Financial Data as of September 30, 2008 NAREIT Annual Convention Corporate Presentation November 19-21, 2008 Financial Data as of September 30, 2008 Page 0
Company Overview 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. • Community shopping center portfolio anchored by leading national credit tenants including grocery stores and discount department stores that provide everyday goods and services • Geographic concentration in the Midwest, Southeast and Mid-Atlantic United States • Focused on maximizing the potential of our existing Financial Data as of September 30, 2008 portfolio as well as the selective acquisition and development of additional shopping centers Financial Data as of September 30, 2008 Page 1
Portfolio Summary Auburn Hills Novi 89 Shopping Centers in 13 States Canton Madison Heights • 55.5% Midwest Taylor • 39.7% Southeast • 4.8% Mid-Atlantic 20.1 Million Square Feet of GLA • 88 Community Centers • 1 Enclosed Power Center Same Center Portfolio 95.3% occupied 225,000 Avg. GLA per center Financial Data as of September 30, 2008 Corporate Office 2.4 Avg. Anchors per center Regional Office Portfolio Shopping Centers New Developments Financial Data as of September 30, 2008 Page 2
Strong Markets The majority of RPT’s shopping centers are located in densely populated markets with above average income levels. Location % of Base Rent Est. HH Income [1] Est. Population [1] Michigan 40% $75,565 205,134 Florida 31% $69,672 158,609 Ohio 8% $64,263 154,588 Georgia 6% $83,953 126,929 Indiana 3% $96,604 165,247 Wisconsin 2% $58,892 271,498 Financial Data as of September 30, 2008 Total Portfolio 100% $77,016 193,522 [1]Source CoStar Group. Numbers represent averages for 5 Mile Trade Area. Financial Data as of September 30, 2008 Page 3
Low-Risk Fundamentals Ramco-Gershenson seeks to mitigate risk through a diverse business plan, limited tenant exposure, predictable revenue streams and manageable debt maturities. • Not dependent on any one facet of business plan to grow • Limited exposure to debt maturities for the foreseeable future • No tenant accounts for more than 3.6% of annualized base rents Financial Data as of September 30, 2008 • Contracted rent increases ensures growth of rental stream Financial Data as of September 30, 2008 Page 4
Diversified Tenant Mix • Limited exposure to any single retailer 19% 67% 14% • 81% of base rental revenues from national and regional tenants % of Company National 67% Annualized Base Rent Base Rent Major Tenants: Revenues Regional 14% Local 19% TJ Maxx/Marshalls $ 5,676,678 3.6% Publix $ 4,534,891 2.9% Home Depot $ 3,259,492 2.1% Wal-Mart $ 3,232,787 2.0% Financial Data as of September 30, 2008 OfficeMax $ 3,173,220 2.0% Kmart $ 2,717,603 1.7% Jo-Ann $ 2,480,777 1.6% PetSmart $2,283,195 1.4% Michaels $2,187,349 1.4% Financial Data as of September 30, 2008 Page 5
Clear Business Strategy The Company is focused on a dynamic business model adaptable to changes in an evolving real estate market. Long-Term Shareholder Value Off-Balance Sheet Joint Quality Portfolio Development and Venture Strategy and Capital Contracted Step Rents Redevelopment Pipeline Recycling to Self Fund Stable NOI Growth Generate Attractive Returns and Business Plan Significant Value Financial Data as of September 30, 2008 Experienced Management Team Financial Data as of September 30, 2008 Page 6
Development Strategy Our development program is designed to generate attractive returns and create long-term shareholder value. • Proven development track record • Conservative project selection • Off-balance sheet structures and phasing of projects limits risk • Lengthened timetables in response to current retail Financial Data as of September 30, 2008 environment Financial Data as of September 30, 2008 Page 7
Development Pipeline RPT Projected Stabilized Projected Capital Ownership Stabilization Return Stabilized Required Projected Property/Location Project Description % Date on Cost NOI Cost Thru 2008 2009 2010 2011 Northpointe Town Center - Jackson, MI 550,000 SF town center project, 100% Q2 2011 8.8% $6.6 $74.2 $0.1 $0.7 $43.1 $28.7 currently in the entitlement phase Rossford Pointe - Rossford, OH 70,000 SF project includes Office 100% Q4 2009 9.1% $0.8 $8.5 $0.1 $2.1 $0.0 $0.0 Depot, PetSmart Hartland Towne Square - Hartland Twp., MI 500,000 SF power center project 20% Q2 2011 7.0% $4.0 $56.5 $3.9 $15.3 $20.7 $3.6 to include Meijer and Menards, plus future phases The Town Center at Aquia - Stafford, V A Mixed-use project 20%* Q2 2009 8.7% $2.2 $25.8 $1.3 $2.4 $2.4 $0.0 Includes pro-rata portion of net book value of existing Phase 1 - 114,340 office building center and applicable fixed cost allocation. A and other uses Future phases - 446,563 SF 20%* Q3 2011 8.1% $7.9 $96.7 $1.1 $2.0 $61.6 $12.8 including retail, office, hotel and 20%* $16.5 residential 8.2% $10.1 $139.1 $2.4 $4.5 $64.0 $12.8 Financial Data as of September 30, 2008 Gateway Commons - Lakeland, FL 375,000 SF power center project 20%* Q3 2011 9.0% $5.7 $63.0 $0.4 $14.3 $26.2 $8.7 *Proposed off-balance sheet RPT Share of Current Developments 8.6% $11.3 $134.4 $1.5 $9.6 $65.3 $33.7 project. Financial Data as of September 30, 2008 Page 8
Hartland Towne Square Hartland, Michigan • 500,000 square foot community center development anchored by a Meijer department store and a Menards home improvement store • Additional phases to be constructed after leasing objectives are met • Superior access off newly-constructed US-23/M-59 interchange Financial Data as of September 30, 2008 • Regional retail hub that includes Target and Wal-Mart Financial Data as of September 30, 2008 Page 9
Financial Data as of September 30, 2008 Financial Data as of September 30, 2008 Page 10
The Town Center at Aquia Stafford, Virginia • Redevelopment of existing community shopping center • High growth corridor, 25 miles south of Washington, D.C., 5 miles south of Quantico • Phase One-105,000 SF Class-A office building, over 80% occupied with Northrop Grumman as lead tenant • Future phases will include retail and entertainment uses as well as additional office space, a residential component Financial Data as of September 30, 2008 and a hotel Financial Data as of September 30, 2008 Page 11
Financial Data as of September 30, 2008 Financial Data as of September 30, 2008 Page 12
Gateway Commons 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 within five miles, expected to increase by 8.0% over the next five years Financial Data as of September 30, 2008 • Development opportunity in response to tenant demand, which could not be accommodated in Shoppes of Lakeland Financial Data as of September 30, 2008 Page 13
Financial Data as of September 30, 2008 Financial Data as of September 30, 2008 Page 14
Redevelopment Strategy Throughout its history, RPT has capitalized on value-added redevelopment opportunities to generate superior returns from its shopping center portfolio . • Since 1996, the Company has undertaken 50 value-added shopping center redevelopments totaling $140 million and producing an average return on new dollars invested of approximately 12.0% • Projects designed to improve the credit-quality of the income stream, broaden the tenant mix and expand the trade-area draw of the center Financial Data as of September 30, 2008 • Pipeline of 12 active projects each with commitments from a new anchor tenant Financial Data as of September 30, 2008 Page 15
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