Sec Form 4 Filing - GERSHENSON RICHARD @ RAMCO GERSHENSON PROPERTIES TRUST - 2004-12-20

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GERSHENSON RICHARD 2. Issuer Name and Ticker or Trading Symbol RAMCO GERSHENSON PROPERTIES TRUST [ NYSE: RPT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Exec. VP and Secretary (Last) (First) (Middle) 31500 NORTHWESTERN HIGHWAY, SUITE 300 3. Date of Earliest Transaction (MM/DD/YY) 12/20/2004 (Street) FARMINGTON HILLS, MI48334 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common shares of beneficial interest 12/20/2004 M 24,000 A $ 16 31,200 D Common shares of beneficial interest 12/20/2004 M 25,000 A $ 16.375 56,200 D Common shares of beneficial interest 12/20/2004 M 25,000 A $ 14.0625 81,200 D Common shares of beneficial interest 12/20/2004 D 35,478 D $ 32.27 45,722 D Common shares of beneficial interest 600 I By trust ( 1 ) Common shares of beneficial interest 600 I By trust ( 1 ) Common shares of beneficial interest 600 I By trust ( 1 )

Table II - Derivative Securities Acq uired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock option (right to buy) $ 16 12/20/2004 M 24,000 ( 2 ) 05/10/2006 Common shares of beneficial interest 24,000 $ 0 0 D Stock option (right to buy) $ 16.375 12/20/2004 M 25,000 ( 3 ) 09/16/2008 Common shares of beneficial interest 25,000 $ 0 0 D Stock option (right to buy) $ 14.0625 12/20/2004 M 25,000 ( 4 ) 03/08/2010 Common shares of beneficial interest 25,000 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GERSHENSON RICHARD 31500 NORTHWESTERN HIGHWAY SUITE 300 FARMINGTON HILLS, MI48334 Exec. VP and Secretary Signatures Al Maximiuk, by power of attorney 01/10/2005 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents shares held by a trust for the benefit of a member of the reporting person's family. ( 2 )Exercisable in three equal annual installments beginning on May 10, 1997. ( 3 )Exercisable in three equal annual installments beginning on September 16, 1999. ( 4 )Exercisable in three equal annual installments beginning on March 8, 2001.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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