Financial Data as of March 31, 2008
Financial Data as of March 31, 2008 Page 0
Building The FutureCorporate PresentationNAREIT Investor ForumJune 2008
Financial Data as of March 31, 2008
Financial Data as of March 31, 2008 Page 1
Company Overview
• Community shopping center portfolio anchored by leading national anchor tenants including grocery stores and discount department stores
• Geographic concentration in the Midwest, Southeast and Mid-Atlantic United States
• Focused on opportunistic acquisitions, development of new shopping centers and value-added redevelopments
Ramco-Gershenson is a shopping center REIT located in Farmington Hills, Michigan. Our goal is to generate long-term shareholder value through the ownership and management of a premier shopping center portfolio.
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Portfolio Summary
89 Shopping Centers in 13 States
• 53.5% Midwest • 41.5% Southeast • 5.0% Mid-Atlantic
19.9 Million Square Feet of GLA • 88 Community Centers • 1 Regional Mall
Same Center Portfolio 94.2% leased
Corporate Office
Regional Office
Portfolio Shopping Centers
New Developments
Canton
Novi
Taylor
Auburn Hills
Madison Heights
224,000 Avg. GLA2.9 Avg. No. of Anchors
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Strong Markets
MichiganFloridaOhioGeorgiaIndianaWisconsin
The majority of RPT’s shopping centers are located in metropolitan markets with attractive demographics.
41%31%8%5%3%2%
$78,746$70,343$66,398$84,675$98,576$58,958
195,427153,439176,425138,355159,642309,791
Location Est. Population [1]Est. HH Income[1]% of Base Rent
[1]Source CoStar Group. Numbers represent weighted averages for 5 Mile Trade Area.
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Diversified Tenant Mix
• Limited exposure to any single retailer• 82% of base rental revenues from national and
regional tenants
69%13%
18%
National 69%
Regional 13%
Local 18%
Major Tenants:Annualized
Base Rent
% of Company Base Rent Revenues
TJ Maxx/MarshallsPublixHome DepotWal-MartOfficeMaxLinens ‘N Things*KmartJo-Ann
$ 5,660,602$ 4,534,891$ 3,259,492$ 3,232,787$ 3,173,220$ 3,052,262$ 2,717,603$ 2,480,777
3.6%2.9%2.1%2.1%2.0%2.0%1.7%1.6%
*7 total: 4 closing (3 JV, 1 wholly-owned)
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Clear Business Strategy
The Company is focused on a dynamic business model to deliver sustainable FFO growth while maintaining a strong balance sheet and attractive dividend.
Experienced Management Team
High Quality Portfolio Generating Stable NOI
Growth
Co-Investment Joint Venture Strategy and Capital
Recycling to Self Fund Business Plan
Sustainable FFO GrowthStrong Balance Sheet
Long-Term Shareholder Value
Robust Development and Redevelopment Pipeline
Generating Attractive Returns and Significant Value
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Development Strategy
• Serve the growth needs of metropolitan markets
• Proven development formats driven by needs of the community
• Generate targeted unlevered stabilized returns of between 9% and 10%
Our robust development program is designed to generate attractive returns and create long-term value.
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Development Pipeline
Property/Location Project Description
RPT Ownership
%
Projected Stabilization
Date
Stabilized Return on
Cost
Projected Stabilized
NOI Projected
CostCost to
Date
Current Development Projects
On-Balance Sheet Assets
Northpointe Town Center - Jackson, MI 550,000 SF town center project 100% Q4 2010 9% $6.6 $74.2 $1.4
Rossford Pointe - Rossford, OH <100,000 SF mid-box project 100% Q3 2009 10% $0.8 $8.3 $5.6
Total On-Balance Sheet Assets 9% $7.4 [1] $82.5 $6.9
Off-Balance Sheet Assets
Hartland Towne Square - Hartland Twp., MI 500,000 SF power center project 20% Q1 2011 7% $3.9 $52.0 $9.6
Total Off-Balance Sheet Assets 7% $3.9 [1] $52.0 $9.6RPT Share of Total Off-Balance Sheet Assets 7% $0.8 [1] $10.4 $1.9
Proposed Off-Balance Sheet Assets
The Town Center at Aquia - Stafford, VA 725,000 SF mixed-use project 20% Q1 2011 9% $16.9 $189.0 $46.4 [2]
Lakeland II - Lakeland, FL 375,000 SF power center project 20% Q3 2011 9% $5.7 $63.0 $10.6
Total Proposed Off-Balance Sheet Assets 9% $22.5 [1] $252.0 $57.0RPT Share of Total Proposed Off-Balance Sheet Assets 9% $4.5 [1] $50.4 $11.4
RPT Share of Current Developments 9% $12.7 [1] $143.3 $20.3[1] Does not include gains on sales held in TRS or fee revenue.
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Development Case Study-RCMP Jacksonville, Florida• Approximately $100.0 million investment in 1.2 million square foot
power/lifestyle center strategically located near Jacksonville International Airport
• Created $40 million of value for shareholders-$2.00 per share
• Earned development, leasing and management fees of approximately $9.5 million
• Projected future share of Tax Incremental Financing of $12 million
• Expected after tax gains on outlot sales of $9.6 million
• Stabilized Net Operating Income of $8.7 million
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Hartland Towne Square Hartland, Michigan• 500,000 square foot traditional community center
development to be anchored by a Meijer department store and home improvement superstore
• Bedroom community centrally located between four major business centers
• Part of retail hub with Target and Wal-Mart
• Superior access off newly-constructed US-23/M-59 interchange
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Northpointe Towne Center Jackson, Michigan• 550,000 square foot town center development to include
retail, entertainment and office components
• In response to strong retailer demand currently not represented in market at two existing Ramco centers
• Superior access off two expressway interchanges (I-94 an I-127)
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The Town Center at Aquia Stafford, Virginia• Transformation of former community shopping center to 725,000 SF
mixed-use complex to include office, specialty retail and entertainment uses on 35 acre site
• High growth corridor, 25 miles south of Washington, D.C., 5 miles south of Quantico
• Superior demographics and excellent access off major expressways
• 100,000 SF Class-A office building, 77% leased with Northrop Grumman as lead tenant
• 14 Screen, 55,000 SF state-of-the-art Regal cinema complex
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Lakeland II Lakeland Florida• 375,000 SF community center located adjacent to RPT’s 300,000 SF
Shoppes of Lakeland center anchored by Target, Michaels and Ashley Furniture
• Superior visibility and access from Interstate I-4
• Part of a growing trade area of 230,000 people, expected to increase by 8.0% over the next five years
• Creative vision and execution of development opportunity in response to tenant demand
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Redevelopment Strategy
• Since 1996, the Company has spent $137 million for 45 shopping center value-added redevelopments producing an average return on new dollars invested of 11.7%
• Projects designed to improve the credit-quality of the income stream and expand the draw of our centers through broadening of the tenant mix
• Pipeline of 11 active projects: a number of which are at over-performing centers
• Stabilized return target of 12%
Throughout its history, RPT has capitalized on value-added redevelopment opportunities to generate superior returns within its shopping center portfolio.
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Redevelopment Pipeline
Property/Location Project Description
RPT Ownership
%
Projected Stabilization
Date
Stabilized Return on
Cost
Projected Stabilized
NOI [1]Projected
CostCost to Date
4/1/08 - 12/31/08 2009 2010
Current Redevelopment Projects
On-Balance Sheet Assets
Oakbrook Square - Flint, MI Adding a 55,000 SF Hobby Lobby, replacing and expanding 32,000 SF mid-box user.
100% Q4 2008 11.6% $0.4 $3.1 $0.4 $2.7 $0.0 $0.0
West Allis - West Allis, WI Relocating existing tenants, adding national soft good retailer and other tenants, building 2 outlots and upgrading façade.
100% Q1 2010 10.0% $1.3 $12.8 $3.7 $2.9 $5.5 $0.6
Holcomb - Roswell, GA Adding proto-type movie theater. 100% Q1 2009 10.9% $0.2 $2.1 $0.1 $1.4 $0.6 $0.0
Southbay - Osprey, FL Adding freestanding drug store, retenanting space and demolishing vacated space.
100% Q3 2009 16.2% $0.1 $0.9 $0.0 $0.5 $0.4 $0.0
Hoover Eleven - Warren, MI Expanding Kroger Supermarket by 12,000 SF. 100% Q2 2009 127.9% $0.1 $0.1 $0.0 $0.1 $0.0 $0.0
Total On-Balance Sheet Assets 11.3% $2.1 $18.9 $4.3 $7.6 $6.5 $0.6
Off-Balance Sheet Assets
Paulding Pavilion - Hiram, GA Replacing and expanding former Publix space with Sports Authority and Staples, adding 4,000 SF outlot building.
20% Q4 2008 10.7% $1.0 $9.1 $5.3 $3.9 $0.0 $0.0
Troy Marketplace - Troy, MI Retenanting 97,000 SF Home Expo with LA Fitness and additional mid-box uses.
30% Q4 2009 23.0% $2.1 $9.3 $4.1 $2.5 $2.7 $0.0
Old Orchard - West Bloomfield, MI Retenanting former Farmer Jack with 37,000 SF Plum Market (gourmet grocery).
30% Q3 2009 12.3% $0.9 $7.1 $2.5 $2.7 $1.9 $0.0
Collins Pointe Plaza - Cartersville, GA Retenanting Winn-Dixie, building additional outlot and small-shop retail space.
20% Q3 2009 15.1% $0.7 $4.7 $0.0 $1.9 $2.8 $0.0
Cocoa Commons - Cocoa Beach, FL Constructing 15,000 SF of additional retail space.
30% Q1 2009 12.4% $0.3 $2.4 $0.7 $1.7 $0.0 $0.0
Market Plaza - Glen Ellyn, IL Adding a 19,849 SF Staples. 20% Q1 2009 16.6% $0.2 $1.4 $0.0 $1.2 $0.3 $0.0
Total Off-Balance Sheet Assets 15.4% $5.2 $34.0 $12.6 $13.7 $7.7 $0.0RPT Share of Total Off-Balance Sheet Assets 15.8% $1.4 $8.7 $3.3 $3.4 $2.0 $0.0
RPT Share of Current Redevelopments 12.7% $3.5 $27.6 $7.5 $11.0 $8.5 $0.6
Estimated Additional Costs
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Active Redevelopment-West Allis Madison, Wisconsin
Project Summary:Replacing underperforming regional tenants with national soft goods retailer and other tenants as well as adding two outlot buildings.
Demographics:
3 Mile StatsPopulation: 172,813Avg. H.H. Income: $53,032
5 Mile StatsPopulation: 447,281Avg. H.H. Income: $52,005
10 Mile StatsPopulation: 967,634Avg. H.H. Income: $59,794
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Active Redevelopment-Old Orchard West Bloomfield, Michigan
Project Summary:Complete upgrade of existing community shopping center replacing former Farmer Jack space with 37,000 SF Plum Market, an upscale specialty grocer, as well as other popular destination retailers.
Demographics:
3 Mile StatsPopulation: 56,100Avg. H.H. Income: $138,838
5 Mile StatsPopulation: 145,964Avg. H.H. Income: $129,435
10 Mile StatsPopulation: 703,743Avg. H.H. Income: $94,982
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Asset Management StrategyWe are committed to generating reliable internal growth by improving existing rental rates and increasing the overall occupancy in our shopping center portfolio.
• Historically have retained over 75% of expiring leases, achieving rental increases of 8-10% over prior rents paid
• Compounded average portfolio rental rate growth of 5% over the last five years
• Superior operating expense recovery ratios of between 98% and 99% annually
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Co-Investment Acquisition Strategy
• Leverage equity
• Mitigate risk
• Produce superior returns
Our joint venture acquisition strategy is designed to...
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Co-Investment Acquisition Strategy
Joint Venture Capital Structure
Ramco's Equity
$104,306
JV Partner'sEquity
$340,577 Debt
$439,252
The Company has acquired approximately $900,000 million in shopping center assets in four years with an eye for generating improved returns through value-added redevelopment opportunities.
($1,000)$1,000$3,000$5,000$7,000$9,000
$11,000$13,000
Joint Venture Recurring Income
Recurring Fees $940.9 $1,376.6 $2,258.8 $3,257.0
NOI Contribution toFFO
$4,237.2 $5,523.7 $6,608.4 $9,026.1
Actual Actual Actual Forecast
2005 2006 2007 2008
($ in thousands)
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Co-Investment Acquisition StrategyThe Shops on Lane Avenue
Upper Arlington, OHAcquired October 2008
After
Before
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Meeting Capital RequirementsRamco-Gershenson’s 2008 capital plan is primarily self-funded and will provide ample funds to carry out a strategic business plan that is designed to maximize shareholder value.
34%
30% 36%
46%
33%
21%
SOURCES OF CAPITAL USES OF CAPITAL
1 Contribution of Development Properties $46.02 Sale/Contribution of Core Assets 42.03 Revolving Line of Credit Availability 37.0
Total Sources $125.0 MM
1 Equity Contributions Redevelopment $11.02 Equity Contribution Development 8.03 Equity Contribution JV Acquisitions 5.2
Total Uses $24.2 MM
2113
2
3
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Capital Structure($ in thousands)
12/31/07 3/31/08Consensus
NAV
Debt:
Fixed Rate Debt $503,266 $522,183 $522,183
Variable Rate Debt 187,536 169,093 169,093
Total Debt $690,802 $691,276 $691,276
Common Equity:
Share price $21.37 $21.11 $34.32
Common equity $394,692 $392,005 $637,310
OP units 62,375 61,616 100,174
Total Common Equity $457,067 $453,621 $737,484
Total Capitalization $1,147,869 $1,144,897 $1,428,760
Four loans coming due in 2008, the largest is $150 million unsecured revolving credit facility, which the Company plans to extend at its option in December.
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Manageable Debt Maturities
Unsecured Revolving Credit Facility, $150.0
Plaza at Delray Mortgage, $43.3
Secured Term Loan, $40.0
Beacon Square Construction Loan, $8.5
Ramco-Gershenson has only four debt instruments coming due in 2008. The largest is our $150 million unsecured revolving line of credit, which at our option will be extended in December.
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$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2004 2005 2006 2007 2008
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2004 2005 2006 2007 2008
Secure Dividend2004 2005 2006 2007 2008E
FFO per share $2.07 $2.42 $2.54 $2.56 $2.53
Less Distributions $1.68 $1.75 $1.79 $1.85 $1.85
Retained FFO $0.39 $0.67 $0.75 $0.71 $0.68
FFO Payout Ratio 81.2% 72.4% 70.6% 72.2% 73.1%
FFO PayoutFFO Payout
2004 2005 2006 2007 2008E
FAD per share $1.99 $2.17 $2.29 $2.41 $2.43
Less Distributions $1.68 $1.75 $1.79 $1.85 $1.85
Retained FAD $0.31 $0.42 $0.50 $0.56 $0.58
FAD Payout Ratio 84.4% 80.8% 78.1% 76.8% 76.1%
FAD PayoutFAD Payout
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Outstanding Investment
• Exceptional assets in desirable markets
• Well-defined business plan with minimal risk
• Secure dividend
• Multiple discount to peer group