SOUTHFIELD, Mich., April 23 /PRNewswire-FirstCall/ -- Ramco-Gershenson
Properties Trust (NYSE: RPT) announced that, after the close of business on
April 23, 2002, it commenced a public offering of 4,200,000 of its common
shares of beneficial interest at $17.50 per share.  The offering is expected
to close on Monday, April 29, 2002.  The offering is being underwritten by a
group led by Deutsche Bank Securities.  McDonald Investments Inc. and
Robertson Stephens are acting as co-managers.  The Company has also granted
the underwriters an option to purchase up to an additional 630,000 common
shares to cover over-allotments, if any.
    Net proceeds from the offering by the Company are expected to be used to
redeem 1,200,000 shares of the Company's series A preferred shares, to
purchase the equity of a joint venture partner of the Company in two projects
and to reduce the outstanding balance of the Company's credit facility.
    As a result of the increase in the size of the offering from 3,500,000
shares to 4,200,000 shares, the Company lowered its estimate for funds from
operations (FFO) per share for 2002 by $.10 to the range of $2.10 to $2.20.
This revision in the estimated range reflects the increase in the size of the
offering, and the time between the closing of the offering and the full
deployment of the capital raised to support the Company's operations.

    Ramco-Gershenson Properties Trust has a portfolio of 56 shopping centers
totaling approximately 11.2 million square feet of gross leasable area,
consisting of 55 community centers, of which nine 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, 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 Company's properties and the Company's planned
capital market activities.  Management of Ramco-Gershenson Properties Trust
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
Company's properties are located, the performance of the Company's tenants at
the Company's properties and elsewhere, and other factors discussed in the
Company's reports filed with the Securities and Exchange Commission.

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