Investor Presentation Fall 2014 31500 Northwestern Highway, Suite - - PowerPoint PPT Presentation

Investor Presentation

Fall 2014

31500 Northwestern Highway, Suite 300 Farmington Hills, Michigan 48334 248.350.9900 www.rgpt.com

• A. Company Overview and Strategy
• B. Strategic Acquisitions – Driving Quality and Growth
• C. Value-Add Redevelopment and Development
• D. High-Quality Shopping Center Portfolio
• E. Fortified Balance Sheet
• F. Investment Highlights

Table of Contents

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Nagawaukee Center, Delafield, Wisconsin

The Company maintains a balance sheet with an investment grade profile and well-balanced capital structure, with ample liquidity and access to capital, to support its growth initiatives highlighted by a net debt to EBITDA ratio of 6.3X. Ramco-Gershenson’s centers include on average four national anchors, which often feature the trade area’s leading grocer, including Whole Foods, Publix, and Kroger, that generate average annual sales of approximately $490 per square foot. The Company’s shopping centers serve the everyday needs of the consumer and are tenanted by best-in-class national and regional retailers, including TJ Maxx, Marshalls, LA Fitness, Bed Bath & Beyond, The Home Depot, Nordstrom Rack, Ross Dress for Less, Kohl’s, and Stein Mart.

The Shops on Lane Avenue - Columbus, Ohio Troy Marketplace - Troy, Michigan

Company Overview

Ramco-Gershenson Properties Trust (“RPT”, “Ramco- Gershenson”, or the “Company”) owns and manages interests in 82 market dominant, multi-anchored community shopping centers in 14 states valued at approximately $2.4 billion.

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Committed to Building Shareholder Value

Woodbury Lakes - Woodbury, Minnesota Front Range Village - Fort Collins, Colorado

Over the last five years Ramco-Gershenson’s track record of performance has delivered to its shareholders a total return on their investment of 252%. For the past three years the Company has grown funds from operations (FFO) 7.8% on average while increasing its dividend by an average of 7.4%. Ramco-Gershenson will continue to seek out attractive investment opportunities that drive the value of its portfolio while remaining judicious allocators of capital on behalf of its shareholders. The Company’s primary goal is to build value for its shareholders.

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Parkway Shops - Jacksonville, Florida

Additionally, the plan is focused on the pro-active management of a high-quality shopping center portfolio positioning the Company to deliver above average same- center NOI growth of 3%-4% for the foreseeable future.

RPT’s Three-Year Business Plan

The plan also involves executing on a robust (re)development program including expansions, reanchorings, and lease-up of vacant space, which will produce average incremental returns on investment of 11% supplementing core earnings growth over the next several years. The plan includes a measured acquisition strategy focused

• n high-quality, multi-anchored shopping centers in

desirable metropolitan markets where the Company sees the opportunity to add value for its shareholders. RPT’s acquisitions in 2014 have totaled approximately $320 million.

Town & Country Crossing - Town & Country, Missouri

Ramco-Gershenson is executing on a three-year business model, which is delivering growth in earnings and net asset value.

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Strategic Acquisitions- Driving Growth and Quality

Kohl’s, Nagawaukee Center, Delafield, Wisconsin

• Transformative Acquisitions
• Recent Transactions
• Front Range Village
• Buttermilk Towne Center
• Woodbury Lakes
• Bridgewater Falls
• Deerfield Towne Center
• Portfolio Diversification

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Street View, Woodbury Lakes – Woodbury, MN

Transformative Acquisitions

Over the last three and a half years the Company has transformed its portfolio through strategic acquisitions and non-core dispositions driving portfolio quality.

Troy Marketplace, Troy, MI (part of 12 property portfolio) Nagawaukee Center, Milwaukee, WI Deerfield Towne Center Cincinnati, OH Deer Creek

• St. Louis, MO

TRANSACTIONS

31Acquisitions 8.3 million square feet $13.82 $81,000 173,000 18 Dispositions 2.2 million square feet $10.19 $62,000 147,000

Acquisitions Dispositions

TOTAL GLA

• AVG. RENT psf
• AVG. HH INCOME

POPULATION

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Recent Transactions

Since December of 2013, the Company has purchased five shopping centers in targeted metropolitan markets valued at approximately $417 million, totaling 2.5 million square feet.

Woodbury Lakes – Woodbury, MN Buttermilk Towne Center – Crescent Springs, KY Bridgewater Falls - Hamilton, OH Front Range Village – Fort Collins, CO Deerfield Towne Center – Mason, OH

Minnesota #16 MSA Cincinnati #28 MSA Denver #21 MSA

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Trade Area Dynamics

Front Range Village – Denver MSA

Property Highlights

• Quality of life profile with average household Incomes of

approximately $86,000 (3 miles) and $77,000 (5 miles).

• Population of 57,000 (3 miles) and 125,000 (5 miles) is

expected to grow 8% over the next five years.

• Strategically located on Harmony Road, one mile west of

the I-25 Expressway Interchange.

• Acquisition enhances the Company’s presence in the

Denver area, the Company’s fourth largest market.

• Dynamic multi-anchored, mixed-use community shopping

center encompassing approximately 810,000 square feet.

• Best-in-class tenant mix featuring necessity and specialty

retailers anchored by Target (shadow), Lowe’s (shadow) Sprouts Farmers Market, DSW, and Sports Authority, and is tenanted by other top tier national retailers such as ULTA Beauty, and Cost Plus World Market.

• Includes 78,000 square feet of office space tenanted by

Microsoft, CA Technologies, among others. Home to the Fort Collins Public Library, which draws 366,000 visitors each year.

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Front Range Village – Value Enhancement

• Front Range Village provides the opportunity to develop

an additional 100,000 square feet of retail space, including up to six outparcels, which will be land leased or sold.

• RPT plans to add at least one mid-box user as well as a

number of in-line destination tenancies including soft line goods, women’s apparel, and restaurants.

• In-place contractual rent increases of $500,000 will also

contribute to NOI growth.

Future Value-Add Redevelopment

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Expansion, Reanchoring, and/or Releasing

Property Highlights Trade Area Dynamics

Buttermilk Towne Center– Cincinnati, MSA

• Recently developed destination oriented, multi-anchored

community shopping center encompassing 278,000 square feet.t h

• Exceptional anchor tenants include Home Depot, Field &

Stream (Dick’s), LA Fitness, and Remke Market (upscale regional grocer).

• Complementary in-line tenants including FedEx Office,

Firehouse Subs, Sweet Frog Frozen Yogurt, and Salon Concepts add local appeal and destination draws to the shopping center.

• Well-established suburban Cincinnati trade area with

average household Incomes of approximately $75,000 and a stable population base of 198,000.

• Strategically located near the Interstate 71/75 and

Buttermilk Pike Interchange, which caters to a robust daytime population of nearly 122,000 employees within five miles of the shopping center.

• Acquisition is the Company’s third in the Cincinnati

market (the Company’s third largest market). 11

Buttermilk Towne Center– Value Enhancement

• Buttermilk Towne Center includes a number of

redevelopment and expansion opportunities that will drive the Company’s initial return on investment and increase future cash flow at the property.

• RPT plans to construct up to 22,000 square feet of

additional in-line space as well as develop and/or sell up to six out parcels generating additional cash flow and sale proceeds.

• In-place anchor contractual rent increases will further

drive the initial cap rate at least 50 basis points by 2017.

Future Value-Add Redevelopment

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Expansion, Reanchoring, and/or Releasing

Trade Area Dynamics

Woodbury Lakes – Minnesota MSA

Property Highlights

• Premier lifestyle shopping center encompassing 366,000

square feet marks RPT’s entrance into the Minneapolis-St. Paul market.

• Traditional community center anchors include Trader

Joe’s (shadow), buybuy Baby, DSW, and Michaels.

• Exciting specialty tenants - many new to the market-

include American Eagle, H & M, Victoria’s Secret, PacSun, White House|Black Market, Soma, Express, LOFT, The Gap, and Buckle.

• Affluent Minneapolis –St. Paul trade area with average

household Incomes of approximately $102,000 (3 miles) and $96,000 (5 miles) and an unemployment rate of only 4.1%.

• Woodbury Lakes, voted “Best Places to Live” by Forbes and

Money magazines, is projected to grow 5% over the next five years.

• Prominently positioned just east of Interstate I-94, east of the

I-94 and I-494/I-694 intersection, 25 minutes from downtown Minneapolis, 15 minutes from downtown St. Paul, and 10 minutes from Wisconsin’s western border.

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Woodbury Lakes – Value Enhancement

• RPT plans to capitalize on high retailer demand by

expanding its entertainment and restaurant components.

• The Company is already finalizing a number of new leases

at above average market rents with national retailers to fill vacancies at this 89% leased shopping center.

• Woodbury Lakes sits adjacent to the “City Place”, State

Farm’s 100 acre mixed-use site, slated to include office, limited retail, hotel, and medical uses.

Future Value-Add Redevelopment

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Expansion, Reanchoring, and/or Releasing

Bridgewater Falls – Cincinnati MSA

Trade Area Dynamics Property Highlights

• Vibrant community shopping center encompassing

503,000 square feet.

• The shopping center features a strong anchor line-up

including Target, Dick’s Sporting Goods, Bed Bath & Beyond, TJ Maxx, JC Penney (ground lease), Old Navy, PetSmart, and Michaels.

• As well as over 50 additional leading retailers notably

ULTA Beauty, Kay Jewelers, Justice, Rue21, Salon Lofts, Massage Envy, Charming Charlie, Panera Bread, Chick- fil-A, and Buffalo Wild Wings.

• Desirable in-fill market with average household Incomes
• f approximately $78,000 (3 miles), $72,000 (5 miles), and

a trade area population of 138,000 people.

• Excellent visibility and accessibility at the intersection of

State Highway 4 and Princeton Road.

• Part of the Hamilton School District ranked the #1 urban

school district in Ohio. 15

Bridgewater Falls – Value Enhancement

• RPT plans to bolster the retail merchandise mix by

transforming the “village” portion of the shopping center into a first class market area to include an upscale grocer and creditworthy soft-line retailers.

• Additional plans include the expansion of the desirable

restaurant component at the center.

• Bridgewater Falls benefits from a large contingency of

leading anchor tenants that provide the foundation for future lease-up of the shopping center.

Future Value-Add Redevelopment

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Expansion, Reanchoring, and/or Releasing

Trade Area Dynamics

Deerfield Towne Center – Cincinnati, MSA

Property Highlights

• Superlative community/lifestyle center encompassing

460,000 square feet.

• The shopping center is anchored by an impressive line-up
• f the nation’s leading retailers, including Whole Foods (1
• f 2 in the Cincinnati market), Dick’s Sporting Goods, Bed

Bath & Beyond, buybuy Baby, and Regal Cinema.

• The tenant mix also includes lifestyle tenants such as White

House|Black Market, Chico’s, Talbots, Ann Taylor Loft, ULTA Beauty, and The Children’s Place.

• Prosperous trade area with average household Incomes
• f approximately $103,000 (3 miles) and $106,000 (5 miles)
• In 2013, ranked #7 Best Places to Live for Families. The

trade area population base of 143,000 is expected to grow 3% over the next five years.

• Exceptionally well-positioned as part of the main retail

hub along the busy Mason/Montgomery Rd just one mile north of Interstate 7. 17

Future Value-Add Redevelopment

Deerfield Towne Center – Value Enhancement

• Deerfield Towne Center, presently 92% occupied,

will benefit from leasing existing vacancies driven by the draw and appeal of its leading anchor line-up as well as the unique-to-the market specialty retailers.

• Whole Foods Market has indicated a desire to expand its

premises driven by its superior sales volume at the shopping center.

• The Company is in negotiations with two national anchor

retailers to fill existing vacancies. 18

Expansion, Reanchoring, and/or Releasing

The Company plans to continue to acquire shopping centers that expand its existing trade area dominance as well as enter select new metropolitan markets while selling those properties that do not fit its preferred profile.

Recent Acquisition Markets

Portfolio Diversification

Long Term Goals

• The Company is focused
• n owning high-quality

shopping centers in quality of life markets with high per square foot average base rents.

• The Company will

continue to diversify its markets ensuring that no state represents over 25%

• f annualized base rent.
• The Company will

continue to sell non-core properties to meet its goals. Quality of Life Profile

• Superior average

household incomes.

• Growing population base.
• High education levels and

leading schools.

• Near thriving businesses and

industries.

Minnesota #16 MSA

• St. Louis

#19 MSA Chicago #3 MSA Cincinnati #28 MSA Denver #21 MSA

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Value-Add Redevelopment and Development

Town & Country Crossing, Town & Country, Missouri

• Redevelopment Pipeline
• Expansion and Re-anchoring Case Studies
• The Shoppes at Fox River
• Harvest Junction
• Town & Country Crossing
• Mount Prospect Plaza
• Deer Grove Centre
• New Developments

Town & Country Crossing, Town & Country, Missouri

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• The Company is currently redeveloping five

recently acquired shopping centers for $55 million, which will be completed over the next 2- 3 years producing a return on incremental investment of 11%.

• Projects include expansions, reanchorings, and

retenantings designed to drive property level NOI and NAV.

• Credit-quality anchor tenants being added to

RPT’s centers include Ross Dress for Less, Stein Mart, TJ Maxx, LA Fitness, and Hobby Lobby.

• The Company expects to increase its total return
• n initial investment by an average of 150 basis

points - 7.0% average acquisition cap rate to an 8.5% cap rate at the time of completion.

• Pre-redevelopment asset value of $161 million,

post-redevelopment asset value of $262, after costs NAV accretion of $48 million.

Redevelopment Pipeline

Value-Added Redevelopment Exciting Projects Include Best-in-Class Retailers

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The Shoppes at Fox River

Waukesha (Milwaukee), Wisconsin

• Three phases totaling approximately 520,000 square feet

will vastly improve the ROI and terminal cap rate of the center, which at time of completion will be 6.5%.

• The Company expects to increase its total return on initial

investment by 60 basis points - 7.9% acquisition cap rate to an 8.5% cap rate at the time of completion.

• Phase III project costs of $30 million expected to produce

an incremental return on investment of 9%.

• $14 million in value creation.
• $14 million in value creation.

Expansion Case Study

• The Shoppes at Fox River, anchored by Pick ‘n Save

(Roundy’s) and Target (shadow) was acquired in December of 2010 encompassing 236,000 square feet.

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

Charlie, and Hobby Lobby completed in 2013/2014 on 12 acres of land that was part of the initial acquisition.

• Phase III expansion planned for 2015 on additional 10

acres with up to 150,000 square feet of primarily national retailers will transform the shopping center into a 520,000 square foot market dominant retail destination.

Value Creation

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Expansion, Reanchoring, and/or Releasing

• Harvest Junction North and South were acquired in the

second quarter of 2012. The acquisition marked the company’s entrance into Boulder/Denver market.

• Combined, the two centers encompass 471,000 square

feet, including Lowe’s (shadow).

• As part of the acquisition, the Company acquired 15

acres of adjacent land to expand the shopping center.

• Desirable trade area with an average household

income of $78,000 and a population of 98,000.

Expansion and Re-anchoring Case Studies

Harvest Junction

Longmont (Boulder), Colorado

• Multiple phase expansion plus lease-up of vacant space.
• Total incremental project costs of $7.5 million expected to

produce an incremental return on investment of 9%.

• The Company expects to increase its total return on initial

investment by 60 basis points – 6.7% acquisition cap rate to a 7.3% cap rate at the time of completion.

• $3.5 million in value creation, plus $1.8 million in estimated

land sale profit above and beyond projected ROI.

Value Creation

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Expansion, Reanchoring, and/or Releasing

• Town & Country, a Target (shadow) and Whole Foods

anchored community shopping center encompassing 285,000 square feet, was acquired in the fourth quarter

• f 2011.
• In 2013, RPT added a 9,000 square foot Cooper’s Hawk

Restaurant.

• Further improvements include the addition of a 31,000

square foot Stein Mart (lease signed) and other in-line tenancies.

• Desirable trade area with an average household

income of $107,000 and a population of 170,000.

Expansion and Re-anchoring Case Studies

Town & Country Crossing

Town & Country (St. Louis), Missouri

• Addition of new GLA and lease-up of vacant space.
• Total incremental project costs of $6.6 million expected to

produce an incremental return on investment of 14%.

• The Company expects to increase its total return on initial

investment by 110 basis points – 7.2% acquisition cap rate to an 8.3% cap rate at the time of completion.

• $6.5 million in value creation.

Value Creation

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Expansion, Reanchoring, and/or Releasing

• Mount Prospect Plaza, a 301,000 square foot community

shopping center, was acquired in the second quarter of 2013.

• The property was 81% leased at the time of acquisition.

Based on identified leases, the Company anticipates the center will be 95% leased 18-24 months post-acquisition.

• Opportunities for outparcel development.
• Desirable trade area with an average household

income of $84,000 and a population of 300,000.

Expansion and Re-anchoring Case Studies

Mount Prospect Plaza

Mount Prospect (Chicago), Illinois

• Lease-up and expansion opportunities.
• Total incremental project costs of $4.6 million expected to

produce an incremental return on investment of 26%.

• The Company expects to increase its total return on

investment by 200 basis points – 7.1% acquisition cap rate to a 9.1% cap rate at the time of completion.

• $11.8 million in value creation.

Value Creation

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Expansion, Reanchoring, and/or Releasing

Expansion and Re-anchoring Case Studies

Deer Grove Centre

Palatine (Chicago), Illinois

• Deer Grove Centre, 350,000 square foot community

center, was acquired in the third quarter of 2013.

• The Company anticipated the termination of the

Dominick’s lease as part of the acquisition providing the catalyst for future redevelopment.

• The center was 83% leased at the time of acquisition.

Based on leases/LOIs in place, occupancy will increase to over 98% by 2H2015.

• Desirable trade area with an average household

income of $102,000 and a population of 250,000.

• Lease-up of 83% occupied shopping center.
• Total incremental project costs of $6.6 million expected to

produce an incremental return on investment of 10%.

• The Company expects to increase its total return on initial

investment by 250 basis points – 7.4% acquisition cap rate to an 9.9% cap rate at the time of completion.

• $7.8 million in value creation.

Value Creation

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Expansion, Reanchoring, and/or Releasing

New Development

Lakeland Park Center Lakeland, Florida

• Lakeland Park Center is located adjacent to RPT’s 250,000

square foot Shoppes at Lakeland shopping center.

• The first phase of the development consisting of 210,000

square feet is anchored by Dick’s Sporting Goods, Ross Dress for Less, and Old Navy and is scheduled to open October 2014.

• At ground-breaking the project was 96% pre-leased. The

sale/land lease of 7 out-parcels is also projected.

• Net incremental investment of $34.0 million with a projected

return of 10%.

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• Parkway Shops (Phase I) located adjacent to RPT’s 900,000

square foot highly successful River City Marketplace encompasses 90,000 square feet and is anchored by Dick’s Sporting Goods, Marshalls, and ULTA Beauty.

• Phase II is in the planning stages. The Company has signed a

lease with Hobby Lobby in 55,000 square feet to anchor the second phase of the project.

• Net incremental investment of $17.0 million with a return on

investment of 10%.

New Development

Parkway Shops Jacksonville, Florida

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High Quality Shopping Center Portfolio High-Quality Shopping Center Portfolio

• Focused on Top Metropolitan Markets
• Market Dominant, Multi-Anchored Profile
• RPT’s Largest Market Dominant Centers
• Strong Operating Metrics
• Credit-Quality Top Tenant Line-up

Deerfield Towne Center, Mason, Ohio

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Focused on Top Metropolitan Markets

RPT’s Top Markets

 RPT’s top 12 metropolitan markets account for nearly 90% of its pro rata annualized base rents.  These 12 markets are among the largest 40 metro areas in the U.S.[1] and have average household incomes of $78,000.  Taken together, the12 MSAs are home to 121 Fortune 500 company headquarters and 42.7 million people.  RPT’s average metropolitan market would be ranked #26 and home to 3.6 million people.

Minnesota #16 MSA

• St. Louis

#19 MSA Chicago #3 MSA Cincinnati #28 MSA Denver #21 MSA SE Michigan #14 MSA Toledo #89 MSA Atlanta #9 MSA Jacksonville #40 MSA Tampa Bay #18 MSA SE Florida #8 MSA Milwaukee #39 MSA

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1With the exception of Toledo, which is ranked #89.

Market Dominant, Multi-Anchored Profile

Dominant Averaging 260,000 Square Feet 4+ Anchors Per Center Multi-Anchored 80% of Base Rent Community Center Focus 5-Mile Income-$78,000 5-Mile Population-170,000 Strong Demographics 87% National/Regional Creditworthy Tenants 3.8% Strong Same-Center Growth

Note: As of June 30, 2014. GLA and anchor count includes shadow anchor space.

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RPT’s Largest Market Dominant Centers

• 1. RIVER CITY MARKETPLACE / FL

ABR: $9.4 million $16.96 psf TOTAL GLA: 899,588 (Owned: 557,087) MAJOR TENANTS: Lowe’s, Wal-Mart, Bed Bath & Beyond, Michaels, Ross Dress For Less

• 2. FRONT RANGE VILLAGE / CO

ABR: $8.3 million $19.50 psf TOTAL GLA: 810,000 (Owned 459,780) MAJOR TENANTS: Target, Lowes, Sprouts Farmers Market, DSW, ULTA Beauty, Toys ‘R’ Us/Babies ‘R’ Us, Staples, Sports Authority

• 3. DEERFIELD TOWNE CENTER / OH

ABR: $8.3 million $19.46 psf TOTAL GLA: 460,675 MAJOR TENANTS: Whole Foods, Bed Bath & Beyond, buybuy Baby, Dick’s Sporting Goods, Regal Cinema

• 4. BRIDGEWATER FALLS / OH

ABR: $6.6 million $13.94 psf TOTAL GLA: 630,000 (Owned 503,000) MAJOR TENANTS: Target, TJ Maxx, JC Penney, Michaels, Dick’s Sporting Goods, Bed Bath & Beyond, ULTA Beauty, PetSmart, Old Navy

• 6. WOODBURY LAKES / MN

ABR: $5.6 million $20.80 psf TOTAL GLA: 366,000 (Owned 305,086) MAJOR TENANTS: Trader Joe’s ,buybuy Baby, DSW, Michaels, Gap, Express, H&M, American Eagle Outfitters

• 5. TEL-TWELVE / MI

ABR: $5.8 million $11.02 psf TOTAL GLA: 523,411 MAJOR TENANTS: Meijer, Lowe’s, DSW, PetSmart, Michaels, Best Buy, Pier 1

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• 12. TROY MARKETPLACE / MI

ABR: $3.6 million $16.68 psf TOTAL GLA: 238,354 (Owned: 217,754) MAJOR TENANTS: Nordstrom Rack, LA Fitness, Golfsmith, REI, PetSmart

• 9. THE PLAZA AT DELRAY / FL

ABR: $4.4 million $17.02 psf TOTAL GLA: 268,613 MAJOR TENANTS: Publix, Ross Dress For Less, Marshalls, TJ Maxx, Michaels, ULTA Beauty,

RPT’s Largest Market Dominant Centers

• 8. HUNTER’S SQUARE / MI

ABR: $5.3 million $17.03 psf TOTAL GLA: 354,323 MAJOR TENANTS: TJ Maxx, Marshalls, Bed Bath & Beyond, buy buy Baby, Michaels, GAP, ULTA Beauty

• 10. JACKSON CROSSING / MI

ABR: $4.0 million $10.42 psf TOTAL GLA: 656,568 (Owned: 402,326) MAJOR TENANTS: Kohl’s, Target, TJ Maxx, Sears, Bed Bath & Beyond, Toys “R” Us, ULTA Beauty

• 11. MILLENNIUM PARK / MI

ABR: $3.9 million $14.23 psf TOTAL GLA: 625,209 (Owned: 272,568) MAJOR TENANTS: Home Depot, Marshalls, Michaels, PetSmart, ULTA Beauty, Five Below

• 7. MISSION BAY PLAZA / FL

ABR: $5.6 million $22.17 psf TOTAL GLA: 263,714 MAJOR TENANTS: The Fresh Market, Golfsmith, LA Fitness, Toys “R” Us

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• 13. THE SHOPPES AT FOX RIVER / WI

ABR: $3.3 million $14.10 psf TOTAL GLA: 369,774 (Owned: 237,392) MAJOR TENANTS: Target, Pick ‘n Save, Hobby Lobby, TJ Maxx, Petco, ULTA Beauty

• 14. HERITAGE PLACE / MO

ABR: $3.3 million $13.47 psf TOTAL GLA: 269,105 MAJOR TENANTS: Marshalls, TJ Maxx, Dierberg’s Market, Petco, Office Depot

• 18. MOUNT PROSPECT PLAZA / IL

ABR: $3.1 million $12.00 psf TOTAL GLA: 301,000 MAJOR TENANTS: LA Fitness, Marshalls, Aldi, Ross Dress For Less, Walgreens, Petco

• 16. TOWN & COUNTRY CROSSING / MO

ABR: $3.3 million $25.91 psf TOTAL GLA: 285,467 (Owned: 148,630) MAJOR TENANTS: Whole Foods, Target, Cooper’s Hawk, Stein Mart

• 15. THE SHOPS ON LANE AVENUE / OH

ABR: $3.3 million $21.51 psf TOTAL GLA: 107,719 MAJOR TENANTS: Whole Foods, Target, Bed Bath & Beyond, ULTA Beauty, White House|Black Market

RPT’s Largest Market Dominant Centers

• 17. CHESTER SPRINGS SHOPPING CENTER / NJ

ABR: $3.1 million $14.30 psf TOTAL GLA: 223,068 MAJOR TENANTS: Marshalls, ShopRite, CVS, Staples, Starbuck’s

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Community Centers 80% Power Centers 12% Grocery- Anchored 8% National 74% Regional 12% Local 14%

Community Center Focus Strong National/Regional Composition

• 1.6%

1.4% 3.3% 3.0% 3.5%

• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0% 4.0% 2010 2011 2012 2013 2014* *Reflects mid- range of guidance.

Sustainable Same-Center NOI Growth

$10.82 $10.87 $10.98 $11.32 $11.54 $12.35 $13.02 $10.70 $11.20 $11.70 $12.20 $12.70 $13.20 2008 2009 2010 2011 2012 2013 YE2014*

Increasing Average Base Rents

Strong Operating Metrics

Note: Shopping center and retail data as of June 30, 2014.

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*Reflects estimate for acquisitions and sales .

Whole Foods Market and Regal Cinemas are the newest entrants in the Company’s top 10 tenant line-up. RPT’s center typically include the number one grocer in its market resulting in strong average annual supermarket sales

• f approximately $490 per

square foot.

1

Credit-Quality Top Tenant Line-up

2 3 4 5 6 7 8 9

5.0% of ABR 2.3% of ABR 2.1% of ABR 1.9% of ABR 1.7% of ABR 1.6% of ABR 1.6% of ABR 1.5% of ABR 1.5% of ABR 1.5% of ABR

10

The Company’s top tenant line-up is dominated by national and regional destination

• riented retailers providing

stability in any economy.

RPT’s Top 10 Tenants

As of June 30, 2014.

36

Fortified Balance Sheet

• Solid Capital Structure
• Strong Credit Metrics
• Staggered Debt Maturity Schedule
• Investment Grade Profile

37

The Shops at Old Orchard, West Bloomfield, Michigan

Solid Capital Structure

Market Capitalization

(Pro-Forma for Recent Transactions)

• RPT has a total capitalization of

$2.4 billion conservatively structured with the majority common equity.

• Equity market capitalization is $1.4
• billion. Substantially all shares are
• wned by REIT funds and other

institutional investors.

• Debt to total capitalization is 39%.
• Debt-plus-preferred to total

capitalization is 44%.

• Secured debt to total

capitalization is 15%.

Senior Unsecured Debt (2018- 2025) 22% Line of Credit (2016) 1% Mortgage Loans (due various dates) 15% Jr. Subordinated Notes (2038) 1% 7.25% Convertible Preferred Stock 5% Common Equity 56%

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Strong Credit Metrics

Low Leverage

Net Debt / Market Capitalization 39% Net Debt + Preferred / Market Capitalization 44% Net Debt to EBITDA 6.3X

Strong Coverage

Interest Coverage 4.1X Fixed Charge Coverage 3.0X

Flexible Structure

Unencumbered Operating Assets/Unsecured Senior Debt 2.9X Fixed-Rate Debt / Total Debt 96% Secured Debt / Total Capitalization 16%

Ample Liquidity

(in millions) Revolving Line Availability $112 NYL Investors, LLC (New York Life) Agreement $100 Prudential Capital Shelf Agreement $50

(millions)

Note: Information has been updated for equity offering completed in July 2014 as well as anticipated $100 million in new private placement debt, with the exception of coverage ratios, which are as of June 30, 2014.

39

RPT has a staggered debt maturity profile with a weighted average term

• f 6.6 years.

Staggered Debt Maturity Schedule

$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

RPT Debt Maturity by Year - As of June 30, 2014 pro forma for acquisitions, equity

• ffering, and private placement

New York Life Notes

40

On key credit metrics, RPT compares favorably to its investment-grade rated peers in the shopping center sector.

Ratings Total Debt/Adj Capital Debt+Pref/

• Adj. Cap

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

KIM Baa1/BBB+ 42% 50% 11% 3.3X 3.3X 2.6X 6.9X DDR Baa2/BBB- 48% 51% 20% 2.6X 2.5X 2.3X 8.3X FRT A3/A- 44% 44% 12% 4.4X 3.6X 3.6X 5.5X REG Baa3/BBB 43% 50% 12% 3.1X 2.9X 2.5X 6.0X WRI Baa2/BBB 45% 49% 14% 3.4X 3.3X 3.0X 5.8X EQY Baa2/BBB- 47% 47% 13% 3.2X 3.1X 3.1X 6.8X ROIC Baa2/BBB- 41% 41% 7% 3.9X 3.9X 3.9X 7.8X Average 44% 47% 13% 3.4X 3.2X 3.0X 6.7X

RPT 42% 46% 16% 4.1X 3.8X 3.0X 6.3X

Investment Grade Profile

Source: J.P. Morgan North America Credit Research, “The REIT Reality, 13-Aug-14”; Company reports Note: Total Adjusted Capital = Total Book Capital + Accumulated Depreciation; Interest Incurred Coverage = EBITDA/(Interest Expense + Capitalized Interest); Fixed Charge Coverage = EBITDA/(Interest Expense + Capitalized Interest + Preferred Distributions)

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Investment Highlights

A targeted acquisition program focused on attractive metropolitan markets coupled with a capital recycling strategy designed to drive portfolio quality and value. Ownership of high-quality shopping center portfolio comprised of large, market dominant shopping centers expected to produce strong rental and sustainable same-center NOI growth.

Ramco-Gershenson is focused on growing shareholder value through an every improving shopping center portfolio, measured growth, and a solid capital structure.

A robust redevelopment pipeline and in-process developments featuring leading retail anchors, driving healthy earnings growth and NAV. Attractive capital structure with ample liquidity to fund its business plan and grow its dividend.

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Hunter’s Square – Farmington Hills, Michigan Town & Country Crossing – Town & Country, Missouri

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 of 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 other 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, 2013, 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

• r future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

Safe Harbor Statement

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