Greetings and welcome to Ramco-Gershenson Properties Trust First Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Dawn Hendershot, Director of Investor Relations for Ramco-Gershenson. Thank you. Ms. Hendershot, you may begin. Dawn Hendershot – Director, Investor Relations: Good morning and thank you for joining us for Ramco-Gershenson's first quarter conference call. Joining me today are Dennis Gershenson, President and Chief Executive Officer and Gregory Andrews, Chief Financial Officer. At this time, management would like me to inform you that certain statements made during this conference call, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Additionally, statements made during the call are made as of the date of this call. Listeners to any replay should understand that the passage of time by itself will diminish the quality of the statements made. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, factors and risks that could cause actual results to differ from expectations are detailed in the quarterly press release. I would now like to turn the call over to Dennis for his opening remarks. Dennis Gershenson – President and Chief Executive Officer: Thank you, Dawn. Good morning ladies and gentlemen. It's with real pleasure that I report our company's first quarter solid achievements in growing income, improving shopping center fundamentals, and advancing our capital recycling program while simultaneously promoting a sound capital structure. These results provide concrete evidence of significant advances in the repositioning of our portfolio and the achievement of a much stronger balance…

Thank you. (Operator Instructions) Our first question comes from line of Todd Thomas of KeyBanc Capital Markets. Please proceed with your question. Todd Thomas – KeyBanc Capital Markets: Hi, good morning. George and Saddler is on with me as well? Good morning. First, Dennis I was just wondering if you could provide some detail around the dollar amounts and expected pricing on the two assets that you are under contract to sell and also the new acquisition in St. Louis?

Well, as far as the two acquisitions, these are smaller properties and so the proceeds that we'll generate from them will not be significant. However, one of our objectives relative to our disposition program is to deal with those assets as we talked about in the past that's going to run or two categories. The first is that we have perspective tenants for those redevelopments, but upon conclusion they still looking to be core assets, and therefore, we would expect to sell them and the time, commitment as well as the return on investments, I just didn't justify sticking with the assets. The other is that it’s just a small property and it just doesn’t fit into our definition of what we expect to be core. So, one of the things that we have accomplished and will continue to have is good for capital recycling program not only in generating dollars, but we are eliminating, those assets take an inordinate amount energy on the power by our leasing team to work on selling them up. As far as the acquisition is concerned, this is a shopping center with four anchors. Typically, as we really don’t go into any detail until we close on it. And you should expect that will occur around the end of May. Todd Thomas – KeyBanc Capital Markets: Okay. Well, pricing on this asset, somewhat consistent with the previous St. Louis acquisitions?

Approximately, it maybe a little bit lower in the $20 million to $30 million category. Todd Thomas – KeyBanc Capital Markets: Okay. And then switching over to guidance, Greg, I was just wondering, you did $0.26 in the quarter and you reaffirmed guidance, I was just wondering if you can help us understand what the negative variances might be going forward that would sort of get you back down into the range that you provided?

Sure, Todd. First, let me start by saying and we are very pleased with the results for the quarter and we feel very positive about the impact that leasing is having our financial results. But I would point out that in the quarter, there were several items. I mean, first of all, we had lease termination fee income and although it was less than it was a year ago, it was still a material amount. And as I mentioned in my prepared remarks, we don't anticipate a lot more on that front during the balance of the year, yeah, slightly better leasing fees at our joint ventures. We also have some other miscellaneous income. Those are items that may or may not be recurring for the balance of the year. And I think importantly for the quarter, our straight line rent was modestly positive. But I think we still view it is likely that will be negative $0.01 to $0.02 for straight line rent during the year just because the core portfolio is pretty much on the backside of the straight line rent curve meaning that we are receiving more cash that we were actually allowed to recognize under GAAP. So, it's not a cash issue, but it is a GAAP reporting issue. So, I think those are some of the items that would, you need to take into account. And then finally I was just mentioned that we made a good start on our capital recycling effort, but we have ways to go there and so that will also affect during the totality of results for the year. Todd Thomas – KeyBanc Capital Markets: Okay. And then just last question, I was just wondering with regard to five consolidated anchor lease expirations during the year and then the store on consolidated anchor expirations that are coming up this year. I think you talked about one in those ways, are there any other known move-outs that you are expecting this year?

Yeah, the one that we are aware of Todd is that a joint venture and that's the Kmart that had a lease expiring this year and that's one of the ones they announced that they would be closing and that in fact happened in April. Todd Thomas – KeyBanc Capital Markets: Okay. Any update on back selling that?

Well, we have – we have a number of tenants interested. It's on main arterial and in the – actually at a corner and it's the major shopping area, but we are still working through analysis of kind of cost and whether we can create sufficient value out of that to make it work a lot. So, we'll probably have enough data on that by next quarter. Todd Thomas – KeyBanc Capital Markets: Alright, great. Thank you.

Our next question comes from the line of Nathan Isbee with Stifel Nicolaus. Please proceed with your question. Nathan Isbee – Stifel Nicolaus: Hi, good morning.

Hi. Nathan Isbee – Stifel Nicolaus: Just looking at the leasing term and it seems like you did about 40,000 of non-comp leasing, I guess, perhaps it maybe a space that was taken for longer than 12 months. Can you just give a little bit of detail on that leasing specifically?

Well, one of the things that was involved with those leases is that we have a program where we have converted from what the leases that we used to have with variable common area maintenance charges to a fixed charges. So, we are leasing those spaces at what we believe are very good rents. They just don’t happen to be comparable, because of the change in the format of the lease. Nathan Isbee – Stifel Nicolaus: Okay, alright. And then just focusing on the development side real quick, can you just give a quick update on River City and where things, especially with things done on Gateway Commons in Lakeland?

We continue to make real progress in executing leases for that project. We have identified anchors for basically all of the spaces. However, at this juncture, we have not brought the project back to the Board for their approval. We will do that until we have a comfort level that not only do we have sufficient anchors, but we have sufficient additional small tenant space that we would be able to announce to them and announce to the investment community that the center is more than just viable, but it is extremely well-leased. Nathan Isbee – Stifel Nicolaus: Okay. And then Parkway Shops, the 20,000 square feet of small shop space, so where do the leasing stand on that?

We are continuing a phase with that. I committed to you in our fourth quarter conference call that we would be over 90% leased when we reported earnings for second quarter and we are on Phase II accomplishment. Nathan Isbee – Stifel Nicolaus: Perfect, thanks.

Our next question comes from line of Vincent Chao of Deutsche Bank. Please proceed with your question. Vincent Chao – Deutsche Bank: Hi, good morning everyone. I just wanted to follow-up on the guidance again for a second. Just wanted to make sure that none of the underlying sort of the guidance items have changed, particularly, I think you would expect it to be sort of net neutral in terms of investment activity for the year, but so far it sounds like on a decision side anyway we are at about maybe $10 million or so including what's under contract here. And then you are buying something in the $20 million to $30 million range as it seems like you are starting off, where that wouldn't be a headwind as much as maybe order might have been. So, I was just wondering if you could comment on that?

Yeah, and I think for modeling purposes, I think it's still appropriate to think of kind of a net balance between acquisitions and dispositions. I mean, the timing of these things is really hard to forecast. So, we can’t really be more specific about that, but I think that’s still the best way to think about the modeling for the year.

Let me just add to that, Vincent, that part of our approach for the dispositions in 2012 wasn't need to front load the year with those assets that were more challenging as far as leasing was concerned and there are others that we have identified as non-core that are well-leased, but just do not fit our definition of what we want to own going forward. And I think that you will see those dispositions occurring later in the year. Vincent Chao – Deutsche Bank: Okay. And then just on the something was sold, the issued property – our issue rate just stayed, sorry, sold that I think with $10 a square foot. I mean, is that the right way to think about the other four properties that are in the available for sale bucket or was there some specific there that, I know that was sort of future redevelopment project?

No, I think there was something very specific there and as Dennis pointed out, we have taken on some of the challenges early, but that's not a good indication of anything about other dispositions that might take place. Vincent Chao – Deutsche Bank: Okay. I mean, can you share us probably (indiscernible) about that property that really drove down so much?

The one thing I might add is although it wasn't in our remarks, one of the leases that we terminated, that we terminated two office depot leases in the first quarter one of those two involved the Eastridge shopping center. So, we received a termination fee prior to the say. Vincent Chao – Deutsche Bank: Okay, okay. Okay, that’s helpful. And then just on the same-store NOI, which was very strong in a quarter. Just wondering I guess we had a pretty mild winter season here. I am just wondering how much of an impact that had on the quarterly results and if we should expect to drop off in 2Q, where the seasonal impact is not a biggest factor?

Yeah. It’s a good question. What you have to understand, however, is that in order to smooth out the risk reward for winter conditions. We have for the last maybe five, six years signed agreements with the people who flower lots and things like that. So, that on a very heavy year, we gain a benefit on a mild year like we just had, the contractor does better, but our numbers do not reflect the fact that we had less snow, and therefore, we gained the benefit from that. Vincent Chao – Deutsche Bank: Okay. So, I guess, yes, I am just trying to understand expectations going into next quarter, I mean, is this a 3.3% of that sustainable and I guess the guidance is only for 1% to 2%?

Yeah, I think the best way to really think about same-store is more over a longer period. And so we haven't changed our guidance of one to two for the year. Obviously, we started out strong. We are going to do everything in our power to deliver as good of a same-store number as we can. We always focus on driving the cash flow and our shopping centers, but we haven't changed our guidance for the year at this stage. Vincent Chao – Deutsche Bank: Okay, thank you.

Our next question comes from the line of Ben Yang of Keefe Bruyette & Woods. Please proceed with your question. Ben Yang – Keefe Bruyette & Woods: Yeah, hi, good morning. Just really quickly, last quarter you talked about moving 20% of your land holdings by year end either selling or starting to develop, you obviously sold one land parcel, so, I'm just curious. You think you'll end up to selling that 20% rather than developing this year that is kind of the expectation at this point?

Well, there are a number of land parcels that we have indeed indentified. We are either in contract for or that we absolutely planned to sell whether or not we move other parcels if prior question is concerned, our Lakeland project. If at some point in time during the year, it's the term that we will indeed move ahead with that then obviously that would impact that number. But it's certainly the land that we own that we just see a salable and not part of the developments like the Alpharetta, Georgia property, we are very pleased to say that we moved that off our balance sheet. Ben Yang – Keefe Bruyette & Woods: Okay. And then why at 20% the right number, I mean, why not 50% or even a 100% at this point.

Well, I think that if I give you an expectation of 20% and then I can agree that you will be extremely pleased. Ben Yang – Keefe Bruyette & Woods: The 20% is conservative.

My hope is that is conservative, but as consistent with Greg's last comments, I think that certainly starting off the year with a conservative approach to all of our metrics. We'll give us the opportunity to certainly take another look at that and update you with the end of the second quarter. Ben Yang – Keefe Bruyette & Woods: Great, thank you.

Our next question comes from Rich Moore of RBC Capital Markets. Please proceed with the question. Rich Moore – RBC Capital Markets: Yeah, hi, good morning guys. Back to the same-store NOI, I think if I could for just a minute, it was pretty clear in the quarter actually Greg that the big gain came from a drop in same-store expenses and it's obviously not snow, but what is that and does that kind of thing continue?

Well, I guess let me start by just saying, I think the gain in the same-center came from a variety of things, same-center occupancy was up 1% and then brands were up we had some additional percentage rent, which I think reflects it's hard to certain tenants doing better in terms of sales, then they had previously and then yes there was lower cost, which I don't think reflect anything in particular, but just our focus on keeping our gain expenses down and on always fighting to get our real-estate taxes marked appropriately. So, I don't know there was anything in particular other than all the blocking in fact line that we've been doing for all along. Rich Moore – RBC Capital Markets: Okay. So, we could – we could run that improvement in expenses forward into future quarters.

Yeah, I mean it is variable by quarter and typically some expenses we had kind of ramped up into the fourth quarter. So, there is some timing involvement all of that. But I think that in general the trend has been down and continues to be down on that front. And I think the nice part of that is our recovery rate was higher this quarter hopefully that will be sustainable for the whole year, but it is running a little bit higher than we had in the last quarter. Rich Moore – RBC Capital Markets: Okay, good. Thanks. And then on the Village Lake, that was the one center that kind of dragged down for that does the new anchor in terms of occupancy. Does the new anchor bring that center back to life, I guess, is that all that needs to happen there is the addition of the anchor?

Well, indeed as I said in my remarks, we – it had been my expectation that we would have executed in the first quarter. We round up signing the lease on April '11. We also have an NOI out for another retailer executed by that retailer for about 16,000 square feet, which will fill all of this week they expect. If you remember this is the shopping center where we had a Wal-Mart that move just about half a mile away. And I am sure that affected the Sweetbay sales when they actually put in or they went from a just Wal-Mart to a super Wal-Mart. But the addition of the Ross Dress for Less indicates the strength of that area. We have built approximately 50% of the old Wal-Mart space with two uses and we are working with the number of retailers at a preliminary basis to full balance of that space. So, it's a very good asset and I think that what you'll see at least as far as leased occupancy from the end of next quarter will be substantially higher than the percentage you see now. Rich Moore – RBC Capital Markets: Okay, alright, good. Thanks, Dennis. And then the change to the leasing spread reporting Greg that you did this quarter. Could you tell us why you decided to take that rather I mean, it seems to impact mostly spreads on new leases over then a whole lot of change to spreads our renewal and I feel like spreads on new leases is more or less important metric as the spaces was wait in anyway. But you blended the shorter have to be a shorter period 12 months or less to make the comparable leasing spread metrics and I'm curious why is that we did that?

Yeah we've talked to a lot of our investors and the analysts. And I think the sense we got is that people are finding it confusing that company's reported leasing spreads in different manners and the consensus seemed to be that to be around kind of the method we are now doing which is to say comparing spaces, where there was a price in occupancy within the last year. So, that kind of comparison, I think provide a better sense of where today's rent is compared to kind of what in place in the portfolio it has suppose to a comparison to a rent that might have been in place three or four years ago. That had the majority of our peers are reporting it. We wanted to be as comparable with possible peers so, that's kind of how we made that decision just trying to make it easy all around for everything. Rich Moore – RBC Capital Markets: Okay, all right, got it. And then last thing I had is the 7 and 7 8 subordinated note that is due 25 years from now, but it's kind of due in January '13 or could be taken out in January '13. Is that something you are looking at you mentioned that you were kind of looking at 2013 maturities on your sales and that's probably the ones?

No, that's almost semi permanent piece of our capital structure. What can happen in '13 is the rate can be adjusted to a variable rate, but that's not part of it. What we are really looking at is the mortgage debt of wholly owned – on wholly owned assets as well as on joint venture properties that comes due. And there are, at least in some instances, perhaps an ability to renegotiate – not renegotiate really, but to address those maturities sooner rather than having till April 2013. And if we can do that on terms that makes sense for the company, then we would be very happy to do that just spread out some of the work that we're going to have to do on that front. Rich Moore – RBC Capital Markets: Okay, great. Thanks guys.

(Operator Instructions) Our next question comes from the line of Michael Mueller of JPMorgan Chase. Please proceed with your question. Michael Mueller – JPMorgan Chase: Yeah, hi. Just a couple of things first on the JV front, is there anything that we should be thinking of over the next couple of years that just either at the end of winding is one or more JVs or is it just activity picking up in terms of capital deployment?

Well, as we said in our previous calls, we have a excellent relationship with our JV partners. We certainly have been talking to them as we look at the portfolio about the possibility of selling one or several of the assets in the joint venture, where we feel we maximized value, but in each venture, they are talking about redeploying proceeds or even adding to the venture if we come across assets that meet their evolving criteria. Michael Mueller – JPMorgan Chase: Okay. Most of the acquisitions you are looking after on balance sheet or could some of them be is part of the ventures?

Again, it can vary. I think that if we have our brothers, the acquisitions we would make, we would make on balance sheet. Michael Mueller – JPMorgan Chase: Okay. And then secondly, Greg, I think the guidance or the leased percentage guidance for we are expecting to end the year or average of the year, that's on a leased basis. I think on an occupied basis, the core portfolio was about 92, 93 and where do you see that going on an occupancy basis by year end?

Hang on a second. Michael Mueller – JPMorgan Chase: Sure, thanks. There can be a difference between leased and occupied in terms of…

Yeah, I mean, I guess I would answer the question this way that I don't – we have a spread that tends to hover around the 100 basis points there between leased and occupied. Sometimes, it's a little more, sometimes, it's a little less, but I think it's going to probably hang right in about that range. So, I think that's where I would expect the core occupied rate to be about 100 basis points below our core leased rate which we said was for 93 to 94. Michael Mueller – JPMorgan Chase: Got it, okay. Okay, great. Thank you.

There are no further questions at this time. I would like to hand the floor back over to Mr. Gershenson for closing comments. Dennis Gershenson – President and Chief Executive Officer: Thank you. The only thought that I'd really like to leave the listeners with is that Ramco-Gershenson is definitely on a positive trajectory and we are looking forward to a very good year. We appreciate your interest and your participation. I look forward to talking with you again in approximately 90 days.