Ramco-Gershenson Properties Trust Reports Results for First Quarter 2001

First Quarter Highlights:



Financial Information

* Diluted FFO per share of $0.66

* 1.5% increase on a per share basis

* $0.42 per share regular quarterly dividend declared on March 7, 2001



Operating Results

* White Lake MarketPlace and Athens Towne Center sold

* Home Depot and Target open, Pier 1 Imports lease executed at Crossroads

Centre

* Designer Shoe Warehouse lease signed at Clinton Valley shopping center

* Mars Music commences rent payment at Spring Meadows Place

* 39 non-anchor tenant renewals, 5.2% above previous rental rates



Apr 19, 2001, 01:00 ET from Ramco-Gershenson Properties Trust

    SOUTHFIELD, Mich., April 19 /PRNewswire/ --  Ramco-Gershenson Properties
 Trust (NYSE:   RPT) announced today results for the first quarter ended
 March 31, 2001.
     For the three months ended March 31, 2001, diluted Funds from Operations
 (FFO) increased approximately $72,000, to $7,958,000, compared with $7,886,000
 for the three months ended March 31, 2000.  On a per share basis, the increase
 was 1.5 percent, or $0.01, to $0.66 compared with $0.65 in 2000.  Total
 revenues increased 30.8% percent or $6,722,000, to a total of $28,550,000,
 compared with $21,828,000 in 2000.
     The increase in FFO for the quarter ended March 31, 2001, was the result
 of the following:
 
      * Management, leasing and development fee income generated from the
         Crossroads project.
      * Core assets and operations including unconsolidated subsidiaries.
 
     The increases were offset by:
 
      * The sale of White Lake MarketPlace and Athens Town Center.
      * Interest expense associated with development projects.
 
     "We are pleased with our numbers and the progress we made on our business
 plan for the first quarter," said Dennis Gershenson, president and chief
 executive officer of Ramco-Gershenson Properties Trust.  "We signed a new
 anchor tenant at our Clinton Valley shopping center and filled a substantial
 vacancy at Spring Meadows Place.  Our Crossroads Development is proceeding
 ahead of schedule and we recently added Pier 1 to the roster of tenants slated
 for openings later this year.  In addition, we sold two shopping centers
 utilizing the proceeds to reduce our debt."
 
     Asset Management
     The Company continues to focus a substantial portion of its business
 resources on the redevelopment of core assets.  At quarter end, four
 redevelopments are in progress.
     The Company is expanding its Roseville Plaza shopping center in Roseville,
 Michigan to include a 135,000 square foot Wal-Mart.  In addition, RPT is
 redeveloping both its Sunshine Plaza and Lantana shopping centers in Florida
 to include expanded and updated Publix Supermarkets.
     During the quarter, the Company also entered into a lease with Designer
 Shoe Warehouse as part of the redevelopment of its Clinton Valley shopping
 center in Sterling Heights, Michigan.  Designer Shoe Warehouse will join
 Office Depot as an anchor for the center filling a portion of the space
 previously occupied by Montgomery Ward.
     In addition, Mars Music in 18,000 square feet has been added to RPT's
 475,000 square foot Spring Meadows Place shopping center located in the
 Toledo, Ohio market.  Mars Music replaces Superpetz at this center.
 
     Development
     Development highlights include the ongoing construction of the Company's
 650,000 square foot Crossroads Centre shopping center located in Rossford,
 Ohio, a suburb of Toledo.  Home Depot and Target both opened during the first
 quarter.  Giant Eagle Supermarket, Linens 'N Things and Michael's Crafts are
 scheduled to open in the summer of 2001.  A lease was executed with Pier 1
 Imports this quarter and rounds out a roster of tenants that also includes Pet
 Supplies Plus, Fashion Bug, Bath & Body Works and Shoe Carnival.  RPT holds a
 10% interest in the development as part of an off balance sheet joint venture.
     The Company is currently pursuing several development opportunities and
 expects to announce an additional project during the second half of the year.
 
     Leasing
     In the first quarter, the Company opened 19 new non-anchor stores, at an
 average base rent of $9.48 per square foot and renewed 39 non-anchor leases at
 an average increase of 5.2% over prior rental rates.
 
     Acquisitions/Dispositions
     The Company did not purchase any shopping centers during the quarter,
 however, acquisition of shopping centers remains a valuable component of RPT's
 business plan.  The Company is actively pursuing acquisitions to be funded by
 off balance sheet joint ventures.  Acquisition joint ventures will maximize
 the return on investment while minimizing the Company's equity requirements.
     As previously reported, RPT sold White Lake MarketPlace, a 350,000 square
 foot community shopping center located in White Lake, Michigan in January
 2001.  In addition, the Company sold Athens Town Center, a 210,000 square foot
 community center located in Athens, Alabama this quarter.  Total proceeds from
 the two sales amounted to approximately $29 million and were used to pay down
 the Company's debt.
 
     Taxable REIT subsidiary
     Effective January 1, 2001, Ramco-Gershenson Properties Trust elected to
 convert its management company, Ramco-Gershenson, Inc., to a taxable REIT
 subsidiary. The subsidiary is no longer accounted for as an unconsolidated
 entity and accordingly it's revenues and expenses have been included in the
 operating income of the Consolidated Statement of Income for the quarter ended
 March 31, 2001 and it's assets and liabilities are included in the
 Consolidated Balance Sheet at March 31, 2001.  The accounting change had no
 impact on FFO.
 
     Share Repurchase
     During the quarter the Company purchased 24,200 common shares at an
 average price of $14.37 per share.  Common shares outstanding were 7,104,693
 at quarter end.
 
     Dividend
     The Company paid a cash dividend on its common stock of $0.42 per share on
 April 17, 2001 to shareholders of record on March 31, 2001.
 
     RPT will host a live broadcast of its 1st Quarter conference call on April
 19, 2001 at 10:30 a.m. eastern time.  The live broadcast will be available
 online at www.ramcogershenson.com and www.streetevents.com and also by
 telephone at 877-282-0743 (no passcode needed).  A replay will be available
 shortly after the call on the aforementioned Websites (for ninety days) or by
 telephone at 888-266-2086, passcode 5103581 (for one week).
 
     Supplemental financial information is available via e-mail by sending
 requests to dgarcia@ramco-gershenson.com and is also available at the investor
 section of our Web page.
 
     Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers,
 with approximately 11.4 million square feet of gross leasable area, located in
 Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
 South Carolina, Tennessee, Georgia, Alabama and Florida.  Headquartered in
 Southfield, Michigan, the Trust is a fully integrated, self-administered,
 publicly-traded real estate investment trust (REIT) which owns, develops,
 acquires, manages and leases community shopping centers, regional malls and
 single tenant retail properties, nationally.
 
     This press release contains forward-looking statements with respect to the
 operation of certain of the Trust's properties.  Management of Ramco-
 Gershenson believes the expectations reflected in the forward-looking
 statements made in this document are based on reasonable assumptions.  Certain
 factors could occur that might cause actual results to vary.  These include
 general economic conditions, the strength of key industries in the cities in
 which the Trust's properties are located, the performance of the Trust's
 tenants at the Trust's properties and elsewhere, and other factors discussed
 in the Trust's reports filed with the Securities and Exchange Commission.
 
                       Ramco-Gershenson Properties Trust
                       Consolidated Statements of Income
                    (In thousands, except per share amounts)
                                  (Unaudited)
 
                                                       Three           Three
                                                       Months          Months
                                                       Ended           Ended
                                                      3/31/01         3/31/00
     REVENUES
      Minimum rents                                    $15,351        $15,037
      Percentage rents                                     921            884
      Recoveries from tenants                            5,679          5,373
      Fees and management income                           658              -
      Gain on sale of real estate                        5,006              -
      Interest and other income                            935            534
        Total Revenues                                  28,550         21,828
 
     EXPENSES
      Real estate taxes                                  2,119          1,888
      Recoverable operating expenses                     3,749          3,636
      Depreciation and amortization                      3,978          3,495
      Other operating                                      334            466
      General and administrative                         2,495          1,339
      Interest expense                                   6,957          6,426
        Total Expenses                                  19,632         17,250
 
     Operating income                                    8,918          4,578
     Earnings from unconsolidated entities                  75              6
     Income before minority interest                     8,993          4,584
     Minority interest                                   2,657          1,360
     Net income                                         $6,336         $3,224
 
     Net income available to common shareholders        $5,508         $2,389
 
     Basic earnings per share                            $0.77          $0.33
     Diluted earnings per share                          $0.69          $0.33
 
     Weighted average shares outstanding
       Basic                                             7,121         7,218
       Diluted                                           9,121         7,218
 
 
                       Ramco-Gershenson Properties Trust
                    Calculation of Funds from Operations (a)
                     (In thousands, except per share data)
                                  (Unaudited)
 
                                                       Three           Three
                                                       Months          Months
                                                       Ended           Ended
                                                      3/31/01         3/31/00
 
     Net Income                                        $6,336         $3,224
 
     Add:
       Depreciation and amortization expense            3,982          3,551
       Minority Interest in partnership                 2,657          1,360
     Less:
       Gain on sale of real estate                      5,017            249
 
     Funds from Operations-diluted                      7,958          7,886
 
     Less:
       Preferred share dividends                          828            835
 
     Funds from Operations-basic                       $7,130         $7,051
 
     Funds from Operations per share:
       Diluted                                          $0.66         $ 0.65
       Basic                                            $0.71         $ 0.69
 
 
     Basic weighted average shares outstanding (b)     10,066         10,163
     Convertible Preferred shares and options           2,003          2,000
     Diluted weighted average shares outstanding (c)   12,069         12,163
 
 
                       Ramco-Gershenson Properties Trust
                          Consolidated Balance Sheets
                                 (In thousands)
 
 
                                                 March 31, 2001  Dec. 31, 2000
     ASSETS                                         (unaudited)
 
     Investment in real estate, net                  $488,811       $509,629
     Cash and cash equivalents                          3,918          2,939
     Accounts receivable, net                          15,750         15,954
     Equity investments in and
      advances to unconsolidated entities               5,086          9,337
     Other assets, net                                 25,132         22,425
     Total Assets                                    $538,697       $560,284
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Mortgages and notes payable                     $331,454       $354,008
     Distributions payable                              5,049          5,076
     Accounts payable and accrued expenses             13,964         15,355
     Total Liabilities                                350,467        374,439
     Minority Interest                                 48,721         47,301
     Commitments and Contingencies                        ---            ---
     Shareholders' Equity                             139,509        138,544
     Total Liabilities and Shareholders' Equity      $538,697       $560,284
 
 
     (a) Management generally considers Funds from Operations ("FFO") to be one
     measure of financial performance of an Equity REIT.  The Trust has adopted
     the most recent National Association of Real Estate Investment Trusts
     ("NAREIT") definition of FFO, which was amended effective January 1, 2000.
     Under the NAREIT definition, FFO represents income before minority
     interest, excluding "extraordinary" items, as defined under accounting
     principles generally accepted in the United States of America, gains on
     sale of property, plus real estate related depreciation and amortization
     (excluding amortization of financing costs), and after adjustment for
     unconsolidated partnerships and joint ventures.
 
     FFO does not represent cash generated from operating activities in
     accordance with accounting principles generally accepted in the United
     States of America and should not be considered an alternative to net
     income as an indication of the Trust's performance or to cash flows from
     operating activities as a measure of liquidity or the ability to pay
     distributions.  Furthermore, while net income and cash generated from
     operating, investing and financing activities, determined in accordance
     with accounting principles generally accepted in the United State of
     America, consider capital expenditures which have been and will be
     incurred in the future, the calculation of FFO does not.
 
     (b) Represents the weighted average total shares outstanding, assuming the
     redemption of all operating partnership units for common shares.
 
     (c) Represents the weighted average total shares outstanding, assuming the
     redemption of all operating partnership units for common shares, the
     conversion of convertible preferred shares to common shares, and dilutive
     stock options.
 
 
     For more information on Ramco-Gershenson Properties Trust via facsimile at
 no cost, simply dial 1-800-PRO-INFO and enter the company code RPT or visit
 the Company's Web site at www.ramcogershenson.com .
 
 

SOURCE Ramco-Gershenson Properties Trust
    SOUTHFIELD, Mich., April 19 /PRNewswire/ --  Ramco-Gershenson Properties
 Trust (NYSE:   RPT) announced today results for the first quarter ended
 March 31, 2001.
     For the three months ended March 31, 2001, diluted Funds from Operations
 (FFO) increased approximately $72,000, to $7,958,000, compared with $7,886,000
 for the three months ended March 31, 2000.  On a per share basis, the increase
 was 1.5 percent, or $0.01, to $0.66 compared with $0.65 in 2000.  Total
 revenues increased 30.8% percent or $6,722,000, to a total of $28,550,000,
 compared with $21,828,000 in 2000.
     The increase in FFO for the quarter ended March 31, 2001, was the result
 of the following:
 
      * Management, leasing and development fee income generated from the
         Crossroads project.
      * Core assets and operations including unconsolidated subsidiaries.
 
     The increases were offset by:
 
      * The sale of White Lake MarketPlace and Athens Town Center.
      * Interest expense associated with development projects.
 
     "We are pleased with our numbers and the progress we made on our business
 plan for the first quarter," said Dennis Gershenson, president and chief
 executive officer of Ramco-Gershenson Properties Trust.  "We signed a new
 anchor tenant at our Clinton Valley shopping center and filled a substantial
 vacancy at Spring Meadows Place.  Our Crossroads Development is proceeding
 ahead of schedule and we recently added Pier 1 to the roster of tenants slated
 for openings later this year.  In addition, we sold two shopping centers
 utilizing the proceeds to reduce our debt."
 
     Asset Management
     The Company continues to focus a substantial portion of its business
 resources on the redevelopment of core assets.  At quarter end, four
 redevelopments are in progress.
     The Company is expanding its Roseville Plaza shopping center in Roseville,
 Michigan to include a 135,000 square foot Wal-Mart.  In addition, RPT is
 redeveloping both its Sunshine Plaza and Lantana shopping centers in Florida
 to include expanded and updated Publix Supermarkets.
     During the quarter, the Company also entered into a lease with Designer
 Shoe Warehouse as part of the redevelopment of its Clinton Valley shopping
 center in Sterling Heights, Michigan.  Designer Shoe Warehouse will join
 Office Depot as an anchor for the center filling a portion of the space
 previously occupied by Montgomery Ward.
     In addition, Mars Music in 18,000 square feet has been added to RPT's
 475,000 square foot Spring Meadows Place shopping center located in the
 Toledo, Ohio market.  Mars Music replaces Superpetz at this center.
 
     Development
     Development highlights include the ongoing construction of the Company's
 650,000 square foot Crossroads Centre shopping center located in Rossford,
 Ohio, a suburb of Toledo.  Home Depot and Target both opened during the first
 quarter.  Giant Eagle Supermarket, Linens 'N Things and Michael's Crafts are
 scheduled to open in the summer of 2001.  A lease was executed with Pier 1
 Imports this quarter and rounds out a roster of tenants that also includes Pet
 Supplies Plus, Fashion Bug, Bath & Body Works and Shoe Carnival.  RPT holds a
 10% interest in the development as part of an off balance sheet joint venture.
     The Company is currently pursuing several development opportunities and
 expects to announce an additional project during the second half of the year.
 
     Leasing
     In the first quarter, the Company opened 19 new non-anchor stores, at an
 average base rent of $9.48 per square foot and renewed 39 non-anchor leases at
 an average increase of 5.2% over prior rental rates.
 
     Acquisitions/Dispositions
     The Company did not purchase any shopping centers during the quarter,
 however, acquisition of shopping centers remains a valuable component of RPT's
 business plan.  The Company is actively pursuing acquisitions to be funded by
 off balance sheet joint ventures.  Acquisition joint ventures will maximize
 the return on investment while minimizing the Company's equity requirements.
     As previously reported, RPT sold White Lake MarketPlace, a 350,000 square
 foot community shopping center located in White Lake, Michigan in January
 2001.  In addition, the Company sold Athens Town Center, a 210,000 square foot
 community center located in Athens, Alabama this quarter.  Total proceeds from
 the two sales amounted to approximately $29 million and were used to pay down
 the Company's debt.
 
     Taxable REIT subsidiary
     Effective January 1, 2001, Ramco-Gershenson Properties Trust elected to
 convert its management company, Ramco-Gershenson, Inc., to a taxable REIT
 subsidiary. The subsidiary is no longer accounted for as an unconsolidated
 entity and accordingly it's revenues and expenses have been included in the
 operating income of the Consolidated Statement of Income for the quarter ended
 March 31, 2001 and it's assets and liabilities are included in the
 Consolidated Balance Sheet at March 31, 2001.  The accounting change had no
 impact on FFO.
 
     Share Repurchase
     During the quarter the Company purchased 24,200 common shares at an
 average price of $14.37 per share.  Common shares outstanding were 7,104,693
 at quarter end.
 
     Dividend
     The Company paid a cash dividend on its common stock of $0.42 per share on
 April 17, 2001 to shareholders of record on March 31, 2001.
 
     RPT will host a live broadcast of its 1st Quarter conference call on April
 19, 2001 at 10:30 a.m. eastern time.  The live broadcast will be available
 online at www.ramcogershenson.com and www.streetevents.com and also by
 telephone at 877-282-0743 (no passcode needed).  A replay will be available
 shortly after the call on the aforementioned Websites (for ninety days) or by
 telephone at 888-266-2086, passcode 5103581 (for one week).
 
     Supplemental financial information is available via e-mail by sending
 requests to dgarcia@ramco-gershenson.com and is also available at the investor
 section of our Web page.
 
     Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers,
 with approximately 11.4 million square feet of gross leasable area, located in
 Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
 South Carolina, Tennessee, Georgia, Alabama and Florida.  Headquartered in
 Southfield, Michigan, the Trust is a fully integrated, self-administered,
 publicly-traded real estate investment trust (REIT) which owns, develops,
 acquires, manages and leases community shopping centers, regional malls and
 single tenant retail properties, nationally.
 
     This press release contains forward-looking statements with respect to the
 operation of certain of the Trust's properties.  Management of Ramco-
 Gershenson believes the expectations reflected in the forward-looking
 statements made in this document are based on reasonable assumptions.  Certain
 factors could occur that might cause actual results to vary.  These include
 general economic conditions, the strength of key industries in the cities in
 which the Trust's properties are located, the performance of the Trust's
 tenants at the Trust's properties and elsewhere, and other factors discussed
 in the Trust's reports filed with the Securities and Exchange Commission.
 
                       Ramco-Gershenson Properties Trust
                       Consolidated Statements of Income
                    (In thousands, except per share amounts)
                                  (Unaudited)
 
                                                       Three           Three
                                                       Months          Months
                                                       Ended           Ended
                                                      3/31/01         3/31/00
     REVENUES
      Minimum rents                                    $15,351        $15,037
      Percentage rents                                     921            884
      Recoveries from tenants                            5,679          5,373
      Fees and management income                           658              -
      Gain on sale of real estate                        5,006              -
      Interest and other income                            935            534
        Total Revenues                                  28,550         21,828
 
     EXPENSES
      Real estate taxes                                  2,119          1,888
      Recoverable operating expenses                     3,749          3,636
      Depreciation and amortization                      3,978          3,495
      Other operating                                      334            466
      General and administrative                         2,495          1,339
      Interest expense                                   6,957          6,426
        Total Expenses                                  19,632         17,250
 
     Operating income                                    8,918          4,578
     Earnings from unconsolidated entities                  75              6
     Income before minority interest                     8,993          4,584
     Minority interest                                   2,657          1,360
     Net income                                         $6,336         $3,224
 
     Net income available to common shareholders        $5,508         $2,389
 
     Basic earnings per share                            $0.77          $0.33
     Diluted earnings per share                          $0.69          $0.33
 
     Weighted average shares outstanding
       Basic                                             7,121         7,218
       Diluted                                           9,121         7,218
 
 
                       Ramco-Gershenson Properties Trust
                    Calculation of Funds from Operations (a)
                     (In thousands, except per share data)
                                  (Unaudited)
 
                                                       Three           Three
                                                       Months          Months
                                                       Ended           Ended
                                                      3/31/01         3/31/00
 
     Net Income                                        $6,336         $3,224
 
     Add:
       Depreciation and amortization expense            3,982          3,551
       Minority Interest in partnership                 2,657          1,360
     Less:
       Gain on sale of real estate                      5,017            249
 
     Funds from Operations-diluted                      7,958          7,886
 
     Less:
       Preferred share dividends                          828            835
 
     Funds from Operations-basic                       $7,130         $7,051
 
     Funds from Operations per share:
       Diluted                                          $0.66         $ 0.65
       Basic                                            $0.71         $ 0.69
 
 
     Basic weighted average shares outstanding (b)     10,066         10,163
     Convertible Preferred shares and options           2,003          2,000
     Diluted weighted average shares outstanding (c)   12,069         12,163
 
 
                       Ramco-Gershenson Properties Trust
                          Consolidated Balance Sheets
                                 (In thousands)
 
 
                                                 March 31, 2001  Dec. 31, 2000
     ASSETS                                         (unaudited)
 
     Investment in real estate, net                  $488,811       $509,629
     Cash and cash equivalents                          3,918          2,939
     Accounts receivable, net                          15,750         15,954
     Equity investments in and
      advances to unconsolidated entities               5,086          9,337
     Other assets, net                                 25,132         22,425
     Total Assets                                    $538,697       $560,284
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Mortgages and notes payable                     $331,454       $354,008
     Distributions payable                              5,049          5,076
     Accounts payable and accrued expenses             13,964         15,355
     Total Liabilities                                350,467        374,439
     Minority Interest                                 48,721         47,301
     Commitments and Contingencies                        ---            ---
     Shareholders' Equity                             139,509        138,544
     Total Liabilities and Shareholders' Equity      $538,697       $560,284
 
 
     (a) Management generally considers Funds from Operations ("FFO") to be one
     measure of financial performance of an Equity REIT.  The Trust has adopted
     the most recent National Association of Real Estate Investment Trusts
     ("NAREIT") definition of FFO, which was amended effective January 1, 2000.
     Under the NAREIT definition, FFO represents income before minority
     interest, excluding "extraordinary" items, as defined under accounting
     principles generally accepted in the United States of America, gains on
     sale of property, plus real estate related depreciation and amortization
     (excluding amortization of financing costs), and after adjustment for
     unconsolidated partnerships and joint ventures.
 
     FFO does not represent cash generated from operating activities in
     accordance with accounting principles generally accepted in the United
     States of America and should not be considered an alternative to net
     income as an indication of the Trust's performance or to cash flows from
     operating activities as a measure of liquidity or the ability to pay
     distributions.  Furthermore, while net income and cash generated from
     operating, investing and financing activities, determined in accordance
     with accounting principles generally accepted in the United State of
     America, consider capital expenditures which have been and will be
     incurred in the future, the calculation of FFO does not.
 
     (b) Represents the weighted average total shares outstanding, assuming the
     redemption of all operating partnership units for common shares.
 
     (c) Represents the weighted average total shares outstanding, assuming the
     redemption of all operating partnership units for common shares, the
     conversion of convertible preferred shares to common shares, and dilutive
     stock options.
 
 
     For more information on Ramco-Gershenson Properties Trust via facsimile at
 no cost, simply dial 1-800-PRO-INFO and enter the company code RPT or visit
 the Company's Web site at www.ramcogershenson.com .
 
 SOURCE  Ramco-Gershenson Properties Trust