Company Overview • Ramco-Gershenson Properties Trust owns and manages interests in 79 shopping centers located in major metropolitan markets. • The Company’s shopping centers are tenanted by best-in-class national and regional retailers. • Ramco- Gershenson’s centers average 270,000 square feet, 2 have an average of five national anchors, and often feature the trade area’s leading grocer. • The Company maintains a strong balance sheet with an investment grade profile. Woodbury Lakes – Woodbury, MN 2
Focused on Market Dominant Centers RPT’s 18 Largest Centers by Rent 427,000 Square Dominant Feet [1] ABR, psf of $16.20 Average 7 Multi-Anchored Anchors Per Center Community 45% of Annual Centers Base Rent Strong Income of $87,000 Demographics Population of 166,000 Creditworthy 86% Tenants National/Regional Shops at Old Orchard – West Bloomfield, MI [1] Includes shadow anchors, without shadow anchors 3 average size is 332,000 square feet.
RPT’s 18 Largest Centers By Rent 1. 2. 3. River City Marketplace|FL Deerfield Towne Center|OH Front Range Village|CO ABR: $9.4 million $17.07 psf ABR: $8.6 million $19.54 psf ABR: $8.0 million $19.82 psf Total GLA: 460,675 Total GLA: 899,588 (Owned 557,087) Total GLA: 792,945 (Owned 459,780) Major Tenants: Bed Bath & Beyond, Best Major Tenants: Target, Lowe’s, Sprouts Major Tenants: Whole Foods, Bed Bath & Buy, Ross Dress for Less, Lowe’s, and Market, Charming Charlie, DSW, Microsoft, Beyond, buybuy Baby, Dick’s Sporting Goods, and Regal PetSmart and CA Technologies 4. 5. 6. Bridgewater Falls|OH Woodbury Lakes|MN Tel-Twelve|MI ABR: $5.7 million $11.03 psf ABR: $6.7 million $13.97 psf ABR: $5.7 million $21.60 psf Total GLA: 523,411 Total GLA: 627,202 (Owned 503,502) Total GLA: 317,603 (Owned 305,086) Major Tenants: Meijer, DSW, Lowe’s, Major Tenants: Target, Bed Bath & Major Tenants: buybuy Baby, Charming Michaels, Office Depot, and PetSmart Beyond, Best Buy, Dick’s Sporting Goods, Charlie, DSW, Gap, H&M, Michaels, Old Navy, and Michaels Victoria’s Secret, and Trader Joe’s Recently Acquired 4
RPT’s 18 Largest Centers By Rent 7. 8. 9. Mission Bay Plaza|FL The Plaza at Delray|FL Hunter’s Square|MI ABR: $5.5 million $21.36 psf ABR: $5.3 million $17.26 psf ABR: $5.2 million $17.57 psf Total GLA: 264,748 Total GLA: 313,913 Total GLA: 354,323 Major Tenants: The Fresh Market, LA Major Tenants: Publix, Ross Dress for Less, Major Tenants: Bed Bath & Beyond, Old Fitness, OfficeMax, and Golfsmith Marshalls, LA Fitness, and Michaels Navy, buybuy Baby, T.J. Maxx, and Marshalls 10. 11. 12. Jackson Crossing |MI Millennium Park|MI JV Troy Marketplace|MI ABR: $4.1 million $10.59 psf ABR: $3.9 million $14.41 psf ABR: $3.7 million $16.86 psf Total GLA: 656,568 (Owned 402,326) Total GLA: 625,209 (Owned 272,568) Total GLA: 238,354 (Owned 217,754) Major Tenants: Kohl’s, Bed Bath & Beyond, Major Tenants: Home Depot, Marshalls, Major Tenants: Nordstrom Rack, Golfsmith, Best Buy, T.J. Maxx, and Jackson 10 Michaels, PetSmart, ULTA Beauty, Costco, LA Fitness, PetSmart, and Total Hockey Theater and Meijer Recently Acquired 5
RPT’s 18 Largest Centers By Rent 15. 13. Heritage Place|MO 14. The Shoppes at Fox River IWI Town & Country Crossing|MO ABR: $3.4 million $13.47 psf ABR: $3.4 million $14.26 psf ABR: $3.4 million $26.16 psf Total GLA: 269,105 Total GLA: 369,774 (Owned 237,392) Total GLA: 285,467 (Owned 148,630) Major Tenants: Dierbergs Markets, Major Tenants: Target, Hobby Lobby, Major Tenants: Whole Foods Market, Marshalls, Petco, and T.J. Maxx Petco, Pick’n Save, T.J. Maxx, and ULTA and Target Beauty 18. 16. 17. Shops on Lane Avenue|OH JV Mount Prospect Plaza|IL Chester Springs|OH JV ABR: $3.2 million $11.98 psf ABR: $3.1 million $14.76 psf ABR: $3.1 million $21.44 psf Total GLA: 300,682 Total GLA: 222,792 Total GLA: 169,035 Major Tenants: Marshalls, Ross Dress for Major Tenants: CVS, Marshalls, Staples, Major Tenants: Bed Bath & Beyond, Pier 1 Less, LA Fitness, Aldi, Petco and Walgreens Shop-Rite Supermarket, and Nitroflex Gym Imports, and Whole Foods Market Recently Acquired 6
Corporate Strategy Ramco-Gershenson is committed to intelligently growing and constantly improving its high- quality shopping center portfolio to generate long-term shareholder value. Invest in market dominant shopping • centers in leading MSAs occupied by best-in-class retailers. Execute on value-add opportunities • to drive NOI and NAV. Promote operating excellence that • drives strong, consistent results. Maintain a strong balance sheet for • stability and flexibility. Nagawaukee Center – Delafield, WI 7
In Summary-2014 Accomplishments STRATEGIC INVESTMENTS: • Acquired $322 million of high-quality shopping centers in trade areas with average household incomes of $85,500 tenanted by best-in-class retailers that pay average rents of $15.96 per square foot. • Sold 4 non-core shopping centers with average household incomes of $65,200 and average base rents of $8.69. VALUE-ADD • Redeveloping seven shopping centers for a total cost of $51 million which are expected to produce incremental returns of 10-11%. OPERATING EXCELLENCE • Continued to post solid operating metrics highlighted by same-center growth of 3.3%, core portfolio occupancy of 95.5%, and comparable leasing spreads of 6.3%. BALANCE SHEET • Maintained a strong balance sheet with net debt to EBITDA of 5.9x and fixed charge cover of 3.0x. Parkway Shops – Jacksonville, FL 8
2015 Business Plan GUIDANCE: Operating FFO Same-Center Leased Guidance NOI Growth Occupancy $1.27 - $1.33 2.5 % - 3.5% 95.5% to 96.5% per share OTHER BUSINESS PLAN OBJECTIVES: Acquisitions and Dispositions: Selective acquisitions with the opportunity to add value. • Recycle capital from the sale of non-core assets (bottom 5%) to partially • fund acquisitions. Redevelopment and Development: Between $50-$75 million investment each year. • Stabilized returns of approximately 10% on incremental costs. • Core Operations: Increasing cash flow through new and renewal rental growth. • Diverse, best-in-class top tenant line-up. • 9
Photos of Front Range Village – Fort Collins, CO 10
Focused on 10 Metropolitan Markets in the Nation’s Top 40 MSAs Minnesota #16 Minneapolis – RPT is focused on 10 St. Paul 3% of ABR metropolitan markets Milwaukee that currently account #39 MSA SE Michigan 5% of ABR #14 MSA for over 81% of its pro 24% of ABR rata annualized base Denver Chicago #21 MSA #3 MSA rents. 8% of ABR 4% of ABR Cincinnati The Company is intent #28 MSA St. Louis 10% of ABR on diversifying its #19 MSA 6% of ABR portfolio so that no one Atlanta state represents over #9 MSA 4% of ABR 25% of annualized base rents. Jacksonville #40 MSA 6% of ABR SE Florida #8 MSA 11% of ABR 11
Strong Trade Area Demographics 5-Mile Trade MSA Market % of ABR Area AHH Rank Income Southeast Michigan 14 24% $79,000 Southeast Florida 8 11% $60,000 Cincinnati 28 10% $77,000 Denver 21 8% $108,000 St. Louis 19 6% $98,000 Jacksonville 40 6% $64,000 Milwaukee 39 5% $79,000 Chicago 3 4% $92,000 Atlanta 9 4% $87,000 Minneapolis-St. Paul 16 3% $96,000 Total/Average 81% $80,000 12
Strategic Investments Drive Quality and Value The Company’s commitment to transforming its portfolio to large market dominant centers in desirable trade areas is evidenced by its acquisition and disposition activity over the last 5 years. Nagawaukee Center, Milwaukee, WI Acquired Sold 31 shopping centers for 22 shopping centers for $1.2 Billion $176 Million $82,000 Avg. Household $64,000 Avg. Household Income Income 178,000 Avg. Population 149,000 Avg. Population 284,000 Avg. Square Feet 130,000 Avg. Square Feet 3 Anchors per center 5 Anchors per center $10.18 rent per square foot $14.35 rent per square foot 8-9% Cap Rate 6.5-7.5% Cap Rate 13
2014 High-Quality Acquisitions with Value-Add Potential ABR: $5.7 million $21.60 psf TOTAL GLA: 317,603 (Owned 305,086) $322 million investment • MAJOR TENANTS: Total Owned GLA 1.5 Million • ABR, psf $15.96 • Woodbury Lakes – Woodbury, MN Minneapolis – St. Paul #16 MSA ABR: $6.7 million $13.97 psf TOTAL GLA: 627,202 (Owned 503,502) MAJOR TENANTS: ABR: $2.5 million $9.15 psf ABR: $8.0 million $19.54 psf TOTAL GLA: 277.533 TOTAL GLA: 792,945 (Owned: 459,307) MAJOR TENANTS: MAJOR TENANTS: Bridgewater Falls - Hamilton, OH Cincinnati #28 MSA Buttermilk Towne Center - Crescent Springs, KY Front Range Village – Fort Collins, CO Cincinnati #28 MSA Denver #21 MSA 14
Acquisition Spotlight: Value-Add Potential Bridgewater Falls Hamilton, OH Vibrant market dominant shopping center encompassing 627,000 square feet. The shopping center features a strong anchor line-up including Target (shadow), Dick’s Sporting Goods, Bed Bath & Beyond, T.J. Maxx, JC Penney (ground lease), Old Navy, PetSmart, and Michaels. The center also includes over 50 leading retailers, notably ULTA Beauty, Charming Charlie, Kay Jewelers, Justice, Rue21, Salon Lofts, Massage Envy, Panera Bread, Chick- fil-A, and Buffalo Wild Wings. Value Creation RPT plans to expand and enhance the center’s retail merchandise mix by transforming the village area into a first class destination. A restaurant and entertainment campus is being contemplated for the southern end of the shopping center. 15
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