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Quarterly Financial and Operating Supplement for the Third Quarter Ended September 30, 2010

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Quarterly Financial and Operating Supplement for the Third Quarter Ended September 30, 2010 Quarterly Financial and Operating Supplement For the Third Quarter Ended September 30, 2010 Ramco‐Gershenson Properties Trust 31500 Northwestern Highway Suite 300 Farmington Hills, MI 48334 (248) 350‐9900 www.rgpt.com Ramco‐Gershenson Properties Trust Quarterly Financial and Operating Supplement September 30, 2010 (unaudited) TABLE OF CONTENTS Page Overview Company Information 2 Disclosures 3 Quarterly & Year‐to‐Date Financial Results Consolidated Balance Sheets 4 Consolidated Balance Sheets Detail 5 Consolidated Statements of Income 6 Consolidated Statements of Income Detail 7 Funds from Operations and Additional Disclosures 8 EBITDA 9 Quarterly & Year‐to‐Date Operating Information SameSame PropertiesProperties AnalysisAnalysis 10 Leasing Activity ‐ Consolidated & Unconsolidated Portfolios 11 Redevelopment and Development Projects 12 Debt and Market Capitalization Information Summary of Debt Expiration ‐ Consolidated Properties 13 Summary of Outstanding Debt ‐ Consolidated Properties 14 Consolidated Market Data 15 Portfolio Information Top Twenty Tenants 16 Summary of Expiring GLA 17 Portfolio Summary Report 18‐20 Joint Venture Information Joint Venture Combining Balance Sheets 21 Joint Venture Contribution to Funds from Operations 22 Summary of Joint Venture Debt 23 Joint Venture Same Properties Analysis 24 Joint Venture Leasing Activity 25 Joint Venture Summary of Expiring GLA 26 Page 1 of 26 Company Information: Ramco-Gershenson Properties Trust (NYSE:RPT) headquartered in Farmington Hills, Michigan, is a self-administered and self-managed real estate investment trust engaged in the business of owning, developing, acquiring, managing and leasing community shopping centers located primarily in the Midwestern, Southeastern and Mid-Atlantic United States. At September 30, 2010, the Company owned and managed a portfolio of 88 shopping centers with approximately 20.0 million square feet of gross leasable area, of which 15.4 million is owned by the Company or its joint ventures. The shopping centers are located in Michigan, Florida, Ohio, Georgia, Wisconsin, Indiana, New Jersey, Maryland, South Carolina, Virginia, Tennessee and Illinois. Geographic Diversification by Annualized Base Rent:(1) All Others 14% Georgia Michigan 6% 42% Ohio 8% Florida 30% (1) Total portfolio including joint ventures. Investor Relations: Analyst Coverage: Dawn L. Hendershot Deutsche Bank Keefe, Bruyette & Woods RBC Capital Markets Director of IR and Corporate Communications Vincent Chao, CFA Benjamin Yang, CFA Richard C. Moore, CFA Ramco-Gershenson Properties Trust 212.250.6799 415.591.1631 440.715.2646 31500 Northwestern Highway, Suite 300 [email protected] [email protected] [email protected] Farmington Hills, MI 48334 Phone: (248) 592-6202 J.P. Morgan KeyBanc Capital Markets Stifel Nicolaus Michael W. Mueller, CFA Todd M. Thomas, CFA Nathan Isbee E-mail: [email protected] 212.622.6689 917.368.2286 443.224.1346 Website: www.rgpt.com [email protected] [email protected] [email protected] Page 2 of 26 Ramco‐Gershenson Properties Trust Quarterly Financial and Operating Supplement September 30, 2010 (unaudited) Disclosures Forward‐Looking Statements Certain information contained in this Quarterly Financial and Operating Supplemental Information Package 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 U.S. recession; (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, 2009. Copies of each filing mamayy be obtained ffromrom the comcompanypany or the Securities & ExchanExchangege Commission.Commission. Funds From Operations Management considers funds from operations ("FFO") an appropriate supplemental measure of the financial performance of an equity REIT. Under the NAREIT definition, FFO represents net income attributable to common shareholders, excluding extraordinary items, as defined under accounting principles generally accepted in the United States of America ("GAAP"), gains (losses) on sales of depreciable property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures. FFO should not be considered an alternative to GAAP net income attributable to common shareholders as an indication of our performance. We consider FFO as a useful measure for reviewing our comparative operating and financial performance. 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 companies. Page 3 of 26 Ramco‐Gershenson Properties Trust Consolidated Balance Sheets As of September 30, 2010 (unaudited) (in thousands) September 30, December 31, 2010 2009 ASSETS Income producing properties, at cost: Land $ 105,013 $ 99,147 Buildings and improvements 817,165 818,143 Less accumulated depreciation and amortization (204,279) (191,156) Income producing properties, net 717,899 726,134 Construction in progress and land held for development or sale (including $25,832 and $0 of consolidated variable interest entities, respectively) 90,709 78,161 Net real estate$ 808,608 $ 804,295 Equity investments in unconsolidated joint ventures 103,822 97,506 Cash and cash equivalents 5,525 8,800 Restricted cash 7,969 3,838 Accounts receivable, net 30,419 31,900 Notes receivable from unconsolidated joint ventures 16,824 12,566 Other assets, net 37,654 39,052 TOTAL ASSETS$ 1,010,821 $ 997,957 LIABILITIES AND SHAREHOLDERS' EQUITY Mortgages and notes payable (including $4,605 and $0 of $ 538,177 $ 552,551 consolidated variable interest entities, respectively) Capital lease obligation 6,713 6,924 Accounts payable and accrued expenses 23,135 26,440 Distributions payable 6,627 5,477 TOTAL LIABILITIES$ 574,652 $ 591,392 Ramco‐Gershenson Properties Trust shareholders' equity: Common shares of beneficial interest, $0.01 par, 45,000 shares authorized, 37,947 and 30,907 shares issued and oustanding as of September 30, 2010 and December 31, 2009, respectively $ 379 $ 309 Additional paid‐in capital 562,934 486,731 Accumulated distributions in excess of net income (163,587) (117,663) Accumulated other comprehensive loss (380) (2,149) TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT 399,346 367,228 Noncontrolling interest 36,823 39,337 TOTAL SHAREHOLDERS' EQUITY 436,169 406,565 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 1,010,821 $ 997,957 Page 4 of 26 Ramco‐Gershenson Properties Trust Consolidated Balance Sheets Detail As of September 30, 2010 (unaudited) (in thousands) September 30, December 31, 2010 2009 Investment in Real Estate Construction in progress$ 1,698 $ 8,225 Land held for development or sale(1) 89,011 69,936 Construction in progress and land held for development or sale$ 90,709 $ 78,161 Accounts Receivable Tenant accounts receivable, net$ 12,390 $ 14,786 Straight‐line rent receivable, net 18,029 17,114 Accounts receivable, net $ 30,419 $ 31,900 Other Assets Deferred leasinleasingg costs$ 4242,396,396 $ 4040,922,922 Lease intangible assets 11,500 5,836 Deferred financing costs 6,714 10,525 Other 6,329 6,162 66,939 63,445 Less accumulated amortization (42,062) (37,766) 24,877 25,679 Prepaid expenses and other 12,777 13,373 Other assets, net$ 37,654 $ 39,052 (1) Refer to page 12 for a detailed breakdown of investment amount. Page 5 of 26 Ramco‐Gershenson Properties Trust Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2010 (unaudited) (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, Increase Increase 2010 2009 (Decrease) 2010 2009 (Decrease) REVENUE Minimum rent$ 20,178 $ 20,157 $ 21 $ 60,812 $ 62,568 $ (1,756) Percentage rent 137 397 (260) 353 650 (297) Recovery income from tenants 6,873 7,628 (755) 22,171 24,704 (2,533) Other property income 324 (65) 389 2,704 956 1,748 Management and other fee income 904 1,410 (506) 3,159 4,036 (877) TOTAL REVENUE 28,416 29,527 (1,111) 89,199 92,914 (3,715) EXPENSES Real estate taxes 3,816 4,452 (636) 12,777 13,773 (996) Recoverable operating expense 3,527 3,351 176 10,937 11,438 (501) Other non‐recoverable operating expense 940 428 512 2,809 1,960 849 Depreciation and amortization 7,546 7,602 (56) 22,864 23,219 (355) General and administrative 4,552 3,395 1,157 13,150 12,041 1,109 TOTAL EXPENSES 20,381 19,228 1,153 62,537 62,431 106 INCOME BEFORE OTHER INCOME, EXPENSES AND DISCONTINUED OPERATIONS 8,035 10,299 (2,264) 26,662 30,483 (3,821) OTHER INCOME AND EXPENSES Other income (expense) (388) 227 (615) (1,021) 558 (1,579) Gain on sale of real estate 1,633 4,610 (2,977) 2,132 5,011 (2,879)
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