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SOUTHFIELD, MI-As it prepares to purchase additional shopping centers and upgrade some existing facilities, Ramco-Gershenson Properties Trust says it will sell 2 million common shares of stock to McDonald Investments Inc. and RBC Capital Markets.

The common shares will be offered to the public at the price of $25.20 per share. The company has also granted the underwriters an option to purchase an additional 300,000 shares to cover over-allotments.

Ramco intends to use the net proceeds to initially pay down outstanding balances under its secured and unsecured credit facilities and invest in short term investments. Following the offering, the company plans to borrow against its credit facilities and use the proceeds invested in short term investments to acquire or develop additional shopping centers and expand, renovate or retenant existing centers.

Ramco is currently in negotiations to purchase two community shopping centers in the Midwest and expects to close on these acquisitions before the end of the first quarter of 2004. The company also intends to complete the redevelopment of five of its existing community shopping centers. These redevelopment projects are expected to be completed during the summer of 2004.

The company had previously issued guidance that it expects its 2003 funds from operations (FFO) to be between $2.03 and $2.08 per diluted common share and net income per diluted common share to be between $0.49 and $0.53. As a result of the offering, Ramco expects FFO and net income per diluted share for 2003 to be at the low end of this range, at or about $2.03 and $0.49, respectively.

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