Analyst/Investor Meeting June 26, 2007 Page 1 Presentation Agenda - PDF document

Analyst/Investor Meeting June 26, 2007 Page 1

Presentation Agenda • Introduction – Mr. Dennis Gershenson • Special Guest Speaker – Mr. L. Brooks Patterson, Oakland County Executive Event Overview • – Mr. Dennis Gershenson Development • – Mr. Thomas Litzler • Asset Management – Mr. Michael Sullivan • Acquisitions – Mrs. Catherine Clark Closing Remarks • – Mr. Dennis Gershenson Page 2

Mr. Dennis Gershenson Chairman, President and CEO Page 3

Mr. L. Brooks Patterson Oakland County Executive L. Brooks Patterson was elected to a fourth four-year term as Oakland County Executive by an overwhelming electoral margin in November 2004. As the chief elected official of one of America’s most affluent and progressive counties, Mr. Patterson presides over an $822 million dollar annual budget (as of October 1, 2006) and a county workforce of more than 4,500 employees. During the 14 years of the Patterson administration, Oakland County government has earned respect from Wall Street for its solid tax base and sound financial policies by attaining and maintaining a coveted AAA bond rating, which only 34 of the nations 3,200 counties have received . Page 4

Event Overview • Demonstrate the continued strength and viability of our Michigan assets • Outline our business strategy in our three core disciplines for sustainable FFO growth • Showcase depth of management team Page 5

Portfolio Overview 84 Shopping Centers in 12 States Auburn Hills Novi • 31 Michigan centers* Canton Madison Heights • 25 Florida centers Taylor 18.8 Million Square Feet of GLA • 83 Community centers • 1 Regional mall •High barriers to entry •Value-added redevelopment opportunities Corporate Office *Consolidation of Clinton Valley Regional Office and Southfield Plaza Portfolio Shopping Centers Page 6

Mr. Thomas Litzler Executive Vice President, Development and New Business Initiatives Page 7

Development Profile • Department overview Wide range of capabilities and expertise • What is really attractive at Ramco An outsiders view • Nimble like a private company Strategic and more effective than the large national firms Page 8

Development Strategy Choosing a Development • – Tenant driven – Opportunistic – Demographic profile – Hybrid Trends in Development • – Town centers – Mixed-use • Generation of fee income • Current pipeline of approximately $300 million Page 9

Redevelopment Opportunities • Through acquisitions and current portfolio • 10-12 active/planned projects per year • Pro-active strategy • Increased value, rents and GLA Page 10

Northpointe Towne Center Jackson, Michigan • 575,000 square foot mixed-use development to include retail, entertainment and office components • Part of a retail hub with two existing Ramco centers totaling 1.5 million SF • Strong retailer demand, superior access • Total project cost of approx. $70 million Page 11

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The Town Center at Aquia Stafford, Virginia • 650,000 square foot complete value-added redevelopment of former grocery-anchored shopping center • Mixed-use complex including office, retail/entertainment and residential (350 units) • High growth corridor, 25 miles south of Washington, D.C., 5 miles south of Quantico • Great access, underserved market, scarcity of land • Signed lease with Northrop Grumman for 49,000 square foot office space • Total project cost of approx. $165 million Page 13

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Hartland Towne Square Hartland, Michigan • 550,000 square foot traditional community center development featuring the nation’s leading anchor tenants • Bedroom community • Part of retail hub with Target and Wal-Mart • Superior access off newly-constructed US-23/ M-59 interchange • Total project cost of approx. $50 million Page 15

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Mr. Michael Sullivan Senior Vice President, Asset Management Page 17

Consistent High Performance from Michigan Assets The character and performance of our Michigan properties set • them apart – Over 80% are the dominant centers in their trade areas – Over 85% of rents from national and regional tenants – Trade areas, as weighted averages, exceed those in Florida: Average income: $77,126 vs $68,747 Average population: 188,960 vs 160,970 – Average rent per square foot for non-anchor tenants is among the top in the portfolio at $15.36 psf – Over 80% of our trade areas in Oakland County alone draw from average incomes at or near $100,000 – Forecast to be 95% occupied by year-end Page 18

Experts in Quantifying and Fulfilling Retailer Demand • Our goal is to strengthen and maintain our dominance in the trade area – Meet or exceed shopper expectations – Partner with retailers to meet consumer demand – Work with communities to develop win-win scenarios – Creative repositioning strategies Page 19

Focused on the Performance of the Stable Asset Portfolio • Our goal is to generate sustainable organic NOI growth between 4% and 6% annually – “Fill Vacant Spaces” with rental rates at or above market rent – Manage lease roll-overs – Increase operating expense recovery ratio to over 100% annually – Reduce G&A expenses – Capitalize on alternative sources of income Page 20

Team Approach to Creating Value • Regional team approach for Asset Management creating ownership for pool of assets • Partner with Acquisitions and Development in due-diligence assistance and sourcing future opportunities • Maintain and strengthen relationships with joint venture partners Page 21

Mrs. Catherine Clark Senior Vice President, Acquisitions Page 22

Current Acquisition Strategy • Acquire properties where we see the opportunity to add value • Form strategic joint ventures to maximize asset returns – Heitman Value Partners-invests in opportunistic acquisitions for superior returns State of Florida – invests in core plus assets in the – Midwestern and Mid-Atlantic states ING Clarion – invests in core assets in Michigan – and Florida – Receive market fees for services performed – Return to Ramco of between 11% and 12% for recurring revenues Page 23

ING’s Commitment to Michigan • $450 million joint venture • 14 shopping centers totaling $429 million have been purchased • 61% of the total asset value (approx. $262 million) in 5 Michigan centers • Value-added redevelopments underway at 3 Michigan centers Page 24

Future Acquisition Plan Continue to leverage network to acquire well-located shopping • centers with value-added components • Explore and expand into new markets based on: – Growth areas – New housing starts – New road systems – Migration – Disposable income vs retail spending – Average incomes and above – Construction activity – Transaction activity • Team approach - Asset Management, Leasing and Development Page 25

Outstanding Investment • Exceptional, well-located properties • Multiple discount to peer group • Secure, increasing Dividend Page 26