REIT Prices Offering Below Previous Close

Ramco-Gershenson Properties Trust, a real estate investment trust based in Farmington Hills, Mich., priced its public offering of 6 million shares of newly issued common stock at $11.50 per share. The company expects to receive net proceeds from this offering of approximately $65.6 million. Ramco-Gershenson intends to use the net proceeds from the offering to prepay the $33.0 million principal payment of its secured term loan facility, to pay off two mortgages in aggregate of $15.9 million and to reduce outstanding borrowings under its secured revolving credit facility. The joint book-running managers for this offering are B of A Merrill Lynch and J.P. Morgan Securities Inc. Deutsche Bank Securities Inc. and KeyBanc Capital Markets Inc. are acting as lead managers of the offering, and RBC Capital Markets Corp. and Stifel, Nicolaus & Co. Inc. are acting as co-managers. The underwriters have a 30-day option to purchase up to an additional 900,000 common shares to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on May 18, 2010. Just before noon on May 13, Ramco-Gershenson was trading at $11.65 per share, down $0.84 from the previous close.