SOUTHFIELD, MI-Ramco-Gershenson Properties Trust has started its second development project of the year and three new redevelopments in the second quarter. The REIT also reports it has a number of acquisitions in the final stages of due diligence as it enters the second half of the year.

“We are optimistic about the balance of 2004 as we bring additional acquisitions and developments on-line and continue our redevelopment program to maximize the value of existing assets,” says Dennis Gershenson, president and chief executive officer in a review of the company’s performance at the close of the second quarter.

Among the highlights of the last quarter, Gershenson says, are:

* Beginning development of the 400,000-sf Gaines Marketplace in Grand Rapids, MI.

* Began Wal-Mart expansion to a superstore and addition of a 31,000-sf Ross Dress for Less at Northwest Crossing in Knoxville, TN.

* Announced redevelopment of Cox Creek Plaza to include Home Depot in Florence, AL. The REIT has sold two parcels of land to Home Depot, U.S.A. Inc. consisting of 6.2 acres.

* Began work on a Kroger supermarket expansion at recently the acquired Livonia Plaza in Livonia, MI.

* Leased space for 23 new stores at rental rates of $11.39 per sf.

* Renewed 11 non-anchor leases at rental rates 15% above prior rents paid

For the second quarter, diluted funds from operations increased 94.9% or $5,441,000 to $11,177,000 compared with the same period in 2003. In April, Gershenson says the REIT entered into two fixed-rate mortgages amounting to $34.7 million secured by two properties, Auburn Mile and Crossroads Centre. The mortgages bear interest at 5.4% and are due in 2014.

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