8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)   February 13, 2006  

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Ohio	1-11690	34-1723097
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3300 Enterprise Parkway, Beachwood, Ohio	44122
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (216) 755-5500

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On February 13, 2006, the Company issued a News Release containing financial results of the Company (the “News Release”) and a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the year ended December 31, 2005. A Copy of the News Release is attached hereto as exhibit 99.1 and a copy of the Quarterly Supplement is attached hereto as Exhibit 99.2. This information is being furnished under Item 7 (Regulation FD Disclosure) and under Item 2.02 (Results of Operations and Financial Condition), pursuant to SEC Release No. 33-8216.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Developers Diversified Realty Corporation
		(Registrant)
Date	February 13, 2006	/S/ William H. Schafer
		William H. Schafer
		Executive Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:

Contact:	Scott A. Wolstein	Michelle M. Dawson
	Chairman	Vice President of Investor Relations
	Chief Executive Officer	216-755-5455
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS AN 8.8% INCREASE IN FFO
PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2005

     CLEVELAND, OHIO, February 13, 2006 — Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that fourth quarter 2005 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.74 (diluted and basic) as compared to $0.69 (diluted) and $0.70 (basic) per share for the same period in the previous year, an increase of 7.2% diluted and 5.7% basic. FFO available to common shareholders was $81.7 million for the quarter ended December 31, 2005, as compared to $73.0 million for the fourth quarter of 2004, an increase of 11.9%. Net income available to common shareholders for the three month period ended December 31, 2005 decreased 52.6% to $35.1 million or $0.32 per share (diluted and basic) compared to fourth quarter 2004 net income of $74.1 million, or $0.71 per share (diluted) and $0.72 per share (basic). The decrease in net income for the quarter ended December 31, 2005 is primarily related to a decrease in gain on sales of real estate assets and discontinued operations, of $43 million of which $37 million is excluded from the computation of FFO.

     On a per share basis, FFO (diluted) was $3.21 and $2.95 for the years ended December 31, 2005 and 2004, respectively, an increase of 8.8%. FFO available to common shareholders for the year ended December 31, 2005 was $355.1 million compared to FFO available to common shareholders for the year ended December 31, 2004 of $292.3 million. Net income available to common shareholders for the twelve month period ended December 31, 2005 was $227.5 million, or $2.08 per share (diluted) and $2.10 (basic) in 2005, compared to net income available to common shareholders of $219.1 million, or $2.24 per share (diluted) and $2.27 (basic) for 2004.

     Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “I’m pleased to report this quarter’s earnings, which reflect outstanding tenant demand for space in our community center portfolio and strong portfolio fundamentals, as well as a strong balance sheet position, with significant cashflow liquidity and financial flexibility. Our year-end results reflect the growing strength of our asset class and successful execution of a focused and disciplined capital recycling strategy. We sold nearly $600 million in assets, which helped generate the capital needed to fund our development pipeline and expand our footprint into Puerto Rico and the Western U.S. through key portfolio acquisitions from Caribbean Property Group and Mervyns.”

     FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred dividends, (ii) gains (or losses) from sales of depreciable real estate property, except for those sold through the

Company’s merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items, (v) cumulative effect of changes in accounting standards and (vi) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

     Leasing activity continues to be strong throughout the portfolio. During the fourth quarter of 2005, the Company executed 101 new leases aggregating approximately 740,000 square feet and 182 renewals aggregating approximately 674,000 square feet. Rental rates on new leases increased by 29.2% to $14.35 per square foot and rental rates on renewals increased by 9.4% to $12.87 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 14.2% to $13.56 per square foot. At December 31, 2005, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $11.30.

     At December 31, 2005, the portfolio, including those properties owned through joint ventures, was 96.4% leased. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyns, the portfolio was also 96.4% leased, as compared to 95.4% at December 31, 2004. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of December 31, 2005, the portfolio was 95.3% occupied. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyns, the portfolio was 95.1% occupied, as compared to 94.6% at December 31, 2004.

     Same store Net Operating Income (“NOI”) relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2004, including those owned through joint ventures and excluding properties under redevelopment) increased approximately $8.5 million (or 2.2%) for the year ended December 31, 2005.

Strategic Real Estate Transactions:

Mervyns Stores

     In mid September 2005, the Company formed a joint venture (the “Mervyns Joint Venture”) with Macquarie DDR Trust (“MDT”), which acquired the underlying real estate of 36 operating Mervyns stores. The Mervyns Joint Venture is owned 50% by the Company and 50% by MDT. However, the assets, liabilities and operating results are consolidated within the DDR accounts in accordance with FIN 46. The Mervyns Joint Venture acquired one additional asset in the fourth quarter of 2005 for approximately $20.7 million and the final asset was acquired by the joint venture for approximately $11.0 million in January 2006.

Expansions:

     During the year ended December 31, 2005, the Company completed nine expansions and redevelopment projects located in Hoover, Alabama; Tallahassee, Florida; Suwanee, Georgia; Princeton, New Jersey; Hendersonville, North Carolina; Allentown, Pennsylvania; Erie, Pennsylvania; Bayamon, Puerto Rico and Johnson City, Tennessee at an aggregate cost of $41.6 million. The Company is currently expanding/redeveloping eight shopping centers located in Gadsden, Alabama; Ocala, Florida; Stockbridge, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Rome, New York; Mooresville, North Carolina and Bayamon, Puerto Rico at a projected incremental cost of approximately $38.5 million. The Company is also scheduled to commence construction on an additional expansion and redevelopment project at its shopping center located in Amherst, New York.

     During the year ended December 31, 2005, two of the Company’s joint ventures completed expansion/redevelopment projects at their shopping centers located in St. Petersburg, Florida and Merriam, Kansas at an aggregate cost of $9.3 million. Three of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California and Kansas City, Missouri at a projected incremental cost of approximately $57.4 million. Two of the Company’s joint ventures are also scheduled to commence additional expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois and Kirkland, Washington.

Development (Consolidated):

     During the year ended December 31, 2005, the Company substantially completed the construction of four shopping center projects located in Overland Park, Kansas; Lansing, Michigan; Freehold, New Jersey and Mt. Laurel, New Jersey. Many of these tenants are open and operating.

     The Company currently has eight shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Chesterfield, Michigan; Horseheads, New York; Apex, North Carolina (Beaver Creek Crossings — Phase I); Pittsburgh, Pennsylvania and San Antonio, Texas. These projects are scheduled for completion during 2006 through 2007 at a projected aggregate cost of approximately $428.6 million and will create an additional 4.1 million square feet of retail space. At December 31, 2005, approximately $178.3 million of costs were incurred in relation to these development projects.

     The Company anticipates commencing construction in early 2006 on four additional shopping centers located in Homestead, Florida; Norwood, Massachusetts; Seabrook, New Hampshire and McKinney, Texas.

Development (Joint Ventures):

     The Company has joint venture development agreements for four shopping center projects. These projects have an aggregate projected cost of approximately $119.3 million. These projects are located in Merriam, Kansas; Jefferson County (St. Louis), Missouri; Apex, North Carolina (Beaver Creek Crossings — Phase II, adjacent to a wholly-owned development project) and San Antonio, Texas. The projects located in Merriam, Kansas and San Antonio, Texas are being developed through the Coventry II program. The project located in San Antonio, Texas was substantially completed during 2005 and a portion of the project located in Jefferson County (St. Louis), Missouri has been substantially completed. The remaining projects are scheduled for completion during 2007. At December 31, 2005, approximately $60.7 million of costs were incurred in relation to these development projects.

Dispositions:

     In the fourth quarter of 2005, the Company sold three shopping center properties aggregating 0.1 million square feet for approximately $18.8 million and recognized a non-FFO gain of approximately $2.7 million.

     In December 2005, one of the Company’s joint ventures with Coventry Real Estate Partners sold a 0.3 million square foot shopping center in San Ysidro, California for approximately $42.5 million. The joint venture recognized an aggregate gain of approximately $9.1 million. In conjunction with this transaction, the Company recognized a contribution to FFO of $1.9 million, as the Company considers this sale part of its merchant build program due to the recent redevelopment of this former factory outlet center, which is reflected through its equity in earnings of joint ventures.

Financings:

     In October 2005, the Company issued $350 million of seven-year senior unsecured notes. The 5.375% notes are due on October 15, 2012 and were offered at 99.52% of par. The notes are redeemable prior to maturity at par value plus a make-whole premium. If the notes are redeemed within 90 days of the maturity date, no make-whole premium will be paid. The effective interest rate, after taking into account the treasury rate locks that were previously entered into by the Company, will adjust the seven-year rate to an effective rate of 5.1%. Proceeds from the offering were used for general corporate purposes, including repayment of floating rate debt on the Company’s revolving credit facilities.

     Developers Diversified Realty Corporation currently owns and manages approximately 500 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 113 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

     A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle M. Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http://www.ddr.com.

     Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2004.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

	Three Month Period						Year Ended
	Ended December 31,						December 31,
Revenues:	2005			2004			2005			2004
Minimum rents (A)	$	137,805		$	113,131		$	512,206		$	407,700
Percentage and overage rents (A)		5,417			2,916			10,299			7,572
Recoveries from tenants		43,227			33,749			158,076			116,975
Ancillary income		2,960			1,007			9,548			3,162
Other property related income		894			879			4,888			4,147
Management fee income		5,681			4,162			19,657			14,626
Development fees		1,289			587			3,202			2,311
Other (B)		1,174			931			9,300			13,081
		198,447			157,362			727,176			569,574
Expenses:
Operating and maintenance		28,402			20,812			98,549			64,742
Real estate taxes		23,284			20,441			85,592			73,601
General and administrative (C)		13,860			14,145			54,048			47,126
Depreciation and amortization		47,829			35,748			164,868			124,175
		113,375			91,146			403,057			309,644
Other income (expense):
Interest income		3,686			1,065			10,078			4,233
Interest expense		(50,845	)		(36,172	)		(182,279	)		(124,543	)
Other expense (D)		(7	)		(320	)		(2,532	)		(1,779	)
		(47,166	)		(35,427	)		(174,733	)		(122,089	)
Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries and franchise taxes, discontinued operations, gain on sales of real estate and cumulative effect of adoption of a new accounting standard		37,906			30,789			149,386			137,841
Equity in net income of joint ventures (E)		8,890			10,409			34,873			40,895
Minority equity interests (F)		(2,677	)		(1,727	)		(7,881	)		(5,064	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes		213			789			(342	)		(1,469	)
Income from continuing operations		44,332			40,260			176,036			172,203
Income from discontinued operations (G)		2,455			9,438			18,467			15,918
Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard		46,787			49,698			194,503			188,121
Gain on sales of real estate, net of tax		2,075			38,150			88,140			84,642
Income before cumulative effect of adoption of a new accounting standard		48,862			87,848			282,643			272,763
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			(3,001	)
Net income	$	48,862		$	87,848		$	282,643		$	269,762
Net income, applicable to common shareholders	$	35,070		$	74,055		$	227,474		$	219,056
Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	35,070		$	74,055		$	227,474		$	219,056
Depreciation and amortization of real estate investments		46,610			37,647			169,117			130,536
Equity in net income of joint ventures (E)		(8,890	)		(10,409	)		(34,873	)		(40,895	)
Joint ventures’ FFO (E)		11,864			11,824			49,302			46,209
Minority equity interests (OP Units) (F)		729			691			2,916			2,607
Gain on sales of depreciable real estate, net		(3,671	)		(40,778	)		(58,834	)		(68,179	)
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			3,001
FFO available to common shareholders		81,712			73,030			355,102			292,335
Preferred dividends		13,792			13,793			55,169			50,706
FFO	$	95,504		$	86,823		$	410,271		$	343,041
Per share data:
Earnings per common share
Basic	$	0.32		$	0.72		$	2.10		$	2.27
Diluted	$	0.32		$	0.71		$	2.08		$	2.24
Dividends Declared	$	0.54		$	0.51		$	2.16		$	1.94
Funds From Operations — Basic (I)	$	0.74		$	0.70		$	3.23		$	2.98
Funds From Operations — Diluted (I)	$	0.74		$	0.69		$	3.21		$	2.95
Basic — average shares outstanding (thousands) (I)		108,523			102,979			108,310			96,638
Diluted — average shares outstanding (thousands) (I)		109,168			105,264			109,142			99,024

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(A)

Increases in base and percentage rental revenues for the twelve month period ended December 31, 2005 as compared to 2004, aggregated $100.2 million consisting of $4.9 million related to leasing of core portfolio properties (an increase of 1.9% from 2004), $132.7 million from the acquisition of assets and $9.8 million related to developments and redevelopments. These amounts were offset by a decrease of $2.6 million related to the Company’s remaining seven business center properties and $44.6 million due to the sale of properties in 2004 and 2005 to joint ventures. Included in the rental revenues for the twelve month periods ended December 31, 2005 and 2004 is approximately $14.4 million and $7.4 million, respectively, of revenue resulting from the recognition of straight line rents.

(B)

Other income for the three and twelve month periods ended December 31, 2005 and 2004 was comprised of the following (in millions):

	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31
	2005		2004		2005		2004
Lease termination fees and bankruptcy settlements	$	0.8	$	0.7	$	5.9	$	9.8
Financing fees		0.1		—		2.4		3.0
Other miscellaneous		0.3		0.2		1.0		0.3
	$	1.2	$	0.9	$	9.3	$	13.1

(C)	General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the twelve month periods ended December 31, 2005 and 2004, general and administrative expenses were approximately 4.6% and 4.9%, respectively, of total revenues, including joint venture revenues, for each period.
(D)	Other expense is comprised of abandoned acquisition and development project costs and certain litigation costs. In 2005, the Company incurred certain litigation costs of $1.6 million.
(E)	The following is a summary of the Company’s share of the combined operating results relating to its joint ventures (in thousands):

	Three Month Period						Twelve Month Period
	Ended December 31,						Ended December 31,
	2005			2004			2005			2004
Revenues from operations (a)	$	112,467		$	93,553		$	428,587		$	324,497
Operating expense		42,234			32,419			152,664			111,313
Depreciation and amortization of real estate investments		21,815			26,303			84,737			64,079
Interest expense		31,091			22,720			117,058			76,994
		95,140			81,442			354,459			252,386
Income from operations before gain on sales of real estate and discontinued operations		17,327			12,111			74,128			72,111
Gain (loss) on sales of real estate		60			(38	)		858			4,787
(Loss) income from discontinued operations, net of tax		(905	)		1,379			(1,382	)		2,269
Gain on sales of discontinued operations, net of tax		13,527			14,727			48,982			39,612
Net income	$	30,009		$	28,179		$	122,586		$	118,779
DDR Ownership interests (b)	$	8,775		$	10,667		$	36,828		$	42,150
Funds From Operations from joint ventures are summarized as follows:
Net income	$	30,009		$	28,179		$	122,586		$	118,779
Gain on sales of real estate, including discontinued operations		(6,287	)		(13,577	)		(19,014	)		(37,866	)
Depreciation and amortization of real estate investments		22,029			27,891			87,508			68,456
	$	45,751		$	42,493		$	191,080		$	149,369
DDRC Ownership interests (b)	$	11,864		$	11,824		$	49,302		$	46,209
DDRC Partnership distributions received, net (c)	$	12,927		$	15,585		$	126,647		$	77,505

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(a)	Revenues for the three month periods ended December 31, 2005 and 2004 included approximately $1.1 million and $2.0 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.1 million and $0.4 million, respectively. Revenues for the twelve month periods ended December 31, 2005 and 2004 included approximately $6.6 million and $6.5 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.1 and $1.4 million, respectively.
(b)	Included in the Company’s equity in net income and FFO from joint ventures for the twelve months ended December 31, 2004, is approximately $3.2 million of gain related to the sale of a joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved.
	The Company’s share of joint venture net income has been reduced by $0.3 million for the three month period ended December 31, 2004, and by $2.1 million and $1.3 million for the twelve month periods ended December 31, 2005 and 2004, respectively, to reflect additional basis depreciation and adjustments to gain on sales.
	At December 31, 2005 and 2004, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 110 and 103 shopping center properties, respectively. In addition, at December 31, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 53 and 63 shopping center sites formerly owned by Service Merchandise, respectively.
(c)	Distributions include funds received from asset sales and refinancings in addition to ongoing operating distributions.

(F) Minority equity interests are comprised of the following (in thousands):

	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2005		2004		2005		2004
Minority interests	$	1,948	$	1,036	$	4,965	$	2,457
Operating partnership units		729		691		2,916		2,607
	$	2,677	$	1,727	$	7,881	$	5,064

(G) The operating results relating to assets classified as discontinued operations are summarized as follows (in thousands):

	Three Month Period						Twelve Month Period
	Ended December 31,						Ended December 31,
	2005			2004			2005		2004
Revenues	$	249		$	8,185		$	21,395	$	35,672
Expenses:
Operating		392			3,165			9,139		13,402
Impairment charge		—			—			642		586
Interest, net		39			1,384			3,914		5,902
Depreciation		51			2,147			5,833		8,472
Minority interests		3			(7	)		67		(47	)
Total expenses		485			6,689			19,595		28,315
(Loss) income before gain on sales of real estate		(236	)		1,496			1,800		7,357
Gain on sales of real estate (1)		2,691			7,942			16,667		8,561
Net income	$	2,455		$	9,438		$	18,467	$	15,918

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(1) During 2005, the Company’s gain on sales of real estate was reduced by $1.9 million relating to debt prepayment costs incurred as a result of the sales transaction. This debt prepayment has been accounted for as a cost of sale and neither the gross gain on sale nor the related costs of the sale have been included in FFO.

(H)

The Company recorded a charge of $3.0 million in 2004 as a cumulative effect of adoption of a new accounting standard (FIN 46) attributable to the consolidation of the shopping center in Martinsville, Virginia. This amount represents the minority partner’s share of cumulative losses in the partnership.

(I)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million Operating Partnership Units (OP Units) outstanding at December 31, 2005 and 2004 into 1.3 million and 1.4 million common shares of the Company for the three month periods ended December 31, 2005 and 2004, respectively, and 1.3 million for each of the twelve month periods ended December 31, 2005 and 2004, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 110.8 million and 105.4 million for the three month periods ended December 31, 2005 and 2004, respectively, and 110.7 million and 99.1 million for the twelve month periods ended December 31, 2005 and 2004, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

	December 31, 2005 (1)			December 31, 2004
Assets:
Real estate and rental property:
Land	$	1,721,321		$	1,238,242
Buildings		4,806,373			3,998,972
Fixtures and tenant improvements		152,958			120,350
Construction in progress		348,685			245,860
		7,029,337			5,603,424
Less accumulated depreciation		(692,823	)		(568,231	)
Real estate, net		6,336,514			5,035,193
Cash		30,655			49,871
Advances to and investments in joint ventures		275,136	(2)		288,020
Notes receivable		24,996			17,823
Receivables, including straight line rent, net		112,464			84,843
Other assets, net		83,212			107,797
	$	6,862,977		$	5,583,547
Liabilities:
Indebtedness:
Revolving credit facilities	$	150,000		$	60,000
Variable rate unsecured term debt		200,000			350,000
Unsecured debt		1,966,268			1,220,143
Mortgage and other secured debt		1,574,733			1,088,547
		3,891,001			2,718,690
Dividends payable		65,799			62,089
Other liabilities		204,447			192,514
		4,161,247			2,973,293
Minority interests		131,449			55,935
Shareholders’ equity		2,570,281			2,554,319
	$	6,862,977		$	5,583,547

(1)	Amounts include the consolidation of the Mervyns, 50% owned joint venture, formed in September 2005, which includes $394.7 million of real estate assets, $258.5 million of mortgage debt and $75.1 million of minority interests.
(2)	Includes $91.6 million of advances to the Service Merchandise Joint Venture funded in the second quarter of 2005.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

Combined condensed balance sheets relating to the Company’s joint ventures are as follows:

	December 31, 2005			December 31, 2004
Land	$	894,477		$	798,852
Buildings		2,480,025			2,298,424
Fixtures and tenant improvements		58,060			42,922
Construction in progress		37,550			25,151
		3,470,112			3,165,349
Accumulated depreciation		(195,708	)		(143,170	)
Real estate, net		3,274,404			3,022,179
Receivables, including straight line rent, net		76,744			68,596
Leasehold interests		23,297			26,727
Other assets		109,490			96,264
	$	3,483,935		$	3,213,766
Mortgage debt (a)	$	2,173,401		$	1,803,420
Notes and accrued interest payable to DDR		108,020			20,616
Amounts payable to other partners		—			46,161
Other liabilities		78,406			75,979
		2,359,827			1,946,176
Accumulated equity		1,124,108			1,267,590
	$	3,483,935		$	3,213,766

(a) The Company’s proportionate share of joint venture debt aggregated approximately $510.5 million and $420.8 million at December 31, 2005 and December 31, 2004, respectively.

EX-99.2

Exhibit 99.2

Quarterly Financial Supplement

For the twelve months ended
December 31, 2005

Investor Relations Department

3300 Enterprise Parkway • Beachwood, Ohio 44122
(216) 755-5500 • (216) 755-1500 (fax)
www.ddr.com

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

     Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2004.

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

TABLE OF CONTENTS

Section	Tab
Earnings Release & Financial Statements		1.0
Financial Summary		2.0
• Financial Highlights		2.1
• Market Capitalization and Financial Ratios		2.2
• Market Capitalization Summary		2.3
• Significant Accounting Policies		2.4
• Reconciliation of Supplemental Non-GAAP Financial Measures		2.5
(Same Store NOI, FFO and Summary of Consolidated and JV Transactional Income)
Consolidated and Wholly Owned Financial Operations		3.0
• Summary of Capital Transactions		3.1
• Acquisitions, Dispositions, Expansions and Developments		3.2
• Summary of Consolidated Debt		3.3
• Summary of Consolidated Mortgage Principal Payments and Corporate Debt Maturities		3.4
Joint Venture Summaries		4.0
• Joint Venture Financials		4.1
• Joint Venture Partnership Summaries		4.2
Joint Venture Financial Operations		5.0
• Summary of Capital Transactions		5.1
• Acquisitions, Dispositions, Expansions and Developments		5.2
• Summary of Joint Venture Debt		5.3
• Summary of Pro Rata Joint Venture Debt		5.4
• Summary of Joint Venture Mortgage Principal Payments		5.5
Portfolio Statistics		6.0
Appendix		7.0
• Property Listing		7.1
• Investor Information		7.2

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:

Contact:	Scott A. Wolstein	Michelle M. Dawson
	Chairman	Vice President of Investor Relations
	Chief Executive Officer	216-755-5455
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS AN 8.8% INCREASE IN FFO
PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2005

     CLEVELAND, OHIO, February 13, 2006 — Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that fourth quarter 2005 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.74 (diluted and basic) as compared to $0.69 (diluted) and $0.70 (basic) per share for the same period in the previous year, an increase of 7.2% diluted and 5.7% basic. FFO available to common shareholders was $81.7 million for the quarter ended December 31, 2005, as compared to $73.0 million for the fourth quarter of 2004, an increase of 11.9%. Net income available to common shareholders for the three month period ended December 31, 2005 decreased 52.6% to $35.1 million or $0.32 per share (diluted and basic) compared to fourth quarter 2004 net income of $74.1 million, or $0.71 per share (diluted) and $0.72 per share (basic). The decrease in net income for the quarter ended December 31, 2005 is primarily related to a decrease in gain on sales of real estate assets and discontinued operations, of $43 million of which $37 million is excluded from the computation of FFO.

     On a per share basis, FFO (diluted) was $3.21 and $2.95 for the years ended December 31, 2005 and 2004, respectively, an increase of 8.8%. FFO available to common shareholders for the year ended December 31, 2005 was $355.1 million compared to FFO available to common shareholders for the year ended December 31, 2004 of $292.3 million. Net income available to common shareholders for the twelve month period ended December 31, 2005 was $227.5 million, or $2.08 per share (diluted) and $2.10 (basic) in 2005, compared to net income available to common shareholders of $219.1 million, or $2.24 per share (diluted) and $2.27 (basic) for 2004.

     Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “I’m pleased to report this quarter’s earnings, which reflect outstanding tenant demand for space in our community center portfolio and strong portfolio fundamentals, as well as a strong balance sheet position, with significant cashflow liquidity and financial flexibility. Our year-end results reflect the growing strength of our asset class and successful execution of a focused and disciplined capital recycling strategy. We sold nearly $600 million in assets, which helped generate the capital needed to fund our development pipeline and expand our footprint into Puerto Rico and the Western U.S. through key portfolio acquisitions from Caribbean Property Group and Mervyns.”

     FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred dividends, (ii) gains (or losses) from sales of depreciable real estate property, except for those sold through the

Company’s merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items, (v) cumulative effect of changes in accounting standards and (vi) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

     Leasing activity continues to be strong throughout the portfolio. During the fourth quarter of 2005, the Company executed 101 new leases aggregating approximately 740,000 square feet and 182 renewals aggregating approximately 674,000 square feet. Rental rates on new leases increased by 29.2% to $14.35 per square foot and rental rates on renewals increased by 9.4% to $12.87 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 14.2% to $13.56 per square foot. At December 31, 2005, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $11.30.

     At December 31, 2005, the portfolio, including those properties owned through joint ventures, was 96.4% leased. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyns, the portfolio was also 96.4% leased, as compared to 95.4% at December 31, 2004. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of December 31, 2005, the portfolio was 95.3% occupied. Excluding the impact of the properties acquired from Benderson Development, Caribbean Property Group and Mervyns, the portfolio was 95.1% occupied, as compared to 94.6% at December 31, 2004.

     Same store Net Operating Income (“NOI”) relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2004, including those owned through joint ventures and excluding properties under redevelopment) increased approximately $8.5 million (or 2.2%) for the year ended December 31, 2005.

Strategic Real Estate Transactions:

Mervyns Stores

     In mid September 2005, the Company formed a joint venture (the “Mervyns Joint Venture”) with Macquarie DDR Trust (“MDT”), which acquired the underlying real estate of 36 operating Mervyns stores. The Mervyns Joint Venture is owned 50% by the Company and 50% by MDT. However, the assets, liabilities and operating results are consolidated within the DDR accounts in accordance with FIN 46. The Mervyns Joint Venture acquired one additional asset in the fourth quarter of 2005 for approximately $20.7 million and the final asset was acquired by the joint venture for approximately $11.0 million in January 2006.

Expansions:

     During the year ended December 31, 2005, the Company completed nine expansions and redevelopment projects located in Hoover, Alabama; Tallahassee, Florida; Suwanee, Georgia; Princeton, New Jersey; Hendersonville, North Carolina; Allentown, Pennsylvania; Erie, Pennsylvania; Bayamon, Puerto Rico and Johnson City, Tennessee at an aggregate cost of $41.6 million. The Company is currently expanding/redeveloping eight shopping centers located in Gadsden, Alabama; Ocala, Florida; Stockbridge, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Rome, New York; Mooresville, North Carolina and Bayamon, Puerto Rico at a projected incremental cost of approximately $38.5 million. The Company is also scheduled to commence construction on an additional expansion and redevelopment project at its shopping center located in Amherst, New York.

     During the year ended December 31, 2005, two of the Company’s joint ventures completed expansion/redevelopment projects at their shopping centers located in St. Petersburg, Florida and Merriam, Kansas at an aggregate cost of $9.3 million. Three of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California and Kansas City, Missouri at a projected incremental cost of approximately $57.4 million. Two of the Company’s joint ventures are also scheduled to commence additional expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois and Kirkland, Washington.

Development (Consolidated):

     During the year ended December 31, 2005, the Company substantially completed the construction of four shopping center projects located in Overland Park, Kansas; Lansing, Michigan; Freehold, New Jersey and Mt. Laurel, New Jersey. Many of these tenants are open and operating.

     The Company currently has eight shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Chesterfield, Michigan; Horseheads, New York; Apex, North Carolina (Beaver Creek Crossings — Phase I); Pittsburgh, Pennsylvania and San Antonio, Texas. These projects are scheduled for completion during 2006 through 2007 at a projected aggregate cost of approximately $428.6 million and will create an additional 4.1 million square feet of retail space. At December 31, 2005, approximately $178.3 million of costs were incurred in relation to these development projects.

     The Company anticipates commencing construction in early 2006 on four additional shopping centers located in Homestead, Florida; Norwood, Massachusetts; Seabrook, New Hampshire and McKinney, Texas.

Development (Joint Ventures):

     The Company has joint venture development agreements for four shopping center projects. These projects have an aggregate projected cost of approximately $119.3 million. These projects are located in Merriam, Kansas; Jefferson County (St. Louis), Missouri; Apex, North Carolina (Beaver Creek Crossings — Phase II, adjacent to a wholly-owned development project) and San Antonio, Texas. The projects located in Merriam, Kansas and San Antonio, Texas are being developed through the Coventry II program. The project located in San Antonio, Texas was substantially completed during 2005 and a portion of the project located in Jefferson County (St. Louis), Missouri has been substantially completed. The remaining projects are scheduled for completion during 2007. At December 31, 2005, approximately $60.7 million of costs were incurred in relation to these development projects.

Dispositions:

     In the fourth quarter of 2005, the Company sold three shopping center properties aggregating 0.1 million square feet for approximately $18.8 million and recognized a non-FFO gain of approximately $2.7 million.

     In December 2005, one of the Company’s joint ventures with Coventry Real Estate Partners sold a 0.3 million square foot shopping center in San Ysidro, California for approximately $42.5 million. The joint venture recognized an aggregate gain of approximately $9.1 million. In conjunction with this transaction, the Company recognized a contribution to FFO of $1.9 million, as the Company considers this sale part of its merchant build program due to the recent redevelopment of this former factory outlet center, which is reflected through its equity in earnings of joint ventures.

Financings:

     In October 2005, the Company issued $350 million of seven-year senior unsecured notes. The 5.375% notes are due on October 15, 2012 and were offered at 99.52% of par. The notes are redeemable prior to maturity at par value plus a make-whole premium. If the notes are redeemed within 90 days of the maturity date, no make-whole premium will be paid. The effective interest rate, after taking into account the treasury rate locks that were previously entered into by the Company, will adjust the seven-year rate to an effective rate of 5.1%. Proceeds from the offering were used for general corporate purposes, including repayment of floating rate debt on the Company’s revolving credit facilities.

     Developers Diversified Realty Corporation currently owns and manages approximately 500 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 113 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

     A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle M. Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http://www.ddr.com.

     Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2004.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

	Three Month Period						Year Ended
	Ended December 31,						December 31,
Revenues:	2005			2004			2005			2004
Minimum rents (A)	$	137,805		$	113,131		$	512,206		$	407,700
Percentage and overage rents (A)		5,417			2,916			10,299			7,572
Recoveries from tenants		43,227			33,749			158,076			116,975
Ancillary income		2,960			1,007			9,548			3,162
Other property related income		894			879			4,888			4,147
Management fee income		5,681			4,162			19,657			14,626
Development fees		1,289			587			3,202			2,311
Other (B)		1,174			931			9,300			13,081
		198,447			157,362			727,176			569,574
Expenses:
Operating and maintenance		28,402			20,812			98,549			64,742
Real estate taxes		23,284			20,441			85,592			73,601
General and administrative (C)		13,860			14,145			54,048			47,126
Depreciation and amortization		47,829			35,748			164,868			124,175
		113,375			91,146			403,057			309,644
Other income (expense):
Interest income		3,686			1,065			10,078			4,233
Interest expense		(50,845	)		(36,172	)		(182,279	)		(124,543	)
Other expense (D)		(7	)		(320	)		(2,532	)		(1,779	)
		(47,166	)		(35,427	)		(174,733	)		(122,089	)
Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries and franchise taxes, discontinued operations, gain on sales of real estate and cumulative effect of adoption of a new accounting standard		37,906			30,789			149,386			137,841
Equity in net income of joint ventures (E)		8,890			10,409			34,873			40,895
Minority equity interests (F)		(2,677	)		(1,727	)		(7,881	)		(5,064	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes		213			789			(342	)		(1,469	)
Income from continuing operations		44,332			40,260			176,036			172,203
Income from discontinued operations (G)		2,455			9,438			18,467			15,918
Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard		46,787			49,698			194,503			188,121
Gain on sales of real estate, net of tax		2,075			38,150			88,140			84,642
Income before cumulative effect of adoption of a new accounting standard		48,862			87,848			282,643			272,763
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			(3,001	)
Net income	$	48,862		$	87,848		$	282,643		$	269,762
Net income, applicable to common shareholders	$	35,070		$	74,055		$	227,474		$	219,056
Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	35,070		$	74,055		$	227,474		$	219,056
Depreciation and amortization of real estate investments		46,610			37,647			169,117			130,536
Equity in net income of joint ventures (E)		(8,890	)		(10,409	)		(34,873	)		(40,895	)
Joint ventures’ FFO (E)		11,864			11,824			49,302			46,209
Minority equity interests (OP Units) (F)		729			691			2,916			2,607
Gain on sales of depreciable real estate, net		(3,671	)		(40,778	)		(58,834	)		(68,179	)
Cumulative effect of adoption of a new accounting standard (H)		—			—			—			3,001
FFO available to common shareholders		81,712			73,030			355,102			292,335
Preferred dividends		13,792			13,793			55,169			50,706
FFO	$	95,504		$	86,823		$	410,271		$	343,041
Per share data:
Earnings per common share
Basic	$	0.32		$	0.72		$	2.10		$	2.27
Diluted	$	0.32		$	0.71		$	2.08		$	2.24
Dividends Declared	$	0.54		$	0.51		$	2.16		$	1.94
Funds From Operations — Basic (I)	$	0.74		$	0.70		$	3.23		$	2.98
Funds From Operations — Diluted (I)	$	0.74		$	0.69		$	3.21		$	2.95
Basic — average shares outstanding (thousands) (I)		108,523			102,979			108,310			96,638
Diluted — average shares outstanding (thousands) (I)		109,168			105,264			109,142			99,024

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(A)

Increases in base and percentage rental revenues for the twelve month period ended December 31, 2005 as compared to 2004, aggregated $100.2 million consisting of $4.9 million related to leasing of core portfolio properties (an increase of 1.9% from 2004), $132.7 million from the acquisition of assets and $9.8 million related to developments and redevelopments. These amounts were offset by a decrease of $2.6 million related to the Company’s remaining seven business center properties and $44.6 million due to the sale of properties in 2004 and 2005 to joint ventures. Included in the rental revenues for the twelve month periods ended December 31, 2005 and 2004 is approximately $14.4 million and $7.4 million, respectively, of revenue resulting from the recognition of straight line rents.

(B)

Other income for the three and twelve month periods ended December 31, 2005 and 2004 was comprised of the following (in millions):

	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31
	2005		2004		2005		2004
Lease termination fees and bankruptcy settlements	$	0.8	$	0.7	$	5.9	$	9.8
Financing fees		0.1		—		2.4		3.0
Other miscellaneous		0.3		0.2		1.0		0.3
	$	1.2	$	0.9	$	9.3	$	13.1

(C)	General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the twelve month periods ended December 31, 2005 and 2004, general and administrative expenses were approximately 4.6% and 4.9%, respectively, of total revenues, including joint venture revenues, for each period.
(D)	Other expense is comprised of abandoned acquisition and development project costs and certain litigation costs. In 2005, the Company incurred certain litigation costs of $1.6 million.
(E)	The following is a summary of the Company’s share of the combined operating results relating to its joint ventures (in thousands):

	Three Month Period						Twelve Month Period
	Ended December 31,						Ended December 31,
	2005			2004			2005			2004
Revenues from operations (a)	$	112,467		$	93,553		$	428,587		$	324,497
Operating expense		42,234			32,419			152,664			111,313
Depreciation and amortization of real estate investments		21,815			26,303			84,737			64,079
Interest expense		31,091			22,720			117,058			76,994
		95,140			81,442			354,459			252,386
Income from operations before gain on sales of real estate and discontinued operations		17,327			12,111			74,128			72,111
Gain (loss) on sales of real estate		60			(38	)		858			4,787
(Loss) income from discontinued operations, net of tax		(905	)		1,379			(1,382	)		2,269
Gain on sales of discontinued operations, net of tax		13,527			14,727			48,982			39,612
Net income	$	30,009		$	28,179		$	122,586		$	118,779
DDR Ownership interests (b)	$	8,775		$	10,667		$	36,828		$	42,150
Funds From Operations from joint ventures are summarized as follows:
Net income	$	30,009		$	28,179		$	122,586		$	118,779
Gain on sales of real estate, including discontinued operations		(6,287	)		(13,577	)		(19,014	)		(37,866	)
Depreciation and amortization of real estate investments		22,029			27,891			87,508			68,456
	$	45,751		$	42,493		$	191,080		$	149,369
DDRC Ownership interests (b)	$	11,864		$	11,824		$	49,302		$	46,209
DDRC Partnership distributions received, net (c)	$	12,927		$	15,585		$	126,647		$	77,505

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(a)	Revenues for the three month periods ended December 31, 2005 and 2004 included approximately $1.1 million and $2.0 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.1 million and $0.4 million, respectively. Revenues for the twelve month periods ended December 31, 2005 and 2004 included approximately $6.6 million and $6.5 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.1 and $1.4 million, respectively.
(b)	Included in the Company’s equity in net income and FFO from joint ventures for the twelve months ended December 31, 2004, is approximately $3.2 million of gain related to the sale of a joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved.
	The Company’s share of joint venture net income has been reduced by $0.3 million for the three month period ended December 31, 2004, and by $2.1 million and $1.3 million for the twelve month periods ended December 31, 2005 and 2004, respectively, to reflect additional basis depreciation and adjustments to gain on sales.
	At December 31, 2005 and 2004, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 110 and 103 shopping center properties, respectively. In addition, at December 31, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 53 and 63 shopping center sites formerly owned by Service Merchandise, respectively.
(c)	Distributions include funds received from asset sales and refinancings in addition to ongoing operating distributions.

(F) Minority equity interests are comprised of the following (in thousands):

	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2005		2004		2005		2004
Minority interests	$	1,948	$	1,036	$	4,965	$	2,457
Operating partnership units		729		691		2,916		2,607
	$	2,677	$	1,727	$	7,881	$	5,064

(G) The operating results relating to assets classified as discontinued operations are summarized as follows (in thousands):

	Three Month Period						Twelve Month Period
	Ended December 31,						Ended December 31,
	2005			2004			2005		2004
Revenues	$	249		$	8,185		$	21,395	$	35,672
Expenses:
Operating		392			3,165			9,139		13,402
Impairment charge		—			—			642		586
Interest, net		39			1,384			3,914		5,902
Depreciation		51			2,147			5,833		8,472
Minority interests		3			(7	)		67		(47	)
Total expenses		485			6,689			19,595		28,315
(Loss) income before gain on sales of real estate		(236	)		1,496			1,800		7,357
Gain on sales of real estate (1)		2,691			7,942			16,667		8,561
Net income	$	2,455		$	9,438		$	18,467	$	15,918

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)

(1) During 2005, the Company’s gain on sales of real estate was reduced by $1.9 million relating to debt prepayment costs incurred as a result of the sales transaction. This debt prepayment has been accounted for as a cost of sale and neither the gross gain on sale nor the related costs of the sale have been included in FFO.

(H)

The Company recorded a charge of $3.0 million in 2004 as a cumulative effect of adoption of a new accounting standard (FIN 46) attributable to the consolidation of the shopping center in Martinsville, Virginia. This amount represents the minority partner’s share of cumulative losses in the partnership.

(I)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million Operating Partnership Units (OP Units) outstanding at December 31, 2005 and 2004 into 1.3 million and 1.4 million common shares of the Company for the three month periods ended December 31, 2005 and 2004, respectively, and 1.3 million for each of the twelve month periods ended December 31, 2005 and 2004, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 110.8 million and 105.4 million for the three month periods ended December 31, 2005 and 2004, respectively, and 110.7 million and 99.1 million for the twelve month periods ended December 31, 2005 and 2004, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:

	December 31, 2005 (1)			December 31, 2004
Assets:
Real estate and rental property:
Land	$	1,721,321		$	1,238,242
Buildings		4,806,373			3,998,972
Fixtures and tenant improvements		152,958			120,350
Construction in progress		348,685			245,860
		7,029,337			5,603,424
Less accumulated depreciation		(692,823	)		(568,231	)
Real estate, net		6,336,514			5,035,193
Cash		30,655			49,871
Advances to and investments in joint ventures		275,136	(2)		288,020
Notes receivable		24,996			17,823
Receivables, including straight line rent, net		112,464			84,843
Other assets, net		83,212			107,797
	$	6,862,977		$	5,583,547
Liabilities:
Indebtedness:
Revolving credit facilities	$	150,000		$	60,000
Variable rate unsecured term debt		200,000			350,000
Unsecured debt		1,966,268			1,220,143
Mortgage and other secured debt		1,574,733			1,088,547
		3,891,001			2,718,690
Dividends payable		65,799			62,089
Other liabilities		204,447			192,514
		4,161,247			2,973,293
Minority interests		131,449			55,935
Shareholders’ equity		2,570,281			2,554,319
	$	6,862,977		$	5,583,547

(1)	Amounts include the consolidation of the Mervyns, 50% owned joint venture, formed in September 2005, which includes $394.7 million of real estate assets, $258.5 million of mortgage debt and $75.1 million of minority interests.
(2)	Includes $91.6 million of advances to the Service Merchandise Joint Venture funded in the second quarter of 2005.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

Combined condensed balance sheets relating to the Company’s joint ventures are as follows:

	December 31, 2005			December 31, 2004
Land	$	894,477		$	798,852
Buildings		2,480,025			2,298,424
Fixtures and tenant improvements		58,060			42,922
Construction in progress		37,550			25,151
		3,470,112			3,165,349
Accumulated depreciation		(195,708	)		(143,170	)
Real estate, net		3,274,404			3,022,179
Receivables, including straight line rent, net		76,744			68,596
Leasehold interests		23,297			26,727
Other assets		109,490			96,264
	$	3,483,935		$	3,213,766
Mortgage debt (a)	$	2,173,401		$	1,803,420
Notes and accrued interest payable to DDR		108,020			20,616
Amounts payable to other partners		—			46,161
Other liabilities		78,406			75,979
		2,359,827			1,946,176
Accumulated equity		1,124,108			1,267,590
	$	3,483,935		$	3,213,766

(a) The Company’s proportionate share of joint venture debt aggregated approximately $510.5 million and $420.8 million at December 31, 2005 and December 31, 2004, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2005

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)

		Year Ended December 31
		2005				2004				2003				2002				2001
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders		$	227,474			$	219,056			$	189,056	(7)		$	69,368	(7)		$	65,111
Depreciation and Amortization of Real Estate Investments		$	169,117			$	130,537			$	93,173			$	76,462			$	63,200
Equity in Net Income From Joint Ventures	(	$	34,873	)	(	$	40,896	)	(	$	52,917	)	(	$	32,769	)	(	$	17,010	)
Equity in Net Income From Minority Equity Investment		$	0			$	0			$	0			$	0		(	$	1,550	)
Joint Venture Funds From Operations		$	49,302			$	46,209			$	47,942			$	44,473			$	31,546
Minority Equity Investment Funds From Operations		$	0			$	0			$	0			$	0			$	6,448
Operating Partnership Minority Interest Expense		$	2,916			$	2,607			$	1,770			$	1,450			$	1,531
Cumulative Effect & Extraordinary Charges		$	0			$	3,001			$	0			$	0			$	0
Gain on Sales of Real Estate	(	$	58,834	)	(	$	68,179	)	(	$	67,352	)	(	$	4,276	)	(	$	16,688	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS		$	355,102			$	292,335			$	211,672			$	154,709			$	132,587
PREFERRED DIVIDENDS		$	55,169			$	50,706			$	51,204	(7)		$	32,602	(7)		$	27,262
FUNDS FROM OPERATIONS		$	410,271			$	343,041			$	262,877			$	187,311			$	159,849
PER SHARE INFORMATION:
Funds From Operations — Diluted		$	3.21			$	2.95			$	2.51			$	2.35			$	2.33
Net Income — Diluted		$	2.08			$	2.24			$	2.27			$	1.07			$	1.17
Cash Dividends		$	2.16			$	1.94			$	1.69			$	1.52			$	1.48
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO			110,700				99,147				84,319				65,910				56,957
TOTAL MARKET CAPITALIZATION (1)		$	9,781,900			$	8,276,943			$	5,551,748			$	3,460,243			$	2,982,461
DEBT TO TOTAL MARKET CAPITALIZATION (1)			39.77	%			32.82	%			37.42	%			43.10	%			43.87	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.			52.86	%			45.58	%			48.68	%			48.26	%			47.18	%
DIVIDEND PAYOUT RATIO (1)			66.98	%			67.28	%			66.03	%			62.73	%			63.90	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)			4.55	%			4.94	%			5.35	%			4.80	%			4.25	%
GENERAL AND ADMINISTRATIVE EXPENSES		$	54,048			$	47,126			$	40,820			$	29,392			$	24,175
REVENUES:
DDR Revenues		$	748,571			$	605,246			$	478,696			$	360,778			$	324,148
Joint Venture Revenues		$	438,103			$	348,740			$	284,158			$	251,905			$	244,663
TOTAL REVENUES (3)		$	1,186,675			$	953,987			$	762,853			$	612,683			$	568,811
NET OPERATING INCOME:
DDR Net Operating Income		$	555,291			$	453,501			$	356,348			$	272,764			$	248,838
Joint Venture Net Operating Income		$	280,617			$	228,358			$	184,927			$	167,573			$	166,545
TOTAL NET OPERATING INCOME (4)		$	835,907			$	681,859			$	541,274			$	440,337			$	415,383
REAL ESTATE AT COST:
DDR Real Estate at Cost		$	7,029,337			$	5,603,424			$	3,884,911			$	2,804,056			$	2,493,665
Joint Venture Real Estate at Cost (5)		$	3,470,112			$	3,165,335			$	2,275,216			$	1,785,165			$	1,862,515
TOTAL REAL ESTATE AT COST (6)		$	10,499,449			$	8,768,759			$	6,160,127			$	4,589,221			$	4,356,179

(1)	See Market Capitalization and Financial Ratio section for detail calculation.
(2)	The calculation includes joint venture revenues.
(3)	Includes revenues from discontinued operations.
(4)	Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.
(5)	Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.
(6)	Includes construction in progress (CIP) at December 31, 2005 of $386.2 million (includes $37.5 million of CIP included in joint ventures, of which $6.8 million represents the Company’s proportionate share), and at December 31, 2004, 2003, 2002, 2001 CIP aggregated $271.0 million, $290.7 million $237.8 million and $287.7 million, respectively.
(7)	Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 pursuant to EITF topic NO. D-42.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2005

MARKET CAPITALIZATION & FINANCIAL RATIOS

	Year Ended December 31
	2005			2004			2003			2002			2001
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	3,890,709		$	2,716,426		$	2,077,558		$	1,491,481		$	1,308,301
Total Market Capitalization *	$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243		$	2,982,461
		39.77	%		32.82	%		37.42	%		43.10	%		43.87	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		52.86	%		45.58	%		48.68	%		48.26	%		47.18	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,401,169		$	3,137,184		$	2,446,026		$	1,878,575		$	1,688,904
Total Market Capitalization *	$	10,292,361		$	8,697,701		$	5,920,216		$	3,847,336		$	3,363,064
		42.76	%		36.07	%		41.32	%		48.83	%		50.22	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		55.84	%		49.27	%		53.79	%		54.20	%		53.85	%
INTEREST COVERAGE RATIO:
Interest Expense	$	186,196		$	130,447		$	90,162		$	77,208		$	81,770
FFO Before Interest and Preferred Dividends *	$	596,466		$	473,488		$	353,039		$	282,856		$	260,700
		3.20			3.63			3.92			3.66			3.19
DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	219,349		$	152,927		$	101,890		$	83,958		$	88,764
FFO Before Interest and Preferred Dividends *	$	596,466		$	473,488		$	353,039		$	282,856		$	260,700
		2.72			3.10			3.46			3.37			2.94
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	274,518		$	203,633		$	142,385		$	129,353		$	135,107
FFO Before Interest and Preferred Dividends *	$	596,466		$	473,488		$	353,039		$	282,856		$	260,700
		2.17			2.33			2.48			2.19			1.93
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	237,856		$	196,685		$	146,846		$	100,531		$	84,721
Funds From Operations exclusive of charge associated with preferred stock redemption	$	355,102		$	292,335		$	222,382		$	160,253		$	132,587
		0.67			0.67			0.66			0.63			0.64

* See Attached for Detail Calculation

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2005

	Year Ended December 31
	2005			2004		2003		2002		2001
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		108,948			108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350			1,350		1,129		911		1,038
Total		110,298			109,432		87,554		67,520		60,493
Share Price	$	47.02		$	44.37	$	33.57	$	21.99	$	19.10
Market Value of Common Shares	$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410
Preferred Shares at Book Value	$	705,000		$	705,000	$	535,000	$	304,000	$	303,750
Preferred Units and Warrant	$	0		$	0	$	0	$	180,000	$	215,000
Total Debt	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301
TOTAL MARKET CAPITALIZATION	$	9,781,900		$	8,276,943	$	5,551,748	$	3,460,243	$	2,982,461
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		108,948			108,083		86,425		66,609		59,455
Operating Partnership Units Outstanding		1,350			1,350		1,129		911		1,038
Total		110,298			109,432		87,554		67,520		60,493
Share Price	$	47.02		$	44.37	$	33.57	$	21.99	$	19.10
Market Value of Common Shares	$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762	$	1,155,410
Preferred Shares at Book Value	$	705,000		$	705,000	$	535,000	$	304,000	$	303,750
Preferred Units and Warrant	$	0		$	0	$	0	$	180,000	$	215,000
Total Debt	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481	$	1,308,301
Proportionate Share of JV Debt	$	510,460		$	420,758	$	368,468	$	387,094	$	380,604
TOTAL MARKET CAPITALIZATION	$	10,292,361		$	8,697,701	$	5,920,216	$	3,847,336	$	3,363,064

(1) Includes $258 million of consolidated debt relating to a 50% owned joint venture, treatment is conservative.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2005

	Year Ended December 31
	2005		2004		2003		2002		2001
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,029,337	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Cash and Cash Equivalents	$	30,655	$	49,871	$	111,033	$	16,371	$	19,070
Notes Receivable	$	24,996	$	17,823	$	9,813	$	11,662	$	5,221
Advances and Investments in Joint Ventures	$	275,136	$	288,020	$	262,072	$	258,611	$	255,327
	$	7,360,124	$	5,959,138	$	4,267,829	$	3,090,699	$	2,773,281
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,029,337	$	5,603,424	$	3,884,911	$	2,804,056	$	2,493,665
Notes Receivable or Proportionate Share Thereof	$	116,212	$	44,536	$	41,018	$	50,521	$	22,000
Proportionate Share of JV Undepreciated Real Estate Assets	$	736,109	$	719,619	$	621,113	$	611,224	$	620,688
	$	7,881,658	$	6,367,578	$	4,547,043	$	3,465,801	$	3,136,353
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	355,102	$	292,335	$	211,672	$	154,709	$	132,587
Interest Expense	$	186,196	$	130,447	$	90,162	$	77,208	$	81,770
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	55,169	$	50,706	$	51,204	$	50,939	$	46,343
	$	596,466	$	473,488	$	353,039	$	282,856	$	260,700
DEBT SERVICE
Interest Expense	$	186,196	$	130,447	$	90,162	$	77,208	$	81,770
Recurring Principal Amortization	$	33,154	$	22,480	$	11,728	$	6,750	$	6,994
	$	219,349	$	152,927	$	101,890	$	83,958	$	88,764
FIXED CHARGES
Debt Service	$	219,349	$	152,927	$	101,890	$	83,958	$	88,764
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-case	$	55,169	$	50,706	$	40,494	$	45,395	$	46,343
D-42 dividend.	$	274,518	$	203,633	$	142,385	$	129,353	$	135,107

Market Capitalization and Financial Ratios 2.2

$9.8 Billion Total Capitalization as of December 31, 2005 Common Shares Equity (2) $5,186.2 53% Perpetual Preferred Stock $705.0 7% Fixed Rate Unsecured Debt $1,906.0 19% Floating Rate Unsecured Debt $60.0 1% Construction Finance $66.9 1% Variable Rate Revolving Credit and Term Debt $570.0 6% Mortgage Debt (3) $1,287.8 13% (1) Figures in millions unless otherwise noted. (2) Market Value ($47.02 per share as of December 31, 2005) includes operating partnership units equivalent to approximately 1.3 million of the Company's Common shares. (3) Does not include proportionate share of joint venture debt aggregating $ 510.5 million.

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Significant Accounting Policies

Revenues

• Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.

• Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provision of tenants’ leases.

• Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash.

General and Administrative Expenses

• General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred.

Deferred Financing Costs

• Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations.

Real Estate

• Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.

• Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings	18 to 31 years
Furniture/Fixtures	Useful lives, which approximate lease
and Tenant Improvements	terms, where applicable

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Significant Accounting Policies (Continued)

• Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.

• Included in land is undeveloped real estate, generally outlots or expansion pads adjacent to the shopping centers and enclosed malls owned by the Company.

• Construction in progress includes shopping center developments and significant expansions and re-developments.

Capitalization

• The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants.

• For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, the Company capitalized interest of $12.5 million, $10.0 million, $11.4 million, $9.5 million and $12.9 million, respectively.

• In addition, the Company capitalized certain construction administration costs of $6.2 million for the year ended December 31, 2005 and $5.5 million, $5.1 million, $4.5 million and $3.3 million for the years ended December 31, 2004, 2003, 2002 and 2001, respectively.

• Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.

Gain on Sales of Real Estate

• Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete.

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)

Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined

Reconciliation of Same Store Net Operating Income (NOI) to Total Revenues and Certain Expenses

	Twelve Month Period
	December 31,
	2005			2004
Total Revenues DDR	$	727,176		$	569,574
Total Revenues DDR Combined Joint Ventures		428,587			324,497
Operating and Maintenance — DDR		(98,549	)		(64,742	)
Real Estate Taxes — DDR		(85,592	)		(73,601	)
Operating and Maintenance — DDR Combined Joint Ventures		(152,664	)		(111,313	)
Combined NOI	$	818,958		$	644,415
Total Same Store NOI	$	392,779		$	384,253		2.2	%
Property NOI from other operating segments		426,179			260,162
Combined NOI	$	818,958		$	644,415

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):

	Three Month Period						Twelve Month Period
	Ended December 31,						Ended December 31,
	2005			2004			2005			2004
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	35,070		$	74,055		$	227,474		$	219,056
Depreciation and Amortization of Real Estate Investments		46,610			37,647			169,117			130,536
Equity in Net Income From Joint Ventures		(8,890	)		(10,409	)		(34,873	)		(40,895	)
Joint Venture Funds From Operations		11,864			11,824			49,302			46,209
Operating Partnership Minority Interest Expense		729			691			2,916			2,607
Gain on Sales of Real Estate		(3,671	)		(40,778	)		(58,834	)		(68,179	)
Cumulative effect of adoption of a new accounting standard		—			—			—			3,001
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	81,712		$	73,030		$	355,102		$	292,335
Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			13,793			55,169			50,706
ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	95,504		$	86,823		$	410,271		$	343,041

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income

	Three Month Period				Twelve Month Period
	Ended December 31,				Ended December 31,
	2005		2004		2005		2004		Income Statement Caption
Transactional Income Included in FFO
Consolidated
Merchant Building Gains, Net	$	1,073	$	1,147	$	40,780	$	11,365	Gain on Sales of Real Estate
Land Sale Gains		22		4,167		5,193		13,659	Gain on Sales of Real Estate
	$	1,095	$	5,314	$	45,973	$	25,024
Transactional Income NOT Included in FFO
Consolidated
Gain on Sales	$	980	$	32,836	$	42,167	$	59,618	Gain on Sales of Real Estate
Gain on Sales from Discontinued Operations		2,691		7,942		16,667		8,561	Gain on Sales of Discontinued Operations
	$	3,671	$	40,778	$	58,834	$	68,179	FFO Reconciliation
Gain on Sales of Real Estate
Merchant Building Gains, Net	$	1,073	$	1,147	$	40,780	$	11,365
Land Sale Gains		22		4,167		5,193		13,659
Gain on Sales		980		32,836		42,167		59,618
	$	2,075	$	38,150	$	88,140	$	84,642	Consolidated Income Statement
Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	2,691	$	7,942	$	16,667	$	8,561	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income

	Three Month Period					Twelve Month Period
	Ended December 31,					Ended December 31,
	2005		2004			2005		2004		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	7,300	$	1,112		$	30,826	$	2,000	Gain on Sales of Real Estate
Land Sales Gains		—		—			—		4,533	Gain on Sales of Real Estate
Deferred DDR Gain		—		—			—		3,256	(1)
	$	7,300	$	1,112		$	30,826	$	9,789
DDR’s Proportionate Share	$	2,359	$	274		$	7,571	$	4,907
Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	6,227	$	13,615		$	18,156	$	37,612	Gain on Sales of Real Estate
Other Gains (losses) on Sales		60		(38	)		858		254	Gain on Sales of Real Estate
	$	6,287	$	13,577		$	19,014	$	37,866	FFO Reconciliation
DDR’s Proportionate Share	$	1,691	$	4,164		$	6,301	$	12,720
Gain (loss) on Sales of Real Estate
Land Sales Gains	$	—	$	—		$	—	$	4,533
Other Gains (losses) on Sales		60		(38	)		858		254
	$	60	$	(38	)	$	858	$	4,787	Gain (loss) on Sales of Real Estate
Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations Included in FFO	$	7,300	$	1,112		$	30,826	$	2,000
Gain on Sales from Discontinued Operations NOT Included in FFO		6,227		13,615			18,156		37,612
	$	13,527	$	14,727		$	48,982	$	39,612	Gain on Sales of Discontinued Operations

(1) Included in the Company’s equity in net income and FFO from joint ventures for the twelve months ended December 31, 2004, is approximately $3.2 million of gain related to the sale of a joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved.

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2005

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	1,610.8	(1)	$	2,170.8	(5)	$	1,363.6	(7)	$	298.6	(9)	$	289.3	(11)
Completed Expansions		41.6			25.2			26.8			8.0			13.7
Developments & Construction in Progress		246.1			203.8			104.6			66.4			72.9
Tenant Improvements & Building Renovations		7.5	(2)		6.6			6.3			7.3			6.1
Furniture Fixtures & Equipment		10.7	(3)		1.3			1.9			2.3			2.5
		1,916.7			2,407.7			1,503.2		$	382.6		$	384.5
Less: Real Estate Sales & Joint Venture Transfers		(490.8)	(4)		(689.2)	(6)		(422.4)	(8)		($72.2)	(10)		($52.7	)
Total DDR Net Additions (Millions)	$	1,425.9		$	1,718.5		$	1,080.8		$	310.4		$	331.8

(1)	Includes transfer to DDR from joint ventures of the Dublin, OH shopping center, which has an aggregate cost of $36.2 million and a $5.4 million basis adjustment to the Benderson acquisition relating to master lease adjustments.
(2)	The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $8.0 million associated with its wholly owned and consolidated portfolio during 2006.
(3)	The large increase in FF& E in 2005 is primarily attributed to certain IT projects, expansion of corporate headquarters, and fractional ownership interest in corporate jets.
(4)	In addition to the asset sales this balance includes the transfer of twelve assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust joint venture and the sale of several outparcels.
(5)	Includes the acquisition of the Benderson portfolio aggregating $2,014.4 million, the consolidation of certain joint venture assets aggregating $37.9 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million.
(6)	In addition to the asset sales which had an aggregate cost of $62.6 million, this balance includes the sale of several land parcels with an aggregate cost of $41.1 million. This balance also includes the transfer of twelve assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust joint venture, the transfer of twelve assets with an aggregate cost of $124.0 to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 to the DDR Markaz II joint venture.
(7)	Includes the merger of JDN which had an aggregate value of $1,064.0, the acquisition of a shopping center in Broomfield, CO aggregating $55.5, and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers aggregating $125.9, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.
(8)	In addition to asset sales which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmsted, OH, Independence, MO and St. Paul, MN.
(9)	Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR.
(10)	Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped.
(11)	The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Wholly Owned and Consolidated Acquisitions
for the Twelve Month Period Ended December 31, 2005

			Cost	Acquisition
Property Location	GLA	(1)	(Millions)	Date	Major Tenants
Caribbean Property Group	4,851,922		$1,160.1	01/27/05	Portfolio of 15 operating properties located in Puerto Rico
Mervyns	2,821,621		$   409.1	09/16/05	Portfolio of 37 open and operating Mervyns stores
Total	7,673,543		$1,569.2

(1) GLA may include property managed, but not owned.

Wholly Owned and Consolidated Dispositions
for the Twelve Month Period Ended December 31, 2005

			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Wilmington, OH		55,130	$	2.0		5/17/2005
Cleveland, OH		49,420	$	2.2		6/30/2005
Hillsboro, OH		58,564	$	1.2		7/12/2005
Ashland, OH		110,505	$	0.8		7/12/2005
Melbourne, FL		121,913	$	1.1		7/25/2005
Connersville, IN		141,770	$	8.6		9/20/2005
American Industrial Properties		3,213,001	$	177.0		9/30/2005
Fern Park, FL		16,000	$	1.0		10/11/2005
Ft. Worth, TX		68,492	$	10.6		11/01/2005
Memphis, TN		64,223	$	7.2		12/20/2005
Total		3,899,018	$	211.7

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2005

Projects Completed
Hoover, AL	Constructed a David’s Bridal (opened 7/05), West Marine (opened 12/05) and renovated the shopping center.
Tallahassee, FL	Retenanting of former Lowe’s with Bealls (opened 04/04), Cato and It’s Fashion (opened 01/05) and an additional junior anchor.
Suwanee, GA	Retenanting of former K-Mart with PetsMart (opened 4/05) and Shoe Gallery (opened 03/04), and Borders (opened 11/05).
Princeton, NJ	Expansion of the shopping center to create a Babies ‘R Us (opened 9/05) and additional 39,600 sf of retail space including West Elm (opened 10/05), Yankee Candle (opened 12/05), Snip Its, Barbeques Galore, and other retailers to be announced.
Hendersonville, NC	Recapture of former Wal-Mart space; redemised for Epic Theater (opened 6/05), Big Lots (opened 4/05) and an additional junior anchor.
Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants including Sleepys, Cost Cutters, Quiznos, Cold Stone Creamery, Game Stop, Tutoring Club, (all opened 3rd quarter 2005) and other retailers to be announced.
Erie, PA	Construction of a 6,700 sf free standing building for retail tenants including Subway, Best Cuts and other retailers to be announced.
Bayamon, PR (Plaza Del Sol)	Construction of parking deck expansion to accommodate a new junior anchor.
Johnson City, TN	Kohl’s constructed 88,248 sf store (opened 4/05), plus construction of 25,000 sf additional retail space.

Total Net Cost (Millions) $ 41.6

Projects in Progress
Gadsden, AL	Break-up of 64,400 sf building to create a Fred's (opened 05/04), a Burke's Outlet (opened 12/04) and another junior anchor.
Ocala, FL	Recaptured the Winn Dixie and expanding the space by 6,000 sf for Hobby Lobby.
Stockbridge, GA	Redemised space to accommodate a Northern Tool (opened 10/05) and other junior anchors to be announced.
Ottumwa, IA	Recaptured Wal-Mart and release to Goody's (opened 9/04) and 47,422 sf of additional junior anchor stores.
Gaylord, MI	Recaptured Wal-Mart and release to Big Lots, Dunhams and 39,767 sf of additional junior anchor stores.
Rome, NY	Expansion of the shopping center to accommodate a new Marshall's (scheduled to open 1st quarter 2006).
Mooresville, NC	Construction of a Gander Mountain and relocation of Rugged Warehouse (opened 7/05).
Bayamon, PR (Rio Hondo)	Expansion of the shopping center to construct a Super Marshall's (opened 11/05), a Comp USA in the former Marshall's space (scheduled to open 2nd quarter 2006), and 19,800 sf of small shops and a freestanding outparcel.

Total Net Cost (Millions) $ 38.5

Projects to Commence Construction
Amherst, NY	Construct 5,300 sf free standing building for retail shops.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Wholly Owned and Consolidated Development Projects
for the Twelve Month Period Ended December 31, 2005

						Substantial
				Net Cost		Completion
	GLA			(Millions)		Date		Major Tenants
Projects Substantially Completed
Overland Park, KS		410,554	(1)	$	9.2		2005	Home Depot, Sam's Club, Aldi's Grocery, Party City, Goodyear Tire, Bank of America, Babies 'R Us (opened 12/04), Golf Galaxy (opened 3/05), CiCi's Pizza(opened 5/05) and 3,427 sf of additional retail space
Lansing, MI		465,248	(1)	$	17.4		2005	Wal-Mart, Lowe's, Michael's, Gander Mountain, PetsMart (opened 6/05)
Freehold, NJ		500,000		$	29.7		2005	Wal-Mart and Sam's Club (scheduled to open 1st quarter 2006) and other retail tenants and outparcels to be announced
Mt. Laurel, NJ		715,251	(1)	$	57.4		2004 & 2005	Target, Bed, Bath & Beyond, Lane Bryant, Payless ShoeSource (opened 4th quarter 2004). Costco and Panera Bread (opened 1st quarter 2005). TJ Maxx, PetsMart, JoAnn's, DSW, and Golf Galaxy (opened 2nd quarter 2005), and The Sports Authority (opened 3rd quarter 2005), Wegman's (scheduled to open 1st quarter 2006), and other retail tenants and outparcels to be announced
Projects in Progress
Miami, FL		634,211		$	103.9		2006 & 2007	To be announced
Nampa, ID		675,951		$	52.6		2006 & 2007	To be announced
McHenry, IL		451,080	(1)	$	58.9		2006 & 2007	Dick's and other retail tenants to be announced
Chesterfield, MI		256,549	(1)	$	12.5		2005 & 2006	Wal-Mart and 25,400 sf of small shop retail and additional retail space
Horseheads, NY		684,866	(1)	$	48.4		2007	To be announced
Apex, NC (Beaver Creek Crossings-Phase I) (2)		345,254		$	56.6		2006	Consolidated Theaters (scheduled to open 2nd quarter 2006) and other retail tenants to be announced
Pittsburgh, PA		367,273	(1)	$	16.2		2006	Target, Sportsmans Warehouse (opened 11/05), Sam's Club (scheduled to open 2nd quarter 2006) and other retail tenants and restaurants to be announced
San Antonio, TX (Stone Oak) (3)		664,495	(1)	$	79.5		2007	Target and other tenants to be announced
Projects to Commence Construction
Homestead, FL		397,608	(1)	$	51.9		2007	To be announced
Norwood, MA		95,242		$	25.6		2007	To be announced
Seabrook, NH		398,805	(1)	$	41.4		2007	To be announced
McKinney, TX (Phase II)		87,757		$	7.3		2007	To be announced
Wholly Owned Development Totals		7,150,144		$	668.5

(1)	Includes square footage not owned by the company.
(2)	The asset is being developed with First Carolina Properties who has a 20% minority interest.
(3)	The asset is being developed with David Berndt Interest who has a 50% interest.

Wholly Owned Developments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Wholly Owned and Consolidated Development
Assets Placed in Service as of December 31, 2005

	Assets Placed
	in Service
Date	(Millions)
As of December 31, 2004	$	40.6
1st Quarter 2005	$	4.1
2nd Quarter 2005	$	24.0
3rd Quarter 2005	$	6.6
4th Quarter 2005	$	25.8
Projected 2006	$	108.4
Thereafter	$	459.0
Total	$	668.5

Wholly Owned and Consolidated Development
Funding Schedule as of December 31, 2005

Funded as of December 31, 2005	$	343.4
Projected Net Funding During 2006	$	181.4
Projected Net Funding Thereafter	$	143.7
Total	$	668.5

Wholly Owned Development Delivery and Funding Schedules 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Debt
as of December 31, 2005

		Mortgage			Maturity		Interest
		Balance(000's)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$200 Million Term Loan		$	200,000			05/07		5.080
$1 Billion Revolving Credit Facility			150,000			05/08		4.642
$60 Million Revolving Credit Facility			0			05/08	NA
Secured Credit Facilities:
San Antonio, TX			0			07/06	NA
$400 Million Term Loan			220,000			06/08		5.070
Total Term and Credit Facility Debt			570,000
PUBLIC DEBT:
Medium Term Notes	F		98,482	(2)		03/07		7.000
Medium Term Notes	F		10,000			07/07		7.020
Unsecured Notes	F		85,000			08/07		6.950
Medium Term Notes	F		2,000			12/07		6.960
Medium Term Notes	F		99,947			01/08		6.625
Medium Term Notes	F		274,295			01/09		3.875
Medium Term Notes	F		199,664			05/10		5.000
Medium Term Notes	F		299,692			07/10		4.625
Medium Term Notes	F		249,195			04/11		5.250
Medium Term Notes	F		348,370			10/12		5.375
Medium Term Notes	F		199,332			05/15		5.500
Medium Term Notes	F		100,000			07/18		7.500
Total Public Debt			1,965,975
MORTGAGE DEBT:
Stone Oak, TX	V		5,000			07/06		6.390
Bayonet Point, FL	F		5,327			08/06		9.750
Silver Springs, MD (Tech 29-2)	F		3,376			09/06		9.050
Dublin, OH	F		9,185			09/06		8.375
Pickerington, OH	F		4,079			12/06		8.250
Sault St. Marie, MI	F		1,497			05/07		8.375
Hamilton, NJ	V		65,000			05/07		5.190
St. Louis, MO (Olympic)	F		3,193			08/07		9.150
Berlin, VT	F		4,940			08/07		9.750
Mt. Laurel, NJ	V		46,354			09/07		5.290
Apex, NC	V		15,573			10/07		5.390
DDR MDT MV, LLC	V		45,923	(3)		10/07		5.110
Tupelo, MS	F		11,466			03/08		4.410
Jacksonville, FL	F		6,579			03/08		4.410
Solon, OH	F		15,883			03/08		4.410
N. Charleston, SC	F		11,372			03/08		4.410
Walker, MI	F		8,364			03/08		4.410
Mt. Pleasant, SC (GS II)	F		7,706			03/08		4.410
Meridian, ID (GS II)	F		24,905			03/08		4.410

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Debt
as of December 31, 2005 (con’t)

		Mortgage			Maturity		Interest
		Balance(000's)			Date		Rate (1)
Birmingham, AL (GS II)	F	$	26,972			03/08		4.410
Wilmington, NC (GS II)	F		20,676			03/08		4.410
Durham, NC (GS II)	F		7,049			03/08		4.410
Silver Springs, MD (Tech 29-1)	F		6,722			02/09		7.330
Leawood, KS	F		50,318			07/09		7.310
Martinsville, VA	F		19,656			12/09		8.460
St. Louis, MO (Keller)	F		1,353			01/10		8.625
DDR MDT MV, LLC	F		212,550	(3)		10/10		5.211
Big Flats, NY (Big Flats I)	F		10,176			12/10		8.011
Plattsburgh, NY	F		9,936			12/10		8.000
Erie, PA	F		25,322			04/11		6.884
Erie, PA	F		2,923			04/11		6.884
Boardman, OH	F		26,297			04/11		6.884
St. Louis, MO (Sunset)	F		34,090			04/11		6.884
St. Louis, MO (Brentwood)	F		25,322			04/11		6.884
Denver, CO (Centennial)	F		37,984			04/11		6.884
Gates, NY (Westgate)	F		24,757			10/11		7.240
Indian Train, NC (Union TC Ph I)	F		6,919			10/11		7.000
Ashtabula, OH	F		6,888			12/11		7.000
West Pasco, FL	F		4,784			02/12		9.625
Denver, CO (Univ Hills)	F		28,361			06/12		7.300
St. Louis, MO (Gravois)	F		1,582			07/12		8.625
N. Charleston, SC	F		10,651			07/12		7.370
Mooresville, NC	F		23,770			12/12		6.930
Big Flats, NY (Big Flats IV)	F		1,027			01/13		7.600
Big Flats, NY (Big Flats II & III)	F		4,406			01/13		8.010
Buffalo, NY (Delaware Commons)	F		1,125			01/13		6.960
Jamestown, NY (Southside Plaza)	F		1,619			04/13		7.590
Victor, NY (Victor Square)	F		6,599			04/13		5.800
Mays Landing, NJ (Wrangleboro)	F		50,221			05/13		6.990
Beachwood, OH	F		3,544			07/13		7.640
W. Long Branch, NJ (Monmouth)	F		14,125			07/13		8.570
Boynton Beach, FL (Meadows Square)	F		4,410			07/13		6.720
Englewood, FL (Rotonda)	F		2,062			07/13		5.800
Reno, NV	V		3,544			02/15		8.450
Olean, NY	F		4,736			07/15		8.995
Mays Landing, NJ (Hamilton)	F		15,349			09/15		4.700
Columbus, OH (Consumer II West)	F		13,942			11/15		10.188
Amherst, NY (Kmart/Blvd Cons. II)	F		12,501			11/15		7.850
Lockport, NY (Walmart/Tops)	F		12,962			01/16		8.000
Merriam, KS (TIF)	F		7,975			02/16		6.900
Rome, NY (Freedom)	F		4,452			09/16		7.850
Medina, NY	F		3,873			11/16		7.660
Bellefontaine, OH	F		2,349			12/16		7.500

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Debt
as of December 31, 2005 (con’t)

		Mortgage			Maturity		Interest
		Balance(000's)			Date		Rate (1)
Amherst, NY (Tops Transit + French)	F	$	5,225			12/16		7.680
Canandaigua, NY	F		5,736			01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		4,973			10/17		6.780
Ithaca, NY	F		19,323			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		13,623			07/18		5.670
Springville, NY	F		6,182			07/18		6.375
Niskayuna, NY (Mohawk)	F		25,049			12/18		5.750
Henderson, TN	F		8,971			01/19		7.660
Spring Hill, FL	F		5,142			09/19		9.750
Alden, NY	F		4,416			10/19		8.100
Cedar Rapids, IA	F		9,752			01/20		9.375
Riverdale, UT (North)	F		8,719			10/20		9.300
Plainville, CT	F		7,100			04/21		7.125
Allentown, PA	F		18,044			06/21		6.950
Princeton, NJ	F		25,699			03/27		8.262
Bayamon, PR (Rio Hondo)	F		56,743			05/28		7.180
San Juan, PR (Senorial Plaza)	F		14,735			05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,877			05/28		7.180
Arecibo, PR (Atlantico)	F		14,826			05/28		7.180
Total Mortgage Debt			1,354,733
Total Debt		$	3,890,709
Adjustment for Reverse Swap			292	(4)
		$	3,891,001
Weighted Average — Total					5.36 years			5.7	%
Weighted Average — Fixed		$	3,079,315		6.27 years			5.8	%
Weighted Average — Floating		$	811,393		1.89 years			5.1	%

Notes:

F — Fixed Rate Debt V — Variable Rate Debt

1.	Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized 2005 deferred finance cost amortization of approximately $7.4 million, net is offset by approximately $12.5 million of annualized fair market value adjustment in 2005.
2.	Public debt of $60 million has been converted to a variable rate of 6.345%. The remaining balance of $38.5 million is at the stated fixed rate.
3.	The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46.
4.	Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2005
(000’s)

	2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,100		7,100
Bayonet Point, FL		5,327																						5,327
Tupelo, MS		300		313		10,852																		11,466
Jacksonville, FL		172		180		6,227																		6,579
Reno, NV		59		64		67		73		78		84		89		96		103		2,831				3,544
Denver, CO (Univ Hills)		562		604		650		699		752		809		24,286										28,361
Henderson, TN		395		426		460		497		536		578		624		674		727		785		3,270		8,971
Allentown, PA		666		714		765		820		879		942		1,009		1,082		1,159		1,242		8,767		18,044
Erie, PA		293		314		331		360		386		23,638												25,322
Erie, PA		33		36		38		41		44		2,731												2,923
Martinsville, VA		221		241		258		18,936																19,656
Boardman, OH		303		325		343		373		400		24,553												26,297
Solon, OH		415		434		15,033																		15,883
St. Louis, MO (Sunset)		392		421		444		483		518		31,832												34,090
St. Louis, MO (Brentwood)		293		314		331		360		386		23,638												25,322
Denver, CO (Centennial)		438		469		496		539		578		35,464												37,984
Cedar Rapids, IA		346		380		417		458		503		552		606		665		730		802		4,292		9,752
St. Louis, MO (Olympic)		367		2,826																				3,193
St. Louis, MO (Gravois)		355		389		292		115		125		136		170										1,582
St. Louis, MO (Keller)		289		315		343		374		33														1,353
N. Charleston, SC		297		311		10,763																		11,372
Sault St Marie, MI		1,079		418																				1,497
Walker, MI		219		229		7,917																		8,364
Mt. Pleasant, SC		201		211		7,294																		7,706
Meridian, ID		651		681		23,573																		24,905
Riverdale, UT (North)		287		315		345		379		415		456		500		548		602		660		4,213		8,719
Birmingham, AL		705		737		25,530																		26,972
Wilmington, NC		541		565		19,570																		20,676
Berlin, VT				4,940																				4,940
Spring Hill, FL		187		206		227		251		276		304		335		370		407		449		2,129		5,142
West Pasco, FL														4,784										4,784
Princeton, NJ		389		423		454		499		543		590		636		697		758		823		19,887		25,699
Beachwood, OH		359		387		420		451		487		525		567		349								3,544
Leawood, KS		1,201		1,292		1,390		46,435																50,318
Durham, NC		184		193		6,672																		7,049
Bellefontaine, OH		143		154		166		179		193		208		224		241		260		280		302		2,349
Dublin, OH		9,185																						9,185
Pickerington, OH		4,079																						4,079
Silver Springs, MD (Tech 29-1)		170		183		196		6,173																6,722
Silver Springs, MD (Tech 29-2)		3,376																						3,376

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of Decemeber 31, 2005 (con’t)
(000’s)

	2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
Jamestown, NY (Southside Plaza)		165		178		193		208		225		242		262		147								1,619
Ithaca, NY		1,052		1,128		1,210		1,298		1,393		1,494		1,603		1,720		1,845		1,980		4,599		19,323
Columbus, OH (Consumer II West)		420		465		514		568		628		694		767		848		937		8,103				13,942
Olean, NY		326		357		390		427		467		511		559		611		669		418				4,736
N. Charleston, SC		206		222		239		257		277		298		9,152										10,651
W. Long Branch, NJ (Monmouth)		1,382		1,506		1,640		1,786		1,945		2,119		2,307		1,440								14,125
Big Flats, NY (Big Flats I)		1,724		1,867		2,022		2,190		2,374														10,176
Mays Landing, NJ (Wrangleboro)		2,094		2,245		2,407		2,581		2,767		2,967		3,181		31,980								50,221
Plattsburgh, NY		1,683		1,823		1,974		2,138		2,318														9,936
Amherst, NY (Kmart/Blvd Cons. II)		868		938		1,015		1,097		1,187		1,283		1,388		1,500		1,623		1,603				12,501
Big Flats, NY (Big Flats IV)		63		68		73		79		86		92		100		466								1,027
Lockport, NY (Walmart/Tops)		872		944		1,022		1,107		1,199		1,298		1,406		1,523		1,649		1,786		155		12,962
Big Flats, NY (Big Flats II)		462		501		543		589		639		693		751		227								4,406
Amherst, NY (Tops Transit + French)		315		340		367		396		427		461		498		538		580		627		677		5,225
Amherst, NY (Target/Blvd Cons. II)		764		808		856		905		958		1,014		1,073		1,135		1,201		1,271		3,637		13,623
Medina, NY		236		255		275		297		320		346		373		403		435		469		463		3,873
Mays Landing, NJ (Hamilton)		1,271		1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446				15,349
Gates, NY (Westgate)		301		324		349		375		404		23,003												24,757
Boynton Beach, FL (Meadows Square)		453		485		519		556		595		637		682		483								4,410
Rome, NY (Freedom)		273		295		319		345		374		404		437		472		511		552		469		4,452
Englewood, FL (Rotonda)		223		236		250		265		281		298		315		193								2,062
Mooresville, NC		279		300		322		345		370		397		426		21,332								23,770
Alden, NY		160		173		188		208		246		266		289		313		343		393		1,836		4,416
Indian Train, NC (Union TC Ph I)		88		95		102		109		117		6,407												6,919
Cheektowaga, NY (Walmart Thruway)		284		304		325		348		372		398		426		456		487		521		1,053		4,973
Ashtabula, OH		87		93		100		107		115		6,385												6,888
Buffalo, NY (Delaware Commons)		127		137		146		157		168		180		193		17								1,125
Springville, NY		331		353		376		401		427		455		485		517		551		587		1,700		6,182
Niskayuna, NY (Mohawk)		1,335		1,414		1,497		1,585		1,679		1,778		1,883		1,994		2,112		2,237		7,535		25,049
Canandaigua, NY		373		396		421		448		476		507		539		573		609		647		748		5,736
Victor, NY (Victor Square)		95		100		107		113		120		127		135		5,802								6,599
Bayamon, PR (Rio Hondo)		941		1,011		1,076		1,169		1,256		1,351		1,442		1,561		1,679		1,805		43,451		56,743
San Juan, PR (Senorial Plaza)		244		263		279		303		326		351		375		405		436		469		11,283		14,735
Bayamon, PR (Rexville Plaza)		147		158		168		183		197		211		226		244		263		282		6,798		8,877
Arecibo, PR (Atlantico)		246		264		281		305		328		353		377		408		439		472		11,353		14,826
Merriam, KS (TIF)																						7,975		7,975
DDR MDT MV, LLC				45,923						212,550														258,473
Hamilton, NJ				65,000																				65,000
Total — Property Mortgages		54,371		152,309		164,825		103,202		246,274		205,669		67,162		83,796		22,966		33,541		153,691		1,287,807

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of Decemeber 31, 2005 (con’t)
(000’s)

	2006 Payments		2007 Payments			2008 Payments			2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
CONSTRUCTION LOANS
$5 Million Construction Loan		5,000																								5,000
(Compass Bank)
$20 Million Construction Loan				15,573																						15,573
(National City Bank)
$48 Million Construction Loan				46,354																						46,354
(Wachovia Bank)
Total — Construction Loans		5,000		61,926			0			0		0		0		0		0		0		0		0		66,926
DEBT OFFERINGS
Senior Notes				110,482			99,947			274,295		499,355		249,195		348,370						199,332		100,000		1,880,976
Unsecured Notes				85,000																						85,000
Total — Debt Offerings		0		195,482			99,947			274,295		499,355		249,195		348,370		0		0		199,332		100,000		1,965,975
Total — Property Mortgages,		59,371		409,717			264,772			377,497		745,629		454,863		415,532		83,796		22,966		232,873		253,691		3,320,709
Construction Loans & Debt Offerings
REVOLVING CREDIT FACILITIES & TERM LOANS
$1 Billion Unsecured Credit							150,000	(1)																		150,000
(JPMorgan Chase)
$400 Million Secured Term							220,000	(1)																		220,000
(Key Bank)
$200 Million Unsecured Term				200,000	(1)																					200,000
(JPMorgan Chase)
$60 Million Unsecured Credit							0	(1)																		0
(National City Bank)
$25 Million Secured Credit		0																								0
(San Antonio, TX)
Total — Debt	$	59,371	$	609,717		$	634,772		$	377,497	$	745,629	$	454,863	$	415,532	$	83,796	$	22,966	$	232,873	$	253,691	$	3,890,709

Notes:

(1) Balance at December 31, 2005 on revolving credit facilities. The $1 billion JPMorgan Chase facility has one one-year extension option to 2009. The $400 million Key Bank facility has two one-year extension options to 2010. The $200 million JPMorgan facility has one one-year extension option to 2008. The $60 million National City Bank facility has one one-year extension option to 2009.

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2005

			RVIP III B									RVIP VIII						Community Centers		Community Centers			Community Centers
	RVIP III (3)		Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			(5)		Five			Seven (6)
Real Estate Assets	$	0.8	$	83.7		$	32.4		$	123.3		$	33.9		$	129.3		$	0.0	$	265.8		$	0.0
Accumulated Depreciation		0.0		(9.5	)		(4.7	)		(14.1	)		(1.8	)		(3.7	)		0.0		(40.4	)		0.0
Real Estate, net		0.8		74.2			27.7			109.2			32.1			125.6			0.0		225.4			0.0
Receivables, Net		0.5		0.0			0.4			2.5			1.0			1.5			0.0		6.7			0.0
Other assets		0.7		3.1			1.3			7.5			0.4			1.8			0.8		5.7			0.0
Disproportionate Share of Equity		—		—			—			—			—			—			—		—			—
	$	2.0	$	77.3		$	29.4		$	119.2		$	33.5		$	128.9		$	0.8	$	237.8		$	0.0
Mortgage Debt	$	0.0	$	56.5		$	18.1		$	74.1		$	23.3		$	11.3		$	0.0	$	298.0		$	0.0
Amounts payable to DDRC		0.0		0.0			0.0			0.0			0.0			0.0			0.0		0.0			0.0
Other liabilities		0.5		3.4			0.7			16.3			0.6			2.9			0.6		3.0			0.0
		0.5		59.9			18.8			90.4			23.9			14.2			0.6		301.0			0.0
Accumulated equity (deficit)		1.5		17.4			10.6			28.8			9.6			114.7			0.2		(63.2	)		0.0
Disproportionate Share of Equity		—		—			—			—			—			—			—		—			—
	$	2.0	$	77.3		$	29.4		$	119.2		$	33.5		$	128.9		$	0.8	$	237.8		$	0.0
Proportionate share of other assets/liabilities, net	$	0.2	($	0.1	)	$	0.3		($	1.3	)	$	0.2		$	0.0		$	0.2	$	4.8		$	0.0
Disproportionate amount payable to DDR	$	0.0	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0		$	0.0

Combining Statements of Operations for the period ended December 31, 2005

				RVIP III B									RVIP VIII						Community Centers			Community Centers			Community Centers
	RVIP III (3)			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			(5)			Five			Seven (6)
Revenues from operations	$	0.0		$	12.5		$	4.1		$	13.9		$	5.7		$	13.2		$	0.0		$	35.4		$	0.9
Rental operation expenses		0.0			(4.3	)		(2.3	)		(4.9	)		(2.1	)		(3.3	)		0.0			(10.9	)		(0.3	)
Net operating income		0.0			8.2			1.8			9.0			3.6			9.9			0.0			24.5			0.6
Depreciation and amortization expense		0.0			(2.5	)		(0.9	)		(2.8	)		(1.1	)		(3.2	)		0.0			(6.1	)		(0.1	)
Interest expense		0.0			(2.8	)		(1.5	)		(4.6	)		(1.3	)		(0.7	)		0.0			(13.6	)		(0.3	)
Income (loss) before gain on sale		0.0			2.9			(0.6	)		1.6			1.2			6.0			0.0			4.8			0.2
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.9			0.0			0.0
Discontinued operations		(0.1	)		0.0			0.0			(0.1	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		20.3			0.0			0.0			21.1			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
Net income (loss)	$	20.2		$	2.9		($	0.6	)	$	22.6		$	1.2		$	6.0		$	0.9		$	4.8		$	0.2
DDR Ownership interest		***			***			***			***			***			10	%		***			50	%		50	%
	$	7.9		$	1.1		($	0.2	)	$	8.2		$	0.3		$	0.6		$	0.9		$	2.4		$	0.1
Amortization of basis differential		(2.6	)		0.0			0.0			(0.1	)		0.0			0.0			(0.4	)		0.2			0.0
	$	5.3		$	1.1		($	0.2	)	$	8.1		$	0.3		$	0.6		$	0.5		$	2.6		$	0.1
Proportionate share of net operating income (8)	$	0.0		$	2.1		$	0.5		$	1.9		$	0.9		$	1.0		$	0.0		$	12.2		$	0.3
Proportionate share of interest expense (8)	$	0.0		$	0.7		$	0.4		$	1.0		$	0.3		$	0.1		$	0.0		$	6.8		$	0.1
Funds From Operations (“FFO”):
Net income (loss)	$	20.2		$	2.9		($	0.6	)	$	22.6		$	1.2		$	6.0		$	0.9		$	4.8		$	0.2
Depreciation of real property		0.8			2.4			0.9			4.0			1.1			3.2			0.0			6.1			0.2
(Gain) loss on sale		(2.6	)		0.0			0.0			(15.6	)		0.0			0.0			(0.9	)		0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
	$	18.4		$	5.3		$	0.3		$	11.0		$	2.3		$	9.2		$	0.0		$	10.9		$	0.4
DDR ownership interest		***			***			***			***			***			10	%		***			50	%		50	%
DDR FFO	$	3.9		$	2.0		$	0.1		$	3.4		$	0.8		$	0.9		$	0.2		$	5.5		$	0.2

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement

For the twelve months ended December 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2005

	Community						Lennox Town			Sun Center			Dublin Village			Dublin Village
	Centers Eight			Kildeer, IL			Center(2)			Limited(2)			(7)			(2)(3)			DOTRS			Littleton, CO (3)			Salisbury, MD
Real Estate Assets	$	26.7		$	31.0		$	21.0		$	25.9		$	0.0		$	0.1		$	25.5		$	3.1		$	2.1
Accumulated Depreciation		(2.8	)		(2.2	)		(3.9	)		(6.4	)		0.0			0.0			(4.5	)		0.0			(0.3	)
Real Estate, net		23.9			28.8			17.1			19.5			0.0			0.1			21.0			3.1			1.8
Receivables, Net		0.7			0.4			1.7			0.9			0.0			0.0			0.9			0.0			0.1
Other assets		0.8			0.4			0.6			0.8			0.0			0.0			0.4			0.1			0.1
Disproportionate Share of Equity		—			—			—			—			—			—			—			—			—
	$	25.5		$	29.6		$	19.4		$	21.2		$	0.0		$	0.1		$	22.3		$	3.2		$	2.0
Mortgage Debt	$	17.4		$	19.5		$	18.1		$	20.6		$	0.0		$	0.0		$	10.3		$	0.0		$	1.8
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		0.8			0.6			1.0			0.8			0.0			0.0			0.5			0.1			0.0
		18.2			20.1			19.1			21.4			0.0			0.0			10.8			0.1			1.8
Accumulated equity (deficit)		7.3			9.5			0.3			(0.2	)		0.0			0.1			11.5			3.1			0.2
Disproportionate Share of Equity		—			—			—			—			—			—			—			—			—
	$	25.5		$	29.6		$	19.4		$	21.2		$	0.0		$	0.1		$	22.3		$	3.2		$	2.0
Proportionate share of other assets/liabilities, net	$	0.4		$	0.0		$	0.6		$	0.8		($	0.0	)	($	0.0	)	$	0.4		($	0.0	)	$	0.1
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the period ended December 31, 2005

	Community						Lennox Town			Sun Center			Dublin Village			Dublin Village
	Centers Eight			Kildeer, IL			Center(2)			Limited(2)			(7)			(2)(3)			DOTRS			Littleton, CO (3)			Salisbury, MD
Revenues from operations	$	4.4		$	4.0		$	4.7		$	4.3		$	1.7		$	0.0		$	3.9		$	0.0		$	0.3
Rental operation expenses		(1.5	)		(1.0	)		(1.4	)		(1.3	)		(0.7	)		0.0			(1.1	)		(0.1	)		(0.1	)
Net operating income		2.9			3.0			3.3			3.0			1.0			0.0			2.8			(0.1	)		0.2
Depreciation and amortization expense		(0.5	)		(0.6	)		(0.4	)		(0.8	)		(3.9	)		0.0			(0.6	)		0.0			(0.1	)
Interest expense		(1.4	)		(1.1	)		(1.5	)		(1.6	)		0.0			(0.0	)		(0.5	)		0.0			(0.1	)
Income (loss) before gain on sale		1.0			1.3			1.4			0.6			(2.9	)		0.0			1.7			(0.1	)		0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
Net income (loss)	$	1.0		$	1.3		$	1.4		$	0.6		($	2.9	)	$	0.0		$	1.7		($	0.1	)	$	0.0
DDR Ownership interest		50	%		10	%		***			***			80	%		63	%		50	%		50	%		50	%
	$	0.5		$	0.1		$	0.7		$	0.4		($	2.3	)	$	0.0		$	0.9		($	0.0	)	$	0.0
Amortization of basis differential		0.0			0.0			(0.1	)		(0.2	)		0.5			0.0			0.1			0.0			0.0
	$	0.5		$	0.1		$	0.6		$	0.2		($	1.8	)	$	0.0		$	1.0		$	0.0		$	0.0
Proportionate share of net operating income (8)	$	1.5		$	0.3		$	1.7		$	2.4		$	0.8		$	0.0		$	1.4		($	0.0	)	$	0.1
Proportionate share of interest expense (8)	$	0.7		$	0.1		$	0.7		$	1.3		$	0.0		$	0.0		$	0.2		$	0.0		$	0.1
Funds From Operations (“FFO”):
Net income (loss)	$	1.0		$	1.3		$	1.4		$	0.6		($	2.9	)	$	0.0		$	1.7		($	0.1	)	$	0.0
Depreciation of real property		0.5			0.7			0.5			0.8			3.9			0.0			0.6			0.0			0.1
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
	$	1.5		$	2.0		$	1.9		$	1.4		$	1.0		$	0.0		$	2.3		($	0.1	)	$	0.1
DDR ownership interest		50	%		10	%		***			***			80	%		63	%		50	%		50	%		50	%
DDR FFO	$	0.8		$	0.2		$	0.9		$	1.1		$	0.8		$	0.0		$	1.2		($	0.0	)	$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Ventures (Combining Financial Information) (1)

(in millions)

Combining Balance Sheets

as of December 31, 2005

									Service Merchandise									Sansone Group /
	Coon Rapids, MN (5)		Phoenix, AZ (2)			Pasadena, CA			(4)			Jefferson County, MO			Apex IV (3)			DDRC LLC			DDR Markaz			DDR Markaz II
Real Estate Assets	$	0.0	$	27.5		$	114.5		$	130.6		$	6.6		$	12.0		$	0.4		$	167.3		$	202.4
Accumulated Depreciation		0.0		(5.0	)		(9.7	)		(8.4	)		(0.5	)		0.0			(0.3	)		(10.4	)		(6.2	)
Real Estate, net		0.0		22.5			104.8			122.2			6.1			12.0			0.1			156.9			196.2
Receivables, Net		0.0		1.3			2.8			16.1			0.1			0.0			1.4			2.1			2.2
Other assets		0.7		0.6			4.4			39.8			0.3			0.1			2.8			6.0			6.0
Disproportionate Share of Equity		—		—			—			—			—			—			—			—			—
	$	0.7	$	24.4		$	112.0		$	178.1		$	6.5		$	12.1		$	4.3		$	165.0		$	204.4
Mortgage Debt	$	0.0	$	17.1		$	85.0		$	29.0		$	3.7		$	0.0		$	0.0		$	110.0		$	150.5
Amounts payable to DDRC		0.0		0.0			0.2			92.0			3.1			10.7			0.0			0.6			0.3
Other liabilities		0.5		0.6			1.7			16.6			0.1			1.2			0.9			1.7			(0.1	)
		0.5		17.7			86.9			137.6			6.9			11.9			0.9			112.3			150.7
Accumulated equity (deficit)		0.2		6.7			25.1			40.5			(0.4	)		0.2			3.4			52.7			53.7
Disproportionate Share of Equity		—		—			—			—			—			—			—			—			—
	$	0.7	$	24.4		$	112.0		$	178.1		$	6.5		$	12.1		$	4.3		$	165.0		$	204.4
Proportionate share of other assets/liabilities, net	$	0.0	$	0.9		$	1.4		$	9.7		$	0.1		($	0.2	)	$	1.7		$	1.3		$	1.7
Disproportionate amount payable to DDR	$	0.0	$	0.0		$	0.0		$	69.3		$	1.5		$	8.5		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
for the period ended December 31, 2005

										Service Merchandise									Sansone Group /
	Coon Rapids, MN (5)			Phoenix, AZ (2)			Pasadena, CA			(4)			Jefferson County, MO			Apex IV (3)			DDRC LLC			DDR Markaz			DDR Markaz II
Revenues from operations	$	0.0		$	5.2		$	17.5		$	24.2		$	0.8		$	0.0		$	12.5		$	21.6		$	21.2
Rental operation expenses		(0.0	)		(1.4	)		(6.6	)		(12.4	)		(0.3	)		0.0			(9.8	)		(6.9	)		(7.3	)
Net operating income		0.0			3.8			10.9			11.8			0.5			0.0			2.7			14.7			13.9
Depreciation and amortization expense		0.0			(0.7	)		(3.6	)		(6.7	)		(0.2	)		0.0			(0.9	)		(4.2	)		(5.5	)
Interest expense		0.0			(1.3	)		(5.3	)		(9.4	)		(0.5	)		0.0			0.0			(4.7	)		(8.0	)
Income (loss) before gain on sale		0.0			1.8			2.0			(4.3	)		(0.2	)		0.0			1.8			5.8			0.4
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			(1.2	)		0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			7.6			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
Net income (loss)	$	0.0		$	1.8		$	2.0		$	2.1		($	0.2	)	$	0.0		$	1.8		$	5.8		$	0.4
DDR Ownership interest		25	%		67	%		25	%		***			50	%		20	%		***			20	%		20	%
	($	0.0	)	$	1.2		$	0.5		$	0.4		($	0.1	)	$	0.0		$	1.3		$	1.2		$	0.1
Amortization of basis differential		0.0			0.0			(0.3	)		0.0			0.0			0.0			(0.3	)		0.2			0.2
	$	0.0		$	1.2		$	0.2		$	0.4		($	0.1	)	$	0.0		$	1.0		$	1.4		$	0.3
Proportionate share of net operating income (8)	($	0.0	)	$	2.6		$	2.7		$	2.9		$	0.2		$	0.0		$	1.3		$	2.9		$	2.8
Proportionate share of interest expense (8)	$	0.0		$	0.9		$	1.3		$	2.3		$	0.2		$	0.0		$	0.0		$	0.9		$	1.6
Funds From Operations (“FFO”):
Net income (loss)	($	0.0	)	$	1.8		$	2.0		$	2.1		($	0.2	)	$	0.0		$	1.8		$	5.8		$	0.4
Depreciation of real property		0.0			0.7			3.5			7.5			0.2			0.0			0.8			4.2			5.5
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—
	$	0.0		$	2.5		$	5.5		$	9.6		$	0.0		$	0.0		$	2.6		$	10.0		$	5.9
DDR ownership interest		25	%		67	%		25	%		25	%		50	%		20	%		***			20	%		***
DDR FFO	($	0.0	)	$	1.7		$	1.4		$	2.4		($	0.0	)	$	0.0		$	1.3		$	2.0		$	1.4

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2005

																										DDRs
	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR		DDR/Macquarie			DDR/Macquarie					Proportionate
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			Merriam, KS		Fund LLC			Management LLC		Total			Share
Real Estate Assets	$	59.1		$	39.0		$	63.6		$	25.3		$	92.7		$	17.0	$	1,707.4		$	0.0	$	3,470.1		$	738.6
Accumulated Depreciation		(2.3	)		(1.2	)		(2.1	)		(0.1	)		(1.9	)		0.0		(53.3	)		0.0		(195.7	)		(59.4	)
Real Estate, net		56.8			37.8			61.5			25.2			90.8			17.0		1,654.1			0.0		3,274.4			679.2
Receivables, Net		2.4			0.2			0.9			0.3			1.0			0.0		28.4			0.2		76.7			19.2
Other assets		1.0			0.5			1.3			0.0			1.2			1.3		34.8			7.7		132.8			33.1
Disproportionate Share of Equity		—			—			—			—			—			—		—			—		—			5.0	(9)
	$	60.2		$	38.5		$	63.7		$	25.5		$	93.0		$	18.3	$	1,717.3		$	7.9	$	3,483.9		$	736.5
Mortgage Debt	$	31.5		$	26.0		$	39.0		$	17.7		$	61.0		$	17.8	$	1,016.0		$	0.0	$	2,173.4		$	512.2
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0		1.0			0.0		108.0			26.8
Other liabilities		1.2			0.3			1.3			0.1			1.9			0.3		16.9			1.7		78.4			18.6
		32.7			26.3			40.3			17.8			62.9			18.1		1,033.9			1.7		2,359.8			557.6
Accumulated equity (deficit)		27.5			12.2			23.4			7.7			30.1			0.2		683.4			6.2		1,124.1			173.9
Disproportionate Share of Equity		—			—			—			—			—			—		—			—		—			5.0	(9)
	$	60.2		$	38.5		$	63.7		$	25.5		$	93.0		$	18.3	$	1,717.3		$	7.9	$	3,483.9		$	736.5
Proportionate share of other assets/liabilities, net	$	0.4		$	0.1		$	0.2		$	0.0		$	0.1		$	0.2	$	6.7		$	3.0	$	33.7
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0		$	0.0	$	79.4

Combining Statements of Operations
for the period ended December 31, 2005

																												DDRs
	Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie						Proportionate
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			Merriam, KS			Fund LLC			Management LLC			Total			Share
Revenues from operations	$	7.3		$	3.7		$	7.8		$	0.4		$	12.3		$	0.0		$	183.4		$	1.6		$	428.6		$	102.5
Rental operation expenses		(4.1	)		(1.3	)		(4.0	)		(0.2	)		(6.2	)		0.0			(56.7	)		(0.4	)		(152.7	)		(37.9	)
Net operating income		3.2			2.4			3.8			0.2			6.1			0.0			126.7			1.2			275.9			64.6
Depreciation and amortization expense		(0.9	)		(0.7	)		(1.2	)		(0.1	)		(1.7	)		0.0			(34.2	)		(0.6	)		(84.8	)		(21.4	)
Interest expense		(1.8	)		(1.5	)		(2.4	)		0.0			(2.8	)		0.0			(48.1	)		(0.0	)		(117.0	)		(28.6	)
Income (loss) before gain on sale		0.5			0.2			0.2			0.1			1.6			0.0			44.4			0.6			74.1			14.6
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.9			0.9
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			(1.4	)		(0.3	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			49.0			11.4
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—			10.3	(10)
Net income (loss)	$	0.5		$	0.2		$	0.2		$	0.1		$	1.6		$	0.0		$	44.4		$	0.6		$	122.6		$	36.8
DDR Ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			***
	$	0.1		$	0.0		$	0.0		$	0.0		$	0.3		$	0.0		$	9.7		$	0.4		$	36.8		$	36.8
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			1.0			0.0			(2.0	)		(2.0	)
	$	0.1		$	0.0		$	0.0		$	0.0		$	0.3		$	0.0		$	10.7		$	0.4		$	34.8		$	34.8
Proportionate share of net operating income (8)	$	0.7		$	0.5		$	0.8		$	0.0		$	1.2		$	0.0		$	18.4		$	0.6		$	64.6
Proportionate share of interest expense (8)	$	0.4		$	0.3		$	0.5		$	0.0		$	0.6		$	0.0		$	7.0		$	0.0		$	28.6
Funds From Operations (“FFO”):
Net income (loss)		0.5			0.2			0.2			0.1			1.6			0.0			44.4			0.6			122.6			36.8
Depreciation of real property		0.9			0.7			1.2			0.1			1.7			0.0			34.2			0.6			87.5			22.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			(19.0	)		(4.7	)
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—			(4.8)	(11)
	$	1.4		$	0.9		$	1.4		$	0.2		$	3.3		$	0.0		$	78.6		$	1.2		$	191.1		$	49.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			50	%
DDR FFO	$	0.3		$	0.2		$	0.3		$	0.0		$	0.7		$	0.0		$	15.1		$	0.6		$	49.3

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

(1)	Amounts may differ slightly from actual results, due to rounding.
(2)	Asset values reflect historical cost basis due to acquisition of partnership interest (i.e. does not reflect step up in basis).
(3)	Represents undeveloped land.
(4)	The Company owns an approximate 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected in DDR Consolidated Statement of Operations.
	The joint venture’s total related party interest expense for the year ended December 31, 2005 totaled $7.2 million, of which $5.2 million is reflected in revenues from operations in the Company’s Consolidated Statement of Operations.
(5)	Real estate assets sold to the MDT joint venture in 2003 and 2004.
(6)	Community Centers Seven merged into Community Centers Five in the third quarter of 2005.
(7)	DDR acquired its partner’s 20% interest in the fourth quarter of 2005.
(8)	Does not included share of net operating income or interest expense for sales of properties classified as discontinued operations at RVIP III, RVIP VII and Service Merchandise.
(9)	Adjustments represent the effect of promoted equity structures. These adjustments are primarily at the RVIP IIIB, RVIP VII and the DDR/Macquarie Fund LLC joint ventures.
(10)	Adjustments represent the effect of promoted interests on DDR’s share of the income primarily at the RVIP III joint venture which sold one asset, RVIP IIIB which has ongoing operations, RVIP VII which sold three assets and has ongoing operations and an asset management promote through DDR/Macquarie Fund LLC.
(11)	Adjustments associated with Coventry’s minority ownership interests in RVIP III and RVIP VII and basis differentials of approximately $2.6 million at RVIP III.
***	See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Retail Value Investment Program LP III
Date Formed:	January 1998
Property Name/Location:	City Place — Long Beach, CA
Major Tenants:	None (Property Sold on 8/2/05)
Partnership Structure	1% — Coventry Real Estate Partners
Equity Contribution:	24.75% — DDR
	74.25% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors
	Up to a leveraged 10% return on equity
Promote (current):	33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return on equity
Fees to DDR
Management Fee:	3.5% of gross rents
Construction Management Fee:	5% of cost of construction (including architectural & engineering and other soft costs)
Asset Management Fee:	.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:	N/A
Capital Structure (in millions)

DDR	$	0.1
PREI		0.8
Coventry		0.6
Total Capital	$	1.5
Debt	$	—
Total Debt & Equity	$	1.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Retail Value Investment Program LP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL
Major Tenants:	Eddie Bauer	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Harware	J. Crew
	Abercrombie & Fitch	Pier One Imports
	GAP	Banana Republic
	Barnes & Noble
	Century Theater
Partnership Structure
Equity Contribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors
	Up to a leveraged 10% preferred return on equity
Promote (current):	33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity
Fees to DDR
Management Fee:	3.5% of gross rents
Development Fee:	1% of hard costs for all improvements
Asset Management Fee:	.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:	N/A
Capital Structure (in millions)

DDRC	$	4.0
Prudential		11.6
Coventry		1.8
Total Capital	$	17.4
Debt	$	56.5
Total Debt & Equity	$	73.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Retail Value Investment Program LP VI
Date Formed:	October 1999
Property Name/Location:	The joint venture consists of the following four properties:
	Ten Quivira Plaza — Shawnee, KS	Devonshire Village — Olathe, KS
	Cherokee North — Overland Park, KS	Brywood Center — Kansas City, MO
Major Tenants:	Price Chopper	La Petite Academy
	Big Lots	Osco Drug
	Sherwin Williams	Deals Nothing Over $1
	Eckerd Drug	Westlake Hardware
	Hollywood Video	Bargains 365
Partnership Structure
Equity Contribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors (PREI)
	Up to a leveraged 10% preferred return on equity
Promote (current):	33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity
Fees to DDR
Management Fee:	3.5% of gross operating revenues
Asset Management Fee:	.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Capital Structure (in millions)

DDR	$	2.6
PREI		7.9
Coventry		0.1
Total Capital	$	10.6
Debt	$	18.1
Total Debt & Equity	$	28.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Retail Value Investment Program VII LLC
Date Formed:	November 2000
Property Name/Location:	The joint venture consists of the following 3 properties:
	Downtown Pleasant Hill — Pleasant Hill, CA
	Puget Park Shopping Center — Everett, WA
	Valley Central Shopping Center — Lancaster, CA
Major Tenants:	Century Theater	Michael’s
	Ross Stores	Staples
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	Albertson’s
	Cinemark	Marshalls
Partnership Structure
Equity Contribution:	1% — Coventry Real Estate Partners
	20% — DDR
	79% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:	1% — Coventry Real Estate Partners
	20% — DDR
	79% — Prudential Real Estate Investors
	Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter)
Promote (current):	(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (75% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.
Fees to DDR
Management Fee:	3.2% of gross rents
Construction Management Fee:	5% of hard and soft costs
Asset Management Fee:	.63% (DDR’s pro-rata share of Coventry’s .8% fee)
Leasing Fees (without co-broker):	5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet)
	4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
	3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Capital Structure (in millions)

DDR	$	4.3
PREI		16.8
Coventry		7.7
Total Capital	$	28.8
Debt	$	74.1
Total Debt & Equity	$	102.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Retail Value Investment Program LP VIII
Date Formed:	September 2003
Property Name/Location:	Shops@TECH.RIDGE — Austin, TX
Major Tenants:	Target	Linen’s ‘N Things
	Pier One	Toys ‘R Us
	Dress Barn	Hobby Lobby
	Rack Room Shoes	Office Depot
	PetsMart
	Ross Dress for Less
Partnership Structure
Equity Contribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors (PREI)
Cash Flow Distribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors
	Up to a leveraged 10% preferred return on equity
Promote (current):	33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity
Fees to DDR
Management Fee:	3.5% of gross rents
Development Fee:	1% of hard costs for all improvements
Asset Management Fee:	N/A
Leasing Fees:*	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 9,999 square feet)
	4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 19,999 square feet)
	$2 per square foot (spaces 20,000 square feet and greater)
	3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 9,999 square feet)
	2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 19,999 square feet)
	$2 per square foot on renewals (spaces 20,000 square feet and greater)
	4% on new leases years 1-5; 2% years 6-10; (outparcels/ground leases)
	2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
	6% on Gross Sales Price up to $500,000 (outparcels)
	5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
	4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Development Fee: *	5% of all development and tenant improvement work performed
Tenant Coordination Fee: *	$5,000 for each in-line space less than 10,000 square feet
Capital Structure (in millions)

DDRC	$	2.6
Prudential		7.6
Coventry		(0.6	)
Total Capital	$	9.6
Debt	$	23.3
Total Debt & Equity	$	32.9

* Fees shall not be paid with respect to the initial leasing or development.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DPG Realty Holdings LLC
Date Formed:	October 2004
Property Name/Location:	The joint venture consists of the following twelve properties:
	Tops Plaza — Elmira, NY	Tops Plaza — Avon, NY
	Tops Plaza — Hamburg, NY	Tops Plaza — Hamlin, NY
	Tops Plaza — Norwich, NY	Farragut Pointe — Farragut, TN
	Tops-Gander Mnt. Plaza — Tonawanda, NY	Columbia Square — Columbia, TN
	Tops Plaza — Arcade, NY	Five Forks Crossing — Lilburn, GA
	Tops Plaza — Tonawanda, NY	Five Forks Village — Lawrenceville, GA
Major Tenants:	Bi-Lo
	BJ’s Wholesale Club
	Gander Mountain Company
	Kroger
	Tops
Partnership Structure
Equity Contribution:	10.0% — JDN QRS, Inc.
	90.0% — Prudential Insurance Company of America (PICA)
Cash Flow Distribution:	10.0% — JDN QRS, Inc.
	90.0% — Prudential Insurance Company of America (PICA)
Fees to DDR
Management Fee:	4% of gross income
Construction Supervision Fee:	5% of gross cost of all development and tenant improvement work (including hard and soft costs)
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
	5% on new leases on years 1-5; 2.5% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
	4% on new leases on years 1-5; 2% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	3% for renewals on years 1-5; 1.5% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
	2.5% for renewals on years 1-5; 1.25% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
	2% for renewals on years 1-5; 1% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
	$2 per square foot for renewals with a material amendment to the lease; 1$ if renewed without a material      amendment (spaces > 20,000 square feet)
	4% on new outparcels/ground leases on years 1-5; 2% on remainder of term, max 10 years
	2% on renewal outparcels/ground leases on years 1-5; 1% on remainder of term, max 10 years
	6% of gross sales price < $500,000 (outparcel sales)
	5% of gross sales price $500,000 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Capital Structure (in millions)

JDN	$	11.5
PICA		103.2
Total Capital	$	114.7
Debt	$	11.3
Total Debt & Equity	$	126.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDRA Community Centers Five, L.P.
Date Formed:	September, 1998; DDRA CC Seven, L.P. merged July, 2005
Property Name/Location:	The joint venture consists of the following six properties:
	Foothills Towne Center — Ahwatukee, AZ	Maple Grove Crossing — Maple Grove, MN
	Arrowhead Crossing — Phoenix, AZ	Tanasbourne Town Center — Portland, OR
	Eagan Promenade — Eagan, MN	Eastchase Market — Fort Worth, TX
Major Tenants:	AMC Theatre	Famous Footwear	OfficeMax
	Ashley Homestores	Gander Mountain	Old Navy
	Babies ‘R Us	Haggan’s	Petco
	Barnes & Noble	JoAnn, Etc.	Petsmart
	Bassett Furniture	Kohl’s Department	Pier One
	Bed Bath & Beyond	Linens ‘N Things	Ross Dress for Less
	Best Buy	Mac Frugal’s	Staples
	Byerly’s	Mervyns (not owned)	Stein Mart
	Circuit City	Michael’s	Target (not owned)
	Comp USA	Nordstrom Rack (not owned)	TJ Maxx
	Cub Foods (not owned)	Office Depot	Toys ‘R Us (not owned)
	DSW Shoe Warehouse	Office Depot (not owned)	United Artists Theatre
	Ethan Allen (not owned)
Partnership Structure
Equity Contribution:	50% — DDR
	50% — DRA Advisors
Cash Flow Distribution:	50% — DDR
	50% — DRA Advisors
Fees to DDR
Management Fee:	3.5% of gross retail income
Development Fee:	5.0% of total costs for all improvements
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000
Capital Structure (in millions)

DDR	$	(31.6	)
DRA Advisors		(31.6	)
Total Capital (1)	$	(63.2	)
Debt	$	298.0
Total Debt & Equity	$	234.8

(1) Equity position is attributable to the Company refinancing mortgage debt at the fair market value of the assets, which is different than the historical net assets of the joint venture.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDRA Community Centers Eight, L.P.
Date Formed:	February, 2000
Property Name/Location:	Deer Valley Towne Center — Phoenix, AZ
Major Tenants:	Michael’s
	OfficeMax
	Petsmart
	Ross Stores
	AMC Theatres (not owned)
	Target (not owned)
Partnership Structure
Equity Contribution:	50% — DDR
	50% — DRA Advisors
Cash Flow Distribution:	50% — DDR
	50% — DRA Advisors
Fees to DDR
Management Fee:	3.5% of gross retail income
Development Fee:	5% of hard costs for all improvements
Leasing Fees:	5% on new leases, 3% on renewals
Commission on Outparcel Sales:	10% of net sales price
Capital Structure (in millions)

DDR	$	3.6
DRA Advisors		3.6
Total Capital	$	7.2
Debt	$	17.4
Total Debt & Equity	$	24.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDRA Kildeer LLC
Date Formed:	March 28, 2002
Property Name/Location:	The Shops at Kildeer — Kildeer, IL
Major Tenants:	Bed, Bath & Beyond
	Circuit City
	Cost Plus
	Old Navy
Partnership Structure
Equity Contribution:	10% — DDR
	90% — DRA Advisors
Cash Flow Distribution:	10% — DDR
	90% — DRA Advisors
Promote:	After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved.
Fees to DDR
Management Fee:	3.5% of gross income
Development Fee:	5% of hard costs for all improvements
Leasing Fees:	5% on new leases, 3% on renewals
Commission on Outparcel Sales:	10% of net sales price
Capital Structure (in millions)

DDR	$	1.0
DRA Advisors		8.5
Total Capital	$	9.5
Debt	$	19.5
Total Debt & Equity	$	29.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Lennox Town Center Limited
Date Formed:	February, 1998
Property Name/Location:	Lennox Town Center Shopping Center — Columbus, OH
Major Tenants:	AMC Theatres Lennox 24
	Barnes & Noble
	Staples
	Target
Partnership Structure
Equity Contribution:	50% — DDR
	50% — Casto Properties
Cash Flow Distribution:	50% — DDR
	50% — Casto Properties
Fees to DDR
Management Fee:	1.312% of all rent
Development Fee:	N/A
Leasing Fees:	N/A
Commission on Outparcel Sales:	N/A
Capital Structure (in millions)

DDR	$	0.15
Casto Properties		0.15
Total Capital	$	0.3
Debt	$	18.1
Total Debt & Equity	$	18.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Sun Center Limited
Date Formed:	February, 1998
Property Name/Location:	Sun Center — Columbus, OH
Major Tenants:	Ashley Furniture Homestore
	Babies ‘R Us
	Big Bear
	Michael’s
	Staples
	Stein Mart
Partnership Structure
Equity Contribution:	79.45% — DDR
	20.55% — Casto Properties
Cash Flow Distribution:	79.45% — DDR
	20.55% — Casto Properties
Fees to DDR
Management Fee:	1.312% of all rent
Development Fee:	N/A
Leasing Fees:	N/A
Commission on Outparcel Sales:	N/A
Capital Structure (in millions)

DDR	$	(0.0	)
Casto Properties		(0.2	)
Total Capital (1)	$	(0.2	)
Debt	$	20.6
Total Debt & Equity	$	20.4

(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DOTRS LLC
Date Formed:	September, 1996
Property Name/Location:	Macedonia Commons — Macedonia, Ohio
Major Tenants:	First National Supermarkets
	Kohl’s Department Store
	Wal-Mart (not owned)
Partnership Structure
Equity Contribution:	50% — DDR
	50% — The State Teachers Retirement Board of Ohio
Cash Flow Distribution:	50% — DDR
	50% — The State Teachers Retirement Board of Ohio
Fees to DDR
Management Fee:	5% of gross retail income
Development Fee:	5% of hard costs for all improvements
Leasing Fees:	5% on new leases, 3.5% on renewals
Commission on Outparcel Sales:	N/A
Capital Structure (in millions)

DDR	$	5.75
The State Teachers Retirement Board		5.75
Total Capital	$	11.5
Debt	$	10.3
Total Debt & Equity	$	21.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDRC PDK Salisbury Phase III LLC
Date Formed:	March 2001
Property Name/Location:	Salisbury, MD
Major Tenants:	Rugged Warehouse
	Dress Barn
Partnership Structure
Ownership Percentage:	50% — DDR
	50% — PDK Commons Phase III L.C.
Cash Flow Distribution:	50% — DDR
	50% — PDK Commons Phase III L.C.
Fees to DDR
Management Fee:	4% of gross rental income
Development Fee:	$.75 psf of leasehold improvements
Leasing Fees:	N/A
Capital Structure (in millions)

DDR	$	0.1
PDK Salisbury LLC		0.1
Total Capital	$	0.2
Debt	$	1.8
Total Debt & Equity	$	2.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Shea and Tatum Associates Limited Partnership
Date Formed:	January 1, 1995 (acquired January 2, 2003)
Property Name/Location:	Paradise Village Gateway — Phoenix, AZ
Major Tenants:	Albertson’s
	Bed Bath & Beyond
	Petsmart
	Ross
	Staples
Partnership Structure
Equity Contribution:	67% — DDR
	33% — Churchill Family Trust
Cash Flow Distribution:	67% — DDR
	33% — Churchill Family Trust
Fees to DDR
Management Fee:	5% of gross income
Development Fee:	5% of total costs for all improvements (excluding land)
Leasing Fees (without co-broker):	$3.50 per square foot for spaces < 5,000 square feet
	$3.00 per square foot for spaces 5,000 - 10,000 square feet
	$2.50 per square foot for spaces 10,000 - 25,000 square feet
	$2.00 per square foot for spaces 25,000 - 50,000 square feet
	$1.50 per square foot for spaces over 50,000 square feet
	Renewals earn 50% of fees on new leases
	5.0% on new ground leases on years 1-5
Commission on Outparcel Sales:	5% of gross sales price
Capital Structure (in millions)

DDR	$	4.5
Churchill Family Trust		2.2
Total Capital	$	6.7
Debt	$	17.1
Total Debt & Equity	$	23.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Paseo Colorado Holdings LLC
Date Formed:	January 14, 2003
Property Name/Location:	Paseo Colorado — Pasadena, CA
Major Tenants:	DSW Shoe Warehouse
	Equinox Health & Fitness
	Gelson’s Market
	Loehmann’s
	Macy’s
	Pacific Theaters
Partnership Structure
Equity Contribution:	25% — DDR
	75% — Lehman Brothers
Cash Flow Distribution:	25% — DDR
	75% — Lehman Brothers
Promote:	After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds.
Fees to DDR
Management Fee:	3.5% of gross income
Development Fee:	3.5% of total costs for all improvements (excluding land)
Leasing Fees:	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price over $500,000 but less than $1,000,000
	4.0% of gross sales price over $1,000,000
Capital Structure (in millions)

DDR	$	6.3
Lehman Brothers		18.8
Total Capital	$	25.1
Payable to DDR	$	0.2
Debt	$	85.0
Total Debt & Equity	$	110.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	KLA/SM L.L.C.
Date Formed:	March 2002
Property Name/Location:	The Joint Venture consists of 53 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc. In total, these properties are located in 24 states across the United States.
Partnership Structure
Equity Contribution:	24.63% — DDR
	12.32% — Klaff Realty, L.P.
	61.58% — Lubert-Adler Funds
	1.47% — Random Properties Acquisition Corp I
Cash Flow Distribution:	24.63% — DDR
	12.32% — Klaff Realty, L.P.
	61.58% — Lubert-Adler Funds
	1.47% — Random Properties Acquisition Corp I
	Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted.
Promote:	Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds.
Fees to DDR
Management Fees:	3.0% of gross revenues
Development Fees:	4.5% of hard costs for all improvements for all retail tenant leases
	1.5% of hard costs for all non-retail or furniture leases
Leasing Fees:	$0.94 per square foot for all retail tenant leases
	$0.31 per square foot for all non-retail or furniture leases
Disposition Fees:	.75% of gross sales price for all sales to retail purchasers
	.25% of gross sales price for all sales to non-retail or furniture purchasers
Capital Structure (in millions)

DDR	$	10.0
Klaff		5.0
Lubert-Adler		24.9
Random Properties Acquisition Corp. I		0.6
Total Capital	$	40.5
Payable to DDR	$	92.0	(1)
Existing Debt	$	29.0
Total Debt & Equity	$	161.5

(1) Includes mortgage note to DDR for $91.6 million.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Jefferson County Plaza LLC
Date Formed:	July 1999
Property Name/Location:	Arnold, MO
Major Tenants:	Target (not owned)
	Home Depot (not owned)
	Shoe Carnival
	Sally Beauty Supply
	Deal$
Partnership Structure
Equity Contribution:	50% — DDR
	50% — The Sansone Group (50% owned by DDR)
Cash Flow Distribution:	50% — DDR
	50% — The Sansone Group
Fees to DDR
Management Fee:	1.5% of gross rental income
Development Fee:	NA
Leasing Fees:	2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals
Capital Structure (in millions)

DDRC	$	(0.2	)
The Sansone Group		(0.2	)
Total Capital (1)	$	(0.4	)
Payable to DDR	$	3.1
Debt	$	3.7
Total Debt & Equity	$	6.4

(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDR/1st Carolina Apex Phase IV LLC
Date Formed:	November 2004
Property Name/Location:	Beaver Creek Crossings — Phase II, Apex, NC
Major Tenants:	Retail tenants to be announced
Partnership Structure
Equity Contribution:	80% — 1st Carolina Holdings, LLC
	20% — DDR
Cash Flow Distribution:	80% — 1st Carolina Holdings, LLC
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	1% of the project cost
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-5, 2% on years 6-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.5% for renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	2% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot for renewals (spaces > 20,000 square feet)
	2% on years 1-5, 1% on years 6-10 (ground lease renewals)
	5% of termination fees collected from tenants
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Tenant Coordination Fee:	5% of the project cost
Capital Structure (in millions)

1st Carolina	$	0.2
DDR	$	0.0
Total Capital	$	0.2
Payable to DDR	$	10.7
Debt	$	—
Total Debt & Equity	$	10.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDR Markaz LLC (Kuwaiti Financial Centre)
Date Formed:	May 2003
Property Name/Location:	The joint venture consists of the following seven properties:
	Hilltop Plaza — Richmond, CA	Highland Grove Shopping Center— Highland, IN
	Derby Square — Grove City, OH	Springfield Commons Shopping Center — Toledo, OH
	Oviedo Park — Oviedo, FL	Apple Blossom Corners — Winchester, VA
	North Pointe Plaza — Tampa, FL
Major Tenants:	Babies R Us (not owned)	Marshalls
	Barnes & Noble	Martin’s Food Store
	Bed Bath & Beyond	Michael’s
	Books-A-Million	OfficeMax
	Borders Books (not owned)	Old Navy
	Century Theatre	Petco
	Circuit City	Petsmart
	Gander Mountain	Publix
	Jewel (not owned)	Ross Dress for Less
	Kohl’s	Shoe Carnival
	Linens ‘N Things	Target (not owned)
	Lowe’s (not owned)	T.J. Maxx Wal-mart (not owned)
Partnership Structure
Equity Contribution:	80% — Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
	20% — DDR
Cash Flow Distribution:	80% — Markaz
	20% — DDR
Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual internal rate of return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest.
Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	5.5% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000
Capital Structure (in millions)

DDR	$	10.5
Markaz		42.2
Total Capital	$	52.7
Payable to DDR	$	0.6
Debt	$	110.0
Total Debt & Equity	$	163.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDR Markaz II LLC (Kuwaiti Financial Centre II)
Date Formed:	November 2004
Property Name/Location:	The joint venture consists of the following thirteen properties:
	Culver Ridge Plaza — Irondequoit, NY	Oxford Place — Oxford, MS
	Tops Plaza — LeRoy, NY	Midway Plaza — Loganville, GA
	Tops Plaza — Jamestown, NY	Chillicothe Place — Chillicothe, OH * excluding Lowe’s
	Tops Plaza — Ontario, NY	Northcreek Commons — Goodlettsville, TN
	Tops Plaza Union — Cheektowaga, NY	Panorama Plaza — Rochester, NY
	Tops Plaza — Warsaw, NY	Crossroads Centre — Orchard Park, NY
	Tops Plaza Robinson — Amherst, NY
Major Tenants:	AJ Wright	Lowe’s (not owned)
	Blockbuster	Office Max
	Dollar Tree	Regal Cinemas
	Factory Card Outlet	Stein Mart
	Kroger	Tops Markets
	Linens ‘N Things
Partnership Structure
Equity Contribution:	80% — Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
	20% — DDR
Cash Flow Distribution:	80% — Markaz
	20% — DDR
Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 11.5% annual internal rate of return, and (ii) 50% to DDR and 50% to DDR and Markaz in proportion to their equity interest.
Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	6.25% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000
Capital Structure (in millions)

DDR	$	10.8
Markaz		42.9
Total Capital	$	53.7
Receivable from DDR	$	(1.3	)
Payable to DDR	$	0.3
Debt	$	150.5
Total Debt & Equity	$	203.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Ward Parkway LLC
Date Formed:	June 2003
Property Name/Location:	Kansas City, MO
Major Tenants:	Target (not owned)	Old Navy
	Dilliards	Off Broadway Shoes
	Pier One	24 Hour Fitness
	TJ Maxx	Dick’s
	AMC Theater	Petsmart
Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund *
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	5% of all hard and soft costs
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:	5% of all development and tenant improvement work performed
Tenant Coordination Fee:	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund	$	21.9
DDR		5.5
Total Capital	$	27.4
Debt	$	31.5
Total Debt & Equity	$	58.9

* Coventry II Fund:

DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Totem Lakes LLC
Date Formed:	January 2004
Property Name/Location:	Totem Lakes Mall — Kirkland, WA
Major Tenants:	Guitar Center
	Trader Joe’s
	Big 5 Sporting Goods
	Totem Lake Theater
	Rite Aid
	Ross Dress For Less
	Famous Footwear
	CompUSA
Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund *
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	5% of all hard and soft costs
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:	5% of all development and tenant improvement work performed
Tenant Coordination Fee:	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund	$	9.7
DDR		2.4
Total Capital	$	12.1
Debt	$	26.0
Total Debt & Equity	$	38.1

* Coventry II Fund:

DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Phoenix Spectrum LLC
Date Formed:	March 2004
Property Name/Location:	Spectrum Mall — Phoenix, AZ
Major Tenants:	Wal-Mart
	Costco
	Ross Dress For Less
	PetsMart
	Walgreens
	Harkins Theater
	Famous Footwear
	Big 5 Sporting Goods
Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund *
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	5% of all hard and soft costs
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:	5% of all development and tenant improvement work performed
Tenant Coordination Fee:	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund	$	18.7
DDR		4.6
Total Capital	$	23.3
Debt	$	39.0
Total Debt & Equity	$	62.3

* Coventry II Fund:

DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Westover LLC / DDR DB 151 Ventures LP
Date Formed:	June 2004
Property Name/Location:	Westover Marketplace, San Antonio, TX
Major Tenants:	Target (not owned)
	Lowe’s
	Ross
	Petsmart
	Sportsman’s Warehouse
	Office Depot
Partnership Structure
DDR DB 151 Ventures LP
Ownership Percentage:	50% — Coventry II DDR Westover LLC
	50% — ERA 151 Partners, Ltd. (Development Partner)
	(No equity contributions at the partnership level)
Cash Flow Distribution:	50% — Coventry II DDR Westover LLC
	50% — ERA 151 Partners, Ltd. (Development Partner)
	(After repayment of 10.5% interest on the Coventry II DDR Westover loan and repayment of the loan)
Coventry II DDR Westover LLC
Equity Contribution:	80% — Coventry II Fund*
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund*
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	1% of all project costs less land
Leasing Fees: **	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of Gross Sales Price up to $500,000 (Outparcel Sales)
	5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
	4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Construction Management Fee: **	5% of all development and tenant improvement work performed
Tenant Coordination Fee: **	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund	$	6.1
DDR		1.5
Total Capital	$	7.6
Debt	$	17.7
Total Debt & Equity	$	25.3

*DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

** Fee shall not be paid with respect to the initial leasing or development.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Buena Park LLC
Date Formed:	November 2004
Property Name/Location:	Buena Park Mall — Buena Park, CA
Major Tenants:	Ross Dress For Less	Circuit City
	PetsMart	Office Depot
	Kohl’s	Walmart
	Bed Bath & Beyond	Sears
	Michaels	Steve & Barry’s University
	DSW Shoe Warehouse
	Krikorian Premier Theater
Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund *
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee:	5% of all development and tenant improvement work performed
Tenant Coordination Fee:	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund	$	24.0
DDR		6.0
Total Capital	$	30.0
Debt	$	61.0
Total Debt & Equity	$	91.0

* Coventry II Fund:

DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	Coventry II DDR Merriam Village LLC
Date Formed:	March 2005
Property Name/Location:	Merriam Village, Merriam, Kansas
Major Tenants:	To be announced
Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR
Cash Flow Distribution:	80% — Coventry II Fund *
	20% — DDR
Fees to DDR
Management Fee:	4% of gross income
Development Fee:	5% of all hard and soft costs
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
	4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
	3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	4% on new leases on years 1-10 (ground lease)
	3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
	2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
	1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
	$1 per square foot for renewals (spaces > 20,000 square feet)
	2% on renewals on years 1-10 (ground lease)
	6% of gross sales price ≤ $500,000 (outparcel sales)
	5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
	4% of gross sales prices > $1,000,000 (outparcel sales)
Construction Management Fee: **	5% of all development and tenant improvement work performed
Tenant Coordination Fee: **	5% of all hard and soft costs
Capital Structure (in millions)

Coventry II Fund		0.20
DDR		0.05
Total Capital	$	0.3
Payable to DDR	$	—
Debt	$	17.8
Total Debt & Equity	$	18.1

* Coventry II Fund:
DDR also is entitled to a promote as a special member of the Coventry II Fund equal to 10% of all cash flow distributions after the distribution to all members of the Coventry II Fund of (i) a 10% preferred return on all contributed capital in all Coventry II Fund investments and (ii) 100% of the unreturned contributed capital in all Coventry II Fund investments.

** Fee shall not be paid with respect to the initial leasing or development.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:	November 2003
Property Name/Location:	The joint venture consists of the following 48 properties:
	Union Consumer Square — Cheektowaga, NY	The Plazas at Great Northern — North Olmsted, OH
	Walden Consumer Square — Cheektowaga, NY	Riverdale Village — Coon Rapids, MN
	Dick’s Plaza — Cheektowaga, NY	Midway Marketplace — St. Paul, MN
	Walden Place — Cheektowaga, NY	River Hills Shopping Center — Asheville, NC
	Borders Books — Cheektowaga, NY	Township Marketplace — Monaca, PA
	Eastgate Plaza — Clarence, NY	The Marketplace — Nashville, TN
	Premier Place — Clarence, NY	BJ’s Batavia — Batavia, NY
	Regal Cinemas — Clarence, NY	Tops Plaza — Batavia, NY
	Jo-Ann Plaza — Clarence, NY	Batavia Commons — Batavia, NY
	Barnes & Noble — Clarence, NY	Towne Center — Murfreesboro, TN
	New Hartford Consumer Square — Utica, NY	Perimeter Pointe — Atlanta, GA
	Merriam Town Center — Merriam, KS	Woodfield Village Green — Schaumburg, IL
	Spring Creek Center — Fayetteville, AR	Fairfax Towne Center — Fairfax, VA
	Steele Crossing — Fayetteville, AR	Belden Park Crossings — Canton, OH
	Carillon Place — Naples, FL	Independence Commons — Independence, MO
	Towne Center Prado — Marietta, GA	Erie Marketplace — Erie, PA
	Shoppers World — Framingham, MA	Riverchase Promenade — Birmingham, AL
	Harbison Court — Columbia, SC	Lakepointe Crossing — Lewisville, TX
	Connecticut Commons — Plainville, CT	Lake Brandon Village -Brandon, FL
	Pioneer Hills — Aurora, CO	Lake Brandon Plaza -Brandon, FL
	Cool Springs Pointe — Brentwood, TN	MacArthur Marketplace — Irving, TX
	Brown Deer Center — Brown Deer, WI	Shoppers World of Brookfield — Brookfield, WI
	Brown Deer Market — Brown Deer, WI	Parker Pavilions — Parker, CO
	McDonough Marketplace — McDonough, GA	Grandville Marketplace — Grandville, MI

Major Tenants:	A.C. Moore	DSW Shoe	Plainville Theatre
	AMC Theatres/General Cinema	Warehouse/Filene’s Basement	Pier 1 Imports
	Barnes & Noble Superstores	Famous Footwear	Publix Supermarkets
	Bed Bath & Beyond	Hallmark	Regal Cinemas
	Best Buy	Home Depot	Ross Dress for Less
	BJ’s Wholesale Club	Jo-Ann Stores	Safeway
	Bobs	Kohl’s	Sports Authority
	Borders Books	Linens ‘N Things	Stein Mart
	Catherine’s/Fashion Bug/Lane Bryant	Lowe’s	Supervalue, Inc.
	Cinemark Theatres	Michael’s	TJX Companies
	Circuit City	Office Depot	Toys “R” Us/Babies “R” Us
	Comp USA	OfficeMax	United Artists Theatre
	Cost Plus World Market	Old Navy (Gap, Inc.)	Wal-Mart/Sam’s Club
	Dick’s Sporting Goods	Party City
		PetSmart
Partnership Structure
Equity Contribution:	14.82% — DDR	Cash Flow Distribution: Variable*
	2.78% — Macquarie Bank Limited (“MBL”)
	82.40% — Macquarie DDR Trust (“MDT”)
Promote:	Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee.

Joint Venture Partnership Summaries 4.2

Fees to DDR
Property Management Fee:	4.0% of gross revenues
Development Fee:	5.0% of total costs for all improvements
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 — 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (outparcels and ground leases)
	Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of
	20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term
	of a lease or $1.00 per square foot where there is no amendment to a material term of the lease.
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 — $1,000,000
	4.0% of gross sales price $1,000,000 or over
Sponsor’s Fee:	DDR received $2.9 million which was paid upon completion of the Australian initial public offering.
Acquisition Fees:	Up to 1.0% of the purchase price for third party assets
Disposition Fee:	Market rate not to exceed 1% of the sale price of the property to a third party
Debt Placement Fee:	50bp of the borrowings raised
Due Diligence Fee:	12.5bp of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:	5.0% of the cost of capital improvements
Maintenance Service Fee:	Based on time spent at the properties by DDR personnel
Capital Structure (in millions)

DDR	$	102.2
MBL		19.2
MDT		568.1
Total Capital	$	689.5
Receivable from DDR, net	$	(2.7	)
Debt	$	1,016.1
Total Debt & Equity	$	1,702.9

* DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage of the fair market value of the properties held by DDR Macquarie Fund LLC plus the book value of certain other assets held by DDR Macquarie Fund LLC. The prorata share of distributions made to MDT is reduced by the Base Fee. As such, the distribution percentages as well as the dollar amount of the distribution vary depending on the amount of the Base Fee.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005
     

Joint Venture Investment Summary

Joint Venture Name:	*	DDR MDT MV LLC
Date Formed:		September 2005
Property Name/Location:		The joint venture consists of 36 fee simple, leasehold and groundlease interests. The joint venture will purchase 1 additional property during the 1st quarter of 2006. The properties are located in California, Arizona, Nevada and Texas.
Partnership Structure
Equity Contribution:		50.0666% — DDR                                                                     Cash Flow Distribution: Variable(1)
		49.9334% — Macquarie DDR Trust (“MDT”)
Promote:		Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee.
Fees to DDR
Property Management Fee:		4.0% of gross revenues
Development Fee:		5.0% of total costs for all improvements
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (outparcels and ground leases)
		Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of
		20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term of a lease or $1.00 per square foot where there is no amendment to a material term of the lease.
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price $500,000 — $1,000,000
		4.0% of gross sales price $1,000,000 or over
Acquistion Fee		Up to 1.0% of the purchase price for third party assets
Debt Placement Fee		12.5bp of the borrowings raised
Structuring & Advisory Fee		25bp of Purchase Price
Disposition Fee:		Market rate not to exceed 1% of the sale price of the property to a third party
Due Diligence Fee:		12.5bp of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:		5.0% of the cost of capital improvements
Capital Structure (in millions)

DDR	$	75.2
MDT		75.0
MBL		—
Total Capital	$	150.2
Receivable from DDR, net	$	(0.1	)
Debt	$	258.5
Total Debt & Equity	$	408.6

* The joint venture was consolidated into DDR in accordance with FIN 46.

⁽¹⁾ DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage of the fair market value of the properties held by DDR MDT MV LLC plus the book value of certain other assets held by DDR MDT MV LLC. The prorata share of distributions made to MDT is reduced by the Base Fee. As such, the distribution percentages as well as the dollar amount of the distribution vary depending on the amount of the Base Fee.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2005

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2003			2002			2001
Acquisitions/Transfers	$	350.0	(2)	$	1,147.0	(4)	$	1,221.7	(6)	$	53.0		$	213.1
Completed Expansions		9.3			10.3			9.7			9.0			2.3
Developments & Construction in Progress		87.5			38.9			120.1			48.6			103.7
Tenant Improvements & Building Renovations (1)		6.8			0.6			0.6			1.6			4.9
Other Real Estate Investments		0.0			0.0			0.0			241.6	(8)		0.0
Minority Equity Investment in AIP		0.0			0.0			0.0			0.0			(135.0	)(10)
	$	453.6		$	1,196.8		$	1,352.1		$	353.8		$	189.0
Less: Real Estate Sales and Dispositions		($148.8	)(3)		($306.7	)(5)		($781.5	)(7)		($441.2	)(9)		($16.9	)
Joint Venture Totals (Millions)	$	304.8		$	890.1		$	570.6			($87.4	)	$	172.1

(1)	The Company estimates recurring capital expenditures, including tenant improvements, of $4 million associated with its joint venture portfolio during 2006.
(2)	In addition to the Macquarie acquisition there was a basis adjustment to the DPG Realty Holdings and DDR Markaz II LLC acquisitions.
(3)	In addition to asset sales which had an aggregate cost of $111.1 million, this balance includes the transfer to DDR of the Dublin, Ohio shopping center which had an aggregate cost of $30 million and the sale of five outparcels at Plaza at Puente Hills, which were owned by RVIP VII.
(4)	Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 and $201.6, respectively, MDT’s acquisition of an additional $619.5 million of assets, plus the acquisition of the Poag & McEwen’s interest and David Berndt’s interest in RVIP IIIB and RVIP VIII, respectively, for $14.9 million, the purchase of a fee interest in several assets in the Service Merchandise portfolio for $5.2 million and a $3.0 million earnout for an outparcel in Kildeer, IL.
(5)	In addition to asset sales which had an aggregate cost of $141.7, this balance includes the transfer to DDR of the Littleton, CO and Merriam, KS shopping centers which had an aggregate cost of $107.3 million, $51.2 million of adjustments due to GAAP presentation including FIN 46 and a $6.5 million write-off for the demolition of a portion of an asset in Lancaster, CA.
(6)	Balance includes the formation of Macquarie DDR Trust and DDR Markaz aggregating $735.9 and $169.3, respectively, plus several new joint ventures with assets aggregating $228.8 million and the consolidation of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO which aggregated $87.7 million.
(7)	In addition to asset sales which had an aggregate cost of $167.5 million, this balance includes the disposition of shopping centers located in Dayton and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of two of the Service Merchandise leases, the aggregate cost of these transactions was $116.6 million. During the fourth quarter the shopping centers located in Coon Rapids, MN, Naples, FL, Atlanta, GA, Marietta, GA, Schaumburg, IL, Framingham, MA and Fairfax, VA, which had an aggregate cost of $379.2 million, were sold to the Macquarie DDR Trust joint venture, and $118.2 million of assets owned by DD Development Company were consolidated into DDR.
(8)	Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement.
(9)	Includes transfers to DDR in the aggregate amounts of $58.7 million, $38.7 million, $25.6 million and $30.6 million relating to shopping centers in Plainville, CT, Independence, MO, Canton, OH and San Antonio, TX, respectively. This amount also includes sales of shopping centers in Denver, CO; Hagerstown, MD; Salem, NH, Eatontown, NJ, Durham, NC and Round Rock, TX and the sales of outlot parcels in Round Rock, TX and San Antonio, TX.
(10)	The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001.

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Venture Acquisitions
for the Twelve Month Period Ended December 31, 2005

						DDR's			Joint
			Cost		Acquisition	Ownership			Venture
Property Location	GLA		(Millions)		Date	Percentage			Partner
Macquarie DDR Trust		2,437,685	$	349.0	Various		14.50	%	Macquarie Bank Limited
Total		2,437,685	$	349.0

Joint Venture Dispositions
for the Twelve Month Period Ended December 31, 2005

			Gross Sale				DDR's			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Richmond, CA		76,692	$	14.0		4/1/2005		20.00	%	Prudential & Coventry Real Estate Partners
Service Merchandise locations		408,662	$	19.4	Various			25.00	%	Various
Long Beach, CA		342,699	$	75.6		8/2/2005		24.75	%	Prudential & Coventry Real Estate Partners
San Ysidro, CA		258,862	$	42.5		11/22/2005		20.00	%	Prudential & Coventry Real Estate Partners
Total		1,086,915	$	151.5

Joint Venture Acquisitions and Dispositions 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Venture Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2005

	DDR's			Joint
	Ownership			Venture
Projects Substantially Complete	Percentage			Partner	Description
St. Petersburg, FL		24.63	%	KLA/SM	Demise of former Service Merchandise building for 24,650 sf Homegoods (opened 11/05), 8,000 sf Boater’s World, 35,000 sf Joann’s (opened 7/03) and construction of outparcel.
Merriam, KS		14.50	%	MDT	Expansion of the 7,300 sf outparcel to include Quiznos, Nextel, Fast Frame, and other retail tenants.
Total Cost (Millions)	$	9.3
Projects in Progress	Percentage
Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing tenants to accommodate the relocation of Harkins Theatre, new anchor tenants, several junior anchors and other retail tenants to be announced.
Lancaster, CA		20.00	%	Prudential Real Estate Investors	Relocate existing Wal-Mart to the area previously occupied by 99 Cent Store (relocated), House to Home and Costco (which were demolished) so that 20 acres of land could be sold to Wal-Mart for development of a Supercenter. Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.
Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate PetsMart (opened 7/05), Old Navy (opened 9/05) and additional mid-size anchors and other retail tenants to be announced.
Total Cost (Millions)	$	57.4
Projects to Commence
Deer Park, IL		24.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed.
Kirkland, WA		20.00	%	Coventry II	Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, a theater, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Joint Venture Development Projects
for the Twelve Month Period Ended December 31, 2005

				DDR's	Joint	Total		Proportionate		Substantial
	Total			Ownership	Venture	Cost		Cost		Completion
Projects Substantially Complete	GLA			Percentage	Partner	(Millions)		(Millions)		Date	Major Tenants
Jefferson County (St. Louis), MO		330,051	(1)	50.0%	Sansone	$	9.7	$	4.8	2005	Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty
San Antonio, TX (Westover)		581,883	(1)	10.0%	David Berndt Interests & Coventry II	$	34.5	$	3.4	2005	Lowe's (opened in 2003), Target, Ross Dress for Less, and Sportsman Warehouse (opened 3rd quarter 2005), Office Depot, PetsMart, Rack Room Shoes, Mattress Pro, Quizno's, Radio Shack, and Sports Clips (opened 4th quarter 2005) and other retail tenants to be announced.
Projects in Progress
Apex, NC (Beaver Creek Crossings-Phase II)		245,514		20.0%	First Carolina Properties	$	39.9	$	8.0	2007	To be announced.
Projects to Commence Construction
Merriam Village, KS		307,598		20%	Coventry II	$	35.2	$	7.0	2007	To be announced.
Joint Venture Development Totals		1,465,046				$	119.3	$	23.2

Notes:
(1)	Includes square footage which will not be Company owned.

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Joint Venture Development
Assets Placed in Service as of December 31, 2005

	Assets Placed		DDR's Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2004	$	4.5	$	2.3
1st Quarter 2005	$	0.0	$	0.0
2nd Quarter 2005	$	1.9	$	0.9
3rd Quarter 2005	$	0.0	$	0.0
4th Quarter 2005	$	14.3	$	1.4
Projected 2006	$	23.5	$	3.6
Projected Thereafter	$	75.1	$	15.0
Total	$	119.3	$	23.2

Joint Venture Development
Funding Schedule as of December 31, 2005

	DDR's		JV Partners'		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of December 31, 2005	$	16.2	$	5.5	$	39.0	$	60.7
Projected Net Funding During 2006		0.4		1.6		48.2	$	50.2
Projected Net Funding Thereafter		0.5		2.1		5.8	$	8.4
Total	$	17.1	$	9.2	$	93.0	$	119.3

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Joint Venture Debt
as of December 31, 2005

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
RVIP III B Deer Park, IL	V	$	56,520			07/06	Libor + 150
RVIP VI	F		18,078	(1)
RVIP VII	V		72,120	(2)		04/07	Libor + 140
	F		1,978	(2)		07/07		8.375
RVIP VIII	V		23,356			01/09	Libor + 100
DDRA Community Centers Five	V		18,000	(3)		07/07	Libor + 200
	F		280,000	(3)		08/10		5.295
DDRA Community Centers Eight Deer Valley, AZ	F		17,381			09/10		8.010
DDRA Kildeer LLC	V		4,500			08/07	Libor + 180
Kildeer, IL	F		15,000			08/07		5.640
Lennox Town Center Limited Columbus, OH	F		18,085			07/22		8.110
Sun Center Limited	F		6,177			05/11		5.420
Columbus, OH	F		14,459			04/11		8.480
DOTRS LLC Macedonia, OH	V		10,292			09/06	Libor +100
DDRC PDK Salisbury Phase III LLC Salisbury, MD	F		1,819			04/06		7.610
KLA/SM LLC	F		12,456			11/13		6.256
	F		16,541			10/13		6.365
Jefferson County Plaza, LLC Arnold, MO	V		3,749			08/08	Libor + 175
Paradise Village Gateway Phoenix, AZ	F		17,056			05/07		7.780
Paseo Colorado Holdings	V		30,000			02/06	Libor + 245
Pasadena, CA	F		55,000			02/06		5.780
DDR Markaz	F		110,000	(4)		06/08		4.129

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Joint Venture Debt
as of December 31, 2005 (continued)

		Mortgage
Property/Entity		Balance (000’s)			Maturity Date		Interest Rate
DDR Markaz II	F	$	150,480	(5)		11/14		5.147
Coventry II DDR Ward Parkway	V		31,500			08/06	Libor + 240
Coventry II DDR Totem Lakes	V		26,000			07/07	Libor + 215
Coventry II DDR Phoenix Spectrum	V		39,000			07/06	Libor + 275
Coventry II DDR Westover Marketplace	V		17,683			07/07	Libor + 195
Coventry II DDR Buena Park	V		61,000			03/10	Libor + 115
Coventry II DDR Merriam Village	V		17,771			06/08	Libor + 150
DPG Realty Holdings, LLC
Tonawanda, NY	F		6,118			05/17		7.630
Tonawanda, NY	F		5,229			06/21		7.660
DDR Macquarie (6)
$125 Million Revolving Credit Facility	V		61,144	(7)		11/07	Libor + 100
JPMorgan Chase	F		9,100	(7)		11/07		4.913
Secured Financing	F		290,500	(8)		12/08		4.225
	V		50,000	(8)		12/08	Libor + 130
	F		165,250	(9)		06/09		4.180
	F		20,000	(9)		06/07		4.800
	V		29,750	(9)		06/07	Libor + 84
BJ’s Clarence	F		4,872			03/22		7.070
JoAnn Transit	F		3,276			08/13		6.250
New Hartford Consumer Square	F		36,278			11/18		5.750
Birmingham, AL (Riverchase)	F		7,880			01/13		5.500
Merriam Town Center	V		30,000			11/06	Libor + 110
DDR Macquarie Longhorn Holdings	F		85,000	(10)		01/12		4.910
DDR Macquarie Longhorn Holdings II	F		157,250	(11)		04/10		4.822
	V		26,450	(11)		04/10	Libor + 85
DDR Macquarie Longhorn Holdings III	F		39,300	(12)		04/10		5.098
		$	2,173,398

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Notes:

(1)	Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.
(2)	Encumbers three shopping center properties located in California and Washington.
(3)	Encumbers six shopping center properties as follows:
	Ahwatukee, AZ	Maple Grove, MN	Eagan, MN
	Phoenix, AZ	Portland, OR	Fort Worth, TX
(4)	Encumbers seven shopping center properties as follows:
	Oviedo, FL	Tampa, FL	Grove City, OH
	Richmond, CA	Highland, IN	Toledo, OH
	Winchester, VA
(5)	Encumbers thirteen shopping center properties as follows:
	Orchard Park, NY	Warsaw, NY	Chillicothe, OH
	Rochester, NY	Leroy, NY	Loganville, GA
	Cheektowaga, NY	Jamestown, NY	Oxford, MS
	Amherst, NY	Ontario, NY	Goodlettsville, TN
	Irondequoit, NY
(6)	The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected below as it is consolidated within DDR’s accounts pursuant to FIN 46.
(7)	Encumbers three shopping center properties as follows:
	Canton, OH	St. Paul, MN	North Olmsted, OH
(8)	Encumbers seven shopping center properties as follows:
	Independence, MO	Framingham, MA	Fairfax, VA
	Schaumburg, IL	Atlanta, GA	Naples, FL
	Marietta, GA
(9)	Encumbers ten shopping center properties as follows:
	Clarence, NY	Monaca, PA	Nashville, TN
	Cheektowaga, NY	Erie, PA	Coon Rapids, MN
	Batavia, NY	Murfreesboro, TN	Ashville, NC
	Fayetteville, AR
(10)	Encumbers four shopping center properties as follows:
	Pioneer Hills (Aurora, CO)	Harbison Court (Columbia, SC)
	MacArthur Marketplace (Irving, TX)	Lakepointe Crossing (Lewisville, TX)
(11)	Encumbers eight shopping center properties as follows:
	Plainville Commons (Plainville, CT)	Cool Springs Pointe (Brentwood, TN)
	Riverdale Village (Coon Rapids, MN)	Shoppers World of Brookfield (Brookfield, WI)
	Brandon Village (Brandon, FL)	Brown Deer Center (Brown Deer, WI)
	Brandon Plaza (Brandon, FL)	Brown Deer Marketplace (Brown Deer, WI)
(12)	Encumbers three shopping center properties as follows:
	Grandville Marketplace (Grandville, MI)	Parker Pavilions (Parker, CO)
	McDonough Marketplace (McDonough, GA)

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Pro Rata Joint Venture Debt
as of December 31, 2005

		DDR's			DDR's
		Pro Rata			Pro Rata			Interest
Joint Venture		Interest			Debt (000's)			Rate (1)
RVIP III B			25.50	%	$	14,413			5.890
RVIP VI			25.50	%		4,610			8.098
RVIP VII			20.75	%		15,375			5.859
RVIP VIII			25.50	%		5,956			5.390
DDRA Comm Ctr Five			50.00	%		149,000			5.361
DDRA Comm Ctr Eight			50.00	%		8,691			8.010
DDRA Kildeer, LLC			10.00	%		1,950			5.766
Lennox Town Center			50.00	%		9,043			8.110
Sun Center			79.45	%		16,395			7.564
DOTRS LLC			50.00	%		5,146			5.390
DDRC PDK Salisbury			50.00	%		910			7.610
KLA/SM LLC			24.63	%		7,142			6.318
Jefferson County Plaza			50.00	%		1,874			6.140
Paradise Village Gateway			67.00	%		11,427			7.780
Paseo Colorado Holdings			25.00	%		21,250			6.154
DDR Markaz			20.00	%		22,000			4.129
DDR Markaz II			20.00	%		30,096			5.147
Coventry II DDR Ward Parkway			20.00	%		6,300			6.790
Coventry II DDR Totem Lakes			20.00	%		5,200			6.540
Coventry II DDR Phoenix Spectrum			20.00	%		7,800			7.140
Coventry II DDR Westover Marketplace			10.00	%		1,768			6.340
Coventry II DDR Buena Park			20.00	%		12,200			5.540
Coventry II DDR Merriam Village			20.00	%		3,554			5.890
DPG Realty Holdings, LLC			10.00	%		1,135			7.643
DDR Macquarie			14.49	%		147,226	(2)		4.737
Total					$	510,460
	Fixed Rate				$	385,739
	Variable Rate				$	124,721
					$	510,460
Weighted Average — Total					3.84 years				5.3	%
Weighted Average — Fixed			1,564,564		4.65 years				5.0	%
Weighted Average — Floating			608,834		1.76 Years				5.9	%

Notes:

(1)	Interest rate on floating rate debt determined by using the LIBOR rate in effect on December 31, 2005. One-month LIBOR was 4.39% on December 31, 2005.
(2)	The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46.

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Summary of Joint Venture Mortgage Principal Payments
as of December 31, 2005
(000’s)

JOINT VENTURE	2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
RVIP III B (Deer Park)		56,520																						56,520
RVIP VI		317		17,761																				18,078
RVIP VII		106		73,993																				74,098
RVIP VIII								23,356																23,356
DDRA Community Centers Five				18,000						280,000														298,000
DDRA Community Centers Eight		200		217		231		255		16,479														17,381
DDRA Kildeer, LLC (Kildeer, IL)				19,500																				19,500
Lennox Town Center Limited		540		585		635		688		746		809		877		950		1,031		1,117		10,109		18,085
Sun Center Limited Principal Mutual Life Ins Co		480		523		569		619		674		11,594												14,459
W. Lyman Case & Co		88		93		98		104		110		5,684												6,177
DOTRS LLC National City Bank		10,292																						10,292
DDRC PDK Salisbury Phase III		1,819																						1,819
KLA/SM LLC																28,997								28,997
Jefferson County Plaza LLC						3,749																		3,749
Paradise Village Gateway		323		16,733																				17,056
Paseo Colorado Holdings		85,000																						85,000
DDR Markaz						110,000																		110,000
DDR Markaz II																		150,480						150,480
Coventry II DDR Ward Parkway		31,500																						31,500
Coventry II DDR Totem Lakes				26,000																				26,000
Coventry II DDR Phoenix Spectrum		39,000																						39,000
Coventry II DDR Westover Marketplace				17,683																				17,683
Coventry II DDR Buena Park										61,000														61,000
Coventry II DDR Merriam Village						17,771																		17,771
Tonawanda, NY (Hollywood/Tops)		183		198		213		230		249		268		290		312		337		364		2,585		5,229
Tonawanda, NY (Tops/Gander Mtn.)		350		377		407		439		474		511		552		595		642		693		1,077		6,118
DDR Macquarie
Bank One $100M Revolver				70,244																				70,244
Secured Financing				49,750		340,500		165,250																555,500
BJ’s Clarence		166		178		191		205		220		236		253		272		292		313		2,546		4,872
JoAnn Transit		344		366		390		415		441		470		500		351								3,276
New Hartford Consumer Square		1,951		2,066		2,188		2,317		2,454		2,599		2,752		2,915		3,087		3,269		10,680		36,278
Birmingham, AL (Riverchase)		122		129		136		145		153		162		170		6,864								7,880
Merriam Town Center		30,000																						30,000
DDR Macquarie Longhorn Hldgs														85,000										85,000
DDR Macquarie Longhorn Hldgs II										183,700														183,700
DDR Macquarie Longhorn Hldgs III										39,300														39,300
Total — Debt		259,301		314,397		477,076		194,022		585,999		22,332		90,393		41,257		155,869		5,757		26,996		2,173,398

Summary of Joint Venture Mortgage Principal Payments 5.5

496 Shopping Centers (and interests in Retail Assets) 13 Managed Shopping Centers 44, plus Puerto Rico States (including managed properties) 81.6 Million Sq. Ft. Owned 113.2 Million Sq. Ft. Owned and Managed 96.4% / 95.1% % Leased / % Occupied 578 Total Employees Company Features (1) Includes Service Merchandise portfolio. (2) Includes retail development projects in process and scheduled to commence in 2006. (3) Assumes 100% ownership of joint venture assets and excludes developments. Based on actual pro rata ownership of joint venture assets, total owned GLA excluding development projects is 59 million. (4) Includes unowned anchors at Company-owned operating and development retail properties. (5) Core retail portfolio. (6) Including the assets acquired from Benderson Development, Caribbean Property Group and Mervyns, the total portfolio was 96.4% leased and 95.3% occupied. (1) (1) (2) (2) (3) (2) (3) (4) (5) (6)

Growth in Square Footage 732% increase in owned space over 12 years (1) '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 Owned 10 13 19 21 25 28 36 39 40 45.3 54.1 74.8 81.6 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 22.8 Managed 4 5 5 5 4 5 5 9 5 0.7 0.2 1.4 1.4 (1) Includes Service Merchandise, but does not include developments. 13.2 9.8 19.3 20.6 24.7 27.6 36.3 38.6 39.6 45.3 54.1 74.8 22.8 1.4 GLA (Million Square Feet) 81.6 4Q '05

GLA by State 113 MSF /44 States and 1 Commonwealth +10.0 MSF +5.0 - 10.0 MSF +3.0 - 5.0 MSF +1.0 - 3.0 MSF Less than 1.0 SF National Platform with Geographic Diversification Puerto Rico 4.7 msf 4.2% 15.3 msf 13.5% 8.6 msf 7.6% 6.1 msf 5.4% 7.5 msf 6.6% 4.8 msf 4.3% 5.4 msf 4.8% 4.9 msf 4.4% 4.0 msf 3.5% 3.8 msf 3.4%

'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 4Q '05 Total 4.38 4.81 4.93 5.27 5.35 5.37 5.6 5.89 7.6 7.85 8.49 8.99 9.2 9.66 10.03 10.2 10.7 10.79 11.3 Shops 7.09 7.41 7.87 8.25 8.29 8.37 8.56 9.02 10.54 10.87 11.69 12.39 12.69 13.66 14.02 14.5 15 15.15 16.62 Avg. Annualized Base Rental Rates $16.62 $11.30 (1) (1) Does not include Service Merchandise or development properties.

Avg. Annualized Base Rental Rates Dec. 31, 2005 416 $11.30 $16.62 Dec. 31, 2004 373 $10.79 $15.15 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998 159 $8.99 $12.39 Dec. 31, 1997 123 $8.49 $11.69 Dec. 31, 1996 112 $7.85 $10.87 Dec. 31, 1995 106 $7.60 $10.54 Dec. 31, 1994 84 $5.89 $9.02 Dec. 31, 1993 69 $5.60 $8.56 Dec. 31, 1992 53 $5.37 $8.37 Dec. 31, 1991 53 $5.35 $8.29 Dec. 31, 1990 52 $5.27 $8.25 Dec. 31, 1989 45 $4.93 $7.87 Dec. 31, 1988 40 $4.81 $7.41 Dec. 31, 1987 37 $4.38 $7.09 Period Ending Number of Properties Total Shop Space Annualized Base Rent / S.F.

Lease Expirations by Year 2006 2007 2008 2009 2010 2011 Anchor 0.014 0.028 0.032 0.051 0.076 0.092 Small Shop 0.099 0.133 0.14 0.135 0.135 0.091 (1) Does not include Service Merchandise or development properties. (2) Options not included. % Total Base Rents by Class (1) (2)

Lease Expirations by Year (1) 2006 28 $6.4 $5.74 809 $35.1 $15.04 2007 48 $12.4 $6.30 974 $47.5 $15.60 2008 58 $14.6 $6.81 929 $49.7 $16.08 2009 78 $23.0 $7.43 807 $48.0 $16.32 2010 102 $34.1 $8.83 791 $48.1 $16.70 2011 113 $41.5 $9.64 356 $32.4 $18.68 2012 96 $35.5 $8.79 208 $20.5 $21.22 2013 75 $28.4 $8.84 174 $16.0 $18.25 2014 93 $36.6 $10.27 164 $14.4 $19.19 691 $232.4 $8.49 5,212 $311.5 $16.71 1,060 $451.3 $9.00 5,743 $355.7 $16.84 Year Leases Revenue Average/S.F. Leases Revenue Average/S.F. 2006-2014 Subtotal (1) Does not include Service Merchandise or development properties. Anchor Base Rent Shop Space Base Rent (Millions) (Millions) Total Rent Roll

Largest Tenants by GLA Owned & Unowned 1. Wal-Mart / Sam's Club 96 14.28 46 6.09 50 8.19 2. Target 33 4.14 10 1.26 23 2.88 3. Lowe's Home Improvement 30 3.91 15 1.91 15 2.00 4. Home Depot 33 3.47 12 1.11 21 2.36 5. Mervyns 39 2.98 38 2.91 1 0.08 6. Kohl's 31 2.65 28 2.39 3 0.26 7. Royal Ahold (Tops Market) 44 2.64 42 2.52 2 0.12 8. Kmart / Sears 28 2.58 26 2.19 2 0.38 9. T.J. Maxx / Marshalls 67 2.20 67 2.20 0 0.00 10. PETsMART 68 1.51 68 1.51 0 0.00 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Assumes 100% ownership of joint ventures. (1) (2)

Reliance on Major Tenants (Owned Shopping Center GLA Only) (1) (2) (3) Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Based on pro rata ownership of joint venture properties. (3) Reflects major tenants representing total portfolio rents of 1% and higher. Wal-Mart / Sam's Club 46 $31.26 5.39% AA/Aa2 Royal Ahold (Tops Markets) 42 $18.13 3.13% BB/Ba1 Mervyns 38 $16.41 2.83% NR/NR PETsMART 68 $11.38 1.96% BB/Ba2 T.J. Maxx / Marshalls 67 $10.83 1.87% A/A3 Bed Bath & Beyond 43 $10.02 1.73% BBB/NR Kohl's 28 $9.85 1.70% A-/A3 Lowe's Home Improvement 15 $9.68 1.67% A+/A2 Kmart / Sears 26 $7.92 1.36% BBB-/Baa3 OfficeMax (Boise Cascade) 47 $7.37 1.27% B+/Ba2 Michaels 43 $7.35 1.27% NR/NR Home Depot 12 $7.29 1.26% AA/Aa3 Old Navy / GAP / Banana Republic 44 $6.98 1.20% BBB-/Baa3 Barnes & Noble 28 $6.34 1.09% NR/NR Subtotal 547 $160.81 27.73% Total Portfolio 6,803 $579.95 100.00%

Reliance on Major Tenants by GLA and Base Rental Revenues (1) (2) 1. Wal-Mart / Sam's Club (46) $31.26 5.39% 2. Royal Ahold (Tops Markets) (42) $18.13 3.13% 3. Mervyns (38) $16.41 2.83% 4. PETsMART (68) $11.38 1.96% 5. T.J. Maxx / Marshalls (67) $10.83 1.87% 6. Bed Bath & Beyond (43) $10.02 1.73% 7. Kohl's (28) $9.85 1.70% 8. Lowe's Home Improvement (15) $9.68 1.67% 9. OfficeMax (Boise Cascade) (47) $7.37 1.27% 10. Michaels (43) $7.35 1.27% 11. Kmart / Sears (26) $7.33 1.26% 12. Home Depot (12) $7.29 1.26% 13. Old Navy / GAP / Banana Republic (44) $6.98 1.20% 14. Barnes & Noble (28) $6.34 1.09% 15. AMC Theater (7) $5.77 0.99% 16. Ross Stores (31) $5.64 0.97% 17. Best Buy (18) $5.57 0.96% 18 . Staples (26) $5.54 0.96% 19. Dick's Sporting Goods (15) $5.51 0.95% 20. Toys "R" Us / Babies "R" Us (29) $5.37 0.93% Subtotal 1-20 $193.63 33.39% Total Portfolio $579.95 100.00% 1. Wal-Mart / Sam's Club (46) 5.24 8.99% 2. Kmart / Sears (26) 2.05 3.52% 3. Royal Ahold (Tops Markets) (42) 1.63 2.80% 4. Lowe's Home Improvement (15) 1.57 2.69% 5. Mervyns (38) 1.46 2.51% 6. Kohl's (28) 1.40 2.41% 7. T.J. Maxx / Marshalls (67) 1.23 2.11% 8. Target (10) 1.00 1.71% 9. Home Depot (12) 0.92 1.57% 10. PETsMART (68) 0.90 1.55% 11. Bed Bath & Beyond (43) 0.88 1.52% 12. Toys "R" Us / Babies "R" Us (29) 0.82 1.40% 13. JCPenney (20) 0.79 1.35% 14. OfficeMax (Boise Cascade) (47) 0.70 1.20% 15. Kroger (17) 0.65 1.12% 16. Michaels (43) 0.65 1.11% 17. Dollar Tree (90) 0.59 1.02% 18. Goody's Family Clothing (22) 0.56 0.96% 19. Ross Stores (31) 0.55 0.95% 20. Bealls (16) 0.55 0.94% Subtotal 1-20 24.13 41.46% Total Portfolio 58.21 100.00% Major Tenant (units) Owned GLA % Total GLA Base Rental Revenue ($Millions) % Total Base Rent Major Tenant (units) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Based on pro rata ownership of joint venture properties.

Run Date: 02/07/2006
Time: 2:49:11PM
Page 1 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
Alabama
1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994/2003		1994		100.00	%		423,493		550,410		3,835,590	GOODY’S #165(2009), REGAL CINEMAS, INC.#010401(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION #181(2010), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED)
2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.00	%		301,074		454,904		1,862,450	OFFICE DEPOT #43(2007), DOLLAR TREE #1130(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.#010402(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)
3	BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE MONTGOMERY HIGHWAY		35244	SC		1989		2002		14.50	%		98,016		228,344		1,395,703	MARSHALL’S #411(2008), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED)
4	GADSDEN, AL	EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD		35903	SC		1979/2004		2003		100.00	%		85,196		130,899		279,204	FRED’S(2009), FOOD WORLD(NOT OWNED)
5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00	%		190,127		190,127		1,227,560	Lowe’s #0398(2012), Goody’s 20921 - #121(2010), Winn-Dixie #409(2013)
6	SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.00	%		40,560		223,750		453,816	Goody’s #55(2011), WAL-MART(NOT OWNED)
Arizona
7	AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996/1997/1999		1997		50.00	%		647,904		686,435		9,240,170	JO-ANN, ETC. #1917(2010), BEST BUY #177(2014), BASSETT FURNITURE(2010), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), BABIES R US #5670(2007), ROSS DRESS FOR LESS. #369(2007), OFFICEMAX #743(2012)
8	CHANDLER, AZ	MERVYNS PLAZA 2992 N. ALMA SCHOOL ROAD		85224	FO		1985		2005		50.00	%		74,862		74,862		660,000	MERVYN’S(2020)
9	MESA, AZ (SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE		85206	FO		1990		2005		50.00	%		86,858		86,858		1,129,000	MERVYN’S(2020)
10	PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00	%		223,208		296,118		4,243,063	BED BATH & BEYOND #93(2011), ROSS #364(2007), PETSMART #131(2015), STAPLES #0395(2010), ALBERTSONS-OSCO DRUG(NOT OWNED)
11	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		50.00	%		197,009		459,939		3,093,139	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)
12	PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD		85053	FO		1979		2005		50.00	%		81,009		81,009		803,000	MERVYN’S(2020)
13	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00	%		346,428		416,606		4,375,109	STAPLES #289(2009), COMP USA#318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162(2011), CIRCUIT CITY — #3362(2016), DSW SHOE WAREHOUSE #29264(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT OWNED)
14	PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD		85044	FO		1994		2005		50.00	%		76,214		76,214		839,000	MERVYN’S(2020)
15	PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00	%		389,388		844,019		5,021,822	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2019), HARKINS THEATRE(2002), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)
16	TUCSON, AZ	SANTA CRUZ PLAZA 3660 S. 16TH AVE		85713	FO		1982		2005		50.00	%		76,126		76,126		503,000	MERVYN’S(2020)
Arkansas
17	FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		3,030,283	T.J. MAXX #159(2011), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #02625(2010), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
18	FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2003		2003		14.50	%		50,293		261,644		992,568	KOHL’S(NOT OWNED), TARGET(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 2 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
19	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994		100.00	%		295,013		295,013		1,856,100	BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), Michael’s Stores(2014), SPORTS AUTHORITY(2013)
20	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00	%		272,245		272,245		1,682,715	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)
California
21	ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER 8100 E. SANTA ANA CANYON ROAD		92808	FO		1992		2005		50.00	%		77,883		77,883		1,276,000	MERVYN’S(2020)
22	ANTIOCH, CA	COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD		94509	FO		1970		2005		50.00	%		75,339		75,339		1,158,000	MERVYN’S(2020)
23	BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004		20.00	%		697,125		1,104,788		8,175,744	Circuit City #405(2018), DSW Shoe Warehouse(2013), Ross Dress for Less #440(2010), Bed Bath & Beyond #325(2011), Kohls Department Store #589(2024), Krikorian Premier Theatres(2023), Michaels(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)
24	BURBANK, CA	BURBANK TOWN CENTER 245 E. MAGNOLIA BLVD		91502	GL		1991		2005		50.00	%		89,182		89,182		1,593,000	MERVYN’S(2020)
25	CHINO, CA	CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA STREET		91710	FO		1986		2005		50.00	%		81,282		81,282		853,000	MERVYN’S(2020)
26	CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVE		93612	GL		1988		2005		50.00	%		77,561		77,561		700,000	MERVYN’S(2020)
27	EL CAJON, CA	WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY		92020	GL		1989		2005		50.00	%		85,744		85,744		1,229,000	MERVYN’S(2020)
28	FAIRFIELD, CA	WESTFIELD SOLANO MALL 1451 GATEWAY BLVD		94533	FO		1981		2005		50.00	%		89,223		89,223		1,594,000	MERYVN’S(2020)
29	FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET		95630	FO		2003		2005		50.00	%		79,080		79,080		1,132,000	MERVYN’S(2020)
30	FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PKWY		92610	FO		1993		2005		50.00	%		77,934		77,934		1,030,000	MERVYN’S(2020)
31	GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD		92843	FO		1982		2005		50.00	%		83,746		83,746		738,000	MERVYN’S(2020)
32	LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.00	%		348,281		478,585		3,672,750	MARSHALLS #375(2007), CIRCUIT CITY #6464(2011), STAPLES #88(2008), MOVIES 12/ CINEMARK(2017), WAL-MART #1563(2010), COSTCO(NOT OWNED)
33	LOMPAC, CA	MISSION PLAZA 1600 N H STREET		93436	FO		1992		2005		50.00	%		62,523		62,523		344,000	MERVYN’S(2020)
34	LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1 *		100.00	%		169,774		196,547		2,859,189	CINEMARK(2008), CLUB V 20(2019)
35	MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE		93638	FO		1990		2005		50.00	%		59,720		59,720		197,000	MERVYN’S(2020)
36	NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HWY		92835	FO		1991		2005		50.00	%		76,360		76,360		757,000	MERVYN’S(2020)
37	NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE		91324	LH		1980		2005		50.00	%		75,455		75,455		532,000	MERVYN’S(2020)
38	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1 *		100.00	%		80,450		80,450		1,087,496	REGAL CINEMAS(2014)
39	PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD		93551	FO		1992		2005		50.00	%		76,550		76,550		813,000	MERVYN’S(2020)
40	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.00	%		556,961		556,961		11,114,601	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), DELMONICOS SEAFOOD(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)
41	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001		20.00	%		347,678		347,678		6,385,080	ALBERTSON’S #7062(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010)
42	PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 W. HENDERSON AVE		93257	FO		1991		2005		50.00	%		76,378		76,378		505,000	MERVYN’S(2020)
43	REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE		96002	FO		1984		2005		50.00	%		61,363		61,363		608,000	MERVYN’S(2020)
44	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.00	%		245,774		245,774		3,641,392	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 3 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
45	SAN DIEGO, CA	SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD		92154	FO		1982		2005		50.00	%		75,207		75,207		994,000	MERVYN’S(2020)
46	SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.00	%		123,755		123,755		3,796,160	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)
47	SANTA MARIA, CA	TOWN CENTER WEST SHOPPING 201 TOWN CENTER W		93458	FO		1988		2005		50.00	%		84,886		84,886		748,000	MERVYN’S(2020)
48	SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA		95401	FO		1981		2005		50.00	%		90,348		90,348		1,497,000	MERVYN’S(2020)
49	SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY		94531	FO		2002		2005		50.00	%		78,819		78,819		1,302,000	MERVYN’S(2020)
50	SONORA, CA	SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD		95370	FO		1993		2005		50.00	%		62,214		62,214		719,000	MERVYN’S(2020)
51	TULARE, CA	ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET		93274	FO		1991		2005		50.00	%		62,947		62,947		555,000	MERVYN’S(2020)
52	UKIAH, CA	UKIAH 437 N. ORCHARD AVE		95482	FO		1990		2005		50.00	%		58,841		58,841		324,000	MERVYN’S(2020)
53	WEST COVINA, CA	WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DRIVE		91791	GL		1979		2005		50.00	%		82,028		82,028		1,515,000	MERVYN’S(2020)
Colorado
54	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2 *		100.00	%		19,875		161,924		77,773	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)
55	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		14.50	%		127,215		479,541		2,405,766	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
56	BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.00	%		245,217		421,482		5,259,892	Nordstrom(2011), Linen’s N Things(2017), Best Buy(2016), Office Depot(2016), GREAT INDOORS(NOT OWNED)
57	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00	%		174,780		196,580		1,767,979	REGENCY THEATRES TAMARAC SQ.(2008)
58	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.00	%		408,337		529,488		6,686,007	GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC.(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)
59	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.00	%		244,383		244,383		3,663,312	Linens N Things #119(2013), Pier 1 Imports #1116(2014), Officemax #416(2012), King Soopers/Krogers(2017)
60	FORT COLLINS. CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		1		2003		100.00	%		18,988		316,420		420,764	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)
61	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1 *		100.00	%		228,050		251,784		6,509,649	COLDWATER CREEK(2011), TALBOTS(2012),ANN TAYLOR(2012), J.CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J.JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022)
62	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		1 *		100.00	%		116,644		221,520		2,020,935	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED)
63	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		14.50	%		89,631		410,868		1,686,143	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
Connecticut
64	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1 *		14.50	%		463,394		566,537		6,537,419	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS #185(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY #02758(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED)
Florida
65	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2 *		100.00	%		209,720		209,720		1,353,215	PUBLIX SUPER MARKETS #295(2010), BEALL’S #11(2014), T.J. MAXX #794(2010)
66	BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE		33461	SC		1986		2004		100.00	%		106,224		106,224		1,454,787	Publix Super Markets #14(2011)
67	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		2 *		100.00	%		161,900		228,022		777,663	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 4 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
68	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		14.50	%		148,267		196,801		1,865,859	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)
69	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		14.50	%		113,986		243,641		1,483,048	Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED)
70	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2 *		100.00	%		160,135		160,135		995,432	BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006), TECHNOLOGY CONSERVATION GROUP(2006)
71	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00	%		76,087		76,087		831,585	Marshalls of MA, Inc.(2010)
72	ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004		100.00	%		46,835		46,835		467,280	Kash n Karry #1885(2011)
73	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.00	%		29,827		333,654		476,494	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)
74	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00	%		219,735		295,752		1,342,364	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)
75	JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.00	%		182,098		182,098		986,608	Food Lion #833(2010)
76	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.00	%		102,572		102,572		809,387	Winn-Dixie #631(2017)
77	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2 *		100.00	%		63,894		155,155		341,984	BEALL’S #54 -4(2008), WAL-MART(NOT OWNED)
78	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50	%		267,808		283,208		3,037,208	WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2010), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)
79	OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00	%		40,975		40,975		376,505	Sports Authority(2012)
80	ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004		100.00	%		72,531		135,473		683,337	Bealls Dept Store #47(2009), ALBERTSON’S(NOT OWNED)
81	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00	%		234,042		234,042		1,955,634	BEALL’S #60(2018), ROSS DRESS(2016), PUBLIX SUPER MARKETS #446(2013)
82	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1 *		20.00	%		186,212		321,249		1,982,058	OFFICEMAX #531(2014), ROSS DRESS FOR LESS #439(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS #663(2011), LOWE’S(NOT OWNED)
83	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00	%		52,395		229,188		938,476	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)
84	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2 *		100.00	%		17,150		236,892		208,630	WALMART(NOT OWNED)
85	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2 *		100.00	%		188,924		393,000		1,579,400	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)
86	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003		100.00	%		58,386		231,035		436,132	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)
87	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2 *		20.00	%		104,460		222,388		1,293,713	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)
88	TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004		100.00	%		216,284		216,284		1,739,536	NORTHERN TOOL(2015), BABIES R US(2008), Pearl Artist & Craft Supply(2007)
89	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2 *		100.00	%		134,366		249,747		991,314	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)
90	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2 *		100.00	%		198,797		199,447		1,327,843	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)
91	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2 *		100.00	%		135,421		215,661		883,247	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)
Georgia
92	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00	%		24,000		218,879		339,168	WAL MART(NOT OWNED)
93	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00	%		99,025		219,025		1,041,777	OFFICE DEPOT #076-2(2007), WAL-MART(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 5 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
94	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995		14.50	%		343,155		352,755		5,403,470	STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)
95	CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00	%		127,853		127,853		938,571	Staples #796(2014), Ingles # 96(2019)
96	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00	%		112,240		112,240		828,888	Ross Dress For Less #582(2013), Ingles #76(2020)
97	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00	%		175,969		175,969		989,901
98	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00	%		119,786		242,786		1,186,364	Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED)
99	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003		100.00	%		308,557		652,642		3,705,139	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)
100	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00	%		86,158		261,353		1,422,817	Best Buy(2015), Babies R Us(2011), LOWES(NOT OWNED)
101	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00	%		176,903		176,903		673,334	Dollar General(2015), K Mart #3083(2007)
102	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00	%		75,622		78,422		471,149	FARMERS FURNITURE(2009), Food Lion #890(2019)
103	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.00	%		89,064		89,064		613,592
104	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		10.00	%		73,950		73,950		657,819	Kroger #394(2012)
105	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		100.00	%		98,175		278,170		1,416,133	Best Buy #389(2018), Bed Bath & Beyond #516(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)
106	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.00	%		91,196		91,196		966,928	Kroger #443(2016)
107	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00	%		105,849		105,849		499,066	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)
108	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50	%		301,297		311,194		3,840,958	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), BALLY FITNESS CENTER(2011)
109	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		14.50	%		30,500		338,071		571,525	LOWES(NOT OWNED), WALMART(NOT OWNED)
110	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00	%		156,497		426,723		1,246,300	Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)
111	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00	%		162,778		162,778		537,815	Ingles #466(2009), NORTHERN TOOL #549(2015)
112	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00	%		0		10,800		244,145
113	STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00	%		2,000		2,000		46,200
114	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00	%		284,626		284,626		3,774,975	BORDERS(2020), PetsMart(2020), Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)
115	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00	%		130,832		279,020		1,187,122	Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED)
116	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00	%		100,002		181,954		663,067	Ingles #407(2006), WAL MART(NOT OWNED)
117	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00	%		107,941		459,700		1,250,571	T.J. Maxx #032(2010), Staples #1212(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
118	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00	%		170,940		170,940		1,237,938	Wal-Mart #575(2020)
Idaho
119	IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998		100.00	%		148,593		306,201		822,317	OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 6 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
120	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		1 *		100.00	%		459,719		725,178		6,128,444	BED BATH & BEYOND #333(2011), OLD NAVY #02448(2010), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS #871(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED), WALMART(NOT OWNED)
Illinois
121	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.00	%		22,775		194,775		255,870	WAL MART(NOT OWNED)
122	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		1 *		24.75	%		286,889		391,084		8,242,358	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), AMBERCROMBIE&FITCH(2005), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J.CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J ..JILL(2013)
123	HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994		100.00	%		167,074		167,074		826,983	WAL-MART STORES #237(2011), MAD PRICER(2011)
124	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.00	%		161,770		167,477		3,158,415	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #03641(2006)
125	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000		2 *		100.00	%		269,328		269,328		984,535	SEARS #2181(2013), GOODY’S #407(2015), J.C. PENNEY #1717(2007)
126	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004		100.00	%		149,498		149,498		1,494,643	Home Depot #1906(2012)
127	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995		14.50	%		508,815		674,504		8,463,498	CIRCUIT CITY #3111(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS #229(2014), OFFICEMAX #203(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)
Indiana
128	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		2 *		100.00	%		223,431		223,431		1,316,813	K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)
129	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996		20.00	%		312,546		524,410		3,432,173	MARSHALL’S#663-1(2011), KOHL’S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)
130	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE		47905	SC		2000		2003		100.00	%		35,100		243,850		394,373	WAL MART(NOT OWNED)
Iowa
131	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE		52404	SC		1984		1998		100.00	%		187,068		207,405		1,858,809	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)
132	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2 *		100.00	%		241,427		344,677		1,545,944	HERBERGER’S #326(2020), J.C. PENNEY #2438(2010), OFFICEMAX #1033(2015), GOODY’S #391(2014), TARGET(NOT OWNED)
Kansas
133	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1996/2002		1998		100.00	%		291,459		473,830		7,185,766	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), VICTORIA’S SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J.JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS(2025), BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY(2006)
134	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004		1 *		14.50	%		351,234		473,740		4,110,546	OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)
135	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC		1987		1998		24.75	%		48,802		48,802		333,835
136	OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987/2002		1998		24.75	%		60,765		60,981		759,719
137	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001/2004		2003		100.00	%		35,025		327,307		755,154	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)
138	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC		1972		1998		24.75	%		12,000		12,000		206,911
139	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC		1999/2003		1998		24.75	%		162,843		162,843		940,451	PRICE CHOPPER FOODS # 439(2008), WESTLAKE HARDWARE #17(2010)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 7 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
140	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002		100.00	%		203,997		253,997		1,961,662	OFFICEMAX #31(2007), T.J. MAXX #316(2011), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)
Kentucky
141	FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC		1975/1998		2004		100.00	%		133,985		133,985		858,032	Party Town & Office Depot #176(2006), Big Lots #00296B(2008)
142	FRANKFORT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC		1963/1994		2004		100.00	%		155,104		155,104		624,685	Sears, Roebuck & Co. #2090(2006)
143	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC		1998		2003		100.00	%		48,920		228,878		659,016	Staples #1214(2016), WAL MART(NOT OWNED)
144	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003		100.00	%		27,643		344,280		588,528	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
145	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004		100.00	%		120,777		120,777		625,306	Valu Discount, Inc. #3354(2009)
146	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.00	%		158,041		229,313		264,300	Food Lion #1203(2017), BALLARD’S(NOT OWNED)
Maine
147	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.00	%		301,992		310,229		2,603,983	HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS #01694(2008), T.J. MAXX #114(2010), SEARS #2203(2012)
Maryland
148	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1 *		100.00	%		98,635		322,512		1,310,784	BEST BUY(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
149	SALISBURY, MD (DEV JV)	THE COMMONS(PHASE III) NORTH POINTE DRIVE		21801	SC		2000		1 *		50.00	%		27,500		27,500		363,738
Massachusetts
150	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1 *		100.00	%		222,287		639,807		4,409,932	BED BATH AND BEYOND #310(2011), OLD NAVY #02746(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED)
151	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995		14.50	%		769,276		778,701		14,174,541	TOYS R US(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US #6450(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS # 031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), AMC THEATERS #971(2014), KOHL’S # 575(2010)
Michigan
152	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993		100.00	%		63,415		134,574		446,508	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)
153	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994		100.00	%		53,588		129,339		200,113	K MART #9245(2010), KMART(NOT OWNED)
154	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998		100.00	%		343,619		450,349		1,959,862	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US #1167(2013), TARGET(NOT OWNED)
155	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993		100.00	%		150,203		150,203		651,253	Dunham’s(2011), Big Lots(2010), BUY LOW/ROUNDY’S — 4(2011)
156	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003		14.50	%		201,726		352,098		2,559,917	Circuit City(2017), Linens ‘N Things#682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)
157	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2 *		100.00	%		257,863		257,863		1,015,282	STEVE & BARRY’S(2013), J.C. PENNEY #20430(2010), OFFICEMAX #1116(2014)
158	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993		100.00	%		215,047		215,047		1,309,505	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)
159	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003		100.00	%		115,469		468,876		1,210,450	Michael’s #1590(2011), Gander Mountain(2015), Petsmart(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
160	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		2 *		100.00	%		249,680		249,680		1,695,584	WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011)
161	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994		100.00	%		270,761		270,761		1,732,322	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
162	WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004		100.00	%		91,749		91,749		930,669	Circuit City #3632(2010), BED BATH AND BEYOND #1006(2015)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 8 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
163	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995		100.00	%		133,595		398,433		1,491,305	T.J. MAXX #160(2011), OFFICE DEPOT #241(2010), BED BATH AND BEYOND(NOT OWNED), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
Minnesota
164	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998		2 *		100.00	%		297,803		297,803		1,513,366	K MART #9204(2007), HERBERGER’S #348(2010), J.C. PENNEY #1091-8(2008)
165	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2 *		100.00	%		260,319		260,319		1,919,630	STEVE & BARRY’S UNIVERSITY(2013), HERBERGER’S #323(2013), MOVIES 10/WESTGATE MALL/#205(2011)
166	COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003		1 *		14.50	%		518,261		906,765		8,541,884	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY #03546(2007), SPORTSMAN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)
167	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997		50.00	%		278,211		342,014		3,487,791	BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND #457(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
168	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2 *		100.00	%		121,001		209,843		483,798	J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(NOT OWNED)
169	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995/2002		1996		50.00	%		265,957		354,321		2,875,080	KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC. #2752(2012), BED, BATH AND BEYOND #456(2012), CUB FOODS(NOT OWNED)
170	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997		14.50	%		324,354		473,596		2,628,817	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)
171	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2 *		100.00	%		185,658		185,658		514,934	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)
Mississippi
172	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003		100.00	%		457,027		532,158		5,272,563	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), ROSS DRESS FOR LESS #820(2015), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)
173	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003		100.00	%		107,780		326,319		1,107,167	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
174	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003		100.00	%		52,617		182,300		320,052	Office Depot #414(2012), HOME DEPOT(NOT OWNED)
175	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003		20.00	%		13,200		71,866		325,268	KROGER(NOT OWNED)
176	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003		100.00	%		55,749		173,269		548,407	Staples 1172(2016), HOME DEPOT(NOT OWNED)
177	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994		100.00	%		133,691		268,254		904,781	J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED)
178	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994		100.00	%		348,236		348,236		1,897,060	SAM’S CLUB #6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)
Missouri
179	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1 *		50.00	%		37,607		285,663		486,004	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
180	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2 *		100.00	%		93,420		100,420		885,424
181	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995		14.50	%		386,070		403,170		4,143,636	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)
182	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998		24.75	%		208,234		208,234		893,469	BIG LOTS #489(2009), PRICE CHOPPER # 106(2009)
183	KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003		20.00	%		284,147		603,721		4,848,858	Dick’s #116(2016), 24 Hour Fitness(2023), PETSMART(2016), AMC Theaters(2011), OFF BROADWAY SHOES(2015), T.J. Maxx(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)
184	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998		100.00	%		56,033		56,033		491,757	TOYS R US #9512(2013)
185	ST. JOHN, MO	ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD		63114	SC		2003		2003		100.00	%		93,513		93,513		982,993	Shop N Save(2022)
186	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998		100.00	%		415,435		450,938		5,360,584	TOYS R US #9565(2013), COMPUSA COMPUTER SUPER #1012(2013), BED BATH AND BEYOND #460(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 9 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
187	ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998		100.00	%		52,842		169,699		468,029	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)
188	ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998		100.00	%		67,628		67,628		1,114,458	OFFICE MAX(2014)
189	ST.LOUIS,MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998		100.00	%		299,584		299,584		4,022,889	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), LANE HOME FURNISHINGS(2013)
190	ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998		100.00	%		110,992		114,992		625,212	K MART #7543(2008)
191	ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998		100.00	%		92,372		92,372		1,397,568	T.J. MAXX #329(2008)
Nevada
192	CARSON CITY, NV	EAGLE STATION 3871 S. CARSON STREET		89701	FO		1983		2005		50.00	%		60,494		60,494		533,000	MERVYN’S(2020)
193	LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1 *		100.00	%		24,032		27,300		428,856
194	LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER 4700 MEADOW LANE		89107	FO		1979		2005		50.00	%		75,687		75,687		750,000	MERVYN’S(2020)
195	LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING 1300 S. NELLIS BLVD		89104	FO		1986		2005		50.00	%		76,016		76,016		670,000	MERVYN’S(2020)
196	RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CTR PKWY		89511	FO		2002		2005		50.00	%		79,239		79,239		611,000	MERVYN’S(2020)
197	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.00	%		52,474		52,474		693,184	CENTURY THEATRE, INC.(2014)
198	SW LAS VEGAS, NV	GRAND CANYON PARKWAY S. C. 4265 S. GRAND CANYON DRIVE		89147	FO		2003		2005		50.00	%		79,294		79,294		873,000	MERVYN’S(2020)
New Jersey
199	FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT 537)		07728	SC		2005		1 *		100.00	%		0		302,551		1,199,913	WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
200	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003		100.00	%		446,940		938,523		7,561,841	STAPLES(2015), Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s #03716(2013), Ross Dress For Less #634(2014), Shop Rite(2028), BARNES & NOBLE(2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)
201	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004		100.00	%		398,870		398,870		5,779,743	REGAL CINEMAS #311729(2021), ROSS STORES #518(2012), BED BATH AND BEYOND, INC #38(2017), MARSHALLS #377(2012), SPORTS AUTHORITY #459(2015), CIRCUIT CITY(2020)
202	MAYS LANDING, NJ (WRANGLEBORO	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004		100.00	%		839,019		839,019		9,380,554	Best Buy Stores, L.P. #581(2017), Borders #193(2017), Kohls Store #279(2018), Staples #784(2012), Babies R Us # 6373(2013), BJs Wholesale Club #74(2016), Dicks Sporting Goods, Inc. #85(2013), Seamans Furniture(2012), Linens N Things #148(2012), Michaels #9832(2008), Target Stores #T-1109A(2023), Petsmart #576(2013)
203	MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1 *		100.00	%		268,667		683,963		5,949,094	BED BATH & BEYOND #788(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO ANN FABRICS(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED)
204	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997		100.00	%		270,747		779,556		4,893,671	BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), BABIES R US(2016), TARGET(NOT OWNED)
205	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		02071	SC		1999/2004		1 *		100.00	%		202,622		309,285		4,028,229	DICK’S SPORTING GOOD #105(2015), MICHAEL’S #9936(2009), KOHL’S #294(2019)
206	WEST LONG BRANCH, NJ(MONMOUTH)	CONSUMER CENTER 310 STATE HIGHWAY #36		07764	SC		1993		2004		100.00	%		292,999		292,999		4,025,662	Sports Authority #464(2012), Barnes and Noble #1885(2009), Petsmart #0760(2008), Home Depot #0907(2013)
New Mexico
207	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2 *		100.00	%		93,021		93,021		657,556	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180(2009)
New York
208	ALDEN, NY (TOPS)	TOPS PLAZA — ALDEN 12775 BROADWAY		14004	SC		1999		2004		100.00	%		67,992		67,992		741,819	Tops Markets #261(2019)
209	AMHERST, NY	TOPS PLAZA — AMHERST 3035 NIAGARA FALLS BLVD.		14828	SC		1986		2004		20.00	%		145,192		145,192		1,169,074	Tops Markets #207(2010)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 10 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
210	AMHERST, NY (BOULEVARD CONSUME	BOULEVARD CONSUMER SQUARE 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004		100.00	%		573,952		709,114		6,387,499	Target Stores #T-1010A(2019), K Mart #4199(2007), Babies R Us #9282(2015), Barnes & Noble #2958(2014), Best Buy #459(2016), Bed Bath & Beyond # 532(2018), A.C. Moore(2013), LOWES(NOT OWNED)
211	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004		100.00	%		199,504		199,504		2,074,460	Burlington Coat #62(2014), Jo-Ann Fabrics and Crafts#1930(2014)
212	AMHERST, NY (DICKS)	DICKS SPORTING GOODS-AMHERST 281 MEYER ROAD		14226	SC		1993/2003		2004		100.00	%		55,745		55,745		762,592	Dicks Sporting Goods # 11(2015)
213	AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004		100.00	%		58,413		58,413		568,283
214	AMHERST, NY (TOPS-TRANSIT COMM	TOPS PLAZA — TRANSIT/N. FRENCH 9660 TRANSIT ROAD		14226	SC		1995/1998		2004		100.00	%		112,427		112,427		1,122,189	Tops Markets(2016)
215	AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004		100.00	%		162,879		162,879		1,382,883	A.J. Wright #162(2012), Tops Markets #42(2009)
216	ARCADE, NY	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004		10.00	%		65,915		65,915		657,809	Tops Markets # 238(2015)
217	AVON, NY	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004		10.00	%		63,288		63,288		453,412	Tops Markets (B) #4(2017)
218	BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.50	%		95,846		95,846		774,278	BJs Wholesale Club #311(2016)
219	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004		14.50	%		49,431		49,431		516,227
220	BATAVIA, NY (TOPS PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004		14.50	%		37,140		115,161		409,954	TOPS(NOT OWNED)
221	BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004		100.00	%		641,264		641,264		6,067,267	Dicks Sporting Goods, Inc. #25(2008), Wal-Mart #10-1976(2013), Wal-Mart-Sams #6431(2013), Tops Markets #542(2013), Bed, Bath, and Beyond #448(2014), Michaels #2035(2010), Old Navy #02324(2009), Staples #279(2011), Barnes and Noble #2825(2011), T.J. Maxx #198(2007)
222	BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004		100.00	%		238,531		238,531		2,058,982	A.J. Wright #174(2012), OfficeMax #834(2012), Target Stores #T-1013A(2015)
223	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE		14207	SC		1997		2004		100.00	%		133,940		133,940		1,524,235	Regal Cinema #330341(2017), Office Depot #412(2012)
224	BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995		2004		100.00	%		82,196		82,196		748,754	Marshalls #331(2009)
225	CANANDAIGUA, NY	TOPS PLAZA 5150 North Street		14424	SC		2002		2004		100.00	%		57,498		57,498		769,500	Tops Markets #432(2023)
226	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994		2004		14.50	%		26,500		26,500		609,500	Borders #100(2015)
227	CHEEKTOWAGA, NY (THRUWAY PLAZA	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004		2004		100.00	%		371,512		503,844		2,598,758	Wal-Mart #01-2586(2017), MovieLand 8 Theatres(2019), Tops Markets #131(2019), A.J. WRIGHT(2015), Value City Furniture #76(2009), M & T Bank(2007), HOME DEPOT(NOT OWNED)
228	CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA — UNION ROAD 3825 — 3875 UNION ROAD		14225	SC		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,752,354	Tops Markets #202(2013)
229	CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733 — 3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50	%		386,548		386,548		4,164,816	Marshalls #366(2009), Office Max #320(2010), Sam’s Club #6673(2024), Circuit City Stores #3151(2016), Jo-Ann ETC. #1931(2015)
230	CHEEKTOWAGA, NY (UNION)	UNION ROAD PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.50	%		174,438		174,438		1,162,784	Dicks Sporting Goods, Inc. #10(2015)
231	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999		2004		14.50	%		68,002		68,002		681,625	Media Play #8290(2010)
232	CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50	%		255,964		255,964		2,308,963	Office Depot #00673(2009), Linens N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)
233	CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998		2004		100.00	%		116,868		120,368		748,189	Sears, Roebuck and Co.(2019)
234	CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995		2004		100.00	%		59,483		59,483		446,423
235	CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.50	%		16,030		16,030		304,249

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 11 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
236	CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50	%		520,876		520,876		4,194,525	BJS Wholesale Club, Inc.(2021), Dicks Sporting Goods #14(2011), Linens N Things #622(2015), Michaels #2014(2010), Wal-Mart #2355(2019)
237	CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.50	%		92,720		202,720		743,588	Office Max #81(2009), JO-ANN FABRICS(2015), BIG LOTS #01852(2015), HOME DEPOT(NOT OWNED)
238	CLARENCE, NY (PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004		14.50	%		142,536		142,536		1,413,052	Premier Liquors — I(2010), Stein Mart #155(2008)
239	CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA — CORTLAND STAPLES 3836 ROUTE 281		13045	SC		1995		2004		100.00	%		134,223		134,223		1,690,565	Tops Markets #517(2016), Staples #1235(2017)
240	DANSVILLE, NY (TOPS)	TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001		2004		100.00	%		62,400		62,400		626,969	Tops Markets #520(2021)
241	DEPEW, NY	TOPS PLAZA — DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00	%		148,245		148,245		1,442,393	Tops Markets #114(2016), Big Lots #00391 B(2011)
242	DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00	%		318,612		318,612		2,404,916	Toys R Us #7525(2018), Marshalls #217(2019), Bed, Bath & Beyond #515(2018), A.C. Moore(2014), Syracuse Orthopedic Specialist(2017)
243	DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS — DEWITT 3133 ERIE BOULEVARD		13214	SC		2002		2004		100.00	%		49,713		49,713		570,166	Michaels #2011(2010)
244	ELMIRA, NY	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		10.00	%		98,330		98,330		1,117,100	Tops Market #551(2017)
245	GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998		2004		100.00	%		335,199		335,199		3,130,686	Wal-Mart #2859(2021), Staples the Office Superstore(2015)
246	GREECE, NY	WEST RIDGE PLAZA 3042 WEST RIDGE ROAD		14626	SC		1993/1999		2004		100.00	%		75,916		75,916		799,191	Petsmart #774(2008), Jo-Ann etc. #1949(2015)
247	HAMBURG, NY (BJS)	BJS PLAZA — HAMBURG 4408 MILESTRIP ROAD		14075	SC		1990/1997		2004		100.00	%		175,965		175,965		1,804,548	OfficeMax #0027(2010), BJs Wholesale Club #35(2010)
248	HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		14075	SC		1990/2001		2004		100.00	%		128,944		128,944		1,380,410	Dicks Sporting Goods #12(2011), Rosas Home Store(2009)
249	HAMBURG, NY (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996		2004		100.00	%		92,717		92,717		906,935
250	HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA — HAMBURG 4405 MILESTRIP ROAD		14219	SC		1999/2000		2004		100.00	%		139,413		139,413		1,507,396	Home Depot #1286(2012)
251	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999		2004		100.00	%		106,774		106,774		1,421,108	Old Navy #03046(2010), Jo-Ann Fabrics & Crafts #1932(2015)
252	HAMBURG, NY (TOPS)	SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE		14075	SC		1990/1992		2004		10.00	%		84,000		84,000		730,500	Tops Markets #236(2015)
253	HAMLIN, NY	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997		2004		10.00	%		60,488		60,488		490,470	Tops Markets (B) #4(2017)
254	IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997		2004		20.00	%		226,812		226,812		2,417,817	Regal Cinemas, Inc. #330332(2022), A.J. WRIGHT #0211(2014)
255	IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000		2004		100.00	%		64,732		64,732		837,438
256	ITHACA, NY (TOPS PLAZA)	TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW		14850	SC		1990/1999/2003		2004		100.00	%		229,320		229,320		3,686,751	OFFICE MAX #908(2014), Tops Markets #525(2021), Michaels #3718(2013), Barnes & Noble Booksellers2122(2018)
257	JAMESTOWN, NY	TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET		14702	SC		1997		2004		20.00	%		98,001		98,001		1,272,966	Tops Markets (B) #2 — Jamestow(2018)
258	JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708-744 FOOTE AVENUE		14701	SC		1980/1997		2004		100.00	%		63,140		63,140		571,170	Quality Market #6661(2017)
259	LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997		2004		14.50	%		112,949		112,949		925,283	Regal Cinema #33294(2017)
260	LEROY, NY	TOPS PLAZAl — LEROY 128 WEST MAIN STREET		14482	SC		1997		2004		20.00	%		62,747		62,747		564,043	Tops Markets, Inc. #2 — Leroy(2017)
261	LOCKPORT, NY	WAL-MART/TOPS PLAZA — LOCKPORT 5789 & 5839 TRANSIT RD & HAMM		14094	SC		1993		2004		100.00	%		296,582		296,582		2,671,761	Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006)
262	MEDINA, NY (TOPS)	TOPS PLAZA — MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996		2004		100.00	%		80,028		80,028		526,400	Tops Market #248(2016)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 12 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
263	NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50	%		516,497		516,497		6,007,085	Barnes & Noble #2133(2013), Bed Bath & Beyond #511(2018), Best Buy #545(2013), Staples the Office Superstore(2018), Michaels #2770(2013), Wal-Mart #1677-02(2022), T.J. Maxx #865(2012)
264	NEW HARTFORD, NY (TOPS)	TOPS PLAZA — NEW HARTFORD 40 KELLOPP ROAD		13413	SC		1998		2004		100.00	%		127,740		127,740		1,245,520	Tops Markets #570(2018)
265	NIAGARA FALLS, NY (HOME DEPOT)	HOME DEPOT PLAZA — N FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000		2004		100.00	%		154,510		154,510		1,461,852	Home Depot #1287(2019), Regal Cinemas #330393(2019)
266	NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA 8207-8351 NIAGARA FALLS BLVD		14304	SC		1980/1992/1998		2004		100.00	%		82,755		82,755		767,685	OfficeMax #328(2015)
267	NIAGARA FALLS, NY (TOPS-PORTAG	TOPS — PORTAGE 1000 PORTAGE ROAD		14301	SC		1991		2004		100.00	%		116,903		116,903		1,139,727	Tops Markets/Eckerd Corp #009(2013)
268	NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA — N FALLS 1575 — 1653 MILITARY ROAD		14304	SC		1998		2004		100.00	%		122,876		122,876		672,141	Wegmans Food Markets, Inc.(2023)
269	NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD		12121	SC		2002		2004		100.00	%		399,901		530,375		4,553,320	Price Chopper # 191(2022), Lowes Home Centers #1612(2022), Marshalls #0528(2012), Barnes & Noble # 2180(2014), Bed, Bath and Beyond # 566(2019), TARGET(NOT OWNED)
270	NORTH TONAWANDA, NY (MID-CITY	MID-CITY PLAZA 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/ 2004		2004		100.00	%		215,998		215,998		2,194,457	Sears, Roebuck and Company #50(2006), TOPS(2024)
271	NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997		2004		10.00	%		85,453		85,453		1,107,165	Tops Markets #560(2018)
272	OLEAN, NY (WAL-MART)	WAL-MART PLAZA — OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004		2004		100.00	%		285,400		401,406		2,291,507	Wal-Mart #2159(2014), Eastwynn Theatres, Inc.(2014), BJs Wholesale Club #302(2014), HOME DEPOT(NOT OWNED)
273	ONTARIO, NY	TOPS PLAZA — ONTARIO BLOCKBUST 6254-6272 FURNACE ROAD		14519	SC		1998		2004		20.00	%		77,040		77,040		761,667	Tops Markets #4 — Ontario(2019)
274	ORCHARD PARK, NY	CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD		14127	SC		2000		2004		20.00	%		167,805		279,920		1,940,749	Tops Markets #108 — Orchard(2022), Stein Mart #269(2012), LOWES(NOT OWNED)
275	PLATTSBURGH, NY	CONSUMER SQUARE Rt. 3 — CORNELIA ROAD		12901	SC		1993/2004		2004		100.00	%		491,506		491,506		3,415,479	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2020), T.J. Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)
276	ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTA		14620	SC		1983/1993		2004		100.00	%		159,517		159,517		1,118,833	City Mattress(2009), Comp USA #1557(2008), PETsMART #773(2008), The Tile Shop(2015)
277	ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/ 1986/1994		2004		20.00	%		278,241		278,241		3,439,797	Linens N Things #371(2008), Tops Markets #417(2014)
278	ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999		2004		100.00	%		245,426		245,426		1,926,096	Big Lots #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)
279	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001		2004		100.00	%		161,967		161,967		853,212	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)
280	SPRINGVILLE, NY	SPRINGVILLE PLAZA 172 — 218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004		2004		100.00	%		107,924		107,924		908,715	Tops Markets #233(2023), SALVATION ARMY(2009)
281	TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996		2004		100.00	%		55,473		55,473		365,532
282	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996		2004		100.00	%		121,846		121,846		1,093,146	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)
283	TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN/DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE		14223	SC		1950/1965/1975/1986/ 2000		2004		100.00	%		188,200		188,200		1,352,158	The Bon Ton #63(2010), Bon-Ton Home Store(2010), Tops Markets #239(2020)
284	TONAWANDA, NY (TOPS)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004		10.00	%		97,014		97,014		1,236,950	Tops Markets #228(2017)
285	TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMANN PLAZA 750 YOUNG STREET		14150	SC		1985/ 2003		2004		10.00	%		310,921		310,921		2,283,467	BJ’s Wholesale Club #6(2010), Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021)
286	UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA — DOLLAR TREE 1154 MOHAWK STREET		13501	SC		1961/1972/1988/1998		2004		100.00	%		191,047		191,047		1,666,513	A.J. Wright #0208(2014), Tops Markets (B) #5(2019)
287	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004		100.00	%		56,134		56,134		898,696
288	WARSAW, NY	TOPS PLAZA — WARSAW 2382 ROUTE 19		14569	SC		1998		2004		20.00	%		74,105		74,105		711,298	Tops Markets (B) #2 — Warsaw(2015)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 13 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
289	WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004		100.00	%		139,453		139,453		1,341,122	Home Depot #1231(2016)
290	WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004		100.00	%		62,403		62,403		551,570	Sears, Roebuck & Co. #5163(2006)
291	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004		100.00	%		92,382		92,382		976,749
North Carolina
292	APEX, NC	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET		27502	SC		2005		1 *		100.00	%		110,429		439,311		2,249,018	LINEN’S N THINGS #1180(2016), OFFICEMAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED)
293	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003		14.50	%		190,970		190,970		1,996,049	Goody’s 20923 - #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods #205(2017), Michael’s(2008), Officemax #577(2011)
294	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2 *		100.00	%		203,934		322,200		1,200,993	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)
295	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003		100.00	%		196,279		196,279		1,554,131	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)
296	HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003		100.00	%		88,590		123,587		571,623	EPIC THEATRES(2018), Ingles #112(2009), BIG LOTS(NOT OWNED)
297	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD		28079	SC		1999		2004		100.00	%		102,360		102,360		886,442	Food Lion #1614(2020)
298	MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE 355 WEST PLAZA DRIVE		28117	SC		1999		2004		100.00	%		405,081		405,081		3,582,441	Wal-Mart #1156(2019), Goodys #322(2010)
299	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2 *		100.00	%		68,130		200,228		594,694	GOODY’S #4(2007), WAL-MART(NOT OWNED)
300	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2 *		100.00	%		93,527		278,311		525,070	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)
301	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		2 *		100.00	%		181,894		181,894		1,150,876	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)
302	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2 *		100.00	%		411,286		518,134		3,262,272	LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #03841(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2006), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)
North Dakota
303	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2 *		100.00	%		266,502		266,502		1,086,633	K MART #9564(2008), HERBERGER’S #330(2010), J.C. PENNEY #1628-7(2008)
Ohio
304	ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004		100.00	%		57,874		57,874		900,712	Tops Markets #884(2021)
305	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1 *		100.00	%		64,700		159,982		1,360,891	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)
306	BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998		100.00	%		52,399		52,399		445,579	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)
307	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		44514	SC		1997		1 *		100.00	%		506,254		511,654		4,117,827	LOWE’S COMPANIES #188(2016), BABIES R US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE # 4075(2018)
308	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1 *		14.50	%		478,106		593,610		5,075,437	AMERICAN SIGNATURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013), DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE#239(2016), TARGET(NOT OWNED)
309	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2 *		20.00	%		105,512		105,512		1,017,930	KROGER #348(2041), OFFICE MAX #617(2013)
310	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1974/1998		1/2 *		100.00	%		130,497		130,497		822,132	LOWE’S HOME CENTERS #472-2(2015)
311	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2 *		100.00	%		164,544		164,544		1,290,506	MICHAEL’S(2006)
312	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST COLUMBUS 3630 SOLDANO BLVD		43228	SC		1989/2003		2004		100.00	%		356,515		356,515		2,376,306	Office Max #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011)
313	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		100.00	%		161,571		270,652		1,680,847	AMC THEATRE(2007), MAX SPORTS CENTER(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 14 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
314	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.00	%		509,611		509,611		6,024,421	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), DICK’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195(2014), T.J. MAXX#447(2008)
315	COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998		50.00	%		352,913		352,913		3,373,193	TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)
316	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998		79.45	%		305,428		305,428		3,562,945	BABIES R US #9242(2011), MICHAEL’S #2873(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART #130(2007), WHOLE FOOD MARKETS(2016), STAPLES #403(2010)
317	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.00	%		137,556		137,556		1,523,828	GIANT EAGLE(2014)
318	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		1/2 *		100.00	%		85,125		85,125		626,445	TOPS MARKETS #811(2010)
319	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003		100.00	%		25,950		205,908		346,650	WAL MART(NOT OWNED)
320	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.00	%		128,210		128,210		808,814
321	HAMILTON, OH	H.H. GREGG 1371 MAIN STREET		43450	SC		1986		1998		100.00	%		40,000		40,000		230,000	ROUNDY’S(2006)
322	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993		100.00	%		163,819		278,376		1,414,287	CUB FOODS(2011), WAL-MART(NOT OWNED)
323	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993		100.00	%		17,000		110,480		117,381	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)
324	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.00	%		233,639		374,506		3,043,569	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)
325	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS		44056	SC		1999		1 *		100.00	%		169,481		169,481		1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)
326	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997		14.50	%		624,587		665,487		7,793,104	BEST BUY #279(2010), DSW(2015), BED BATH & BEYOND, INC. #458(2012), MARSHALLS #267(2008), PETSMART #529(2008), HOME DEPOT #3803(2019), K & G MEN’S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC. #577(2008), TOPS SUPERMARKET(NOT OWNED)
327	PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998		100.00	%		33,270		33,270		201,200	CARDINAL (GARDNERS/LANCASTER)(2007)
328	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998		100.00	%		59,495		61,872		497,049
329	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1 *		100.00	%		183,255		183,255		2,823,474	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)
330	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		1 *		100.00	%		404,480		506,563		2,889,695	K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED)
331	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2 *		100.00	%		170,868		170,868		781,545	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2010)
332	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1 *		20.00	%		241,129		271,729		2,779,408	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #03786(2010)
333	TOLEDO, OH (DICKS)	DICKS — TOLEDO 851 WEST ALEXIS ROAD		43612	SC		1995		2004		100.00	%		80,160		80,160		501,000	Dicks Sporting Goods #49(2016)
334	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2 *		100.00	%		162,330		162,330		1,380,354	MARC’S #37(2009), K MART #3234(2009)
335	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		1 *		100.00	%		104,873		203,282		740,136	KROGER #829(2019), WAL-MART(NOT OWNED)
Oregon
336	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996		50.00	%		309,617		566,457		5,217,254	LINENS N THINGS(2012), ROSS DRESS FOR LESS #399(2008), BARNES & NOBLE #2748(2011), MICHAEL’S #9887(2009), OFFICE DEPOT-#00954(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)
Pennsylvania
337	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003		100.00	%		259,277		259,277		2,633,011	Wal-Mart #2641(2021)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 15 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
338	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2 *		100.00	%		173,876		179,376		1,324,809	K MART #3026(2010), BIG LOTS #1713(2010)
339	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1 *		100.00	%		557,769		679,074		5,093,274	LOWE’S HOME CTR #226(2015), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), HOME DEPOT(NOT OWNED)
340	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003		14.50	%		107,537		238,387		1,061,013	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)
341	ERIE, PA (TOPS-ERIE)	TOPS PLAZA — ERIE 1520 WEST 25TH STREET		16505	SC		1995		2004		100.00	%		99,631		99,631		1,253,532	Tops Markets (B) #602(2016)
342	HANOVER, PA (BJS)	BJS — HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004		100.00	%		112,230		112,230		784,631	BJs Wholesale Club #21(2011)
343	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003		14.50	%		253,110		253,110		2,003,154	Lowe’s #500(2027), Shop N Save(2019)
344	MONACA, PA (CINEMARK)	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999		2003		100.00	%		45,479		45,479		698,016	CINEMARK #344(2019)
Puerto Rico
345	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR #KM 80.3		00612	MM		1980/1993		2005		100.00	%		215,409		224,908		3,243,164	K MART #7566(2013), CAPRI DEL ATLANTICO(2013)
346	BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS		00961	MM		1998/2003/2004		2005		100.00	%		526,373		675,594		15,687,641	WAL*MART #2501(2022), OLD NAVY #2185(2007), SCIENCE PARK CINEMA CORP.(2019), BED BATH & BEYOND, STORE #381(2017), HOME DEPOT(NOT OWNED)
347	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8		00961	SC		1980/2002		2005		100.00	%		126,098		132,384		1,313,348	PUEBLO XTRA #156(2009), TIENDAS CAPRI(2013)
348	BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005		100.00	%		418,482		483,784		10,273,088	TIENDAS CAPRI(2009), MARSHALLS #749(2009), K MART #7570(2013), XTRA #159(2012), RIO HONDO CINEMA(NOT OWNED)
349	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1		00987	SC		1997		2005		100.00	%		385,665		601,535		7,493,575	OFFICEMAX STORE #1117(2015), WAL*MART PUERTO RICO, INC.(2024), BORDERS #482(2017), OLD NAVY(2009), SAM’S WHOLESALE CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED)
350	CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE RD #1 & PR #735		00736	SC		1999/2004		2005		100.00	%		261,126		339,840		2,736,157	WAL*MART #2721(2021), CAYEY CINEMA CORP.(NOT OWNED)
351	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940		00738	SC		1992		2005		100.00	%		245,319		251,319		3,823,351	Wal*Mart #1822(2012), Pueblo Xtra #171(2012)
352	GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0		00784	SC		1994		2005		100.00	%		163,598		163,598		1,671,794	Wal*Mart #2072(2018)
353	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005		100.00	%		505,849		671,278		10,807,696	Almacenes Pitusa(2003), J.C. Penney #651(2012), Pueblo Xtra #166(2012), Wal*Mart #1854(2012), TOYS R’ US/KID’SRUS(NOT OWNED)
354	HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20		00791	SC		1995		2005		100.00	%		340,608		442,614		6,278,867	CAPRI STORES(2011), XTRA/PUEBLO INTERNATIONAL, INC(2020), CINEVISTA THEATRES(2005), WAL*MART #2240(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)
355	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE RD #2 & #454,KM 111.6		00662	SC		1994		2005		100.00	%		238,410		259,016		3,487,046	PUEBLO INTERNATONAL, LLC(2014), WAL-MART PUERTO RICO, INC#2085(2019)
356	SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE RD PR #122		00683	SC		1991		2005		100.00	%		22,356		49,172		315,950	PEP BOYS #907(2015)
357	SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122		00683	SC		1991		2005		100.00	%		174,172		184,746		2,259,765	K Mart #3896(2016), Pueblo Xtra #163(2011)
358	SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177		00926	MM	1978/Mutiple			2005		100.00	%		168,533		208,993		2,641,857	K MART #9789(2005), PUEBLO EXT(NOT OWNED)
359	VEGA BAJA, PR (PLZA VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155		00693	SC		1990		2005		100.00	%		174,728		184,938		2,099,309	K Mart Corp #3679(2015), Pueblo Xtra #158(2010)
South Carolina
360	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.00	%		180,127		363,405		974,749	BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)
361	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00	%		188,883		196,048		1,600,260	Food Lion #933(2011), Wal-Mart #1748(2011)
362	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		14.50	%		259,551		319,040		2,803,976	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2012), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 16 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
363	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.00	%		209,139		325,236		1,760,559	OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED)
364	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2 *		100.00	%		294,471		375,451		2,056,239	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED)
365	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004		100.00	%		235,501		235,501		827,760	Big Lots #00004 B(2009)
366	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995		100.00	%		50,760		247,434		526,479	GOODY’S #282(2008), WAL-MART(NOT OWNED)
367	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.00	%		13,600		13,600		52,212
368	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.00	%		142,080		142,080		836,512	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)
369	UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993		100.00	%		184,331		184,331		682,890	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010)
South Dakota
370	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2 *		100.00	%		240,262		282,262		1,618,879	DUNHAM’S ATHLEISURE(2011), HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)
Tennessee
371	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000		14.50	%		201,414		201,414		2,572,784	BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)
372	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003		100.00	%		214,918		214,918		1,667,711	Best Buy #4720(2014), Hobby Lobby #317(2014), Fresh Market(2014)
373	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		10.00	%		68,948		68,948		498,289	KROGER #538(2022)
374	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		10.00	%		71,311		71,311		472,039	Bi-Lo #367(2011)
375	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		20.00	%		84,441		84,441		713,689	Kroger #541(2012)
376	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050LOWE’S ROAD		37075	SC		1999		2003		100.00	%		133,144		133,144		1,222,439	Lowe’s(2019)
377	JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS		37604	SC		2005		2003		100.00	%		0		88,248		352,992	KOHL’S(NOT OWNED)
378	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.00	%		117,750		117,750		700,043	Murfreesboro Athletic Club(2014)
379	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		14.50	%		108,180		390,802		1,310,610	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)
380	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		14.50	%		167,795		367,879		1,656,161	Lowe’s(2019), WAL MART(NOT OWNED)
Texas
381	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.75	%		281,231		570,469		3,832,657	ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY #306(2018), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)
382	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2003		2003		100.00	%		19,759		106,343		630,026	KOHL’S(NOT OWNED)
383	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.00	%		205,017		385,039		2,096,546	UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2011), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED)
384	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003		14.50	%		146,941		598,651		1,484,789	OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)
385	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		14.50	%		311,039		567,069		3,578,296	99 CENTS ONLY STORE(2009), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)
386	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		100.00	%		118,970		183,813		1,275,522	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 17 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
387	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003		100.00	%		164,625		260,775		1,950,936	Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less #603(2013), KOHL’S(NOT OWNED)
388	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		1 *		100.00	%		278,706		887,896		4,305,092	T.J. MAXX #0808(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2011), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED), KOHL’S(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CREDIT UNION(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED)
389	SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410		78238	FO		1985		2005		50.00	%		76,597		76,597		422,000	MERVYN’S(2020)
390	SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151@LOOP 410		78209	SC		2005		1 *		10.00	%		94,811		100,311		1,186,867	SPORTSMAN WAREHOUSE(2015), ROSS DRESS FOR LESS(2016)
Utah
391	LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998		100.00	%		19,200		44,200		208,422	RITE AID(NOT OWNED)
392	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998		100.00	%		661,469		661,469		7,957,510	BABIES R US #9568(2014), OFFICE MAX #126(2007), SMITH’S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015), MERVYN’S(2020)
393	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.00	%		162,316		162,316		700,461	HARMONS(2012)
394	OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998		100.00	%		150,667		281,931		1,595,890	KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED)
395	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998		100.00	%		590,313		596,198		4,606,122	MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), TARGET SUPERSTORE #1753(2017), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016)
396	RIVERDALE, UT (WEBER)	FAMILY CENTER @ RIVERDALE 526 1050 WEST RIVERDALE ROAD		84405	SC		2005		1 *		100.00	%		35,347		35,347		335,796	JO-ANN FABRIC(2015)
397	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998		100.00	%		34,209		34,209		257,735
398	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998		100.00	%		746,890		818,890		7,313,232	SHOPKO #085(2014), Jo-Ann Stores #2074(2015), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS #658(2014), HOME USA WAREHOUSE(2012), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), HARMONS SUPERSTORE(NOT OWNED)
Vermont
399	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2 *		100.00	%		174,515		174,515		1,618,394	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)
Virginia
400	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003		100.00	%		116,310		116,310		1,194,313	Ukrop’s(2008)
401	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.50	%		253,392		253,392		4,749,241	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS #822(2009), BED, BATH & BEYOND #65(2010), UNITED ARTISTS #33191(2014)
402	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003		100.00	%		270,765		337,765		2,059,252	Goody’s #174(2008), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)
403	LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004		100.00	%		85,209		85,209		338,736	Food Lion #992(2012)
404	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2 *		50.00	%		435,057		479,256		2,791,507	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017), MCDONALD’S(NOT OWNED)
405	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003		100.00	%		79,407		79,407		694,854	Food Lion #299(2010)
406	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993		100.00	%		143,299		143,299		871,398	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)
407	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2 *		20.00	%		240,560		240,560		2,418,902	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)
Washington
408	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001		20.00	%		41,065		88,961		508,522	ALBERTSON’S(NOT OWNED)

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Run Date: 02/07/2006
Time: 2:49:11PM
Page 18 of 18
Quarter: 4Q05

Retail Property List*

						Year				DDR			Owned		Owned/Unowned		Total
			Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
409	KIRKLAND, WA	TOTEM LAKES UPPER TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004		20.00	%		227,210		273,189		2,757,176	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)
West Virginia
410	BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.00	%		70,900		133,396		388,625	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)
Wisconsin
411	BROOKFIELD, WI (CARX)	SW OF BROOKFIELD (CARX) NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		100.00	%		7,420		7,420		133,560
412	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		14.50	%		182,722		190,142		1,385,163	T.J. Maxx #202(2010), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007)
413	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003		14.50	%		266,716		266,716		1,938,013	Kohl’s #44(2023), Michael’s(2012), Officemax #17(2010), T.J. Maxx/Burlington#201(2007), Old Navy #3792(2012)
414	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003		14.50	%		143,372		143,372		1,175,761	Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2010)
415	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003		100.00	%		160,533		160,533		707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)
416	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.00	%		246,081		259,981		1,421,496	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)
										Grand Total:				73,917,921		99,063,656		818,244,251

		Mervyns Locations
* 1. Property Developed by the Company	* SC — Shopping Center	* FO — Fee Owned
* 2. Original IPO Property	* MM — Mall	* LH — Leasehold
	* LC — Lifestyle Center	* GL — Ground Lease

Property Listing 7.1

Does Not Include Service Merchandise Interests

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Investor Information
Developers Diversified Realty
www.ddr.com
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500

Board of Directors

Scott A. Wolstein, Chief Executive Officer & Chairman of the Board, Developers Diversified Realty

Dean S. Adler, Principal, Lubert-Adler Partners, L.P.

Terrance R. Ahern, Principal, The Townsend Group

Mohsen Anvari, Dean of School of Business Administration, University of San Diego

Robert H. Gidel, Managing Partner, Liberty Partners, L.P.

Victor B. MacFarlane, Managing Principal, MacFarlane Partners

Craig Macnab, Chief Executive Officer, Commercial Net Lease Realty

Scott D. Roulston, Managing Partner, Fairport Asset Management, LLC

Barry A. Sholem, Principal, MDS Capital, L.P.

William B. Summers Jr., Non-Executive Chairman, McDonald Investments, Inc.

Officers

Scott A. Wolstein, Chief Executive Officer & Chairman of the Board

David M. Jacobstein, President & Chief Operating Officer

Daniel B. Hurwitz, Senior Executive Vice President & Chief Investment
Officer

Joan U. Allgood, Executive Vice President, Corporate Transactions and Governance

Richard E. Brown, Executive Vice President of Real Estate Operations

Timothy J. Bruce, Executive Vice President of Development

William H. Schafer, Executive Vice President and Chief Financial Officer

Robin R. Walker-Gibbons, Executive Vice President of Leasing

David Dieterle, Senior Vice President of Leasing — Southeast Region

Steven M. Dorsky, Senior Vice President of Leasing — Northern Region

Anthony L. Vodicka, Senior Vice President of Leasing — Western Region Managing Partner, Liberty Partners, LP

Nan Zieleniec, Senior Vice President of Human Resources

Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2005

Investor Information (Continued)

Research Coverage
Citigroup Smith Barney
Michael Bilerman	(212) 816-1383
David Carlisle	(212) 816-1382
Deutsche Bank Securities
Lou Taylor	(212) 250-4912
Chris Capolongo	(212) 250-7726
AG Edwards
David AuBuchon	(314) 955-5452
Goldman Sachs
Jay Habermann	(917) 343-4260
Dennis Maloney	(212) 902-1970
Green Street Advisors
Greg Andrews	(949) 640-8780
Thomas Youn	(949) 640-8780
Hilliard Lyons
Tony Howard	(502) 588-1142
KeyBanc Capital Markets
Richard Moore	(216) 443-2815
Mike Salinsky	(216) 563-2348
Lehman Brothers
David Harris	(212) 526-1790
Alexander Goldfarb	(212) 526-5232

Research Coverage, continued
Merrill Lynch
Steve Sakwa	(212) 449-0335
Craig Schmidt	(212) 449-1944
JP Morgan
Michael Mueller	(212) 622-6689
Joe Dazio	(212) 622-6416
Morgan Stanley
Matthew Ostrower	(212) 761-6284
Mick Chiang	(212) 761-6385
Prudential Equity Group
Jamie Feldman	(212) 778-1724
Michael Gorman	(212) 778-1417
Wachovia Securities
Jeff Donnelly	(617) 603-4262
Eric Rothman	(617) 603-4263
Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757
Investor Relations
Michelle Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mdawson@ddr.com