Investor Presentation February 2014 Table of Contents 1. Company - - PowerPoint PPT Presentation

February 2014

Investor Presentation

Table of Contents

2

• 1. Company Overview
• 2. Portfolio
• 3. Strategic Investments
• 4. Financial Position
• 5. Conclusion

Deerfield T

• wne Center, Mason, OH

Company Overview

3

• Description
• A Superior Track Record
• 2013 Activity
• Core Business Drivers

Troy Marketplace, Troy, MI

Company Overview – Description

4

• Ramco-Gershenson Properties Trust (“RPT”, “Ramco-Gershenson”,
• r the “Company”) owns and manages interests in approximately

$2.0 billion of shopping centers in 13 states.

• The Company’s portfolio consists of 80 high-quality, primarily multi-

anchored shopping centers in major metropolitan markets. At December 31, 2013, the core portfolio was 96.0% leased.

• The Company’s top 10 tenant line-up features best-in-class national

and regional retailers including, TJ Maxx/Marshalls, LA Fitness, Bed Bath & Beyond, The Home Depot, Publix Supermarkets, and Whole Foods Market.

• Over 60% of RPT’s total annualized base rent comes from shopping

centers with a grocery component. Grocery tenants in RPT’s portfolio generate annual sales averaging $482 per square foot.

• The Company maintains a strong balance sheet, with ample liquidity

and access to capital to support its growth initiatives highlighted by a net debt to EBITDA ratio of 6.3x.

2013 Completed Redevelopment: New Whole Foods Market, The Shops on Lane Avenue, Columbus, Ohio 2013 Completed Reanchoring: New TJ Maxx, The Shoppes of Lakeland, Lakeland, Florida

Company Overview – 2013 Financial and Operating Accomplishments

5

• Acquired $567 million of high-quality shopping centers

in targeted Midwest markets including Chicago, Milwaukee, St. Louis, and Cincinnati.

• Sold $35 million of non-core property as part of the

Company’s capital recycling program.

• Completed the $18 million Parkway Shops

development (100% leased) and commenced the $48 million Lakeland Park development (96% pre-leased).

• Generated same-center NOI growth of 3.0% and

achieved comparable leasing spreads of 8.2%.

• Improved core portfolio leased occupancy by 140 basis

points to 96.0% and total portfolio leased occupancy to 94.6%.

• Completed an inaugural private placement of $110

million in senior notes rated NAIC-2.

2013 Completed Development: Parkway Shops adjacent to River City Marketplace in Jacksonville, Florida In addition to Marshalls, Parkway Shops is also anchored by Dick’s Sporting Goods

Company Overview – A Superior 5-Year Track Record

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• The Company has generated an exceptional track record of performance over the last

five years, exceeding the peer group compared to any look-back period.

• RPT has been rewarded for its strategic business model focused on maximizing
• perating performance, high-quality acquisitions, and a strong balance sheet.
• The Company’s discounted FFO multiple relative to its peer group provides a runway

for additional outperformance. Period Peer Group Ranking T

• tal Return

Peer Group T

• tal

Return One Year #2 23.8% 6.6% T wo Years #1 76.6% 35.6% Three Years #3 48.2% 27.9% Four Years #1 105.0% 67.7% Five Years #2 251.1% 64.7%

Source: KeyBanc Capital Markets – The Leaderboard, December 31, 2013.

Company Overview – Core Business Drivers

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• Lease space to best-in-

class national retailers.

• Respond to changing retail

environment by adding new, exciting retailers to

• ur shopping centers.
• Generate predictable,

sustainable high same- center growth.

HIGH-QUALITY ACQUISITIONS AND (RE)DEVELOPMENT

• Maintain investment grade

profile.

• Manage interest rate

exposure.

• Grow unencumbered

asset base.

• Preserve liquidity and

flexibility to support long- term growth plans.

• Elevate portfolio quality

through strategic acquisitions.

• Broaden presence in

target markets.

• Capitalize on releasing,

(re)development, and expansion opportunities.

• Complete in-place

developments.

CORE PORTFOLIO BALANCE SHEET The Company has a strategic business plan focused on three interconnected key areas.

Portfolio

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• Metropolitan Market Focus
• Multi-Anchored Community Center Strategy
• Twelve Largest Centers by Rent
• Top 10 Tenant Line-Up
• Attractive Retail Components
• Superior Core Operating Performance
• High-Quality Wholly Owned Portfolio
• Leading Quality Markers

The Shops on Lane Avenue, Upper Arlington, OH

9

Portfolio – Metropolitan Market Focus

RPT’s T

• p T

en Metropolitan Markets Market % ABR Southeast Michigan 28% South Florida 13%

• St. Louis

7% Jacksonville 7% Milwaukee 6% Cincinnati 5% Tampa/Lakeland 5% Chicago 5% T

• ledo

4% Atlanta 4%

• Over 84% of RPT’s base rent comes from metro markets ranked in the nation’s top 50 MSAs.

Portfolio – Multi-Anchor Community Center Strategy

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The Company’s strategy is to own dominant, multi-anchored community shopping centers located in strong trade areas, which are part of major metropolitan markets. The Company’s centers are leased primarily to creditworthy national and regional retailers who consistently generate strong sales.

• DOMINANT:

Average center size of 258,000 sf, of which 198,000 sf is company owned.

• MULTI-ANCHORED:

Average center has over 3 anchors.1

• COMMUNITY CENTERS:

80% of base rent comes from community

• centers. Power centers account for 12% and

grocery-anchored neighborhood centers account for 8%.2

• STRONG TRADE AREAS:

Average 3-mile population: 67,000 Average 3-mile household income: $76,000 Average 3-mile population growth: > 2%

• CREDITWORTHY:

86% of the portfolio leased to national/regional chains.

• STRONG RENT GROWTH:

Comparable lease spreads of 8.2% in 2013.

1 Anchor space is greater than or equal to 19,000 sf.

2Community Centers are typically defined as centers with 125,000 – 400,000 square feet, contain two or more anchors, and have a 3 – 6 mile trade area . Power centers are defined as centers where less than 20% of the GLA is shop space.

Portfolio – Twelve Largest Centers by Rent

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• 1. RIVER CITY MARKETPLACE / FL

ABR: $9.3 million TOTAL GLA: 899,588 (Owned: 557,087) MAJOR TENANTS: Lowes, Wal-Mart, Bed, Bath & Beyond, Michaels, Ross Dress for Less

• 2. DEERFIELD TOWNE CENTER / OH

ABR: $8.4 million TOTAL GLA: 460,675 MAJOR TENANTS: Whole Foods, Bed, Bath & Beyond, buy buy Baby, Dick’s Sporting Goods

• 3. TEL-TWELVE / MI

ABR: $5.8 million TOTAL GLA: 523,411 MAJOR TENANTS: Meijer, Lowes, DSW, PetSmart, Michaels, Best Buy, Pier 1

• 4. HUNTER’S SQUARE / MI

ABR: $5.7 million

TOTAL GLA: 354,323 MAJOR TENANTS: TJ Maxx, Marshalls, Bed Bath & Beyond, buy buy Baby, GAP

• 5. MISSION BAY PLAZA / FL

ABR: $5.8 million TOTAL GLA: 263,714 MAJOR TENANTS: The Fresh Market, Golfsmith, LA Fitness, Toys R Us

• 6. WEST OAKS I AND II / MI

ABR: $5.3 million

TOTAL GLA: 633,041 (Owned: 411,941) MAJOR TENANTS: Marshalls, Kohl’s, JoAnn, Michaels, DSW, Old Navy

Ranking based upon pro-rata share of rent.

Portfolio – Twelve Largest Centers by Rent

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• 7. HARVEST JUNCTION / CO

ABR: $5.0 million TOTAL GLA: 471,357 (Owned: 336,357) MAJOR TENANTS: Dick’s, Ross, Marshalls, Michaels, Bed Bath & Beyond, ULTA Beauty

• 8. JACKSON CROSSING / MI

ABR: $4.0 million TOTAL GLA: 656,568 (Owned: 402,326) MAJOR TENANTS: Target, TJ Maxx, Sears, Bed Bath & Beyond, Toys R Us, Best Buy

• 9. TROY MARKETPLACE / MI

ABR: $3.6 million TOTAL GLA: 238,354 (Owned: 217,754) MAJOR TENANTS: Nordstrom Rack, LA Fitness, Golfsmith, REI, PetSmart

• 10. HERITAGE PLACE / MO

ABR: $3.3 million TOTAL GLA: 269,105 MAJOR TENANTS: Marshalls, TJ Maxx, Office Depot, Dierberg’s Market

• 11. TOWN & COUNTRY CROSSING / MO

ABR: $3.3 million TOTAL GLA: 285,467 (Owned: 148,630) MAJOR TENANTS: Whole Foods, Target, Cotton Babies, FedEx, Qdoba

• 12. HOOVER ELEVEN / MI

ABR: $3.1 million TOTAL GLA: 280,719 MAJOR TENANTS: Kroger, Marshalls, OfficeMax, Dunham’s Sports

Ranking based upon pro-rata share of rent.

Portfolio – Strong Top Ten Tenant Line-up

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• As a result of the Company’s

leasing to best-in-class retailers, RPT has realigned its top tenant line-up increasing the concentration of creditworthy retailers while reducing its exposure to at risk tenancies.

• Only TJX Companies represents

more than 2.3% of the Trust’s ABR.

• Whole Foods Market now

rounds out the Company’s top 10 tenant line-up demonstrating the Company’s commitment to quality.

Tenant Name Credit Rating S&P/Moody's % of ABR A+/A3 5.0% BBB+/NR 2.3% B-/B2 2.1% NR/NR 2.0% A-/A2 1.7% NR/NR 1.6% NR/NR 1.5% BB/Baa2 1.5% B/Caa1 1.5% BBB-/NR 1.5%

Note: As of December 31, 2013.

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Portfolio – Attractive Retail Components

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% MTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+

Anchor Shop

Lease Expirations

National 74% Regional 12% Local 14%

Credit Quality

• The Company’s retail

composition is weighted heavily towards community centers and its dominant line- up of national and regional tenants provides stability in any economy.

• RPT maintains a well-balanced

lease expiration schedule with an average term of 5.3 years and a maximum exposure in any year of less than 15%.

• In 2013, the Company’s lease

renewal rate was approximately 80% and comparable rents increased 8.2% for new and renewal leases.

Community Centers 80% Power Centers 12% Grocery- Anchored 8%

Retail Composition

Note: As of December 31, 2013.

15

Portfolio – Superior Core Operating Performance

• 1.6%

1.4% 3.3% 3.0% 4.0%

• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2010 2011 2012 2013 2014* *Reflects high-end

• f guidance.

$11.41 $11.52 $11.54 $11.54 $12.35 $10.60 $10.80 $11.00 $11.20 $11.40 $11.60 $11.80 $12.00 $12.20 $12.40 1Q-2012 2Q-2012 3Q-2012 4Q-2012 4Q-2013 90.3% 91.0% 93.5% 94.6% 96.0% 87.0% 88.0% 89.0% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 2009 2010 2011 2012 2013

Core Portfolio Leased Occupancy Core Portfolio ABR per SF Same-Center NOI

• The Company’s well-leased, highly desirable

shopping centers benefit from rental growth as the pendulum continues to swing in favor of quality over quantity.

• Consistent strong same-center NOI growth is

indicative of a high-quality shopping center portfolio.

• Increasing ABR demonstrates the Company’s

commitment to owning high-quality shopping centers in demographically strong markets.

Note: The Company’s core portfolio consists of both wholly owned and joint venture properties and excludes three properties held for future redevelopment/sale.

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Portfolio – High-Quality Wholly Owned Portfolio

Since 2009:

• A combination of quality acquisitions,

aggressive leasing to creditworthy tenants and capital recycling through disposition of secondary-market, smaller, and at risk centers has led to

• ngoing improvement in portfolio

quality.

• Average base rent has increased by

26%, or a compound annual growth rate of over 6%.

• Leased occupancy has increased by

420 basis points, leading to enhanced tenant recoveries and operating margins.

$9.54 $9.88 $10.45 $10.72 $12.05 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00 $12.50 2009 2010 2011 2012 2013 90.9% 90.7% 91.1% 93.8% 95.1% 88.0% 89.0% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 2009 (1) 2010 2011 2012 2013

Wholly Owned Average Base Rent Wholly Owned Leased Occupancy

(1) Reflects 1Q 2010. The Company did not report leased occupancy prior to then.

92% of the Company’s NOI comes from its wholly owned properties.

17

Portfolio – Leading Quality Markers

Differentiating Portfolio Characteristics Major Metro Focus with Strong Trade Areas Large, Dominant Community Centers with Multiple Anchors Strong Top Tenant Lineup Operating Excellence in Core and Wholly-Owned Portfolio

Strategic Investments

18

• High-Quality Acquisitions: Core Plus and

Value-Add

• Expansion Opportunities
• Selective New Developments

Parkway Shops, Jacksonville, FL

19

Strategic Investments – 2013 High-Quality Acquisitions $567 Million Total Investment

• Ramco-Gershenson’s

investment strategy includes expansion in targeted growth markets of Chicago, St. Louis, Cincinnati, and Milwaukee, will produce an ever bigger, better, and more diverse asset base over the next 2- 3 years.

• RPT’s investment strategy

includes acquiring high- quality core plus shopping centers where the Company sees growth through releasing, redevelopment, or expansion.

Mount Prospect Plaza, Mount Prospect, IL Deer Grove Centre, Palatine, IL Troy Marketplace, Troy, MI (Part of 12 property portfolio.) Deerfield Towne Center, Mason, OH Nagawaukee Center, Nagawaukee, WI Deer Creek Shopping Center, Maplewood, MO

20

Strategic Investments – 2013 Core Plus Acquisition Deerfield Towne Center, Cincinnati, Ohio

Property Highlights:

• Premier community/lifestyle

center in highly-attractive Cincinnati sub-market.

• Affluent trade area with average

HH Incomes of approximately $100,000.

• Exemplary high-quality lifestyle

tenants.

• Located directly across from

Proctor and Gamble’s 1.2 million SF Global Healthcare Facility that employs 1,900 people.

• 460,000 square feet.

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Strategic Investments – 2013 Value-Add Acquisitions Deer Grove Centre and Mount Prospect Center-Chicagoland

• The Company’s recent Chicago acquisitions

are in close proximity to its other Illinois shopping centers creating economies of scale in a vibrant metropolitan market.

• Each property had significant lease-up
• pportunities that will drive value by 100-200

basis points above the initial cap rate.

LIBERTY SQUARE DEER GROVE CENTRE Acquired 3Q2013 MOUNT PROSPECT PLAZA Acquired 2Q2013 ROLLING MEADOWS SHOPPING CENTER MARKET PLAZA

Deer Grove Centre Mount Prospect Plaza Chicago

22

Strategic Investments – Expansion Opportunity The Shoppes at Fox River, Milwaukee, Wisconsin

• The Shoppes at Fox River was acquired in

December of 2010, anchored by Pick ‘n Save (Roundy’s) and Target (shadow).

• Phase II development of TJ Maxx, ULTA, rue 21,

Charming Charlie, and Hobby Lobby.

• Phase III expansion in planning stage with up to

an additional 150,000 sf of retail space transforming center into a 465,000 sf dominant shopping destination.

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Strategic Investments – Selective New Development Lakeland Park Center, Lakeland, Florida

• Initial phase development consisting of 210,000 sf
• f premier retailers.
• Currently 96% pre-leased, 7 future out parcel sales

and land leases projected.

• Projected incremental return above 11%.
• Located adjacent to RPT’s 250,000 square foot

Shoppes of Lakeland shopping center.

Financial Position

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• Market Capitalization
• Strong Credit Metrics
• Credit Rating Profile
• Staggered Debt Maturity Profile

Nagawaukee Center, Nagawaukee, WI

25

Financial Position – Market Capitalization

• RPT has a total capitalization
• f $2.0 billion, conservatively

structured with majority common equity.

• Equity market capitalization

is $1.1 billion. Substantially all shares are owned by REIT funds and other institutional investors.

• Debt to total capitalization is

38%.

• Debt-plus-preferred to total

capitalization is 43%.

• Secured debt to total

capitalization is 17%.

Senior Unsecured Debt 20% Mortgage Loans & Capital Lease 17% Junior Subordinated Note 1% Convertible Preferred Stock 6% Common Equity 56%

Market Capitalization December 31, 2013

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Financial Position – Strong Credit Metrics

• Ratings: NAIC-2
• Liquidity: Over $210 million in cash and line availability
• Debt to Market Capitalization: 38%
• Net Debt to EBITDA: 6.3X
• Interest Coverage: 3.7X
• Fixed Charge Coverage: 2.7X
• Unencumbered Real Estate to Unsecured Debt: 3.45X
• Unencumbered Real Estate to T
• tal Operating Real Estate: 73%
• Secured Debt to Assets: 16%
• Variable-Rate Debt to T
• tal Debt: 13%
• Weighted Average T

erm of Debt: 5.4 years

Credit metrics as of December 31, 2013.

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Financial Position – Credit Rating Profile

Ratings T

• tal

Debt/Adj Capital Debt+Pref/

• Adj. Cap

Secured Debt/Adj. Cap Interest Expense Interest Incurred Fixed Charges Debt/Recur EBITDA Maturing Debt to T

• tal

KIM Baa1/BBB+ 40% 48% 10% 3.3X 3.3X 2.6X 6.0X 23.6% DDR Baa3/BBB- 47% 52% 18% 2.6X 2.4X 2.2X 8.0X 7.2% FRT Baa1/A- 45% 45% 14% 3.8X 3.4X 3.4X 5.6X 13.0% REG Baa2/BBB 41% 48% 10% 2.9X 2.8X 2.4X 5.7X 9.5% WRI Baa2/BBB 49% 52% 16% 3.2X 3.2X 2.6X 6.3X 23.3% EQY Baa2/BBB- 46% 46% 13% 3.0X 2.9X 2.9X 6.7X 0.9% ROIC Baa2/BBB- 41% 41% 10% 4.3X 4.3X 4.3X 8.3X 3.4% Average 44% 47% 13% 3.3X 3.2X 2.9X 6.7X 11.6% RPT 40% 46% 17% 3.6X 3.5X 2.8X 6.2X 4.2%

Source for peers: JPMorgan Credit Comparables – data as of 3Q13. Adjusted Capital = Total Book + Accum. Depreciation. Interest Incurred = Interest Expense + Capitalized Interest. Fixed Charges = Interest Expense + Capitalized Interest + Preferred Distributions. Debt to EBITDA for RPT reflects 3Q13 recurring EBITDA annualized. Maturing Debt is debt due 10/1/13 – 12/31/14.

• On key credit metrics, RPT compares favorably to its investment-grade rated peers in the

shopping center sector.

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Financial Position – Staggered Debt Maturity Profile

$0 $50 $100 $150 $200 $250 $300 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ Millions Mortgage Unsecured JV

Debt Maturity by Year – As of December 31, 2013

• RPT has a staggered debt maturity profile with an average debt term of 5.4 years.
• $120 million of unsecured bank term debt due in 2017 is fully prepayable without

penalty at any time prior to maturity.

Note: As of December 31, 2013. JV debt is at share.

Conclusion

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• Growth Drivers for 2014-2015
• Key Takeaways

T

• wn and Country Crossing, T
• wn & County, MO

30

• CORE PORTFOLIO:

New leases executed in 2013, which do not commence until 2014 will produce annualized rent of $7.1 million. Included in that amount are a number of anchor tenants such as:

• Marshall’s (24,000 sf) at

Village Lakes Shopping Center

• Gordman’s Department Store (54,000 sf) at Lakeshore Marketplace
• ACQUISITIONS:

The Company’s 2013 acquisitions provides expansion, retenanting, and lease-up opportunities:

• Mount Prospect Plaza: 85% occupied at acquisition.
• Deer Grove Centre: 81% occupied at acquisition.
• (RE)DEVELOPMENT:

The Company has one development and five (re)development / expansion projects underway. Other examples include:

• Town & Country Crossing: Added 9,000 sf Cooper’s Hawk Brewery

and Restaurant in new retail space. Plans to add new 25,000 sf anchor.

• Harvest Junction: Expanding shopping center to include 25,000 sf of

new small shop retail, ground leases, and outparcel sales on adjacent land.

Conclusion – Growth Drivers for 2014-2015

31

Conclusion – Key Takeaways for RPT

• Investing in a diversified portfolio of large, institutional quality

shopping centers.

• Driving income and portfolio quality through lease-up,

expansions, redevelopments, and selected acquisitions.

• Built in long-term growth drivers.
• Committed to an investment-grade profile, significant liquidity,

low leverage, and strong debt metrics.

• The Company’s FFO multiple is a 15% discount to the peer

group median and a 34% discount to the five highest-multiple peers, providing an opportunity for significant outperformance through multiple expansion.

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Information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the “Securities Act”, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” You can identify these forward-looking statements by our use of the words “believe,” “anticipate,” “plan,” “expect,” “may,” “might,” “should,” “will,” “intend,” “estimate,” “predict” and similar expressions, whether in the negative or affirmative. These forward-looking statements represent our expectations or beliefs concerning future events, including: statements regarding future developments and joint ventures, rents, returns, and earnings; statements regarding the continuation of trends; and any statements regarding the sufficiency

• f our cash balances and cash generated from operating, investing, and financing activities for our future liquidity and

capital resource needs. We caution that although forward-looking statements reflect our good faith beliefs and reasonable judgment based upon current information, these statements are not guarantees of future performance and are qualified by important factors that could cause actual results to differ materially from those in the forward- looking statements, because of risks, uncertainties, and factors including, but not limited to: our success or failure in implementing our business strategy; economic conditions generally and in the commercial real estate and finance markets specifically; our cost of capital, which depends in part on our asset quality, our relationships with lenders and

• ther capital providers; our business prospects and outlook; changes in governmental regulations, tax rates and

similar matters; and our continuing to qualify as a REIT. Further, we have included important factors under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2012, and other periodic reports, that we believe could cause our actual results to differ materially from the forward-looking statements that we make. All forward-looking statements are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we do not undertake any obligation to update our forward-looking statements or the risk factors contained herein to reflect new information or future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

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