Equity One Says Ramco-Gershenson Mischaracterizes Settlement Talks

Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, today sent a letter to Ramco-Gershenson Properties Trust (NYSE:RPT) (“RPT”) in response to statements in RPT’s preliminary proxy filing and accompanying press release that mischaracterize settlement talks.

The full text of the letter follows:

April 28, 2009

Mr. Dennis E. Gershenson
Chairman, President, and Chief Executive Officer
Ramco-Gershenson Properties Trust
31500 Northwestern Highway
Farmington Hills, MI 48334

Dear Dennis,

I was surprised and disappointed to see the statements made in Ramco-Gershenson Properties Trust’s (RPT’s) preliminary proxy filed today and the accompanying press release. Your statements are disingenuous in how they characterize Equity One’s position on settlement talks.

First, contrary to the assertions in your press release, no settlement offer was ever made by RPT to Equity One – and Equity One certainly did not decline a settlement offer from RPT. While we promptly responded in writing this past Saturday to a request from your legal counsel to engage in possible settlement discussions, RPT and its counsel never responded to that communication. This morning’s filing was your response.

Second, while we were pleased to hear that you would be willing to discuss adding our two nominees to your Board (something we communicated to your legal counsel), this conversation was never begun nor concluded. In the outline we sent Saturday, we asked to discuss a number of issues, including – among other things – strong concerns over a proposed expansion of the board.

Unfortunately, your tactics make it clear to us that you are not sincere in reaching an accommodation with us. We believe your other shareholders will see it that way as well.

As we have noted before, we have significant concerns about RPT’s financial condition.