Ramco-Gershenson Announces Wal-Mart Expansion to Superstore, Adds Ross Dress for Less at Northwest Crossing in Knoxville, Tennessee

Business Wire, May 17, 2004

Business Editors

SOUTHFIELD, Mich.--(BUSINESS WIRE)--May 17, 2004

Ramco-Gershenson Properties Trust (NYSE:RPT) announced today the redevelopment of its 304,000 square foot Northwest Crossing shopping center in Knoxville, Tennessee. The Company has entered into an agreement with Wal-Mart (NYSE:WMT) to expand their existing store of 139,000 square feet to a 208,000 square foot superstore. In addition, to the Wal-Mart expansion, the Company is adding a 31,000 square feet Ross Dress for Less in the location previously occupied by an Ingles grocery store. The Wal-Mart Supercenter and Ross Dress for Less are expected to open in the summer.

"Wal-Mart's expansion to a Superstore at Northwest Crossing marks the third conversion of an existing Wal-Mart to the larger format within our core shopping center portfolio," said Dennis Gershenson, President and Chief Executive Officer. "The decision by Wal-Mart to expand to a superstore is a testament to the shopping center's superior location and attractive trade area demographics. The addition of the Ross Dress for Less is an example of the interest by national retailers as well as local tenants to be part of a shopping center with a Walmart Supercenter, which draws such an incredible number of customers daily."

Northwest Crossing is located at the intersection of Clinton Highway and Callahan Drive in greater Knoxville. Clinton Highway is considered a major retail corridor as well as a well-traveled commuter thoroughfare. Northwest Crossing is the largest and most dominant shopping center in the northwestern Knoxville area.

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 at www.rgpt.com