Ramco Gershenson Properties Trust 8-k (events Or Changes Between Quarterly Reports) 2009-02-24

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 23, 2009

RAMCO-GERSHENSON PROPERTIES TRUST (Exact name of registrant as specified in its Charter)

Maryland (State or other jurisdiction of incorporation)

1-10093 (Commission File Number)

13-6908486 (IRS Employer Identification No.)

31500 Northwestern Highway, Suite 300, Farmington Hills, Michigan (Address of principal executive offices) Registrant's telephone number, including area code

48334 (Zip Code) (248) 350-9900

Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02

Results of Operations and Financial Condition.

On February 23, 2009, Ramco-Gershenson Properties Trust (the “Company”) issued a quarterly financial supplement containing financial and operating statistics of the Company (“Quarterly Supplement”) for the three and twelve months ended December 31, 2008. A copy of the Quarterly Supplement is filed herewith as Exhibit 99.2 and is hereby incorporated by reference. Item 7.01

Regulation FD Disclosure.

On February 23, 2009, the Trust made available on its website a quarterly financial supplement containing financial and operating statistics for the three and twelve months ended December 31, 2008. A copy of the quarterly financial supplement is attached hereto as Exhibit 99.2 and is hereby incorporated by reference. Item 9.01

Financial Statements and Exhibits

(d) Exhibits. 99.2

Ramco-Gershenson Properties Trust Quarterly Supplement for the three and twelve months ended December 31, 2008.

2

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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RAMCO-GERSHENSON PROPERTIES TRUST Date: February 23, 2009

By:/s/ Richard J. Smith Richard J. Smith Chief Financial Officer

3

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EXHIBIT INDEX Exhibit

Description

99.2

Ramco-Gershenson Properties Trust Quarterly Supplement for the three and twelve months ended December 31, 2008.

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SLIDE 2 S e c t i o n P a g e Co m p a n y Ov e r v i e w 1 Qu a r t e r l y & Ye a r - t o - Da t e F i n a n c i a l Re s u l t s Co n s o l i d a t e d S t a t e m e n t s o f I n c o m e 2 I n c o m e S t a t e m e n t De t a i l 3 E a r n i n g s P e r Co m m o n S h a r e 4 Co n s o l i d a t e d Ba l a n c e S h e e t s 5 Ba l a n c e S h e e t De t a i l 6 Ca l c u l a t i o n o f F u n d s f r o m Op e r a t i o n s a n d F u n d s Di v e r s i f i c a t i o n 1 9 An c h o r , No n - An c h o r T e n a n t M i x 1 9 Na t i o n a l , Re g i o n a l , L o c a l T e n a n t M i x 1 9 M a j o r T e n a n t E x p o s u r e 2 0 S u m m a r y o f E x p i r i n g GL A 2 1 J o i n t Ve n t u r e I n f o r m a t i o n J o i n t Ve n t u r e s Co n t r i b u t i o n t o F u n d s f r o m Op e r a t i o n s 2 2 J o i n t Ve n t u r e s Co m b i n i n g Ba l a n c e S h e e t s

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SLIDE 3 S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Q4 2 0 0 8 Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) P a g e 1 COM P ANY OVE RVI E W Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( NYS E : RP T ) i s a s e l f - a d m i n i s t e r e d a n d s e l f m a n a g e d r e a l e s t a t e i n v e s t m e n t t r u s t p r i m a r i l y e n g a g e d i n t h e b u s i n e s s o f o wn i n g , d e v e l o p i n g , a c q u i r i n g , m a n a g i n g a n d l e a s i n g c o m m u n i t y s h o p p i n g c e n t e r s l o c a t e d p r i m a r i l y i n t h e M i d we s t e r n , M i d - At l a n t i c a n d S o u t h e a s t e r n Un i t e d S t a t e s . At De c e m b e r Co m p a n y ’ s p r o p e r t i e s c o n s i s t o f 8 8 c o m m u n i t y c e n t e r s a n d o n e r e g i o n a l m a l l . Ra m c o - Ge r s h e n s o n h a s a p r o v e n t r a c k r e c o r d o f g e n e r a t i n g g r o wt h t h r o u g h t h e m a n a g e m e n t a n d r e d e v e l o p m e n t o f i t s s h o p p i n g c e n t e r p o r t f o l i o . I n a n e f f o r t t o m a x i m i z e t h e p o t e n t i a l o f e a c h a s s e t , t h e Co m p a n y c o n s t a n t l y r e e v a l u a t e s t h e s h o p p i n g c e n t e r ’ s p o s i t i o n wi t h i n i t s r e s p e c t i v e m a r k e t . T h i s e f f o r t i s p a r t o f a n o v e r a l l a p p r o a c h t h a t a l l o ws m a n a g e m e n t t o a n t i c i p a t e t h e c o n s t r u c t i o n o f n e w s h o p p i n g c e n t e r s . T h e Co m p a n y i s f o c u s e d o n d e v e l o p i n g c o m m u n i t y s h o p p i n g c e n t e r s wi t h i n m e t r o p o l i t a n m a r k e t s wh e r e i t c u r r e n t l y o p e r a t e s o r wh e r e i t b e l i e v e s d e m a n d f o r a d d i t i o n a l s h o p p i n g c e n t e r s e x i s t . T h r o u g h o u t t h e Co m p a n y ’ s h i s t o r y , m a n a g e m e n t ’ s e x p e r i e n c e a n d l o n g - s t a n d i n g r e l a t i o n s h i p s wi t h t e n a n t s , h a s a l l o we d i t t o c a p i t a l i z e o n a t t r a c t i v e d e v e l o p m e n t o p p o r t u n i t i e s . T h e Co m p a n y a l s o r e m a i n s c o m m i t t e d t o t h e i t s a s s e t s a n d t h e e x p e r i e n c e o f i t s m a n a g e m e n t t e a m . T h e Co m p a n y e x p e c t s t o b u i l d s h a r e h o l d e r v a l u e t h r o u g h t h e p r o a c t i v e m a n a g e m e n t o f i t s a s s e t s a s we l l a s t h e s e l e c t i v e d e v e l o p m e n t a n d a c q u i s i t i o n o f s h o p p i n g c e n t e r s . T h e Co m p a n y i s l i s t e d o n t h e Ne w Yo r k S t o c k E x c h a n g e ( NYS E : RP T ) a n d i s h e a d q u a r t e r e d i n F a r m i n g t o n Hi l l s , M i c h i g a n .

3 1 , 2 0 0 8 , t h e Co m p a n y o wn e d i n t e r e s t s i n 8 9 s h o p p i n g c e n t e r s wi t h a p p r o x i m a t e l y 2 0 . 0 m i l l i o n s q u a r e f e e t o f g r o s s l e a s a b l e a r e a l o c a t e d i n M i c h i g a n , F l o r i d a , Ge o r g i a , Oh i o , W i s c o n s i n , I n d i a n a , Ne w J e r s e y , M a r y l a n d , No r t h Ca r o l i n a , S o u t h Ca r o l i n a , Vi r g i n i a , T e n n e s s e e a n d I l l i n o i s . T h e c h a n g e s i n r e t a i l i n g t r e n d s a n d t e n a n t n e e d s ; a n d p r o a c t i v e l y i m p l e m e n t s o l u t i o n s t o b o o s t t h e p e r f o r m a n c e a n d v a l u e o f t h e c e n t e r n a m e l y t h r o u g h e n h a n c e m e n t i n t h e t e n a n t m i x , i m p r o v e m e n t o f e x i s t i n g r e n t a l r a t e s a n d o c c u p a n c y g r o wt h . Ra m c o - Ge r s h e n s o n g e n e r a t e s a d d i t i o n a l g r o wt h t h r o u g h a c q u i s i t i o n o f we l l - l o c a t e d s h o p p i n g c e n t e r s , u n d e r a p p r o p r i a t e m a r k e t c o n d i t i o n s , t h a t m a y l e n d t h e m s e l v e s t o f u r t h e r i m p r o v e m e n t s , e i t h e r t h r o u g h s t r a t e g i c j o i n t v e n t u r e s o r o n - b a l a n c e s h e e t t r a n s a c t i o n s . Ra m c o - Ge r s h e n s o n s e e k s t o a t t r a c t i n v e s t o r s b a s e d o n t h e q u a l i t y a n d p e r f o r m a n c e o f

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SLIDE 4 I n c r e a s e I n c r e a s e 2 0 0 8 2 0 0 7 ( De c r e a s e ) 2 0 0 8 2 0 0 7 ( De c r e a s e ) Re v e n u e s : M i n i m u m r e n t s 2 2 , 1 6 7 $ 2 4 , 1 2 8 $ ( 1 , 9 6 1 ) $ ( 8 . 1 ) % 9 0 , 7 5 6 $ 9 6 , 4 1 0 $ ( 5 , 6 5 4 ) $ ( 5 . 9 ) % P e r c e n t a g e r e n t s 1 1 8 1 5 1 ( 3 3 ) ( 2 1 . 9 ) 6 3 6 6 7 6 ( 4 0 ) ( 5 . 9 ) Re c o v e r i e s f r o m t e n a n t s 9 , 9 9 4 1 1 , 0 7 9 ( 1 , 0 8 5 ) ( 9 . 8 ) 4 1 , 3 3 2 4 3 , 8 8 5 ( 2 , 5 5 3 ) ( 5 . 8 ) F e e s a n d m a n a g e m e n t i n c o m e ( s e e p a g e 3 f o r d e t a i l ) 1 , 4 5 5 1 , 6 6 9 ( 2 1 4 ) ( 1 2 . 8 ) 6 , 4 8 4 6 , 8 3 1 ( 3 4 7 ) ( 5 . 1 ) Ot h e r i n c o m e ( s e e p a g e 3 f o r d e t a i l ) 1 , 4 6 3 8 9 6 5 6 7 6 3 . 3 2 , 9 8 0 4 , 4 8 4 ( 1 , 5 0 4 ) ( 3 3 . 5 ) T o t a l r e v e n u e s 3 5 , 1 9 7 3 7 , 9 2 3 ( 2 , 7 2 6 ) ( 7 . 2 ) 1 4 2 , 1 8 8 1 5 2 , 2 8 6 ( 1 0 , 0 9 8 ) ( 6 . 6 ) E x p e n s e s : Re a l e s t a t e t a x e s 4 , 5 6 2 4 , 7 7 5 ( 2 1 3 ) ( 4 . 5 ) 1 8 , 6 9 5 2 0 , 0 1 7 ( 1 , 3 2 2 ) ( 6 . 6 ) Re c o v e r a b l e 1 2 , 2 5 0 ( 3 , 7 8 8 ) ( 3 0 . 9 ) 3 2 , 1 2 1 3 6 , 4 6 9 ( 4 , 3 4 8 ) ( 1 1 . 9 ) Ot h e r o p e r a t i n g 1 , 7 2 0 1 , 7 4 0 ( 2 0 ) ( 1 . 1 ) 4 , 6 1 6 3 , 7 7 7 8 3 9 2 2 . 2 L o s s o n i m p a i r m e n t o f r e a l e s t a t e a s s e t s 5 , 1 0 3 - 5 , 1 0 3 - 5 , 1 0 3 - 5 , 1 0 3 1 0 0 . 0 Ge n e r a l a n d a d m i n i s t r a t i v e 3 , 8 3 8 3 , 3 4 1 4 9 7 1 4 . 9 1 5 , 8 0 5 1 4 , 2 9 1 1 , 5 1 4 1 0 . 6 I n t e r e s t e x p e n s e 9 , 1 6 1 1 0 , 9 6 0 ( 1 , 7 9 9 ) ( 1 6 . 4 ) 3 6 , 5 1 8 4 2 , 6 0 9 ( 6 , 0 9 1 ) ( 1 4 . 3 ) T o t a l e x p e n s e s 3 8 , 7 4 7 3 9 , 4 8 9 ( 7 4 2 ) ( 1 . 9 ) 1 3 6 , 5 9 9 1 4 1 , 7 3 1 ( 5 , 1 3 2 ) ( 3 . 6 ) I n c o m e ( l o s s ) f r o m c o n t i n u i n g o p e r a t i o n s b e f o r e g a i n o n s a l e o f r e a l e s t a t e a s s e t s , m i n o r i t y i n t e r e s t a n d e a r n i n g s f r o m u n c o n s o l i d a t e d e n t i t i e s ( 3 , 5 5 0 ) ( 1 , 5 6 6 ) ( 1 , 9 8 4 ) 1 2 6 . 7 5 , 5 8 9 1 0 , 5 5 5 ( 4 , 9 6 6 ) ( 4 7 . 0 ) Ga i n o n s a l e o f r e a l e s t a t e a s s e t s 5 0 6 ( 5 8 1 . 6 ) ( 3 , 9 6 6 ) ( 7 , 2 7 0 ) 3 , 3 0 4 ( 4 5 . 4 ) E a r n i n g s f r o m u n c o n s o l i d a t e d e n t i t i e s ( s e e p a g e 2 2 f o r d e t a i l ) 5 5 7 6 9 0 ( 1 3 3 ) ( 1 9 . 3 ) 2 , 5 0 6 2 , 4 9 6 1 0 0 . 4 I n c o m e ( l o s s ) f r o m c o n t i n u i n g o p e r a t i o n s ( 2 , 5 1 3 ) 4 1 1 ( 2 , 9 2 4 ) ( 7 1 1 . 4 ) 2 3 , 7 2 4 3 8 , 4 2 4 ( 1 4 , 7 0 0 ) ( 3 8 . 3 ) Di s c o n t i n u e d o p e r a t i o n s , n e t o f m i n o r i t y i n t e r e s t : L o s s o n s a l e o f r e a l e s t a t e a s s e t s - - - - ( 4 0 0 ) - ( 4 0 0 ) 1 0 0 . 0 I n c o m e f r o m o p e r a t i o n s - 7 0 ( 7 0 ) ( 1 0 0 . 0 ) 1 7 7 2 5 1 ( 7 4 ) ( 2 9 . 5 ) I n c o m e ( l o s s ) f r o m d i s c o n t i n u e d o p e r a t i o n s - 7 0 ( 7 0 ) ( 1 0 0 . 0 ) ( 2 2 3 ) 2 5 1 ( 4 7 4 ) ( 1 8 8 . 8 ) Ne t I n c o m e ( l o s s ) ( 2 , 5 1 3 ) 4 8 1 ( 2 , 9 9 4 ) ( 6 2 2 . 5 ) 2 3 , 5 0 1 3 8 , 6 7 5 ( 1 5 , 1 7 4 ) ( 3 9 . 2 ) P r e f e r r e d s t o c k d i v i d e n d s - ( 2 8 3 ) 2 8 3 ( 1 0 0 . 0 ) - ( 3 , 1 4 6 ) 3 , 1 4 6 a v a i l a b l e t o c o m m o n s h a r e h o l d e r s ( 2 , 5 1 3 ) $ ( 1 , 0 3 6 ) $ ( 1 , 4 7 7 ) $ 1 4 2 . 6 % 2 3 , 5 0 1 $ 3 4 , 2 6 0 $ ( 1 0 , 7 5 9 ) $ ( 3 1 . 4 ) % P r o p e r t y Op e r a t i n g E x p e n s e Re c o v e r y Ra t i o 9 5 . 5 % 9 8 . 9 % ( 3 . 4 ) % 9 7 . 4 % 9 8 . 4 % ( 1 . 0 ) % P e r c e n t Ch a n g e P e r c e n t Ch a n g e T h r e e M o n t h s E n d e d De c e m b e r 3 1 , T we l v e M o n t h s E n d e d De c e m b e r 3 1 , Co n s o l i d a t e d S t a t e m e n t s o f I n c o m e ( i n t h o u s a n d s ) S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2

o p e r a t i n g e x p e n s e s 5 , 9 0 1 6 , 4 2 3 ( 5 2 2 ) ( 8 . 1 ) 2 3 , 7 4 1 2 4 , 5 6 8 ( 8 2 7 ) ( 3 . 4 ) De p r e c i a t i o n a n d a m o r t i z a t i o n 8 , 4 6 2 ( s ee page 3 f or det ai l ) 61 1, 374 ( 1, 313) ( 95. 6) 19, 595 32, 643 ( 13, 048) ( 40. 0) M i nor i t y i nt er es t 419 ( 87) ( 1 0 0 . 0 ) L o s s o n r e d e m p t i o n o f p r e f e r r e d s h a r e s - ( 1 , 2 3 4 ) 1 , 2 3 4 - - ( 1 , 2 6 9 ) 1 , 2 6 9 ( 1 0 0 . 0 ) Ne t i n c o m e ( l o s s )

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SLIDE 5 I n c r e a s e I n c r e a s e 2 0 0 8 2 0 0 7 ( De c r e a s e ) 4 2 2 ( 2 7 3 ) ( 6 4 . 7 ) TI F r e v e n u e 6 5 6 - 6 5 6

2008 2007 100. 0 656

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f ees 839 $ 576 $ 263 $ 45. 7 i ncom e 1, 463 $ 896 $ 567 $

% 2 , 9 4 3 $ 2 , 0 3 9 $ 9 0 4 $ 4 4 . 3 % Le a s i n g 63. 3 % 2, 980 $ 4, 484 $ ( 1, 504) $ ( 33. 5)

f ees 157 102 55 53. 9 1, 134 589 % Ga i n ( l o s s ) o n s a l e o f r e a l

5 4 5 9 2 . 5 Ac q u i s i t i o n r e l a t e d f e e s - 7 7 2 ( 7 7 2 ) ( 1 0 0 . 0 ) 6 7 2 , 1 5 5 ( 2 , 0 8 8 ) e s t a t e a s s e t s : FFO ga i n on s a l e s 542 $ 1, 302 $ ( 760) $ ( 58. 4) % 1, 248

( 9 6 . 9 ) De v e l o p m e n t $ 2, 774 $ ( 1, 526) $

r e l a t e d f e e s 3 5 3 1 2 0 2 3 3 1 9 4 . 2 1 , 8 6 1 1 , 7 7 5 8 6 4 . 8 Ot h e r 1 0 6 9 9 7 7 . 1 ( 5 5 . 0 ) % No n - F F O g a i n ( l o s s ) o n s a l e s ( 4 8 1 ) 7 2 ( 5 5 3 ) ( 7 6 8 . 1 ) 1 8 , 3 4 7

479 273 206 75. 5 Fe e a nd m a na ge m e nt 2 9 , 8 6 9 ( 1 1 , 5 2 2 ) ( 3 8 . 6 ) Ga i n ( l o s s ) o n

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6 , 8 3 1 $ ( 3 4 7 ) $ ( 5 . 1 ) % Ot h e r i n c o m e : L e a s e ( 95. 6) % 19, 595 $ 32, 643 $ ( 13, 048) $ ( 40. 0)

t er m i nat i on i ncom e 384 $ 213 $ % P e r c e n t Ch a n g e P e r c e n t Ch a n g e

1 7 1 $ 8 0 . 3 % 8 0 5 $ 1 , 9 0 0 $ ( 1 , 0 9 5 ) $ ( 5 7 . 6 ) % Te m p o r a r y i n c o m e 1 1 9 2 2 8 ( 1 0 9 ) ( 4 7 . 8 ) T we l v e M o n t h s E n d e d De c e m b e r 3 1 , T h r e e M o n t h s E n d e d De c e m b e r 3 1 , I n c o m e S t a t e m e n t

592 766 ( 174) ( 22. 7) I nt er es t i ncom e 134 287 De t a i l ( i n t h o u s a n d s ) S u p p l e m e n t a l F i n a n c i a l

( 1 5 3 ) ( 5 3 . 3 ) 3 5 9 1 , 0 2 0 ( 6 6 1 ) ( 6 4 . 8 ) P r e v i o u s wr i t e - o f f o f r e c e i v a b l e a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4

56 89 ( 33) ( 37. 1) 2008 Pa ge 3

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SLIDE 6 2 0 0 8 2 0 0 7 2 0 0 8 2 0 0 7 Nu m e r a t o r : I n c o m e ( l o s s ) f r o m c o n t i n u i n g o p e r a t i o n s b e f o r e m i n o r i t y i n t e r e s t ( 2 , 9 3 2 ) $ 4 9 8 $ 2 7 , 6 9 0 $ 4 5 , 6 9 4 $ M i n o r i t y i n t e r e s t 4 1 9 $ De n o m i n a t o r : W e i g h t e d - a v e r a g e c o m m o n s h a r e s f o r b a s i c E P S 1 8 , 4 7 1 1 8 , 4 7 0 1 8 , 4 7 1 1 7 , 8 5 1 E f f e c t o f d i l u t i v e s e c u r i t i e s : P r e f e r r e d s h a r e s - - - 6 2 4 Op t i o n s E n d e d T we l v e M o n t h s E n d e d De c e m b e r 3 1 , S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 4

( 87) ( 3, 966) ( 7, 270) Pr e f e r r e d s t oc k di vi de nds out s t andi ng - 19 7 54 W ei ght ed- aver age com m on

( 2 8 3 ) - ( 3 , 1 4 6 ) Lo s s o n r e d e m p t i o n o f p r e f e r r e d s h a r e s - ( 1 , 2 3 4 ) - ( 1 , 2 6 9 ) I n c o m e ( l o s s ) f r o m c o n t i n u i n g o p e r a t i o n s a v a i l a b l e t o c o m m o n s h a r e h o l d e r s ( 2 , 5 1 3 ) ( 1 , 1 0 6 ) 2 3 , 7 2 4 3 4 , 0 0 9 s h a r e s f o r d i l u t e d E P S 1 8 , 4 7 1 1 8 , 4 8 9 1 8 , 4 7 8 1 8 , 5 2 9 Ba s i c E P S : I n c o m e ( l o s s ) f r o m c o n t i n u i n g o p e r a t i o n s ( 0 . 1 4 ) $ ( 0 . 0 6 ) $ 1 . 2 8 $ 1 . 9 1 $ I n c o m e ( l o s s ) f r o m d i s c o n t i n u e d o p e r a t i o n s -

Di s c o n t i n u e d o p e r a t i o n s , n e t o f m i n o r i t y - ( 0 . 0 1 ) 0 . 0 1 Ne t i n c o m e ( l o s s ) ( 0 . 1 4 ) $

i n t e r e s t : Lo s s o n s a l e ( 0. 06) $ 1. 27 $ 1. 92 $

of r eal Di l u t e d

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SLIDE 7 De c e m b e r 3 1 , S e p t e m b e r 3 0 , J u n e 3 0 , M a r c h 3 1 , De c e m b e r 3 1 , 2 0 0 8 2 0 0 8 2 0 0 8 2 0 0 8 2 0 0 7 AS S E T S I n v e s t m e n t i n r e a l e s t a t e , n e t ( s e e p a g e 6 6 2 , 6 0 1 $ 6 3 7 , 7 7 0 $ 6 9 0 , 9 9 9 $ 6 9 1 , 2 7 6 $ 6 9 0 , 8 0 1 $ Ac c o u n t s p a y a b l e a n d a c c r u e d e x p e n s e s 2 6 , 7 5 1 2 5 , 2 1 1 3 8 , 0 2 0 3 9 , 7 8 3 5 7 , 6 1 4 Di s t r i b u t i o n s S h a r e h o l d e r s ' E q u i t y 1 , 0 1 4 , 5 2 6 $ 1 , 0 0 4 , 4 0 2 $ 1 , 0 6 7 , 6 2 0 $ 1 , 0 7 2 , 7 6 4 $ 1 , 0 8 8 , 4 9 9 $ Co n s o l i d a t e d Ba l a n c e S h e e t s ( i n t h o u s a n d s ) S u p p l e m e n t a l

6 f o r d e t a i l ) 8 3 0 , 3 9 2 $ 8 2 1 , 2 7 0 $ 8 8 2 , 7 6 3 $ 8 8 0 , 1 4 2 $ 8 7 6 , 4 1 0 $ Ca s h a n d c a s h e q u i v a l e n t s 5 , 2 9 5 7 , 0 3 5 6 , 6 7 0 1 5 , 0 4 3 1 4 , 9 7 7 Re s t r i c t e d c a s h 4 , 8 9 1 5 , 5 5 5 7 , 4 9 0 6 , 5 3 7 5 , 7 7 7 Ac c o u n t s r e c e i v a b l e , n e t ( s e e p a y a b l e 4 , 9 4 5 9 , 8 8 8 9 , 8 8 8 9 , 8 8 7 9 , 8 8 4 Ca p i t a l l e a s e o b l i g a t i o n 7 , 1 9 1 7 , 2 5 6 7 , 3 1 9 7 , 3 8 2 7 , 4 4 3 T o t a l L i a b i l i t i e s 7 0 1 , 4 8 8 6 8 0 , 1 2 5 7 4 6 , 2 2 6 7 4 8 , 3 2 8 7 6 5 , 7 4 2 M i n o r i t y I n t e r e s t 3 9 , 8 4 7 4 0 , 9 6 5 4 0 , 6 5 0 4 1 , 4 0 6 F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 5

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SLIDE 12 No n - An c h o r s An c h o r s T o t a l No n - An c h o r s An c h o r s T o t a l S u m m a r y o f E x p i r i n g L e a s e s : T o t a l Nu m b e r o f S c h e d u l e d L e a s e E x p i r a t i o n s 5 5 6 6 1 2 3 9 2 4 2 6 3 Gr o s s L e a s a b l e Ar e a ( s q . f t . ) 1 3 7 , 1 8 6 2 9 0 , 6 0 2 4 2 7 , 7 8 8 7 3 1 , 8 7 7 7 9 9 , 8 5 1 1 , 5 3 1 , 7 2 8 Av e r a g e Ba s e Re n t / S q . F t ( $ / s q . f t . ) $ 1 8 . 1 0 $ 7 . 5 5 $ 1 0 . 9 4 $ 1 4 . 3 9 $ 7 . 5 5 $ 1 0 . 8 2 L e a s e s Re n e we d a t E x p i r a t i o n : Nu m b e r o f L e a s e s 3 1 3 3 4 1 4 4 1 9 1 6 3 Gr o s s L e a s a b l e Ar e a ( s q . f t . ) 8 5 , 7 7 6 2 0 8 , 6 5 9 2 9 4 , 4 3 5 4 6 5 , 1 7 1 6 6 1 , 7 5 3 1 , 1 2 6 , 9 2 4 Re n e wa l Ba s e Re n t / S q . F t . M o n t h o r Un d e r Ne g o t i a t i o n f o r Re n e wa l : Nu m b e r o f L e a s e s 1 0 1 1 1 2 3 1 2 4 Gr o s s L e a s a b l e Ar e a ( s q . f t . ) 1 9 , 2 5 2 2 1 , 7 8 6 4 1 , 0 3 8 5 1 , 0 0 9 2 1 , 7 8 6 7 2 , 7 9 5 Cu r r e n t Ba s e Re n t / S q . F t . ( $ / s q . f t . ) $ 1 6 . 5 6 $ 1 1 . 0 0 $ 1 3 . 6 1 $ 1 2 . 8 9 $ 1 1 . 0 0 $ 1 2 . 3 2 L e a s e s E n d e d a t E x p i r a t i o n : Nu m b e r o f L e a s e s 1 4 2 1 6 7 2 4 7 6 Gr o s s L e a s a b l e Ar e a ( s q . f t . ) 3 2 , 1 5 8 6 0 , 1 5 7 9 2 , 3 1 5 2 1 5 , 6 9 7 1 1 6 , 3 1 2 3 3 2 , 0 0 9 Ba s e Re n t / S q . F t . ( $ / s q . f t . ) $ 1 4 . 9 1 $ 1 2 . 1 4 $ 1 3 . 1 0 $ 1 4 . 2 5 $ 9 . 4 9 $ 1 2 . 5 8 L e a s e - Up o f Va c a n t S p a c e : [ 1 ] Nu m b e r o f S p a c e i s r e n t s t a r t s i n t h e f i r s t q u a r t e r Cu r r e n t P o r t f o l i o Av e r a g e : P o r t f o l i o Av e r a g e Ba s e Re n t / S q . F t . ( a s o f 1 2 / 3 1 / 0 8 ) $ 1 6 . 5 1 $ 8 . 1 1 $ 1 0 . 8 2 $ 1 6 . 5 1 $ 8 . 1 1 $ 1 0 . 8 2 Hi s t o r i c a l P o r t f o l i o Av e r a g e s : Ye a r E n d e d 1 2 / 3 1 / 0 7 P o r t f o l i o Av e r a g e Ba s e Re n t / S q . F t . $ 1 6 . 0 5 $ 7 . 9 0 $ 1 0 . 6 1 Ye a r E n d e d 1 2 / 3 1 / 0 6 P o r t f o l i o Av e r a g e Ba s e Re n t / S q . F t . $ 1 5 . 1 0 $ 7 . 6 7 $ 1 0 . 0 9 Ye a r E n d e d 1 2 / 3 1 / 0 5 P o r t f o l i o Av e r a g e Ba s e Re n t / S q . F t . $ 1 4 . 5 7 $ 7 . 2 1 $ 9 . 5 5 Ye a r E n d e d 1 2 / 3 1 / 0 4 P o r t f o l i o Av e r a g e Ba s e Re n t / T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 0

( $ / s q . f t . ) $ 2 1 . 3 9 $ 6 . 4 3 $ 1 0 . 7 9 $ 1 6 . 3 3 $ 7 . 6 2 $ 1 1 . 2 2 P r e v i o u s Ba s e Re n t / S q . F t . ( $ / s q . f t . ) $ 1 9 . 6 4 $ 5 . 8 7 $ 9 . 8 8 $ 1 4 . 6 3 $ 7 . 1 0 $ 1 0 . 2 1 P S F I n c r e a s e / ( De c r e a s e ) $ 1 . 7 5 $ 0 . 5 6 $ 0 . 9 0 $ 1 . 7 0 $ 0 . 5 2 $ 1 . 0 1 % I n c r e a s e / ( De c r e a s e ) 8 . 9 % 9 . 5 % 9 . 1 % 1 1 . 6 % 7 . 3 % 9 . 9 % L e a s e s Cu r r e n t l y M o n t h - t o L e a s e s 2 5 3 2 8 8 9 5 9 4 Gr o s s L e a s a b l e Ar e a ( s q . f t . ) 7 6 , 9 2 9 1 1 9 , 7 4 4 1 9 6 , 6 7 3 2 5 9 , 9 5 5 2 0 0 , 7 3 6 4 6 0 , 6 9 1 Ba s e Re n t / S q . F t . ( $ / s q . f t . ) $ 1 7 . 2 3 $ 1 2 . 0 3 $ 1 4 . 0 7 $ 1 7 . 5 9 $ 1 2 . 5 0 $ 1 5 . 3 7 % I n c r e a s e / ( De c r e a s e ) f r o m P o r t f o l i o Av e r a g e 4 . 4 % 4 8 . 4 % 3 0 . 0 % 6 . 5 % 5 4 . 1 % 4 2 . 1 % [ 1 ] L e a s e - Up o f Va c a n t S q . F t . $ 1 3 . 7 0 $ 6 . 6 1 $ 8 . 8 3 Ye a r E n d e d 1 2 / 3 1 / 0 3 P o r t f o l i o Av e r a g e Ba s e Re n t / S q . F t . $ 1 2 . 6 0 $ 6 . 2 9 $ 8 . 1 7 T h r e e M o n t h s E n d e d De c e m b e r 3 1 , 2 0 0 8 T we l v e M o n t h s E n d e d De c e m b e r 3 1 , 2 0 0 8 L e a s i n g Ac t i v i t y An a l y s i s S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s

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SLIDE 13 De v e l o p m e n t P r o j e c t s ( i n m i l l i o n s ) P r o p e r t y / L o c a t i o n P r o j e c t De s c r i p t i o n RP T Own e r s h i p % P r o j e c t e d S t a b i l i z a t i o n Da t e S t a b i l i z e d Re t u r n o n Co s t P r o j e c t e d S t a b i l i z e d NOI P r o j e c t e d Co s t Co s t t o Da t e 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 Cu r r e n t De v e l o p m e n t P r o j e c t s On - Ba l a n c e S h e e t As s e t s No r t h p o i n t e T o wn Ce n t e r - J a c k s o n , M I 2 0 0 , 0 0 0 S F o f r e t a i l a n d o u t l o t s . 1 0 0 % Q4 2 0 1 2 9 . 0 % $ 3 . 2 $ 3 5 . 0 $ 1 . 1 $ 0 . 1 $ 0 . 4 $ 1 3 . 4 $ 2 0 . 0 Ro s s f o r d P o i n t e - Ro s s f o r d , OH 7 0 , 0 0 0 S F p r o j e c t i n c l u d e s Of f i c e De p o t , P e t s m a r t a n d a n a d d i t i o n a l m i d - b o x u s e r a s we l l a s 6 , 4 0 0 S F o f r e t a i l s p a c e . 1 0 0 % Q2 2 0 1 0 9 . 1 % $ 0 . 8 $ 8 . 5 $ 6 . 3 $ 1 . 0 $ 1 . 2 $ 0 . 0 $ 0 . 0 T o t a l On - Ba l a n c e S h e e t As s e t s 9 . 0 % [ 1 ] $ 3 . 9 $ 4 3 . 5 $ 7 . 4 $ 1 . 1 $ 1 . 6 $ 1 3 . 4 $ 2 0 . 0 Of f - Ba l a n c e S h e e t As s e t s Ha r t l a n d T o wn e S q u a r e - Ha r t l a n d T wp . , M I P h a s e 1 - s a l e t o M e i j e r f o r 1 9 2 , 0 0 0 S F b u i l d i n g , 1 2 , 0 0 0 S F o f r e t a i l a n d o u t l o t b u i l d i n g . 2 0 % Q4 2 0 0 9 8 . 9 % $ 0 . 5 $ 5 . 3 $ 1 . 8 $ 3 . 4 $ 0 . 0 $ 0 . 0 $ 0 . 0 F u t u r e p h a s e s . 2 0 % $ 1 6 . 3 $ 1 6 . 3 8 . 9 % [ 2 ] $ 0 . 5 $ 2 1 . 6 $ 1 8 . 2 $ 3 . 4 $ 0 . 0 $ 0 . 0 $ 0 . 0 T o t a l Of f - Ba l a n c e S h e e t As s e t s 8 . 9 % [ 1 ] [ 2 ] $ 0 . 5 $ 2 1 . 6 $ 1 8 . 2 $ 3 . 4 $ 0 . 0 $ 0 . 0 $ 0 . 0 RP T S h a r e o f T o t a l Of f - Ba l a n c e S h e e t As s e t s 8 . 9 % [ 1 ] [ 2 ] $ 0 . 1 $ 4 . 3 $ 3 . 6 $ 0 . 7 $ 0 . 0 $ 0 . 0 $ 0 . 0 P r o p o s e d Of f - Ba l a n c e S h e e t As s e t s T h e T o wn Ce n t e r a t Aq u i a - S t a f f o r d , VA P h a s e 1 - 1 1 4 , 3 4 0 S F o f t h e m i x e d - u s e p r o j e c t . 2 0 % Q4 2 0 0 9 8 . 7 % $ 2 . 2 $ 2 5 . 8 $ 2 0 . 2 [ 3 ] $ 1 . 0 $ 4 . 6 $ 0 . 0 $ 0 . 0 F u t u r e p h a s e s - 4 4 6 , 5 6 3 S F o f t h e m i x e d - u s e p r o j e c t . 2 0 % Q3 2 0 1 1 8 . 1 % $ 7 . 9 $ 9 6 . 7 $ 2 0 . 5 [ 3 ] $ 1 . 5 $ 6 1 . 6 $ 1 3 . 1 $ 0 . 0 P o t e n t i a l a d d i t i o n s o r l a n d s a l e s . 2 0 % $ 1 7 . 5 $ 1 7 . 5 [ 3 ] 8 . 2 % [ 4 ] $ 1 0 . 1 $ 1 4 0 . 0 $ 5 8 . 2 $ 2 . 5 $ 6 6 . 2 $ 1 3 . 1 $ 0 . 0 Ga t e wa y Co m m o n s - L a k e l a n d , F L 3 7 5 , 0 0 0 S F p o we r c e n t e r p r o j e c t . 2 0 % Q1 2 0 1 2 9 . 0 % $ 5 . 7 $ 6 3 . 0 $ 1 3 . 8 $ 1 . 6 $ 2 8 . 5 $ 1 4 . 3 $ 4 . 8 P a r k wa y S h o p s - J a c k s o n v i l l e , F L 3 5 0 , 0 0 0 S F p o we r c e n t e r p r o j e c t . 2 0 % Q2 2 0 1 2 9 . 3 % $ 2 . 8 $ 2 9 . 9 $ 1 1 . 3 [ 5 ] $ 1 . 5 $ 8 . 6 $ 6 . 8 $ 1 . 7 T o t a l P r o p o s e d Of f - Ba l a n c e S h e e t As s e t s 8 . 6 % [ 1 ] [ 4 ] $ 1 8 . 5 $ 2 3 3 . 0 $ 8 3 . 4 $ 5 . 6 $ 1 0 3 . 3 $ 3 4 . 2 $ 6 . 5 RP T S h a r e o f T o t a l P r o p o s e d Of f - Ba l a n c e S h e e t As s e t s 8 . 6 % [ 1 ] [ 4 ] $ 3 . 7 $ 4 6 . 6 $ 1 6 . 7 $ 1 . 1 $ 2 0 . 7 $ 6 . 8 $ 1 . 3 RP T S h a r e o f Cu r r e n t De v e l o p m e n t s 8 . 8 % [ 1 ] [ 2 ] [ 4 ] $ 7 . 7 $ 9 4 . 4 $ 2 7 . 7 $ 2 . 9 $ 2 2 . 2 $ 2 0 . 2 $ 2 1 . 3 [ 1 ] Do e s n o t i n c l u d e g a i n s o n s a l e s h e l d i n T RS o r f e e r e v e n u e . [ 2 ] Do e s n o t i n c l u d e c o s t s a s s o c i a t e d wi t h t h e " F u t u r e p h a s e s " a t Ha r t l a n d T o wn e S q u a r e . [ 3 ] I n c l u d e s p r o r a t a p o r t i o n o f n e t b o o k v a l u e o f e x i s t i n g c e n t e r a n d a p p l i c a b l e f i x e d c o s t a l l o c a t i o n . [ 4 ] Do e s n o t i n c l u d e c o s t s a s s o c i a t e d wi t h t h e " P o t e n t i a l a d d i t i o n s o r l a n d s a l e s " a t T h e T o wn Ce n t e r a t Aq u i a . [ 5 ] I n c l u d e s $ 6 , 8 5 6 , 7 7 5 p a y a b l e o n l a n d p u r c h a s e d u n d e r t wo l a n d c o n t r a c t s d u e i n No v e m b e r 2 0 1 0 . E s t i m a t e d Ad d i t i o n a l Co s t s S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 1

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SLIDE 14 Re d e v e l o p m e n t P r o j e c t s ( i n m i l l i o n s ) P r o p e r t y / L o c a t i o n P r o j e c t De s c r i p t i o n RP T Own e r s h i p % P r o j e c t e d S t a b i l i z a t i o n Da t e S t a b i l i z e d Re t u r n o n Co s t P r o j e c t e d S t a b i l i z e d NOI [ 1 ] P r o j e c t e d Co s t Co s t t o Da t e 2 0 0 9 2 0 1 0 2 0 1 1 Cu r r e n t Re d e v e l o p m e n t P r o j e c t s On - Ba l a n c e S h e e t As s e t s W e s t Al l i s - W e s t Al l i s , W I Re l o c a t i n g e x i s t i n g t e n a n t s , a d d i n g Bu r l i n g t o n Co a t F a c t o r y , a d d i n g r e t a i l a n d u p g r a d i n g f a ç a d e . 1 0 0 % Q1 2 0 1 0 9 . 1 % $ 1 . 1 $ 1 2 . 0 $ 4 . 0 $ 5 . 5 $ 2 . 5 $ 0 . 0 Ho l c o m b - Ro s we l l , GA Ad d i n g t h e a t e r o p e r a t o r i n 3 9 , 6 6 8 S F . 1 0 0 % Q4 2 0 0 9 1 2 . 0 % $ 0 . 5 $ 4 . 0 $ 0 . 1 $ 3 . 9 $ 0 . 0 $ 0 . 0 Ri v e r t o wn e S q u a r e - De e r f i e l d Be a c h , F L Ad d i n g a 6 0 , 0 0 0 S F Be a l l 's De p a r t m e n t S t o r e . 1 0 0 % Q1 2 0 1 0 1 3 . 1 % $ 0 . 2 $ 1 . 7 $ 0 . 4 $ 0 . 8 $ 0 . 5 $ 0 . 0 Cl i n t o n Va l l e y - S t e r l i n g He i g h t s , M I Ad d i n g a 5 8 , 8 5 2 S F Ho b b y L o b b y . 1 0 0 % Q1 2 0 0 9 1 3 . 8 % $ 0 . 1 $ 1 . 0 $ 0 . 6 $ 0 . 4 $ 0 . 0 $ 0 . 0 S o u t h b a y - Os p r e y , F L Ad d i n g f r e e s t a n d i n g CVS , r e l o c a t i n g t e n a n t s , r e t e n a n t i n g s p a c e a n d d e m o l i s h i n g v a c a t e d s p a c e . 1 0 0 % Q3 2 0 0 9 1 5 . 2 % $ 0 . 1 $ 1 . 0 $ 0 . 2 $ 0 . 8 $ 0 . 0 $ 0 . 0 T o t a l On - Ba l a n c e S h e e t As s e t s 1 0 . 6 % $ 2 . 1 $ 1 9 . 7 $ 5 . 2 $ 1 1 . 4 $ 3 . 0 $ 0 . 0 Of f - Ba l a n c e S h e e t As s e t s T r o y M a r k e t p l a c e - T r o y , M I Re t e n a n t i n g 9 7 , 0 0 0 S F Ho m e E x p o wi t h L A F i t n e s s ( wh i c h h a s o p e n e d ) a n d a d d i t i o n a l m i d - b o x u s e s , c o n s t r u c t i n g n e w o u t l o t b u i l d i n g . 3 0 % Q4 2 0 1 0 2 1 . 0 % $ 2 . 1 $ 9 . 8 $ 5 . 1 $ 0 . 9 $ 3 . 9 $ 0 . 0 Ol d Or c h a r d - W e s t Bl o o m f i e l d , M I Ad d i n g 3 6 , 0 0 0 S F s p e c i a l t y g r o c e r P l u m M a r k e t a s we l l a s o t h e r u p s c a l e t e n a n t s ; p l u s f a ç a d e a n d s t r u c t u r a l i m p r o v e m e n t s . 3 0 % Q2 2 0 1 0 1 2 . 0 % $ 1 . 2 $ 9 . 6 $ 4 . 0 $ 4 . 5 $ 1 . 1 $ 0 . 0 Co l l i n s P o i n t e P l a z a - Ca r t e r s v i l l e , GA Re t e n a n t i n g W i n n - Di x i e , b u i l d i n g a d d i t i o n a l o u t l o t a n d s m a l l - s h o p r e t a i l s p a c e . 2 0 % Q1 2 0 1 0 1 5 . 1 % $ 0 . 7 $ 4 . 7 $ 0 . 0 $ 3 . 5 $ 1 . 2 $ 0 . 0 M a r k e t P l a z a - Gl e n E l l y n , I L Ad d i n g a 1 9 , 8 4 9 S F S t a p l e s . 2 0 % Q1 2 0 0 9 1 5 . 0 % $ 0 . 2 $ 1 . 6 $ 1 . 3 $ 0 . 3 $ 0 . 0 $ 0 . 0 T o t a l Of f - Ba l a n c e S h e e t As s e t s 1 6 . 2 % $ 4 . 2 $ 2 5 . 7 $ 1 0 . 4 $ 9 . 2 $ 6 . 1 $ 0 . 0 RP T S h a r e o f T o t a l Of f - Ba l a n c e S h e e t As s e t s 1 6 . 3 % $ 1 . 2 $ 7 . 1 $ 3 . 0 $ 2 . 4 $ 1 . 7 $ 0 . 0 RP T S h a r e o f Cu r r e n t Re d e v e l o p m e n t s 1 2 . 1 % $ 3 . 2 $ 2 6 . 8 $ 8 . 2 $ 1 3 . 8 $ 4 . 7 $ 0 . 0 F u t u r e P r o j e c t s RP T Own e r s h i p % L a k e s h o r e M a r k e t p l a c e - No r t o n S h o r e s , M I Re t e n a n t wi t h m i d - b o x u s e a p o r t i o n o f E l d e r - Be e r m a n s p a c e . De v e l o p n e w o u t l o t s . 1 0 0 % S u n s h i n e P l a z a - T a m a r a c , F L T a k i n g b a c k 2 0 , 0 0 0 S F o f a n c h o r s p a c e t o c r e a t e n e w m i d - b o x o p p o r t u n i t y . 1 0 0 % P e l i c a n P l a z a - S a r a s o t a , F L Ad d i n g 2 0 , 0 0 0 S F s p e c i a l t y g r o c e r . 1 0 0 % M a r k e t p l a c e o f De l r a y - De l r a y Be a c h , F L Re c o n f i g u r i n g c e n t e r t o a c c o m m o d a t e u p t o t wo n e w m i d - b o x u s e r s . 3 0 % T h e S h o p s o n L a n e Av e n u e - Co l u m b u s , OH E x p a n d e x i s t i n g g r o c e r y t o p r o t o t y p e s i z e . 2 0 % [ 1 ] Re p r e s e n t s i n c r e m e n t a l c h a n g e i n r e v e n u e . E s t i m a t e d Ad d i t i o n a l Co s t s S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 2

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SLIDE 15 P e r c e n t o f Ba l a n c e S t a t e d M o n t h s T o t a l a t I n t e r e s t M a t u r i t y T o L e n d e r o r S e r v i c e r I n d e b t e d n e s s 1 2 / 3 1 / 2 0 0 8 Ra t e Da t e M a t u r i t y F i x e d Ra t e De b t W e s t Oa k s I I / S p r i n g M e a d o ws T r a v e l e r s I n s u r a n c e 3 . 5 7 % 2 3 , 6 4 3 , 8 8 8 $ 7 . 0 5 0 0 % De c - 0 9 1 1 P r o m e n a d e a t P l e a s a n t Hi l l P r i n c i p a l L i f e 1 . 9 8 % 1 3 , 0 8 9 , 7 2 8 8 . 0 9 0 0 % S e p - 1 0 2 0 P u b l i x a t Ri v e r Cr o s s i n g J a c k s o n Na t i o n a l L i f e I n s Co . 0 . 5 0 % 3 , 2 8 1 , 1 9 9 6 . 6 7 0 0 % Oc t - 1 0 2 2 P a r k wa y S h o p s S t . J o h n s l a n d c o n t r a c t 0 . 7 1 % 4 , 6 9 0 , 0 0 0 7 . 0 0 0 0 % No v - 1 0 2 3 P a r k wa y S h o p s Ri v e r Ci t y S i g n a t u r e l a n d c o n t r a c t 0 . 3 3 % 2 , 1 6 6 , 7 7 5 6 . 0 0 0 0 % No v - 1 0 2 3 Un s e c u r e d T e r m L o a n F a c i l i t y * Ke y Ba n k , a s a g e n t 1 5 . 0 9 % 1 0 0 , 0 0 0 , 0 0 0 5 . 6 6 5 5 % De c - 1 0 2 4 M a d i s o n S h o p p i n g Ce n t e r L a S a l l e Ba n k N. A. 1 . 4 4 % 9 , 5 0 8 , 7 2 3 7 . 5 0 8 0 % M a y - 1 1 2 8 L a k e s h o r e M a r k e t p l a c e W e l l s F a r g o / M i d l a n d 2 . 2 4 % 1 4 , 8 0 9 , 5 9 4 7 . 6 4 7 0 % Au g - 1 1 3 1 S u n s h i n e P l a z a S h o p p i n g Ce n t e r Na t i o n wi d e L i f e 1 . 7 3 % 1 1 , 4 3 9 , 0 2 6 7 . 3 5 0 0 % M a y - 1 2 4 1 Co r a l Cr e e k Ke y Ba n k 1 . 4 3 % 9 , 4 9 7 , 5 5 9 6 . 7 8 0 0 % J u l - 1 2 4 3 T h e Cr o s s r o a d s a t Ro y a l P a l m L . J . M e l o d y & Co . / S a l o m o n 1 . 7 1 % 1 1 , 3 3 3 , 5 3 3 6 . 5 0 0 0 % Au g - 1 2 4 4 E a s t T o wn P l a z a Ci t i g r o u p Gl o b a l M a r k e t s 1 . 6 8 % 1 1 , 1 3 7 , 5 9 0 5 . 4 5 0 0 % J u l - 1 3 5 5 Ce n t r e a t W o o d s t o c k W a c h o v i a 0 . 6 9 % 4 , 5 9 2 , 9 9 8 6 . 9 1 0 0 % J u l - 1 3 5 5 Ke n t wo o d T o wn e Ce n t e r Na t i o n wi d e L i f e 1 . 4 2 % 9 , 4 1 2 , 2 8 6 5 . 7 4 0 0 % J u l - 1 3 5 5 L a n t a n a P l a z a S h o p p i n g Ce n t e r Ke y Ba n k 1 . 5 1 % 1 0 , 0 2 5 , 5 5 8 4 . 7 6 0 0 % Au g - 1 3 5 6 Au b u r n Hi l l s Ci t i g r o u p Gl o b a l M a r k e t s 1 . 1 1 % 7 , 3 5 4 , 9 7 2 5 . 3 8 0 0 % M a y - 1 4 6 5 Cr o s s r o a d s S h o p p i n g Ce n t e r Ci t i g r o u p Gl o b a l M a r k e t s 3 . 8 7 % 2 5 , 6 1 8 , 8 6 8 5 . 3 8 0 0 % M a y - 1 4 6 5 J a c k s o n W e s t Ke y Ba n k 2 . 5 9 % 1 7 , 1 8 0 , 0 0 0 5 . 2 0 0 0 % No v - 1 5 8 3 W e s t Oa k s I Ke y Ba n k 4 . 1 2 % 2 7 , 3 0 0 , 0 0 0 5 . 2 0 0 0 % No v - 1 5 8 3 Ne w T o wn e P l a z a De u t s c h e Ba n k 2 . 9 9 % 1 9 , 8 0 0 , 0 0 0 5 . 0 9 1 0 % De c - 1 5 8 4 Ho o v e r E l e v e n Ca n a d a L i f e / GM AC 0 . 9 2 % 6 , 1 2 7 , 5 7 1 7 . 6 2 5 0 % F e b - 1 6 8 6 Ri v e r Ci t y M a r k e t p l a c e J P M o r g a n Ch a s e Ba n k , N. A. 1 6 . 6 0 % 1 1 0 , 0 0 0 , 0 0 0 5 . 4 3 5 5 % Ap r - 1 7 1 0 0 Ho o v e r E l e v e n Ca n a d a L i f e / GM AC 0 . 3 4 % 2 , 2 4 2 , 6 4 0 7 . 2 0 0 0 % M a y - 1 8 1 1 4 J u n i o r S u b o r d i n a t e d No t e * * T h e Ba n k o f Ne w Yo r k T r u s t Co m p a n y 4 . 2 4 % 2 8 , 1 2 5 , 0 0 0 7 . 8 7 0 0 % J a n - 3 8 3 5 4 S u b t o t a l F i x e d Ra t e De b t 7 2 . 8 0 % 4 8 2 , 3 7 7 , 5 0 6 $ 6 . 0 1 0 7 % 7 5 Va r i a b l e Ra t e M o r t g a g e s Ga i n e s M a r k e t p l a c e Hu n t i n g t o n Ba n k 1 . 1 4 % 7 , 5 4 3 , 3 4 2 $ 3 . 4 0 0 0 % M a r - 0 9 2 Be a c o n S q u a r e Hu n t i n g t o n Ba n k 1 . 1 3 % 7 , 4 7 9 , 5 8 3 3 . 9 4 5 0 % No v - 0 9 1 0 S u b t o t a l Va r i a b l e Ra t e M o r t g a g e s 2 . 2 7 % 1 5 , 0 2 2 , 9 2 5 $ 3 . 6 7 1 3 % 6 Va r i a b l e Ra t e S e c u r e d F a c i l i t y S e c u r e d Re v o l v i n g Cr e d i t F a c i l i t y - Aq u i a Ke y Ba n k 6 . 0 4 % 4 0 , 0 0 0 , 0 0 0 $ 4 . 2 9 0 0 % De c - 0 9 1 2 S u b t o t a l Va r i a b l e Ra t e S e c u r e d F a c i l i t i e s 6 . 0 4 % 4 0 , 0 0 0 , 0 0 0 $ 4 . 2 9 0 0 % S u b t o t a l Va r i a b l e Ra t e M o r t g a g e s & S e c u r e d F a c i l i t i e s 8 . 3 0 % 5 5 , 0 2 2 , 9 2 5 $ 4 . 1 2 1 1 % 1 0 Va r i a b l e Ra t e Un s e c u r e d F a c i l i t y Un s e c u r e d Re v o l v i n g Cr e d i t F a c i l i t y Ke y Ba n k , a s a g e n t 1 8 . 9 0 % 1 2 5 , 2 0 0 , 0 0 0 $ 2 . 9 5 4 5 % De c - 0 9 1 2 S u b t o t a l Va r i a b l e Ra t e Un s e c u r e d F a c i l i t i e s 1 8 . 9 0 % 1 2 5 , 2 0 0 , 0 0 0 $ 2 . 9 5 4 5 % S u b t o t a l Va r i a b l e Ra t e De b t 2 7 . 2 0 % 1 8 0 , 2 2 2 , 9 2 5 $ 3 . 3 1 0 6 % 1 1 T o t a l d e b t 1 0 0 . 0 0 % 6 6 2 , 6 0 0 , 4 3 1 $ 5 . 2 7 6 3 % 5 7 * E f f e c t i v e l y c o n v e r t e d t o f i x e d r a t e t h r o u g h s wa p a g r e e m e n t s . * * F i x e d r a t e u n t i l J a n u a r y 3 0 , 2 0 1 3 , a n d t h e n a t L I BOR p l u s 3 . 3 0 % . S u m m a r y o f Ou t s t a n d i n g De b t 1 2 / 3 1 / 0 8 S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 3

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SLIDE 16 Cu m u l a t i v e S c h e d u l e d T o t a l S c h e d u l e d Am o r t i z a t i o n a n d

Pe r c e nt a ge Pe r c e nt a ge Sc he dul e d M a t ur i t i e s

Am o r t i z a t i o n S c h e d u l e d S c h e d u l e d o f 1 2 / 3 1 / 0 8 No t e : S c h e d u l e d m a t u r i t i e s

De b t o f i n 2009

De b t Ye a r P a y m e n t s M a t u r i t i e s M a t u r i t i e s M a t u r i n g i n c l u d e s $ 1 2 5 , 2 0 0 , 0 0 0 wh i c h r e p r e s e n t s t h e b a l a n c e o f

M at ur i ng 2009 5, 139, 265 $ 202, 564, 757 $ 207, 704, 021 $ 31. 35% 31. 35% t h e Un s e c u r e d Re v o l v i n g Cr e d i t F a c i l i t y d r a wn a s o f De c e m b e r 3 1 , 2 0 0 8

2010 4, 013, 811 122, 565, 995 126, 579, 807 19. 10% 50. 45% 2011 4, 599, 918 d u e a t m a t u r i t y i n De c e m b e r 2 0 0 9 , a n d s c h e d u l e d m a t u r i t i e s i n 2 0 1 0

23, 332, 219 27, 932, 137 i ncl udes $100, 000, 000

4. 22% 54. 67% 2012 4, 130, 892 29, 879, 687 34, 010, 579 wh i c h r e p r e s e n t s t h e b a l a n c e o f t h e Un s e c u r e d T e r m

5. 13% 59. 80% 2013 3, 363, 353 30, 121, 368 33, 484, 721 5. 05% 64. 85% 2014 2, 505, 331 29, 676, 361 32, 181, 691 4. 86% 69. 71% L o a n F a c i l i t y d u e a t m a t u r i t y i n De c e m b e r 2 0 1 0 . T h e Un s e c u r e d Re v o l v i n g Cr e d i t F a c i l i t y c a n b e e x t e n d e d t o De c e m b e r

2015 2, 323, 334 59, 457, 889 61, 781, 223 9. 32% 2 0 1 0 . S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g

79. 03% 2016 382, 038 - 382, 038 0. 06% 79. 09% S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t

2017 310, 621 110, 000, 000 ( RP T ) Q4 2 0 0 8 P a g e 1 4

110, 310, 621

16. 65%

95. 74%

2018

+ 108, 593

28, 125, 000

28, 233, 593

4. 26%

100. 00%

To t a l s

26, 877, 156

$

635, 723, 275

$

662, 600, 431

$

Lo a n

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Spl i t

b e t we e n

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SLIDE 17 De b t :

Sha r e s

Do l l a r s

Pe r c e nt a ge

Fi xe d

Ra t e

De b t

482, 377, 506

$

60. 64%

Va r i a b l e

Ra t e

De b t

180, 222, 925

$

22. 66%

To t a l

De b t

662, 600, 431

$

83. 30%

Eq u i t y :

M ar ket

pr i ce

Co m m o n

Sha r e s

and

Eq u i v a l e n t s

RE I T S h a r e s

6. 18

$

86. 43%

18, 583, 362

114, 845, 177

$

14. 44%

OP Un i t s

13. 57%

2, 918, 809

18, 038, 240

$

2. 27%

To t a l

Co m m o n

Sha r e s

and

Eq u i v a l e n t s

100. 00%

21, 502, 171

132, 883, 417

$

16. 70%

To t a l

M ar ket

Ca p i t a l i z a t i o n

795, 483, 848

$

100. 00%

M ar ket

Ca p i t a l i z a t i o n

I nf or m at i on

12/ 31/ 08

Co m m o n

St oc k

Pe r f or m a nc e

-

01/ 01/ 08

t hr ough

12/ 31/ 08

Suppl e m e nt a l

Fi na nc i a l

and

Op e r a t i n g

St a t i s t i c s

Ra m c o - Ge r s h e n s o n

Pr ope r t i e s

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( RP T )

Q4

2008

Pa ge

15

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SLIDE 18 P r o p e r t y L o c a t i o n Own e r s h i p % Nu m b e r o f Un i t s No n - Co m p a n y Own e d Co m p a n y Own e d T o t a l An c h o r GL A No n - An c h o r GL A T o t a l T o t a l L e a s e d Oc c u p a n c y T o t a l P S F An c h o r s [ 2 ] Op e r a t i n g : F l o r i d a Co r a l Cr e e k S h o p s Co c o n u t Cr e e k , F L 1 0 0 % 1 9 9 2 / 2 0 0 2 / NA 3 4 4 2 , 1 1 2 4 2 , 1 1 2 6 7 , 2 0 0 1 0 9 , 3 1 2 1 0 9 , 3 1 2 9 3 , 9 3 7 8 5 . 9 % 1 , 4 1 5 , 2 5 9 $ 1 5 . 0 7 $ P u b l i x L a n t a n a S h o p p i n g Ce n t e r L a n t a n a , F L 1 0 0 % 1 9 5 9 / 1 9 9 6 / 2 0 0 2 2 2 6 1 , 1 6 6 6 1 , 1 6 6 6 2 , 4 4 4 1 2 3 , 6 1 0 1 2 3 , 6 1 0 1 1 5 , 7 6 8 9 3 . 7 % 1 , 2 2 7 , 4 9 3 $ 1 0 . 6 0 $ P u b l i x Na p l e s T o wn e Ce n t r e Na p l e s , F L 1 0 0 % 1 9 8 2 / 1 9 9 6 / 2 0 0 3 1 4 3 2 , 6 8 0 1 0 2 , 0 2 7 1 3 4 , 7 0 7 3 2 , 6 8 0 1 6 7 , 3 8 7 1 3 4 , 7 0 7 1 3 0 , 7 9 4 9 7 . 1 % 8 2 2 , 3 8 6 $ 6 . 2 9 $ Go o d wi l l [ 3 ] , S a v e - A- L o t , Be a l l s P e l i c a n P l a z a S a r a s o t a , F L 1 0 0 % 1 9 8 3 / 1 9 9 7 / NA 2 6 3 5 , 7 6 8 3 5 , 7 6 8 5 8 , 2 5 4 9 4 , 0 2 2 9 4 , 0 2 2 8 0 , 6 6 2 8 5 . 8 % 8 7 6 , 6 1 7 $ 1 0 . 8 7 $ L i n e n s 'N T h i n g s [ 6 ] Ri v e r Ci t y M a r k e t p l a c e J a c k s o n v i l l e , F L 1 0 0 % 2 0 0 5 / 2 0 0 5 / NA 6 9 3 4 2 , 5 0 1 3 2 3 , 9 0 7 6 6 6 , 4 0 8 2 2 1 , 4 4 7 8 8 7 , 8 5 5 5 4 5 , 3 5 4 5 2 2 , 7 9 5 9 5 . 9 % 8 , 1 5 8 , 3 8 6 $ 1 5 . 6 1 $ W a l - M a r t [ 3 ] , L o we 's [ 3 ] , Be d Ba t h & Be y o n d , Be s t Bu y , Ga n d e r M o u n t a i n , M i c h a e l s , Of f i c e M a x , P E T s M ART , Ro s s Dr e s s F o r L e s s , W a l l a c e T h e a t e r s , As h l e y F u r n i t u r e Ho m e S t o r e Ri v e r Cr o s s i n g Ce n t r e Ne w P o r t Ri c h e y , F L 1 0 0 % 1 9 9 8 / 2 0 0 3 / NA 1 6 3 7 , 8 8 8 3 7 , 8 8 8 2 4 , 1 5 0 6 2 , 0 3 8 6 2 , 0 3 8 6 0 , 6 3 8 9 7 . 7 % 7 1 9 , 0 9 4 $ 1 1 . 8 6 $ P u b l i x S u n s h i n e P l a z a T a m a r a c , F L 1 0 0 % 1 9 7 2 / 1 9 9 6 / 2 0 0 1 2 8 1 4 6 , 4 0 9 1 4 6 , 4 0 9 8 9 , 3 1 7 2 3 5 , 7 2 6 2 3 5 , 7 2 6 2 2 8 , 7 3 0 9 7 . 0 % 2 , 0 3 3 , 4 1 4 $ 8 . 8 9 $ P u b l i x , Ol d T i m e P o t t e r y T h e Cr o s s r o a d s Ro y a l P a l m Be a c h , F L 1 0 0 % 1 9 8 8 / 2 0 0 2 / NA 3 3 4 2 , 1 1 2 4 2 , 1 1 2 7 2 , 4 1 0 1 1 4 , 5 2 2 1 1 4 , 5 2 2 1 0 4 , 6 0 0 9 1 . 3 % 1 , 5 7 6 , 4 5 4 $ 1 5 . 0 7 $ P u b l i x Vi l l a g e L a k e s S h o p p i n g Ce n t e r L a n d O' L a k e s , F L 1 0 0 % 1 9 8 7 / 1 9 9 7 / NA 2 4 1 2 5 , 1 4 1 1 2 5 , 1 4 1 6 1 , 3 5 5 1 8 6 , 4 9 6 1 8 6 , 4 9 6 1 8 1 , 6 4 9 9 7 . 4 % 1 , 1 1 4 , 9 5 0 $ 6 . 1 4 $ S we e t Ba y , W a l - M a r t T o t a l / Av e r a g e 2 6 6 3 7 5 , 1 8 1 9 1 6 , 5 3 0 1 , 2 9 1 , 7 1 1 6 8 9 , 2 5 7 1 , 9 8 0 , 9 6 8 1 , 6 0 5 , 7 8 7 1 , 5 1 9 , 5 7 3 9 4 . 6 % 1 7 , 9 4 4 , 0 5 2 $ 1 1 . 8 1 $ Ge o r g i a Ce n t r e a t W o o d s t o c k W o o d s t o c k , GA 1 0 0 % 1 9 9 7 / 2 0 0 4 / NA 1 4 5 1 , 4 2 0 5 1 , 4 2 0 3 5 , 3 2 8 8 6 , 7 4 8 8 6 , 7 4 8 7 5 , 6 6 0 8 7 . 2 % 8 6 9 , 5 3 7 $ 1 1 . 4 9 $ P u b l i x Co n y e r s Cr o s s i n g Co n y e r s , GA 1 0 0 % 1 9 7 8 / 1 9 9 8 / NA 1 5 1 3 8 , 9 1 5 1 3 8 , 9 1 5 3 1 , 5 6 0 1 7 0 , 4 7 5 1 7 0 , 4 7 5 1 7 0 , 4 7 5 1 0 0 . 0 % 9 7 2 , 3 0 8 $ 5 . 7 0 $ Bu r l i n g t o n Co a t F a c t o r y , Ho b b y L o b b y Ho r i z o n Vi l l a g e S u wa n e e , GA 1 0 0 % 1 9 9 6 / 2 0 0 2 / NA 2 2 4 7 , 9 5 5 4 7 , 9 5 5 4 9 , 0 4 6 9 7 , 0 0 1 9 7 , 0 0 1 8 2 , 4 8 6 8 5 . 0 % 8 6 9 , 4 1 5 $ 1 0 . 5 4 $ P u b l i x [ 4 ] M a y s Cr o s s i n g S t o c k b r i d g e , GA 1 0 0 % 1 9 8 4 / 1 9 9 7 / NA 2 0 1 0 0 , 2 4 4 1 0 0 , 2 4 4 3 7 , 0 4 0 1 3 7 , 2 8 4 1 3 7 , 2 8 4 1 2 8 , 3 8 4 9 3 . 5 % 8 1 8 , 5 1 2 $ 6 . 3 8 $ Ap p l i a n c e S m a r t F a c t o r y Ou t l e t , Bi g L o t s , Do l l a r T r e e P r o m e n a d e a t P l e a s a n t Hi l l Du l u t h , GA 1 0 0 % 1 9 9 3 / 2 0 0 4 / NA 3 6 1 9 9 , 5 5 5 1 9 9 , 5 5 5 9 5 , 0 0 0 2 9 4 , 5 5 5 2 9 4 , 5 5 5 2 6 1 , 3 3 6 8 8 . 7 % 2 , 0 1 3 , 9 4 8 $ 7 . 7 1 $ F a r m e r s Ho m e F u r n i t u r e , Ol d T i m e P o t t e r y , P u b l i x T o t a l / Av e r a g e 1 0 7 - 5 3 8 , 0 8 9 5 3 8 , 0 8 9 2 4 7 , 9 7 4 7 8 6 , 0 6 3 7 8 6 , 0 6 3 7 1 8 , 3 4 1 9 1 . 4 % 5 , 5 4 3 , 7 2 0 $ 7 . 7 2 $ M i c h i g a n Au b u r n M i l e , T h e Au b u r n Hi l l s , M I 1 0 0 % 2 0 0 0 / 1 9 9 9 / NA 7 5 3 3 , 6 5 9 6 4 , 2 9 8 5 9 7 , 9 5 7 2 6 , 2 3 8 6 2 4 , 1 9 5 9 0 , 5 3 6 9 0 , 5 3 6 1 0 0 . 0 % 9 4 4 , 4 5 7 $ 1 0 . 4 3 $ Be s t Bu y [ 3 ] , T a r g e t [ 3 ] , M e i j e r [ 3 ] , Co s t c o [ 3 ] , J o - An n , S t a p l e s Be a c o n S q u a r e Gr a n d Ha v e n , M I 1 0 0 % 2 0 0 4 / 2 0 0 4 / NA 1 6 1 0 3 , 3 1 6 - 1 0 3 , 3 1 6 5 1 , 3 8 7 1 5 4 , 7 0 3 5 1 , 3 8 7 4 5 , 9 3 2 8 9 . 4 % 7 7 1 , 1 5 6 $ 1 6 . 7 9 $ Ho m e De p o t [ 3 ] Cl i n t o n P o i n t e Cl i n t o n T wp . , M I 1 0 0 % 1 9 9 2 / 2 0 0 3 / NA 1 4 1 1 2 , 8 7 6 6 5 , 7 3 5 1 7 8 , 6 1 1 6 9 , 5 9 5 2 4 8 , 2 0 6 1 3 5 , 3 3 0 1 0 4 , 7 8 0 7 7 . 4 % 1 , 0 4 8 , 0 3 1 $ 1 0 . 0 0 $ Of f i c e M a x , S p o r t s Au t h o r i t y , T a r g e t [ 3 ] Cl i n t o n Va l l e y M a l l S t e r l i n g He i g h t s , M I 1 0 0 % 1 9 7 7 / 1 9 9 6 / 2 0 0 2 8 5 5 , 1 7 5 5 5 , 1 7 5 4 4 , 1 0 6 9 9 , 2 8 1 9 9 , 2 8 1 9 9 , 2 8 1 1 0 0 . 0 % 1 , 5 6 7 , 2 4 0 $ 1 5 . 7 9 $ Of f i c e De p o t , DS W S h o e W a r e h o u s e E a s t r i d g e Co m m o n s F l i n t , M I 1 0 0 % 1 9 9 0 / 1 9 9 6 / 2 0 0 1 1 6 1 1 7 , 7 7 7 1 1 7 , 9 7 2 2 3 5 , 7 4 9 5 1 , 7 0 4 2 8 7 , 4 5 3 1 6 9 , 6 7 6 1 6 1 , 4 5 9 9 5 . 2 % 1 , 6 8 2 , 8 8 3 $ 1 0 . 4 2 $ F a r m e r J a c k ( A& P ) [ 4 ] , Of f i c e De p o t , T a r g e t [ 3 ] , T J M a x x E d g e wo o d T o wn e Ce n t e r L a n s i n g , M I 1 0 0 % 1 9 9 0 / 1 9 9 6 / 2 0 0 1 1 7 2 2 7 , 1 9 3 2 3 , 5 2 4 2 5 0 , 7 1 7 6 2 , 2 3 3 3 1 2 , 9 5 0 8 5 , 7 5 7 7 5 , 1 2 2 8 7 . 6 % 8 5 0 , 4 7 8 $ 1 1 . 3 2 $ Of f i c e M a x , S a m 's Cl u b [ 3 ] , T a r g e t [ 3 ] F a i r l a n e M e a d o ws De a r b o r n , M I 1 0 0 % 1 9 8 7 / 2 0 0 3 / NA 2 2 2 0 1 , 3 0 0 5 6 , 5 8 6 2 5 7 , 8 8 6 8 0 , 9 2 2 3 3 8 , 8 0 8 1 3 7 , 5 0 8 1 2 6 , 3 0 1 9 1 . 8 % 1 , 8 4 0 , 7 3 1 $ 1 4 . 5 7 $ Be s t Bu y , Ci t i T r e n d s , T a r g e t [ 3 ] , Bu r l i n g t o n Co a t F a c t o r y [ 3 ] F r a s e r S h o p p i n g Ce n t e r F r a s e r , M I 1 0 0 % 1 9 7 7 / 1 9 9 6 / NA 8 4 7 , 6 3 2 4 7 , 6 3 2 2 3 , 9 1 5 7 1 , 5 4 7 7 1 , 5 4 7 5 1 , 3 3 5 7 1 . 8 % 3 0 7 , 0 8 7 $ 5 . 9 8 $ Oa k r i d g e M a r k e t Ga i n e s M a r k e t p l a c e Ga i n e s T wp . , M I 1 0 0 % 2 0 0 5 / 2 0 0 4 / NA 1 5 3 5 1 , 9 8 1 3 5 1 , 9 8 1 4 0 , 1 8 8 3 9 2 , 1 6 9 3 9 2 , 1 6 9 3 8 7 , 6 6 9 9 8 . 9 % 1 , 6 4 8 , 1 7 2 $ 4 . 2 5 $ M e i j e r , S t a p l e s , T a r g e t Ho o v e r E l e v e n W a r r e n , M I 1 0 0 % 1 9 8 9 / 2 0 0 3 / NA 5 0 1 5 3 , 8 1 0 1 5 3 , 8 1 0 1 3 9 , 5 2 8 2 9 3 , 3 3 8 2 9 3 , 3 3 8 2 3 9 , 2 3 5 8 1 . 6 % 3 , 0 0 8 , 7 6 0 $ 1 2 . 5 8 $ Kr o g e r , M a r s h a l l s , Of f i c e M a x J a c k s o n Cr o s s i n g J a c k s o n , M I 1 0 0 % 1 9 6 7 / 1 9 9 6 / 2 0 0 2 6 5 2 5 4 , 2 4 2 2 2 2 , 1 9 2 4 7 6 , 4 3 4 1 7 8 , 7 8 4 6 5 5 , 2 1 8 4 0 0 , 9 7 6 3 7 4 , 9 2 9 9 3 . 5 % 3 , 6 0 3 , 7 0 1 $ 9 . 6 1 $ Ko h l 's , S e a r s [ 3 ] , T a r g e t [ 3 ] , T J M a x x , T o y s " R" Us , Be s t Bu y , Be d Ba t h & Be y o n d , J a c k s o n 1 0 T h e a t e r J a c k s o n W e s t J a c k s o n , M I 1 0 0 % 1 9 9 6 / 1 9 9 6 / 1 9 9 9 5 1 9 4 , 4 8 4 1 9 4 , 4 8 4 1 5 , 8 3 7 2 1 0 , 3 2 1 2 1 0 , 3 2 1 2 1 0 , 3 2 1 1 0 0 . 0 % 1 , 6 3 6 , 5 3 1 $ 7 . 7 8 $ Ci r c u i t Ci t y [ 7 ] , L o we 's , M i c h a e l s , Of f i c e M a x Ke n t wo o d T o wn e Ce n t r e Ke n t wo o d , M I 7 7 . 8 8 % 1 9 8 8 / 1 9 9 6 / / NA 1 8 1 0 1 , 9 0 9 1 2 2 , 3 9 0 2 2 4 , 2 9 9 6 1 , 2 6 5 2 8 5 , 5 6 4 1 8 3 , 6 5 5 1 6 4 , 6 6 3 8 9 . 7 % 1 , 2 6 8 , 1 1 4 $ 7 . 7 0 $ Ho b b y L o b b y , Of f i c e M a x , Ro o m s T o d a y [ 3 ] L a k e Or i o n P l a z a L a k e Or i o n , M I 1 0 0 % 1 9 7 7 / 1 9 9 6 / NA 9 1 2 6 , 1 9 5 1 2 6 , 1 9 5 1 4 , 8 7 8 1 4 1 , 0 7 3 1 4 1 , 0 7 3 1 3 3 , 7 5 3 9 4 . 8 % 5 1 7 , 1 2 9 $ 3 . 8 7 $ Ho l l y wo o d S u p e r M a r k e t , Km a r t L a k e s h o r e M a r k e t p l a c e No r t o n S h o r e s , M I 1 0 0 % 1 9 9 6 / 2 0 0 3 / NA 2 1 1 2 6 , 8 0 0 2 5 8 , 6 3 8 3 8 5 , 4 3 8 8 9 , 0 1 5 4 7 4 , 4 5 3 3 4 7 , 6 5 3 3 3 9 , 0 7 4 9 7 . 5 % 2 , 7 2 7 , 1 4 4 $ 8 . 0 4 $ Ba r n e s & No b l e , Du n h a m 's , E l d e r - Be e r m a n , Ho b b y L o b b y , T J M a x x , T o y s " R" Us , T a r g e t [ 3 ] L i v o n i a P l a z a L i v o n i a , M I 1 0 0 % 1 9 8 8 / 2 0 0 3 / NA 2 0 9 0 , 8 3 1 9 0 , 8 3 1 4 3 , 0 4 2 1 3 3 , 8 7 3 1 3 3 , 8 7 3 1 2 2 , 9 2 2 9 1 . 8 % 1 , 2 5 4 , 4 4 4 $ 1 0 . 2 1 $ Kr o g e r , T J M a x x M a d i s o n Ce n t e r M a d i s o n He i g h t s , M I 1 0 0 % 1 9 6 5 / 1 9 9 7 / 2 0 0 0 1 5 1 6 7 , 8 3 0 1 6 7 , 8 3 0 5 9 , 2 5 8 2 2 7 , 0 8 8 2 2 7 , 0 8 8 2 1 3 , 3 3 2 9 3 . 9 % 1 , 3 9 4 , 2 7 4 $ 6 . 5 4 $ Du n h a m 's [ 4 ] , Km a r t Ne w T o wn e P l a z a Ca n t o n T wp . , M I 1 0 0 % 1 9 7 5 / 1 9 9 6 / 2 0 0 5 1 6 1 2 6 , 4 2 5 1 2 6 , 4 2 5 5 9 , 9 4 3 1 8 6 , 3 6 8 1 8 6 , 3 6 8 1 8 3 , 5 6 8 9 8 . 5 % 1 , 8 4 3 , 8 5 0 $ 1 0 . 0 4 $ Ko h l 's , J o - An n Oa k Br o o k S q u a r e F l i n t , M I 1 0 0 % 1 9 8 2 / 1 9 9 6 / NA 2 0 7 9 , 7 4 4 7 9 , 7 4 4 7 2 , 6 2 9 1 5 2 , 3 7 3 1 5 2 , 3 7 3 1 4 1 , 8 3 0 9 3 . 1 % 1 , 2 0 6 , 2 7 7 $ 8 . 5 1 $ T J M a x x , Ho b b y L o b b y Ro s e v i l l e T o wn e Ce n t e r Ro s e v i l l e , M I 1 0 0 % 1 9 6 3 / 1 9 9 6 / 2 0 0 4 9 2 0 6 , 7 4 7 2 0 6 , 7 4 7 4 0 , 2 2 1 2 4 6 , 9 6 8 2 4 6 , 9 6 8 2 4 6 , 9 6 8 1 0 0 . 0 % 1 , 6 9 5 , 9 6 3 $ 6 . 8 7 $ M a r s h a l l s , W a l - M a r t , Of f i c e De p o t S h o p p e s a t F a i r l a n e M e a d o ws De a r b o r n , M I 1 0 0 % 2 0 0 7 / NA/ NA 8 - - 1 9 , 9 2 5 1 9 , 9 2 5 1 9 , 9 2 5 1 3 , 1 9 7 6 6 . 2 % 3 2 1 , 5 3 8 $ 2 4 . 3 6 $ S o u t h f i e l d P l a z a S o u t h f i e l d , M I 1 0 0 % 1 9 6 9 / 1 9 9 6 / 2 0 0 3 1 4 1 2 8 , 3 3 9 1 2 8 , 3 3 9 3 7 , 6 6 0 1 6 5 , 9 9 9 1 6 5 , 9 9 9 1 6 3 , 7 4 9 9 8 . 6 % 1 , 3 3 2 , 5 1 9 $ 8 . 1 4 $ Bu r l i n g t o n Co a t F a c t o r y , M a r s h a l l s , S t a p l e s T a y l o r P l a z a T a y l o r , M I 1 0 0 % 1 9 7 0 / 1 9 9 6 / 2 0 0 6 1 1 0 2 , 5 1 3 1 0 2 , 5 1 3 - - 1 0 2 , 5 1 3 1 0 2 , 5 1 3 1 0 2 , 5 1 3 1 0 0 . 0 % 4 3 9 , 9 9 2 $ 4 . 2 9 $ Ho m e De p o t T e l - T we l v e S o u t h f i e l d , M I 1 0 0 % 1 9 6 8 / 1 9 9 6 / 2 0 0 3 2 1 4 7 9 , 8 6 9 4 7 9 , 8 6 9 4 3 , 5 4 2 5 2 3 , 4 1 1 5 2 3 , 4 1 1 5 2 3 , 4 1 1 1 0 0 . 0 % 5 , 7 1 4 , 1 8 4 $ 1 0 . 9 2 $ M e i j e r , L o we 's , Of f i c e De p o t , Be s t Bu y , DS W S h o e W a r e h o u s e , M i c h a e l s , P E T s M ART W e s t Oa k s I No v i , M I 1 0 0 % 1 9 7 9 / 1 9 9 6 / 2 0 0 4 8 2 1 5 , 2 5 1 2 1 5 , 2 5 1 3 0 , 2 7 0 2 4 5 , 5 2 1 2 4 5 , 5 2 1 2 4 5 , 5 2 1 1 0 0 . 0 % 2 , 6 8 4 , 2 3 9 $ 1 0 . 9 3 $ Ci r c u i t Ci t y [ 8 ] , Of f i c e M a x , DS W S h o e W a r e h o u s e , Ho m e Go o d s , M i c h a e l s , Ga n d e r M o u n t a i n W e s t Oa k s I I No v i , M I 1 0 0 % 1 9 8 6 / 1 9 9 6 / 2 0 0 0 3 0 2 2 1 , 1 4 0 9 0 , 7 5 3 3 1 1 , 8 9 3 7 7 , 2 0 1 3 8 9 , 0 9 4 1 6 7 , 9 5 4 1 6 7 , 9 5 4 1 0 0 . 0 % 2 , 8 7 6 , 1 4 1 $ 1 7 . 1 2 $ Va l u e Ci t y F u r n i t u r e [ 3 ] , Be d Ba t h & Be y o n d [ 3 ] , M a r s h a l l s , T o y s " R" Us [ 3 ] , Ko h l 's [ 3 ] , J o - An n T o t a l / Av e r a g e 4 5 3 2 , 0 0 0 , 2 1 2 3 , 5 4 8 , 9 1 4 5 , 5 4 9 , 1 2 6 1 , 4 3 3 , 2 8 6 6 , 9 8 2 , 4 1 2 4 , 9 8 2 , 2 0 0 4 , 7 2 9 , 3 5 5 9 4 . 9 % 4 4 , 1 8 5 , 0 3 5 $ 9 . 3 4 $ No r t h Ca r o l i n a Ri d g e v i e w Cr o s s i n g E l k i n , NC 1 0 0 % 1 9 8 9 / 1 9 9 7 / 1 9 9 5 2 0 1 6 8 , 6 5 9 1 6 8 , 6 5 9 4 2 , 8 6 5 2 1 1 , 5 2 4 2 1 1 , 5 2 4 1 8 8 , 4 4 9 8 9 . 1 % 9 6 6 , 4 6 5 $ 5 . 1 3 $ Be l k De p a r t m e n t S t o r e , I n g l e s M a r k e t , W a l - M a r t [ 4 ] T o t a l / Av e r a g e 2 0 - 1 6 8 , 6 5 9 1 6 8 , 6 5 9 4 2 , 8 6 5 2 1 1 , 5 2 4 2 1 1 , 5 2 4 1 8 8 , 4 4 9 8 9 . 1 % 9 6 6 , 4 6 5 $ 5 . 1 3 $ An c h o r s : Co m p a n y Own e d GL A Ye a r Co n s t r u c t e d / Ac q u i r e d / Ye a r o f L a t e s t Re n o v a t i o n o r E x p a n s i o n ( 1 ) An n u a l i z e d Ba s e Re n t Op e r a t i n g P r o p e r t y S u m m a r y As o f De c e m b e r 3 1 , 2 0 0 8 T o t a l S h o p p i n g Ce n t e r GL A: S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 6

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SLIDE 19 P r o p e r t y L o c a t i o n Own e r s h i p % Nu m b e r o f Un i t s No n - Co m p a n y Own e d Co m p a n y Own e d T o t a l An c h o r GL A No n - An c h o r GL A T o t a l T o t a l L e a s e d Oc c u p a n c y T o t a l P S F An c h o r s [ 2 ] An c h o r s : Co m p a n y Own e d GL A Ye a r Co n s t r u c t e d / Ac q u i r e d / Ye a r o f L a t e s t Re n o v a t i o n o r E x p a n s i o n ( 1 ) An n u a l i z e d Ba s e Re n t Op e r a t i n g P r o p e r t y S u m m a r y As o f De c e m b e r 3 1 , 2 0 0 8 T o t a l S h o p p i n g Ce n t e r GL A: Oh i o Cr o s s r o a d s Ce n t r e Ro s s f o r d , OH 1 0 0 % 2 0 0 1 / 2 0 0 1 / NA 2 2 1 2 6 , 2 0 0 2 5 5 , 0 9 1 3 8 1 , 2 9 1 9 9 , 0 5 4 4 8 0 , 3 4 5 3 5 4 , 1 4 5 3 1 2 , 5 4 5 8 8 . 3 % 3 , 0 4 2 , 3 2 5 $ 9 . 7 3 $ Ho m e De p o t , T a r g e t [ 3 ] , Gi a n t E a g l e , M i c h a e l s Of f i c e M a x Ce n t e r T o l e d o , OH 1 0 0 % 1 9 9 4 / 1 9 9 6 / NA 1 2 2 , 9 3 0 2 2 , 9 3 0 - 2 2 , 9 3 0 2 2 , 9 3 0 2 2 , 9 3 0 1 0 0 . 0 % 2 6 5 , 9 8 8 $ 1 1 . 6 0 $ Of f i c e M a x Ro s s f o r d P o i n t e Ro s s f o r d , OH 1 0 0 % 2 0 0 6 / 2 0 0 5 / NA 6 4 1 , 0 7 7 4 1 , 0 7 7 6 , 4 0 0 4 7 , 4 7 7 4 7 , 4 7 7 4 4 , 2 7 7 9 3 . 3 % 5 5 2 , 7 2 7 $ 1 2 . 4 8 $ P E T s M ART , Of f i c e De p o t S p r i n g M e a d o ws P l a c e Ho l l a n d , OH 1 0 0 % 1 9 8 7 / 1 9 9 6 / 2 0 0 5 2 8 3 8 4 , 7 7 0 1 1 0 , 6 9 1 4 9 5 , 4 6 1 1 0 1 , 1 2 6 5 9 6 , 5 8 7 2 1 1 , 8 1 7 2 0 5 , 6 6 9 9 7 . 1 % 2 , 3 2 1 , 4 6 1 $ 1 1 . 2 9 $ Di c k 's S p o r t i n g Go o d s [ 3 ] , Be s t Bu y [ 3 ] , Kr o g e r [ 3 ] , T a r g e t [ 3 ] , T J M a x x , Of f i c e M a x , P E T s M ART , As h l e y F u r n i t u r e , S a m 's Cl u b [ 3 ] , Bi g L o t s [ 3 ] T r o y T o wn e Ce n t e r T r o y , OH 1 0 0 % 1 9 9 0 / 1 9 9 6 / 2 0 0 3 1 8 1 9 7 , 1 0 9 8 6 , 5 8 4 2 8 3 , 6 9 3 5 8 , 0 2 6 3 4 1 , 7 1 9 1 4 4 , 6 1 0 1 3 9 , 6 7 0 9 6 . 6 % 8 7 4 , 1 5 8 $ 6 . 2 6 $ W a l - M a r t [ 3 ] , Ko h l 's T o t a l / Av e r a g e 7 5 7 0 8 , 0 7 9 5 1 6 , 3 7 3 1 , 2 2 4 , 4 5 2 2 6 4 , 6 0 6 1 , 4 8 9 , 0 5 8 7 8 0 , 9 7 9 7 2 5 , 0 9 1 9 2 . 8 % 7 , 0 5 6 , 6 5 8 $ 9 . 7 3 $ S o u t h Ca r o l i n a T a y l o r s S q u a r e T a y l o r s , S C 1 0 0 % 1 9 8 9 / 1 9 9 7 / 2 0 0 5 1 4 2 0 7 , 4 5 5 2 0 7 , 4 5 5 3 3 , 7 7 7 2 4 1 , 2 3 2 2 4 1 , 2 3 2 2 3 8 , 4 7 6 9 8 . 9 % 1 , 4 3 1 , 5 1 9 $ 6 . 0 0 $ W a l - M a r t T o t a l / Av e r a g e 1 4 - 2 0 7 , 4 5 5 2 0 7 , 4 5 5 3 3 , 7 7 7 2 4 1 , 2 3 2 2 4 1 , 2 3 2 2 3 8 , 4 7 6 9 8 . 9 % 1 , 4 3 1 , 5 1 9 $ 6 . 0 0 $ T e n n e s s e e No r t h we s t Cr o s s i n g Kn o x v i l l e , T N 1 0 0 % 1 9 8 9 / 1 9 9 7 / NA 1 1 2 7 4 , 2 9 1 2 7 4 , 2 9 1 2 9 , 9 3 3 3 0 4 , 2 2 4 3 0 4 , 2 2 4 3 0 4 , 2 2 4 1 0 0 . 0 % 1 , 8 1 0 , 2 7 5 $ 5 . 9 5 $ W a l - M a r t , Ro s s Dr e s s f o r L e s s , Gr e g g s Ap p l i a n c e s No r t h we s t Cr o s s i n g I I Kn o x v i l l e , T N 1 0 0 % 1 9 9 9 / 1 9 9 9 / NA 2 2 3 , 5 0 0 2 3 , 5 0 0 4 , 6 7 4 2 8 , 1 7 4 2 8 , 1 7 4 2 8 , 1 7 4 1 0 0 . 0 % 3 0 8 , 9 6 9 $ 1 0 . 9 7 $ Of f i c e M a x T o t a l / Av e r a g e 1 3 - 2 9 7 , 7 9 1 2 9 7 , 7 9 1 3 4 , 6 0 7 3 3 2 , 3 9 8 3 3 2 , 3 9 8 3 3 2 , 3 9 8 1 0 0 . 0 % 2 , 1 1 9 , 2 4 4 $ 6 . 3 8 $ W i s c o n s i n E a s t T o wn P l a z a M a d i s o n , W I 1 0 0 % 1 9 9 2 / 2 0 0 0 / 2 0 0 0 1 8 1 3 2 , 9 9 5 1 4 4 , 6 8 5 2 7 7 , 6 8 0 6 4 , 2 7 4 3 4 1 , 9 5 4 2 0 8 , 9 5 9 1 8 5 , 5 5 1 8 8 . 8 % 1 , 7 8 3 , 5 9 2 $ 9 . 6 1 $ Bu r l i n g t o n Co a t F a c t o r y , M a r s h a l l s , J o - An n , Bo r d e r s , T o y s " R" Us [ 3 ] , S h o p k o [ 3 ] T o t a l / Av e r a g e 1 8 1 3 2 , 9 9 5 1 4 4 , 6 8 5 2 7 7 , 6 8 0 6 4 , 2 7 4 3 4 1 , 9 5 4 2 0 8 , 9 5 9 1 8 5 , 5 5 1 8 8 . 8 % 1 , 7 8 3 , 5 9 2 $ 9 . 6 1 $ Op e r a t i n g T o t a l / Av e r a g e 9 6 6 3 , 2 1 6 , 4 6 7 6 , 3 3 8 , 4 9 6 9 , 5 5 4 , 9 6 3 2 , 8 1 0 , 6 4 6 1 2 , 3 6 5 , 6 0 9 9 , 1 4 9 , 1 4 2 8 , 6 3 7 , 2 3 4 9 4 . 4 % 8 1 , 0 3 0 , 2 8 6 $ 9 . 3 8 $ J o i n t Ve n t u r e s : F l o r i d a Co c o a Co m m o n s Co c o a , F L 3 0 % 2 0 0 1 / 2 0 0 7 / NA 2 3 5 1 , 4 2 0 5 1 , 4 2 0 3 8 , 6 9 6 9 0 , 1 1 6 9 0 , 1 1 6 7 5 , 1 2 0 8 3 . 4 % 8 8 1 , 6 2 4 $ 1 1 . 7 4 $ P u b l i x Cy p r e s s P o i n t Cl e a r wa t e r , F L 3 0 % 1 9 8 3 / 2 0 0 7 / NA 2 2 9 4 , 5 0 0 9 4 , 5 0 0 6 4 , 1 9 5 1 5 8 , 6 9 5 1 5 8 , 6 9 5 1 5 4 , 5 4 0 9 7 . 4 % 1 , 7 4 9 , 3 8 0 $ 1 1 . 3 2 $ Bu r l i n g t o n Co a t F a c t o r y , T h e F r e s h M a r k e t Ki s s i m m e e W e s t Ki s s i m m e e , F L 7 % 2 0 0 5 / 2 0 0 5 / NA 1 7 1 8 4 , 6 0 0 6 7 , 0 0 0 2 5 1 , 6 0 0 4 8 , 5 8 6 3 0 0 , 1 8 6 1 1 5 , 5 8 6 1 1 4 , 3 8 6 9 9 . 0 % 1 , 4 3 8 , 7 3 1 $ 1 2 . 5 8 $ J o - An n , M a r s h a l l s , T a r g e t [ 3 ] M a r k e t p l a c e o f De l r a y De l r a y Be a c h , F L 3 0 % 1 9 8 1 / 2 0 0 5 / NA 4 7 1 0 3 , 1 9 3 1 0 3 , 1 9 3 1 1 9 , 7 1 1 2 2 2 , 9 0 4 2 2 2 , 9 0 4 1 9 5 , 1 1 4 8 7 . 5 % 2 , 4 2 9 , 9 3 2 $ 1 2 . 4 5 $ Da v i d M o r g a n F i n e Ar t s [ 5 , 8 ] , Of f i c e De p o t , W i n n - Di x i e M a r t i n S q u a r e S t u a r t , F L 3 0 % 1 9 8 1 / 2 0 0 5 / NA 1 4 2 9 1 , 4 3 2 2 9 1 , 4 3 2 3 9 , 6 7 3 3 3 1 , 1 0 5 3 3 1 , 1 0 5 3 2 5 , 1 5 5 9 8 . 2 % 2 , 0 6 7 , 6 7 7 $ 6 . 3 6 $ Ho m e De p o t , Ho wa r d s I n t e r i o r s [ 5 ] , Km a r t , S t a p l e s M i s s i o n Ba y P l a z a Bo c a Ra t o n , F L 3 0 % 1 9 8 9 / 2 0 0 4 / NA 5 7 1 5 9 , 1 4 7 1 5 9 , 1 4 7 1 1 3 , 7 1 9 2 7 2 , 8 6 6 2 7 2 , 8 6 6 2 5 1 , 6 5 4 9 2 . 2 % 4 , 7 3 8 , 1 5 4 $ 1 8 . 8 3 $ Al b e r t s o n s , L A F i t n e s s S p o r t s Cl u b , Of f i c e M a x , T o y s " R" Us P l a z a a t De l r a y , T h e De l r a y Be a c h , F L 2 0 % 1 9 7 9 / 2 0 0 4 / NA 4 8 1 9 3 , 9 6 7 1 9 3 , 9 6 7 1 3 7 , 5 2 9 3 3 1 , 4 9 6 3 3 1 , 4 9 6 2 8 0 , 1 1 1 8 4 . 5 % 4 , 6 5 7 , 4 1 9 $ 1 6 . 6 3 $ Bo o k s - A- M i l l i o n , M a r s h a l l s , P u b l i x , Re g a l Ci n e m a s , S t a p l e s S h e n a n d o a h S q u a r e Da v i e , F L 4 0 % 1 9 8 9 / 2 0 0 1 / NA 4 3 4 2 , 1 1 2 4 2 , 1 1 2 8 1 , 5 3 4 1 2 3 , 6 4 6 1 2 3 , 6 4 6 1 1 4 , 9 1 6 9 2 . 9 % 1 , 8 6 1 , 2 9 7 $ 1 6 . 2 0 $ P u b l i x S h o p p e s o f L a k e l a n d L a k e l a n d , F L 7 % 1 9 8 5 / 1 9 9 6 / NA 2 2 1 2 3 , 4 0 0 1 2 2 , 4 4 1 2 4 5 , 8 4 1 6 6 , 4 4 7 3 1 2 , 2 8 8 1 8 8 , 8 8 8 1 8 8 , 8 8 8 1 0 0 . 0 % 2 , 1 9 4 , 7 1 9 $ 1 1 . 6 2 $ M i c h a e l s , As h l e y F u r n i t u r e , L i n e n s 'N T h i n g s [ 7 ] , T a r g e t [ 3 ] T r e a s u r e Co a s t Co m m o n s J e n s e n Be a c h , F L 3 0 % 1 9 9 6 / 2 0 0 4 / NA 3 9 2 , 9 7 9 9 2 , 9 7 9 - 9 2 , 9 7 9 9 2 , 9 7 9 9 2 , 9 7 9 1 0 0 . 0 % 1 , 1 5 4 , 9 2 0 $ 1 2 . 4 2 $ Ba r n e s & No b l e , Of f i c e M a x , S p o r t s Au t h o r i t y Vi l l a g e o f Or i o l e P l a z a De l r a y Be a c h , F L 3 0 % 1 9 8 6 / 2 0 0 5 / NA 3 9 4 2 , 1 1 2 4 2 , 1 1 2 1 1 3 , 6 4 0 1 5 5 , 7 5 2 1 5 5 , 7 5 2 1 5 2 , 2 3 2 9 7 . 7 % 2 , 0 7 8 , 6 7 8 $ 1 3 . 6 5 $ P u b l i x Vi l l a g e P l a z a L a k e l a n d , F L 3 0 % 1 9 8 9 / 2 0 0 4 / NA 2 6 6 4 , 5 0 4 6 4 , 5 0 4 8 2 , 2 5 1 1 4 6 , 7 5 5 1 4 6 , 7 5 5 1 4 0 , 8 3 5 9 6 . 0 % 1 , 6 3 0 , 1 0 0 $ 1 1 . 5 7 $ Ci r c u i t Ci t y [ 8 ] , S t a p l e s Vi s t a P l a z a J e n s e n Be a c h , F L 3 0 % 1 9 9 8 / 2 0 0 4 / NA 9 8 7 , 0 7 2 8 7 , 0 7 2 2 2 , 6 8 9 1 0 9 , 7 6 1 1 0 9 , 7 6 1 1 0 9 , 7 6 1 1 0 0 . 0 % 1 , 4 2 7 , 4 9 6 $ 1 3 . 0 1 $ Be d Ba t h & Be y o n d , Ci r c u i t Ci t y [ 8 ] , M i c h a e l s W e s t Br o wa r d S h o p p i n g Ce n t e r P l a n t a t i o n , F L 3 0 % 1 9 6 5 / 2 0 0 5 / NA 1 9 8 1 , 8 0 1 8 1 , 8 0 1 7 4 , 4 3 5 1 5 6 , 2 3 6 1 5 6 , 2 3 6 1 5 4 , 1 8 5 9 8 . 7 % 1 , 6 0 8 , 3 3 6 $ 1 0 . 4 3 $ Ba d c o c k , Na t i o n a l P a wn S h o p , S a v e - A- L o t , US P o s t a l S e r v i c e T o t a l / Av e r a g e 3 8 9 3 0 8 , 0 0 0 1 , 4 9 3 , 6 8 0 1 , 8 0 1 , 6 8 0 1 , 0 0 3 , 1 0 5 2 , 8 0 4 , 7 8 5 2 , 4 9 6 , 7 8 5 2 , 3 4 9 , 8 7 6 9 4 . 1 % 2 9 , 9 1 8 , 4 6 2 $ 1 2 . 7 3 $ Ge o r g i a P a u l d i n g P a v i l i o n Hi r a m , GA 2 0 % 1 9 9 5 / 2 0 0 6 / NA 1 3 6 0 , 5 0 9 6 0 , 5 0 9 2 4 , 3 3 7 8 4 , 8 4 6 8 4 , 8 4 6 7 6 , 8 9 6 9 0 . 6 % 1 , 1 8 1 , 9 9 4 $ 1 5 . 3 7 $ S p o r t s Au t h o r i t y , S t a p l e s P e a c h t r e e Hi l l Du l u t h , GA 2 0 % 1 9 8 6 / 2 0 0 7 / NA 3 5 8 7 , 4 1 1 8 7 , 4 1 1 6 3 , 4 6 1 1 5 0 , 8 7 2 1 5 0 , 8 7 2 1 2 2 , 4 7 1 8 1 . 2 % 1 , 2 4 9 , 5 6 6 $ 1 0 . 2 0 $ Kr o g e r , Ou t r a g e o u s Ba r g a i n s T o t a l / Av e r a g e 4 8 1 4 7 , 9 2 0 1 4 7 , 9 2 0 8 7 , 7 9 8 2 3 5 , 7 1 8 2 3 5 , 7 1 8 1 9 9 , 3 6 7 8 4 . 6 % 2 , 4 3 1 , 5 6 0 $ 1 2 . 2 0 $ I l l i n o i s Ro l l i n g M e a d o ws Ro l l i n g M e a d o ws , I L 2 0 % 1 9 5 6 / 2 0 0 8 / 1 9 9 5 1 8 - 8 3 , 2 3 0 8 3 , 2 3 0 4 7 , 2 0 6 1 3 0 , 4 3 6 1 3 0 , 4 3 6 1 0 2 , 1 0 7 7 8 . 3 % 1 , 2 4 5 , 5 0 3 $ 1 2 . 2 0 $ J e we l Os c o T o t a l / Av e r a g e 1 8 - 8 3 , 2 3 0 8 3 , 2 3 0 4 7 , 2 0 6 1 3 0 , 4 3 6 1 3 0 , 4 3 6 1 0 2 , 1 0 7 7 8 . 3 % 1 , 2 4 5 , 5 0 3 $ 1 2 . 2 0 $ I n d i a n a M e r c h a n t s ' S q u a r e Ca r m e l , I N 2 0 % 1 9 7 0 / 2 0 0 4 / NA 4 8 8 0 , 0 0 0 6 9 , 5 0 4 1 4 9 , 5 0 4 2 0 9 , 9 9 3 3 5 9 , 4 9 7 2 7 9 , 4 9 7 2 3 6 , 5 9 8 8 4 . 7 % 2 , 7 0 3 , 9 8 4 $ 1 1 . 4 3 $ M a r s h [ 3 ] , Co s t P l u s , Ho b b y L o b b y No r a P l a z a I n d i a n a p o l i s , I N 7 % 1 9 5 8 / 2 0 0 7 / 2 0 0 2 2 5 1 2 3 , 8 0 0 5 8 , 1 4 4 1 8 1 , 9 4 4 8 2 , 3 2 2 2 6 4 , 2 6 6 1 4 0 , 4 6 6 1 3 0 , 1 4 7 9 2 . 7 % 1 , 7 8 5 , 8 5 9 $ 1 3 . 7 2 $ T a r g e t [ 3 ] , M a r s h a l l s , W h o l e F o o d s T o t a l / Av e r a g e 7 3 2 0 3 , 8 0 0 1 2 7 , 6 4 8 3 3 1 , 4 4 8 2 9 2 , 3 1 5 6 2 3 , 7 6 3 4 1 9 , 9 6 3 3 6 6 , 7 4 5 8 7 . 3 % 4 , 4 8 9 , 8 4 3 $ 1 2 . 2 4 $ M a r y l a n d Cr o f t o n Ce n t r e Cr o f t o n , M D 2 0 % 1 9 7 4 / 1 9 9 6 / NA 1 8 1 9 6 , 5 7 0 1 9 6 , 5 7 0 5 4 , 9 4 1 2 5 1 , 5 1 1 2 5 1 , 5 1 1 2 5 1 , 5 1 1 1 0 0 . 0 % 1 , 8 3 6 , 1 9 4 $ 7 . 3 0 $ Ba s i c s / M e t r o , Km a r t , L e a t h e r E x p o , Go l d 's Gy m T o t a l / Av e r a g e 1 8 - 1 9 6 , 5 7 0 1 9 6 , 5 7 0 5 4 , 9 4 1 2 5 1 , 5 1 1 2 5 1 , 5 1 1 2 5 1 , 5 1 1 1 0 0 . 0 % 1 , 8 3 6 , 1 9 4 $ 7 . 3 0 $ S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 7

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SLIDE 20 P r o p e r t y L o c a t i o n Own e r s h i p % Nu m b e r o f Un i t s No n - Co m p a n y Own e d Co m p a n y Own e d T o t a l An c h o r GL A No n - An c h o r GL A T o t a l T o t a l L e a s e d Oc c u p a n c y T o t a l P S F An c h o r s [ 2 ] An c h o r s : Co m p a n y Own e d GL A Ye a r Co n s t r u c t e d / Ac q u i r e d / Ye a r o f L a t e s t Re n o v a t i o n o r E x p a n s i o n ( 1 ) An n u a l i z e d Ba s e Re n t Op e r a t i n g P r o p e r t y S u m m a r y As o f De c e m b e r 3 1 , 2 0 0 8 T o t a l S h o p p i n g Ce n t e r GL A: M i c h i g a n Gr a t i o t Cr o s s i n g Ch e s t e r f i e l d , M I 3 0 % 1 9 8 0 / 2 0 0 5 / NA 1 5 1 2 2 , 4 0 6 1 2 2 , 4 0 6 4 3 , 1 3 8 1 6 5 , 5 4 4 1 6 5 , 5 4 4 1 5 0 , 5 8 6 9 1 . 0 % 1 , 3 2 4 , 2 4 0 $ 8 . 7 9 $ J o - An n , Km a r t Hu n t e r 's S q u a r e F a r m i n g t o n Hi l l s , M I 3 0 % 1 9 8 8 / 2 0 0 5 / NA 3 6 1 9 4 , 2 3 6 1 9 4 , 2 3 6 1 6 3 , 0 6 6 3 5 7 , 3 0 2 3 5 7 , 3 0 2 3 4 2 , 7 1 5 9 5 . 9 % 6 , 3 3 8 , 2 4 8 $ 1 8 . 4 9 $ Be d Ba t h & Be y o n d , Bo r d e r s , L o e h m a n n 's , M a r s h a l l s , T J M a x x M i l l e n n i u m P a r k L i v o n i a , M I 3 0 % 2 0 0 0 / 2 0 0 5 / NA 1 4 3 5 2 , 6 4 1 2 4 1 , 8 5 0 5 9 4 , 4 9 1 3 8 , 7 0 0 6 3 3 , 1 9 1 2 8 0 , 5 5 0 2 4 4 , 0 5 0 8 7 . 0 % 3 , 2 2 3 , 1 2 4 $ 1 3 . 2 1 $ Ho m e De p o t , M a r s h a l l s , M i c h a e l s , P E T s M ART , Co s t c o [ 3 ] , M e i j e r [ 3 ] S o u t h f i e l d P l a z a E x p a n s i o n S o u t h f i e l d , M I 5 0 % 1 9 8 7 / 1 9 9 6 / 2 0 0 3 1 1 - - 1 9 , 4 1 0 1 9 , 4 1 0 1 9 , 4 1 0 1 2 , 4 1 0 6 3 . 9 % 2 0 4 , 7 1 5 $ 1 6 . 5 0 $ W e s t Ac r e s Co m m o n s F l i n t , M I 4 0 % 1 9 9 8 / 2 0 0 1 / NA 1 4 5 9 , 8 8 9 5 9 , 8 8 9 3 5 , 2 0 0 9 5 , 0 8 9 9 5 , 0 8 9 8 4 , 4 8 9 8 8 . 9 % 1 , 0 6 8 , 0 6 3 $ 1 2 . 6 4 $ VG's F o o d Ce n t e r W i n c h e s t e r Ce n t e r Ro c h e s t e r Hi l l s , M I 3 0 % 1 9 8 0 / 2 0 0 5 / NA 1 6 2 2 4 , 3 5 6 2 2 4 , 3 5 6 8 9 , 3 0 9 3 1 3 , 6 6 5 3 1 3 , 6 6 5 3 1 0 , 2 6 9 9 8 . 9 % 4 , 4 6 4 , 3 6 8 $ 1 4 . 3 9 $ Bo r d e r s , Di c k 's S p o r t i n g Go o d s , L i n e n s 'N T h i n g s [ 6 ] , M a r s h a l l s , M i c h a e l s , P E T s M ART T o t a l / Av e r a g e 1 0 6 3 5 2 , 6 4 1 8 4 2 , 7 3 7 1 , 1 9 5 , 3 7 8 3 8 8 , 8 2 3 1 , 5 8 4 , 2 0 1 1 , 2 3 1 , 5 6 0 1 , 1 4 4 , 5 1 9 9 2 . 9 % 1 6 , 6 2 2 , 7 5 7 $ 1 4 . 5 2 $ Ne w J e r s e y Ch e s t e r S p r i n g s S h o p p i n g Ce n t e r Ch e s t e r , NJ 2 0 % 1 9 7 0 / 1 9 9 6 / 1 9 9 9 4 2 8 1 , 7 6 0 8 1 , 7 6 0 1 4 2 , 3 9 3 2 2 4 , 1 5 3 2 2 4 , 1 5 3 2 0 9 , 6 9 0 9 3 . 5 % 3 , 1 9 8 , 3 9 4 $ 1 5 . 2 5 $ S h o p - Ri t e S u p e r m a r k e t , S t a p l e s T o t a l / Av e r a g e 4 2 - 8 1 , 7 6 0 8 1 , 7 6 0 1 4 2 , 3 9 3 2 2 4 , 1 5 3 2 2 4 , 1 5 3 2 0 9 , 6 9 0 9 3 . 5 % 3 , 1 9 8 , 3 9 4 $ 1 5 . 2 5 $ Oh i o Ol e n t a n g y P l a z a Co l u m b u s , OH 2 0 % 1 9 8 1 / 2 0 0 7 / 1 9 9 7 4 1 1 3 9 , 1 3 0 1 3 9 , 1 3 0 1 1 4 , 8 0 0 2 5 3 , 9 3 0 2 5 3 , 9 3 0 2 3 0 , 2 2 4 9 0 . 7 % 2 , 4 0 9 , 4 4 0 $ 1 0 . 4 7 $ E u r o l i f e F u r n i t u r e , M a r s h a l l s , M i c r o Ce n t e r , S t i t c h i n g P o s t , S u n f l o we r M a r k e t [ 4 ] T h e S h o p s o n L a n e Av e n u e Up p e r Ar l i n g t o n , OH 2 0 % 1 9 5 2 / 2 0 0 7 / 2 0 0 4 4 7 4 6 , 5 7 4 4 6 , 5 7 4 1 3 0 , 5 7 9 1 7 7 , 1 5 3 1 7 7 , 1 5 3 1 5 5 , 6 0 8 8 7 . 8 % 2 , 8 9 1 , 3 7 9 $ 1 8 . 5 8 $ Be d Ba t h & Be y o n d , W h o l e F o o d s T o t a l / Av e r a g e 8 8 - 1 8 5 , 7 0 4 1 8 5 , 7 0 4 2 4 5 , 3 7 9 4 3 1 , 0 8 3 4 3 1 , 0 8 3 3 8 5 , 8 3 2 8 9 . 5 % 5 , 3 0 0 , 8 1 9 $ 1 3 . 7 4 $ J V T o t a l / Av e r a g e 7 8 2 8 6 4 , 4 4 1 3 , 1 5 9 , 2 4 9 4 , 0 2 3 , 6 9 0 2 , 2 6 1 , 9 6 0 6 , 2 8 5 , 6 5 0 5 , 4 2 1 , 2 0 9 5 , 0 0 9 , 6 4 7 9 2 . 4 % 6 5 , 0 4 3 , 5 3 3 $ 1 2 . 9 8 $ Op e r a t i n g Un d e r Re d e v e l o p m e n t : Ri v e r t o wn e S q u a r e De e r f i e l d Be a c h , F L 1 0 0 % 1 9 8 0 / 1 9 9 8 / NA 1 6 7 0 , 9 4 8 7 0 , 9 4 8 4 6 , 4 7 4 1 1 7 , 4 2 2 1 1 7 , 4 2 2 8 4 , 3 2 2 7 1 . 8 % 7 7 0 , 4 8 0 $ 9 . 1 4 $ W i n n - Di x i e S o u t h b a y S h o p p i n g Ce n t e r Os p r e y , F L 1 0 0 % 1 9 7 8 / 1 9 9 8 / NA 1 8 3 1 , 7 0 0 3 1 , 7 0 0 5 2 , 1 9 0 8 3 , 8 9 0 8 3 , 8 9 0 5 6 , 0 3 0 6 6 . 8 % 3 7 9 , 3 3 8 $ 6 . 7 7 $ Be a l l s Cl e a r a n c e S t o r e Ho l c o m b Ce n t e r Ro s we l l , GA 1 0 0 % 1 9 8 6 / 1 9 9 6 / NA 2 5 3 9 , 6 6 8 3 9 , 6 6 8 6 7 , 3 8 5 1 0 7 , 0 5 3 1 0 7 , 0 5 3 2 6 , 6 0 5 2 4 . 9 % 2 9 7 , 1 6 8 $ 1 1 . 1 7 $ Cl i n t o n Va l l e y S t e r l i n g He i g h t s , M I 1 0 0 % 1 9 8 5 / 1 9 9 6 / NA 1 1 3 0 , 8 4 7 3 0 , 8 4 7 5 1 , 1 4 9 8 1 , 9 9 6 8 1 , 9 9 6 7 5 , 5 0 6 9 2 . 1 % 6 2 3 , 7 0 6 $ 8 . 2 6 $ Bi g L o t s T h e T o wn e Ce n t e r a t Aq u i a S t a f f o r d , VA 1 0 0 % 1 9 8 9 / 1 9 9 8 / NA 1 5 8 6 , 1 8 4 8 6 , 1 8 4 4 2 , 7 8 6 1 2 8 , 9 7 0 1 2 8 , 9 7 0 1 1 6 , 4 8 4 9 0 . 3 % 2 , 4 5 2 , 0 7 1 $ 2 1 . 0 5 $ No r t h r o p Gr u m m a n , Re g a l Ci n e m a s W e s t Al l i s T o wn e Ce n t r e W e s t Al l i s , W I 1 0 0 % 1 9 8 7 / 1 9 9 6 / NA 2 8 1 6 3 , 0 6 9 1 6 3 , 0 6 9 1 1 4 , 1 3 4 2 7 7 , 2 0 3 2 7 7 , 2 0 3 2 3 2 , 8 9 5 8 4 . 0 % 1 , 5 5 3 , 5 6 5 $ 6 . 6 7 $ Km a r t , Do l l a r T r e e , Bi g L o t s , Of f i c e De p o t T o t a l / Av e r a g e 1 1 3 - 4 2 2 , 4 1 6 4 2 2 , 4 1 6 3 7 4 , 1 1 8 7 9 6 , 5 3 4 7 9 6 , 5 3 4 5 9 1 , 8 4 2 7 4 . 3 % 6 , 0 7 6 , 3 2 7 $ 1 0 . 2 7 $ J o i n t Ve n t u r e Un d e r Re d e v e l o p m e n t : Co l l i n s P o i n t e P l a z a Ca r t e r s v i l l e , GA 2 0 % 1 9 8 7 / 2 0 0 6 / NA 1 7 4 6 , 3 5 8 4 6 , 3 5 8 3 4 , 6 8 4 8 1 , 0 4 2 8 1 , 0 4 2 2 2 , 0 0 0 2 7 . 1 % 2 6 8 , 5 2 3 $ 1 2 . 2 1 $ M a r k e t P l a z a Gl e n E l l y n , I L 2 0 % 1 9 6 5 / 2 0 0 7 / 1 9 9 6 3 7 4 6 , 2 3 0 4 6 , 2 3 0 1 1 6 , 4 7 5 1 6 2 , 7 0 5 1 6 2 , 7 0 5 1 2 1 , 9 4 3 7 4 . 9 % 1 , 8 2 1 , 9 2 4 $ 1 4 . 9 4 $ J e we l Os c o Ol d Or c h a r d W . Bl o o m f i e l d , M I 3 0 % 1 9 7 2 / 2 0 0 7 / NA 2 1 3 6 , 0 4 4 3 6 , 0 4 4 5 0 , 8 6 0 8 6 , 9 0 4 8 6 , 9 0 4 1 9 , 4 9 5 2 2 . 4 % 4 2 4 , 7 8 0 $ 2 1 . 7 9 $ T r o y M a r k e t p l a c e T r o y , M I 3 0 % 2 0 0 0 / 2 0 0 5 / NA 1 0 2 0 , 6 0 0 1 9 2 , 1 7 8 2 1 2 , 7 7 8 2 3 , 8 1 3 2 3 6 , 5 9 1 2 1 5 , 9 9 1 1 2 9 , 6 9 6 6 0 . 0 % 2 , 5 9 8 , 3 4 8 $ 2 0 . 0 3 $ No r d s t o m Ra c k , P E T s M ART , RE I [ 3 ] , L A F i t n e s s T o t a l / Av e r a g e 8 5 2 0 , 6 0 0 3 2 0 , 8 1 0 3 4 1 , 4 1 0 2 2 5 , 8 3 2 5 6 7 , 2 4 2 5 4 6 , 6 4 2 2 9 3 , 1 3 4 5 3 . 6 % 5 , 1 1 3 , 5 7 6 $ 1 7 . 4 4 $ P ORT F OL I O T OT AL / AVE RAGE 1 9 4 6 4 , 1 0 1 , 5 0 8 1 0 , 2 4 0 , 9 7 1 1 4 , 3 4 2 , 4 7 9 5 , 6 7 2 , 5 5 6 2 0 , 0 1 5 , 0 3 5 1 5 , 9 1 3 , 5 2 7 1 4 , 5 3 1 , 8 5 7 9 1 . 3 % 1 5 7 , 2 6 3 , 7 2 3 $ 1 0 . 8 2 $ [ 1 ] Re p r e s e n t s y e a r c o n s t r u c t e d / a c q u i r e d / y e a r o f l a t e s t r e n o v a t i o n o r e x p a n s i o n b y e i t h e r t h e Co m p a n y o r t h e f o r m e r Ra m c o Gr o u p , a s a p p l i c a b l e . [ 2 ] W e d e f i n e a n c h o r t e n a n t s a s s i n g l e t e n a n t s wh i c h l e a s e 1 9 , 0 0 0 s q u a r e f e e t o r m o r e a t a p r o p e r t y . [ 3 ] No n - Co m p a n y o wn e d a n c h o r s p a c e [ 4 ] T e n a n t c l o s e d - l e a s e o b l i g a t e d . [ 5 ] T e n a n t l e a s e e x p i r e d , t h o u g h r e m a i n s i n o c c u p a n c y a s m o n t h t o m o n t h t e n a n t . [ 6 ] T e n a n t c l o s e d i n Ba n k r u p t c y , t h o u g h L e a s e s a r e g u a r a n t e e d b y CVS . [ 7 ] T e n a n t c l o s e d i n Ba n k r u p t c y 1 2 / 2 2 / 0 8 , t h o u g h p a i d c h a r g e s t h r o u g h 1 2 / 3 1 / 0 8 . [ 8 ] T e n a n t i n Ba n k r u p t c y . S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 1 8

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SLIDE 21 BY RE NT [ 1 ] BY GL A [ 2 ] 1 3 % RE G 1 7 % M I 4 2 %

BY RE NT [ 1 ] BY GL A [ 2 ] BY RE NT [ 1 ] BY GL A [ 2 ] F L 2 7 % OH 8 % GA 8 % Al l Ot h e r s 1 0 % W I 2 %

Suppl e m e nt a l Fi na nc i a l I N 2 % W I 3 % OH 8 %

and

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Q4

2008

Pa ge

19

GE OGRAP HI C DI VE RS I F I CAT I ON ANCHOR,

NON- ANCHOR T E NANT M I X CRE DI T QUAL I T Y T E NANT M I X M I :

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F L:

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W I :

W i s cons i n

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RE G:

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41%

FL 31%

GA 5 %

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NON- ANCHOR 4 9 %

ANCHOR 6 8 %

NON- ANCHOR 3 2 %

NAT 6 9 %

L OC 1 8 %

RE G 1 3 %

NAT 7 0 %

I N 3%

L OC

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SLIDE 22 L e a s e Na m e Nu m b e r o f L e a s e s L e a s e d GL A a s o f 1 2 / 3 1 / 0 8 ( S q . F t . ) % o f $ 1 4 . 6 1 1 . 3 2 % S t a p l e s 9 2 0 4 , 4 4 3 1 . 2 8 % 1 , 9 3 5 , 8 8 6 $ 9 . 4 7 1 . 2 3 % Be d Ba t h

T o t a l Co m p a n y Own e d GL A T o t a l An n u a l i z e d Ba s e Re n t An n u a l i z e d Ba s e & Be y o n d 5 1 5 4 , 5 9 9 0 . 9 7 % 1 , 8 4 6 , 0 4 3 $ 1 1 . 9 4 1 . 1 7 % Ga n d e r M o u n t a i n

Re n t / S q u a r e F o o t 2 159, 791 1. 00%

% o f Ba s e Re n t a l Re v e n u e a s o f 1 2 / 3 1 / 0 8 T . J . 1 , 8 4 4 , 9 6 7 $ 1 1 . 5 5 1 . 1 7 % L o we 's Ho m e Ce n t e r s 2

M axx/ M ar s hal l s 19 611, 154 3. 84% $5, 726, 587 $9. 37 270, 394 1. 70% 1, 822, 956 $6. 74 1. 16% 126 5, 084, 392

3 . 6 4 % P u b l i x 1 2 5 7 4 , 7 9 4 3 . 6 1 % 4 , 5 3 4 , 8 9 1 $ 7 . 8 9 2 . 8 8 % Ho m e De p o t 4 4 8 7 , 2 0 3 3 . 0 6 % 3 , 2 5 9 , 4 9 2 $ 6 . 6 9 2 . 0 7 % W a l - M a r t 5 7 4 6 , 3 3 5 4 . 6 9 % 3 , 2 3 2 , 7 8 7 $ 4 . 3 3 2 . 0 6 % Of f i c e M a x 1 2 2 7 3 , 7 2 0 1 . 7 2 % 3 1 . 9 5 % $ 4 1 , 2 6 7 , 3 7 5 $ 8 . 1 2 2 6 . 2 4 % * Ba s e d u p o n p e r c e n t a g e o f a n n u a l i z e d b a s e r e n t . M a j o r T e n a n t E x p o s u r e * a s o f De c e m b e r 3 1 , 2 0 0 8 An n u a l i z e d Ba s e Re n t i n P l a c e a t 1 2 / 3 1 / 0 8 S u p p l e m e n t a l

3, 173, 220 Fi na nc i a l

$11. 59 2. 02% a n d Op e r a t i n g

Km a r t 6 6 1 8 , 3 4 1 3 . 8 9 % 2 , 7 1 7 , 6 0 3 $ 4 . 3 9 S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s

1 . 7 3 % J o - An n 7 2 3 0 , 9 7 6 1 . 4 5 % T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2 0

2, 480, 777

$10. 74

1. 58%

P E T s M ART 7

160, 428

1. 01%

2, 283, 195

$14. 23

1. 45%

M i chael s

St or e s

9

199, 724

1. 26%

2, 187, 349

$10. 95

1. 39%

Do l l a r

Tr e e

23

250, 595

1. 57%

2, 148, 959

$8. 58

1. 37%

Be s t

Bu y

4

141, 895

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SLIDE 23 Al l L e a s e s L e a s e E x p i r a t i o n Ye a r Nu m b e r o f L e a s e s E x p i r i n g GL A Un d e r E x p i r i n g L e a s e s % o f Co m p a n y Own e d GL A T o t a l An n u a l i z e d Ba s e Re n t % o f An n u a l i z e d Ba s e Re n t An n u a l i z e d Ba s e Re n t p e r S q u a r e F o o t 2 0 0 8 5 8 1 7 2 , 6 4 5 1 . 1 9 % $ 2 , 0 3 0 , 9 2 8 1 . 2 9 % $ 1 1 . 7 6 2 0 0 9 2 3 2 1 , 0 8 3 , 9 6 0 7 . 4 6 % 1 1 , 8 5 0 , 1 5 6 7 . 5 4 % 1 0 . 9 3 2 0 1 0 2 5 3 1 , 4 6 9 , 9 9 1 1 0 . 1 2 % 1 7 , 3 9 5 , 0 4 2 1 1 . 0 6 % 1 1 . 8 3 2 0 1 1 2 7 7 1 , 3 8 0 , 7 8 1 9 . 5 0 % 1 8 , 2 9 0 , 6 2 1 1 1 . 6 3 % 1 3 . 2 5 2 0 1 2 2 2 2 1 , 3 9 4 , 8 6 7 9 . 6 0 % 1 6 , 1 8 8 , 7 0 9 1 0 . 2 9 % 1 1 . 6 1 2 0 1 3 1 9 6 1 , 5 8 4 , 2 2 4 1 0 . 9 0 % 1 8 , 8 0 8 , 8 0 4 1 1 . 9 6 % 1 1 . 8 7 2 0 1 4 9 9 1 , 2 8 6 , 2 5 9 8 . 8 5 % 1 1 , 4 5 7 , 6 9 7 7 . 2 9 % 8 . 9 1 2 0 1 5 3 9 6 5 2 , 0 6 5 4 . 4 9 % 7 , 2 1 1 , 8 9 7 4 . 5 9 % 1 1 . 0 6 2 0 1 6 6 8 1 , 3 8 8 , 7 4 4 9 . 5 6 % 1 4 , 4 2 9 , 3 7 9 9 . 1 8 % 1 0 . 3 9 2 0 1 7 4 8 7 9 1 , 7 7 7 5 . 4 5 % 1 0 , 6 1 5 , 5 2 1 6 . 7 5 % 1 3 . 4 1 2 0 1 8 + 9 2 3 , 3 2 6 , 5 4 4 2 2 . 8 9 % 2 8 , 9 8 4 , 9 6 8 1 8 . 4 3 % 8 . 7 1 T o t a l 1 , 5 8 4 1 4 , 5 3 1 , 8 5 7 1 0 0 . 0 0 % $ 1 5 7 , 2 6 3 , 7 2 2 1 0 0 . 0 0 % $ 1 0 . 8 2 Al l An c h o r L e a s e s L e a s e E x p i r a t i o n Ye a r Nu m b e r o f L e a s e s E x p i r i n g GL A Un d e r E x p i r i n g L e a s e s % o f Co m p a n y Own e d GL A T o t a l An n u a l i z e d Ba s e Re n t % o f An n u a l i z e d Ba s e Re n t An n u a l i z e d Ba s e Re n t p e r S q u a r e F o o t 2 0 0 8 2 4 8 , 2 3 3 0 . 4 9 % $ 4 5 3 , 4 8 8 0 . 5 7 % $ 9 . 4 0 2 0 0 9 1 1 4 6 9 , 6 7 5 4 . 7 7 % 2 , 9 3 0 , 1 0 8 3 . 6 7 % 6 . 2 4 2 0 1 0 2 1 7 5 4 , 9 3 7 7 . 6 7 % 6 , 1 2 2 , 5 0 5 7 . 6 7 % 8 . 1 1 2 0 1 1 1 4 4 6 5 , 3 3 4 4 . 7 3 % 3 , 5 6 9 , 1 9 7 4 . 4 7 % 7 . 6 7 2 0 1 2 1 6 7 1 5 , 6 9 0 7 . 2 7 % 4 , 4 4 9 , 5 5 0 5 . 5 8 % 6 . 2 2 2 0 1 3 2 6 1 , 0 4 8 , 9 0 8 1 0 . 6 6 % 8 , 9 1 6 , 2 7 5 1 1 . 1 8 % 8 . 5 0 2 0 1 4 2 0 9 6 2 , 3 5 3 9 . 7 8 % 5 , 9 8 5 , 7 4 7 7 . 5 0 % 6 . 2 2 2 0 1 5 1 4 5 2 1 , 0 3 4 5 . 3 0 % 4 , 9 9 7 , 5 7 9 6 . 2 6 % 9 . 5 9 2 0 1 6 2 8 1 , 1 6 0 , 4 3 3 1 1 . 8 0 % 9 , 9 9 0 , 0 3 5 1 2 . 5 2 % 8 . 6 1 2 0 1 7 1 8 6 6 8 , 6 2 0 6 . 8 0 % 8 , 1 6 7 , 5 5 3 1 0 . 2 4 % 1 2 . 2 2 2 0 1 8 + 4 3 3 , 0 2 2 , 9 2 9 3 0 . 7 3 % 2 4 , 1 9 9 , 8 3 2 3 0 . 3 2 % 8 . 0 1 T o t a l 2 1 3 9 , 8 3 8 , 1 4 6 1 0 0 . 0 0 % $ 7 9 , 7 8 1 , 8 6 9 1 0 0 . 0 0 % $ 8 . 1 1 Al l No n - An c h o r L e a s e s L e a s e E x p i r a t i o n Ye a r Nu m b e r o f L e a s e s E x p i r i n g GL A Un d e r E x p i r i n g L e a s e s % o f Co m p a n y Own e d GL A T o t a l An n u a l i z e d Ba s e Re n t % o f An n u a l i z e d Ba s e Re n t An n u a l i z e d Ba s e Re n t p e r S q u a r e F o o t 2 0 0 8 5 6 1 2 4 , 4 1 2 2 . 6 5 % $ 1 , 5 7 7 , 4 4 0 2 . 0 4 % $ 1 2 . 6 8 2 0 0 9 2 2 1 6 1 4 , 2 8 5 1 3 . 0 9 % 8 , 9 2 0 , 0 4 8 1 1 . 5 1 % 1 4 . 5 2 2 0 1 0 2 3 2 7 1 5 , 0 5 4 1 5 . 2 3 % 1 1 , 2 7 2 , 5 3 7 1 4 . 5 5 % 1 5 . 7 6 2 0 1 1 2 6 3 9 1 5 , 4 4 7 1 9 . 5 0 % 1 4 , 7 2 1 , 4 2 4 1 9 . 0 0 % 1 6 . 0 8 2 0 1 2 2 0 6 6 7 9 , 1 7 7 1 4 . 4 7 % 1 1 , 7 3 9 , 1 5 9 1 5 . 1 5 % 1 7 . 2 8 2 0 1 3 1 7 0 5 3 5 , 3 1 6 1 1 . 4 0 % 9 , 8 9 2 , 5 2 9 1 2 . 7 7 % 1 8 . 4 8 2 0 1 4 7 9 3 2 3 , 9 0 6 6 . 9 0 % 5 , 4 7 1 , 9 5 0 7 . 0 6 % 1 6 . 8 9 2 0 1 5 2 5 1 3 1 , 0 3 1 2 . 7 9 % 2 , 2 1 4 , 3 1 8 2 . 8 6 % 1 6 . 9 0 2 0 1 6 4 0 2 2 8 , 3 1 1 4 . 8 6 % 4 , 4 3 9 , 3 4 4 5 . 7 3 % 1 9 . 4 4 2 0 1 7 3 0 1 2 3 , 1 5 7 2 . 6 2 % 2 , 4 4 7 , 9 6 8 3 . 1 6 % 1 9 . 8 8 2 0 1 8 + 4 9 3 0 3 , 6 1 5 6 . 4 9 % 4 , 7 8 5 , 1 3 6 6 . 1 8 % 1 5 . 7 6 T o t a l 1 , 3 7 1 4 , 6 9 3 , 7 1 1 1 0 0 . 0 0 % $ 7 7 , 4 8 1 , 8 5 3 1 0 0 . 0 0 % $ 1 6 . 5 1 S u m m a r y o f E x p i r i n g GL A An n u a l i z e d Ba s e Re n t i n P l a c e a t 1 2 / 3 1 / 0 8 S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2 1

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SLIDE 24 F o r T h r e e M o n t h s E n d e d De c e m b e r expens e 4, 689 3, 662 103 373 ( 228) Ra m c o Ra m c o Ha r t l a n d Ri v e r Ci t y $ 2, 079 $ 1, 135 $ 683 $ ( 13) $ 90

3 1 , 2 0 0 8 Ra m c o / L i o n Ra m c o 4 5 0 Ra m c o 1 9 1 Ra m c o Ra m c o Ra m c o RM Ra m c o J a c k s o n v i l l e S - 1 2 Ra m c o / Ra m c o / Ve n t u r e L P Ve n t u r e L L C Ve n t u r e L L C HHF KL L L C HHF NP L L C Ha r t l a n d S C L L C No r t h I n d u s t r i a l L L C As s o c i a t e s W e s t Ac r e s L L C S h e n a n d o a h L L C Ra m c o / L i o n Ra m c o 4 5 0 Ra m c o 1 9 1 Ra m c o Ra m c o Ha r t l a n d Ri v e r Ci t y S o u t h f i e l d W e s t Ac r e s - 6 5 9 1 1 4 2 9 9 2 , 3 6 5 $ De p r e c i a t i o n a n d a m o r t i z a t i o n 3 , 6 3 2 2 , 5 8 6 1 3 9 3 8 8 1 6 6 4 3 - 1 0 7 0 1 3 8 1 , 7 7 0 I n t e r e s t e x p e n s e 4 , 0 7 4 3 , 1 8 0 4 9 - - - - 1 5 1 8 1 2 2 6 2 , 0 3 8 T o t a l e x p e n s e s 1 2 , 3 9 5 9 , 4 2 8 2 9 1 7 6 1 ( 6 2 ) 4 3 6 8 4 3 6 5 6 6 3 6 , 1 7 3 Ne t i n c o m e 1 , 5 3 4 $ ( 5 0 5 ) $ 9 6 $ 2 8 9 $ 3 1 7 $ 6 9 5 $ ( 6 ) $ ( 0 ) $ ( 3 1 ) $ 2 4 $ 5 5 7 $ Ra m c o o wn e r s h i p i n t e r e s t 3 0 % 2 0 % S o u t h f i e l d W e s t Ac r e s S h e n a n d o a h Ra m c o Ve n t u r e L P Ve n t u r e L L C Ve n t u r e L L C HHF KL L L C HHF NP L L C T o wn e S q u a r e No r t h I n d P l a z a E x p a n s i o n Co m m o n s S q u a r e Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d I n d i a n a p o l i s , I N Ha r t l a n d , M I J a c k s o n v i l l e , F L S o u t h f i e l d , M I F l i n t , M I Da v i e , F L I n t e r e s t T o t a l r e v e n u e 5 4 , 3 3 0 $ $ 4 4 $ 1 8 4 $ 2 , 5 0 6 $ Ra m c o o wn e r s h i p i n t e r e s t 3 0 % 2 0 % 2 0 % 7 % 7 % 2 0 % 5 % 5 0 % 4 0 % 4 0 % Ra m c o 's s h a r e o f n e t i n c o m e 1 , 8 8 7 $ ( 7 ) $ 1 2 9 $ 1 4 6 $ 7 9 $ 1 3 7 $ ( 1 ) $ 4 5 $ 1 8 $ 7 3 $ 2 , 5 0 6 $ Ad d : d e p r e c i a t i o n e x p e n s e 4 , 1 6 7 1 , 6 7 5 8 4 9 3 4 5 - - 2 0 1 0 9 1 9 3 6 , 3 8 6 F u n d s f r o m o p e r a t i o n s c o n t r i b u t e d 6 , 0 5 4 $ 1 , 6 6 8 $ 2 1 3 $ 2 3 9 $ 1 2 4 $ 1 3 7 $ ( 1 )

S h e n a n d o a h Ra m c o Ve n t u r e L P Ve n t u r e L L C Ve n t u r e L L C HHF KL L L C HHF NP L L C T o wn e S q u a r e No r t h I n d P l a z a E x p a n s i o n Co m m o n s S q u a r e Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d I n d i a n a p o l i s , I N Ha r t l a n d , M I J a c k s o n v i l l e , F L S o u t h f i e l d , M I F l i n t , M I Da v i e , F L I n t e r e s t T o t a l r e v e n u e 1 3 , 9 2 9 $ 8 , 9 2 3 $ 3 8 7 $ 1 , 0 5 0 $ 2 5 5 $ 7 3 7 $ - $ 8 4 $ 3 3 4 $ 6 8 7 $ 6 , 7 3 0 $ Op e r a t i n g 2 0 % 7 % 7 % 2 0 % 5 % 3 0 % 4 0 % 4 0 % Ra m c o 's s h a r e o f n e t i n c o m e 4 6 0 $ ( 1 0 1 ) $ 2 0 $ 2 1 $ 2 2 $ 1 3 8 $ ( 1 ) $ ( 0 ) $ ( 1 2 ) $ 9 $ 5 5 7 $ Ad d : d e p r e c i a t i o n e x p e n s e 1 , 0 5 3 4 9 8 2 6 2 7 1 1 - - 5 2 7 4 7 1 , 6 9 4 F u n d s f r o m o p e r a t i o n s c o n t r i b u t e d 1 , 5 1 3 $ 3 9 7 $ 4 6 $ 4 8 $ 3 3 $ 1 3 8 $ ( 1 ) $ 5 $ 1 5 $ 5 6 $ 2 , 2 5 1 $ b y j o i n t v e n t u r e s F o r T we l v e M o n t h s E n d e d De c e m b e r 3 1 , 2 0 0 8 Ra m c o / L i o n Ra m c o 4 5 0 Ra m c o 1 9 1 2 9 , 5 3 4 $ 1 , 5 2 7 $ 4 , 7 6 7 $ 2 , 4 3 9 $ 7 7 5 $ - $ 3 1 7 $ 1 , 5 6 0 $ 2 , 7 4 5 $ 2 5 , 0 5 1 $ Op e r a t i n g e x p e n s e 1 7 , 6 9 6 9 , 9 0 1 4 1 6 1 , 3 5 3 6 5 0 1 2 6 1 2 3 5 1 4 1 , 0 8 9 8 , 2 1 8 $ De p r e c i a t i o n a n d a m o r t i z a t i o n 1 4 , 5 0 3 8 , 7 0 2 4 4 9 1 , 3 3 5 6 5 4 8 1 7 4 1 2 7 7 5 6 8 6 , 6 9 5 I n t e r e s t e x p e n s e 1 5 , 8 4 2 1 0 , 9 6 4 1 9 - - - 6 3 7 2 5 9 0 4 7 , 6 3 2 T o t a l e x p e n s e s 4 8 , 0 4 1 2 9 , 5 6 7 8 8 4 2 , 6 8 8 1 , 3 0 4 9 3 1 3 2 2 7 1 , 5 1 6 2 , 5 6 1 2 2 , 5 4 5 Ne t i n c o m e 6 , 2 8 9 $ ( 3 3 ) $ 6 4 3 $ 6 5 $ 1 2 7 $ 2 6 6 $ 8 , 8 9 2 $ b y j o i n t v e n t u r e s J o i n t Ve n t u r e s Co n t r i b u t i o n t o F u n d s f r o m Op e r a t i o n s ( i n t h o u s a n d s ) S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2 2

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SLIDE 25 Ra m c o / L i o n Ra m c o 4 5 0 Ra m c o 1 9 1 Ra m c o Ra m c o Ra m c o RM Ra m c o J a c k s o n v i l l e S - 1 2 Ra m c o / Ra m c o / Ve n t u r e L P Ve n t u r e L L C Ve n t u r e L L C HHF KL L L C HHF NP L L C Ha r t l a n d S C L L C No r t h I n d u s t r i a l L L C As s o c i a t e s W e s t Ac r e s L L C S h e n a n d o a h L L C Ra m c o / L i o n Ra m c o 4 5 0 Ra m c o 1 9 1 Ra m c o Ra m c o Ha r t l a n d Ri v e r Ci t y S o u t h f i e l d W e s t Ac r e s S h e n a n d o a h Ra m c o Ve n t u r e L P Ve n t u r e L L C Ve n t u r e L L C HHF KL L L C HHF NP L L C T o wn e S q u a r e No r t h I n d P l a z a E x p a n s i o n Co m m o n s S q u a r e E q u i t y Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d Co n s o l i d a t e d I n d i a n a p o l i s , I N Ha r t l a n d , M I J a c k s o n v i l l e , F L S o u t h f i e l d , M I F l i n t , M I Da v i e , F L I n v e s t m e n t AS S E T S I n v e s t m e n t i n r e a l e s t a t e L a n d 7 6 , 8 9 1 $ 5 1 , 7 6 0 $ 2 , 8 7 9 $ 7 , 6 0 0 $ 4 , 0 1 9 $ 7 , 3 8 7 $ 1 , 1 2 7 $ 5 0 $ 1 , 1 1 8 $ 1 , 6 5 3 $ Bu i l d i n g s a n d i m p r o v e m e n t s 4 5 5 , 2 6 4 2 9 9 , 0 2 2 1 9 , 3 7 0 4 4 , 5 0 3 2 3 , 5 0 9 - - 4 4 6 1 0 , 1 2 4 1 4 , 9 7 6 Co n s t r u c t i o n i n p r o g r e s s 3 , 9 8 4 2 , 6 0 1 3 5 6 1 4 - 8 , 3 4 9 8 7 - - - I n t a n g i b l e a s s e t s , n e t 1 5 , 0 7 7 8 , 5 5 9 8 2 0 1 , 2 3 6 5 3 1 2 , 2 8 7 3 0 3 2 4 4 3 1 2 5 5 1 , 2 1 6 3 6 1 , 9 4 2 2 3 , 4 2 5 5 3 , 3 5 3 2 8 , 0 5 9 1 8 , 0 2 3 1 , 2 4 4 5 2 8 1 1 , 2 8 6 1 6 , 9 4 1 L e s s : a c c u m u l a t e d d e p r e c i a t i o n ( 3 5 , 5 2 9 ) ( 9 , 8 9 1 ) ( 5 7 6 ) ( 1 , 7 3 2 ) ( 8 0 9 ) - - ( 1 4 1 ) ( 1 , 8 6 5 ) ( 2 , 7 2 1 ) I n v e s t m e n t s i n r e a l e s t a t e , n e t 5 1 5 , 6 8 7 3 5 2 , 0 5 1 2 2 , 8 4 9 5 1 , 6 2 1 2 7 , 2 5 0 1 8 , 0 2 3 1 , 2 4 4 3 8 7 9 , 4 2 1 1 4 , 2 2 0 Ca s h a n d c a s h e q u i v a l e n t s 8 , 6 2 5 6 , 5 7 2 6 0 4 5 2 7 1 4 9 0 1 3 1 3 6 3 2 0 5 2 2 Ac c o u n t s r e c e i v a b l e , n e t 9 , 8 0 1 3 , 1 5 1 2 5 0 3 7 6 ( 8 2 ) 1 , 6 1 5 - 3 0 3 6 4 4 9 Ot h e r a s s e t s , n e t 2 , 3 3 3 1 , 1 1 1 8 1 1 2 2 4 4 3 2 - 1 0 8 1 0 0 4 0 1 T o t a l As s e t s 5 3 6 , 4 4 6 $ 3 6 2 , 8 8 5 $ 2 3 , 2 4 0 $ 5 2 , 4 6 1 $ 2 8 , 1 2 6 $ 1 9 , 7 6 0 $ 1 , 2 5 7 $ 6 6 1 $ 9 , 8 7 7 $ 1 5 , 5 9 2 L I ABI L I T I E S AND S HARE HOL DE RS ' E QUI T Y M o r t g a g e s a n d n o t e s p a y a b l e 2 7 2 , 7 3 1 $ 2 2 2 , 7 5 0 $ 8 , 4 1 9 $ - $ - - $ 1 4 , 4 9 8 $ 7 2 3 $ 9 0 5 $ 8 , 6 9 7 $ 1 2 , 0 4 2 $ Ac c o u n t s p a y a b l e a n d a c c r u e d e x p e n s e s 1 3 , 9 4 1 8 , 6 2 8 1 6 0 6 0 3 2 2 0 1 , 5 1 3 2 2 4 1 1 1 6 2 1 7 2 8 6 , 6 7 2 2 3 1 , 3 7 8 8 , 5 7 9 6 0 3 2 2 0 1 6 , 0 1 1 7 2 5 1 , 1 4 6 8 , 8 1 3 1 2 , 2 5 9 ACCUM UL AT E D E QUI T Y ( DE F I CI T ) 2 4 9 , 7 7 4 1 3 1 , 5 0 7 1 4 , 6 6 1 5 1 , 8 5 8 2 7 , 9 0 6 3 , 7 4 9 5 3 2 ( 4 8 5 ) 1 , 0 6 4 3 , 3 3 3 T o t a l L i a b i l i t i e s a n d Ac c u m u l a t e d E q u i t y 5 3 6 , 4 4 6 $ 3 6 2 , 8 8 5 $ 2 3 , 2 4 0 $ 5 2 , 4 6 1 $ 2 8 , 1 2 6 $ 1 9 , 7 6 0 $ 1 , 2 5 7 $ 6 6 1 $ 9 , 8 7 7 $ 1 5 , 5 9 2 $ E QUI T Y I NVE S T M E NT S I N AND ADVANCE S T O UNCONS OL I DAT E D AF F I L I AT E S E q u i t y I n v e s t m e n t s i n Un c o n s o l i d a t e d E n t i t i e s 7 0 , 1 1 7 $ 1 4 , 1 8 2 $ 3 , 3 8 2 $ 2 , 8 6 4 $ 1 , 9 9 3 $ ( 5 , 2 5 8 ) $ ( 7 1 3 ) $ 9 0 9 $ 3 8 4 $ 1 , 2 9 1 $ 8 9 , 1 5 1 $ Ad v a n c e s t o Un c o n s o l i d a t e d E n t i t i e s - - - - 5 , 9 9 3 7 2 3 - - - 6 , 7 1 6 T o t a l E q u i t y I n v e s t m e n t s i n a n d Ad v a n c e s t o Un c o n s o l i d a t e d E n t i t i e s 7 0 , 1 1 7 $ 1 4 , 1 8 2 $ 3 , 3 8 2 $ 2 , 8 6 4 $ 1 , 9 9 3 $ 7 3 5 $ 1 0 $ 9 0 9 $ 3 8 4 $ 1 , 2 9 1 $ 9 5 , 8 6 7 $ J o i n t Ve n t u r e s Co m b i n i n g Ba l a n c e S h e e t s ( i n t h o u s a n d s ) a s o f De c e m b e r 3 1 , 2 0 0 8 S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2 3

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SLIDE 26 S u m m a r y o f J o i n t Ve n t u r e De b t a s o f De c e m b e r 3 1 , 2 0 0 8 Ra m c o Ra m c o Own e r s h i p M o r t g a g e M a t u r i t y L o a n I n t e r e s t S h a r e o f E n t i t y P r o p e r t y L o c a t i o n I n t e r e s t Ba l a n c e Da t e T y p e Ra t e De b t Ra m c o / L i o n Ve n t u r e RL V Vi l l a g e P l a z a L P Vi l l a g e P l a z a L a k e l a n d , F L 3 0 % 9 , 3 0 0 , 0 0 0 $ 0 9 / 1 5 F i x e d 5 . 0 1 % 2 , 7 9 0 , 0 0 0 $ RL V W e s t Br o wa r d L P W e s t Br o wa r d S h o p p i n g Ce n t e r P l a n t a t i o n , F L 3 0 % 9 , 6 8 7 , 8 3 7 1 0 / 1 2 F i x e d 6 . 6 4 % 2 , 9 0 6 , 3 5 1 RL V M a r t i n S q u a r e L P M a r t i n S q u a r e S t u a r t , F L 3 0 % 1 3 , 1 3 0 , 5 5 9 0 8 / 1 1 F i x e d 7 . 4 4 % 3 , 9 3 9 , 1 6 8 RL V M a r k e t p l a c e o f De l r a y L P M a r k e t p l a c e o f De l r a y De l r a y Be a c h , F L 3 0 % 1 6 , 6 8 0 , 4 8 4 0 1 / 1 1 F i x e d 7 . 8 8 % 5 , 0 0 4 , 1 4 5 RL V T r e a s u r e Co a s t L P T r e a s u r e Co a s t Co m m o n s J e n s e n Be a c h , F L 3 0 % 8 , 4 1 5 , 0 0 0 0 6 / 2 0 F i x e d 5 . 5 4 % 2 , 5 2 4 , 5 0 0 RL V Or i o l e P l a z a L P Vi l l a g e o f Or i o l e P l a z a De l r a y Be a c h , F L 3 0 % 1 1 , 7 7 8 , 1 7 7 1 0 / 1 0 F i x e d 8 . 2 5 % 3 , 5 3 3 , 4 5 3 RL V Vi s t a P l a z a L P Vi s t a P l a z a J e n s e n Be a c h , F L 3 0 % 1 1 , 1 1 5 , 0 0 0 0 6 / 2 0 F i x e d 5 . 5 4 % 3 , 3 3 4 , 5 0 0 RL V Cy p r e s s P o i n t e L P Cy p r e s s P o i n t e Cl e a r wa t e r , F L 3 0 % 1 4 , 5 0 0 , 0 0 0 1 1 / 0 9 F i x e d 4 . 6 0 % 4 , 3 5 0 , 0 0 0 RL V Bo c a M i s s i o n L P M i s s i o n Ba y P l a z a Bo c a Ra t o n , F L 3 0 % 4 4 , 2 9 5 , 1 2 6 0 7 / 1 3 F i x e d 6 . 6 4 % 1 3 , 2 8 8 , 5 3 8 RL V W i n c h e s t e r Ce n t e r L P W i n c h e s t e r Ce n t e r Ro c h e s t e r Hi l l s , M I 3 0 % 2 8 , 9 0 1 , 2 7 6 0 7 / 1 3 F i x e d 8 . 0 1 % 8 , 6 7 0 , 3 8 3 RL V Hu n t e r 's S q u a r e L P Hu n t e r 's S q u a r e F a r m i n g t o n Hi l l s , M I 3 0 % 3 7 , 5 2 7 , 3 8 5 0 8 / 1 3 F i x e d 8 . 0 6 % 1 1 , 2 5 8 , 2 1 5 RL V M i l l e n n i u m P a r k L P M i l l e n n i u m P a r k L i v o n i a , M I 3 0 % 3 2 , 0 0 0 , 0 0 0 1 0 / 1 5 F i x e d 5 . 0 2 % 9 , 6 0 0 , 0 0 0 RL V T r o y M a r k e t p l a c e L P T r o y M a r k e t p l a c e T r o y , M I 3 0 % 2 1 , 9 0 0 , 0 0 0 0 6 / 1 6 F i x e d 5 . 9 0 % 6 , 5 7 0 , 0 0 0 RL V Gr a t i o t Cr o s s i n g L P Gr a t i o t Cr o s s i n g Ch e s t e r f i e l d T wp . , M I 3 0 % 1 3 , 5 0 0 , 0 0 0 0 6 / 1 6 F i x e d 5 . 9 0 % 4 , 0 5 0 , 0 0 0 S u b t o t a l Ra m c o / L i o n Ve n t u r e 2 7 2 , 7 3 0 , 8 4 5 $ 8 1 , 8 1 9 , 2 5 3 $ Ra m c o 4 5 0 Ve n t u r e L L C Cr o f t o n 4 5 0 L L C Cr o f t o n Ce n t r e Cr o f t o n , M D 2 0 % 1 7 , 0 0 0 , 0 0 0 $ 0 1 / 1 7 F i x e d 5 . 8 5 % 3 , 4 0 0 , 0 0 0 $ M e r c h a n t s 4 5 0 L L C M e r c h a n t s ' S q u a r e Ca r m e l , I N 2 0 % 3 2 , 7 0 0 , 0 0 0 0 5 / 1 7 F i x e d 6 . 0 4 % 6 , 5 4 0 , 0 0 0 Ch e s t e r S p r i n g s S C L L C Ch e s t e r S p r i n g s S h o p p i n g Ce n t e r Ch e s t e r , NJ 2 0 % 2 3 , 1 3 3 , 5 1 9 1 0 / 1 3 F i x e d 5 . 5 1 % 4 , 6 2 6 , 7 0 4 Ra m c o P e a c h t r e e Hi l l L L C P e a c h t r e e Hi l l Du l u t h , GA 2 0 % 1 6 , 3 0 0 , 0 0 0 0 2 / 0 9 Va r i a b l e 4 . 1 9 % [ 1 ] 3 , 2 6 0 , 0 0 0 L a n e Av e n u e 4 5 0 L L C S h o p s o n L a n e Up p e r Ar l i n g t o n , OH 2 0 % 2 7 , 6 0 0 , 0 0 0 0 1 / 1 8 Va r i a b l e 5 . 9 5 % [ 2 ] 5 , 5 2 0 , 0 0 0 Ol e n t a n g y P l a z a 4 5 0 L L C Ol e n t a n g y P l a z a Co l u m b u s , OH 2 0 % 2 1 , 6 0 0 , 0 0 0 0 1 / 1 8 Va r i a b l e 5 . 8 8 % [ 2 ] 4 , 3 2 0 , 0 0 0 M a r k e t P l a z a 4 5 0 L L C M a r k e t P l a z a Gl e n E l l y n , I L 2 0 % 2 4 , 5 0 5 , 0 0 0 0 1 / 1 8 Va r i a b l e 5 . 8 8 % [ 2 ] 4 , 9 0 1 , 0 0 0 Ro l l i n g M e a d o ws 4 5 0 L L C Ro l l i n g M e a d o ws Ro l l i n g M e a d o ws , I L 2 0 % 1 1 , 9 1 1 , 2 5 0 1 2 / 1 5 F i x e d 5 . 3 4 % 2 , 3 8 2 , 2 5 0 P l a z a a t De l r a y 4 5 0 L L C T h e P l a z a a t De l r a y De l r a y Be a c h , F L 2 0 % 4 8 , 0 0 0 , 0 0 0 0 9 / 1 3 F i x e d 6 . 0 0 % 9 , 6 0 0 , 0 0 0 S u b t o t a l Ra m c o 4 5 0 Ve n t u r e L L C 2 2 2 , 7 4 9 , 7 6 9 $ 4 4 , 5 4 9 , 9 5 4 $ S - 1 2 As s o c i a t e s S o u t h f i e l d P l a z a E x p a n s i o n S o u t h f i e l d , M I 5 0 % 9 0 5 , 0 6 9 $ 0 5 / 1 6 F i x e d 6 . 7 5 % [ 3 ] 4 5 2 , 5 3 4 $ Ra m c o / W e s t Ac r e s L L C W e s t Ac r e s Co m m o n s F l i n t , M I 4 0 % 8 , 6 9 6 , 6 5 5 0 4 / 1 0 F i x e d 8 . 1 4 % 3 , 4 7 8 , 6 6 2 Ra m c o / S h e n a n d o a h L L C S h e n a n d o a h S q u a r e Da v i e , F L 4 0 % 1 2 , 0 4 2 , 6 0 6 0 2 / 1 2 F i x e d 7 . 3 3 % 4 , 8 1 7 , 0 4 3 P a u l d i n g Ho l d i n g L L C P a u l d i n g P a v i l i o n Hi r a m , GA 2 0 % 8 , 4 1 9 , 3 8 2 0 6 / 1 0 Va r i a b l e 1 . 9 2 % [ 4 ] 1 , 6 8 3 , 8 7 6 Ra m c o RM Ha r t l a n d S C L L C Ha r t l a n d T o wn e S q u a r e Ha r t l a n d , M I 2 0 % 8 , 5 0 5 , 0 0 0 0 7 / 0 9 Va r i a b l e 4 . 5 9 % [ 5 ] 1 , 7 0 1 , 0 0 0 Ra m c o RM Ha r t l a n d S C L L C Ha r t l a n d T o wn e S q u a r e Ha r t l a n d , M I 2 0 % 5 , 9 9 3 , 0 4 3 1 0 / 0 9 F i x e d 1 3 . 0 0 % 1 , 1 9 8 , 6 0 9 J a c k s o n v i l l e No r t h I n d u s t r i a l Ou t l o t L L C J a c k s o n v i l l e , F L 5 % 7 2 3 , 0 0 0 0 9 / 0 9 Va r i a b l e 2 . 7 1 % [ 6 ] 3 6 , 1 5 0 T o t a l De b t 5 4 0 , 7 6 5 , 3 6 9 $ 1 3 9 , 7 3 7 , 0 8 1 $ [ 1 ] I n t e r e s t r a t e i s v a r i a b l e b a s e d o n L I BOR p l u s 1 . 7 0 % . [ 2 ] I n t e r e s t r a t e i s f i x e d f o r f i v e y e a r s a n d t h e n l e n d e r h a s r i g h t t o r e s e t i n t e r e s t r a t e i n 2 0 1 3 . [ 3 ] I n t e r e s t r a t e i s f i x e d u n t i l 6 / 1 / 2 0 0 9 , t h e n r e s e t s p e r f o r m u l a a n n u a l l y . [ 4 ] I n t e r e s t r a t e i s v a r i a b l e b a s e d o n L I BOR p l u s 1 . 4 5 % . [ 5 ] I n t e r e s t r a t e i s b a s e d o n L I BOR p l u s 2 . 9 5 % . [ 6 ] I n t e r e s t r a t e i s b a s e d o n L I BOR p l u s 2 . 2 5 % . S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) Q4 2 0 0 8 P a g e 2 4

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SLIDE 27 S u p p l e m e n t a l F i n a n c i a l a n d Op e r a t i n g S t a t i s t i c s Q4 2 0 0 8 Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t ( RP T ) P a g e L o u i s W . T a y l o r 2 0 3 . 8 6 3 . 2 3 8 1 RBC Ca p i t a l M a r k e t s Ri c h a r d C. M o o r e , CF A 4 4 0 . 7 1 5 . 2 6 4 6 S t i f e l Ni c o l a u s

2 5 I NVE S T OR I NF ORM AT I ON I n q u i r i e s Ra m c o - Ge r s h e n s o n P r o p e r t i e s T r u s t we l c o m e s a n y q u e s t i o n s o r c o m m e n t s Da v i d M . F i c k , CP A Na t h a n I s b e e 4 4 3 . 2 2 4 . 1 3 0 8 4 4 3 . 2 2 4 . 1 3 4 6 Ou r S u p p l e m e n t a l F i n a n c i a l P a c k a g e i s a v a i l a b l e

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