Ramco-Gershenson to Restate Earnings

Ramco-Gershenson Properties Trust, Farmington Hills, Mich., has announced that it will restate its audited financial statements for 2002 and 2003 and its unaudited quarterly results for the first, second, and third quarters of 2004.The restatements will correct accounting for employee bonuses so that the bonuses accrue during the period in which they are earned, and write off capitalized costs, including leasing costs, associated with former tenants in the period in which the lease termination occurred, the real estate investment trust said. "Although the amounts associated with the bonus accruals and capitalized costs should not be material to our annual financial statements, we feel it prudent to correct our accounting policies, which should prevent any issues with future filings," said Dennis Gershenson, president and chief executive officer of Ramco-Gershenson. The shopping center REIT can be found on the Web at http://www.rgpt.com.