During the quarter, the Company's Board of Trustees completed their review of financial and strategic alternatives electing to move forward as a stand-alone company committed to optimizing shareholder value through the following initiatives:

De-leverage and strengthen the balance sheet

Establish measurable financial and operating goals

Improve transparency and further align interests between management and shareholders

Maximize real estate value through improved rental rates and higher occupancy

Third Quarter 2009 Highlights:

De-leveraging Activities and Balance Sheet Metrics

Completed 12.075 million common share equity offering raising net proceeds of $96.3 million, used to reduce floating rate debt

Sold three non-core assets for net proceeds of $27.4 million, used to pay-down debt

Debt to EBITDA of 7.7x, compared to 9.2x at June 30, 2009

Fixed Charge Coverage Ratio of 2.1x, compared to 2.0x at June 30, 2009

Corporate Governance

Terminated the Company's shareholder rights plan prior to expiration

Committed to declassify the Board of Trustees by amending the Trust's bylaws as part of the 2010 Annual Meeting of Shareholders

Separated the roles of Chairman of the Board and Chief Executive Officer

Core Real Estate Operations

Signed two anchor leases with Ross Dress For Less in 27,700 SF and TJ Maxx in 25,000 SF to fill Linens ˜n Things vacancies in Florida and Ohio, respectively

Signed an anchor lease for a 34,800 SF Best Buy to fill the Circuit City vacancy in Novi, Michigan

Opened 21 new non-anchor stores at an average combined base rent of $13.79 per SF

Renewed 41 non-anchor and five anchor leases at rental rates 6.0% over prior rents paid

Total portfolio occupancy at quarter-end of 91.3%, compared to 91.3% at June 30, 2009 and 92.4% at September 30, 2008

"The third quarter marked a major turning point for our Company. In response to the Board of Trustee's conclusion of its review of financial and strategic alternatives, we executed on a number of important financial transactions, which were undertaken with the goal of de-leveraging the balance sheet and strengthening our financial position. Our equity offering provided the added benefit of broadening our shareholder base and increasing our stock's liquidity," said Dennis Gershenson, President and Chief Executive Officer. "In addition, the management team and Board took advantage of the strategic review process to redefine the Company's business strategy going forward to focus on those activities that are expected to yield the highest returns both in the near and long term, including completing our redevelopment projects, focusing on mid-box lease-up and driving minimum rents. Our future communications will highlight our progress in these key areas as well as other activities fundamental to increasing shareholder value."

Funds from operations (FFO) for the third quarter of 2009 was $12.3 million, or $0.53 per diluted share, compared to $13.5 million or $0.63 per diluted share for the third quarter of 2008. Funds from operations for the nine months ended September 30, 2009 was $35.5 million, or $1.60 per diluted share, compared to $39.9 million or $1.86 per diluted share for the same period in 2008. FFO for the quarter was modestly impacted by the additional shares issued in conjunction with the Company's equity offering completed in September. The decline in FFO for the quarter and nine month period was primarily attributable to a decrease in income due to asset sales to joint ventures (in prior periods), the sale of three net leased assets during the third quarter of 2009 and the impact of the bankruptcies of Linens ˜n Things and Circuit City.

Net income available to RPT common shareholders for the third quarter of 2009 was $9.3 million or $0.45 per diluted share, compared to net income available to RPT common shareholders of $11.6 million or $0.63 per diluted share for the third quarter of 2008. Net income available to RPT common shareholders for the nine months ended September 30, 2009 was $13.1 million or $0.68 per diluted share, compared to $26.0 million or $1.41 per diluted share for the same period in 2008. Net income was modestly impacted by the additional shares issued in conjunction with the equity offering completed in September. The decline in net income for the quarter and nine month period is primarily attributable to a decrease in the gain on asset sales over 2008 levels as well as the impact of tenant bankruptcies.

Operating Portfolio Statistics

As of September 30, 2009, the Company owned equity interests in 88 retail shopping centers totaling approximately 19.8 million square feet consisting of 55 wholly-owned properties and 33 properties held through joint ventures. The overall portfolio occupancy was 91.3% as of September 30, 2009, compared to 91.3% on June 30, 2009 and 92.4% on September 30, 2008.

At the end of the third quarter, the Company had 48 properties in its same-center portfolio, representing those centers that have been owned and operated for the same three and nine month periods during each year. Same center net operating income (NOI) for the quarter declined 5.1% compared to the same period in 2008. The decrease was primarily the result of vacancies created by the Linens ˜n Things and Circuit City bankruptcies. Same center NOI for the quarter was also impacted by approximately $190,000 in rent concessions. These concessions were granted in response to the overall weakening of the retail environment and have an average term of 21 months.

Excluding the effect of these items, same center NOI for the quarter would have decreased 2.7%. Ramco-Gershenson's same-center portfolio was 94.4% occupied as of September 30, 2009, compared to 94.4% on June 30, 2009 and 94.1% on September 30, 2008.

As previously reported, based upon continued exposure to the Linens ˜n Things and Circuit City vacancies and negotiated rent concessions, same center NOI is expected to be down approximately 3% to 4% for the full-year 2009, compared to 2008.

Rent Commencements/Leasing

During the third quarter, the Company opened 21 new non-anchor stores, totaling 61,286 square feet, at an average combined base rent of $13.79 per square foot, a 14.7% decrease over portfolio average rents for non-anchor tenants. Of the 21 new non-anchor stores that opened during the quarter, two are larger format stores totaling 23,175 square feet, or 37.8% of the new space. Excluding those two tenants, the average combined base rent would have been $17.70 per square foot, or an increase of 9.1%.

Also during the quarter, the Company renewed 41 non-anchor leases in 119,419 square feet, at an average base rent of $14.76 per square foot, an increase of 6.0% over prior rental rates. The Company also renewed five anchor leases in 188,728 square feet, at an average base rent of $6.34, an increase of 6.0% over prior rental rates.

During the quarter, the Company signed three new anchor leases including Best Buy in 34,800 square feet, TJ Maxx in 25,000 square feet and Ross Dress For Less in 27,700 square feet. Best Buy will occupy the vacant Circuit City space at the West Oaks I shopping center in Novi, Michigan. TJ Maxx and Ross Dress For Less are filling the vacant Linens ˜n Things spaces at the Crossroads Centre in Rossford, Ohio and the Plaza at Delray shopping center in Delray Beach, Florida. Additionally, the Company signed 28 new non-anchor leases in the third quarter for new tenancies that will take occupancy in subsequent periods. These new leases total 75,073 square feet, at an increase of 5.2% above combined portfolio average non-anchor rents. This leasing pace compares favorably to the 21 new non-anchor leases signed in 2008.

Redevelopment

At September 30, 2009, the Company had eight value-added redevelopment projects in progress, all with signed leases for the expansion or the addition of an anchor or out-lot tenant. The Company plans to spend approximately $3.6 million on these projects during the remainder of 2009. The redevelopments are expected to produce a 13.0% stabilized return on the Company's equity investment in the projects.

Development

The Company had no significant new development activity in the quarter. During the remainder of 2009, the Company anticipates spending $1.6 million on its development program, including its share of current wholly-owned and joint venture projects.

Dispositions

During the quarter the Company sold three net leased assets including a stand-alone Home Depot in Taylor, Michigan (Taylor Plaza) as well as a 207,945 square foot Wal-Mart at its Northwest Crossing shopping center in Knoxville, Tennessee and a 207,445 square foot Wal-Mart at its Taylor Square shopping center, in Greenville (Taylors), South Carolina. The Company retained ownership of the remaining portion of both shopping centers amounting to 125,000 square feet at Northwest Crossing and 34,000 square feet at Taylors Square. All three assets were unencumbered and produced aggregated net proceeds of $27.4 million.