Company Commences Auburn Mile Development Project; Six Anchor Leases Signed

    Second Quarter Highlights:

    Financial
    --  Diluted FFO per share of $0.57 - meeting consensus estimates
    --  13.7% increase in Total Revenues
    --  19.2% increase in Diluted FFO, 3.6% increase on a diluted per share
        basis
    --  $0.42 per share regular quarterly dividend declared on June 9, 1999

    Operations
    --  650,000 square foot Auburn Mile development commences construction
    --  Six anchor leases signed
    --  Redevelopment of West Oaks II shopping center begins
    --  New non-anchor leases rental rates 34.2% above portfolio average
    --  Renewals of non-anchor space rental rates 11.5% above previous rental
        rates
    --  Occupancy level at 93.6%, June 30, 1999 compared to 91.9%,
        June 30, 1998

     SOUTHFIELD, Mich., July 22 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced results for the second quarter and six
months ended June 30, 1999.

    Consolidated Financial Results
    For the three months ended June 30, 1999, diluted Funds from Operations
(FFO) increased 19.2 percent, or approximately $1,114,000, to $6,911,000,
compared with $5,797,000 for the three months ended June 30, 1998.  On a per
share basis, the increase was 3.6 percent, or $0.02, to $0.57 compared with
$0.55 for the same period in 1998.  Total revenues increased 13.7 percent or
$2,499,000, to $20,760,000, compared with $18,261,000 for the same period in
1998.
    For the six months ended June 30, 1999, diluted FFO increased 23.1
percent, or approximately $2,670,000, to $14,204,000, compared with
$11,534,000 for the six months ended June 30, 1998.  On a per share basis, the
increase was 7.3 percent, or $0.08, to $1.17 compared with $1.09 for the same
period in 1998.  Total revenues increased 15.9 percent, or $5,828,000, to
$42,533,000, compared with $36,705,000 for the same period in 1998.
    "We are satisfied with our financial results for the quarter, meeting
consensus estimates, and are very pleased with our activities in the areas of
Asset Management and Development," said Dennis Gershenson, president and chief
executive officer.  "Our redevelopment initiatives in the first half of the
year are expected to positively impact our future financial growth.  We are
also excited about our newest development project, The Auburn Mile, which
should have a positive impact on financial results as early as the fourth
quarter of this year."

    Asset Management
    The company continues to emphasize the repositioning of successful
shopping centers.  This effort resulted in the execution of four anchor lease
amendments and the execution of two new anchor leases, setting in motion
redevelopment and expansion projects at four shopping centers.   These
projects include:

    -- West Oaks II, Novi, Michigan -- The Company has commenced a major
       redevelopment project at its West Oaks II shopping center located in
       Novi, Michigan.  The project includes the expansion of the existing
       Kohl's department store by 28,000 square feet and the development of a
       two-story Jo-Ann, etc (experience the creativity) craft super store in
       approximately 50,000 square feet, which will replace their existing
       11,000 square foot space.  In response to the exceptional sales by both
       retailers, the Company needed to find a creative way to expand the
       center, which was surrounded on all sides by public roads.  The
       solution included two-story additions for both tenants. This Jo-Ann,
       etc store will be the first two-story etc format built and is expected
       to open in the fall of this year.  Kohl's is expected to open its
       expanded store in the summer of 2000.

    -- Jackson West, Jackson, Michigan -- The Company is expanding its
       existing 189,000 square foot shopping center with the addition of a
       21,000 square foot Michael's craft store.  Michael's will join Lowe's
       Home Improvement, OfficeMax, Circuit City and Gordon Foods.  This
       center was developed adjacent to the Company's 637,000 square foot
       Jackson Crossing Mall.

    -- Northwest Crossing, Knoxville, Tennessee -- The Company has commenced
       construction of a 23,500 square foot OfficeMax.  This center was
       purchased in the fourth quarter of 1997 as part of a 15-center
       acquisition.  OfficeMax is scheduled to open in the fourth quarter of
       1999 joining Wal-Mart, Ingles Supermarket and Goody's Family Clothing
       as anchors for the shopping center.

    -- Hickory Corners, Hickory,  North Carolina -- At this center, which
       was also part of the 1997 15-center acquisition, Food Lion Supermarkets
       has agreed to expand its store by 11,500 square feet.  Scheduled to
       open in the fourth quarter of 1999, the expansion is part of a
       redevelopment that began with the construction of a 23,500 square foot
       OfficeMax, which opened during the first quarter of 1998.

    Based on leases presently under negotiation the Company expects to
announce additional redevelopment projects during the second half of 1999.
The repositioning activities initiated during the first half of the year have
involved successful centers, which are at least 95% leased.  The excellent
retail sales produced by those tenants desiring to expand their stores has
produced both opportunities and challenges as the Company works to accommodate
their needs.

    Leasing Activities
    In the second quarter, the Company opened five new non-anchor stores at
rental rates 34.2% above the portfolio average and renewed eight non-anchor
leases at an average rental rate increase of 11.5% over their prior base
rental rate.
    For the six months ended June 30, 1999, the Company's leasing efforts have
translated into 23 new leases at rental rates 30.4% above the portfolio
average and 28 renewals at an average rental rate increase of 5.5% above
previous base rents.

    Development
    The Company currently has two development projects under construction.

    -- The Auburn Mile located in Auburn Hills (Suburban Detroit), Michigan,
       is an 88-acre project adjacent to the 1-75 expressway, across from The
       Taubman Centers, Inc., 1.4 million square foot Great Lakes Crossing
       Mall.  The development will contain approximately 650,000 square feet
       of retail space.  Currently site work is progressing and the Company
       expects to deliver pads for the construction of the 123,000 square foot
       Target department store and the 216,000 square foot Meijer store (a
       grocery/general merchandise retailer) by this fall.  The Company is
       presently negotiating with additional destination oriented retailers,
       restaurants and service uses.  Construction commenced in June 1999 and
       is on schedule to be completed by the summer of 2000.

    -- White Lake MarketPlace in White Lake Township (Suburban Detroit),
       Michigan, is a community shopping center anchored by Home Depot (opened
       February, 1999), Wal-Mart, OfficeMax and Farmer Jack (A&P).  Additional
       retailers include Applebee's Restaurant (opened March 1999) and Fashion
       Bug.  The project, which broke ground last year, is on schedule to be
       completed in the fall of 1999.

    Both development projects are expected to produce returns in excess of
12%.  In addition, the Company is actively pursuing development opportunities
including an entertainment/lifestyle shopping center to be located in Novi,
Michigan.

    Outlook
    "Our focus for the remainder of the year will be to complete those
redevelopment activities already underway and to commence additional projects
we are currently pursuing," said Dennis Gershenson, president and chief
executive officer.  "We will work to finalize all lease negotiations for our
Auburn Mile shopping center as well as target new development opportunities.
Although the Company plans no property acquisitions this year, we will
continue to pursue attractive investment alternatives, while exploring capital
raising options."
    Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers,
with approximately 10.6 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New York, New Jersey, Maryland, Virginia, North
Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
Headquartered in Southfield, Mich., the Trust 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.

                              FINANCIAL RESULTS
                      Ramco-Gershenson Properties Trust
                              Operating Results
                   (In thousands, except per share amounts)
                                 (Unaudited)


                                   Three        Three         Six        Six
                                 Months        Months      Months     Months
                                   Ended        Ended       Ended      Ended
                                 6/30/99      6/30/98     6/30/99    6/30/98
    REVENUES
      Minimum rents             $14,909      $13,146    $30,023     $26,441
      Percentage rents              534          354      1,159         752
      Recoveries from tenants     5,121        4,620     10,929       9,263
      Interest and other income     196          141        422         249
             Total Revenues      20,760       18,261     42,533      36,705

    EXPENSES
      Real estate taxes           2,008        1,700      3,986       3,447
      Recoverable operating
       expenses                   3,305        3,001      7,195       5,967
      Depreciation and
       amortization               3,361        2,940      6,652       5,876
      Other operating               105          179        551         415
      General and administrative  1,916        1,312      3,510       2,949
      Interest expense            6,428        6,195     12,939      12,244
             Total Expenses      17,123       15,327     34,833      30,898

    Operating income              3,637        2,934      7,700       5,807
    Loss from unconsolidated
     entities                        82           84        150         163
    Income before minority
     interest                     3,555        2,850      7,550       5,644
    Minority Interest             1,030          771      2,216       1,562
    Net income                  $ 2,525      $ 2,079    $ 5,334     $ 4,082

    Net income available to
     common shareholders        $ 1,676      $ 1,796    $ 3,645     $ 3,519

    Basic earnings per share      $0.23        $0.25      $0.50       $0.49
    Diluted earnings per share    $0.23        $0.25      $0.50       $0.49

    Weighted average shares
     outstanding
      Basic                       7,218        7,123      7,218       7,123
      Diluted                     7,219        7,172      7,218       7,171

    Funds from Operations(A)
       Basic
          Funds from Operations $ 6,062      $ 5,514    $12,515     $10,971
          FFO weighted average
             number of shares
             outstanding(B)      10,170        9,891     10,170       9,891
          Funds from Operations
             per share            $0.60        $0.56      $1.23       $1.11
       Diluted
          Funds from Operations $ 6,911      $ 5,797    $14,204     $11,534
          FFO weighted average
            number of shares
            outstanding(C)       12,171       10,607     12,171      10,606
          Funds from Operations
            per share             $0.57        $0.55      $1.17       $1.09


                      Ramco-Gershenson Properties Trust
                         Consolidated Balance Sheets
                                (In thousands)

                                        June 30, 1999   December 31, 1998
    ASSETS                               (unaudited)
      Investment in real estate, net     $ 528,242           $ 509,844
      Cash and cash equivalents              3,049               4,550
      Accounts receivable, net              10,738               9,864
      Equity investments in and advances
       to unconsolidated entities            5,769               5,896
      Other assets, net                     15,412              14,250
        Total Assets                     $ 563,210           $ 544,404

    LIABILITIES AND SHAREHOLDERS' EQUITY
      Mortgages and notes payable        $ 350,150           $ 328,248
      Distributions payable                  5,121               5,244
      Accounts payable and accrued expenses 14,945              15,235
        Total Liabilities                  370,216             348,727
      Minority Interest                     48,271              48,535
      Commitments and Contingencies            ---                 ---
      Shareholders' Equity                 144,723             147,142
        Total Liabilities and
          Shareholders' Equity           $ 563,210           $ 544,404

    (A) Management generally considers Funds from Operations ("FFO") to be one
        measure of financial performance of an Equity REIT.  The Trust has
        adopted the most recent National Association of Real Estate Investment
        Trusts ("NAREIT") definition of FFO, which was effective on January 1,
        1996.  Under the NAREIT definition, FFO represents income (loss)
        before minority interest (computed in accordance with generally
        accepted accounting principles -- "GAAP"), excluding gains (losses)
        from debt restructuring and sales of property, plus real estate
        related depreciation and amortization (excluding amortization of
        financing costs), and after adjustment for unconsolidated partnerships
        and joint ventures.  Therefore, FFO does not represent cash generated
        from operating activities in accordance with GAAP and should not be
        considered an alternative to net income as an indication of the
        Trust's performance or to cash flows from operating activities as a
        measure of liquidity or the ability to pay distributions.
        Furthermore, while net income and cash generated from operating,
        investing and financing activities, determined in accordance with
        GAAP, consider capital expenditures which have been and will be
        incurred in the future, the calculation of FFO does not.
    (B) Represents the weighted average total shares outstanding, assuming the
        redemption of all operating partnership units for common shares.
    (C) Represents the weighted average total shares outstanding, assuming the
        redemption of all operating partnership units for common shares, the
        conversion of convertible preferred shares to common shares, and
        dilutive stock options.

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