Ramco-Gershenson Properties Trust Reports Results for Third Quarter 2007

Company Highlights for the Third Quarter 2007:

Financial Results

For the three months ended September 30, 2007, diluted Funds from Operations (FFO) increased 4.4% to $14.1 million compared with $13.5 million for the three months ended September 30, 2006. On a per share basis, diluted FFO increased 4.8% to $0.66, compared with $0.63 in 2006. Total revenues decreased 2.6% to $37.8 million, compared to $38.8 million in 2006, as a result of transferring assets to a number of the Company’s joint ventures. Income from continuing operations for the quarter was $3.3 million, or $0.15 per diluted share, compared to $4.5 million, or $0.17 per diluted share in 2006, as a result of decrease in the gains on sale of real estate assets.

For the nine months ended September 30, 2007, diluted FFO increased 1.7% to $41.3 million compared with $40.6 million for the nine months ended September 30, 2006. On a per share basis, diluted FFO increased 2.1% to $1.92, compared with $1.88 in 2006. Total revenues increased 1.1% to $115.1 million, compared to $113.8 million in 2006. Income from continuing operations was $38.2 million, or $1.96 per diluted share, compared to $13.5 million, or $0.51 per diluted share in 2006. Income from continuing operations was positively impacted by a $26.7 million (net of minority interest) gain on the sale of real estate assets in 2007.

“I am pleased to report positive earnings and solid operational results for the quarter,” said Dennis Gershenson, President and Chief Executive Officer. “The Company continues to source acquisitions for its joint ventures and during the quarter we completed our $450 million commitment with ING Clarion. Our development pipeline now includes four projects that are all moving through the entitlement process. We are very enthusiastic about the value-added redevelopment opportunities in our core portfolio and have identified 14 additional projects, which will commence throughout the remainder of 2007 and into 2008. Our goal is to continue to execute a business plan this year and next that generates long-term growth and maximizes shareholder value.”

Operating Highlights

Joint Venture Acquisitions

During the quarter, the Company acquired the Old Orchard shopping center in West Bloomfield, Michigan, as part of its joint venture with ING Clarion. Old Orchard is a 95,000 square foot shopping center previously anchored by a 54,000 square foot Farmer Jack (A & P) Supermarket. The center’s location in an affluent, densely populated trade area creates a unique opportunity to completely redevelop the property. The purchase of this asset plus the redevelopment capital anticipated for the center will fill the $450 million commitment for the ING Clarion joint venture, which was formed in December 2004. Additional acquisitions for this joint venture will be subject to the approval of the partnership on an asset by asset basis.

During the quarter, the Company also acquired Nora Plaza in Indianapolis, Indiana, through a newly formed joint venture with Heitman LLC. Nora Plaza is a 264,000 square foot community shopping center anchored by Wild Oats Natural Marketplace, Marshalls and Target, a shadow anchor. Ramco-Gershenson holds a 7% interest in the joint venture.

Development

As previously announced, the Company is in various stages of development on a number of new projects, each located at major highway interchanges in metropolitan markets:

During the quarter, the Company made substantial progress on one additional development. The project is located in central Florida in close proximity to a number of the Company’s existing shopping centers. The planned development will encompass approximately 300,000 square feet of retail space in a traditional power center format. The estimated project cost is $45 million.

Also during the quarter, the Company completed the sale of a 2.5 acre parcel adjacent to its River City Marketplace in Jacksonville, Florida, to a joint venture of which the Company is a partner. Ramco-Gershenson will develop and lease the parcel earning market fees for its services. After this sale, only four outlots and 13,000 square feet of in-line space, in a project encompassing over 900,000 square feet, remain to be leased at the property.

Redevelopment

During the quarter, the Company commenced three additional value-added redevelopment projects. Two of the projects are at shopping centers purchased this year through the Company’s ING Clarion joint venture. At the Old Orchard shopping center in West Bloomfield, Michigan, a complete shopping center revitalization including the retenanting of a 54,000 square foot anchor space previously occupied by a Farmer Jack (A & P) Supermarket is currently underway. At Cocoa Commons in Cocoa Beach, Florida, construction has begun for 15,000 square foot of additional small shop space, doubling the amount currently available at the center. The third project at Holcomb Center in Roswell, Georgia, involves the retenanting of a vacant 40,000 square foot A & P Supermarket. Fa?ade and structural improvements will accompany the retenanting at this wholly-owned asset.

At September 30, 2007, including the projects mentioned above, the Company was actively redeveloping seven shopping centers impacting approximately 415,000 square feet with a total estimated project cost of $34.7 million. In addition, the Company has identified 14 new value-added redevelopment projects at Company owned or joint venture assets, which should commence over the next 15 months.

Leasing

During the third quarter, for both core and joint venture properties, 20 new non-anchor stores opened in 63,134 square feet, at an average base rent of $18.77 per square foot, an increase of 19.5% over portfolio average rents. In addition, 21 non-anchor leases were renewed impacting 83,947 square feet, at an average base rent of $14.95 per square foot, an increase of 11.6% over prior rental rates. Same center property operating income for the quarter increased 2.3%. At September 30, 2007, the portfolio was 93.7% occupied.

Debt and Market Capitalization

Total debt at quarter-end was approximately $676.4 million with an average interest rate of 6.1% and an average maturity of 52 months. Of that total, $557.2 million was fixed rate debt and $119.2 million was variable rate debt. As of September 30, 2007, debt to market capitalization was 49.4% and total capitalization approximated $1.4 billion.

Preferred Share Redemption/Dividend

Subsequent to quarter-end, the Company announced that it will redeem all of its outstanding 9.5% Series B cumulative convertible preferred shares of beneficial interest, (NYSE: - ) on November 12, 2007. The 1,000,000 Series B preferred shares will be redeemed at $25.00 per share, plus accrued and unpaid dividends.

On October 2, 2007, the Company paid a third quarter common share dividend of $0.4625 per share and a third quarter dividend of $0.5938 per Series B cumulative redeemable preferred share for the period of July 1, 2007 through September 30, 2007, to shareholders of record on September 20, 2007.

Earnings Guidance/Conference Call

The Company expects 2007 annual diluted FFO per share to be between $2.61 and $2.69. In addition, the Company expects earnings per diluted common share to be between $2.10 and $2.20.

Management considers funds from operations, also known as “FFO” to be an appropriate supplemental measure of financial performance for a REIT. Please see the reconciliation of funds from operations to net income later in this press release.

Ramco-Gershenson will host a live broadcast of its third quarter conference call on Wednesday, October 24, 2007, at 10:00 a.m. eastern time, to discuss its financial results. The live broadcast will be available online at and and also by telephone at (866) 202-4683, passcode 82236307. A replay will be available shortly after the call on the aforementioned websites (for ninety days) or by telephone at (888) 286-8010, passcode 76829975 (for one week).

Supplemental financial information is available via e-mail by sending requests to and is also available at the investor section of our web page.

Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally. The Trust owns interests in 86 shopping centers totaling approximately 19.2 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, and Maryland. For further information on Ramco-Gershenson Properties Trust visit the Trust’s website at .

This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary. These include general economic conditions, the strength of key industries in the cities in which the Trust’s properties are located, the performance of the Trust’s tenants at the Trust’s properties and elsewhere and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission.