a50559421_ex992.htm

Ramco-Gershenson Properties Trust
Quarterly Financial and Operating Supplement
December 31, 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	8
	Summary of Outstanding Debt - Consolidated Properties	9
	Summary of Joint Venture Debt	10
	Consolidated Statements of Operations	11
	Consolidated Statements of Operations Detail	12
	Funds from Operations	13
	EBITDA	14
Operating and Portfolio Information
	Consolidated Same-Properties Analysis	15
	Summary of Expiring GLA - Consolidated and Unconsolidated Properties	16
	Top Twenty-Five Retail Tenants (ranked by annualized base rent)	17
	Leasing Activity - Consolidated and Unconsolidated Portfolios	18
	Portfolio Summary Report	19 - 21
	Redevelopment and Development Projects	22
	Acquisitions / Dispositions	23
Joint Venture Information
	Joint Venture Combined Balance Sheets	24
	Joint Venture Contribution to Funds from Operations	25-26
	Joint Venture Summary of Expiring GLA	27
	Joint Venture Leasing Activity	28

States with Properties:

Geographic Diversification by Annualized Base Rent:[1]

[1] Total portfolio including joint ventures at 100% share.

Ramco-Gershenson Properties Trust (NYSE: RPT) is a fully integrated, self-administered publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. Our primary 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 December 31, 2012, the Company owned interests in and managed a portfolio of 78 shopping centers and one office building with approximately 15.0 million square feet of gross leasable area. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland and Tennessee. At December 31, 2012, the Company's core operating portfolio was 94.6% leased.

Of the 78 shopping centers, the Company owns interests in 26 shopping centers through joint ventures, including two significant institutional joint ventures: Ramco/Lion Venture L.P. and Ramco 450 Venture LLC.

Analyst Coverage:

Bank of America/Merrill Lynch KeyBanc Capital Markets

Craig Schmidt Todd M. Thomas, CFA

646.855.3640 917.368.2286

craig.schmidt@baml.com tthomas@keybanc.com

Deutsche Bank Raymond James

Vincent Chao, CFA R. J. Milligan

212.250.6799 737.567.2660

vincent.chao@db.com Richard.Milligan@RaymondJames.com

Evercore Partners Stifel Nicolaus

Benjamin Yang, CFA Nathan Isbee

415.229.8070 443.224.1346

ben.yang@evercore.com nisbee@stifel.com

J.P. Morgan

Michael W. Mueller, CFA

212.622.6689

michael.w.mueller@jpmorgan.com

Investor Relations:

Dawn L. Hendershot, Director of IR and Corporate Communications

31500 Northwestern Highway : Farmington Hills, MI 48334

Phone (248) 592-6202 : E-mail dhendershot@rgpt.com : Website www.rgpt.com

Ramco-Gershenson Properties Trust

Quarterly Financial and Operating Supplement

December 31, 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, 2012. Copies of each filing may be obtained from the company or the Securities & Exchange Commission.

Funds From Operations

We consider 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 available 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, in October 2011, NAREIT clarified its definition of FFO to exclude impairment provisions on depreciable property and equity investments in depreciable property. We have restated FFO for prior periods accordingly. FFO should not be considered an alternative to GAAP net income available to common shareholders or as alternatives to cash flow as measures of liquidity. While 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, our computation of FFO may differ from the computations utilized by other real estate companies, and therefore, may not be comparable to these other real estate companies.

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets
December 31, 2012
(in thousands, except per share amounts)


	December 31,			December 31,
	2012			2011
ASSETS
Income producing properties, at cost:
Land	$	166,500		$	133,145
Buildings and improvements		952,671			863,763
Less accumulated depreciation and amortization		(237,462	)		(222,722	)
Income producing properties, net		881,709			774,186
Construction in progress and land held for development or sale		98,541			87,549
Net real estate	$	980,250		$	861,735
Equity investments in unconsolidated joint ventures		95,987			97,020
Cash and cash equivalents		4,233			12,155
Restricted cash		3,892			6,063
Accounts & notes receivable, net		7,976			12,614
Other assets, net		72,953			59,236
TOTAL ASSETS	$	1,165,291		$	1,048,823

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable	$	293,156		$	325,887
Unsecured revolving credit facility		40,000			29,500
Unsecured term loan facilities		180,000			135,000
Junior subordinated notes		28,125			28,125
Total mortgages and notes payable	$	541,281		$	518,512
Capital lease obligation		6,023			6,341
Accounts payable and accrued expenses		21,589			18,662
Other liabilities & distributions payable		36,566			24,134
TOTAL LIABILITIES	$	605,459		$	567,649

Ramco-Gershenson Properties Trust ("RPT") Shareholders' Equity:
7.25% Series D Cumulative Convertible Perpetual Preferred Shares, $50 par	$	100,000		$	100,000
Common shares of beneficial interest, $0.01 par		485			387
Additional paid-in capital		683,609			570,225
Accumulated distributions in excess of net income		(249,070	)		(218,888	)
Accumulated other comprehensive loss		(5,241	)		(2,649	)
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT		529,783			449,075
Noncontrolling interest		30,049			32,099
TOTAL SHAREHOLDERS' EQUITY		559,832			481,174
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,165,291		$	1,048,823

Ramco-Gershenson Properties Trust
Consolidated Market Data
December 31, 2012
(in thousands, except per share amounts)


	December 31,			December 31,
	2012			2011
Market price per common share	$	13.31		$	9.83

Market price per convertible perpetual preferred share	$	53.96		$	42.63

Common shares outstanding		48,489			38,735
Operating Partnership Units		2,343			2,619
Dilutive securities		384			146
Total common shares and equivalents		51,216			41,500

Equity market capitalization	$	681,685		$	407,945




Fixed rate debt (excluding unamortized premium)	$	446,264		$	488,965
Variable rate debt		95,000			29,500
Total fixed and variable rate debt	$	541,264		$	518,465
Capital lease obligation		6,023			6,341
Cash and cash equivalents		(4,233	)		(12,155	)
Net debt	$	543,054		$	512,651

Equity market capitalization	$	681,685		$	407,945

Convertible perpetual preferred shares (at market)		107,920			85,260
Total market capitalization	$	1,332,659		$	1,005,856

Net debt to total market capitalization		40.7	%		51.0	%
Net debt plus preferred (at liquidation preference) to total market capitalization		48.3	%		60.9	%

Ramco-Gershenson Properties Trust
Summary of Debt Expiration
December 31, 2012
(in thousands)


			Consolidated					Pro Rata Share of JVs
Year			Scheduled Amortization Payments		Scheduled Maturities			JV Scheduled Amortization Payments		Joint Venture Scheduled Maturities		Pro Rata Total Scheduled Maturities		Percentage of Debt Maturing			Cumulative Percentage of Debt Maturing

2013				4,326		13,033			1,157		52,400		70,916		11.2	%		11.2	%
2014				3,756		29,676			433		1,505		35,370		5.6	%		16.8	%
2015				3,523		73,190			398		13,830		90,941		14.4	%		31.2	%
2016				1,649		40,000	(1)		197		6,147		47,993		7.6	%		38.8	%
2017				1,571		230,000			112		3,179		234,862		37.2	%		76.0	%
2018				1,316		82,047			119		-		83,482		13.2	%		89.2	%
2019				962		3,148			125		-		4,235		0.7	%		89.9	%
2020				225		24,717			151		4,853		29,946		4.8	%		94.7	%
2021				-		-			109		-		109		0.0	%		94.7	%
2022				-		-			113		-		113		0.0	%		94.7	%
2023				-		-			-		5,412		5,412		0.9	%		95.6	%
	2024	+		-		28,125			-		-		28,125		4.4	%		100.0	%
Debt			$	17,328	$	523,936		$	2,914	$	87,326	$	631,504

Unamortized premium						17					21		38
Total debt (including unamortized premium)			$	17,328	$	523,953		$	2,914	$	87,347	$	631,542



(1) Scheduled maturities in 2016 include $40 million which represents the balance of the Unsecured Revolving Credit Facility drawn as of December 31, 2012.

Ramco-Gershenson Properties Trust
Summary of Outstanding Debt - Consolidated Properties
December 31, 2012
(in thousands)

			Balance		Stated					% of
			at		Interest			Loan	Maturity	Total
Property Name	Location	Lender or Servicer	12/31/12		Rate			Type	Date	Indebtedness

Mortgage Debt
East Town Plaza	Madison, WI	Citigroup Global Markets	$	10,246		5.5	%	Fixed	Jul-13		1.9	%
Centre at Woodstock	Woodstock, GA	Wachovia		3,133		6.9	%	Fixed	Jul-13		0.6	%
The Auburn Mile	Auburn Hills, MI	Citigroup Global Markets		6,825		5.4	%	Fixed	May-14		1.3	%
Crossroads Centre	Rossford, OH	Citigroup Global Markets		23,771		5.4	%	Fixed	May-14		4.4	%
Ramco Aquia Office LLC	Stafford, VA	JPMorgan Chase Bank, N.A.		14,245		5.8	%	Fixed	Jun-15		2.6	%
Jackson West	Jackson, MI	Key Bank		16,684		5.2	%	Fixed	Nov-15		3.1	%
West Oaks I	Novi, MI	Key Bank		26,512		5.2	%	Fixed	Nov-15		4.9	%
New Towne Plaza	Canton Twp., MI	Deutsche Bank		19,242		5.1	%	Fixed	Dec-15		3.6	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		3,149		7.6	%	Fixed	Feb-16		0.6	%
River City Marketplace	Jacksonville, FL	JPMorgan Chase Bank, N.A.		110,000		5.4	%	Fixed	Apr-17		20.3	%
Jackson Crossing	Jackson, MI	Wells Fargo Bank, N.A.		24,153		5.8	%	Fixed	Apr-18		4.5	%
Hoover Eleven	Warren, MI	Canada Life/GMAC		1,480		7.2	%	Fixed	May-18		0.3	%
Crossroads Centre Home Depot	Rossford, OH	Farm Bureau		3,766		7.4	%	Fixed	Dec-19		0.7	%
West Oaks II and Spring Meadows Place	Novi, MI / Holland, OH	JPMorgan Chase Bank, N.A.		29,933		6.5	%	Fixed	Apr-20		5.3	%
Subtotal Mortgage Debt			$	293,139		5.6	%				54.1	%

Unamortized premium				17		0.0	%				0.0	%
Total mortgage debt (including unamortized premium)			$	293,156		5.6	%				54.1	%

Corporate Debt
Unsecured Revolving Credit Facility		Key Bank, as agent	$	40,000		1.9	%	Variable	Jul-16		7.4	%
Unsecured Term Loan		Key Bank, as agent		45,000		1.9	%	Variable	Jul-17		8.3	%
Unsecured Term Loan (1)		Key Bank, as agent		75,000		3.1	%	Fixed	Jul-17		13.9	%
Unsecured Term Loan (2)		Key Bank, as agent		60,000		4.4	%	Fixed	Sep-18		11.1	%
Junior Subordinated Note (3)		The Bank of New York Trust Co.		28,125		7.9	%	Fixed	Jan-38		5.2	%
Subtotal Corporate Debt			$	248,125		3.6	%				45.9	%

Total Consolidated Debt			$	541,281		4.7	%				100.0	%

Capital Lease Obligation (4)	Gaines Twp., MI	Crown Development Corp	$	6,023		5.8	%	Ground Lease	Oct-14		N/A

(1) Effectively converted to fixed rate through swap agreement that expires in April 2016.

(2) Effectively converted to fixed rate through swap agreements that expire 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.

Ramco-Gershenson Properties Trust
Summary of Joint Venture Debt
December 31, 2012
(in thousands)

			Ramco								Stated			Ramco
			Ownership			Mortgage			Maturity	Loan	Interest			Share of
Property Name	Location	Lender or Servicer	Interest			Balance			Date	Type	Rate			Debt

Olentangy Plaza	Columbus, OH	Principal Global Investors		20	%	$	21,600		Feb-13	Fixed		5.9	%		4,320
Market Plaza	Glen Ellyn, IL	Principal Global Investors		20	%		24,505		Feb-13	Fixed		5.9	%		4,901
Mission Bay Plaza	Boca Raton, FL	Wells Fargo Bank, NA		30	%		42,320		Jul-13	Fixed		6.6	%		12,696
Winchester Center	Rochester Hills, MI	Wachovia		30	%		25,650		Jul-13	Fixed		8.1	%		7,695
Hunter's Square	Farmington Hills, MI	Wachovia		30	%		33,367		Aug-13	Fixed		8.2	%		10,010
The Plaza at Delray	Delray Beach, FL	CIGNA		20	%		45,948		Sep-13	Fixed		6.0	%		9,190
Chester Springs Shopping Center	Chester, NJ	Citigroup		20	%		21,331		Oct-13	Fixed		5.5	%		4,266
Paulding Pavilion	Hiram, GA	Fifth Third Bank		20	%		7,875		Jan-14	Variable		3.7	%		1,575
Village Plaza	Lakeland, FL	Citigroup		30	%		8,998		Sep-15	Fixed		5.0	%		2,699
Millennium Park	Livonia, MI	Citigroup		30	%		31,006		Oct-15	Fixed		5.0	%		9,302
Rolling Meadows Shopping Center	Rolling Meadows, IL	Wells Fargo Bank, NA		20	%		11,911		Dec-15	Fixed		5.3	%		2,382
Troy Marketplace	Troy, MI	Deutsche Banc		30	%		21,517		Jun-16	Fixed		5.9	%		6,455
Crofton Centre	Crofton, MD	Citigroup		20	%		16,818		Jan-17	Fixed		5.8	%		3,364
Treasure Coast Commons	Jensen Beach, FL	GE Group Life Assurance		30	%		8,122		Jun-20	Fixed		5.5	%		2,437
Vista Plaza	Jensen Beach, FL	First Colony Life Insurance		30	%		10,728		Jun-20	Fixed		5.5	%		3,218
The Shops on Lane Avenue	Upper Arlington, OH	New York Life		20	%		28,650		Jan-23	Fixed		3.8	%		5,730
Subtotal Mortgage Debt						$	360,346							$	90,240

Unamortized premium							(44	)							21
Total mortgage debt (including unamortized premium)						$	360,302							$	90,261

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands, except per share data)


	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase									Increase
	2012			2011			(Decrease)			2012			2011			(Decrease)
REVENUE
Minimum rent	$	24,014		$	19,800		$	4,214		$	90,354		$	79,440		$	10,914
Percentage rent		223			30			193			601			244			357
Recovery income from tenants		8,394			8,254			140			31,664			29,673			1,991
Other property income		383			370			13			2,055			4,091			(2,036	)
Management and other fee income		1,129			1,033			96			4,064			4,126			(62	)
TOTAL REVENUE		34,143			29,487			4,656			128,738			117,574			11,164

EXPENSES
Real estate taxes		4,229			4,322			(93	)		17,076			16,452			624
Recoverable operating expense		4,604			4,126			478			15,879			14,404			1,475
Other non-recoverable operating expense		882			1,272			(390	)		2,838			3,540			(702	)
Depreciation and amortization		10,489			9,089			1,400			39,479			34,594			4,885
General and administrative		4,699			4,381			318			19,445			19,646			(201	)
TOTAL EXPENSES		24,903			23,190			1,713			94,717			88,636			6,081

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		9,240			6,297			2,943			34,021			28,938			5,083

OTHER INCOME AND EXPENSES
Other expense, net		(237	)		(38	)		(199	)		(66	)		(257	)		191
Gain on sale of real estate		-			-			-			69			231			(162	)
Earnings (loss) from unconsolidated joint ventures		1,164			(3,667	)		4,831			3,248			1,669			1,579
Interest expense		(6,386	)		(6,893	)		507			(25,895	)		(27,636	)		1,741
Amortization of deferred financing fees		(341	)		(379	)		38			(1,449	)		(1,861	)		412
Provision for impairment		(1,766	)		(16,917	)		15,151			(1,766	)		(16,917	)		15,151
Provision for impairment on equity investments in unconsolidated joint ventures		(92	)		(9,611	)		9,519			(386	)		(9,611	)		9,225
Deferred gain recognized upon acquisition of real estate		-			-			-			845			-			845
Loss on extinguishment of debt		-			-			-			-			(1,968	)		1,968
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX		1,582			(31,208	)		32,790			8,621			(27,412	)		36,033
Income tax benefit (provision)		16			189			(173	)		34			(795	)		829
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,598			(31,019	)		32,617			8,655			(28,207	)		36,862

DISCONTINUED OPERATIONS
Gain on sale of real estate		-			1,020			(1,020	)		336			9,406			(9,070	)
Gain on extinguishment of debt		-			1,218			(1,218	)		307			1,218			(911	)
Provision for impairment		-			(10,883	)		10,883			(2,536	)		(10,883	)		8,347
Income (loss) from discontinued operations		61			86			(25	)		330			(34	)		364
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		61			(8,559	)		8,620			(1,563	)		(293	)		(1,270	)

NET INCOME (LOSS)		1,659			(39,578	)		41,237			7,092			(28,500	)		35,592
Net (income) loss attributable to noncontrolling partner interest		-			(4	)		4			465			-			465
Net (income) loss attributable to noncontrolling OP unit holder interest		(79	)		2,485			(2,564	)		(353	)		1,742			(2,095	)
NET INCOME (LOSS) ATTRIBUTABLE TO RPT		1,580			(37,097	)		38,677			7,204			(26,758	)		33,962
Preferred share dividends		(1,812	)		(1,812	)		-			(7,250	)		(5,244	)		(2,006	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(232	)	$	(38,909	)	$	38,677		$	(46	)	$	(32,002	)	$	31,956

(LOSS) EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	(0.01	)	$	(0.79	)	$	0.78		$	0.03		$	(0.83	)	$	0.86
Discontinued operations		-			(0.21	)		0.21			(0.03	)		(0.01	)		(0.02	)
	$	(0.01	)	$	(1.00	)	$	0.99		$	-		$	(0.84	)	$	0.84
(LOSS) EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	(0.01	)	$	(0.79	)	$	0.78		$	0.03		$	(0.83	)	$	0.86
Discontinued operations		-			(0.21	)		0.21			(0.03	)		(0.01	)		(0.02	)
	$	(0.01	)	$	(1.00	)	$	0.99		$	-		$	(0.84	)	$	0.84
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		47,873			38,735			9,138			44,101			38,466			5,635
Diluted		47,873			38,735			9,138			44,485			38,466			6,019

Ramco-Gershenson Properties Trust
Consolidated Statements of Operations Detail
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands)


	Three Months Ended December 31,									Twelve Months Ended December 31,
							Increase									Increase
	2012			2011			(Decrease)			2012			2011			(Decrease)
Other property income
Lease termination income	$	12		$	40		$	(28	)	$	744		$	2,540		$	(1,796	)
Temporary tenant income		184			150			34			626			537			89
Tax increment financing revenue		75			75			-			323			404			(81	)
Other		112			105			7			362			610			(248	)
Other property income	$	383		$	370		$	13		$	2,055		$	4,091		$	(2,036	)

Management and other fee income
Management fees	$	654		$	695		$	(41	)	$	2,659		$	2,760		$	(101	)
Leasing fees		366			178			188			1,049			936			113
Acquisition / Disposition fees		16			-			16			16			66			(50	)
Construction fees		93			160			(67	)		340			364			(24	)
Management and other fee income	$	1,129		$	1,033		$	96		$	4,064		$	4,126		$	(62	)

Other income (expense), net
Real estate taxes and insurance on land held for development or sale	$	(374	)	$	(215	)	$	(159	)	$	(1,148	)	$	(1,115	)	$	(33	)
Interest income		107			177			(70	)		278			370			(92	)
Other (1) (2)		30			-			30			804			488			316
Other expense, net	$	(237	)	$	(38	)	$	(199	)	$	(66	)	$	(257	)	$	191

Additional Supplemental Disclosures:

Consolidated(3):
Straight-line rental income	$	(358	)	$	(667	)	$	309		$	(982	)	$	(197	)	$	(785	)
(Above)/below market rent amortization		161			(117	)		278			366			(126	)		492
Fair market value of interest adjustment - acquired property		(6	)		(8	)		2			(30	)		(35	)		5
Long-term incentive and share-based compensation expense		776			465			311			2,617			1,849			768

Pro-rata share from Unconsolidated Joint Ventures(3):
Straight-line rental income	$	122		$	241		$	(119	)	$	301		$	347		$	(46	)
(Above)/below market rent amortization		12			10			2			29			160			(131	)
Fair market value of interest adjustment - acquired property		34			45			(11	)		161			217			(56	)



(1) Twelve months ended December 31, 2012 includes insurance proceeds in the amount of $0.8 million related to a tenant fire.
(2) Twelve months ended December 31, 2011 includes easement income in the amount of $0.5 million.
(3) Includes discontinued operations.

Ramco-Gershenson Properties Trust
Funds from Operations
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011

Net loss available to common shareholders	$	(232	)	$	(38,909	)	$	(46	)	$	(32,002	)
Adjustments:
Rental property depreciation and amortization expense		10,359			9,260			39,240			36,271
Pro-rata share of real estate depreciation from unconsolidated joint ventures		1,600			4,366			6,584			9,310
Gain on sale of depreciable real estate		-			(1,020	)		(336	)		(7,197	)
Loss (gain) on sale of joint venture depreciable real estate (1)		-			-			75			(2,718	)
Provision for impairment on income-producing properties (2)		379			16,332			2,355			16,332
Provision for impairment on equity investments in unconsolidated joint ventures		92			9,611			386			9,611
Provision for impairment on joint venture income-producing properties (1)		-			1,644			50			1,644
Deferred gain recognized upon acquisition of real estate		-			-			(845	)		-
Noncontrolling interest in Operating Partnership		79			(2,486	)		353			(1,742	)
FUNDS FROM OPERATIONS	$	12,277		$	(1,202	)	$	47,816		$	29,509

Provision for impairment for land available for sale		1,387			11,468			1,387			11,468
(Gain) loss on extinguishment of debt		-			(1,218	)		-			750
Gain on extinguishment of joint venture debt, net of RPT expenses (1) (3)		(221	)		-			(178	)		-
FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE	$	13,443		$	9,048		$	49,025		$	41,727

Weighted average common shares		47,873			38,735			44,101			38,466
Shares issuable upon conversion of Operating Partnership Units		2,370			2,629			2,509			2,785
Dilutive effect of securities		391			132			384			145
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING, DILUTED		50,634			41,496			46,994			41,396


FUNDS FROM OPERATIONS, PER DILUTED SHARE	$	0.24		$	(0.03	)	$	1.02		$	0.71

FUNDS FROM OPERATIONS, EXCLUDING ITEMS ABOVE, PER DILUTED SHARE	$	0.27		$	0.22		$	1.04		$	1.01

Dividend per common share	$	0.16825		$	0.16325		$	0.6580		$	0.6530
Payout ratio - FFO, excluding items above		62.3	%		74.2	%		63.3	%		64.7	%

(1)	Amount included in earnings from unconsolidated joint ventures.
(2)	The twelve months ended December 31, 2012 amount includes $1.9 million which represents our proportionate share 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 $8.5 million.
(3)	The twelve months ended December 31, 2012 amount includes RPT's costs associated with the liquidation of two joint ventures concurrent with the extinguishment of their debt.

Ramco-Gershenson Properties Trust
Earnings Before Interest, Taxes, Depreciation and Amortization
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands)


	Three Months Ended December 31,						Twelve months ended December 31,
	2012			2011			2012			2011
EBITDA Calculation
Net income (loss)	$	1,659		$	(39,578	)	$	7,092		$	(28,500	)
Add back:
Loss (gain) on sale of depreciable real estate		-			(1,020	)		(336	)		(7,197	)
(Gain) loss on extinguishment of debt		-			(1,218	)		(307	)		750
Gain on extinguishment of joint venture debt		(221	)		-			(178	)		-
Provision for impairment		1,766			27,800			4,302			27,800
Provision for impairment on joint venture income-producing properties		-			1,644			50			1,644
Depreciation and amortization		10,489			9,433			39,821			37,026
Loss (gain) on sale of joint venture depreciable real estate		-			-			75			(2,718	)
Interest expense		6,386			7,117			26,139			29,104
Amortization of deferred financing fees		341			380			1,454			1,879
Provision for impairment on equity investments in unconsolidated joint ventures		92			9,611			386			9,611
Deferred gain recognized upon acquisition of real estate		-			-			(845	)		-
Income tax provision (benefit)		(16	)		(189	)		(34	)		795
Non-recurring depreciation expense for joint venture redevelopment projects		-			2,656			-			2,656
EBITDA	$	20,496		$	16,636		$	77,619		$	72,850


Net debt outstanding	$	543,054		$	512,651


Fixed Charges
Interest expense	$	6,386		$	7,117
Scheduled mortgage principal payments		1,132			1,243
Preferred dividends		1,812			1,812
Total fixed charges	$	9,330		$	10,172


Debt Ratios and Availability
Consolidated net debt to EBITDA - annualized		6.6	X		7.7	X

Interest coverage ratio (EBITDA / interest expense)		3.2	X		2.3	X

Fixed charge coverage ratio (EBITDA / Fixed Charges)		2.2	X		1.6	X

Line of credit commitment	$	240,000		$	175,000
Amount drawn		(40,000	)		(29,500	)
Letters of credit		(1,171	)		(1,444	)
Availability under line of credit	$	198,829		$	144,056

Ramco-Gershenson Properties Trust
Consolidated Same-Property Analysis
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands)


	Three Months Ended December 31,									Twelve Months Ended December 31,
	2012			2011			% Change			2012			2011			% Change

Number of Properties		43			43			0.0	%		42			42			0.0	%

Occupancy		94.6	%		93.0	%		1.6	%		94.7	%		93.1	%		1.6	%


Revenue (1)
Minimum rent	$	19,572		$	18,984			3.1	%	$	73,835		$	72,112			2.4	%
Percentage rent		223			30			643.3	%		601			239			151.5	%
Recovery income from tenants		7,216			7,882			-8.4	%		27,009			27,796			-2.8	%
Other property income		245			210			16.7	%		605			590			2.5	%
	$	27,256		$	27,106			0.6	%	$	102,050		$	100,737			1.3	%

Expenses
Real estate taxes	$	3,523		$	4,077			-13.6	%	$	14,112		$	14,954			-5.6	%
Recoverable operating expense		3,774			3,775			0.0	%		13,058			12,840			1.7	%
Other non-recoverable operating expense		684			680			0.6	%		2,088			2,495			-16.3	%
	$	7,981		$	8,532			-6.5	%	$	29,258		$	30,289			-3.4	%

Net Operating Income	$	19,275		$	18,574			3.8	%	$	72,792		$	70,448			3.3	%

Operating Expense Recovery Ratio		98.9	%		100.4	%		-1.5	%		99.4	%		100.0	%		-0.6	%


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

Ramco-Gershenson Properties Trust

Summary of Expiring GLA - Consolidated and Unconsolidated Properties

December 31, 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(2)			ABR psf		Number of Leases		GLA		% of GLA			% of ABR(2)			ABR psf

(3	)		1		24,000		0.3	%		0.3	%	$	8.50		35		119,762		2.1	%		1.9	%	$	12.83		36		143,762		1.0	%		1.1	%	$	12.10
2013			10		386,454		4.1	%		2.9	%		6.17		209		607,319		10.7	%		11.8	%		15.86		219		993,773		6.6	%		7.4	%		12.10
2014			19		852,719		9.1	%		6.8	%		6.49		247		795,284		14.0	%		15.2	%		15.63		266		1,648,003		11.0	%		11.0	%		10.90
2015			30		1,122,754		12.0	%		12.0	%		8.64		249		770,821		13.6	%		15.4	%		16.33		279		1,893,575		12.6	%		13.7	%		11.77
2016			32		1,252,095		13.4	%		13.6	%		8.84		196		768,533		13.6	%		16.2	%		17.15		228		2,020,628		13.5	%		14.9	%		12.00
2017			31		1,114,420		12.0	%		14.7	%		10.69		150		574,425		10.1	%		12.3	%		17.46		181		1,688,845		11.3	%		13.5	%		12.99
2018			17		578,462		6.2	%		7.2	%		10.08		85		346,084		6.1	%		7.2	%		16.96		102		924,546		6.2	%		7.2	%		12.66
2019			13		630,358		6.8	%		7.1	%		9.12		31		142,630		2.5	%		3.1	%		17.78		44		772,988		5.2	%		5.1	%		10.72
2020			9		458,287		4.9	%		4.1	%		7.29		32		159,393		2.8	%		3.5	%		17.65		41		617,680		4.1	%		3.8	%		9.96
2021			17		646,118		6.9	%		7.3	%		9.19		28		168,347		3.0	%		3.2	%		15.49		45		814,465		5.4	%		5.3	%		10.49
2022			10		423,170		4.6	%		5.2	%		9.89		36		205,013		3.6	%		4.3	%		17.25		46		628,183		4.2	%		4.7	%		12.30
2023	+		27		1,574,042		16.9	%		18.8	%		9.71		39		254,299		4.6	%		5.9	%		18.63		66		1,828,341		12.1	%		12.3	%		10.95
Sub-Total			216		9,062,879		97.2	%		100.0	%	$	8.95		1,337		4,911,910		86.7	%		100.0	%	$	16.59		1,553		13,974,789		93.2	%		100.0	%	$	11.64

Leased [4]			1		20,979		0.2	%		N/A			N/A		16		69,910		1.2	%		N/A			N/A		17		90,889		0.6	%		N/A			N/A

Vacant			5		240,436		2.6	%		N/A			N/A		262		686,415		12.1	%		N/A			N/A		267		926,851		6.2	%		N/A			N/A

Total			222		9,324,294		100.0	%		100.0	%		N/A		1,615		5,668,235		100.0	%		100.0	%		N/A		1,837		14,992,529		100.0	%		100.0	%		N/A

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

(2) Annualized base rent is 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.

Ramco-Gershenson Properties Trust
Top Twenty-Five Retail Tenants (ranked by annualized base rent) (1)
Consolidated and Unconsolidated Properties
December 31, 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 Rent

TJX Companies (3)	A/A3		25		779,048		5.2	%	$	7,433,711	$	9.54		4.6	%
Bed Bath & Beyond (4)	BBB+/NR		11		324,220		2.1	%		3,681,382		11.35		2.3	%
Home Depot	A-/A3		3		384,690		2.6	%		3,110,250		8.09		1.9	%
Dollar Tree	NR/NR		30		316,392		2.1	%		2,912,935		9.21		1.8	%
Publix Super Market	NR/NR		8		372,141		2.5	%		2,790,512		7.50		1.7	%
LA Fitness Sports Club	NR/NR		4		139,343		0.9	%		2,753,755		19.76		1.7	%
Best Buy	BB/Baa2		6		206,677		1.4	%		2,721,008		13.17		1.7	%
Michaels Stores	B/B2		11		240,993		1.6	%		2,603,874		10.80		1.6	%
PetSmart	BB+/NR		8		174,661		1.2	%		2,511,142		14.38		1.4	%
Jo-Ann Stores	B/B2		6		214,237		1.4	%		2,510,184		11.72		1.5	%
Staples	BBB/Baa2		10		201,954		1.3	%		2,492,460		12.34		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	%
Whole Foods (5)	BBB-/NR		4		128,063		0.8	%		2,285,908		17.85		1.4	%
Kohl's	BBB+/Baa1		6		363,081		2.4	%		2,223,027		6.12		1.4	%
SUPERVALU (6)	B/B3		6		255,841		1.7	%		2,200,959		8.60		1.4	%
Ascena Retail (7)	BB-/Ba2		22		137,382		0.9	%		2,033,472		14.80		1.3	%
Gander Mountain	NR/NR		2		159,791		1.1	%		1,981,282		12.40		1.2	%
Ross Stores	BBB+/NR		8		217,307		1.4	%		1,954,166		8.99		1.2	%
Lowe's Home Centers	A-/A3		2		270,394		1.8	%		1,822,956		6.74		1.1	%
DSW Designer Shoe Warehouse	NR/NR		6		118,642		0.8	%		1,792,878		15.11		1.1	%
Meijer	NR/NR		2		397,428		2.7	%		1,731,560		4.36		1.1	%
Hobby Lobby	NR/NR		5		276,173		1.8	%		1,640,038		5.94		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	%

Sub-Total top 25 tenants			209		6,783,387		45.1	%	$	63,183,837	$	9.31		38.8	%

Remaining tenants			1,344		7,191,402		48.0	%		99,457,980		13.83		61.2	%
Sub-Total all tenants			1,553		13,974,789		93.2	%	$	162,641,817	$	11.64		100.0	%

Vacant			284		1,017,740		6.8	%		N/A		N/A		N/A
Total including vacant			1,837		14,992,529		100.0	%	$	162,641,817		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.

(3) Marshalls (15), T J Maxx (10).

(4) Bed Bath & Beyond (7), Buy Buy Baby (2), Cost Plus (2).

(5) Includes delivery of new 35K square foot Whole Foods at The Shops on Lane Avenue, which shall replace current 9,500 square footage temporary space.

(6) Jewel-Osco (3), Save-A-Lot (1), Shoppers Food (1), Sunflower Market (1).

(7) Fashion Bug (5), Catherine's (4), Maurices (4), Justice (4), Dress Barn (3), Lane Bryant (2).

Ramco Gershenson Properties Trust
Leasing Activity - Consolidated and Unconsolidated Portfolios
December 31, 2012

	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF (3)

Total Comparable Leases (1)
4th Quarter 2012		53		253,626	$	12.51	$	11.83		5.7	%		4.5	$	2.27
3nd Quarter 2012		37		145,039	$	16.81	$	15.94		5.4	%		5.6	$	2.38
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
Total		222		1,189,169	$	12.54	$	11.99		4.6	%		4.8	$	1.34

Renewals
4th Quarter 2012		43		218,821	$	11.94	$	11.44		4.4	%		4.2	$	0.44
3nd Quarter 2012		31		131,110	$	16.30	$	15.61		4.4	%		5.3	$	0.06
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
Total		192		1,104,729	$	11.96	$	11.59		3.2	%		4.6	$	0.21

New Leases - Comparable
4th Quarter 2012		10		34,805	$	16.08	$	14.29		12.5	%		6.4	$	13.74
3nd Quarter 2012		6		13,929	$	21.63	$	19.03		13.6	%		8.5	$	24.17
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
Total		30		84,440	$	20.16	$	17.20		17.2	%		8.3	$	16.16

Total Comparable and Non-Comparable
4th Quarter 2012		81		431,295	$	13.73		N/A		N/A			6.8	$	15.33
3nd Quarter 2012		67		311,711	$	15.20		N/A		N/A			6.9	$	18.86
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
Total		330		1,797,509	$	12.96		N/A		N/A			6.0	$	11.24


(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.
(3) Tenant improvement costs include lease-specific costs (improvements and allowances) as well as certain landlord costs necessary to bring the space to leasable condition.

Ramco-Gershenson Properties Trust

Portfolio Summary Report

December 31, 2012

						Company Owned GLA
Property Name	Location	Ownership %		Number of Units		Total		Anchor		Non-Anchor		% Leased			% Occupied			ABR psf

Core Portfolio

Colorado [2]
Harvest Junction North	Longmont	100	%		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	%		23		176,960		111,423		65,537		96.6	%		96.6	%		14.57	Bed Bath & Beyond, Marshalls, Michaels, Ross Dress for Less, (Lowe's)
Total / Average					37		336,345		211,808		124,537		96.6	%		96.6	%	$	15.05

Florida [20]
Cocoa Commons	Cocoa	30	%		23		90,116		51,420		38,696		79.9	%		79.9	%	$	11.84	Publix
Coral Creek Shops	Coconut Creek	100	%		33		109,312		42,112		67,200		97.0	%		97.0	%		16.82	Publix
Cypress Point	Clearwater	30	%		23		167,280		103,085		64,195		93.3	%		93.3	%		11.60	Burlington Coat Factory, The Fresh Market
Kissimmee West	Kissimmee	7	%		17		115,586		67,000		48,586		92.7	%		92.7	%		11.64	Jo-Ann, Marshalls, (Super Target)
Marketplace of Delray	Delray Beach	30	%		49		238,901		107,190		131,711		90.1	%		88.9	%		12.23	Office Depot, Ross Dress for Less, Winn-Dixie
Martin Square	Stuart	30	%		15		331,105		291,432		39,673		91.5	%		91.5	%		6.35	Home Depot, Sears (2), Staples
Mission Bay Plaza	Boca Raton	30	%		57		263,721		148,245		115,476		95.1	%		92.8	%		21.63	The Fresh Market, Golfsmith, LA Fitness Sports Club, OfficeMax, Toys "R" Us
Naples Towne Centre	Naples	100	%		11		134,707		102,027		32,680		88.8	%		88.8	%		5.85	Beall's, Save-A-Lot, (Goodwill)
River City Marketplace	Jacksonville	100	%		70		551,428		323,907		227,521		98.8	%		98.8	%		16.44	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	%		16		62,038		37,888		24,150		97.7	%		97.7	%		12.28	Publix
Rivertowne Square	Deerfield Beach	100	%		14		146,843		107,583		39,260		90.4	%		90.4	%		8.00	Beall's Outlet, Winn-Dixie
Shoppes of Lakeland	Lakeland	100	%		23		183,842		115,541		68,301		97.3	%		97.3	%		12.14	Ashley Furniture, Michaels, Staples, T.J. Maxx (3), (Target)
The Crossroads	Royal Palm Beach	100	%		33		120,092		42,112		77,980		92.5	%		92.5	%		14.13	Publix
The Plaza at Delray	Delray Beach	20	%		48		326,824		189,295		137,529		97.9	%		94.1	%		16.12	Marshalls, Michaels, Publix, Regal Cinemas, Ross Dress for Less, Staples
Treasure Coast Commons	Jensen Beach	30	%		3		92,979		92,979		-		100.0	%		100.0	%		12.26	Barnes & Noble, OfficeMax, Sports Authority
Village Lakes Shopping Center	Land O' Lakes	100	%		27		186,313		93,456		92,857		63.6	%		60.7	%		8.87	Beall's Outlet, Ross Dress for Less (3)
Village of Oriole Plaza	Delray Beach	30	%		40		155,770		42,112		113,658		96.2	%		96.2	%		13.13	Publix
Village Plaza	Lakeland	30	%		25		146,755		64,504		82,251		70.0	%		70.0	%		12.98	Big Lots
Vista Plaza	Jensen Beach	30	%		11		109,761		78,658		31,103		99.0	%		99.0	%		13.33	Bed Bath & Beyond, Michaels, Total Wine & More
West Broward Shopping Center	Plantation	30	%		18		152,973		81,638		71,335		97.6	%		97.6	%		10.71	Badcock, DD's Discounts, Save-A-Lot, US Postal Service
Total / Average					556		3,686,346		2,182,184		1,504,162		92.2	%		91.5	%	$	13.09

Georgia [7]
Centre at Woodstock	Woodstock	100	%		14		86,748		51,420		35,328		84.5	%		84.5	%	$	11.40	Publix
Conyers Crossing	Conyers	100	%		14		170,475		138,915		31,560		100.0	%		100.0	%		5.21	Burlington Coat Factory, Hobby Lobby
Holcomb Center	Roswell	100	%		22		106,003		39,668		66,335		84.4	%		79.2	%		11.76	Studio Movie Grill
Horizon Village	Suwanee	100	%		22		97,001		47,955		49,046		72.0	%		70.1	%		11.28	Movie Tavern
Mays Crossing	Stockbridge	100	%		21		137,284		100,244		37,040		95.6	%		95.6	%		7.07	Big Lots, Dollar Tree, Value Village-Sublease of ARCA Inc.
Paulding Pavilion	Hiram	20	%		11		84,846		60,509		24,337		97.6	%		89.9	%		14.63	Sports Authority, Staples
Peachtree Hill	Duluth, GA	20	%		28		154,718		110,625		44,093		89.2	%		89.2	%		12.93	Kroger, LA Fitness
Total / Average					132		837,075		549,336		287,739		90.2	%		88.6	%	$	9.86

Illinois [3]
Liberty Square	Wauconda	100	%		26		107,369		54,522		52,847		79.4	%		79.4	%	$	13.82	Jewel-Osco
Market Plaza	Glen Ellyn	20	%		35		163,054		66,079		96,975		85.9	%		85.9	%		15.01	Jewel Osco, Staples
Rolling Meadows Shopping Center	Rolling Meadows	20	%		20		134,088		83,230		50,858		85.0	%		85.0	%		11.11	Jewel Osco, Northwest Community Hospital
Total/Average					81		404,511		203,831		200,680		83.9	%		83.9	%	$	13.40

Indiana [2]
Merchants' Square	Carmel	100	%		43		279,161		69,504		209,657		89.9	%		89.9	%	$	10.35	Cost Plus, Hobby Lobby (2), (Marsh Supermarket)
Nora Plaza	Indianapolis	7	%		25		139,905		57,713		82,192		93.1	%		93.1	%		13.37	Marshalls, Whole Foods, (Target)
Total/Average					68		419,066		127,217		291,849		91.0	%		91.0	%	$	11.39

Maryland [1]
Crofton Centre	Crofton	20	%		20		252,230		170,804		81,426		98.4	%		98.4	%	$	8.17	Gold's Gym, Kmart, Shoppers Food Warehouse
Total/Average					20		252,230		170,804		81,426		98.4	%		98.4	%	$	8.17

Michigan [26]
Beacon Square	Grand Haven	100	%	15	51,387	-	51,387	95.3	%	95.3	%	$	17.14	(Home Depot)
Clinton Pointe	Clinton Township	100	%	14	135,330	65,735	69,595	96.8	%	96.8	%		9.71	OfficeMax, Sports Authority, (Target)
Clinton Valley	Sterling Heights	100	%	18	201,115	106,027	95,088	97.8	%	97.8	%		11.38	DSW Shoe Warehouse, Hobby Lobby, Office Depot
Edgewood Towne Center	Lansing	100	%	17	85,757	23,524	62,233	93.1	%	93.1	%		9.72	OfficeMax, (Sam's Club), (Target)
Fairlane Meadows	Dearborn	100	%	31	157,246	56,586	100,660	98.3	%	98.3	%		13.95	Best Buy, Citi Trends, (Burlington Coat Factory), (Target)
Fraser Shopping Center	Fraser	100	%	8	68,326	32,384	35,942	100.0	%	100.0	%		6.98	Oakridge Market
Gaines Marketplace	Gaines Township	100	%	15	392,169	351,981	40,188	100.0	%	100.0	%		4.69	Meijer, Staples, Target
Hoover Eleven	Warren	100	%	48	280,788	147,667	133,121	90.8	%	90.8	%		11.69	Dunham's, Kroger, Marshalls, OfficeMax
Hunter's Square	Farmington Hills	30	%	37	354,323	197,149	157,174	98.3	%	98.3	%		16.16	Bed Bath & Beyond, Buy Buy Baby, Loehmann's, Marshalls, T.J. Maxx
Jackson Crossing	Jackson	100	%	61	398,526	222,192	176,334	95.7	%	95.4	%		9.82	Bed Bath & Beyond, Best Buy, Jackson 10 Theater, Kohl's, T.J. Maxx, Toys "R" Us, (Sears), (Target)
Jackson West	Jackson	100	%	6	210,374	175,001	35,373	97.5	%	97.5	%		7.41	Lowe's, Michaels, OfficeMax
Lake Orion Plaza	Lake Orion	100	%	9	141,073	126,195	14,878	100.0	%	100.0	%		4.07	Hollywood Super Market, Kmart
Lakeshore Marketplace	Norton Shores	100	%	20	342,854	244,089	98,765	98.0	%	98.0	%		8.35	Barnes & Noble, Dunham's, Elder-Beerman, Hobby Lobby, T.J. Maxx, Toys "R" Us, (Target)
Livonia Plaza	Livonia	100	%	20	136,616	93,574	43,042	93.0	%	93.0	%		10.21	Kroger, T.J. Maxx
Millennium Park	Livonia	30	%	16	272,568	206,850	65,718	99.2	%	97.4	%		14.13	Home Depot, Marshalls, Michaels, PetSmart, (Costco), (Meijer)
New Towne Plaza	Canton Township	100	%	15	192,587	126,425	66,162	100.0	%	100.0	%		10.49	Jo-Ann, Kohl's
Oak Brook Square	Flint	100	%	20	152,073	79,744	72,329	96.5	%	96.5	%		9.01	Hobby Lobby, T.J. Maxx
Roseville Towne Center	Roseville	100	%	9	246,968	206,747	40,221	100.0	%	91.5	%		6.80	Marshalls, Wal-Mart
Southfield Plaza	Southfield	100	%	25	185,409	128,339	57,070	97.7	%	97.7	%		8.30	Big Lots, Burlington Coat Factory, Marshalls
Tel-Twelve	Southfield	100	%	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	%	7	90,553	64,315	26,238	100.0	%	100.0	%		11.02	Jo-Ann, Staples, (Best Buy), (Costco), (Meijer), (Target)
The Shops at Old Orchard	West Bloomfield	30	%	20	96,994	36,044	60,950	92.9	%	92.9	%		18.05	Plum Market
Troy Marketplace	Troy	30	%	13	217,754	173,526	44,228	100.0	%	92.9	%		16.69	Airtime Trampoline, Golfsmith, LA Fitness, Nordstrom Rack, PetSmart, (REI)
West Oaks I	Novi	100	%	8	243,987	213,717	30,270	100.0	%	100.0	%		9.74	Best Buy, DSW Shoe Warehouse, Gander Mountain, Old Navy, Home Goods & Michaels-Sublease of JLPK-Novi LLC
West Oaks II	Novi	100	%	30	167,954	74,675	93,279	96.2	%	96.2	%		16.93	Jo-Ann, Marshalls, (Bed Bath & Beyond), (Big Lots), (Kohl's), (Toys "R" Us), (Value City Furniture)
Winchester Center	Rochester Hills	30	%	16	314,575	224,522	90,053	90.3	%	90.3	%		11.36	Bed Bath & Beyond, Dick's Sporting Goods, Marshalls, Michaels, PetSmart, (Kmart)
Total / Average				519	5,660,717	3,856,877	1,803,840	97.4	%	96.6	%	$	10.64

Missouri [3]
Central Plaza	Ballwin	100	%	16	166,431	103,592	62,839	100.0	%	100.0	%	$	10.71	Buy Buy Baby, Jo-Ann, OfficeMax, Ross Dress for Less
Heritage Place	Creve Coeur (St Louis)	100	%	38	269,185	157,946	111,239	90.5	%	90.5	%		13.29	Dierbergs Markets, Marshalls, Office Depot, T.J. Maxx
Town & Country Crossing	Town & Country	100	%	36	141,996	55,012	86,984	83.7	%	81.7	%		24.05	Whole Foods, (Target)
Total / Average				90	577,612	316,550	261,062	91.6	%	91.0	%	$	14.85

New Jersey [1]
Chester Springs Shopping Center	Chester	20	%	41	223,201	108,769	114,432	96.6	%	94.9	%	$	13.89	Marshalls, Shop-Rite Supermarket, Staples
Total / Average				41	223,201	108,769	114,432	96.6	%	94.9	%	$	13.89

Ohio [5]
Crossroads Centre	Rossford	100	%	20	344,045	244,991	99,054	93.7	%	93.7	%	$	8.57	Giant Eagle, Home Depot, Michaels, T.J. Maxx, (Target)
Olentangy Plaza	Columbus	20	%	41	253,474	139,130	114,344	95.0	%	95.0	%		10.53	Eurolife Furniture, Marshalls, Micro Center, Columbus Asia Market-Sublease of SuperValu, Tuesday Morning
Rossford Pointe	Rossford	100	%	6	47,477	41,077	6,400	100.0	%	100.0	%		10.33	MC Sporting Goods, PetSmart
Spring Meadows Place	Holland	100	%	29	261,452	160,335	101,117	95.6	%	95.6	%		10.52	Ashley Furniture, Big Lots, Guitar Center, OfficeMax, PetSmart, T.J. Maxx, (Best Buy), (Dick's Sporting Goods), (Kroger), (Sam's Club), (Target)
Troy Towne Center	Troy	100	%	18	144,485	86,584	57,901	97.3	%	97.3	%		6.45	Kohl's, (Wal-Mart Supercenter)
Total / Average				114	1,050,933	672,117	378,816	95.3	%	95.3	%	$	9.31

Tennessee [1]
Northwest Crossing	Knoxville	100	%	12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.74	HH Gregg, OfficeMax, Ross Dress for Less, (Wal-Mart Supercenter)
Total / Average				12	124,453	89,846	34,607	100.0	%	100.0	%	$	9.74

Virginia [2]
The Town Center at Aquia	Stafford	100	%	3	40,518	24,000	16,518	100.0	%	100.0	%	$	10.64	Regal Cinemas
The Town Center at Aquia Office(4)	Stafford	100	%	13	98,147	62,184	35,963	91.8	%	91.8	%		26.64	TASC
Total / Average				16	138,665	86,184	52,481	94.2	%	94.2	%	$	21.68

Wisconsin [4]
East Town Plaza	Madison	100	%	19	208,472	117,000	91,472	86.5	%	86.5	%	$	9.40	Burlington Coat Factory, Jo-Ann, Marshalls, (Menards), (Shopko), (Toys "R" Us)
Nagawaukee Center	Delafield	100	%	13	113,617	80,684	32,933	100.0	%	100.0	%		10.07	Kohl's, (Sentry Foods)
The Shoppes at Fox River	Waukesha	100	%	24	182,392	85,045	97,347	100.0	%	100.0	%		15.70	Pick N' Save, T.J. Maxx, (Target)
West Allis Towne Centre	West Allis	100	%	26	326,271	205,475	120,796	96.8	%	96.8	%		7.84	Burlington Coat Factory, Kmart, Office Depot, Xperience Fitness
Total / Average				82	830,752	488,204	342,548	95.3	%	95.3	%	$	10.33

CORE PORTFOLIO TOTAL / AVERAGE				1,768	14,541,906	9,063,727	5,478,179	94.6	%	94.0	%	$	11.54


Future Redevelopments / Available for Sale (5):
Promenade at Pleasant Hill	Duluth, GA	100	%	33	280,225	199,555	80,670	51.5	%	51.0	%	$	9.83	Farmers Home Furniture, Publix
Total / Average				33	280,225	199,555	80,670	51.5	%	51.0	%	$	9.83

Portfolio Under Redevelopment:
The Shops on Lane Avenue	Upper Arlington, OH	20	%	36	170,398	61,012	109,386	98.2	%	98.2	%	$	20.83	Bed Bath & Beyond, Whole Foods (3)
Total / Average				36	170,398	61,012	109,386	98.2	%	98.2	%	$	20.83

PORTFOLIO TOTAL / AVERAGE (CORE AND UNDER REDEV)				1,837	14,992,529	9,324,294	5,668,235	93.8	%	93.2	%	$	11.64

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.

Ramco-Gershenson Properties Trust
Redevelopment and Development Projects
December 31, 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	$	1,052	$	254


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 89,123 sf retail center anchored by Dick's Sporting Goods & Marshalls		2Q 2013		7.8	%	$	1,540		98.2	%	$	19,600	$	14,026	$	5,574


Land Available for Future Development and Sale					Carrying Value as of 12/31/12
Land held for future development (5)				$	61,312
Land available for sale (6)					20,234
Total				$	81,546

(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 and Jacksonville, FL.

(6) Primarily in Stafford County, VA and Hartland, MI.

Ramco-Gershenson Properties Trust
Acquisitions / Dispositions
December 31, 2012
(in thousands)


ACQUISITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Acquired	Ownership %			Purchase Price			Debt

Consolidated

Spring Meadows Place II	Holland, OH		49,644	12/19/12		100	%	$	2,367		$	-
The Shoppes at Fox River II	Waukesha, WI		47,058	12/13/12		100	%		10,394	*		-
Southfield Expansion	Southfield, MI		19,410	09/18/12		100	%		868			-
Shoppes of Lakeland	Lakeland, FL		183,842	09/06/12		100	%		28,000			-
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	%		38,181	*		-
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							$	149,960		$	-

*Includes land adjacent to the shopping center available for future development.


DISPOSITIONS
								Gross
Property Name	Location	GLA / Acreage		Date Sold	Ownership %			Sales Price (at 100%)			Debt Repaid		Gain (loss) on Sale (at 100%)

Consolidated

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

Mr. Clean 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

CVS Outparcel	Cartersville, GA		1.21	10/22/12		20	%	$	2,616		$	-	$	77
Wendy's Outparcel	Plantation, FL		1.00	09/28/12		30	%		1,063			-		627
Southfield Expansion	Southfield, MI		19,410	09/18/12		50	%		396			-		(138	)
Shoppes of Lakeland	Lakeland, FL		183,842	09/06/12		7	%		28,000			-		166
Autozone Outparcel	Cartersville, GA		0.85	09/10/12		20	%		939			-		89
Collins Pointe Shopping Center (1)	Cartersville, GA		81,042	06/01/12		20	%		4,650			-		(89	)
	Total unconsolidated joint venture's income producing dispositions							$	37,664		$	-	$	732	(2)


(1) Sale excludes two outparcels both of which were sold in the second half of 2012.
(2) Our proportionate share of the gain is included in earnings (loss) from unconsolidated joint ventures.

Ramco-Gershenson Properties Trust
Joint Venture Combined Balance Sheets
December 31, 2012
(in thousands)

	Ramco/Lion			Ramco 450						Total
	Venture LP			Venture LLC			Other			JV's
	Consolidated			Consolidated			JV's (1)			at 100%

ASSETS
Income producing properties, at cost:
Land	$	73,686		$	43,806		$	8,517		$	126,009
Buildings and improvements		475,300			268,207			51,554			795,061
Less accumulated depreciation and amortization		(84,390	)		(37,277	)		(8,325	)		(129,992	)
Income producing properties, net		464,596			274,736			51,746			791,078

Construction in progress		407			5,094			5			5,506
Net real estate	$	465,003		$	279,830		$	51,751		$	796,584


Cash and cash equivalents		8,057			7,156			1,111			16,324
Restricted cash		3,577			5,894			20			9,491
Accounts receivable, net		3,057			1,746			153			4,956
Other assets, net		15,891			8,481			1,488			25,860
TOTAL ASSETS	$	495,585		$	303,107		$	54,523		$	853,215


LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable	$	182,010		$	170,417		$	7,875		$	360,302
Accounts payable and accrued expenses		7,267			5,955			644			13,866
Total Liabilities		189,277			176,372			8,519			374,168

ACCUMULATED EQUITY		306,308			126,735			46,004			479,047

TOTAL LIABILITIES AND ACCUMULATED EQUITY	$	495,585		$	303,107		$	54,523		$	853,215


Total number of properties in each portfolio		15			8			3			26


										Total
										Investment in
EQUITY INVESTMENTS IN UNCONSOLIDATED ENTITIES										Uncons. JVs
Equity investments in unconsolidated entities	$	78,140		$	15,054		$	2,793		$	95,987
Total equity investments in unconsolidated entities	$	78,140		$	15,054		$	2,793		$	95,987



(1) Other JV's include joint ventures where we own 7%-20% of the sole property in the joint venture.

Joint Venture Contribution to Funds from Operations
For the Three Months Ended December 31, 2012
(in thousands)


	Ramco/Lion			Ramco 450						Total			Ramco
	Venture LP			Venture LLC			Other			JV's			Pro-Rata
	Consolidated (1)			Consolidated			JV's (2)			at 100%			Share

Total revenue	$	11,701		$	7,368		$	1,221		$	20,290		$	5,101

Operating expenses		3,389			2,710			477			6,576			1,623

Net operating income	$	8,312		$	4,658		$	744		$	13,714		$	3,478

Depreciation and amortization		3,703			2,242			452			6,397			1,600
General & administrative expense		48			50			15			113			26
Interest expense		2,381			2,562			75			5,018			1,242
Amortization of deferred financing fees		58			57			-			115			29
Provision for impairment (3)		-			-			6,910			6,910			-
Total other expense		6,190			4,911			7,452			18,553			2,897
Gain on early extinguishment of debt (4)		736			-			-			736			221
Gain on sale of land		(3	)		-			80			77			15

Net income (loss)	$	2,855		$	(253	)	$	(6,628	)	$	(4,026	)	$	817

Ramco ownership interest		30	%		20	%		7% - 20	%		N/A			N/A
Ramco's share of net income (loss)	$	858		$	(51	)	$	10			N/A		$	817
Addback: Management fee exp allocable to Ramco (5)		198			138			11			N/A			347
Earnings from unconsolidated joint ventures	$	1,056		$	87		$	21			N/A		$	1,164

Addback: Pro rata share of depreciation expense		1,111			448			41			N/A			1,600
Addback: Pro rata share of impairment provision (3)		-			-			-			N/A			-
Subtract: Pro rata share of gain on early extinguishment of debt		(221	)		-			-			N/A			(221	)
Funds from operations contributed by joint ventures	$	1,946		$	535		$	62			N/A		$	2,543

(1)	Ramco/Lion Venture LP Consolidated results include discontinued operations for the period presented.
(2)	Other JV's include joint ventures where we own 7%-20% of the sole property in the joint venture.
(3)	In the fourth quarter 2012 Ramco 191 joint venture recorded an impairment of $6.9 million. Ramco's pro-rata share excludes $1.4 million expense related to the impairment provision. Ramco recorded a $92,000 impairment, the extent of its equity in the entity and suspended equity method accounting. Our investment in the joint venture was zero at December 31, 2012.
(4)	In the fourth quarter 2012 RLV Gratiot Crossing conveyed title in lieu of repayment of its non-recourse mortgage note of $13.4 million which resulted in a gain on extinguishment of debt. The partnership had previously reported an impairment provision of $5.5 million.
(5)	Ramco's share of management fee expense is eliminated in consolidation.

Joint Venture Contribution to Funds from Operations
For the Twelve Months Ended December 31, 2012
(in thousands)


	Ramco/Lion			Ramco 450						Total			Ramco
	Venture LP			Venture LLC			Other			JV's			Pro-Rata
	Consolidated (1)			Consolidated			JV's (2)			at 100%			Share

Total revenue	$	48,523		$	27,084		$	7,480		$	83,087		$	20,815

Operating expenses		14,312			9,966			1,817			26,095			6,437

Net operating income	$	34,211		$	17,118		$	5,663		$	56,992		$	14,378

Depreciation and amortization		15,210			8,721			2,576			26,507			6,584
General & administrative expense		227			181			46			454			108
Interest expense		12,030			10,177			(47	)		22,160			5,583
Amortization of deferred financing fees		258			267			8			533			133
Provision for impairment (3)		-			-			7,622			7,622			50
Total other expense		27,725			19,346			10,205			57,276			12,458
Gain on early extinguishment of debt		736			-			275			1,011			337
Loss on sale of depreciable real estate		-			-			(61	)		(61	)		(75	)
Gain on sale of land		624			-			169			793			221

Net income (loss)	$	7,846		$	(2,228	)	$	(4,159	)	$	1,459		$	2,403

Ramco's share of net income (loss)	$	2,354		$	(446	)	$	495			N/A		$	2,403
Addback: Management fee exp allocable to Ramco (4)		786			401			56			N/A			1,243
Earnings (loss) from unconsolidated joint ventures (5)	$	3,140		$	(45	)	$	551			N/A		$	3,646

Addback: Pro rata share of depreciation expense		4,563			1,744			277			N/A			6,584
Addback: Pro rata share of impairment provision (3)		-			-			50			N/A			50
Addback: Pro rata share of depreciable real estate sold		-			-			75			N/A			75
Subtract: Pro rata share of gain on early extinguishment of debt		(221	)		-			(116	)		N/A			(337	)
Funds from operations contributed by joint ventures	$	7,482		$	1,699		$	837			N/A		$	10,018

(1)	Ramco/Lion Venture LP Consolidated results include discontinued operations for the period presented.
(2)	Other JV's include joint ventures where we own 7%-20% of the sole property in the joint venture.
(3)	Includes $6.9 million for Ramco 191 and $0.7 million for Ramco HHF KL. Ramco's pro-rata share excludes $1.4 million expense related to the impairment provision. Ramco recorded a $92,000 impairment, the extent of its equity in the entity and suspended equity method accounting. Our investment in the joint venture was zero at December 31, 2012.
(4)	Ramco's share of management fee expense is eliminated in consolidation.
(5)	Ramco's pro-rata share excludes $398k in costs associated with the liquidation of two joint ventures concurrent with the extinguishment of their debt. The costs are reflected in earnings (loss) from unconsolidated joint ventures on Ramco's statement of operations.

Ramco-Gershenson Properties Trust

Joint Venture Summary of Expiring GLA

December 31, 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 (2)			ABR psf		Number of Leases		GLA		% of GLA			% of ABR (2)			ABR psf

(3	)		-		-		0.0	%		0.0	%		-		19		57,845		2.9	%		2.8	%	$	15.55		19		57,845		1.2	%		1.4	%	$	15.55
2013			4		177,488		5.9	%		3.8	%		6.41		69		181,936		9.0	%		11.2	%		20.10		73		359,424		7.2	%		7.6	%		13.34
2014			6		215,135		7.1	%		6.0	%		8.48		92		294,222		14.6	%		14.8	%		16.41		98		509,357		10.1	%		10.6	%		13.06
2015			14		539,946		17.9	%		16.3	%		9.11		85		245,987		12.2	%		14.0	%		18.47		99		785,933		15.6	%		15.1	%		12.04
2016			10		345,596		11.5	%		12.2	%		10.70		67		226,103		11.2	%		13.8	%		19.93		77		571,699		11.4	%		13.1	%		14.35
2017			7		192,283		6.4	%		9.4	%		14.78		63		227,547		11.3	%		13.2	%		18.90		70		419,830		8.4	%		11.4	%		17.01
2018			6		236,207		7.8	%		8.1	%		10.42		33		133,003		6.6	%		7.4	%		18.08		39		369,210		7.3	%		7.8	%		13.18
2019			6		229,705		7.6	%		8.5	%		11.21		14		54,196		2.7	%		3.3	%		19.62		20		283,901		5.7	%		5.8	%		12.81
2020			3		191,092		6.3	%		2.6	%		4.16		14		43,565		2.2	%		3.2	%		23.65		17		234,657		4.7	%		2.9	%		7.78
2021			10		308,079		10.3	%		10.8	%		10.56		12		54,157		2.7	%		3.2	%		19.30		22		362,236		7.2	%		6.8	%		11.87
2022			3		81,626		2.7	%		2.4	%		8.71		20		109,362		5.4	%		6.2	%		18.49		23		190,988		3.8	%		4.4	%		14.31
2023	+		8		414,137		13.8	%		19.9	%		14.48		14		104,443		5.3	%		6.9	%		21.72		22		518,580		10.3	%		13.1	%		15.93
Sub-Total			77		2,931,294		97.3	%		100.0	%	$	10.31		502		1,732,366		86.1	%		100.0	%	$	18.80		579		4,663,660		92.9	%		100.0	%	$	13.46

Leased [4]			-		-		0.0	%		N/A			N/A		10		51,697		2.6	%		N/A			N/A		10		51,697		1.0	%		N/A			N/A

Vacant			3		82,226		2.7	%		N/A			N/A		96		226,316		11.3	%		N/A			N/A		99		308,542		6.1	%		N/A			N/A

Total			80		3,013,520		100.0	%		100.0	%		N/A		608		2,010,379		100.0	%		100.0	%		N/A		688		5,023,899		100.0	%		100.0	%		N/A

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

(2) Annualized base rent is 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.

Ramco-Gershenson Properties Trust
Joint Venture Leasing Activity
December 31, 2012

	Leasing Transactions		Square Footage		Base Rent PSF		Prior Rent PSF (2)		Rent Growth %			Wtd. Avg. Lease Term		TI's PSF (3)
Total Comparable Leases (1)
4th Quarter 2012		15		67,541	$	13.95	$	13.26		5.2	%		3.5	$	1.05
3rd Quarter 2012		16		71,716	$	16.40	$	15.52		5.7	%		5.8	$	0.47
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
Total		80		354,840	$	15.44	$	15.04		2.7	%		4.8	$	1.15

Renewals
4th Quarter 2012		12		57,544	$	13.34	$	12.86		3.7	%		3.3	$	0.36
3rd Quarter 2012		14		69,329	$	16.05	$	15.20		5.6	%		5.9	$	0.00
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
Total		70		331,891	$	14.95	$	14.56		2.7	%		4.7	$	0.38

New Leases - Comparable
4th Quarter 2012		3		9,997	$	17.50	$	15.55		12.5	%		5.0	$	5.04
3rd Quarter 2012		2		2,387	$	26.69	$	24.83		7.5	%		4.1	$	14.01
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
Total		10		22,949	$	22.47	$	21.95		2.3	%		6.4	$	12.35

Total Comparable and Non-Comparable
4th Quarter 2012		28		175,783	$	15.21		N/A		N/A			8.4	$	22.52
3rd Quarter 2012		26		112,563	$	16.07		N/A		N/A			5.9	$	8.25
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
Total		129		676,225	$	14.47		N/A		N/A			6.6	$	13.46


(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.
(3) Tenant improvement costs include lease-specific costs (improvements and allowances) as well as certain landlord costs necessary to bring the space to leasable condition.

Ramco-Gershenson Properties Trust
Consolidated Balance Sheets Detail
December 31, 2012
(in thousands)


	December 31,		December 31,
	2012		2011

Investment in real estate
Construction in progress	$	16,995	$	8,881
Land held for development or sale		81,546		78,668
Construction in progress and land held for development or sale	$	98,541	$	87,549


Other assets, net
Deferred leasing costs, net	$	18,067	$	14,895
Deferred financing costs, net		6,073		5,565
Lease intangible assets, net		25,611		13,702
Straight-line rent receivable, net		14,799		16,030
Prepaid and other deferred expenses, net		4,636		4,613
Other, net		3,767		4,431
Other assets, net	$	72,953	$	59,236


Other liabilities & distributions payable
Lease intangible liabilities, net	$	16,297	$	7,722
Cash flow hedge mark-to-market liability		5,574		2,828
Deferred liabilities		1,970		2,644
Tenant security deposits		1,948		1,866
Other, net		398		468
Distributions payable		10,379		8,606
Other liabilities & distributions payable	$	36,566	$	24,134