Greetings, and welcome to Ramco-Gershenson Properties Trust second quarter 2012 earnings call. [Operator instructions.] It is now my pleasure to introduce your host, Ms. Dawn Hendershot, director of investor relations. Thank you, Ms. Hendershot. You may begin.

Good morning and thank you for joining us for Ramco Gershenson Property Trust’s second quarter conference call. Joining me today are Dennis Gershenson, president and chief executive officer; Gregory Andrews, chief financial officer; and Michael Sullivan, senior vice president of asset management. 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, and good morning ladies and gentlemen. I am pleased to acknowledge the efforts and successes of the Ramco team in achieving a solid second quarter and first six months of 2012. Our progress year to date is the result of executing on a business plan that emphasizes increasing quality in all aspects of our business. Although we must view our achievements in the context of an ongoing uncertain economic environment, a significant factor in our success is the ability to sign leases with those best-in-class retailers who have healthy growth outlooks. Because of our first six months results, and the transactions in our pipeline, we are raising our 2012 guidance for certain important operating metrics, as well as our guidance for FFO,…

Thank you Dennis. Good morning ladies and gentlemen. Our second quarter results confirm that asset management continues to execute on our business plan for 2012. Ramco’s successful leasing efforts form the basis of our improving results, and actual retailer demands opened stores in quality locations, coupled with limited new developments, have combined to make for attractive opportunities in Ramco’s portfolio. In the second quarter, we maintained strong leasing volume for both new and expired leases. Our total lease transactions exceeded 500,000 square feet. With 85% of new lease rental revenue being generated from national or regional retailers, and as an affirmation of the quality of our assets and overall health of our tenants, we are on target to renew close to 86% of all expiring leases in 2012 while continuing to generate positive rental spreads. The combination of high quality, well-placed assets, limited big box availability in existing markets, and Ramco’s superior retailer relationships continues to afford us significant leasing opportunities. In the second quarter our anchor occupancy increased over 96%. The most direct impact of this anchor leasing effort is filling pure vacancies by executing leases with the likes of Bed, Bath & Beyond and Bye Bye Baby, Ross Dress for Less, Dick’s Sporting Goods, TJX Companies, Petsmart, [Southern] Sporting Goods, and L.A. Fitness. These leasing relationships also help us to replace underperforming, or weak, [mid box] retailers with more viable credit-worthy operators. Another benefit of our relationships with strong national retailers is our ability to identify opportunities to either downsize anchors in place or [demise] vacant boxes to accommodate the increasing demand for space from larger-format non-anchor retailers in the 5,000-10,000 square foot range with deals at higher rates than their predecessors. Where historically these larger spaces may not have been available in traditional open-air shopping centers, our…

Thank you Michael. As usual, I’ll start by covering the balance sheet, then turn to our income for the quarter and conclude with our latest outlook. During the quarter we maintained a strong and flexible capital structure, even as we invested over $110 million in high-quality acquisitions and redevelopments. Through an overnight offering and an asset market equity program, we raised approximately $82 million in common equity. As a result, we ended the quarter with debt to trailing 12-month EBITDA of 7.2x. Pro forma for the acquisitions and dispositions over the last 12 months, debt to EBITDA was 6.6x. Our average term of debt is 5.3 years, and our debt maturities are staggered to minimize refinancing risk. At June 30, our interest coverage ratio on a trailing 12-month basis was a healthy 2.7x and our fixed charge coverage ratio was 1.8x. We anticipate both of these ratios will improve by year end as we generate income from our recent acquisitions and lease up while reducing interest expense and principal amortization. Our pool of unencumbered properties - that is, properties without secured mortgage financing - continues to grow. The four high-quality properties we acquired during the quarter are all unencumbered and have been added to the pool. We also paid off the mortgages on two Florida properties, the Crossroads and Coral Creek, totaling $19 million, and added these properties to the pool. As a result, our pool of unencumbered properties now exceeds $720 million. This is more than half our real estate assets. In addition to being larger, our unencumbered pool is increasingly diversified. Our new markets of St. Louis and Boulder are among the top five markets represented in the pool. Last week, we closed an amendment to our credit facility. The key features of the amendment included an increased…

[Operator instructions.] Our first question comes from Craig Schmidt of Bank of America. Please proceed with your question.

The comparable TI per square foot seemed to be much lower in the second quarter. I was wondering if this is just timing, or a trend. And I guess conversely, noncomparable TI seemed to be increasing.

I think it’s really a question of timing. If we look at the leasing activity in the quarter you see a preponderance of small shop, larger format activity as opposed to some of the bigger boxes that we may have done in previous quarters. And perhaps that trend will continue since the number of vacant boxes reduces in the portfolio. But I think it’s just a reflection of the type of leasing that we’re doing.

And the TIs, are they more generated toward the big boxes, or smaller tenants?

I think we need to take a look at the character of the retailers with whom we’re doing business. Nationals, and even in fact now regionals, as they become more sophisticated, require more TI as part of their deal. But they bring with them better quality revenue. They improve the character of the portfolio. So yes, it’s really the character of the national and regional retailers with whom we’re doing deals that require more TI.

Our next question comes from Todd Thomas of KeyBanc Capital Markets. Please proceed with your question. Todd Thomas – KeyBanc Capital Markets: Dennis, you talked about a sustainable 3.5% to 5.5% earnings growth rate going forward. I was just curious, as you’ve upgraded the quality of the portfolio, and the new acquisitions are integrated, what do you think the sustainable same-store NOI growth profile of the portfolio looks like today?

I think that now that we are consistently renewing leases in the 80% range and above, as well as signing the kinds of leases that we are with the national retailers, I think our new guidance in at least the 3% range is sustainable. Todd Thomas – KeyBanc Capital Markets: And then in terms of acquisitions, it sounded like there’s still more in the pipeline. Can you talk about what you’re seeing and whether or not that pipeline today is growing, and how much capacity you feel you have today to acquire properties?

I think there will be additional acquisitions in the balance of 2012, and that number will come in somewhere between $25 million and $40 million. Todd Thomas – KeyBanc Capital Markets: And then question for Michael. You talked about the companies, K-Mart and Fashion Bug exposure, but I was just wondering if you could talk about the six Supervalu leases and maybe give us your thoughts on what your expectation is and what’s happening at those six stores? And maybe you can give us a sense of sales and traffic?

I could tell you we’re watching the Supervalu thing very closely, and we’re really in detailed discussions with all six of our Supervalu flags. I can tell you that sales are strong at each one of them, and they vary from $450 to $750 a square foot depending upon the location. The three Jewel-Oscos are very solid. Jewel-Osco has excellent stores at our three Illinois shopping centers. All three of them have been renovated recently by them. The Basics/Metro in southern Maryland is probably one of the strongest ones we have. The Save-a-Lot in West Broward recently renewed. Great store. And then Sunflower at Olentagy, even though Supervalu pulled the plug on Sunflower they have some lease term there, and we’ve actually retenanted that box with a very strong ethnic regional operator who has been in the Columbus market for 20 years and all indications are he’s not going anywhere. So we’re watching the Supervalu thing closely, but all six of these stores are really strong performers.

Our next question comes from Nathan Isbee with Stifel Nicolaus. Please proceed with your question. Nathan Isbee – Stifel Nicolaus: If you can just comment, Greg, on why you tapped the ATM this quarter given the stock price and the large offering in May.

We actually tapped the ATM prior to doing the equity offering. We were, at the early part of the quarter, not 100% sure which acquisitions we were going to get to the finish line on, but we knew that we wanted to maintain a strong balance sheet regardless of what we did. It turned out we’re successful at acquiring all four properties, and that requires the need for more equity than we could have raised under the ATM. Nathan Isbee – Stifel Nicolaus: And then on the asset sales, how dilutive is that to 2012?

Ultimately, the sales that we’ve accomplished year to date are hardly dilutive at all, unfortunately for the simple reason that the centers were extremely challenged. Many of them lacked the anchor box and a number of had also lost some smaller tenants. And I think you see that really as reflective in the prices that we achieved for these assets, because they were sold on more of a cost per square foot than any type of cap rate that might have been attributed to income. So the actual drop has been minimal. Nathan Isbee – Stifel Nicolaus: And then just getting back to the guidance and the increase, $0.02, I’m just curious as you look at - you’ve done $0.52 through the first two quarters. What gets you to the bottom end of your guidance range?

I think what the bottom end is designed to do, Nate, is to give a little room in a very uncertain world. If the world hangs in there well, we should do better than that. But it gives us a little room there, and conversely at the higher end of the range, if everything fires on all cylinders and there are no issues, then we should gravitate toward that end. Nathan Isbee – Stifel Nicolaus: And then Michael, if you could just, on the noncomp leasing, what was the breakdown between small shop and box leasing in there?

The noncomp? We essentially had four large boxes in the noncomp. The rest were pretty much shops. So those four approximate it looks about 85,000-86,000 out of the 200,000 in noncomp.

Our next question comes from Vincent Chao with Deutsche Bank. Please proceed with your question. Vincent Chao – Deutsche Bank: Just a follow up on the noncomp leasing activity. I was just wondering, I know it changes on a quarterly basis, but as of today, what percentage, or how much in square footage, of the remaining vacancies, is sort of in the noncomp bucket?

I’m not sure I understand the question. The remaining vacancies in the noncomp bucket? Vincent Chao – Deutsche Bank: No, of your remaining vacancies, how much would be sort of in that noncomp category?

That is an outstanding question. Why don’t you let me do some homework and I’ll get back to you. How does that sound? Vincent Chao – Deutsche Bank: That sounds great. And if you would, just trying to understand the breakout between non-anchor and anchor within that bucket. It sounds like it’s probably mostly non-anchor at this point, just given the vacancies overall.

We have about 1.2 million total in the portfolio vacant. Small shop under 10,000 is 735,000 give or take, and the remainder is boxes of various sizes. But characterizing the actual vacancies as comp or noncomp will just take me a little time to do it.

And Vincent, so you know, part of that question will be hard to answer because our business is dynamic and boxes don’t just sit there and always remain the same size. So one of the things that we’re doing is either increasing the amount of space by combining smaller shops into a more medium size shop space to fulfill the demand that Michael talked about from so many of the retailers who are looking for 6,000-10,000 feet. We’re conversely taking a larger box and subdividing it to accommodate that. And so just in the process of doing that, it makes it hard to make those comparisons. Vincent Chao – Deutsche Bank: I understand. I’m just trying to get an order of magnitude kind of number. And I know you’re tracking it on a greater than 12 month basis at this point, but just wondering if you have the calculation for the new lease spread, inclusive of all new leases that were done in the quarter?

Actually we do not. Vincent Chao – Deutsche Bank: Okay. And just following up on the guidance increase for same-store NOI specifically, I think in the initial guidance the expectation was that the second half would pick up versus the first half. And I’m just wondering, it looks like the implied second half same-store NOI would be similar to the 3% that you’ve been doing so far in the first half. Just wondering if there’s something that’s changed there in the thinking, because I think the lease commencements were supposed to pick up in the back half, which would have driven the NOI a little bit higher.

I don’t think based on our guidance that we continue to view the back half as being ahead of where we’ve been in the first half. I mean, if you look at the first half we’re at just over 3%, and our guidance now for the full year is essentially right around 3% too. So I think that pretty much tells you what we’re looking at for the back half. Vincent Chao – Deutsche Bank: Understood, but I would have expected the commencements would have picked up in the back half regardless of how the first half performance was. But are you saying that some of that was maybe pulled forward a little bit?

That’s exactly right. Vincent Chao – Deutsche Bank: Perfect. And then just the last question on the pro forma debt to EBITDA I think you said was 6.6x for the acquisitions. Just wondering if you could just remind us, is that a level you’re comfortable with? Are you looking to drive that even lower? And I guess sort of in line with that question, obviously this recent deal was a bit overcapitalized in terms of equity to try to bring the overall debt number down. Just wanted to get a sense of, one, if you’re looking to drive it lower, and two, should we be thinking about acquisitions in the future on the same mix in terms of cap structure.

I would start by saying that it’s a level we’re very comfortable at. We don’t feel that our ability to raise capital is in any way constrained with debt to EBITDA of 6.6x on a pro forma basis. We also look at where the peers are, and I think that kind of ratio certainly puts us no worse than the middle of the peer group, and maybe even better than that. So it’s a level we’re comfortable with. If there’s an opportunity to drive it lower in a manner that allows us to perform consistent with our overall business plan going forward, we may avail ourselves of that opportunity. But we don’t feel compelled to have to drive it lower, because we have plenty of liquidity, capital availability, and well-staggered maturities.

Our next question comes from Michael Mueller with JPMorgan. Please proceed with your question. Michael Mueller – JPMorgan : A couple questions. Greg, I think you said the pro forma was 6.6x for the prior question, for debt to EBITDA. The 1.8 fixed charge coverage, is that a trailing number? Or is that a pro forma number?

The 1.8 for fixed charge coverage is a trailing. And again, that’s why I said we think we’ll get that number higher through a combination of more income and reduced interest expense, and to a small extent reduced principal payments as we pay down some of the mortgages that require principal amortization. Michael Mueller – JPMorgan : So if you get to year end, more on a pro forma basis, where is that after the acquisitions and everything that’s in place today? Is it 1.9? Is it 2? Or is it still kind of in the 1.8s?

I didn’t calculate it on a pro forma basis as of today. When I say drive it higher, I think where we’d like to go is to get that ratio to 2.0x. I think that may be achievable by year end. I’m not promising that we will absolutely get there, but directionally, that’s where we want to go with that. Michael Mueller – JPMorgan : And Dennis, I think you mentioned $25-40 million of acquisitions for the rest of the year. What are you thinking about on what it looks like for the disposition side?

Interestingly enough, we had been looking at making several dispositions with assets where, let’s say an anchor had a shorter term, etc. We are still committed to selling those assets, but interestingly enough, based on the timing and at least improving economic situations in the trade areas they are in, we’re working with those retailers now either to extend their term or we have replacements for them. So even though we will ultimately sell them, the timing of those dispositions has been moved out some so that we can strengthen the assets and thus get better pricing on them. Michael Mueller – JPMorgan : And does guidance reflect the acquisitions? Or is that separate from it?

The guidance that we gave includes the effect of the $25-40 million of acquisitions that Dennis referred to earlier. Michael Mueller – JPMorgan : Okay, and nothing on the disposition side though? Okay. And last question, Dennis, when you were talking about seeing 3.5% to 5.5% FFO growth annualized over the next few years, is that more of a core in place number? Just looking at the existing portfolio, same store NOI, levering it. Or in your mind, do you have new properties coming in the mix and maybe some offsetting dispositions?

I think it’s all of the above. But the primary driver of where we’re going is indeed our core portfolio and how well we’re doing in filling those boxes with tenants who will be there for the long term.

[Operator instructions.] We do have a question from Wayne Archambo of Monarch Partners. Please proceed with your question.

You know, Radio Shack is a retailer that’s been struggling. I know it’s not a big box, but the stock’s down 26% this morning. The stock’s been destroyed the last year. Do you have much exposure there? They’ve got 7,300 stores in the country. Do you know offhand how many stores you have exposure to there?

We have around 16. They average anywhere between 2,000 and 2,200 square feet. Our exposure in terms of annual base rent is just around four tenths of a percentage point. We keep a very close watch on Radio Shack. They are on our tenant watch list. I can say most of the stores - based on those who report sales - are pretty healthy, but we’re watching them closely.

Also, I might just add that about 5-6 of those are in joint ventures as opposed to in the wholly owned portfolio.

We have a follow up question from the line of Nathan Isbee of Stifel Nicolaus. Please proceed with your question. Nathan Isbee – Stifel Nicolaus: Just quickly, as you look at the box leases that you have signed, but not yet opened, how many of them are going to lag into 2013 before opening?

How many of the boxes that we’ve signed are going to lag? Excluding development, I think we have about two or three. I can get you the detail on that if you’d like, but I think it’s about two or three that are slated to open in ’13.

And we would add to that, Nate, that there are several in the pipeline that will be signed before the end of the year that will be ’13 openings as well.

We have a follow up question from the line of Vincent Chao of Deutsche Bank. Please proceed with your question. Vincent Chao – Deutsche Bank: Sorry if I missed this earlier, but just given the success you’ve had at Parkway, I’m just wondering how that’s shifted or changed your thoughts on Gateway Commons.

Well, it hasn’t changed any of our approach at Gateway Commons. We continue to make very solid progress in executing not only anchor leases but some of the larger format boxes of anywhere from 8,000-15,000 square feet. The key here is that we will not go to the board for approval of that project until, as I said in my remarks, we have achieved a significant critical mass. We have all of our costs. We can achieve a very nice return on incremental costs. However, taking the conservative posture that we have, we’re not prepared to announce that until such time as the board has approved it. And we’re not going to the board until we’re at least at the 70% lease mark, if not even higher.

[Operator instructions.] It appears there are no further questions at this time. I would like to turn the floor back over to management for any closing comments.