			-			-			-			N/A			18
Funds from operations contributed by joint ventures	$	1,750		$	391		$	76		$	60		$	30		$	24			N/A		$	2,331
	Ramco/Lion			Ramco 450			Ramco 191			Ramco			Ramco						Total			Ramco
	Venture LP			Venture LLC			Venture LLC			HHF KL LLC			HHF NP LLC			Other			JV's			Pro-Rata
Six months ended June 30, 2012	Consolidated			Consolidated			Consolidated			Consolidated			Indianapolis, IN			JV's (1)			at 100%			Share
Total revenue	$	24,472		$	13,019		$	1,068		$	2,144		$	1,077		$	169		$	41,949		$	10,465
Operating expenses		7,303			4,802			231			590			272			(168	)		13,030			3,194
Net operating income	$	17,169		$	8,217		$	837		$	1,554		$	805		$	337		$	28,919		$	7,271
Depreciation and amortization		7,802			4,292			376			744			342			41			13,597			3,371
General & administrative expense		138			88			10			10			8			(9	)		245			59
Interest expense		6,491			5,077			70			-			-			(295	)		11,343			2,860
Amortization of deferred financing fees		140			140			7			-			-			1			288			72
Provision for impairment		-			-			-			712			-			-			712			50
Gain on early extinguishment of debt		-			-			-			-			-			(198	)		(198	)		(79	)
Total other expense (income)		14,571			9,597			463			1,466			350			(460	)		25,987			6,333
Gain (loss) on sale of real estate		-			-			(89	)		-			-			-			(89	)		(18	)
Net income (loss)	$	2,598		$	(1,380	)	$	285		$	88		$	455		$	797		$	2,843		$	920
Ramco's share of net income (loss)	$	779		$	(276	)	$	57		$	6		$	32		$	322			N/A		$	920
Addback: Management fee exp allocable to Ramco (2)		382			173			12			9			7			3			N/A			586
Earnings (loss) from unconsolidated joint ventures (3)	$	1,161		$	(103	)	$	69		$	15		$	39		$	325			N/A		$	1,506
Addback: Pro rata share of depreciation expense		2,341			858			75			52			24			20			N/A			3,370
Addback: Pro rata share of impairment provision		-			-			-			50			-			-			N/A			50
Subtract:  Pro rata share of depreciable asset sold		-			-			18			-			-			-			N/A			18
Funds from operations contributed by joint ventures	$	3,502		$	755		$	162		$	117		$	63		$	345			N/A		$	4,944
(1) Other JV's include joint ventures formed with private investors where we own 40%-50% of the sole property in the joint venture. As of June 30, 2012, we had one private investor joint venture who owns a shopping center located in Southfield, MI.
(2) Ramco's share of management fee expense is eliminated in consolidation.
(3) Ramco's Pro-Rata Share excludes $0.43 million expense incurred in the first quarter of 2012 related to the liquidation of the Ramco/West Acres joint venture.

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Ramco-Gershenson Properties Trust

Joint Venture Summary of Expiring GLA

June 30, 2012

	Anchor Tenants (1)												Non-Anchor Tenants												All Leases
Expiration Year	Number of Leases		GLA		% of GLA			%  of ABR			ABR psf		Number of Leases		GLA		% of GLA			%  of ABR			ABR psf		Number of Leases		GLA		% of GLA			%  of ABR			ABR psf
(2)		-		-		0.0	%		0.0	%		-		7		15,856		0.7	%		0.9	%	$	19.56		7		15,856		0.3	%		0.5	%	$	19.56
2012		3		96,503		3.0	%		1.0	%		3.23		43		111,169		5.2	%		5.7	%		17.68		46		207,672		3.9	%		3.6	%		10.97
2013		4		173,930		5.5	%		3.8	%		6.45		84		238,937		11.1	%		13.4	%		19.16		88		412,867		7.7	%		8.9	%		13.81
2014		8		310,676		9.7	%		8.5	%		8.18		104		321,195		14.9	%		15.5	%		16.55		112		631,871		11.8	%		12.3	%		12.44
2015		13		517,523		16.2	%		16.1	%		9.29		89		269,256		12.5	%		14.9	%		18.91		102		786,779		14.7	%		15.5	%		12.58
2016		11		380,596		11.9	%		13.8	%		10.80		72		250,781		11.6	%		14.1	%		19.17		83		631,377		11.8	%		13.9	%		14.12
2017		7		192,283		6.0	%		9.1	%		14.07		52		197,725		9.2	%		10.9	%		18.75		59		390,008		7.3	%		10.0	%		16.45
2018		6		236,207		7.4	%		8.3	%		10.42		19		80,961		3.8	%		4.7	%		19.78		25		317,168		5.9	%		6.4	%		12.81
2019		6		229,705		7.2	%		8.6	%		11.21		11		42,649		2.0	%		2.2	%		17.66		17		272,354		5.1	%		5.2	%		12.22
2020		2		172,065		5.4	%		2.3	%		4.01		14		43,565		2.0	%		3.0	%		23.60		16		215,630		4.0	%		2.7	%		7.97
2021		11		328,079		10.3	%		11.7	%		10.65		11		52,027		2.4	%		3.0	%		19.38		22		380,106		7.1	%		7.0	%		11.85
2022+		8		383,687		12.1	%		16.8	%		12.99		30		211,033		9.6	%		11.7	%		18.91		38		594,720		11.2	%		14.0	%		15.09
Sub-Total		79		3,021,254		94.7	%		100.0	%	$	9.86		536		1,835,154		85.0	%		100.0	%	$	18.61		615		4,856,408		90.8	%		100.0	%	$	13.17
Leased [3]		-		-		0.0	%		N/A			N/A		6		20,801		1.0	%		N/A			N/A		6		20,801		0.4	%		N/A			N/A
Vacant		4		169,632		5.3	%		N/A			N/A		110		301,024		14.0	%		N/A			N/A		114		470,656		8.8	%		N/A			N/A
Total		83		3,190,886		100.0	%		100.0	%		N/A		652		2,156,979		100.0	%		100.2	%		N/A		735		5,347,865		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.

(3) Lease has been executed, but space has not yet been delivered.

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Ramco-Gershenson Properties Trust
Joint Venture Leasing Activity
June 30, 2012
Total Comparable Leases (1)	Leasing Transactions	Square Footage	Base Rent  PSF	Prior Rent PSF (2)	Rent Growth %	Wtd. Avg. Lease Term	TI's PSF
2nd Quarter 2012	24	117,298	$14.91	$14.75	1.1%	4.3	$0.25
1st Quarter 2012	25	98,285	$16.39	$16.25	0.9%	5.4	$2.79
4th Quarter 2011	30	173,295	$13.95	$14.33	-2.7%	5.6	$5.20
3rd Quarter 2011	31	106,023	$17.31	$16.94	2.2%	4.8	$4.02
Total	110	494,901	$15.38	$15.37	0.1%	5.1	$3.30
Renewals	Leasing Transactions	Square Footage	Base Rent  PSF	Prior Rent PSF (2)	Rent Growth %	Wtd. Avg. Lease Term	TI's PSF
2nd Quarter 2012	22	113,083	$14.48	$14.07	2.9%	4.2	$0.10
1st Quarter 2012	22	91,935	$15.72	$15.74	-0.1%	5.2	$1.01
4th Quarter 2011	24	140,814	$13.90	$14.87	-6.5%	4.8	$0.00
3rd Quarter 2011	23	78,803	$17.96	$17.67	1.6%	4.5	$0.76
Total	91	424,635	$15.20	$15.36	-1.1%	4.7	$0.39
New Leases-Comparable	Leasing Transactions	Square Footage	Base Rent  PSF	Prior Rent PSF (2)	Rent Growth %	Wtd. Avg. Lease Term	TI's PSF
2nd Quarter 2012	2	4,215	$26.47	$33.06	-19.9%	8.2	$4.34
1st Quarter 2012	3	6,350	$26.04	$23.58	10.4%	8.4	$28.56
4th Quarter 2011	6	32,481	$14.18	$11.99	18.3%	9.0	$27.77
3rd Quarter 2011	8	27,220	$15.42	$14.82	4.0%	5.5	$13.48
Total	19	70,266	$16.47	$15.40	7.0%	7.5	$20.90
Total Comparable and Non-Comparable	Leasing Transactions	Square Footage	Base Rent  PSF	Prior Rent PSF (2)	Rent Growth %	Wtd. Avg. Lease Term	TI's PSF
2nd Quarter 2012	36	240,515	$11.71	N/A	N/A	5.9	$7.57
1st Quarter 2012	39	147,364	$16.89	N/A	N/A	6.0	$16.23
4th Quarter 2011	43	219,036	$13.41	N/A	N/A	5.4	$8.38
3rd Quarter 2011	41	151,101	$17.01	N/A	N/A	5.7	$9.52
Total	159	758,016	$14.26	N/A	N/A	5.7	$9.88
(1)  Comparable leases represent those leases signed on spaces for which there was a former tenant within the last twelve months.
(2)  Prior rent represents minimum rent, if any, paid by the prior tenant in the final 12 months of the term.

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