Ramco-Gershenson Properties Trust Reports Financial Results for the Third Quarter of 2012; Raises FFO Guidance

  Ramco-Gershenson Properties Trust Reports Financial Results for the Third
  Quarter of 2012; Raises FFO Guidance

Business Wire

FARMINGTON HILLS, Mich. -- October 23, 2012

Ramco-Gershenson Properties Trust (NYSE:RPT) today announced its financial
results for the three and nine months ended September 30, 2012 and raised its
2012 Funds from Operations (“FFO”) guidance to $1.01 to $1.03 per diluted
share.

Third Quarter Highlights:

Shopping Center Operations

  *Increased same-center net operating income 3.4% over the comparable
    quarter in 2011.
  *Signed 67 leases encompassing 311,711 square feet achieving same-space
    rental growth of 5.4%.
  *Increased core portfolio leased occupancy to 94.4%, compared to 93.7% as
    of June 30, 2012 and 93.2% as of March 31, 2012.

Balance Sheet

  *Closed on a $360 million unsecured credit facility replacing the Company’s
    previous $250 million facility.
  *Ended the quarter with net debt to EBITDA of 6.7x.
  *Improved interest coverage to 3.1x and fixed charge coverage to 2.2x.

“The Company continues to successfully execute on its strategy of increasing
quality and driving growth,” said Dennis Gershenson, President and Chief
Executive Officer. “As a result of the continued improvement in our operating
performance, the benefits of our high-quality acquisitions, and the ongoing
strengthening of our balance sheet, the Company continues to build a strong
foundation for long-term growth.”

Financial Results

FFO for the three months ended September 30, 2012, was $14.9 million or $0.26
per diluted share, compared to FFO of $13.4 million, or $0.28 per diluted
share for the same period in 2011. FFO for the nine months ended September 30,
2012, was $35.5 million or $0.78 per diluted share, compared to FFO of $30.7
million, or $0.74 per diluted share for the same period in 2011. The weighted
outstanding shares (including shares issuable upon conversion of preferred
shares) for the three months ended September 30, 2012 was 56.6 million,
compared to weighted outstanding shares of 48.5 million for the same period in
2011.

Net Income available to common shareholders for the three months ended
September 30, 2012 was $1.4 million or $0.03 per diluted share. Net income
available to common shareholders for the nine months ended September 30, 2012
was $0.2 million.

Ramco-Gershenson reports FFO in accordance with the standards established by
the National Association of Real Estate Investment Trusts (“NAREIT”). A full
definition of FFO is available in the Company’s financial and operating
supplement.

Operating Statistics

As of September 30, 2012, the Company owned equity interests in 80 retail
shopping centers and one office building consisting of 53 wholly-owned
properties and 28 joint venture properties totaling 15.0 million square feet.
At quarter-end, the Company’s core portfolio was 94.4% leased, compared to a
core portfolio leased rate of 93.7% at June 30, 2012. Its total portfolio,
which includes redevelopment properties, was 93.0% leased, compared to a total
portfolio leased rate of 92.3% at June 30, 2012.

At quarter-end, the Company had 43 properties in its wholly-owned, same-center
portfolio with occupancy of 93.9%, compared to 92.8% for the same period last
year. Same-center net operating income for the wholly-owned portfolio
increased 3.4% for the quarter and 3.1% for the nine months ended September
30, 2012.

During the quarter, the Company executed 67 lease transactions encompassing
311,711 square feet in its total portfolio achieving same-space rental growth
of 5.4%.

Acquisitions and Development

During the quarter, the Company acquired its joint venture partner’s 93%
equity interest in the Shoppes of Lakeland shopping center in Lakeland,
Florida, for $26 million in cash. The 183,842 square foot center is currently
anchored by Michaels, Staples, Ashley Furniture, Petco, and an anchor-owned
Target and is 97.3% leased. The Company recently signed a lease for a 27,000
square foot TJ Maxx store, which will occupy space created by the downsizing
of Ashley Furniture.

As previously announced, the Company commenced the development of Phase I of
Parkway Shops, in Jacksonville, Florida earlier this year. Phase I will be
anchored by a 45,000 square foot Dick’s Sporting Goods and a 25,000 square
foot Marshalls. As of September 30, 2012, the project is over 98.0% leased and
is on schedule to open in the spring of 2013.

Capital Markets/Balance Sheet

During the quarter, the Company closed a $360 million unsecured credit
facility which replaced the Company’s previous $250 million facility. The
facility consists of a four-year $240 million revolving line of credit with a
one-year extension option and a $120 million five-year term loan. The facility
can be upsized to $450 million through an accordion feature. Borrowings under
the facility will bear interest at an annual rate of LIBOR plus 165 basis
points subject to a pricing grid for changes in the Company’s leverage. This
compares to the previous interest rate of LIBOR plus 200 to 275 basis points.

Also, during the quarter, the Company issued 0.9 million common shares through
its controlled equity offering program, generating net cash proceeds of $12.1
million.

At September 30, 2012, the Company’s total market capitalization equaled $1.3
billion, comprised of 50.4 million shares of common stock (or equivalents)
valued at $630.9 million, two million shares of convertible perpetual
preferred stock valued at $102.3 million and $545.1 million of debt and
capital lease obligations, net of cash. The weighted-average term of the
Company’s consolidated debt was approximately 5.5 years.

At September 30, 2012, the Company’s ratio of net debt to total market
capitalization was 42.6%, compared to 53.7% for the same period in 2011. Its
net debt to annualized EBITDA was 6.7x.

Dividend

On October 1, 2012, the Company paid third quarter cash dividends of $0.16325
per common share (or equivalent) and $0.90625 per Series D convertible
perpetual preferred share for the period from July 1, 2012 through September
30, 2012. The Company’s FFO payout ratio for the quarter was 62.8%.

2012 Guidance

The Company has raised its 2012 FFO guidance to $1.01 to $1.03 per diluted
share from its previous FFO guidance of $0.97 to $1.03 per diluted share. The
Company’s revised 2012 FFO guidance is the result of the continued successful
execution of its business plan.

Conference Call/Webcast

Ramco-Gershenson Properties Trust will host a live broadcast of its ^ third
quarter 2012 conference call on Wednesday, October 24, 2012, at 9:00 a.m.
eastern time, to discuss its financial and operating results. The live
broadcast will be available online at www.rgpt.com and
www.investorcalendar.com and also by telephone at (877) 407-9205, no pass
code. A replay will be available shortly after the call on the aforementioned
websites (for ninety days) or by telephone at (877) 660-6853, (Conference ID #
4011198), for one week.

Supplemental Materials

The Company’s supplemental financial package is available on its corporate web
site at www.rgpt.com in the investor info section, SEC filings tab. If you
wish to receive a copy via email, please send requests to
dhendershot@rgpt.com.

About Ramco-Gershenson Properties Trust

Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated,
self-administered, publicly-traded real estate investment trust (REIT) based
in Farmington Hills, Michigan. The Company’s business is the ownership and
management of multi-anchor shopping centers in strategic, quality of life
markets throughout the Eastern, Midwestern and Central United States. At
September 30, 2012, the Company owned and managed a portfolio of 80 shopping
centers and one office building with approximately 15.0 million square feet of
gross leasable area owned by the Company or its joint ventures. The properties
are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado,
Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee.
At September 30, 2012, the Company’s core operating portfolio was 94.4%
leased. For additional information regarding Ramco-Gershenson Properties Trust
visit the Company's website at www.rgpt.com.

This press release may contain forward-looking statements that represent the
Company’s expectations and projections for the future. Management of
Ramco-Gershenson believes the expectations reflected in any forward-looking
statements made in this press release are based on reasonable assumptions.
Certain factors could occur that might cause actual results to vary, including
deterioration in national economic conditions, weakening of real estate
markets, decreases in the availability of credit, increases in interest rates,
adverse changes in the retail industry, our continuing to ability to qualify
as a REIT and other factors discussed in the Company’s reports filed with the
Securities and Exchange Commission.




RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2012 (Unaudited) and December 31, 2011
(In thousands, except per share amounts)
                                                              
                                                 September 30,   December 31,
                                                 2012            2011
ASSETS
Income producing properties, at cost:
Land                                             $ 158,985       $ 133,145
Buildings and improvements                         941,321         863,763
Less accumulated depreciation and amortization    (230,068  )    (222,722  )
Income producing properties, net                   870,238         774,186
Construction in progress and land held for        96,768        87,549    
development or sale
Net real estate                                    967,006         861,735
Equity investments in unconsolidated joint         96,549          97,020
ventures
Cash and cash equivalents                          8,353           12,155
Restricted cash                                    4,949           6,063
Accounts receivable (net of allowance for
doubtful accounts of $2,920 and $3,516 as of       8,966           9,614
September 30, 2012 and December 31, 2011,
respectively)
Note receivable                                    6,111           3,000
Other assets, net                                 74,048        59,236    
TOTAL ASSETS                                     $ 1,165,982    $ 1,048,823 
                                                                 
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable:
Mortgages payable                                $ 294,295       $ 325,887
Unsecured revolving credit facility                45,000          29,500
Unsecured term loan facilities                     180,000         135,000
Junior subordinated notes                         28,125        28,125    
Total mortgages and notes payable                  547,420         518,512
Capital lease obligation                           6,104           6,341
Accounts payable and accrued expenses              18,762          18,662
Other liabilities                                  25,862          15,528
Distributions payable                             10,022        8,606     
TOTAL LIABILITIES                                 608,170       567,649   
                                                                 
Ramco-Gershenson Properties Trust ("RPT")
Shareholders' Equity:
Preferred shares, $0.01 par, 2,000 shares
authorized: 7.25% Series D Cumulative
Convertible Perpetual Preferred Shares,          $ 100,000       $ 100,000
(stated at liquidation preference $50 per
share), 2,000 shares issued and outstanding as
of September 30, 2012 and December 31, 2011
Common shares of beneficial interest, $0.01
par, 80,000 shares authorized, 47,699 and
38,735 shares issued and outstanding as of         477             387
September 30, 2012 and December 31, 2011,
respectively
Additional paid-in capital                         673,150         570,225
Accumulated distributions in excess of net         (240,659  )     (218,888  )
income
Accumulated other comprehensive loss              (5,639    )    (2,649    )
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT     527,329         449,075
Noncontrolling interest                           30,483        32,099    
TOTAL SHAREHOLDERS' EQUITY                        557,812       481,174   
                                                                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $ 1,165,982    $ 1,048,823 
                                                                 
                                                                 
                                                                 

RAMCO-GERSHENSON PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
                                                              
                           Three months ended        Nine months ended
                           September 30,             September 30,
                           2012         2011         2012          2011
REVENUE
Minimum rent               $ 23,181     $ 20,416     $ 66,340      $ 59,640
Percentage rent              170          105          378           214
Recovery income from         7,826        7,201        23,270        21,419
tenants
Other property income        497          1,621        1,672         3,721
Management and other fee    1,021      1,306      2,935       3,093   
income
TOTAL REVENUE               32,695     30,649     94,595      88,087  
                                                                   
EXPENSES
Real estate taxes            4,094        3,695        12,847        12,130
Recoverable operating        3,955        3,515        11,275        10,278
expense
Other non-recoverable        682          946          1,956         2,268
operating expense
Depreciation and             10,614       8,433        28,990        25,505
amortization
General and                 4,990      5,345      14,746      15,265  
administrative expense
TOTAL EXPENSES              24,335     21,934     69,814      65,446  
                                                                   
INCOME BEFORE OTHER
INCOME AND EXPENSES, TAX     8,360        8,715        24,781        22,641
AND DISCONTINUED
OPERATIONS
                                                                   
OTHER INCOME AND
EXPENSES
Other income (expense),      54           192          171           (219    )
net
Gain on sale of real         -            45           69            231
estate
Earnings from
unconsolidated joint         1,008        3,702        2,084         5,336
ventures
Interest expense             (6,430 )     (6,320 )     (19,509 )     (20,743 )
Amortization of deferred     (354   )     (387   )     (1,108  )     (1,482  )
financing fees
Provision for impairment
on equity investments in     (294   )     -            (294    )     -
unconsolidated joint
ventures
Deferred gain recognized
upon acquisition of real     845          -            845           -
estate
Loss on extinguishment      -          -          -           (1,968  )
of debt
INCOME FROM CONTINUING       3,189        5,947        7,039         3,796
OPERATIONS BEFORE TAX
Income tax benefit          19         (94    )    18          (984    )
(provision)
INCOME FROM CONTINUING      3,208      5,853      7,057       2,812   
OPERATIONS
                                                                   
DISCONTINUED OPERATIONS      -            -            -             -
(Loss) gain on sale of       -            (33    )     336           8,386
real estate
Gain on extinguishment       -            -            307           -
of debt
Provision for impairment     -            -            (2,536  )     -
Income (loss) from          113        (18    )    269         (120    )
discontinued operations
INCOME (LOSS) FROM          113        (51    )    (1,624  )    8,266   
DISCONTINUED OPERATIONS
                                                                   
NET INCOME                   3,321        5,802        5,433         11,078
Net (income) loss
attributable to             (158   )    (389   )    191         (739    )
noncontrolling partner
interest
NET INCOME ATTRIBUTABLE      3,163        5,413        5,624         10,339
TO RPT
Preferred share             (1,813 )    (1,813 )    (5,438  )    (3,432  )
dividends
NET INCOME AVAILABLE TO    $ 1,350     $ 3,600     $ 186        $ 6,907   
COMMON SHAREHOLDERS
                                                                   
INCOME (LOSS) PER COMMON
SHARE, BASIC
Continuing operations      $ 0.03       $ 0.09       $ 0.04        $ (0.02   )
Discontinued operations     -          -          (0.04   )    0.20    
                           $ 0.03      $ 0.09      $ -          $ 0.18    
INCOME (LOSS) PER COMMON                                          
SHARE, DILUTED
Continuing operations      $ 0.03       $ 0.09       $ 0.04        $ (0.02   )
Discontinued operations     -          -          (0.04   )    0.20    
                           $ 0.03      $ 0.09      $ -          $ 0.18    
WEIGHTED AVERAGE COMMON                                           
SHARES OUTSTANDING
Basic                       46,911     38,596     42,834      38,351  
Diluted                     47,197     38,739     43,115      38,513  
                                                                             
                                                                             
                                                                             

RAMCO-GERSHENSON PROPERTIES TRUST
FUNDS FROM OPERATIONS
For the three and nine months ended September 30, 2012 and 2011
(in thousands, except per share data)
                                                               
                         Three months ended          Nine months ended
                         September 30,               September 30,
                         2012          2011          2012          2011
                                                                   
Net income available to  $ 1,350       $ 3,600       $ 186         $ 6,907
common shareholders
Adjustments:
Rental property
depreciation and           10,479        8,657         28,881        27,011
amortization expense
Pro-rata share of real
estate depreciation from   1,614         1,658         4,984         4,944
unconsolidated joint
ventures
Add preferred share
dividends (assumes if      1,813         1,813         -             -
converted) ^ (1)
Loss (gain) on sale of     -             33            (336    )     (6,177  )
depreciable real estate
Loss (gain) on sale of
joint venture              57            (2,718  )     75            (2,718  )
depreciable real estate
^ (2)
Provision for impairment
on income-producing        -             -             1,976         -
properties ^(3)
Provision for impairment
on joint venture           -             -             50            -
income-producing
properties ^(2)
Provision for impairment
on equity investments in   294           -             294           -
unconsolidated joint
ventures
Deferred gain recognized
upon acquisition of real   (845    )     -             (845    )     -
estate
Noncontrolling interest   157         387         274         744     
in Operating Partnership
FUNDS FROM OPERATIONS    $ 14,919     $ 13,430     $ 35,539     $ 30,711  
                                                                   
Weighted average common    46,911        38,596        42,834        38,351
shares
Shares issuable upon
conversion of Operating    2,437         2,784         2,556         2,837
Partnership Units
Shares issuable upon
conversion of preferred    6,940         6,940         -             -
shares ^(1)
Dilutive effect of        286         143         281         162     
securities
WEIGHTED AVERAGE
EQUIVALENT SHARES         56,574      48,463      45,671      41,350  
OUTSTANDING, DILUTED
                                                                   
FUNDS FROM OPERATIONS,   $ 0.26       $ 0.28       $ 0.78       $ 0.74    
PER DILUTED SHARE
                                                                   
Dividend per common      $ 0.16325     $ 0.16325     $ 0.48975     $ 0.48975
share
Payout ratio - FFO         62.8    %     58.3    %     62.8    %     66.2    %
                                                                             


^(1) Series D convertible preferred shares were dilutive for the three months
ended September 30, 2012 and 2011 and antidilutive for

the nine months ended September 30, 2012 and 2011
^(2) Amount included in earnings from unconsolidated joint ventures.
^(3) Amount represents RPT's proportionate share.

Management considers funds from operations, also known as “FFO,” an
appropriate supplemental measure of the financial performance of an equity
REIT. Under the NAREIT definition, FFO represents net income attributable to
common shareholders, excluding extraordinary items, as defined under
accounting principles generally accepted in the United States of America
(“GAAP”), gains (losses) on sales of depreciable property, plus real estate
related depreciation and amortization (excluding amortization of financing
costs), and after adjustments for unconsolidated partnerships and joint
ventures. In addition, NAREIT has recently clarified its computation of FFO to
exclude impairment charges on depreciable property and equity investments in
depreciable property. Management has restated FFO for prior periods
accordingly. FFO should not be considered an alternative to GAAP net income
attributable to common shareholders as an indication of our performance. We
consider FFO as a useful measure for reviewing our comparative operating and
financial performance between periods or to compare our performance to
different REITs. However, our computation of FFO may differ from the
methodology for calculating FFO utilized by other real estate companies, and
therefore, may not be comparable to these other real estate companies.

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Contact:

Ramco-Gershenson Properties Trust
Dawn Hendershot, 248-592-6202
Director of Investor Relations and Corporate Communications