Ramco-Gershenson Commences the Construction of 400,000 Square Foot Gaines Marketplace Shopping Center

Business Wire, June 23, 2004

SOUTHFIELD, Mich. -- Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has commenced the development of Gaines Marketplace in Gaines Township, Michigan, a suburb of Grand Rapids, which is part of a joint venture. When complete, the 400,000 square foot shopping center will be anchored by a 124,000 square foot Target store and a 208,000 square foot Meijer Superstore, a combination grocery and general merchandise retailer. The Company is currently in negotiations with a number of national mid-box users who are interested in locating at the site. The Company has signed a lease with the Applebees restaurant chain for an outlot location. Additional freestanding restaurants are also planned. It is expected that the majority of retailers will open in the Summer of 2005.

"The Company is committed to the development of strategically located shopping centers, anchored by credit-worthy national and strong regional tenants," said Dennis Gershenson, President and Chief Executive Officer. "The trade area demographics and outstanding location for the Gaines Marketplace are clear indicators of a successful site. The reasonably close proximity to other shopping centers in our portfolio adds to the appeal of this development. We are pleased to be bringing a development of this size and scale to the area."

Gaines Marketplace is strategically located immediately off the M-6 (Southbelt) Highway on Kalamazoo Avenue. The trade area for the center serves the suburbs of southern Grand Rapids, with average household income levels that exceed $68,000 and a population of approximately 168,000 people, based on data from the Market Insite Group.

Ramco-Gershenson Properties Trust has a portfolio of 65 shopping centers totaling approximately 13.7 million square feet of gross leasable area, consisting of 64 community centers, of which ten are power centers and three are single tenant properties, as well as one enclosed regional mall. The Company's centers are located in Michigan, Ohio, Indiana, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida. Headquartered in Southfield, Michigan, the Company 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.

For further information on Ramco-Gershenson Properties Trust visit the Company's Website @ www.rgpt.com