Ramco-Gershenson Properties Trust Reports Results for the Third Quarter 2006.

FARMINGTON HILLS, Mich. -- Ramco-Gershenson Properties Trust (NYSE:RPT) announced today results for the third quarter ended September 30, 2006.

Financial Highlights for the quarter ended September 30, 2006:

* Diluted FFO per share of $0.63, a 6.8% increase over last year

* Diluted FFO of $13.5 million, a 16.4% increase over last year

* Total Revenues of $38.8 million, a 9.9% increase over last year

* Income from continuing operations of $4.5 million, a 9.8% increase over last year

* Diluted EPS from continuing operations of $0.17, a 21.4% increase over last year

Operating Highlights for the quarter ended September 30, 2006:

* Agreed to form a $75 Million Joint Venture with Heitman Value Partners Investments LLC

* Acquired Collins Pointe Plaza in Cartersville, GA

* Executed 55,600 SF Gander Mountain lease at River City Marketplace in Jacksonville, FL

* Commenced the redevelopment of West Allis Towne Centre in West Allis, WI

* Opened 39 stores, 12.1% over portfolio average rents

* Renewed 27 leases, 15.3% over prior rental rates

* Increase in same center operating income of 6.6%

* Increase in portfolio occupancy to 94.7%, compared to 93.5% in 2005

Financial Results

For the three months ended September 30, 2006, diluted Funds from Operations (FFO) increased 16.4% to $13.5 million, compared with $11.6 million for the three months ended September 30, 2005. In 2006, the Series C Preferred Shares were dilutive and, therefore, the dividends paid did not impact our diluted FFO. In 2005, the shares were anti-dilutive and reduced diluted FFO by $1.1 million for dividends paid. Had the shares been dilutive in 2005, diluted FFO for the three months ended September 30, 2006, would have increased $0.8 million or 6.3%. On a per share basis, diluted FFO increased 6.8% to $0.63, compared with $0.59 in 2005. Net income from continuing operations for the three months ended September 30, 2006, increased 9.8% to $4.5 million, compared with $4.1 million in 2005. On a per share basis, income from continuing operations increased 21.4% to $0.17, compared to $0.14 in 2005.

For the nine months ended September 30, 2006, diluted FFO increased 12.5% to $40.6 million, compared with $36.1 million for the nine months ended September 30, 2005. For the reasons stated above, the Series C Preferred Shares had a positive impact on FFO. Had the shares been dilutive in 2005, diluted FFO for the nine months ended September 30, 2006, would have increased $1.3 million or 3.3%. On a per share basis, diluted FFO increased 3.3% to $1.88, compared with $1.82 in 2005. Net income from continuing operations for the nine months ended September 30, 2006, increased 14.4% to $ 13.5 million, compared with $11.8 million in 2005. On a per share basis, income from continuing operations increased 27.5% to $0.51, compared to $0.40 in 2005.

"We are pleased to report very positive financial and operating results for the third quarter," said Dennis Gershenson, President and Chief Executive Officer. "Our Company continues to realize upon opportunities in each of its three core disciplines, acquisitions, development and asset management, evidenced by our actions this quarter. Throughout the remainder of the year we will continue to focus on these core competencies to achieve our growth objectives."

Acquisitions

During the quarter, the Company agreed to form a joint venture (the Venture) with Heitman Value Partners Investments LLC, to acquire $75 million of neighborhood, community or power shopping centers with significant value-added opportunities in infill locations in metropolitan trade areas. Ramco will manage the Venture and will receive fees for acquisitions, property and asset management as well as leasing, tenant coordination and construction.

The Venture's initial acquisitions will include Paulding Pavilion and Collins Pointe Plaza, both in metropolitan Atlanta, Georgia. These centers were acquired by the Company in April and August of 2006, respectively, with the objective of contributing them to the Venture. Collins Pointe is an 81,000 square foot community center formerly anchored by Winn-Dixie/Save-Rite. Included in the acquisition was an undeveloped outlot adjacent to the center. As previously announced, Paulding Pavilion is a community shopping center located in Hiram, Georgia and was formerly anchored by a Publix Supermarket, which is currently being retenanted.

Development

The Company continues to make great strides in the development of its one million square foot River City Marketplace in Jacksonville, Florida. During the quarter, the Company signed a lease for a 55,600 square foot Gander Mountain. With the execution of this lease, as of September 30, 2006, the Company had anchor commitments for the shopping center of approximately 584,000 square feet. In addition, the Company had signed leases for nearly 135,000 square feet of small shop retail space and had completed five outlot sales. The Company is planning a Grand Opening celebration at the shopping center on November 17, 2006.

Other developments in progress at quarter-end include Rossford Pointe in Rossford, Ohio and The Shoppes of Fairlane Meadows in Dearborn, Michigan. Both of these developments are adjacent to shopping centers owned by the Company.

As of September 30, 2006, the Company had spent $86.0 million on these projects, which have an expected aggregate cost of $122 million. When complete, the centers will account for approximately 1.1 million square feet of retail space.

Asset Management

In September, as part of a value-added redevelopment of its Lakeshore Marketplace in Norton Shores, Michigan, the Company sold a 10.5 acre parcel to Target for the construction of a 126,800 square foot discount department store. Target is relocating to the site from its current location in Muskegon, Michigan. Target will join anchor tenants Barnes & Noble, TJ Maxx, Toys R Us, Elder-Beerman and Hobby Lobby at the center.

Also during the quarter, the Company commenced the value-added redevelopment of the West Allis Towne Centre in West Allis, Wisconsin with the signing of Office Depot in 22,350 square feet. Office Depot will take a large portion of the space vacated by Kohl's Supermarket. The lease with Kohl's was terminated in September of 2006. Details regarding the ongoing redevelopment of the center will be part of future releases.

Including the projects listed above, at quarter-end the Company was in the process of redeveloping a total of six shopping centers at an aggregate cost of $16.0 million impacting approximately 347,000 square feet of retail space.

Leasing

During the quarter, the Company opened 32 non-anchor and 7 anchor stores, at an average increase of 12.1% over portfolio average rents. The Company also renewed 26 non-anchor and one anchor lease, at an average increase of 15.3% over prior rental rates. Additionally, same center operating income increased 6.6% for the quarter. At September 30, 2006, the portfolio was 94.7% leased, compared to 93.5% at September 30, 2005.

Market Capitalization and Debt

Total debt at quarter-end was approximately $720.9 million with an average interest rate of 6.3% and an average maturity of 48 months. Of that total debt, $526.1 million was fixed rate debt and $194.8 million was variable rate debt. At September 30, 2006, debt to market capitalization was 50.3% and total capitalization approximated $1.4 billion.

Dividend

On October 3, 2006, the Company paid a third quarter dividend of $0.4475 per common share, a third quarter dividend of $0.5938 per Series B cumulative redeemable preferred share and a third quarter dividend of $0.5664375 per Series C cumulative convertible preferred share, for the period of July 1, 2006 through September 30, 2006 to shareholders of record on September 20, 2006.

Earnings Guidance/Conference Call

As stated previously, the Company estimates that 2006 annual diluted FFO will be between $2.53 and $2.58. It also expects earnings per diluted common share to be between $0.79 and $0.84.

Ramco-Gershenson will host a live broadcast of its third quarter conference call on Thursday, October 26, 2006 at 9:00 a.m. eastern time. The live broadcast will be available online at www.rgpt.com and www.streetevents.com and also by telephone at [phone] (participant code 37037886). A replay will be available shortly after the call on the aforementioned websites (for ninety days) or by telephone at [phone] (pass code 89316278), for one week.

Supplemental financial information is available via e-mail by sending requests to [e-mail] and is also available at the investor section of our web page.

As of September 30, 2006, Ramco-Gershenson Properties Trust owns interests in 81 shopping centers totaling approximately 18.3 million square feet of gross leasable area, consisting of 80 community centers and one enclosed regional mall. The Company's centers are located in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, and Maryland. Headquartered in Farmington Hills, Michigan, the Company is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be reviewed in conjunction with the Company's filings with the U.S. Securities and Exchange Commission and other publicly available information regarding the Company. Management of Ramco-Gershenson believes that expectations reflected in forward-looking statements are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary. These include general economic conditions, the strength of key industries in the cities in which the Company's properties are located, the performance of tenants at the Company's properties as well as other factors.

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