Taking Retail to New Heights MAY 2014 Table of Contents A. - - PowerPoint PPT Presentation

MAY 2014

Taking Retail to New Heights

INVESTOR PRESENTATION

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

Table of Contents

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• Ramco-Gershenson Properties Trust (“RPT”, “Ramco-

Gershenson”, or the “Company”) is a Real Estate Investment Trust (REIT) that owns and manages interests in 79 market dominant, multi-anchored community shopping centers in 13 states valued at approximately $2.0 billion.

• The Company’s shopping centers cater to 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.

• Ramco-Gershenson’s centers typically feature a leading

grocery anchor, including Whole Foods, Publix, and Kroger, that generate average annual sales of $489 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 6.1x.

New Whole Foods Market, The Shops on Lane Avenue Columbus, Ohio New TJ Maxx, The Shoppes of Lakeland Lakeland, Florida

Company Overview

Note: As of March 31, 2014.

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The Company has two strategic goals which will drive long-term shareholder value:

Advantageously acquire high-quality shopping centers in target metro markets, undertake value-add redevelopments and select developments, and lease to best-in- class retailers to drive both external and internal growth.

Grow Assets and Earnings Potential Continuous Portfolio Quality Improvement

The Company’s Strategic Goals

The Company will continue to upgrade the quality of its shopping center portfolio, which will be reflected in an even stronger demographic profile, higher average base rents, and a fortified top tenant line-up.

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Ownership of a high-quality shopping center portfolio with a proven track record of performance positions the Company to deliver above average same-center NOI growth of 3% - 4% for the foreseeable future. Robust redevelopment pipeline valued at $100 million and development projects in process are estimated to produce average returns of 10%-11% supplementing core earnings growth over the next several years. A well-defined acquisition strategy targeted at $350- $500 million in 2014 will contribute to an increase in

• wnership of high-quality, multi-anchored shopping

centers in desirable trade areas.

The Company has three levers that promote quality and growth:

Identified Levers for Quality and Growth

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• Market Dominant, Multi-Anchored Profile
• Market Leading Centers
• Credit Quality Top Tenant Line-up
• Strong Operating Metrics

High Quality Shopping Center Portfolio

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Dominant

260,000 Square Feet1

Multi-Anchored

4+ Anchors Per Center

Community Center Focus

80% of Base Rent2

Strong Demographics

5-Mile Income-$74,000 5-Mile Population-161,000

Creditworthy Tenants

87% National/Regional

Strong Rent Growth

5.7% Leasing Spreads

Market Dominant, Multi-Anchored Profile

1 Includes shadow anchors. Anchor space is >10,000 square feet.

2Community Centers are typically defined as shopping 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.

1.

• 1. RIVER

VER CITY TY MARKETPLA ETPLACE E / FL

ABR: $9.4 million ion $16.95 p psf TOTAL GLA: 899,588 (Owned: d: 557,087) MAJOR TENANTS: Lowe’s, , Wal-Mart, art, Bed, Bath & Beyond, d, Michae aels ls, , Ross

• 2. DEERF

RFIELD ELD TOWNE NE CENTER TER / O OH

ABR: $8.5 million ion $19.73 p psf TOTAL GLA: 460,675 MAJOR TENANTS: : Whole le Foods ds, , Bed Bath & Beyond, buy buy Baby, Dick’s

• 3. TEL-TWE

TWELVE LVE / MI

ABR: $5.8 million ion $11.07 p psf TOTAL GLA: 523,411 MAJOR TENANTS: : Meijer, , Lowe’s, , DSW, PetSmart, art, Michae aels ls, , Best Buy, Pier 1

• 5. MISSION BAY PLAZA / FL

ABR: $5.6 million ion $22.14 psf TOTAL GLA: 263,714 MAJOR TENANTS: : The Fresh Market, t, Golfsmith, LA Fitness, Toys “R” Us

• 4. HUNTER’S SQUARE / MI

ABR: $5.3 m

million ion $17.02 p psf TOTAL GLA: 354,323 MAJOR TENANTS: : TJ Maxx, , Marshalls alls, , Bed Bath & Beyond, buy buy Baby, GAP

6.

• 6. WES

EST T OAKS KS / / MI MI

ABR: $5.3 m

million ion $12.94 p psf TOTAL GLA: 633,081 ( (Owned: d: 411,941) MAJOR TENANTS: Marshalls, Kohl’s, JoAnn, Michae aels ls, DSW, Old Navy, Home Goods

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Market Leading Shopping Centers

• 7. HARVES

EST T JUNC UNCTI TION N / CO

ABR: $5.0 million ion $15.20 p psf TOTAL GLA: 471,357 (Owned: d: 336,357) MAJOR TENANTS: Dick’s, Ross, Marshalls, Michae aels ls, , Bed Bath & Beyond, d, ULTA Beauty ty

• 8. JACKSON

N CROSSING / MI

ABR: $3.9 million ion $10.29 p psf TOTAL GLA: 656,568 (Owned: d: 402,326) MAJOR TENANTS: Target, , TJ Maxx, , Sears, , Bed Bath & Beyond, d, Toys “R” Us, Kohl’s

• 9. TROY MARKETPLA

KETPLACE E / MI

ABR: $3.6 million ion $16.68 psf TOTAL GLA: 238,354 (Owned: d: 217,754) MAJOR TENANTS: Nordstr trom

• m Rack,

, LA Fitness, , Golfsmith ith, , REI, PetSmart art

• 10. HERI

RITA TAGE PLACE E / MO

ABR: $3.3 million ion $13.37 p psf TOTAL GLA: 269,105 MAJOR TENANTS: Marshalls alls, , TJ Maxx, , Dierberg’s Market

• 11. TOWN

N & COUN UNTRY RY CROSSING NG / MO

ABR: $3.3 million ion $25.83 p psf TOTAL GLA: 285,467 ( (Owned: d: 148,630) MAJOR TENANTS: Whole le Foods ds, , Target, , Cooper’s Hawk, Stein Mart

• 12. HOOVER

ER ELEVEN EN / MI

ABR: $3.1 million ion $11.53 p psf TOTAL GLA: 280,719 MAJOR TENANTS: Kroger, r, Marshalls alls, , Dunham’s Sports ts

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Market Leading Shopping Centers

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Tenant Name % of ABR 5.0% 2.3% 2.1% 1.9% 1.7% 1.7% 1.5% 1.5% 1.5% 1.5%

• The Company is focused on

continually increasing the presence of leading, national tenants ~ Whole Foods Market and Regal Cinemas are the newest entrants in the Company’s top 10 tenant line-up.

• The Company’s portfolio is

heavily weighted towards community centers with its tenant line-up dominated by national and regional destination oriented retailers providing stability in any economy.

• RPT strives to include in its

acquisitions the number one grocer in its markets resulting in strong average annual supermarket sales of $489 per square foot.

Credit Quality Top Tenant Line-up

Note: As of March 31, 2014.

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Community Centers 80% Power Centers 12% Grocery- Anchored 8% National 73% Regional 13% 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

Strong Operating Metrics

$10.82 $10.87 $10.98 $11.32 $11.54 $12.35 $10.60 $10.80 $11.00 $11.20 $11.40 $11.60 $11.80 $12.00 $12.20 $12.40 2008 2009 2010 2011 2012 2013

Increasing Average Base Rents

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• $100 Million Redevelopment Pipeline
• Expansion and Re-anchoring Case Studies
• Select Development

Value-Add Redevelopment and Development

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Redevelopment Pipeline

• The Company currently has a

redevelopment pipeline estimated at $100 million, which is expected to produce average returns of 10%- 11%.

• Projects include expansions, re-

anchorings, and retenantings designed to drive property level NOI and NAV.

• New anchor tenants at RPT’s

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

Exciting Projects Include Best-in-Class Retailers

$100 Million Redevelopment Pipeline

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The Shoppes at Fox River Milwaukee, Wisconsin

• The Shoppes at Fox River,

anchored by Pick ‘n Save (Roundy’s) and Target (shadow) was acquired in December of 2010 and encompassed 136,000 square feet plus 12 acres of undeveloped land.

• Phase II development of TJ Maxx,

ULTA, rue 21, Charming Charlie, and Hobby Lobby completed in 2013/2014.

• Phase III expansion planned for

2015 on additional 10 acres with up to 150,000 square feet of primarily national retailers transforming the shopping center into a 520,000 square foot market dominant retail destination.

• Three phases totaling 520,000 square feet
• Total cost of $64 million
• Anticipated 9% return on investment
• $19.0 million in value creation based on a

6.5% cap rate

Expansion Case Study

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Harvest Junction Boulder, Colorado

• 471,000 SF center acquired in 2Q2012
• Acquisition marked the Company’s entrance

into Boulder/Denver market

• Acquired an additional 15 acres
• Trade area population of 96,000 and average

HH income of $78,000

• Net Investment $7.1 million
• Projected incremental return of 11%

Town & Country

• St. Louis, Missouri
• 279,000 SF center acquired 4Q2011
• Added 9,000 SF Coopers Hawk, signed

lease for a new 31,000 square foot Stein- Mart

• Trade area population of 170,000 and

average HH income of $107,000

• Net Investment $6.0 million
• Projected incremental return of 12%

Expansion and Re-anchoring Case Studies

Expansion and Re-anchoring Case Studies

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Deer Grove Centre Chicago, Illinois

• 350,000 SF acquired in 3Q2013
• 81% leased at acquisition
• Based on leases/LOI’s occupancy will

increase to over 98%

• Trade area population of 250,000 and

average HH income of $102,000

• Net Investment $6.6 million
• Projected incremental return of 10%

Mount Prospect Plaza Chicago, Illinois

• 424,000 SF acquired in 2Q2013
• 83% leased at time of acquisition
• Based on leases/LOIs occupancy will

increase to over 95%

• Trade area population of 300,000 and

average HH income of $84,000

• Net Investment $4.6 million
• Projected incremental return of 25%

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Lakeland Park Center Lakeland, Florida

• First phase of the development consisting of

210,000 SF of creditworthy retailers

• Located adjacent to RPT’s 250,000 square foot

Shoppes of Lakeland shopping center

• 96% pre-leased, 7 future out- parcel sales and

land leases projected

• Net incremental investment of $34.0 million1
• Projected incremental return of 10%

Parkway Shops Jacksonville, Florida

• First phase of the development consisting of

90,000 SF anchored by Dick’s Sporting Goods, Marshalls, and ULTA Beauty

• Located adjacent to RPT’s 900,000 sf highly-

successfully River City Marketplace

• Phase II kick-off with 55,000 SF Hobby Lobby
• Net incremental investment of $17.0 million1
• Projected incremental return of 10%

Selective Developments

1 Excluding land basis.

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• 2013 Acquisition Activity
• Deerfield Towne Center
• 2014 and Beyond Acquisition Goals

Strategic Acquisitions- Driving Growth and Quality

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$567 Million in High- Quality Acquisitions

• Avg. HH Income of $80,514

Average Population 190,345 ABR, psf $13.91 Total GLA 4.0 Million

Transformative Investments

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

• St. Louis, MO

2013 Acquisition Activity

2013 was a significant year for the Company in terms of the volume and quality of the acquisitions. The Company plans to replicate this success in 2014.

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• Premier 460,000 square foot

hybrid-lifestyle center in affluent Cincinnati sub-market.

• Strong trade area with average

HH Incomes of approximately $100,000.

• Located directly across from

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

• Leading anchor retailers including

Whole Foods, Dick’s Sporting Goods, and Bed Bath & Beyond as well as exciting lifestyle tenants such as Chico’s, Altar’d State, White House/Black Market, Soma, Gymboree, and Hot Mama.

Deerfield Town Center – Cincinnati, MSA

Core-Plus Acquisition

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2014 Goals

• The Company expects to

acquire between $350- $500 million in high- quality, multi-anchored centers in targeted metropolitan markets.

• The Company expects to

sell between $35-$45 million of non-core properties and redeploy proceeds to help fund its external growth initiatives. The Company plans to continue to acquire shopping centers that expand its existing trade area dominance as well as enter select new markets while selling those properties that do not fit its preferred profile.

Long Term Goals

• The Company will

continue to diversify its markets ensuring that no area represents over 25% of ABR.

• Acquisitions will focus on

superior demographic profiles and increased average base rents.

• The Company plans to

expand into markets that reflect a quality of life profile.

Existing Target Market

2014 and Beyond Acquisition Goals

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

Fortified Balance Sheet

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Solid Capital Structure

Senior Unsecured Debt (2017-2025) 18% Line of Credit (2016) 3% Mortgage Loans (due various dates) 15% Capital Lease Obligation (2014) 0%

• Jr. Subordinated

Notes (2038) 1% 7.25% Convertible Preferred Stock 6% Common Equity 57%

Market Capitalization As of March 31, 2014

• RPT has a total capitalization of

$2.0 billion conservatively structured with a majority common equity.

• Equity market capitalization is $1.1
• billion. Substantially all shares are
• wned by REIT funds and other

institutional investors.

• Debt to total capitalization is 37%.
• Debt-plus-preferred to total

capitalization is 42%.

• Secured debt to total capitalization

is 15%.

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Note: As of March 31, 2014.

Strong Credit Metrics

Low Leverage

Net Debt / Market Capitalization 37% Net Debt + Preferred / Market Capitalization 42% Net Debt to EBITDA 6.1X

Strong Coverage

Interest Coverage 4.0X Fixed Charge Coverage (1) 3.2X Fixed Charge Coverage - Alternate (2) 2.9X

Flexible Structure

Unencumbered Operating Assets/Unsecured Senior Debt 3.2X Fixed-Rate Debt/Total Debt 96% Secured Debt/Total Capitalization 15%

Ample Liquidity

Revolving Line Availability $232 Accordion Feature $90 Additional Borrowing Capacity (3) $135

(1) Fixed charges defined as interest expense + capitalized interest + preferred dividends (2) Fixed charges defined as above items + scheduled principal amortization (3) Capacity for unsecured borrowings afforded by $1.3 billion unencumbered assets assuming full

drawn under revolver and accordion.

(millions)

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

Million ions Mortgage Unsecured JV

Debt Maturities - Pro Forma for 2Q 2014 Financings

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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+ 39% 48% 10% 3.4X 3.4X 2.7X 5.8X DDR Baa3/BBB- 48% 52% 20% 2.5X 2.4X 2.2X 9.0X FRT Baa1/A- 44% 45% 11% 4.0X 3.4X 3.4X 5.6X REG Baa2/BBB 41% 48% 11% 3.0X 2.8X 2.4X 5.6X WRI Baa2/BBB 49% 52% 15% 3.2X 3.2X 2.7X 6.4X EQY Baa2/BBB- 46% 46% 13% 3.1X 2.9X 3.0X 6.9X ROIC Baa2/BBB- 46% 46% 9% 4.5X 4.3X 4.5X 8.8X Average 45% 48% 13% 3.4X 3.2X 3.0X 6.9X

RPT 39% 45% 16% 4.0X 3.8X 3.1X 6.2X

Source for peers: JPMorgan Credit Comparables – data as of 4Q13. 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 1Q2014 recurring EBITDA annualized.

Investment Grade Profile

Note: Schedule is consistent with data provided by JP Morgan.

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Ramco-Gershenson has a dynamic business plan focused on growing its asset base and continuously improving the quality of its shopping center portfolio, which is designed to deliver the highest return to our shareholders. The Company’s strategy includes:

• Investing in a high-quality shopping center portfolio comprised of large, market

dominant shopping centers expected to produce strong rental and sustainable same-center NOI growth.

• An aggressive acquisition and capital recycling program focused on attractive

metropolitan markets that will drive quality and growth.

• A robust redevelopment pipeline and in-process developments featuring

leading retail anchors, which will contribute to earnings growth.

• Attractive risk profile with ample liquidity to fund its business plan and grow its

dividend.

Investment Highlights

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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 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

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

Safe Harbor Statement