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SOUTHFIELD, MI-Ramco-Gershenson Properties Trust of Southfield, MI announced that results for the first quarter show the company’s revenues increased by more than 20% since March 2002.

For the three months ending March 31, 2003, diluted Funds from Operations(FFO) were $8,447,000 compared with $7,454,000 for the three months endingMarch 31, 2002.

Total revenues increased 21.9% or $4,756,000, to a total of$26,495,000, compared with $21,739,000 in 2002. Income from continuingoperations for the three months ending March 31, 2003, was $3,151,000compared with $2,286,000 in 2002.

“We are pleased with our first quarter financial results, which are in linewith expectations,” said Dennis Gershenson, president and CEO. “We have been very busy during the quarter pursuing opportunities in all three of our profit centers; acquisitions, asset management and development.”

He said the company has been especially active in the redevelopment of coreassets. Over the next several months, Gershenson said, the company willbe announcing a number of shopping center repositionings and expansions.

The company paid a quarterly common share cash dividend of 42 cents pershare on April 15, 2003 to its shareholders of record as of March 31, basedon an annual dividend of $1.68 per share. The company paid the same dividendin first quarter 2002.

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