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Ramco-Gershenson Pays Off $40 Million Loan Due March 2009; Announces New Secured Credit Facility with KeyBank

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^{Published in Business and Finance on Thursday, December 18th 2008 at 10:22 GMT by Market Wire}  

FARMINGTON HILLS, Mich.--([ BUSINESS WIRE ])--Ramco-Gershenson Properties Trust(NYSE:RPT) announced today that is has paid off its $40 million term loan, which was to mature in March of 2009. The loan was secured by three properties; Northwest Crossing in Knoxville, Tennessee, Ridgeview Crossing in Elkin, North Carolina and Taylors Square in Greenville, South Carolina. As a result of this payoff all three shopping centers are now unencumbered. Ramco-Gershenson has also entered into a new $40 million credit facility with KeyBank secured by The Town Center at Aquia in Stafford County, Virginia. The loan matures in December of 2009 and has two six month extensions at the Company's option.

"In a marketplace where everyone is concerned about near term debt maturities, we are pleased to announce both the payoff of a current obligation and the securing of a new loan on Aquia where we have an office building, a movie theatre and a number of land lease outlots," said Dennis Gershenson, President and Chief Executive Officer. "It is our plan to pursue permanent financing on at least two of the newly unencumbered assets, which were recently redeveloped into Super Wal-Mart anchored shopping centers."

About Ramco-Gershenson Properties Trust

Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, 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. The Trust owns interests in 89 shopping centers totaling approximately 20.1 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, and Maryland. For further information on Ramco-Gershenson Properties Trust visit the Trust's website at [ www.rgpt.com ].

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be reviewed in conjunction with the Trust's filings with the U.S. Securities and Exchange Commission and other publicly available information regarding the Trust. Management of the Trust believes that the expectations reflected in forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including general economic conditions, the strength of key industries in the cities in which the Trust's properties are located, the performance of Trust's tenants and other factors discussed in the Trust's reports filed with the Securities and Exchange Commission.