e8vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ECLaSadACTUSKLy9ICpb2rwItQ78OqkhLlqzn7ztWboL2TzAZbeSRSVx5FJ5Wwt+ cSoWUw945M5H47+HwlEwiA== 0000950123-09-052473.txt : 20091023 0000950123-09-052473.hdr.sgml : 20091023 20091022195746 ACCESSION NUMBER: 0000950123-09-052473 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20091022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091023 DATE AS OF CHANGE: 20091022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVELOPERS DIVERSIFIED REALTY CORP CENTRAL INDEX KEY: 0000894315 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341723097 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11690 FILM NUMBER: 091133372 BUSINESS ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 BUSINESS PHONE: 2167555500 MAIL ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 8-K 1 l37775e8vk.htm FORM 8-K e8vk

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) October 22, 2009

DEVELOPERS DIVERSIFIED REALTY CORPORATION

(Exact name of registrant as specified in its charter)


Ohio	1-11690	34-1723097

(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	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))

TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2
EX-99.3

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2009, Developers Diversified Realty Corporation (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 three- and nine-month periods ended September 30, 2009. Among other things, the News Release reports a net loss of $0.90 and $2.11 per diluted share for the three- and nine-month periods ended September 30, 2009, respectively, as compared to net income of $0.20 and $0.66 per diluted share for the three- and nine-month periods ended September 30, 2008, respectively. A copy of the News Release is attached hereto as Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

The Company is furnishing a copy of the Company’s Property List as of September 30, 2009, which is attached hereto as Exhibit 99.3 and incorporated herein by reference. This information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit
No.		Description
99.1		News release dated as of October 22, 2009.

99.2		Quarterly financial supplement dated as of September 30, 2009.

99.3		Property list as of September 30, 2009.

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 October 22, 2009		/S/ Christa A. Vesy Christa A. Vesy
		Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX


Exhibit
No.		Description
99.1		News release dated as of October 22, 2009.

99.2		Quarterly financial supplement dated as of September 30, 2009.

99.3		Property list as of September 30, 2009.

EX-99.1 2 l37775exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Media Contact:		Investor Contact:
Scott Schroeder		Kate Deck
216-755-5500		216-755-5500
sschroeder@ddr.com		kdeck@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.44 FOR THE QUARTER ENDED
SEPTEMBER 30, 2009 BEFORE NON-OPERATING GAINS AND LOSSES

CLEVELAND, OHIO, October 22, 2009 - Developers Diversified Realty (NYSE: DDR) today announced operating results for the third quarter ended September 30, 2009.

	•		The Company’s third quarter Funds From Operations (“FFO”) was $74.5 million or $0.44 per diluted share before $164.6 million of net charges summarized below. The Company’s operating FFO for the nine-month period was $235.3 million or $1.58 per diluted share before $352.0 million of net charges summarized below.

			The net charges, primarily non cash, for the three- and nine-month periods ended September 30, 2009, aggregating $164.6 million and $352.0 million are summarized as follows:


	Three			Nine
	Months			Months
Non-cash loss on equity derivative instruments related to Otto investment	$	118.2		$	198.2
Non-cash impairment charges — consolidated and equity method investments		63.9			181.7
Consolidated impairment charges and loss on sales including discontinued operations		3.0			104.5
Less portion of impairment charges and losses allocated to non-controlling interests (Mervyns)		—			(31.4	)
Non-cash change in control compensation charge		4.9			15.4
(Gain) on sale of MDT units, net loan loss reserve and other expenses		(2.2	)		9.6
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		0.7			16.4
Gain on repurchases of unsecured notes		(23.9	)		(142.4	)

	$	164.6		$	352.0

•

FFO applicable to common shareholders for the three-month period ended September 30, 2009, including the above net charges, was a loss of $90.1 million, or $0.54 per diluted share, which compares to revised FFO income of $96.7 million, or $0.80 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended September 30, 2009 was $148.4 million or $0.90 per diluted

			share, which compares to revised net income of $24.7 million, or $0.20 per diluted share, for the prior-year comparable period.

	•		FFO applicable to common shareholders for the nine-month period ended September 30, 2009, including the above net charges, was a loss of $116.6 million, or $0.80 per diluted share, which compares to revised FFO income of $288.9 million, or $2.39 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the nine-month period ended September 30, 2009 was $308.7 million, or $2.11 per diluted share, which compares to revised net income of $80.4 million, or $0.66 per diluted share, for the prior-year comparable period.

	•		The 2008 results for both the three- and nine-month periods ended September 30, 2008 have been revised to reflect the change in accounting relating to convertible debt. This change resulted in additional non-cash interest expense of $2.7 million and $3.8 million for the three-month periods ended September 30, 2009 and 2008, respectively, and $9.8 million and $11.4 million for the nine-month periods ended September 30, 2009 and 2008, respectively.

	•		Executed leases during the third quarter of 2009 totaled approximately 2.6 million square feet, including 146 new leases and 287 renewals.

	•		On a cash basis, base rental rates on new leases and renewals decreased 3.5% overall.

	•		Core portfolio leased percentage at September 30, 2009 was 90.9%, compared to 90.7% at June 30, 2009.

	•		Same store net operating income (“NOI”) for the year decreased 4.1% over the prior-year comparable period. The decrease in same store NOI is primarily related to the bankruptcies and subsequent store closings of Circuit City, Linens ‘N Things, Goody’s and Steve & Barry’s.

Scott A. Wolstein, Developers Diversified’s Chairman and Chief Executive Officer, stated, “We are pleased to report solid earnings results this quarter. We had another high volume quarter in terms of leasing activity, and we are happy to see the improvement in leased rate as a result.

“We also executed upon several important financial transactions this quarter, and have made good progress on our de-leveraging and liquidity enhancing initiatives. We are proud of the considerable strides that we have made thus far, but our focus remains keenly on the additional balance sheet progress that we expect to complete in the coming quarters.”

Financial Results:

Net loss applicable to common shareholders was $148.4 million, or $0.90 per share (diluted and basic), for the three-month period ended September 30, 2009, as

compared to revised net income of $24.7 million, or $0.20 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $90.1 million for the three-month period ended September 30, 2009, as compared to revised FFO income of $96.7 million for the three-month period ended September 30, 2008. For the three-month period ended September 30, 2009, FFO per share was a loss of $0.54 (diluted and basic) compared to revised FFO income of $0.80 (diluted and basic) for the prior-year comparable period. The decrease in net income and reported loss for the three-month period ended September 30, 2009, is primarily the result of $164.6 million of net charges, generally non cash as detailed above, in addition to several major tenant bankruptcies in late 2008 and early 2009, the release of an approximate $16 million deferred tax allowance in 2008 and the impact of asset sales associated with the Company’s deleveraging efforts, offset slightly by lower interest rates on variable rate debt.

Net loss applicable to common shareholders was $308.7 million, or $2.11 per share (diluted and basic), for the nine-month period ended September 30, 2009, as compared to revised net income of $80.4 million, or $0.66 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $116.6 million for the nine-month period ended September 30, 2009, as compared to revised FFO income of $288.9 million for the nine-month period ended September 30, 2008. For the nine-month period ended September 30, 2009, FFO per share was a loss of $0.80 (diluted and basic) compared to revised FFO income of $2.40 (basic) and $2.39 (diluted) for the prior-year comparable period. The decrease in net income and reported loss for the nine-month period ended September 30, 2009, is primarily the result of $352.0 million of net charges, generally non cash as detailed above, in addition to several major tenant bankruptcies, the release an approximate $16 million deferred tax allowance in 2008 and the impact of asset sales associated with the Company’s deleveraging efforts, offset slightly by lower interest rates on variable rate debt.

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. 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 (“GAAP”), 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 share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) 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 non-controlling interests and adding the Company’s

proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. FFO excluding the net non-operating charges detailed above is useful to investors as the Company removes these net charges to analyze the results of operations and assess performance of the core operating real estate portfolio. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

The following results for the three-month period ended September 30, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

	•		Executed 146 new leases aggregating approximately 0.7 million square feet and 287 renewals aggregating approximately 1.9 million square feet.

	•		On a cash basis, rental rates for new leases and renewals decreased 3.5%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of September 30, 2009 was $12.50, as compared to $12.38 at September 30, 2008.

	•		Core portfolio leased rate was 90.9% as of September 30, 2009, as compared to 94.5% at September 30, 2008 and 90.7% at June 30, 2009.

Overall, the Company remains encouraged by the leasing activity achieved during the third quarter. While the resulting rental spreads and core occupancy level are much less favorable than what the Company has historically achieved, it should be no surprise that rental rates are under pressure as bankruptcy driven vacancy has increased across the retail sector.

Strategic Transactions:

On February 23, 2009, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Mr. Alexander Otto (the “Investor”) to issue and sell 30 million common shares for aggregate gross proceeds of approximately $112.5 million and warrants to purchase up to 10 million common shares with an exercise price of $6.00 per share to the Investor and certain members of his family (collectively with the Investor, the “Otto Family”). The share issuance, together with the warrants issuances are collectively referred to as the “Otto Transaction”. On April 9, 2009, the Company’s shareholders approved the sale of the common shares and warrants to the Otto Family pursuant to the Otto Transaction. Under the terms of the Stock Purchase Agreement, the Company issued additional common shares to the Otto Family in an amount equal to any dividends declared, associated with the issuance of common shares, by the Company after February 23, 2009 and prior to the applicable closing of the stock purchase by the Investor. The transaction was completed in two closings, May and September 2009. In May 2009, the Company issued and sold 15.0 million shares and warrants to purchase 5.0 million common shares to the Otto Family for a purchase price of $52.5 million. The Company also issued an additional 1,071,428 shares as a result of the first quarter 2009 dividend to the Otto Family

associated with the initial 15.0 million shares. In September 2009, the Company issued and sold 15.0 million common shares and warrants to purchase 5.0 million common shares to the Otto Family for a purchase price of $60.0 million. The Company also issued an additional 1,787,304 shares as a result of the first and second quarter 2009 dividends to the Otto Family associated with the second 15.0 million shares. In total, the Company issued 32,858,732 million common shares to the Otto Family.

The shareholders’ approval of the Otto Transaction in April 2009 resulted in a “potential change in control” under the Company’s equity-based award plans. In addition, in September 2009 as a result of the second closing with the Otto family acquiring beneficial ownership of more than 20% of the Company’s outstanding common shares, a “change in control” was deemed to have occurred under the Company’s equity deferred compensation plans. In accordance with the equity-based award plans, all unvested stock options became fully exercisable and all restrictions on unvested shares lapsed, and, in accordance with the equity deferred compensation plans, all unvested deferred stock units vested and were no longer subject to forfeiture. As such, in September 2009, the Company recorded an additional accelerated non-cash charge of approximately $4.9 million in accordance with SFAS 123(R) related to these equity awards. The total non-cash change in control charge recorded for the nine-month period ended September 30, 2009 was $15.4 million.

In addition, the shares and warrants are required to be recognized at fair value in April 2009 and marked-to-market through earnings thereafter until settlement or expiration. As a result, the Company reported an aggregate non-cash charge of $118.2 million, or $0.70 per diluted share in the third quarter of 2009 and $198.2 million, or $1.33 per diluted share for the nine-month period ended September 30, 2009, relating to the valuation adjustments associated with these instruments, due to the appreciation in share price since the initial valuation date. Following the closing of the shares during the third quarter of 2009, the Company will no longer be required to mark to market this contract, but will continue adjusting the warrants to fair value through earnings until exercised or upon expiration.

In the third quarter of 2009, the Company acquired its partner’s 80% interest in Merriam Village through the assumption and guarantee of $17.0 million of debt, of which the Company had previously guaranteed 20%. DDR did not expend any funds for this interest. In connection with DDR’s assumption of the remaining 80% guarantee, the lender agreed to modify and extend this secured mortgage. This acquisition is a component of the Company’s ongoing initiative to exit its investments with Coventry II.

In the third quarter of 2009, the Company liquidated its investment in Macquarie DDR Trust (ASX: MDT) for aggregate proceeds of $6.4 million. The Company recorded a gain on sale of these units of approximately $3.5 million for the three months ended September 30, 2009.

In October 2009, the Macquarie DDR Trust unitholders approved the redemption of Developers Diversified’s interest in the MDT US LLC joint venture. A 100% interest in three shopping center assets was transferred to the Company in October 2009 in

exchange for its approximate 14.5% ownership stake and a cash payment of $1.6 million to the DDR Macquarie Fund.

Dispositions:

The Company sold 11 properties, aggregating 1.5 million square feet, in the third quarter of 2009, generating gross proceeds of approximately $156.6 million. The Company recorded an aggregate gain on sale of approximately $4.4 million related to these assets in the third quarter of 2009. The Company’s joint ventures sold eight properties, aggregating 1.7 million square feet in the third quarter of 2009, generating gross proceeds of approximately $107.6 million. The Company’s joint ventures recorded an aggregate loss on sale of approximately $13.8 million related to these assets in the third quarter of 2009 of which the Company’s proportionate share was $0.5 million.

Wholly-Owned and Consolidated Joint Venture Development:

The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

Expected

Remaining

Initial

Owned

Cost

Anchor

Location

GLA

($ Millions)

Opening *

Description

Boise (Nampa), Idaho

431,689

29.3

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

7.8

1H 10

Community Center

Elmira (Horseheads), New York

350,987

10.0

1H 07

Community Center

Austin (Kyle), Texas **

443,092

20.5

2H 09

Community Center

Total

1,282,111

67.6


*		1H = First Half, 2H = Second Half; either actual or anticipated

**		Consolidated 50% Joint Venture

In addition to these current projects, several of which will be developed in phases, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects.

Unconsolidated Joint Venture Development:

One of the Company’s unconsolidated joint ventures has the following shopping center project under construction.

DDR’s

Expected

Effective

Remaining

Initial

Ownership

Owned

Cost

Anchor

Location

Percentage

GLA

($ Millions)

Opening*

Description

Dallas (Allen), Texas

10.0

797,665

(4.6)

1H 08

Lifestyle Center


*		1H = First Half

**		Includes a reduction in costs from future land sales

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:

The Company is currently expanding/redeveloping the following wholly-owned shopping center at a projected aggregate net cost of approximately $89.1 million. At September 30, 2009, approximately $73.5 million of costs had been incurred in relation to this project.


Property		Description
Miami (Plantation), Florida		Redevelop shopping center to include Kohl’s and additional junior tenants

Unconsolidated Joint Venture Redevelopments and Expansions:

One of the Company’s unconsolidated joint ventures is currently expanding/redeveloping the following shopping center at a projected net cost of $90.3 million, which includes original acquisition costs related to this asset which was acquired for redevelopment. At September 30, 2009, approximately $76.5 million of costs had been incurred in relation to this project.


	DDR’s
	Effective
	Ownership
Property	Percentage			Description
Buena Park, California		20	%	Large-scale redevelopment of enclosed mall to open-air format

Financings:

In September 2009, the Company issued $300 million 9.625% senior unsecured notes due March 2016. The notes were offered at 99.42% of par with a yield to maturity of 9.75%. Proceeds from the offering were used to repay debt with shorter term maturities and to reduce amounts outstanding on the Company’s unsecured credit facilities.

In September 2009, the Company purchased approximately $250.1 million face amount of its outstanding senior unsecured notes through an announced cash tender offer at a discount to par resulting in a gross gain of approximately $22.1 million. The tender offer included debt maturities from 2010 through 2018.

Also in the third quarter of 2009, the Company purchased approximately $47.4 million face amount of its outstanding senior unsecured notes (primarily convertible unsecured notes) at a discount to par resulting in a gross gain of approximately $6.7 million. This gain was reduced by approximately $2.4 million due to the adoption of FSP APB 14-1, “Accounting for Convertible Debt That May Be Settled in Cash Upon Conversion”, on January 1, 2009 (“Convertible Debt Restatement”).

In July 2009, the Company obtained $17 million of mortgage debt from a life insurance company on two shopping centers at a 6% interest rate and maturing in 2017.

In October 2009, the Company obtained a $400 million, five-year loan secured by a portfolio of 28 stabilized shopping centers from Goldman Sachs Commercial Mortgage Capital, L.P., an affiliate of Goldman, Sachs & Co.

Equity Issuances:

The Company sold approximately 18.4 million of its common shares during the three-month period ended September 30, 2009, generating gross proceeds of approximately $156.6 million through its continuous equity program. Substantially, all net proceeds were used to repay debt. In September 2009, the Company also issued 16.8 million common shares in connection with the Otto Transaction as previously discussed.

Developers Diversified owns and manages approximately 670 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 148 million square feet, the Company’s shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Internet at www.ddr.com.

A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Kate Deck, Investor Relations Director, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on our Web site 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 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 our results 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, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for nine-month period ended September 30, 2009. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2008. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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


	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2009			2008 ^(E)			2009			2008 ^(E)
Revenues:
Minimum rents ^(A)	$	135,481		$	149,335		$	408,623		$	448,511
Percentage and overage rents ^(A)		1,441			1,054			5,075			4,947
Recoveries from tenants		43,758			49,548			135,181			145,801
Ancillary and other property income		5,698			4,889			15,696			15,748
Management, development and other fee income		14,693			15,378			43,194			47,302
Other ^(B)		1,193			2,656			6,173			7,383

		202,264			222,860			613,942			669,692

Expenses:
Operating and maintenance ^(C)		36,952			34,572			107,155			102,206
Real estate taxes		27,965			26,872			83,076			79,128
Impairment charges ^(D)		2,653			—			80,167			—
General and administrative ^(E)		25,886			19,560			73,469			61,607
Depreciation and amortization		53,621			60,031			171,552			167,769

		147,077			141,035			515,419			410,710

Other income (expense):
Interest income		3,289			1,660			9,546			2,775
Interest expense ^(F)		(57,268	)		(61,713	)		(175,165	)		(185,977	)
Gain on repurchases of senior notes		23,881			—			142,360			200
Loss on equity derivative instruments ^(G)		(118,174	)		—			(198,199	)		—
Other income (expenses) ^(H)		2,203			(6,859	)		(9,123	)		(7,459	)

		(146,069	)		(66,912	)		(230,581	)		(190,461	)

(Loss) income before equity in net (loss) income of joint ventures, impairment of joint venture investments, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		(90,882	)		14,913			(132,058	)		68,521
Equity in net (loss) income of joint ventures ^(I)		(183	)		1,981			(8,984	)		21,924
Impairment of joint venture investments ^(J)		(61,200	)		—			(101,571	)		—
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes		(639	)		16,426			(527	)		15,111

(Loss) income from continuing operations		(152,904	)		33,320			(243,140	)		105,556
Income (loss) from discontinued operations ^(K)		5,126			416			(81,959	)		6,125

(Loss) income before gain on disposition of real estate		(147,778	)		33,736			(325,099	)		111,681
Gain on disposition of real estate, net of tax		7,128			3,093			8,222			6,368

Net (loss) income		(140,650	)		36,829			(316,877	)		118,049
Loss (income) attributable to non-controlling interests ^(L)		2,804			(1,579	)		39,848			(5,975	)

Net (loss) income attributable to DDR	$	(137,846	)	$	35,250		$	(277,029	)	$	112,074

Net (loss) income applicable to common shareholders	$	(148,413	)	$	24,683		$	(308,731	)	$	80,372

Funds From Operations (“FFO”):
Net (loss) income applicable to common shareholders	$	(148,413	)	$	24,683		$	(308,731	)	$	80,372
Depreciation and amortization of real estate investments		51,635			61,099			170,236			172,740
Equity in net loss (income) of joint ventures ^(I)		183			(1,981	)		8,557			(21,924	)
Joint ventures’ FFO ^(I)		13,584			15,833			32,553			60,922
Non-controlling interests (OP Units) ^(L)		8			261			167			1,145
Gain on disposition of depreciable real estate		(7,130	)		(3,170	)		(19,405	)		(4,321	)

FFO applicable to common shareholders		(90,133	)		96,725			(116,623	)		288,934
Preferred dividends		10,567			10,567			31,702			31,702

FFO	$	(79,566	)	$	107,292		$	(84,921	)	$	320,636

Per share data:
Earnings per common share
Basic	$	(0.90	)	$	0.20		$	(2.11	)	$	0.66

Diluted	$	(0.90	)	$	0.20		$	(2.11	)	$	0.66

Dividends Declared	$	0.02		$	0.69		$	0.42		$	2.07

Funds From Operations – Basic ^(M)	$	(0.54	)	$	0.80		$	(0.80	)	$	2.40

Funds From Operations – Diluted ^(M)	$	(0.54	)	$	0.80		$	(0.80	)	$	2.39

Basic – average shares outstanding		165,073			119,795			146,151			119,447

Diluted – average shares outstanding		165,073			119,882			146,151			119,583

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

(A)

Base and percentage rental revenues for the nine-month period ended September 30, 2009, as compared to the prior-year comparable period, decreased $39.8 million primarily due to store closings related to five major tenant bankruptcies which approximated $38.4 million, the most significant of which related to the assets formerly occupied by Mervyns, which is 50% owned by the Company through a consolidated joint venture. There was also a decrease of $3.8 million in straight line rental income, a majority of which is related to major tenant bankruptcies and a $0.3 million decrease related to the Company’s business centers. These decreases were partially offset by net increased leasing activity of $2.7 million. Included in rental revenues for the nine-month periods ended September 30, 2009 and 2008, is approximately $2.5 million and $7.2 million, respectively, of revenue resulting from the recognition of straight-line rents, including discontinued operations.

(B)

Other income for the three- and nine-month periods ended September 30, 2009 and 2008 was comprised of the following (in millions):


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2009		2008		2009		2008
Lease termination fees	$	0.8	$	0.8	$	3.4	$	5.0
Financing fees		0.2		1.9		0.9		1.9
Other miscellaneous		0.2		—		1.9		0.5

	$	1.2	$	2.7	$	6.2	$	7.4


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2009		2008		2009		2008
Bad debt expense	$	4.8	$	3.5	$	10.8	$	10.2
Ground Rent Expense ^(a)		1.3		1.0		3.5		3.1


(a)		Includes non-cash expense for the three-month periods ended September 30, 2009 and 2008 of approximately $0.6 million and $0.4 million, respectively, and for the nine-month periods ended September 30, 2009 and 2008, of approximately $1.4 million and $1.3 million, respectively, related to the straight-line of ground leases.

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

(D)

The Company recorded impairment charges during both the three and nine-month periods ended September 30, 2009 on consolidated assets that are either under contract or being marketed for sale as the book basis of the assets was in excess of the estimated fair market value. Of this amount, $61.0 million was recorded in the nine-month period related to impairment charges on 13 assets formerly occupied by Mervyns, of which the Company’s proportionate share was $29.7 million after adjusting for the allocation of the loss to the non-controlling interest in this consolidated joint venture. An additional $65.5 million in impairment charges were reported for the nine-month period as part of discontinued operations (see footnote K).

(E)

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 nine-month periods ended September 30, 2009 and 2008, general and administrative expenses were approximately 5.6% and 4.3% of total revenues, including joint venture revenues, respectively. In the three- and nine-month periods ended September 30, 2009, the Company recorded non-cash charges as a result of the change in control provisions included in the Company’s equity-based award plans triggered from the Otto Transaction, as previously discussed. Excluding these charges, general and administrative expenses were 4.5% of total revenues for the nine-month period ended September 30, 2009.

(F)

In 2009, the Company adopted FSP APB 14-1, “Accounting for Convertible Debt That May be Settled in Cash Upon Conversion”. The adoption of this FSP required the Company to restate its interest expense and record non-cash interest-related charges of $3.3 million and $9.8 million, net of capitalized interest, for the three and nine months ended September 30, 2008, respectively. The Company recorded non-cash interest expense of approximately $2.7 million and $9.8 million for the three and nine months ended September 30, 2009, respectively, in accordance with this new accounting standard.

(G)

Represents the impact of the valuation adjustments for the equity derivative instruments issued as part of the Otto Transaction. The total non-cash charge for the quarter includes an $83.2 million loss recognized on the 16.8 million common shares issued to the Otto Family in September 2009, which included the impact of dividends paid in common shares. The magnitude of the charge recognized during the quarter primarily relates to the difference between the closing trading value of the Company’s common shares of $4.88 on June 30, 2009, which was less than the closing trading value of the Company’s common shares on the September 18, 2009 issuance date of $9.82. The balance of the charge for the quarter included $35.0 million relating to the warrant valuation adjustments. The Company incurred charges of approximately $80 million relating to these contracts in the second quarter of 2009 resulting in an aggregate $198.2 million charge recorded for the nine months ended September 30, 2009.

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

(H)		Other income (expenses) for the third quarter primarily related to a $3.5 million gain on the sale of Macquarie DDR Trust units offset by litigation-related expenditures, the write off of costs related to abandoned development projects, costs incurred for transactions that are not expected to close and debt extinguishment costs. Other expenses for the nine months ended September 30, 2009 also included a reserve associated with a mezzanine note receivable of $5.4 million and an $0.8 million loss on Macquarie DDR Trust units sold in the second quarter of 2009.

(I)		The following is a summary of the combined operating results of the Company’s joint ventures:


	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2009			2008			2009			2008
Revenues from operations ^(a)	$	221,437		$	234,804		$	662,265		$	698,925


Operating expenses		87,084			85,416			253,670			241,245
Depreciation and amortization of real estate investments		62,103			58,058			186,856			172,081
Interest expense ^(b)		84,896			74,718			237,959			221,958

		234,083			218,192			678,485			635,284

(Loss) income from operations before tax expense and discontinued operations		(12,646	)		16,612			(16,220	)		63,641
Income tax expense		(2,513	)		(4,011	)		(7,065	)		(11,994	)
Income (loss) from discontinued operations, net of tax ^(c)		358			1,334			(31,060	)		4,138
Loss on disposition of discontinued operations, net of tax ^(d)		(13,767	)		—			(19,852	)		—
Loss on disposition of assets ^(d)		(74	)		—			(26,815	)		(13	)
Other, net ^(e)		(3,602	)		(36,728	)		5,833			19,811

Net (loss) income	$	(32,244	)	$	(22,793	)	$	(95,179	)	$	75,583

DDR ownership interests ^(f)	$	(1,302	)	$	2,603		$	(12,375	)	$	22,816


FFO from joint ventures are summarized as follows:

Net (loss) income	$	(32,244	)	$	(22,793	)	$	(95,179	)	$	75,583
Loss (gain) on disposition of real estate, including discontinued operations		—			—			—			13
Depreciation and amortization of real estate investments		62,434			59,274			189,472			175,723

	$	30,190		$	36,481		$	94,293		$	251,319

DDR ownership interests ^(f)	$	13,584		$	15,883		$	32,553		$	60,922

DDR joint venture distributions received, net	$	7,757		$	15,189		$	23,493		$	41,490

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

(a)

Revenues for the three-month periods ended September 30, 2009 and 2008 included approximately $1.4 million and $1.5 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.2 million in each period. Revenues for the nine-month periods ended September 30, 2009 and 2008 included approximately $3.0 million and $5.7 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.3 million and $0.7 million, respectively. Revenues from operations for the nine-month period ended September 30, 2009, as compared to the prior-year comparable period, decreased primarily due to store closings related to four major tenant bankruptcies which is estimated to be approximately $25.0 million.

(b)

Interest expense includes non-cash charges related to ineffective derivative instruments at the DDR Macquarie Fund of $3.6 million and $5.1 million for the three and nine-month periods ended September 30, 2009, respectively, and of $0.2 million and $0.7 million for the three- and nine-month periods ended September 30, 2008, respectively.

(c)

The DDR Macquarie Fund reported impairment losses of $33.9 million on three assets under contract to be sold as of June 30, 2009 which were subsequently sold in the third quarter of 2009. The Company’s proportionate share of these impairment losses aggregated $5.5 million for the nine- month period and was reduced by the impact of the other than temporary impairment recorded on this investment in the fourth quarter of 2008.

(d)

Loss on disposition of discontinued operations consists of the sale of 13 properties by three separate unconsolidated joint ventures in 2009. These dispositions resulted in a loss of $13.8 million and $19.9 million for the three- and nine-month periods ended September 30, 2009, respectively, and exclude the impact of the previously recognized impairments discussed above. The Company’s proportionate share of the loss on disposition for the three- and nine-month periods ended September 30, 2009 was $0.5 million and $1.4 million, respectively, and was reduced by the impact of previously recorded impairments on the respective unconsolidated joint ventures, as appropriate. In addition, an unconsolidated joint venture disposed of a property in the first quarter of 2009 resulting in a loss of $26.7 million of which the Company’s proportionate share was $5.8 million.

(e)

Includes the effects of certain derivative instruments that are marked-to-market through earnings from the Company’s equity investment in Macquarie DDR Trust aggregating approximately $2.3 million of loss and $7.2 million of income through the Company’s ownership period in the units for the three- and nine-month periods ended September 30, 2009, respectively and $37.7 million of loss and $16.5 million of income for the three- and nine-month periods ended September 30, 2008, respectively.

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

	(f)		The Company’s share of joint venture net loss was decreased by $1.2 million and the equity in net income was decreased by $0.6 million for the three-month periods ended September 30, 2009 and 2008, respectively. The Company’s share of joint venture net loss was decreased by $3.4 million and the equity in net income was decreased by $0.9 million for the nine-month periods ended September 30, 2009 and 2008, respectively. These adjustments relate primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.

			At September 30, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 318 and 329 shopping center properties, respectively.

(J)

The Company recorded $61.2 million and $101.6 million in impairment charges, for the three- and nine-month periods ended September 30, 2009, respectively, associated with joint venture investments in accordance with APB Opinion No. 18, “The Equity Method of Accounting for Investment in Common Stock.” The provisions of this opinion require that a loss in value of an investment under the equity method of accounting which is an other than “temporary” decline must be recognized. The Company determined that certain of its unconsolidated joint venture investments suffered an “other than temporary impairment” during 2009. During the three months ended September 30, 2009, these charges primarily related to the Company’s investments in the DDRTC Core Retail Fund LLC ($55.0 million) and the DDR-SAU Retail Fund LLC ($6.2 million). During the nine months ended September 30, 2009, the Company also recorded a charge relating to its interest in the Coventry II joint ventures ($40.4 million).

(K)

The operating results relating to assets classified as discontinued operations are summarized as follows:


	Three-Month Period Ended					Nine-Month Period Ended
	September 30,					September 30,
	2009		2008			2009			2008
Revenues from operations	$	2,202	$	13,232		$	19,086		$	41,476


Operating expenses		652		3,617			5,005			11,899
Impairment charges		—		—			65,496			—
Interest, net		328		2,571			4,747			8,312
Depreciation and amortization of real estate investments		544		3,911			5,832			13,310

Total expenses		1,524		10,099			81,080			33,521

Income (loss) before gain (loss) on disposition of real estate		678		3,133			(61,994	)		7,955
Gain (loss) on disposition of real estate, net		4,448		(2,717	)		(19,965	)		(1,830	)

Net income (loss)	$	5,126	$	416		$	(81,959	)	$	6,125

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

(L)

Non-controlling interests are comprised of the following:


	Three-Month Period					Nine-Month Period
	Ended September 30,					Ended September 30,
	2009		2008			2009			2008
Loss (income) attributable to non-controlling interests	$	2,804	$	(1,558	)	$	39,860		$	(5,914	)
Redeemable operating partnership units		—		(21	)		(12	)		(61	)

	$	2,804	$	(1,579	)	$	39,848		$	(5,975	)

In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.

(M)

For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million Operating Partnership Units (“OP Units”) outstanding at September 30, 2009 and 2008, into 0.4 million common shares for the three-month periods ended September 30, 2009 and 2008, on a weighted average basis, and 0.4 million common shares and 0.6 million common shares for the nine-month periods ended September 30, 2009 and 2008, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO were approximately 165.5 million and 120.8 million for the three-month periods ended September 30, 2009 and 2008, respectively, and 146.5 million and 120.7 million for the nine-month periods ended September 30, 2009 and 2008, respectively. For purposes of calculating operating FFO for the three- and nine month- periods ended September 30, 2009, the weighted average diluted shares and OP Units were 169.5 million and 148.6 million, respectively, which include common stock equivalents relating to equity awards and warrants.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data ^(A):


	September 30, 2009			December 31, 2008 ^(B)
Assets:
Real estate and rental property:
Land	$	1,968,142		$	2,073,947
Buildings		5,574,306			5,890,332
Fixtures and tenant improvements		277,153			262,809

		7,819,601			8,227,088
Less: Accumulated depreciation		(1,317,117	)		(1,208,903	)

		6,502,484			7,018,185
Construction in progress		957,298			882,478

Real estate, net		7,459,782			7,900,663

Investments in and advances to joint ventures		521,161			583,767
Cash		26,415			29,494
Restricted cash ^(C)		102,716			111,792
Notes receivable		75,547			75,781
Receivables, including straight-line rent, net		148,184			164,356
Other assets, net		145,164			154,369

	$	8,478,969		$	9,020,222


Liabilities:
Indebtedness:
Revolving credit facilities	$	826,262		$	1,027,183
Unsecured debt		1,825,834			2,402,032
Mortgage and other secured debt		2,512,991			2,437,440

		5,165,087			5,866,655
Dividends payable		10,899			6,967
Other liabilities ^(D)		309,187			281,179

		5,485,173			6,154,801
Redeemable operating partnership units		627			627
Equity		2,993,169			2,864,794

	$	8,478,969		$	9,020,222

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)


(A)		Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 32 sites formerly occupied by Mervyns at September 30, 2009, which includes the following (in millions):


	September 30, 2009		December 31, 2008
Real estate, net	$	230.3	$	325.1
Restricted cash		57.3		64.8
Mortgage debt		229.6		258.5
Non-controlling interests		29.6		70.2


(B)		The December 31, 2008 selected balance sheet data was revised to reflect the adoption of two accounting standards in the first quarter of 2009.



	–		The Company adopted the provisions of FSP APB 14-1, resulting in the Convertible Debt Restatement. The Company increased real estate assets by $2.9 million and equity by $52.6 million and decreased unsecured debt by $50.7 million and deferred charges by $1.0 million in connection with the adoption.

	–		The Company adopted the provisions of SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements – an Amendment of ARB No. 51,” which impacted the accounting for transactions with non-controlling shareholders. The Company no longer has a line item in its balance sheet referred to as Minority Interests. Equity at December 31, 2008 has been revised to include $120.1 million attributable to non-controlling interests. Equity at September 30, 2009 includes $95.0 million attributable to non-controlling interests.



(C)			Included in restricted cash are amounts held by MV LLC as noted above. The MV LLC restricted cash is comprised of proceeds received from the seller of the Mervyns portfolio relating to Mervyn’s bankruptcy filing in the third quarter 2008, a capital contribution by the members of MV LLC, and proceeds related to a security deposit letter of credit, net of debt service payments, all of which are required to be held in escrow by the lender. Also included in restricted cash is $45.4 million and $47.0 million at September 30, 2009 and December 31, 2008, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

(D)			Includes a $54.5 million non-cash liability relating to the equity derivative instruments deemed issued in connection with the Otto Transaction as of September 30, 2009, that will be satisfied through the issuance of common shares or upon the expiration of the contract. The liability will be reclassified into equity upon ultimate exercise or expiration of the instruments.

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:


	September 30,			December 31,
	2009			2008
Land	$	2,316,638		$	2,378,033
Buildings		6,418,500			6,353,985
Fixtures and tenant improvements		159,375			131,622

		8,894,513			8,863,640
Less: Accumulated depreciation		(748,754	)		(606,530	)

		8,145,759			8,257,110
Construction in progress		295,222			412,357

Real estate, net		8,440,981			8,669,467
Receivables, including straight-line rent, net		156,567			136,410
Leasehold interests		11,746			12,615
Other assets		408,901			315,591

	$	9,018,195		$	9,134,083


Mortgage debt ^(a)	$	5,619,195		$	5,776,897
Notes and accrued interest payable to DDR		73,746			64,967
Other liabilities		258,518			237,363

		5,951,459			6,079,227
Accumulated equity		3,066,736			3,054,856

	$	9,018,195		$	9,134,083


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,076.7 million and $1,216.1 million at September 30, 2009 and December 31, 2008, respectively.

EX-99.2 3 l37775exv99w2.htm EX-99.2 exv99w2

Quarterly Financial Supplement For the nine months ended September 30, 2009

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


Media Contact:		Investor Contact:
Scott Schroeder		Kate Deck
216-755-5500		216-755-5500
sschroeder@ddr.com		kdeck@ddr.com

DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.44 FOR THE QUARTER ENDED
SEPTEMBER 30, 2009 BEFORE NON-OPERATING GAINS AND LOSSES

CLEVELAND, OHIO, October 22, 2009 - Developers Diversified Realty (NYSE: DDR) today announced operating results for the third quarter ended September 30, 2009.

	•		The Company’s third quarter Funds From Operations (“FFO”) was $74.5 million or $0.44 per diluted share before $164.6 million of net charges summarized below. The Company’s operating FFO for the nine-month period was $235.3 million or $1.58 per diluted share before $352.0 million of net charges summarized below.

			The net charges, primarily non cash, for the three- and nine-month periods ended September 30, 2009, aggregating $164.6 million and $352.0 million are summarized as follows:


	Three			Nine
	Months			Months
Non-cash loss on equity derivative instruments related to Otto investment	$	118.2		$	198.2
Non-cash impairment charges — consolidated and equity method investments		63.9			181.7
Consolidated impairment charges and loss on sales including discontinued operations		3.0			104.5
Less portion of impairment charges and losses allocated to non-controlling interests (Mervyns)		—			(31.4	)
Non-cash change in control compensation charge		4.9			15.4
(Gain) on sale of MDT units, net loan loss reserve and other expenses		(2.2	)		9.6
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		0.7			16.4
Gain on repurchases of unsecured notes		(23.9	)		(142.4	)

	$	164.6		$	352.0

•

			share, which compares to revised net income of $24.7 million, or $0.20 per diluted share, for the prior-year comparable period.

	•		FFO applicable to common shareholders for the nine-month period ended September 30, 2009, including the above net charges, was a loss of $116.6 million, or $0.80 per diluted share, which compares to revised FFO income of $288.9 million, or $2.39 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the nine-month period ended September 30, 2009 was $308.7 million, or $2.11 per diluted share, which compares to revised net income of $80.4 million, or $0.66 per diluted share, for the prior-year comparable period.

	•		The 2008 results for both the three- and nine-month periods ended September 30, 2008 have been revised to reflect the change in accounting relating to convertible debt. This change resulted in additional non-cash interest expense of $2.7 million and $3.8 million for the three-month periods ended September 30, 2009 and 2008, respectively, and $9.8 million and $11.4 million for the nine-month periods ended September 30, 2009 and 2008, respectively.

	•		Executed leases during the third quarter of 2009 totaled approximately 2.6 million square feet, including 146 new leases and 287 renewals.

	•		On a cash basis, base rental rates on new leases and renewals decreased 3.5% overall.

	•		Core portfolio leased percentage at September 30, 2009 was 90.9%, compared to 90.7% at June 30, 2009.

	•		Same store net operating income (“NOI”) for the year decreased 4.1% over the prior-year comparable period. The decrease in same store NOI is primarily related to the bankruptcies and subsequent store closings of Circuit City, Linens ‘N Things, Goody’s and Steve & Barry’s.

Financial Results:

Net loss applicable to common shareholders was $148.4 million, or $0.90 per share (diluted and basic), for the three-month period ended September 30, 2009, as

compared to revised net income of $24.7 million, or $0.20 per share (diluted and basic), for the prior-year comparable period.

Leasing:

The following results for the three-month period ended September 30, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

	•		Executed 146 new leases aggregating approximately 0.7 million square feet and 287 renewals aggregating approximately 1.9 million square feet.

	•		On a cash basis, rental rates for new leases and renewals decreased 3.5%.

	•		Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of September 30, 2009 was $12.50, as compared to $12.38 at September 30, 2008.

	•		Core portfolio leased rate was 90.9% as of September 30, 2009, as compared to 94.5% at September 30, 2008 and 90.7% at June 30, 2009.

Strategic Transactions:

exchange for its approximate 14.5% ownership stake and a cash payment of $1.6 million to the DDR Macquarie Fund.

Dispositions:

Wholly-Owned and Consolidated Joint Venture Development:

The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:

Expected

Remaining

Initial

Owned

Cost

Anchor

Location

GLA

($ Millions)

Opening *

Description

Boise (Nampa), Idaho

431,689

29.3

2H 07

Community Center

Boston (Norwood), Massachusetts

56,343

7.8

1H 10

Community Center

Elmira (Horseheads), New York

350,987

10.0

1H 07

Community Center

Austin (Kyle), Texas **

443,092

20.5

2H 09

Community Center

Total

1,282,111

67.6


*		1H = First Half, 2H = Second Half; either actual or anticipated

**		Consolidated 50% Joint Venture

Unconsolidated Joint Venture Development:

One of the Company’s unconsolidated joint ventures has the following shopping center project under construction.

DDR’s

Expected

Effective

Remaining

Initial

Ownership

Owned

Cost

Anchor

Location

Percentage

GLA

($ Millions)

Opening*

Description

Dallas (Allen), Texas

10.0

797,665

(4.6)

1H 08

Lifestyle Center


*		1H = First Half

**		Includes a reduction in costs from future land sales

Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:


Property		Description
Miami (Plantation), Florida		Redevelop shopping center to include Kohl’s and additional junior tenants

Unconsolidated Joint Venture Redevelopments and Expansions:


	DDR’s
	Effective
	Ownership
Property	Percentage			Description
Buena Park, California		20	%	Large-scale redevelopment of enclosed mall to open-air format

Financings:

In July 2009, the Company obtained $17 million of mortgage debt from a life insurance company on two shopping centers at a 6% interest rate and maturing in 2017.

Equity Issuances:

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


	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2009			2008 ^(E)			2009			2008 ^(E)
Revenues:
Minimum rents ^(A)	$	135,481		$	149,335		$	408,623		$	448,511
Percentage and overage rents ^(A)		1,441			1,054			5,075			4,947
Recoveries from tenants		43,758			49,548			135,181			145,801
Ancillary and other property income		5,698			4,889			15,696			15,748
Management, development and other fee income		14,693			15,378			43,194			47,302
Other ^(B)		1,193			2,656			6,173			7,383

		202,264			222,860			613,942			669,692

Expenses:
Operating and maintenance ^(C)		36,952			34,572			107,155			102,206
Real estate taxes		27,965			26,872			83,076			79,128
Impairment charges ^(D)		2,653			—			80,167			—
General and administrative ^(E)		25,886			19,560			73,469			61,607
Depreciation and amortization		53,621			60,031			171,552			167,769

		147,077			141,035			515,419			410,710

Other income (expense):
Interest income		3,289			1,660			9,546			2,775
Interest expense ^(F)		(57,268	)		(61,713	)		(175,165	)		(185,977	)
Gain on repurchases of senior notes		23,881			—			142,360			200
Loss on equity derivative instruments ^(G)		(118,174	)		—			(198,199	)		—
Other income (expenses) ^(H)		2,203			(6,859	)		(9,123	)		(7,459	)

		(146,069	)		(66,912	)		(230,581	)		(190,461	)

(Loss) income before equity in net (loss) income of joint ventures, impairment of joint venture investments, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax		(90,882	)		14,913			(132,058	)		68,521
Equity in net (loss) income of joint ventures ^(I)		(183	)		1,981			(8,984	)		21,924
Impairment of joint venture investments ^(J)		(61,200	)		—			(101,571	)		—
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes		(639	)		16,426			(527	)		15,111

(Loss) income from continuing operations		(152,904	)		33,320			(243,140	)		105,556
Income (loss) from discontinued operations ^(K)		5,126			416			(81,959	)		6,125

(Loss) income before gain on disposition of real estate		(147,778	)		33,736			(325,099	)		111,681
Gain on disposition of real estate, net of tax		7,128			3,093			8,222			6,368

Net (loss) income		(140,650	)		36,829			(316,877	)		118,049
Loss (income) attributable to non-controlling interests ^(L)		2,804			(1,579	)		39,848			(5,975	)

Net (loss) income attributable to DDR	$	(137,846	)	$	35,250		$	(277,029	)	$	112,074

Net (loss) income applicable to common shareholders	$	(148,413	)	$	24,683		$	(308,731	)	$	80,372

Funds From Operations (“FFO”):
Net (loss) income applicable to common shareholders	$	(148,413	)	$	24,683		$	(308,731	)	$	80,372
Depreciation and amortization of real estate investments		51,635			61,099			170,236			172,740
Equity in net loss (income) of joint ventures ^(I)		183			(1,981	)		8,557			(21,924	)
Joint ventures’ FFO ^(I)		13,584			15,833			32,553			60,922
Non-controlling interests (OP Units) ^(L)		8			261			167			1,145
Gain on disposition of depreciable real estate		(7,130	)		(3,170	)		(19,405	)		(4,321	)

FFO applicable to common shareholders		(90,133	)		96,725			(116,623	)		288,934
Preferred dividends		10,567			10,567			31,702			31,702

FFO	$	(79,566	)	$	107,292		$	(84,921	)	$	320,636

Per share data:
Earnings per common share
Basic	$	(0.90	)	$	0.20		$	(2.11	)	$	0.66

Diluted	$	(0.90	)	$	0.20		$	(2.11	)	$	0.66

Dividends Declared	$	0.02		$	0.69		$	0.42		$	2.07

Funds From Operations – Basic ^(M)	$	(0.54	)	$	0.80		$	(0.80	)	$	2.40

Funds From Operations – Diluted ^(M)	$	(0.54	)	$	0.80		$	(0.80	)	$	2.39

Basic – average shares outstanding		165,073			119,795			146,151			119,447

Diluted – average shares outstanding		165,073			119,882			146,151			119,583

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

(A)

(B)

Other income for the three- and nine-month periods ended September 30, 2009 and 2008 was comprised of the following (in millions):


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2009		2008		2009		2008
Lease termination fees	$	0.8	$	0.8	$	3.4	$	5.0
Financing fees		0.2		1.9		0.9		1.9
Other miscellaneous		0.2		—		1.9		0.5

	$	1.2	$	2.7	$	6.2	$	7.4


	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2009		2008		2009		2008
Bad debt expense	$	4.8	$	3.5	$	10.8	$	10.2
Ground Rent Expense ^(a)		1.3		1.0		3.5		3.1


(a)		Includes non-cash expense for the three-month periods ended September 30, 2009 and 2008 of approximately $0.6 million and $0.4 million, respectively, and for the nine-month periods ended September 30, 2009 and 2008, of approximately $1.4 million and $1.3 million, respectively, related to the straight-line of ground leases.

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

(D)

(E)

(F)

(G)

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

(H)		Other income (expenses) for the third quarter primarily related to a $3.5 million gain on the sale of Macquarie DDR Trust units offset by litigation-related expenditures, the write off of costs related to abandoned development projects, costs incurred for transactions that are not expected to close and debt extinguishment costs. Other expenses for the nine months ended September 30, 2009 also included a reserve associated with a mezzanine note receivable of $5.4 million and an $0.8 million loss on Macquarie DDR Trust units sold in the second quarter of 2009.

(I)		The following is a summary of the combined operating results of the Company’s joint ventures:


	Three-Month Period						Nine-Month Period
	Ended September 30,						Ended September 30,
	2009			2008			2009			2008
Revenues from operations ^(a)	$	221,437		$	234,804		$	662,265		$	698,925


Operating expenses		87,084			85,416			253,670			241,245
Depreciation and amortization of real estate investments		62,103			58,058			186,856			172,081
Interest expense ^(b)		84,896			74,718			237,959			221,958

		234,083			218,192			678,485			635,284

(Loss) income from operations before tax expense and discontinued operations		(12,646	)		16,612			(16,220	)		63,641
Income tax expense		(2,513	)		(4,011	)		(7,065	)		(11,994	)
Income (loss) from discontinued operations, net of tax ^(c)		358			1,334			(31,060	)		4,138
Loss on disposition of discontinued operations, net of tax ^(d)		(13,767	)		—			(19,852	)		—
Loss on disposition of assets ^(d)		(74	)		—			(26,815	)		(13	)
Other, net ^(e)		(3,602	)		(36,728	)		5,833			19,811

Net (loss) income	$	(32,244	)	$	(22,793	)	$	(95,179	)	$	75,583

DDR ownership interests ^(f)	$	(1,302	)	$	2,603		$	(12,375	)	$	22,816


FFO from joint ventures are summarized as follows:

Net (loss) income	$	(32,244	)	$	(22,793	)	$	(95,179	)	$	75,583
Loss (gain) on disposition of real estate, including discontinued operations		—			—			—			13
Depreciation and amortization of real estate investments		62,434			59,274			189,472			175,723

	$	30,190		$	36,481		$	94,293		$	251,319

DDR ownership interests ^(f)	$	13,584		$	15,883		$	32,553		$	60,922

DDR joint venture distributions received, net	$	7,757		$	15,189		$	23,493		$	41,490

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

(a)

(b)

(c)

(d)

(e)

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

	(f)		The Company’s share of joint venture net loss was decreased by $1.2 million and the equity in net income was decreased by $0.6 million for the three-month periods ended September 30, 2009 and 2008, respectively. The Company’s share of joint venture net loss was decreased by $3.4 million and the equity in net income was decreased by $0.9 million for the nine-month periods ended September 30, 2009 and 2008, respectively. These adjustments relate primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.

			At September 30, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 318 and 329 shopping center properties, respectively.

(J)

(K)

The operating results relating to assets classified as discontinued operations are summarized as follows:


	Three-Month Period Ended					Nine-Month Period Ended
	September 30,					September 30,
	2009		2008			2009			2008
Revenues from operations	$	2,202	$	13,232		$	19,086		$	41,476


Operating expenses		652		3,617			5,005			11,899
Impairment charges		—		—			65,496			—
Interest, net		328		2,571			4,747			8,312
Depreciation and amortization of real estate investments		544		3,911			5,832			13,310

Total expenses		1,524		10,099			81,080			33,521

Income (loss) before gain (loss) on disposition of real estate		678		3,133			(61,994	)		7,955
Gain (loss) on disposition of real estate, net		4,448		(2,717	)		(19,965	)		(1,830	)

Net income (loss)	$	5,126	$	416		$	(81,959	)	$	6,125

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

(L)

Non-controlling interests are comprised of the following:


	Three-Month Period					Nine-Month Period
	Ended September 30,					Ended September 30,
	2009		2008			2009			2008
Loss (income) attributable to non-controlling interests	$	2,804	$	(1,558	)	$	39,860		$	(5,914	)
Redeemable operating partnership units		—		(21	)		(12	)		(61	)

	$	2,804	$	(1,579	)	$	39,848		$	(5,975	)

In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company.

(M)

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data ^(A):


	September 30, 2009			December 31, 2008 ^(B)
Assets:
Real estate and rental property:
Land	$	1,968,142		$	2,073,947
Buildings		5,574,306			5,890,332
Fixtures and tenant improvements		277,153			262,809

		7,819,601			8,227,088
Less: Accumulated depreciation		(1,317,117	)		(1,208,903	)

		6,502,484			7,018,185
Construction in progress		957,298			882,478

Real estate, net		7,459,782			7,900,663

Investments in and advances to joint ventures		521,161			583,767
Cash		26,415			29,494
Restricted cash ^(C)		102,716			111,792
Notes receivable		75,547			75,781
Receivables, including straight-line rent, net		148,184			164,356
Other assets, net		145,164			154,369

	$	8,478,969		$	9,020,222


Liabilities:
Indebtedness:
Revolving credit facilities	$	826,262		$	1,027,183
Unsecured debt		1,825,834			2,402,032
Mortgage and other secured debt		2,512,991			2,437,440

		5,165,087			5,866,655
Dividends payable		10,899			6,967
Other liabilities ^(D)		309,187			281,179

		5,485,173			6,154,801
Redeemable operating partnership units		627			627
Equity		2,993,169			2,864,794

	$	8,478,969		$	9,020,222

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)


(A)		Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 32 sites formerly occupied by Mervyns at September 30, 2009, which includes the following (in millions):


	September 30, 2009		December 31, 2008
Real estate, net	$	230.3	$	325.1
Restricted cash		57.3		64.8
Mortgage debt		229.6		258.5
Non-controlling interests		29.6		70.2


(B)		The December 31, 2008 selected balance sheet data was revised to reflect the adoption of two accounting standards in the first quarter of 2009.



	–		The Company adopted the provisions of FSP APB 14-1, resulting in the Convertible Debt Restatement. The Company increased real estate assets by $2.9 million and equity by $52.6 million and decreased unsecured debt by $50.7 million and deferred charges by $1.0 million in connection with the adoption.

	–		The Company adopted the provisions of SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements – an Amendment of ARB No. 51,” which impacted the accounting for transactions with non-controlling shareholders. The Company no longer has a line item in its balance sheet referred to as Minority Interests. Equity at December 31, 2008 has been revised to include $120.1 million attributable to non-controlling interests. Equity at September 30, 2009 includes $95.0 million attributable to non-controlling interests.



(C)			Included in restricted cash are amounts held by MV LLC as noted above. The MV LLC restricted cash is comprised of proceeds received from the seller of the Mervyns portfolio relating to Mervyn’s bankruptcy filing in the third quarter 2008, a capital contribution by the members of MV LLC, and proceeds related to a security deposit letter of credit, net of debt service payments, all of which are required to be held in escrow by the lender. Also included in restricted cash is $45.4 million and $47.0 million at September 30, 2009 and December 31, 2008, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.

(D)			Includes a $54.5 million non-cash liability relating to the equity derivative instruments deemed issued in connection with the Otto Transaction as of September 30, 2009, that will be satisfied through the issuance of common shares or upon the expiration of the contract. The liability will be reclassified into equity upon ultimate exercise or expiration of the instruments.

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:


	September 30,			December 31,
	2009			2008
Land	$	2,316,638		$	2,378,033
Buildings		6,418,500			6,353,985
Fixtures and tenant improvements		159,375			131,622

		8,894,513			8,863,640
Less: Accumulated depreciation		(748,754	)		(606,530	)

		8,145,759			8,257,110
Construction in progress		295,222			412,357

Real estate, net		8,440,981			8,669,467
Receivables, including straight-line rent, net		156,567			136,410
Leasehold interests		11,746			12,615
Other assets		408,901			315,591

	$	9,018,195		$	9,134,083


Mortgage debt ^(a)	$	5,619,195		$	5,776,897
Notes and accrued interest payable to DDR		73,746			64,967
Other liabilities		258,518			237,363

		5,951,459			6,079,227
Accumulated equity		3,066,736			3,054,856

	$	9,018,195		$	9,134,083


(a)		The Company’s proportionate share of joint venture debt aggregated approximately $1,076.7 million and $1,216.1 million at September 30, 2009 and December 31, 2008, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Table of Contents


Section	Page

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
Debt to EBITDA Calculation		2.4
Significant Accounting Policies		2.5
Other Real Estate Information		2.6
Reconciliation of Non-GAAP Financial Measures		2.7
Non-Cash Expense – Equity Derivative Instruments		2.8

Joint Venture Financial Summary		3.0
Joint Venture Investment Summary		3.1
Joint Venture Combining Financial Statements		3.2

Investment Summary		4.0
Capital Transactions		4.1
Acquisitions		4.2
Dispositions		4.2
Development Projects		4.3
Development Delivery and Funding Schedules		4.4
Expansion and Redevelopment Projects		4.5
Summary of Recently Developed Assets		4.6
Summary of Recently Expanded and Redeveloped Assets		4.7

Portfolio Summary		5.0

Debt Summary		6.0
Consolidated Debt		6.1
Joint Venture Debt		6.2
Consolidated and Joint Venture Maturities		6.3

Investor Contact Information		7.0

Property list available online at www.ddr.com

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Nine-Month			Nine-Month
	Period Ended			Period Ended
	September 30,			September 30,			Year Ended December 31,
	2009			2008			2008			2007			2006			2005
FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders		($308,731	)(5)	$	80,372			($114,199	)(7)	$	214,008	(8)	$	196,789		$	227,474
Depreciation and Amortization of Real Estate Investments	$	170,236		$	172,740		$	236,344		$	214,396		$	185,449		$	169,117
Equity in Net Loss (Income) From Joint Ventures	$	8,557			($21,924	)		($17,719	)		($43,229	)		($30,337	)		($34,873	)
Joint Venture Funds From Operations	$	32,553		$	60,922		$	68,355		$	84,423		$	44,473		$	49,302
Non-Controlling Interests (OP Units)	$	167		$	1,145		$	1,145		$	2,275		$	2,116		$	2,916
Gain on Disposition of Real Estate		($19,405	)		($4,321	)		($4,244	)		($17,956	)		($21,987	)		($58,834	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS		($116,623	)	$	288,934		$	169,682		$	453,918		$	376,504		$	355,102
PREFERRED DIVIDENDS	$	31,702		$	31,702		$	42,269		$	50,934	(8)	$	55,169		$	55,169

FUNDS FROM OPERATIONS		($84,921	)	$	320,636		$	211,952		$	504,852		$	431,673		$	410,271


PER SHARE INFORMATION:
Funds From Operations — Diluted		($0.80	)(5)	$	2.39		$	1.40	(7)	$	3.70		$	3.40		$	3.21
Net (Loss) Income — Diluted		($2.11	)	$	0.66			($0.96	)	$	1.75		$	1.79		$	2.08
Dividends	$	0.42		$	2.07		$	2.07		$	2.64		$	2.36		$	2.16

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		146,550			120,644			121,030			122,716			110,826			110,700

DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		54.03	%		58.13	%		58.81	%		56.92	%		54.36	%		52.67	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (1)		5.62	%(6)		4.32	%		5.17	%(9)		4.53	%(10)		4.80	%		4.55	%

REVENUES:
DDR Revenues	$	633,028		$	711,167		$	943,654		$	973,690		$	824,725		$	748,571
Joint Venture Revenues	$	674,039		$	714,624		$	946,340		$	818,029		$	438,885		$	438,103

TOTAL REVENUES (2)	$	1,307,067		$	1,425,791		$	1,889,994		$	1,791,719		$	1,263,610		$	1,186,675


NET OPERATING INCOME:
DDR Net Operating Income	$	437,818		$	517,983		$	682,566		$	723,196		$	615,007		$	555,291
Joint Venture Net Operating Income	$	411,521		$	468,395		$	617,465		$	544,732		$	288,699		$	280,617

TOTAL NET OPERATING INCOME (2)(3)	$	849,339		$	986,378		$	1,300,031		$	1,267,928		$	903,706		$	835,907


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	8,776,899		$	9,186,180		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Joint Venture Real Estate at Cost	$	9,189,735		$	9,264,728		$	9,275,998		$	8,945,738		$	3,939,707		$	3,470,112

TOTAL REAL ESTATE AT COST (4)	$	17,966,634		$	18,450,907		$	18,385,564		$	17,930,476		$	11,390,400		$	10,499,449


(1)		The calculation includes all revenues from discontinued operations as well as joint venture revenues.

(2)		Includes activities from discontinued operations.

(3)		Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.

(4)		Includes construction in progress (CIP) at September 30, 2009 of $1,252.5 million (includes $295.2 million of CIP included in joint ventures, of which $58.2 million represents the Company’s proportionate share), and at December 31, 2008, 2007, 2006, 2005, CIP aggregated $1,291.9 million, $872.3 million, $611.2 million and $386.2 million, respectively.

(5)		Includes non-recurring non-cash charges aggregating $352.0 million primarily related to impairments of consolidated investments net of non-controlling interests, a non-cash change in control charge, loss on equity derivative instruments, a loan loss reserve, DDR’s proportionate share of joint venture loss on sale of assets and impairments and consolidated loss on sales of assets offset by the gain on repurchases of debt for the nine-month period ended September 30, 2009. Excluding these items, operating FFO was $1.58 per diluted share.

(6)		Includes $15.2 million relating to a non-cash change in control charge. Excluding this charge, general and administrative expenses were approximately 4.5% of total revenues for the period.

(7)		Includes non-recurring non-cash charges aggregating $186.5 million primarily related to impairments offset by the gains on repurchases of debt. Excluding these items, operating FFO was $2.94 per diluted share.

(8)		Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007.

(9)		Includes $15.8 million for a non-cash charge relating to the termination of an equity award plan. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenues for the year ended December 31, 2008.

(10)		Includes the former president’s resignation as an executive officer of the Company charge of $4.1 million. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenues for the year ended December 31, 2007.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Nine-Month
	Period Ended
	September 30,			Year Ended December 31,
	2009			2008			2007			2006			2005
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		54.03	%		58.81	%		56.92	%		54.36	%		52.67	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		57.37	%		62.20	%		61.01	%		57.20	%		55.44	%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	165,129		$	267,240		$	283,211		$	218,049		$	184,281
FFO Before Interest and Preferred Dividends (1)	$	437,105		$	650,112		$	776,958		$	648,416		$	594,551

		2.65			2.43			2.74			2.97			3.23
DEBT SERVICE COVERAGE RATIO:
Debt Service (1)	$	184,738		$	268,222		$	291,585		$	247,464		$	217,434
FFO Before Interest and Preferred Dividends (1)	$	437,105		$	650,112		$	776,958		$	648,416		$	594,551

		2.37			2.42			2.66			2.62			2.73
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO:
Fixed Charges (1)	$	216,440		$	310,491		$	337,114		$	302,632		$	272,603
FFO Before Interest and Preferred Dividends (1)	$	437,105		$	650,112		$	776,958		$	648,416		$	594,551

		2.02			2.09			2.30			2.14			2.18
DIVIDEND PAYOUT RATIO:
Common Share Dividends and Operating Partnership Interest	$	60,709	(2)	$	249,757		$	327,183		$	260,069		$	237,856
FFO less preferred dividends, exclusive of charge associated with preferred stock redemption	$	372,848		$	364,115		$	459,322		$	376,504		$	355,102

		0.16	(2)		0.69			0.71			0.69			0.67


(1)		See page 2.2.b for detailed calculation.

(2)		Includes issuance of common shares with an aggregate value of $50.8 million. Cash payout is actually 0.02 per quarter, resulting in an actual cash payout ratio of 0.03 in 2009.

Market Capitalization and Financial Ratios 2.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009


	Nine-Month
	Period Ended
	September 30,			Year Ended December 31,
	2009			2008			2007			2006			2005
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,776,899		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	56,919		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents, including restricted cash	$	129,131		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable	$	75,547		$	75,781		$	18,557		$	18,161		$	24,996
Investments in and Advances to Joint Ventures	$	521,161		$	583,767		$	638,111		$	291,685		$	275,136

	$	9,559,657		$	9,975,110		$	9,822,354		$	7,816,325		$	7,386,469

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,776,899		$	9,109,565		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	56,919		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents	$	129,131		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable or Proportionate Share Thereof	$	135,985		$	141,311		$	19,487		$	35,443		$	116,212
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,780,606		$	1,930,001		$	1,673,987		$	804,738		$	736,109

	$	10,879,539		$	11,386,875		$	10,859,160		$	8,346,659		$	7,938,658

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO		($116,623	)	$	169,682		$	453,917		$	376,504		$	355,102
Impairments and Other Non-Cash Adjustments	$	489,471	(1)	$	194,433	(3)	$	0		$	0		$	0
Interest Expense	$	179,641		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($4,726	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Adjustment for Impact of Gains on Early Extinguishment of Debt		($142,360	)		($10,455	)	$	0		$	0		$	0
Preferred Dividends, Including Preferred Operating Partnership Interests & Non-Cash D-42 Dividend	$	31,702		$	42,269		$	50,934		$	55,169		$	55,169

	$	437,105		$	650,112		$	776,958		$	648,416		$	594,551

DEBT SERVICE
Interest Expense	$	179,641		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($4,726	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Non-cash adjustment to Interest Expense due to Adoption of Accounting Standard for Convertible Debt		($9,787	)(2)		($13,057	)(2)		($11,104	)(2)		($1,305	)(2)	$	0
Recurring Principal Amortization	$	19,610		$	27,096		$	30,583		$	32,026		$	33,154

	$	184,738		$	268,222		$	291,585		$	247,464		$	217,434

FIXED CHARGES
Debt Service	$	184,738		$	268,222		$	291,585		$	247,464		$	217,434
Preferred Dividends, Including Preferred Operating Partnership Interests and excluding Non-Cash	$	31,702		$	42,269		$	45,529		$	55,169		$	55,169

D-42 Dividend	$	216,440		$	310,491		$	337,114		$	302,632		$	272,603


(1)		Adjusted to eliminate non-cash charges related to impairment and loss on sale of consolidated investments net of non-controlling interests ($48.8 million), change in control charge ($15.4 million), loss on equity derivative instruments ($198.2 million), loan loss reserve ($5.4 million), impairment of joint venture investments ($107.3 million), DDR’s proportionate share of loss relating to the impairment of joint venture assets and loss on joint venture asset sales ($9.9 million) and impairment and loss on sale of consolidated assets included in discontinued operations ($104.5 million).

(2)		Adjusted to eliminate the impact of the change in accounting of the convertible debt pursuant to the retrospective adoption of FSP APB 14-1.

(3)		Adjusted to eliminate non-cash charges related to impairment of consolidated investments net of non-controlling interests ($57.6 million), loan loss reserve ($5.4 million), impairments of joint venture investments ($106.9 million), termination of a supplemental equity award plan ($15.8 million) and loss on sale of assets ($8.7 million).

Market Capitalization and Financial Ratios 2.2.b

Developers Diversified Realty

Quarterly Financial Supplement
For the nine months ended September 30, 2009

Total Market Capitalization as of September 30, 2009 (In Millions) ^{(1) (2) (3)}

Total Market Capitalization as of September 30, 2009 (In Millions) ^{(1) (2) (3)}


	At September 30, 2009					At December 31, 2008
			Percentage of					Percentage of
	Amount		Total			Amount		Total
Common Shares Equity	$	1,819.9		24	%	$	629.7		9	%
Perpetual Preferred Stock	$	555.0		7	%	$	555.0		8	%
Senior Convertible Notes	$	498.8		7	%	$	782.3		11	%
Fixed-Rate Unsecured Debt	$	1,327.0		18	%	$	1,619.7		23	%
Mortgage Debt	$	1,521.6		20	%	$	1,482.7		21	%
Variable-Rate Revolving Credit and Term Debt	$	1,026.3		14	%	$	1,227.2		17	%
Fixed-Rate Revolving Credit and Term Debt	$	600.0		8	%	$	600.0		9	%
Construction Financing	$	191.4		2	%	$	154.8		2	%


Total	$	7,540.0		100	%	$	7,051.4		100	%


Debt to Market Capitalization				68.5	%				83.2	%

Notes:


1.		Market value ($9.24 per share as of September 30, 2009 and $4.88 per share as of December 31, 2008) includes operating partnership units equivalent to approximately 0.4 million of the Company’s common shares.

2.		Does not include proportionate share of unconsolidated joint venture debt aggregating $1,076.7 million and $1,216.1 million at September 30, 2009 and December 31, 2008, respectively.

3.		Consolidated debt includes 100% of consolidated joint venture debt, comprised primarily of debt associated with a joint venture with Macquarie DDR Trust, of which the joint venture partners’ share is $148.1 million and $130.1 million at September 30, 2009 and December 31, 2008, respectively.

Market Capitalization Summary 2.3

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Debt to EBITDA calculation


	Quarter ended
	September 30, 2009			June 30, 2009
Debt/EBITDA — consolidated
EBITDA:
Net income (loss) attributable to DDR		(137,846	)		(226,585	)

Adjustments:
Impairment charges		2,653			107,014
Non-cash change in control charge (in G&A)		4,871			10,491
Depreciation and amortization		53,621			58,641
Depreciation attributable to non-controlling interests		(546	)		(703	)
Interest expense		57,268			59,962
Interest expense attributable to non-controlling interests		(1,588	)		(1,436	)
Gain on repurchases of senior notes		(23,881	)		(45,901	)
Loss on equity derivative instruments		118,174			80,025
Other (income) expenses, net		(2,153	)		6,913
Equity in net loss of joint ventures		183			9,153
Impairment of joint venture investments		61,200			40,266
Income tax expense		639			920
EBITDA adjustments from discontinued operations⁽¹⁾		(3,576	)		64,052
Gain on disposition of real estate, net		(7,128	)		(648	)
Impairment charges applicable to non-controlling interests		—			(31,253	)

EBITDA before JVs		121,891			130,911
Pro rata share of JV FFO		13,584			3,809
Pro rata share of JV impairments, loss on disposition and derivative gains/losses		712			11,362


EBITDA Consolidated		136,187			146,082
EBITDA Consolidated — annualized		544,748			584,328

Consolidated indebtedness		5,165,087			5,564,702
Non-controlling interests’ share of consolidated debt		(148,138	)		(140,574	)

Total consolidated indebtedness		5,016,949			5,424,128

Debt/EBITDA — consolidated		9.21			9.28

Ratio reflects Company’s consolidated EBITDA and pro rata share of JV FFO. The JV FFO, which is net of interest expense, reflects the earnings available to the Company to service consolidated debt. In addition, the JV debt is generally non-recourse to the Company.


Debt/EBITDA — pro rata

EBITDA before JVs	121,891	130,911
Pro rata share of JV EBITDA	31,937	31,531


EBITDA including pro rata share of JVs	153,828	162,442
EBITDA including pro rata share of JVs - annualized	615,112	649,768

Total consolidated indebtedness	5,016,949	5,424,128
Pro rata share of JV debt	1,076,660	1,209,899

Total pro rata indebtedness	6,093,609	6,634,027

Debt/EBITDA — pro rata	9.90	10.21

Ratio includes Company’s pro rata share of JV EBITDA and the Company’s pro rata share of JV debt outstanding.



Notes:
(1)	Discontinued operations includes the following EBITDA adjustments:
	Impairment charges	—		25,091
	Interest expense, net	328		1,439
	Depreciation and amortization	544		1,499
	(Gain) loss on disposition of real estate, net	(4,448	)	36,023

		(3,576	)	64,052

Debt to EBITDA Calculation 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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 provisions 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		15 to 31 years
		Furniture/Fixtures and Tenant Improvements		Useful lives, which approximate lease terms, where applicable

Significant Accounting Policies 2.5.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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.

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

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 nine-month period ended September 30, 2009 and for the years ended December 31, 2008, 2007, 2006 and 2005, the Company capitalized interest of $17.3 million, $41.1 million, $28.8 million, $20.1 million and $12.5 million, respectively, as adjusted for the retrospective adoption of FSP APB 14-1.

•		In addition, the Company capitalized certain construction administration costs of $8.4 million for the nine-month period ended September 30, 2009 and $13.9 million, $10.9 million, $10.1 million and $6.2 million for the years ended December 31, 2008, 2007, 2006, and 2005, 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 2.5.b

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Other Real Estate Information

Total Recurring Capital Expenditures

•

The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $32 million ($0.27 psf of owned GLA) in 2009.

Undeveloped Land

•		Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP amount.

•		At December 31, 2008, the Company estimated the value of this undeveloped land adjacent to existing shopping centers to be approximately $70 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2008.

Non-Income Producing Assets

•

The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment, excluding Mervyns, to be approximately $175 million at September 30, 2009.

Other Real Estate Information 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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

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

Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows:


	Nine-Months Ended
	September 30,
	2009			2008
Total Revenues DDR	$	613,942		$	669,692
Total Revenues — Combined Joint Ventures		662,265			698,925
Operating and Maintenance — DDR		(107,155	)		(102,206	)
Real Estate Taxes — DDR		(83,076	)		(79,128	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(253,670	)		(241,245	)


Combined NOI	$	832,306		$	946,038


Total Same Store NOI	$	746,455		$	778,246		(4.1%)
Property NOI from other operating segments		85,851			167,792


Combined NOI	$	832,306		$	946,038

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders	$	(148,413	)	$	24,683		$	(308,731	)	$	80,372
Depreciation and Amortization of Real Estate Investments		51,635			61,099			170,236			172,740
Equity in Net Loss (Income) From Joint Ventures		183			(1,981	)		8,557			(21,924	)
Joint Venture Funds From Operations		13,584			15,833			32,553			60,922
Non-Controlling Interests (OP Units)		8			261			167			1,145
Gain on Sales of Real Estate		(7,130	)		(3,170	)		(19,405	)		(4,321	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	(90,133	)	$	96,725		$	(116,623	)	$	288,934


Preferred Dividend Charges		10,567			10,567			31,702			31,702

FUNDS FROM OPERATIONS	$	(79,566	)	$	107,292		$	(84,921	)	$	320,636


ADDITIONAL NON-CASH DISCLOSURES:
Below Market Rent Amortization	$	90		$	235		$	445		$	714
Pro Rata Share of JV Below Market Rent Amortization		17			(67	)		92			10

Debt Premium Amortization Income	$	929		$	927		$	2,748		$	3,704
Pro Rata Share of JV Debt Premium Amortization Expense		(5	)		(2	)		(41	)		(16	)

Convertible Debt Accretion	$	2,654		$	3,814		$	9,787		$	11,442

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.b

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008			Income Statement Caption
Transactional Income Included in FFO
Consolidated
(Loss) Gains, Net of Tax	$	(246	)	$	66		$	502		$	358		(Loss) Gain on Disposition of Real Estate

Loss on Sales from Discontinued Operations		(2,646	)		(5,828	)		(38,954	)		(5,828	)	Loss on Disposition of Discontinued Operations
Land Sale Gain		7,338			2,968			7,304			5,687		(Loss) Gain on Disposition of Real Estate

	$	4,446		$	(2,794	)	$	(31,148	)	$	217


Transactional Income NOT Included in FFO
Consolidated
Gain on Dispositions	$	36		$	59		$	416		$	323		(Loss) Gain on Disposition of Real Estate
Gain on Sales from Discontinued Operations		7,094			3,111			18,989			3,998		Gain on Disposition of Discontinued Operations

	$	7,130		$	3,170		$	19,405		$	4,321		FFO Reconciliation


Gain on Disposition of Real Estate, net of tax
(Loss) Gains, Net of Tax	$	(246	)	$	66		$	502		$	358
Land Sale Gain		7,338			2,968			7,304			5,687
Gain on Dispositions		36			59			416			323

	$	7,128		$	3,093		$	8,222		$	6,368		Consolidated Income Statement


Gain (Loss) on Disposition of Real Estate From Discontinued Operations, net
Gain (Loss) on Sales from Discontinued Operations	$	4,448		$	(2,717	)	$	(19,965	)	$	(1,830	)	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.c

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2009			2008		2009			2008			Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Loss on Sales from Discontinued Operations	$	(13,767	)	$	—	$	(19,852	)	$	—		Loss on Disposition of Discontinued Operations, net of tax
Land Sale Gains and Loss on Disposition of Real Estate		(74	)		—		(26,815	)		—		Loss on Disposition of Assets

	$	(13,841	)	$	—	$	(46,667	)	$	—

DDR’s Proportionate Share	$	(521	)	$	—	$	(1,429	)	$	—


Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—		$	—	$	—		$	—		Gain on Disposition of Discontinued Operations, net of tax
Loss on Sales		—			—		—			(13	)	Loss on Disposition of Assets

	$	—		$	—	$	—		$	(13	)

DDR’s Proportionate Share	$	—		$	—	$	(5,348	)	$	—


Gain on Sales of Real Estate, Net of Tax
Land Sale Gains and Loss on Disposition of Real Estate	$	(74	)	$	—	$	(26,815	)	$	—
Loss on Sales		—			—		—			(13	)

	$	(74	)	$	—	$	(26,815	)	$	(13	)	Loss on Disposition of Assets


Gain on Sales of Real Estate From Discontinued Operations
Loss on Sales from Discontinued Operations included in FFO	$	(13,767	)	$	—	$	(19,852	)	$	—
Gain on Sales from Discontinued Operations NOT included in FFO		—			—		—			—

	$	(13,767	)	$	—	$	(19,852	)	$	—		Loss on Disposition of Discontinued Operations, net of tax

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.d

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Activity
Non-Cash Expense — Equity Derivative Instruments
(In millions except share and per share amounts)
(Unaudited)

Description

The following instruments were approved for issuance on April 9, 2009 upon approval by the Company’s shareholders of the Stock Purchase Agreement dated February 23, 2009 between Mr. Alexander Otto and the Company. These equity instruments are required to be marked-to-market through earnings pursuant to the provisions of Emerging Issues Task Force (EITF) No. 07-5, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock,” due to certain downward price protection provisions in the agreement.


	Shares		Contract Price		Term		Settlement
Forward — Tranche I		15,000,000	$	3.50		n/a	11-May-09
Forward — Tranche II		15,000,000	$	4.00		n/a	18-Sep-09
Warrants — Tranche I		5,000,000	$	6.00	May-14			n/a
Warrants — Tranche II		5,000,000	$	6.00	Sep-14			n/a


Note:		The number of shares and/or contract prices are subject to certain adjustments as a result of stock dividends and/or future issuances (if any) of our common stock at amounts below a defined price as described in the Stock Purchase Agreement.

Instrument Valuation


																Quarterly
																Change
	Market Value As of - Asset / (Liability) - 2009															Expense/
	April 9th			May 11th			June 30th			September 18th			September 30th			(Income)
Forward — Tranche I	$	2.4	(a)	$	(35.6	)(b)		n/a			n/a			n/a		$	—
Forward — Tranche II		10.0	(a)		n/a			(21.7	)		(104.9	)(c)		n/a			83.2
Warrants — Tranche I		(4.5	)		n/a			(9.6	)		n/a			(27.0	)		17.4
Warrants — Tranche II		(4.7	)		n/a			(9.9	)		n/a			(27.5	)		17.6

	$	3.2		$	(35.6	)	$	(41.2	)	$	(104.9	)	$	(54.5	)(d)	$	118.2


Closing value of Company’s common shares — As of:	$	3.12		$	5.48		$	4.88		$	9.82		$	9.24
Increase in share price since April 9, 2009:				$	2.36		$	1.76		$	6.70		$	6.12

Non-Cash Expense


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Forward — Tranche I	$	—	$	—	$	38.0	$	—
Forward — Tranche II		83.2		—		114.9		—
Warrants — Tranche I		17.4		—		22.5		—
Warrants — Tranche II		17.6		—		22.8		—


TOTAL	$	118.2	$	—	$	198.2	$	—


(a)		Initial valuation due to the closing trading value of the Company’s stock of $3.12 on April 9, 2009 which was less than the respective instrument contract price (including the impact of the first quarter declared stock dividends).

(b)		Upon settlement of the Forward-Tranche I (“Tranche I”) on May 11, 2009 (the “Settlement Date”), the Company received cash proceeds of $52.5 and issued approximately 16.1 million of its common shares. Based upon the change in market value of Tranche I from the original valuation date of April 9th as compared to the Settlement Date, the Company recognized an expense of approximately $38.0. The change in market value of Tranche I was derived predominantly from an increase in the closing trading price of our common stock of $2.36 per share since the initial valuation date.

(c)		Upon settlement of the Forward-Tranche II (“Tranche II”) on September 18, 2009 (the “Settlement II Date”), the Company received cash proceeds of $60.0 and issued approximately 16.8 million of its common shares. Based upon the change in market value of Tranche II from the original valuation date of April 9th as compared to the Settlement II Date, the Company recognized an expense of $114.9 and $83.2 in expense since June 30, 2009. The change in market value of Tranche II was derived predominantly from an increase in the closing trading price of our common stock of $6.70 per share since the initial valuation date.

(d)		Represents a non-cash obligation classified in other liabilities in the condensed consolidated balance sheet that will be reclassified into equity upon ultimate exercise or expiration.

Non-Cash Expense - Equity Derivative Instruments 2.8

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Venture Investment Summary
(in millions)
as of September 30, 2009


			DDR											Promoted
			Ownership			Consolidated	Number of			Gross Book				Interest
	Legal Name	Partner(s)	%			(Yes/No)	Properties			Value		Debt		(Yes/No)
1	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,958.9	$	1,768.9	Yes

2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,460.5	$	967.2	Yes

3	Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC )	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B)	Various			No		50		$	1,721.6	$	1,092.7	Yes

4	DDR MDT MV LLC (Mervyns) (C)	Macquarie DDR Trust (MDT) (50%)		50.0	%	Yes		32		$	380.4	$	229.6	Yes

5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(A)	$	211.8	$	39.2	Yes

6	Coventry II DDR Buena Park LLC	Coventry II Fund (80%)		20.0	%	No		1		$	106.8	$	61.0	Yes

7	Coventry II DDR Fairplain LLC	Coventry II Fund (80%)		20.0	%	No		1		$	32.4	$	16.0	Yes

8	Coventry II DDR Marley Creek LLC	Coventry II Fund (80%)		20.0	%	No		1		$	13.3	$	10.7	Yes

9	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	175.8	$	130.3	Yes

10	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	89.8	$	46.0	Yes

11	Coventry II DDR SM LLC	Coventry II Fund (80%)		20.0	%	No		42		$	131.7	$	104.9	Yes

12	Coventry II DDR Totem Lake LLC	Coventry II Fund (80%)		20.0	%	No		1		$	42.1	$	29.5	Yes

13	Coventry II DDR Tri County LLC	Coventry II Fund (80%)		20.0	%	No		1		$	231.1	$	164.7	Yes

14	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.7	$	20.9	Yes

15	RVIP IIIB LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	91.5	$	60.0	Yes

16	RVIP VII LLC	Prudential Real Estate Advisors (79%)		21.0	%	No		2		$	125.8	$	72.1	Yes

17	RVIP VIII LP	Prudential Real Estate Advisors (74.25%)		25.75	%	No		1		$	33.7	$	23.4	Yes

18	DPG Realty Holdings LLC	Prudential Insurance Co. of America (90%)		10.0	%	No		9		$	100.4	$	9.1	No

19	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.1	$	110.0	Yes

20	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		10		$	524.3	$	104.9	No

21	DDR-SAU Retail Fund, LLC	Special Account - U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.6	$	226.2	No

22	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.5	$	34.1	No

23	DDRA Comm. Ctrs Five, L.P.	DRA Advisors (50%)		50.0	%	No		5		$	240.0	$	280.0	No

24	DDR Markaz II LLC (Kuwait Financial Centre II)	Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%)		20.0	%	No		13		$	206.0	$	150.5	Yes

25	Lennox Town Center LTD.	Casto Properties (50%)		50.0	%	No		1		$	21.0	$	27.0	No

26	Sun Center Limited	Casto Properties (20.55%)		79.45	%	No		1		$	25.8	$	18.2	No

27	Dublin Village	Casto Properties (36.6%)		63.4	%	No		—		$	0.1	$	0.0	No

28	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No

29	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.6	No

30	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No

31	Shea & Tatum Assoc. LP (Paradise Village) (C)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	29.6	$	30.0	No

32	Other Joint Ventures		Various			Yes/No		23		$	461.9	$	73.9	Yes


	TOTALS							364		$	10,010.8	$	5,925.6


(A)		Property is under development.

(B)		The Company owns an effective ownership of 14.5% in DDR Macquarie Fund LLC as of September 30, 2009.

(C)		Joint Venture is included in consolidated operating results of DDR.

Joint Venture Investment Summary 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2009


	DDRTC Core Retail			DDR Domestic			Investments with			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Fund LLC			Retail Fund I			Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC
Real estate assets	$	2,958.9		$	1,460.5		$	1,721.6		$	211.8		$	106.8		$	32.4		$	13.3
Accumulated depreciation		(182.5	)		(82.4	)		(167.7	)		0.0			(9.3	)		(1.7	)		(0.7	)

Real estate, net		2,776.4			1,378.1			1,553.9			211.8			97.5			30.7			12.6

Receivables, net		29.6			21.8			26.0			0.1			3.0			0.6			0.1
Other assets		105.8			63.9			81.0			(0.0	)		1.1			0.9			0.2
Disproportionate share of equity		—			—			—			—			—			—			—

	$	2,911.8		$	1,463.8		$	1,660.9		$	211.9		$	101.6		$	32.2		$	12.9


Mortgage debt	$	1,768.9		$	967.2		$	1,092.7		$	39.2		$	61.0		$	16.0		$	10.7
Amounts payable to DDR		1.0			1.5			0.9			65.5			0.0			0.0			0.0
Other liabilities		42.3			20.5			50.0			18.9			1.9			0.1			0.1

		1,812.2			989.2			1,143.6			123.6			62.9			16.1			10.8
Accumulated equity (deficit)		1,099.6			474.6			517.3			88.3			38.7			16.1			2.1
Disproportionate share of equity		—			—			—			—			—			—			—

	$	2,911.8		$	1,463.8		$	1,660.9		$	211.9		$	101.6		$	32.2		$	12.9


Proportionate share of other assets/liabilities, net	$	14.0		$	13.0		$	9.6		$	(1.9	)	$	0.4		$	0.3		$	0.0

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	59.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
For the nine months ended September 30, 2009


	DDRTC Core Retail			DDR Domestic			Investments with			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR
	Fund LLC			Retail Fund I			Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC
Revenues from operations	$	176.1		$	97.8		$	136.4		$	(0.0	)	$	9.5		$	2.6		$	0.8
Rental operation expenses		(61.8	)		(41.2	)		(51.0	)		(0.6	)		(4.8	)		(1.0	)		(0.4	)

Net operating income		114.3			56.6			85.4			(0.6	)		4.7			1.6			0.4
Depreciation and amortization expense		(62.4	)		(36.0	)		(29.4	)		0.0			(1.5	)		(0.4	)		(0.2	)
Interest expense		(67.2	)		(41.8	)		(49.0	)		(8.4	)		(0.7	)		(0.5	)		(0.2	)

Income (loss) before gain on sale of real estate		(15.3	)		(21.1	)		7.0			(9.0	)		2.5			0.7			(0.0	)
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			(31.8	)		0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		—			0.0			(4.9	)		0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—

Net income (loss)	$	(15.3	)	$	(21.1	)	$	(29.7	)	$	(9.0	)	$	2.5		$	0.7		$	(0.0	)
DDR ownership interest		15	%		20	%		***			20	%		20	%		20	%		20	%

	$	(2.3	)	$	(4.2	)	$	(2.9	)	$	(1.8	)	$	0.5		$	0.1		$	(0.0	)
Amortization of basis differential		0.7			0.6			0.8			0.3			—			—			—

	$	(1.6	)	$	(3.6	)	$	(2.1	)	$	(1.5	)	$	0.5		$	0.1		$	(0.0	)


Proportionate share of net operating income (4)	$	17.1		$	11.3		$	17.0		$	(0.1	)	$	0.9		$	0.3		$	0.1

Proportionate share of interest expense (4)	$	10.1		$	8.4		$	9.4		$	1.7		$	0.1		$	0.1		$	0.0


Funds From Operations (“FFO”):

Net income (loss)	$	(15.3	)	$	(21.0	)	$	(29.8	)	$	(9.1	)	$	2.5		$	0.7		$	(0.0	)
Depreciation of real property		62.4			35.9			31.5			0.0			1.5			0.4			0.2
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—

	$	47.1		$	14.9		$	1.7		$	(9.1	)	$	4.0		$	1.1		$	0.2
DDR ownership interest		15	%		20	%		*	**		20	%		20	%		20	%		20	%

DDR FFO	$	6.7		$	3.0		$	1.6		$	(1.5	)	$	0.8		$	0.2		$	0.0

Joint Venture Financial Summary 3.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2009


	Coventry II DDR			Coventry II DDR			Coventry II
	Montgomery Farm			Phoenix Spectrum			Service Holdings			Coventry II DDR			Coventry II DDR Tri-			Coventry II DDR			RVIP IIIB LP
	LLC			LLC			LLC			Totem Lake LLC			County Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Real estate assets	$	175.8		$	89.8		$	131.7		$	42.1		$	231.1		$	29.7		$	91.5		$	125.8
Accumulated depreciation		(2.9	)		(7.7	)	$	(7.6	)		(3.7	)		(16.6	)		(2.0	)		(19.3	)		(23.5	)

Real estate, net		172.9			82.1			124.1			38.4			214.5			27.7			72.2			102.3

Receivables, net		2.3			3.2			8.9			0.1			1.9			1.0			2.4			2.6
Other assets		0.0			1.6			17.6			0.5			6.4			1.0			0.9			7.0
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	175.3		$	86.9		$	150.6		$	39.0		$	222.8		$	29.7		$	75.5		$	111.9


Mortgage debt	$	130.3		$	46.0		$	104.9		$	29.5		$	164.7		$	20.9		$	60.0		$	72.1
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		4.5			3.0			11.7			0.4			5.4			0.9			2.5			15.4

		134.8			49.0			116.6			29.9			170.1			21.8			62.5			87.5
Accumulated equity (deficit)		40.4			37.9			34.0			9.1			52.7			7.9			13.0			24.4
Disproportionate share of equity		—			—			—			—			—			—			—			—

	$	175.3		$	86.9		$	150.6		$	39.0		$	222.8		$	29.7		$	75.5		$	111.9


Proportionate share of other assets/liabilities, net	$	(0.2	)	$	0.4		$	2.9		$	0.1		$	0.6		$	0.2		$	0.2		$	(1.2	)

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
For the nine months ended September 30, 2009


	Coventry II DDR			Coventry II DDR			Coventry II
	Montgomery Farm			Phoenix Spectrum			Service Holdings			Coventry II DDR			Coventry II DDR Tri-			Coventry II DDR			RVIP IIIB LP
	LLC			LLC			LLC			Totem Lake LLC			County Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Revenues from operations	$	7.7		$	8.3		$	17.7		$	2.1		$	13.0		$	2.8		$	10.8		$	9.7
Rental operation expenses		(6.1	)		(3.8	)		(9.2	)		(1.1	)		(6.2	)		(1.4	)		(4.1	)		(3.4	)

Net operating income		1.6			4.5			8.5			1.0			6.8			1.4			6.7			6.3
Depreciation and amortization expense		(1.9	)		(1.7	)		(2.8	)		(0.5	)		(4.3	)		(0.4	)		(2.5	)		(2.2	)
Interest expense		(3.3	)		(0.4	)		(8.0	)		(0.8	)		(7.5	)		(0.3	)		(2.6	)		(2.7	)

Income (loss) before gain on sale of real estate		(3.6	)		2.5			(2.3	)		(0.3	)		(5.0	)		0.7			1.6			1.3
Tax expense		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			0.0			0.0			0.0			0.0			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
Discontinued operations		0.0			0.0			0.4			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			(4.7	)		0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

Net income (loss)	$	(3.6	)	$	2.5		$	(6.6	)	$	(0.3	)	$	(5.0	)	$	0.7		$	1.6		$	1.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			21	%

	$	(0.7	)	$	0.5		$	(0.6	)	$	(0.1	)	$	(0.7	)	$	0.1		$	0.5		$	0.6
Amortization of basis differential		(0.1	)		(0.1	)		0.2			—			—			—			—			(0.3	)

	$	(0.8	)	$	0.4		$	(0.4	)	$	(0.1	)	$	(0.7	)	$	0.1		$	0.5		$	0.3


Proportionate share of net operating income (4)	$	0.3		$	0.9		$	1.7		$	0.2		$	1.4		$	0.3		$	1.7		$	1.3

Proportionate share of interest expense (4)	$	0.7		$	0.1		$	1.6		$	0.2		$	1.5		$	0.1		$	0.7		$	0.6


Funds From Operations (“FFO”):

Net income (loss)	$	(3.6	)	$	2.4		$	(6.7	)	$	(0.3	)	$	(5.0	)	$	0.8		$	1.6		$	1.3
Depreciation of real property		1.9			1.7			3.1			0.5			4.3			0.3			2.5			2.2
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—

	$	(1.7	)	$	4.1		$	(3.6	)	$	0.2		$	(0.7	)	$	1.1		$	4.1		$	3.5
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		*	**		21	%

DDR FFO	$	(0.3	)	$	0.8		$	(0.7	)	$	0.0		$	(0.1	)	$	0.2		$	2.1		$	1.5

Joint Venture Financial Summary 3.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2009


	RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra Brazil			DDR-SAU Retail						DDRA Community						Lennox Town Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			DDR Markaz II LLC			Limited (2)
Real estate assets	$	33.7		$	100.4		$	160.1		$	524.3		$	309.6		$	61.5		$	240.0		$	206.0		$	21.0
Accumulated depreciation		(5.3	)		(11.4	)		(10.2	)		(51.3	)		(30.1	)		(1.1	)		(56.7	)		(25.5	)		(5.5	)

Real estate, net		28.4			89.0			149.9			473.0			279.5			60.4			183.3			180.5			15.5

Receivables, net		1.1			1.5			2.0			28.2			8.0			1.0			5.2			2.1			1.7
Other assets		1.7			1.6			4.2			69.4			33.7			1.7			5.8			6.6			0.7
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	31.2		$	92.1		$	156.1		$	570.6		$	321.2		$	63.1		$	194.3		$	189.2		$	17.9


Mortgage debt	$	23.4		$	9.1		$	110.0		$	104.9		$	226.2		$	34.1		$	280.0		$	150.5		$	27.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.3			0.0			0.0			0.4			0.0
Other liabilities		1.3			1.3			0.3			59.3			6.2			0.9			4.7			1.0			1.1

		24.7			10.4			110.3			164.2			232.7			35.0			284.7			151.9			28.1
Accumulated equity (deficit)		6.5			81.7			45.8			406.4			88.5			28.1			(90.4	)		37.3			(10.2	)
Disproportionate share of equity		—			—			—			—			—			—			—			—			—

	$	31.2		$	92.1		$	156.1		$	570.6		$	321.2		$	63.1		$	194.3		$	189.2		$	17.9


Proportionate share of other assets/liabilities, net	$	0.4		$	0.2		$	0.6		$	19.1		$	7.1		$	0.3		$	3.1		$	1.5		$	0.6

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 nine months ended September 30, 2009


	RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra Brazil			DDR-SAU Retail						DDRA Community						Lennox Town Center
	Tech Ridge LLC			Holdings LLC			Venture I GP			BV Sarl (2)			Fund LLC (2)			Cole			Centers Five LP			DDR Markaz II LLC			Limited (2)
Revenues from operations	$	3.8		$	7.7		$	10.8		$	55.8		$	25.1		$	5.4		$	25.2		$	15.6		$	3.9
Rental operation expenses		(1.9	)		(2.2	)		(4.1	)		(16.4	)		(9.6	)		(1.7	)		(8.0	)		(6.1	)		(1.4	)

Net operating income		1.9			5.5			6.7			39.4			15.5			3.7			17.2			9.5			2.5
Depreciation and amortization expense		(0.8	)		(1.8	)		(3.4	)		(10.7	)		(11.1	)		(1.0	)		(4.5	)		(4.1	)		(0.3	)
Interest expense		(0.3	)		(0.4	)		(4.7	)		(4.8	)		(9.2	)		(1.6	)		(11.7	)		(6.0	)		(1.1	)

Income (loss) before gain on sale of real estate		0.8			3.3			(1.4	)		23.9			(4.8	)		1.1			1.0			(0.6	)		1.1
Tax expense		0.0			0.0			0.0			(6.0	)		0.0			0.0			0.0			0.0			0.0
Other gain, net		0.0			0.0			0.0			(1.3	)		0.0			0.0			0.0			0.0			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			0.3			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			(10.3	)		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	0.8			($6.7	)		($1.4	)	$	16.6			($4.8	)	$	1.1		$	1.0			($0.6	)	$	1.1
DDR ownership interest		25.75	%		10	%		10	%		50	%		20	%		14.5	%		50	%		20	%		50	%

	$	0.5			($0.7	)		($0.1	)	$	8.3			($1.0	)	$	0.2		$	0.5			($0.1	)	$	0.6
Amortization of basis differential		—			0.8			0.1			(1.9	)		—			—			0.3			0.1			—

	$	0.5		$	0.1			($0.0	)	$	6.4			($1.0	)	$	0.2		$	0.8			($0.0	)	$	0.6


Proportionate share of net operating income (4)	$	0.5		$	0.5		$	0.7		$	19.7		$	3.1		$	0.5		$	8.6		$	1.9		$	1.3

Proportionate share of interest expense (4)	$	0.1		$	0.0		$	0.5		$	2.4		$	1.8		$	0.2		$	5.9		$	1.2		$	0.6


Funds From Operations (“FFO”):

Net income (loss)	$	0.8			($6.7	)		($1.4	)	$	16.5			($4.8	)	$	1.1		$	1.0			($0.6	)	$	1.1
Depreciation of real property		0.7			2.1			3.4			10.8			11.1			1.1			4.6			4.1			0.3
(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
Disproportionate share of income		—			—			—			—			—			—			—			—			—

	$	1.5			($4.6	)	$	2.0		$	27.3		$	6.3		$	2.2		$	5.6		$	3.5		$	1.4
DDR ownership interest		25.75	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%		50	%

DDR FFO	$	0.6		$	0.3		$	0.2		$	14.6		$	1.3		$	0.3		$	2.8		$	0.8		$	0.7

Joint Venture Financial Summary 3.2.c

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 30, 2009


	Sun Center Limited									Jefferson County			Sansone Group /		Sold/Acquired and						DDR’s Proportionate
	(2)			Dublin Village (3)			DOTRS LLC			Plaza LLC			DDRC LLC		Other JVs (5)			Total			Share
Real estate assets	$	25.8		$	0.1		$	26.6		$	7.0		$	0.0	$	50.8		$	9,189.7		$	1,780.6
Accumulated depreciation		(8.5	)		0.0			(6.3	)		(1.3	)		0.0		(8.0	)		(748.7	)		(171.1	)

Real estate, net		17.3			0.1			20.3			5.7			0.0		42.8			8,441.0			1,609.5

Receivables, net		0.7			0.0			0.7			0.1			0.0		0.7			156.6			39.0
Other assets		0.7			0.0			1.0			0.4			3.4		1.9			420.6			99.8
Disproportionate share of equity		—			—			—			—			—		—			—			26.2	(6)

	$	18.7		$	0.1		$	22.0		$	6.2		$	3.4	$	45.4		$	9,018.2		$	1,770.5


Mortgage debt	$	18.2		$	0.0		$	21.0		$	3.6		$	0.0	$	27.0		$	5,619.2		$	1,076.7
Amounts payable to DDR		0.0			0.1			0.0			4.1			0.0		0.0			73.7			9.3
Other liabilities		0.7			0.0			0.6			0.2			0.8		2.4			258.7			64.5

		18.9			0.1			21.6			7.9			0.8		29.4			5,951.5			1,150.6
Accumulated equity (deficit)		(0.2	)		0.0			0.4			(1.7	)		2.6		15.9			3,066.7			597.5
Disproportionate share of equity		—			—			—			—			—		—			—			22.2	(6)

	$	18.7		$	0.1		$	22.0		$	6.2		$	3.4	$	45.4		$	9,018.2		$	1,770.5


Proportionate share of other assets/liabilities, net	$	0.6		$	(0.0	)	$	0.5		$	0.1		$	1.3	$	0.0		$	74.3

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	2.0		$	0.0	$	0.0		$	61.0

Combining Statements of Operations
For the nine months ended September 30, 2009


	Sun Center Limited									Jefferson County			Sansone Group /			Sold/Acquired and						DDR’s Proportionate
	(2)			Dublin Village (3)			DOTRS LLC			Plaza LLC			DDRC LLC			Other JVs (5)			Total			Share
Revenues from operations	$	3.6		$	(0.0	)	$	3.1		$	0.7		$	0.6		$	5.5		$	662.3		$	151.4
Rental operation expenses		(1.0	)		(0.0	)		(0.9	)		(0.3	)		0.0			(3.8	)		(253.4	)		(55.9	)

Net operating income		2.6			0.0			2.2			0.4			0.6			1.7			408.9			95.5
Depreciation and amortization expense		(0.7	)		0.0			(0.5	)		(0.2	)		0.0			(1.4	)		(186.9	)		(39.2	)
Interest expense		(1.1	)		(0.0	)		(1.0	)		(0.4	)		0.0			(2.2	)		(237.9	)		(49.9	)

Income (loss) before gain on sale of real estate		0.8			(0.0	)		0.7			(0.2	)		0.6			(1.9	)		(16.2	)		6.4
Tax expense		0.0			0.0			0.0			0.0			0.0			(1.0	)		(7.1	)		(3.1	)
Other gain, net		0.0			0.0			0.0			0.0			0.0			7.2			5.8			(0.1	)
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			(26.8	)		(26.8	)		(5.4	)
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(31.1	)		(6.5	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(19.9	)		(3.0	)
Disproportionate share of income		—			—			—			—			—			—			—			(0.7)	(7)

Net income (loss)	$	0.8		$	0.0		$	0.7		$	(0.2	)	$	0.6		$	(22.5	)	$	(95.1	)	$	(12.3	)
DDR ownership interest		79	%		63	%		50	%		50	%		50	%		***			***			***

	$	0.6		$	(0.0	)	$	0.4		$	(0.1	)	$	0.6		$	(11.0	)	$	(12.3	)	$	(12.3	)
Amortization of basis differential		(0.1	)		—			0.1			—			(0.3	)		2.2			3.4			3.4

	$	0.5		$	0.0		$	0.5		$	(0.1	)	$	0.3		$	(8.8	)	$	(8.9	)	$	(8.9	)

Proportionate share of net operating income (4)	$	2.0		$	(0.0	)	$	1.1		$	0.2		$	0.3		$	0.5		$	95.5

Proportionate share of interest expense (4)	$	0.9		$	0.0		$	0.5		$	0.2		$	0.0		$	0.5		$	49.9


Funds From Operations (“FFO”):

Net income (loss)	$	0.7		$	0.0		$	0.7		$	(0.2	)	$	0.6		$	(22.5	)	$	(95.1	)	$	(12.3	)
Depreciation of real property		0.8			0.0			0.5			0.2			0.0			1.2			189.5			39.7
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			5.2	(8)

	$	1.5		$	(0.0	)	$	1.2		$	0.0		$	0.6		$	(21.3	)	$	94.4		$	32.5

DDR ownership interest		79	%		63	%		50	%		50	%		50	%		***			***

DDR FFO	$	1.2		$	(0.0	)	$	0.6		$	0.0		$	0.6		$	(5.5	)	$	32.5

Joint Venture Financial Summary 3.2.d

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009


(1)		Amounts may differ slightly from actual results, due to rounding.

(2)		Asset values reflect historical cost basis due to acquisition of joint venture interest (i.e., does not reflect step-up in basis).

(3)		Represents undeveloped land.

(4)		Does not include proportionate share of net operating income or interest expense for properties classified as discontinued operations.

(5)		Represents residual joint venture interests sold in 2009 (including Macquarie DDR Trust) and other small joint venture investments and land developments. To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated.

(6)		Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at the RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Bloomfield, Coventry II DDR Marley Creek, Coventry II DDR Montgomery Farm and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie.

(7)		Adjustments represent the effect of promoted equity structures on DDR’s share of the income primarily from an asset management promote from RVIP IIIB, RVIP VII, and RVIP VIII and investments with Macquarie.

(8)		Adjustments associated with DDR’s promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII joint ventures as well as investments with Macquarie.

***		See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financial Summary 3.2.e

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Wholly-Owned and Consolidated Capital Transactions (In Millions)


	Nine Months
	Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	22.3	(1)	$	10.9		$	3,048.7	(4)
Completed Expansions Incremental Development Cost		0.0			27.8			32.7
Developments & Construction in Progress		134.3			421.4			429.6
Recurring Tenant Improvements & Third Party Leasing Commissions		10.8			11.6			12.5
Furniture, Fixtures & Equipment		4.1			6.3			13.0
Foreign Currency Adjustments		18.6			(41.3	)		0.0

		190.1			436.7			3,536.5
Less: Real Estate Sales & Joint Venture Transfers		(522.6)	(2)		(312.9)	(3)		(2,001.3)	(5)

Net (Deductions)/Additions	$	(332.5	)	$	123.8		$	1,535.2


(1)		Includes the acquisition of Merriam Village, KS, which was previously owned by a joint venture with Coventry II.

(2)		In addition to the asset sales listed on Page 4.2.a that resulted in a loss of $60.1 million, this balance includes gross impairment charges aggregating approximately $155.1 million relating to assets previously occupied by Mervyns and consolidated assets that are either under contract or being marketed for sale, the sale of five assets previously occupied by Mervyns and two land sales.

(3)		In addition to asset sales ($183.3 million), this balance includes the sale of seven outparcels and gross impairment charges aggregating approximately $79.9 million.

(4)		Includes acquisition of the IRRETI portfolio ($3,018 million), a property in Terrell, TX ($17 million), an additional interest in a San Francisco property, and the redemption of OP units.

(5)		In addition to asset sales ($610 million), this balance includes the following sales to joint ventures: TRT DDR Venture I GP ($99 million), DDR Domestic Retail Fund I ($1,229 million), Macquarie DDR Trust ($50 million); and 11 outparcel sales.

Summary of Joint Venture Capital Transactions (In Millions)


	Nine Months
	Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	(9.4)	(1)	$	111.4	(3)	$	4,987.4	(4)
Completed Expansions Incremental Development Cost		15.3			52.8			21.9
Developments & Construction in Progress		99.8			315.8			142.7
Recurring Tenant Improvements & Third Party Leasing Commissions		9.6			18.4			9.8
Foreign Currency Adjustments		118.5			(106.2	)		48.5

	$	233.8		$	392.2		$	5,210.3
Less: Real Estate Sales and Dispositions	$	(320.1)	(2)	$	(61.9)	(3)	$	(204.3)	(5)

Net (Deductions)/Additions	$	(86.3	)	$	330.3		$	5,006.0


(1)		This is a FAS 141 purchase price reclassification adjustment for a prior acquisition.

(2)		In addition to the asset sales listed on Page 4.2.b that had a combined loss and impairment charge of $68.6 million, this balance includes the disposition of the Ward Parkway shopping center located in Kansas City, MO ($64.9 million) and the transfer to DDR of the Merriam Village, KS project.

(3)		Includes the acquisition of a shopping center located in Independence, MO from the Macquarie DDR Trust, which is also reflected as a disposition.

(4)		Includes the acquisition of assets from DDR by DDR Domestic Retail Fund I ($1,463 million), Dividend Capital Total Realty Trust ($160 million) and Macquarie DDR Trust ($50 million). Also includes the formation of DDRTC Core Retail Fund ($2,942 million), the acquisition of the DDR SAU Retail Fund ($309 million), and the acquisition of an additional property interest by Sonae Sierra Brazil BV Sarl.

(5)		Includes the sale of seven shopping centers ($168 million), which were previously owned by a joint venture with Kuwait Financial Centre, to the DDR Domestic Retail Fund I and the sale of vacant land in TX and CO.

Summary of Wholly-Owned and Joint Venture Capital Transactions 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Operating Property Acquisitions

There were no significant third party acquisitions for the nine month period ended September 30, 2009.

Operating Property Dispositions


			DDR’s					Gross Sales
Disposition			Effective					Price
Date	Location	Property Name	Ownership			Total GLA		(Millions)		Major Tenants
Consolidated
1/15/2009	Ormond Beach, FL	Ormond Towne Square		100	%		234,042	$	22.0	Beall’s, Ross Dress for Less, Publix Super Market
4/9/2009	Tyler, TX	CVS Pharmacy		100	%		9,504	$	1.5	CVS
4/21/2009	Orange Park, FL	The Village Shopping Center		100	%		72,511	$	5.9	Beall’s
5/22/2009	Brick, NJ	Brick Center Plaza		100	%		114,028	$	14.9	Best Buy, Bed Bath & Beyond
5/29/2009	Warner Robins, GA	Lowe’s Home Improvement		100	%		131,575	$	9.1	Lowe’s Home Improvement
5/29/2009	Baytown, TX	Lowe’s Home Improvement		100	%		125,357	$	8.9	Lowe’s Home Improvement
6/19/2009	Tonawanda, NY	Sheridan Delaware Plaza		100	%		188,200	$	9.0	Bon Ton Home Store, Tops Markets
6/19/2009	Amherst, NY	Sheridan Harlem Plaza		100	%		58,413	$	3.9
6/19/2009	Dewitt, NY	Dewitt Commons		100	%		306,177	$	27.1	Toys R Us, Old Navy, Marshalls, Bed Bath & Beyond
6/25/2009	Pensacola, FL	Palafox Square		100	%		17,150	$	2.1
7/1/2009	Plant City, FL	Plant City Crossing		100	%		85,252	$	9.5	Publix Super Market
7/9/2009	Los Alamos, NM	Mari-Mac Village		100	%		93,021	$	8.9	Smith’s Food and Drug
7/17/2009	Richland Hills, TX	CVS Pharmacy		100	%		10,908	$	1.9	CVS
7/23/2009	Plattsburgh, NY	Plattsburgh Consumer Square		100	%		491,453	$	27.9	Sam’s Club, WalMart, T.J. Maxx, PetsMart, Michael’s
8/10/2009	Manchester, CT	Manchester Broad Street		100	%		68,509	$	13.0	Stop & Shop
8/12/2009	Amherst, NY	Boulevard Consumer Square		100	%		683,065	$	68.5	Target, Babies R Us, Christmas Tree Shops, Barnes & Noble, Best Buy
8/18/2009	Buffalo, NY	Marshall’s Plaza		100	%		82,196	$	5.5	Marshall’s
9/2/2009	Cullman, AL	Lowe’s Home Improvement		100	%		101,287	$	6.9	Lowe’s Home Improvement
9/8/2009	Gallipolis, OH	Gallipolis Marketplace		100	%		25,950	$	3.4
9/11/2009	Amherst, NY	Transit commons (Tops)		100	%		114,177	$	8.9	Tops Markets
9/24/2009	Oshkosh, WI	Walgreens		100	%		13,905	$	3.7	Walgreens
9/24/2009	Rockford, Il	Walgreens		100	%		14,725	$	4.1	Walgreens


Total Dispositions							3,041,405	$	266.6


Note:		The Company also sold five former Mervyns locations in the first quarter of 2009.

Wholly-Owned Acquisitions and Dispositions 4.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Venture Acquisitions

There were no significant third party acquisitions for the nine month period ended September 30, 2009.

Joint Venture Dispositions


			DDR’s						Gross Sales
Disposition			Effective						Price
Date	Location	Property Name	Ownership			JV Partner	Total GLA		(Millions)		Major Tenants
2/19/2009	Lilburn, GA	Five Forks Crossing		10.0	%	Prudential Real Estate Investors		73,910	$	8.1	Kroger
5/20/2009	Batavia, NY	Tops Plaza		14.5	%	Macquarie DDR Trust		37,140	$	4.4	Tops Markets
5/22/2009	St. Petersburg, FL	Tyrone Square		20.0	%	Coventry II		80,703	$	10.5	Joann Fabrics, Homegoods
5/28/2009	Amherst, NY	7370 Transit Road		14.5	%	Macquarie DDR Trust		16,030	$	1.6
6/1/2009	Nashville, TN	The Marketplace		14.5	%	Macquarie DDR Trust		167,795	$	14.4	Lowe’s Home Improvement
7/29/2009	Hamburg, NY	Tops Plaza — Southpark		10.0	%	DPG		84,000	$	7.0	Top Markets
8/10/2009	Various, NY	Three MDT Properties (Benderson)		14.5	%	Macquarie DDR Trust		633,825	$	39.5	Regal Cinemas, BJ’s Wholesale Club, Dick’s Sporting Goods, Michael’s, Wal-Mart
8/14/2009	New Hartford, NY	New Hartford Consumer Square		14.5	%	Macquarie DDR Trust		514,717	$	51.5	Barnes & Noble, Bed Bath & Beyond, Best Buy, Staples, Michael’s, Wal-Mart, T.J. Maxx
8/26/2009	Lawrenceville, GA	Five Forks Village		10.0	%	DPG		89,064	$	1.9
9/30/2009	Duluth, GA	Southlake Mall		20.0	%	Coventry II		56,225	$	2.2


Total Dispositions								1,753,409	$	141.1

Joint Venture Acquisitions and Dispositions 4.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Wholly-Owned and Consolidated Development Projects


								Cost		Assets		Estimated
						Estimated		Incurred		Placed in		Initial
		Total		Owned		Net Cost		To Date		Service		Anchor
Location	Project Name	GLA		GLA		(Millions)		(Millions)		(Millions)		Opening	Major Anchors
Projects Substantially Complete
Homestead, FL	Homestead Pavilion		394,916		272,610	$	79.7	$	83.7	$	51.3	2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples , Bed, Bath & Beyond
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	16.9	$	11.7	$	6.7	1H09	HH Gregg

Projects in Process
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	97.4	$	16.4	2H07	JCPenney, Macy’s, The Sports Authority, Idaho Athletic Club
Boston (Norwood), MA	The Shoppes at Elmway Farms		72,243		56,343	$	26.7	$	18.9	$	0.0	1H10
Elmira (Horseheads), NY	Southern Tier Crossings		697,795		350,987	$	56.5	$	46.5	$	24.2	1H07	Kohl’s, Wal-Mart, Dick’s, Joann Fabrics, PetsMart, Ulta, Mens Warehouse
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.3	$	56.8	$	0.0	2H09	Target, Kohl’s

			2,970,564		1,627,551	$	383.8	$	315.0	$	98.6


(1)		Consolidated joint venture. DDR has a 50% interest.

Land and Construction Related Projects Primarily on Hold (2)


	DDR’s
	Effective			Total
Location	Ownership			Acreage
Ukiah (Mendocino), CA		50	%		75.7
New Haven (Guilford), CT		100	%		26.0
Tampa (Brandon), FL		100	%		46.3
Tampa (Wesley Chapel), FL		100	%		10.0
Atlanta (Douglasville), GA		100	%		28.5
Atlanta (Union City), GA		100	%		85.0
Chicago (Grayslake), IL		50	%		106.0
Kansas City (Merriam), KS		100	%		35.1
Boston, MA (Seabrook, NH)		100	%		50.9
Gulfport, MS		100	%		86.2
Raleigh (Apex), NC		100	%		52.6
San Antonio (Schertz), TX		50	%		85.0
Isabela, Puerto Rico		80	%		11.1
Oconomowoc, WI		50	%		121.6
Toronto (Brampton), CAN		50	%		43.0
Toronto (East Gwillimbury — Bayview/Greenlane), CAN		50	%		39.0
Toronto (East Gwillimbury — Hwy 404/Greenlane East), CAN		50	%		44.0
Toronto (East Gwillimbury — Hwy 404/Greenlane West), CAN		50	%		29.0
Toronto (Richmond Hill), CAN		50	%		52.0
Togliatti, Russia		75	%		61.2
Yaroslavl, Russia		75	%		8.0
Other Misc. Land (14 sites)		100	%	Various

					1,096.2


(2)		The costs incurred for these land and construction related projects as of September 30, 2009 were $633.9 million, which includes our partners’ ownership interest of $148.1 million.

Wholly-Owned and Consolidated Developments 4.3 a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Joint Venture Development Projects


						DDR’s				Estimated		Cost		Assets		DDR’s		Estimated
						Effective			Joint	Net		Incurred		Placed in		Proportionate		Initial
		Total		Owned		Ownership			Venture	Cost		To Date		Service		Cost		Anchor
Location	Project	GLA		GLA		Percentage			Partner	(Millions)		(Millions)		(Millions)		(Millions)		Opening		Major Anchors
Project Substantially Complete
Manaus, Brazil (1)	Manauara		502,529		502,529		47.4	%	Sonae Sierra	$	173.3	$	170.0	$	163.4	$	82.2		1H09	C & A, Riachuelo, Marisa, Renner, Saraiva Megastore, Bemol, Dinamica, Hitech Import

Projects in Progress
Dallas (Allen), TX	Watters Creek		831,413		797,665		10.0	%	Coventry II/ Trademark Property Company	$	171.2	$	175.8	$	114.1	$	17.1		1H08	Market Street United, Borders, DSW ShoeWarehouse, The Cheesecake Factory

			1,333,942		1,300,194					$	344.5	$	345.8	$	277.5	$	99.3


(1)		The increase in the estimated net cost is due to foreign currency translation rates.

Joint Venture Developments 4.3 b

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Development Assets Placed in Service (In Millions)


			Unconsolidated JV Assets
					DDR’s
	Consolidated				Proportionate
Date	Assets		Total		Share
As of September 30, 2009	$	98.6	$	277.5	$	88.9
Projected 4Q 09	$	50.3	$	18.9	$	5.6
Projected Thereafter	$	234.9	$	48.1	$	4.8

	$	383.8	$	344.5	$	99.3

Development Funding Schedule (In Millions)


				Unconsolidated Joint Venture Funding
				DDR		JV Partners’		Proceeds from
	Consolidated			Proportionate		Proportionate		Construction			Total
	Funding			Share		Share		Loans			JV Funding
Funded as of September 30, 2009	$	315.0		$	61.2	$	91.7	$	192.9		$	345.8
Projected Net Funding 4Q 09	$	6.1	(1)	$	1.6	$	1.8	$	5.3		$	8.7
Projected Net Funding Thereafter	$	62.7		$	1.2	$	5.0	$	(16.2	)	$	(10.0	)

	$	383.8		$	64.0	$	98.5	$	182.0		$	344.5


(1)		In addition to this Projected Net Funding amount, the Company may spend up to $27.6 million for additional development, including expansions and redevelopment projects, tenant coordination work and the corporate headquarters.

Wholly-Owned and Joint Venture Development Delivery and Funding Schedules 4.4

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Significant Wholly-Owned and Consolidated Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Project in Progress

Miami (Plantation), FL

The Fountains

100

N/A

Redevelopment of shopping center to include Kohl’s (will open Fall 2009) and other junior anchor tenants.

Total Net Cost (Millions)

89.1

(1)


(1)		At September 30, 2009, approximately $73.5 million of costs had been incurred in relation to the project in progress.

Summary of Significant Joint Venture Redevelopment or Expansion Projects

DDR’s

Joint

Ownership

Venture

Location

Property Name

Percentage

Partner

Project Description

Project Substantially Complete

Buena Park, CA

Buena Park Mall & Entertainment

20.0

Coventry II

Redevelopment of the lower level of the mall to include John’s Incredible Pizza.

Total Net Cost (Millions)

90.3

(1) (2)

DDR’s Proportionate Share (Millions)

18.1


(1)		Total cost includes the acquisition costs for the Coventry II redevelopments.

(2)		At September 30, 2009, approximately $76.5 million of costs had been incurred for the Buena redevelopment and DDR’s pro-rata share was $15.3 million.

Wholly-Owned and Joint Venture Expansions and Redevelopments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Recently Developed Assets


			Owned		DDR’s Effective
	Location	Related Project	GLA		Ownership

1	San Diego (Oceanside), CA	Oceanside Place Cinemas		79,884		100	%
2	Denver (Littleton, CO)	Aspen Grove		231,450		100	%
3	Fort Collins, CO	Mulberry and Lemay Crossing		18,988		100	%
4	Lakeland, FL	Lakeland Marketplace		77,582		100	%
5	Miami (Homestead), FL	Homestead Pavilion		275,839		100	%
6	Miami, FL	The Shops at Midtown Miami		400,685		100	%
7	Macon, GA	Eisenhower Annex		55,505		100	%
8	Chicago (Deer Park), IL	Deer Park Town Center		292,139		24.8	%
9	Chicago (McHenry), IL	The Shoppes at Fox River		224,552		100	%
10	Salisbury, MD	The Commons		126,135		100	%
11	Boston (Everett), MA	Gateway Center		222,236		100	%
12	Minneapolis (Coon Rapids), MN	Riverdale Village		8,856		100	%
13	St. Louis (Arnold), MO	Jefferson County Plaza		42,091		50	%
14	Freehold, NJ	Freehold Marketplace		23,454		100	%
15	Princeton, NJ	Nassau Park Pavilion		598,737		100	%
16	Trenton (Hamilton), NJ	Hamilton Marketplace		468,240		100	%
17	Elmira (Horseheads), NY	Southern Tier Crossing		350,987		100	%
18	Raleigh (Apex), NC	Apex Promenade		81,780		100	%
19	Raleigh (Apex), NC	Beaver Creek Crossings (Phase 1 - South)		268,333		100	%
20	Cleveland (Aurora), OH	Barrington Town Square		102,683		100	%
21	Allentown, PA	West Valley Marketplace		259,239		100	%
22	Johnson City, TN	Johnson City Marketplace		11,749		100	%
23	Austin, TX	Shoppes @Tech Ridge		282,798		24.8	%
24	San Antonio, TX	Bandera Point		416,721		100	%
25	San Antonio, TX	Village at Stone Oak		305,824		100	%
26	San Antonio, TX	Westover Marketplace		216,737		20	%
27	Milwaukee (Brookfield), WI	Shoppers World of Brookfield		15,070		100	%
28	Manaus, Brazil	Manauara Shopping Center		477,630		47.4	%

	Total			5,935,924

Summary of Recently Developed Assets 4.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Recently Expanded and Redeveloped Assets


			Owned		DDR’s Effective
	Location	Related Project	GLA		Ownership

1	Birmingham, AL	Brook Highland Plaza		424,341		100	%
2	Phoenix, AZ	Christown Spectrum Mall		441,406		20	%
3	N. Little Rock, AR	McCain Plaza		295,013		100	%
4	Los Angeles (Buena Park), CA	Buena Park Downtown		724,143		20	%
5	Denver, CO	Centennial Promenade		408,337		100	%
6	Lakeland, FL	Lakeland Burlington Coat Factory		81,921		100	%
7	Ocala, FL	Ocala West		105,276		100	%
8	Tallahassee, FL	Capital West		79,451		100	%
9	Tampa (Bayonet Point), FL	Point Plaza		209,714		100	%
10	Tampa (Brandon), FL	Kmart Shopping Center		161,900		100	%
11	Ottumwa, IA	Quincy Place Mall		241,427		100	%
12	Benton Harbor, MI	Fairplain Plaza		222,739		20	%
13	Chesterfield, MI	Chesterfield Marketplace		281,320		100	%
14	Gaylord, MI	Pine Ridge Square		150,203		100	%
15	Starkville, MS	Starkville Crossings		133,691		100	%
16	Kansas City (Leawood), KS	Town Center Plaza		309,423		100	%
17	Olean, NY	Wal-Mart Plaza		285,400		100	%
18	Rome, NY	Freedom Plaza		194,467		100	%
19	Charlotte (Mooresville), NC	Mooresville Consumer Square		472,182		100	%
20	Durham, NC	Oxford Commons		207,864		100	%
21	Fayetteville, NC	Cross Pointe Center		204,563		100	%
22	Wilmington, NC	University Centre		411,887		100	%
23	Akron (Stow), OH	Stow Community Shopping Center		404,483		100	%
24	Cincinnati, OH	Tri County Mall		758,031		20	%
25	Dayton (Huber Hts), OH	North Heights Plaza		182,749		100	%
26	Tiffin, OH	Tiffin Mall		170,868		100	%
27	San Juan (Bayamon), PR	Rio Hondo		466,499		100	%
28	San Juan (Ron Piedras), PR	Seniorial Plaza		168,664		100	%
29	Chattanooga, TN	Overlook at Hamilton Place		207,244		100	%
30	Salt Lake City (Midvale), UT	Family Center at Fort Union		641,957		100	%
31	Salt Lake City (Riverdale), UT	Family Center at Riverdale		593,398		100	%
32	Salt Lake City (Taylorsville), UT	Family Center at Taylorsville		697,630		100	%

	Total			10,338,191

Summary of Recently Expanded and Redeveloped Assets 4.7

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Company Features


669		Shopping Centers and Interests in Retail Assets

44		States (Plus Puerto Rico, Brazil, and Canada)

113		Million Sq. Ft. Owned ⁽¹⁾

148		Million Sq. Ft. Owned and Managed ^{(1) (2)}

88.6	%	Portfolio % Leased Including Former Mervyn’s Assets

90.9	%	Portfolio % Leased Excluding Former Mervyn’s Assets


(1)		Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2009, total owned GLA was 63.9 million square feet.

(2)		Includes unowned anchors at Company-owned operating and development retail properties.

Portfolio Summary 5.0

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Portfolio Summary 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Average Annualized Base Rental Rates PSF


	Number of		Total Annualized Base Rent / S.F.
Period Ending	Properties		Total		Shop Space

Sep. 30, 2009		612	$	12.50	$	18.51
Dec. 31, 2008		649	$	12.43	$	18.43
Dec. 31, 2007		657	$	12.33	$	18.14
Dec. 31, 2006		409	$	11.74	$	17.46
Dec. 31, 2005		380	$	11.30	$	16.62
Dec. 31, 2004		373	$	11.13	$	16.14
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


(1)		Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties.

Portfolio Summary 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Leasing Summary for the Third Quarter 2009


													Change in Base			Weighted
	Number				New Rent								Rent Over			Average Lease		Tenant
	of				Year One		New Rent Year One						Prior Rent in			Term (in		Improvements
	Leases		GLA		psf		Total		Prior Rent psf		Prior Rent Total		Comp Space			years)*		psf

New leases

New leases replacing bankrupt tenants vacant less than one year		8		254,865	$	10.17	$	2,591,977	$	14.89	$	3,794,940		-31.7	%		10.4	$	18.77

New leases for spaces vacant less than one year		76		299,397	$	12.96	$	3,880,185	$	13.54	$	4,053,835		-4.2	%		7.1	$	6.56
New leases for spaces vacant more than one year		62		182,865	$	19.13	$	3,498,207	$	0.00	$	0		N/A			6.5	$	37.46

Total new leases		146		737,127	$	13.53	$	9,970,370	$	14.16	$	7,848,775		-17.5	%		7.1	$	18.45

Renewals		287		1,857,595	$	12.10	$	22,476,900	$	11.92	$	22,142,532		1.5	%		4.0	$	0.00

Total / Average (new leases + renewals)		433		2,594,722	$	12.50	$	32,447,269	$	12.59	$	29,991,308		-3.5	%		4.9	$	5.24


*		Excludes renewal options

Portfolio Summary 5.3

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Leasing Summary of Formerly Vacant Spaces Over 20,000 Square Feet

Lease term

Property name

Location

New tenant

Former tenant

GLA

(years)⁽¹⁾

Leased in 2008

Antelope Valley Mall

Palmdale, CA

Forever 21

Mervyn’s

76,547

Mid City Plaza

North Tonawanda, NY

Grossmans

Sears

24,833

Barrett Pavilion

Kennesaw, GA

Hobby Lobby

Goody’s

45,308

Candlers Station

Lynchburg, VA

Ollie’s Bargain Outlet

Goody’s

40,000

Total/Average 2008

186,688

8.9

Leased Q1 2009

Cumming Marketplace

Cumming, GA

Appliance Smart

Goody’s

27,900

Homestead Pavilion

Homestead, FL

Bed Bath & Beyond

Circuit City

20,304

Cortez Plaza

Bradenton, FL

hhgregg

Circuit City

32,510

Silver Creek Plaza

Phoenix, AZ

Hobby Lobby

Mervyn’s

76,006

Southern Tier Crossing

Horseheads, NY

Jo-Ann Fabrics

Circuit City

23,500

Wrangleboro Consumer

Mays Landing, NJ

Just Cabinets

Fortunoff

30,725

Total/Average Q1 2009

210,945

10.5

Leased Q2 2009

Beaver Creek Crossing South

Apex, NC

AC Moore

Linens ’N Things

25,208

Hamilton Marketplace

Hamilton, NJ

Bed Bath & Beyond

Linens ’N Things

30,708

Marketplace at Mill Creek

Buford, GA

Bed Bath & Beyond

Linens ’N Things

33,979

Wrangleboro Consumer

Mays Landing, NJ

Christmas Tree Shops

Linens ’N Things

33,000

Circuit City Plaza

Cary, NC

hhgregg

Circuit City

27,891

Grandville Marketplace

Grandville, MI

Hobby Lobby

Circuit City/Linens ’N Things

55,529

Indian Hills Plaza

Mount Pleasant, MI

Jo-Ann Fabrics

Walmart

21,060

Woodfield Village Green

Schaumburg, IL

Michael’s

Circuit City

33,008

Willoughby Hills Shopping Center

Willoughby Hills, OH

National College

Bryant and Stratton

21,865

Shoppers World

Framingham, MA

Nordstrom Rack

Linens/CVS

40,159

Culver City

Culver City, CA

Sprouts

Circuit City

32,873

Peach Street Square

Erie, PA

Staples

Media Play

18,000

Stonecrest Marketplace

Lithonia, GA

A.J. Wright

Linens ’N Things

25,576

Nassau Park

Princeton, NJ

Homegoods

Linens ’N Things

27,040

Plaza Palma Real

Humacao, PR

Marshalls

Pueblo

27,680

Total/Average Q2 2009

247,261

10.2

Leased Q3 2009

Oviedo Park Crossing

Oviedo, FL

Bed Bath and Beyond

Linens ’N Things

30,700

Sofa Express

Duluth, GA

So Good Beauty

Sofa Express

20,000

Hamilton Commons

Mays Landing, NJ

hhgregg

Circuit City

34,120

Loisdale Center

Springfield, VA

hhgregg

Circuit City

32,300

Arrowhead Crossing

Phoenix, AZ

Hobby Lobby

Circuit City

49,575

Fairfax Towne Center

Fairfax, VA

Jo-Ann

Circuit City

23,000

Lake Brandon Village

Brandon, FL

Buy Buy Baby

Linens ’N Things

35,150

Springdale Plaza

Camden, SC

Burke’s Outlet

Goody’s

19,800

River Oaks (Mervyns)

Valencia, CA

Sprouts

Mervyns

30,220

9.0

Total/Average Q3 2009

274,865

9.7

Grand Total/Average 2008-Q3 2009

919,759


(1)		Excludes renewal options

Status of Re-Tenanting Spaces Formerly Occupied by Bankrupt Tenants ⁽²⁾
As of September 30, 2009


(2)		Includes Linens ‘N Things, Circuit City, Goody’s, Mervyn’s and Steve & Barry’s

Portfolio Summary 5.4

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Lease Expirations by Year as of September 30, 2009


			Anchor Base Rent									Shop Space Base Rent
			Revenues									Revenues
Year	Leases		($M)		Avg. PSF		% of Revenue			Leases		($M)		Avg. PSF		% of Revenue

2009		23	$	6.7	$	7.64		1.2	%		971	$	40.3	$	20.30		6.6	%
2010		93	$	27.5	$	8.45		5.1	%		1,594	$	83.1	$	18.10		13.6	%
2011		145	$	45.7	$	9.35		8.4	%		1,721	$	101.1	$	19.69		16.6	%
2012		160	$	57.7	$	8.71		10.7	%		1,596	$	98.9	$	21.34		16.2	%
2013		135	$	44.3	$	8.26		8.2	%		1,406	$	87.5	$	19.64		14.4	%
2014		179	$	64.1	$	9.03		11.8	%		1,068	$	63.8	$	20.14		10.5	%
2015		117	$	50.5	$	9.25		9.3	%		267	$	23.5	$	18.33		3.9	%
2016		89	$	40.4	$	9.46		7.5	%		192	$	20.3	$	20.50		3.3	%
2017		83	$	42.0	$	9.99		7.8	%		192	$	21.1	$	20.04		3.5	%
2018		58	$	26.1	$	8.85		4.8	%		227	$	26.7	$	17.88		4.4	%

2009 - 2018
Subtotal		1,082	$	405.0	$	8.90		74.8	%		9,234	$	566.3	$	19.60		92.9	%
Total Rent Roll		1,298	$	541.5	$	9.18		100.0	%		9,537	$	609.6	$	19.49		100.0	%

Portfolio Summary 5.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Largest Tenants by Owned and Managed GLA


	Total		Total		Owned		Owned		Unowned		Unowned
	Units		GLA (msf)		Units		GLA (msf)		Units		GLA (msf)

1. Wal-Mart / Sam’s Club		96		15.1		40		5.9		56		9.2
2. Target		62		7.8		8		1.1		54		6.7
3. Lowe’s Home Improvement		36		4.7		16		2.1		20		2.6
4. Home Depot		40		4.3		12		1.2		28		3.1
5. Kohl’s		43		3.8		36		3.2		7		0.6
6. Kmart / Sears		38		3.3		37		3.1		1		0.2
7. T.J. Maxx / Marshalls		94		3.1		94		3.1		0		0.0
8. Publix Supermarkets		56		2.6		55		2.5		1		0.1
9. PetSmart		96		2.2		95		2.1		1		0.1
10. Kroger		39		2.1		39		2.1		0		0.0

Portfolio Summary 5.6

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Largest Tenants by GLA and Base Rental Revenues ⁽¹⁾


			% of
	Owned		Total			Credit Ratings			Base Rental		% of Total			Credit Ratings
Major Tenant (units)	GLA		GLA			(S&P/Moody’s)		Major Tenant (units)	Rev. ($M)		Base Rent			(S&P/Moody’s)

1. Wal-Mart / Sam’s Club (40)		4.6		7.3	%	AA / Aa2		1. Wal-Mart / Sam’s Club (40)	$	29.1		4.6	%	AA / Aa2
2. Kmart / Sears (37)		1.9		3.0	%	BB- / Ba2		2. T.J. Maxx / Marshalls (94)	$	12.6		2.0	%		A / A3
3. Lowe’s Home Improvement (16)		1.6		2.5	%		A+ / A2	3. Petsmart (95)	$	12.1		1.9	%	BB / NR
4. T.J. Maxx / Marshall’s (94)		1.5		2.4	%		A / A3	4. Bed Bath and Beyond (56)	$	10.7		1.7	%	BBB / NR
5. Kohl’s (36)		1.4		2.2	%	BBB+ / Baa1		5. Lowe’s Home Improvement (16)	$	10.4		1.6	%		A+ / A2
6. PetSmart (95)		1.0		1.6	%	BB / NR		6. Kohl’s (36)	$	10.0		1.6	%	BBB+ / Baa1
7. Kroger (39)		1.0		1.6	%	BBB / Baa2		7. Rite Aid (40)	$	9.8		1.6	%	B- / Caa3
8. Bed, Bath, & Beyond (56)		0.9		1.4	%	BBB / NR		8. Michael’s (71)	$	9.3		1.5	%	B- / Caa2
9. Target (8)		0.9		1.4	%		A+ / A2	9. Office Max (53)	$	8.0		1.3	%		B / B1
10. Home Depot (12)		0.9		1.4	%	BBB+ / Baa1		10. GAP/ Banana Republic / Old Navy (61)	$	8.0		1.3	%	BB+ / Ba2
11. J.C. Penney (22)		0.9		1.4	%	BB / Ba1		11. Tops Markets (24)	$	7.8		1.2	%	NR / Ba3
12. Michael’s (71)		0.8		1.3	%	B- / Caa2		12. Dick’s Sporting Goods (32)	$	7.6		1.2	%	NR / NR
13. Dick’s Sporting Goods (32)		0.7		1.1	%	NR / NR		13. Barnes and Noble (36)	$	7.6		1.2	%	NR / Ba2
14. Toys R Us (33)		0.7		1.1	%		B / B2	14. Kroger (39)	$	7.6		1.2	%	BBB / Baa2
15. Office Max (53)		0.7		1.1	%		B / B1	15. Kmart / Sears (37)	$	7.5		1.2	%	BB- / Ba2
16. Publix Supermarkets (55)		0.7		1.1	%	NR / NR		16. Best Buy (27)	$	7.4		1.2	%	BBB- / Baa2
17. Ross Stores (54)		0.7		1.1	%	BBB / NR		17. Cinemark Theatre (18)	$	7.4		1.2	%		B+ / B3
18. Tops Markets (24)		0.6		1.0	%	NR / Ba3		18. Home Depot (12)	$	7.2		1.1	%	BBB+ / Baa1
19. GAP / Banana Republic / Old Navy (61)		0.6		1.0	%	BB+ / Ba2		19. Staples (40)	$	6.5		1.0	%	BBB / Baa2
20. Burlington Coat Factory (11)		0.6		1.0	%	B- / Caa1		20. AMC Theatre (10)	$	6.1		1.0	%	NR / NR


Subtotal 1-20		22.7		36.1	%			Subtotal 1-20	$	192.7		30.5	%

Total Portfolio		62.9		100.0	%			Total Portfolio	$	631.6		100.0	%


(1)		Based on pro rata ownership of joint venture properties.

Portfolio Summary 5.7

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Consolidated Debt
as of September 30, 2009

Loan

Maturity

Interest

Balance (000’s)

Date

Rate (1)

SENIOR DEBT:

Unsecured Credit Facilities:

$1.25 Billion Revolving Credit Facility

822,512

06/10

Libor + 100

$75 Million Revolving Credit Facility

3,750

06/10

Libor + 100

Secured Credit Facility:

$800 Million Term Loan

800,000

02/11

Libor + 120

Total Term and Credit Facility Debt

1,626,262

PUBLIC DEBT:

Medium Term Notes

151,238

05/10

5.000

Medium Term Notes

223,955

08/10

4.625

Medium Term Notes

180,677

04/11

5.250

Convertible Notes

147,408

(2)

08/11

3.500

Convertible Notes

351,400

(3)

03/12

3.000

Medium Term Notes

223,003

10/12

5.375

Medium Term Notes

169,332

05/15

5.500

Medium Term Notes

296,625

03/16

9.625

Medium Term Notes

82,196

07/18

7.500

Total Public Debt

1,825,834

MORTGAGE DEBT:

Shoppes at Wendover Village, Greensboro, NC

5,334

(4)

06/09

4.222

Kyle Crossing, Kyle, TX

13,863

(5)(8)

01/10

Libor + 300

Cibolo Creek Center, Schertz, TX

3,240

(5)

01/10

Libor + 225

Tech Center 29, Silver Springs, MD

6,015

02/10

7.330

Middletown Village, Middletown, RI

10,000

02/10

4.531

Windsor Court SC, Windsor, CT

8,015

06/10

4.390

Edgewater Town Ctr, Edgewater, NJ

14,000

06/10

4.685

Lee Vista, Orlando, FL

16,950

06/10

7.000

Valley Park Commons, Hagerstown, MD

6,770

07/10

4.440

East Hanover Plaza, East Hanover, NJ

9,280

07/10

4.685

Sony Theatre, East Hanover, NJ

6,445

07/10

4.685

Mill Pond Village, Cary, NC

8,500

07/10

4.758

Adams Farm, Greensboro, NC

6,700

08/10

4.652

Oakley Plaza, Asheville, NC

5,175

08/10

4.290

Deer Valley Town Center, Phoenix, AZ

16,545

09/10

8.010

Capital Crossing, Raleigh, NC

5,478

09/10

4.300

Downtown Short Pump, Richmond, VA

18,480

09/10

4.900

DDR MDT MV, LLC

8,516

(6)

10/10

Libor + 72

DDR MDT MV, LLC

106,275

(6)

10/10

5.211

Tequesta Shops Plaza, Tequesta, FL

5,200

10/10

5.300

Shops on the Circle, Dothan, AL

11,280

11/10

7.920

Terrell Plaza, Terrell, TX

6,344

(5)(8)

11/10

Libor + 400

Summary of Consolidated Debt 6.1.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Consolidated Debt
as of September 30, 2009 (con’t)

Loan

Maturity

Interest

Balance (000’s)

Date

Rate (1)

Denbigh Village, Newport News, VA

11,457

12/10

4.940

Camfield Corners, Charlotte, NC

5,150

12/10

5.040

Homestead Pavilion, Homestead, FL

64,646

03/11

Libor + 120

Peach Street Square I, Erie, PA

24,109

04/11

6.884

Peach Street Square II, Erie, PA

2,782

04/11

6.884

Southland Crossings, Boardman, OH

25,037

04/11

6.884

Plaza at Sunset Hills, St. Louis, MO

32,456

04/11

6.884

The Promenade at Brentwood, St. Louis, MO

24,109

04/11

6.884

Centennial Promenade, Denver, CO

36,164

04/11

6.884

DDRC Headquarters, Beachwood, OH

30,861

04/11

Libor + 110

Hamilton Marketplace, Hamilton, NJ

40,000

(8)

05/11

Libor + 600

Merriam Village, Merriam, KS

17,039

(8)

05/11

Libor + 400

Southern Tier Crossing, Horseheads, NY

31,908

09/11

Libor + 210

Union Town Center, Indian Train, NC

6,553

10/11

7.000

Westgate Plaza, Gates, NY

23,505

10/11

7.240

Ashtabula Commons, Ashtabula, OH

6,460

12/11

7.000

Paradise Village Gateway, Phoenix, AZ

20,100

(6)

03/12

5.385

Gravois Village Plaza, St. Louis, MO

363

06/12

8.625

University Hills, Denver, CO

26,026

07/12

7.300

N. Charleston Center, N. Charleston, SC

9,847

07/12

7.370

Cortez Plaza, Bradenton, FL

11,819

07/12

7.150

Duvall Village, Bowie, MD

8,259

10/12

7.040

Walgreen’s, Dearborn Hts, MI

3,550

11/12

4.863

Walgreen’s, Livonia, MI

2,477

11/12

4.863

Mooresville Consumer Square, Mooresville, NC

22,613

12/12

6.930

Big Flats Consumer Square IV, Big Flats, NY

764

01/13

7.600

Big Flats Consumer Square II, Big Flats, NY

2,462

01/13

8.010

Delaware Consumer Square, Buffalo, NY

598

01/13

6.960

Walgreen’s, Westland, MI

2,625

03/13

4.863

Paseo Colorado, Pasadena, CA

79,100

04/13

5.000

Family Center at Meridian, Meridian, ID

7,440

04/13

5.000

Meridian Crossroads, Meridian, ID

29,760

04/13

5.000

University Center, Wilmington, NC

24,500

04/13

5.000

Aspen Grove, Littleton, CO

42,200

04/13

5.000

Plaza Escorial, Carolina, PR

57,500

04/13

5.000

Plaza Rio Hondo, Bayamon, PR

109,500

04/13

5.000

Victor Square, Victor, NY

6,213

04/13

5.800

Wrangleboro Consumer Sq. I & II, Mays Landing, NJ

41,556

05/13

6.990

Monmouth Consumer Sq., W. Long Branch, NJ

8,272

07/13

8.570

Rotonda Plaza, Englewood, FL

1,155

07/13

5.800

Nassau Park/Presidential Commons

60,000

05/14

9.000

Reno Riverside, Reno, NV

3,201

(8)

02/15

Prime + 170

Wal-Mart Plaza, Olean, NY

3,345

07/15

8.995

Hamilton Commons, Mays Landing, NJ

10,258

09/15

4.700

Summary of Consolidated Debt 6.1.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Consolidated Debt
as of September 30, 2009 (con’t)


		Loan		Maturity		Interest
		Balance (000’s)		Date		Rate (1)
Consumer Square West, Columbus, OH	F	$	12,124		11/15		10.188
Tops Plaza, Lockport, NY	F		9,302		01/16		8.000
Merriam Town Center, Merriam, KS (TIF)	F		3,575		02/16		6.900
Freedom Plaza, Rome, NY	F		3,316		09/16		7.850
Wal-Mart, Winston-Salem, NC	F		8,642		09/17		6.000
Thruway Plaza (Wal-Mart), Cheektowaga, NY	F		3,802		10/17		6.780
Tops Plaza, Ithaca, NY	F		14,968		01/18		7.050
Wal-Mart, Greenville, SC	F		8,129		02/18		6.000
Mohawk Commons, Niskayuna, NY	F		19,623		12/18		5.750
Lowes, Hendersonville, TN	F		7,322		01/19		7.660
Plaza Isabela, Isabela, PR	F		23,448		06/19		7.590
Plaza Cayey, Cayey, PR	F		22,201		06/19		7.590
Plaza Wal-Mart, Guayama, PR	F		12,473		06/19		7.590
Plaza Fajardo, Fajardo, PR	F		26,691		06/19		7.590
Mariner Square, Spring Hill, FL	F		4,336		09/19		9.750
Northland Square, Cedar Rapids, IA	F		8,269		01/20		9.375
Connecticut Commons, Plainville, CT (TIF)	F		6,470		04/21		7.125
West Valley Marketplace, Allentown, PA	F		15,290		07/21		6.950
Liberty Fair Mall, Martinsville, VA	F		18,725		12/29		8.460
Gulfport Promenade, Gulfport, MS	V		60,000		12/37		SIFMA + 5



Total Mortgage Debt			1,564,852

Consolidated Debt		$	5,016,949
Add: Joint Venture Partner Share of Consolidated Debt		$	148,138

Total Consolidated Debt Including Joint Venture Share		$	5,165,087


				Wtd. Avg.		Wtd. Avg.
				Maturity		Interest Rate

Fixed Rate		$	3,827,243	3.05 years			5.8	%
Variable Rate		$	1,337,844	2.18 years			1.6	%

		$	5,165,087	2.83 years			4.7	%

Summary of Consolidated Debt 6.1.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Consolidated Debt
as of September 30, 2009 (con’t)

CUMULATIVE REDEEMABLE PREFERRED SHARES


	Outstanding Amount (000’s)		First Call Date
Class G - 8.0%	$	180,000	March 28, 2008
Class H - 7.375%	$	205,000	July 28, 2008
Class I - 7.5%	$	170,000	May 7, 2009

DERIVATIVE INSTRUMENTS


	Notional Amount (000’s)		Underlying Debt Hedged	Rate Hedged	Fixed Rate			Termination Date
Interest Rate Swap	$	100,000	Secured Credit Facility	1 mo. LIBOR		4.933	%	October 18, 2009
Interest Rate Swap	$	50,000	Secured Credit Facility	1 mo. LIBOR		4.965	%	October 18, 2009
Interest Rate Swap	$	50,000	Secured Credit Facility	1 mo. LIBOR		4.964	%	October 18, 2009
Interest Rate Swap	$	200,000	Secured Credit Facility	3 mo. LIBOR		5.149	%	June 28, 2010
Interest Rate Swap	$	100,000	$1.25 Billion Revolving Credit Facility	1 mo. LIBOR		4.942	%	September 29, 2010
Interest Rate Swap	$	100,000	Secured Credit Facility	1 mo. LIBOR		4.815	%	February 21, 2012

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 deferred finance cost amortization of approximately $10.4 million net, is offset by approximately $3.7 million of annualized fair market value adjustments in 2009.

2.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share.

		The principal balance on these notes is to be settled in cash. Included in this amount is $5.6 million recorded at September 30, 2009 for the accretion of the convertible debt to comply with accounting standards.

3.		The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share.

		The principal balance on these notes is to be settled in cash. Included in this amount is $18.2 million recorded at September 30, 2009 for the accretion of the convertible debt to comply with accounting standards.

4.		The Company has entered into a 6-month forebearance agreement with the lender.

5.		The Company’s joint venture with David Berndt Interests is consolidated within DDR’s accounts. DDR owns 50% of the debt.

6.		The Company’s joint venture with DDR MV, LLC is consolidated within DDR’s accounts. DDR effectively owns 50% of the debt.

7.		The Company’s joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts. DDR owns 67% of the debt.

8.		The following loans have floor interest rates:


Loan		Floor
Kyle Crossing, Kyle, TX		1mo. LIBOR of 2.00%
Terrell Plaza, Terrell, TX		1mo. LIBOR of 1.00%
Hamilton Marketplace, Hamilton, NJ		1mo. LIBOR of 2.50%
Merriam Village, Merriam, KS		1mo. LIBOR of 1.00%
Reno Riverside, Reno, NV		5.95%


*		These loans aggregating $144.0 million were repaid October 8, 2009 and replaced with first mortgage debt maturing in October 2014.

**		These loans aggregating $75.9 million were repaid October 8, 2009. There is no replacement first mortgage financing on these assets at this time.

Amounts may differ slightly from actual results, due to rounding.

Summary of Consolidated Debt 6.1.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Joint Venture Debt
as of September 30, 2009

Mortgage

Maturity

Interest

Property/Entity

Balance (000’s)

Date

Rate

DDRTC Core Retail Fund, LLC

DDRTC Holdings Pool 1, LLC (25 assets)

736,559

03/17

5.4475

DDRTC Holdings Pool 3, LLC (17 assets)

555,034

03/12

5.480

DDRTC Holdings Pool 5, LLC (12 assets)

197,300

02/10

Libor + 65

DDRTC Holdings Pool 6, LLC

Walks at Highwood Preserve I & II

3,700

05/10

4.372

Aiken Exchange

7,350

05/10

4.372

Oak Summit

8,200

06/10

4.272

Wytheville Commons

5,590

06/10

4.302

Warwick Center

16,939

06/10

4.130

Columbiana Station

25,900

06/10

4.040

Heritage Pavilion

21,500

07/10

4.460

Fayette Pavilion I & II

53,250

07/10

5.620

North Hill Commons

2,475

11/10

5.240

Cox Creek Shopping Center

14,045

03/12

7.090

Cypress Trace

16,000

04/12

5.000

Waterfront Marketplace

28,619

08/12

6.350

Waterfront Town Center

37,704

08/12

6.350

Creeks at Virginia Center

25,448

08/12

6.370

Willoughby Hills Shopping Center

13,262

07/18

6.980

DDR Domestic Retail Fund I

Paradise Promenade, Davie, FL

6,400

06/10

4.322

Village Ctr, Racine, WI

13,200

04/10

4.440

West Falls Plaza, West Patterson, NJ

11,075

06/10

4.685

Southampton Village, Tyrone, GA

6,700

05/11

4.663

Village Center Outlot, Racine, WI

2,070

07/11

5.170

Center Pointe Plaza, Easley, SC

4,250

08/11

5.320

Shoppes on the Ridge, Lake Wales, FL

9,628

12/11

4.740

Publix Brooker Creek, Palm Harbor, FL

5,000

12/11

4.610

Watercolor Crossing, Santa Rosa, FL

4,355

01/12

4.760

Heather Island Plaza, Ocala, FL

6,155

12/12

5.001

Hilliard Rome, Columbus, OH

10,884

01/13

5.870

Meadows Square, Boynton Beach, FL

2,500

07/13

6.720

DDR Domestic Retail Fund I (25 assets)

885,000

07/17

5.600

DDR Macquarie (1)(2)

$305 Million Revolving Credit Facility (10 assets)

267,900

04/10

Libor + 40

Secured Portfolio Financing (6 assets)

268,000

09/15

6.400

65,320

09/11

Libor + 240

Secured Portfolio Financing (12 assets)

106,221

12/09

4.180

4,923

12/09

Libor + 84

Joann Transit Birmingham, AL (Riverchase)

1,868

08/13

6.250

7,385

01/13

5.500

DDR Macquarie Longhorn Holdings (4 assets)

85,000

01/12

4.910

DDR Macquarie Longhorn Holdings II (7 assets)

157,250

04/10

4.822

3,570

04/10

Libor + 85

DDR Macquarie Longhorn Holdings III (3 assets)

39,300

04/10

5.098

Summary of Joint Venture Debt 6.2.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Joint Venture Debt
as of September 30, 2009 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR Macquarie (1)(2)

DDR MDT PS, LLC (7 assets)

86,000

07/13

6.004

Coventry II DDR Bloomfield

39,193

12/08

Libor + 115

Coventry II DDR Buena Park

61,000

03/10

Libor + 115

Coventry II DDR Fairplain

16,000

09/09

Libor + 275

Coventry II DDR Marley Creek

10,750

07/10

Libor + 125

Coventry II DDR Montgomery Farm (4)

115,907

07/10

Libor + 300

14,405

07/10

Libor + 600

Coventry II DDR Phoenix Spectrum

46,000

01/10

Libor + 70

Coventry II DDR SM

72,175

01/10

Libor + 80

32,695

01/10

Libor + 223.65

Coventry II DDR Totem Lakes

29,500

09/09

Libor + 275

Coventry II DDR Tri County

153,083

02/15

5.655

11,650

02/15

10.304

Coventry II DDR Westover Marketplace

20,856

07/09

Libor + 125

RVIP IIIB

Deer Park, IL

60,000

10/11

5.590

RVIP VII (2 assets)

72,120

04/10

Libor + 400

RVIP VIII

23,356

01/10

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

4,658

05/17

7.630

Tonawanda, NY

4,464

06/21

7.660

TRT DDR Holdings I LLC (3 assets)

110,000

05/17

5.510

DDR SAU Retail Fund, LLC

Blockbuster

993

10/10

4.890

Cascade Crossing

4,954

10/10

4.890

Hickory Flat Village

8,689

10/10

4.890

Flat Shoals Crossing

6,063

10/10

4.760

Deshon Plaza

6,038

10/10

4.760

Shops at John’s Creek

2,762

10/10

4.890

Waynesboro Commons

3,178

10/10

4.890

Brookhaven

10,397

12/10

4.890

Lewandowski Commons

12,465

03/11

5.770

South Square

12,597

10/12

5.060

North Hampton Market (Phase I & II)

10,501

10/12

5.080

Oakland Market Place

3,560

10/12

5.040

Shoppes at Wendover II

14,382

10/12

5.060

Crossroads Square

4,869

12/12

5.310

Cascade Corners

3,979

12/12

5.420

Hilander Village

9,404

12/12

5.410

Glenlake Plaza

8,234

12/12

5.440

Broadmoor Plaza

11,048

12/12

5.440

Milan Plaza

2,161

12/12

5.490

Summary of Joint Venture Debt 6.2.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Joint Venture Debt
as of September 30, 2009 (con’t)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

DDR SAU Retail Fund, LLC

West Towne Commons

4,797

12/12

5.440

American Way

6,662

12/12

5.440

Kroger Junction

3,827

12/12

5.440

Kroger Plaza

1,806

12/12

5.440

Willowbrook Commons

6,998

03/13

5.410

The Point

15,800

04/13

5.640

Harper Hill Commons

10,350

04/13

5.790

Plaza at Carolina Forest

14,203

05/13

5.970

Alexander Pointe

5,129

08/13

5.920

Patterson Place

20,338

12/13

5.670

Cole DDR MT Independence

34,100

01/12

5.950

DDRA Community Centers Five (5 assets)

280,000

08/10

5.295

DDR Markaz II (13 assets)

150,480

11/14

5.147

Lennox Town Center Limited

1,000

06/17

6.440

Columbus, OH

26,000

06/17

5.640

Sun Center Limited

5,768

05/11

5.420

Columbus, OH

12,480

04/11

8.480

DOTRS LLC

Macedonia, OH

21,000

08/11

6.050

Jefferson County Plaza, LLC

Arnold, MO

3,632

08/12

Libor + 200

Sonae Sierra Brazil Limitadas

593

12/09

98% of CDI

27,857

02/10

CDI + 500

8,357

06/10

CDI + 366

5,571

09/10

CDI + 870

62,567

12/20

8.500

Central Park Solon LLC (4)

3,394

10/09

Libor + 400

RO & SW Realty LLC

23,574

06/11

5.960

Total

5,619,195


			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Total Joint Venture Debt:
Fixed Rate	$	4,476,821	4.70 years		5.5	%
Variable Rate	$	1,142,374	0.51 years		2.4	%


	$	5,619,195	3.85 years		4.9	%

Summary of Joint Venture Debt 6.2.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Pro Rata Joint Venture Debt
as of September 30, 2009 (con’t)


	DDR’s			DDR’s
	Pro Rata			Pro Rata
Property/Entity	Interest			Debt (000’s)
DDRTC Core Retail Fund, LLC		15.00	%	$	265,331
DDR Domestic Retail Fund I		20.00	%		193,443
DDR Macquarie Fund		14.50	%		145,947
DDR MDT PS, LLC		0.00	%		—
Coventry II DDR Bloomfield		0.00	%		—
Coventry II DDR Buena Park		20.00	%		12,200
Coventry II DDR Fairplain		20.00	%		3,200
Coventry II DDR Marley Creek		10.00	%		1,075
Coventry II DDR Montgomery Farm		10.00	%		13,031
Coventry II DDR Phoenix Spectrum		20.00	%		9,200
Coventry II DDR SM		20.00	%		20,974
Coventry II DDR Totem Lakes		20.00	%		5,900
Coventry II DDR Tri County		20.00	%		32,947
Coventry II DDR Westover Marketplace		20.00	%		4,171
RVIP IIIB		25.75	%		15,450
RVIP VII		21.00	%		15,145
RVIP VIII		25.75	%		6,014
DPG Realty Holdings, LLC		10.00	%		912
TRT DDR Holdings I LLC		10.00	%		11,000
DDR SAU Retail Fund, LLC		20.00	%		45,237
Cole DDR MT Independence		14.52	%		4,951
DDRA Community Centers Five		50.00	%		140,000
DDR Markaz II		20.00	%		30,096
Lennox Town Center Limited		50.00	%		13,500
Sun Center Limited		79.45	%		14,498
DOTRS LLC		50.00	%		10,500
Jefferson County Plaza, LLC		50.00	%		1,816
Sonae Sierra Brazil Limitadas		50.00	%		52,472
Central Park Solon LLC		50.00	%		1,697
RO & SW Realty LLC		25.25	%		5,952


				$	1,076,660


	Fixed Rate			$	881,914
	Variable Rate			$	194,746


				$	1,076,660

Summary of Joint Venture Debt 6.2.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

DERIVATIVE INSTRUMENTS (3)


	Notional Amount (000’s)		Underlying Capital Hedged	Rate Hedged	Fixed Rate			Termination Date
Interest Rate Swap	$	50,000	MDT Revolving Credit Facility	3 mo. LIBOR		5.105	%	November 17, 2010
Forward Interest Rate Swap	$	157,250	MDT Mortgage Debt	1 mo. LIBOR		5.250	%	March 9, 2012
Forward Interest Rate Swap	$	75,000	MDT Mortgage Debt	1 mo. LIBOR		5.223	%	June 1, 2014
Forward Interest Rate Swap	$	75,000	MDT Mortgage Debt	1 mo. LIBOR		4.900	%	June 2, 2014


Notes:

(1)		The Company’s joint venture with MDT that owns the Mervyns Portfolio is not reflected as it is consolidated within DDR’s accounts.

(2)		MDT has entered into swaps and forward swaps to fix the interest rate on floating rate debt or future fixed rate financing.

(3)		Does not include interest rate caps.

(4)		The following loans have floor interest rates:


Loan		Floor
Coventry II DDR Montgomery Farm		1mo. LIBOR of 1.50%
Central Park Solon LLC		1mo. LIBOR of 3.00%

Amounts may differ slightly from actual results, due to rounding.

Summary of Joint Venture Debt 6.2.e

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2009

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities (1)
as of September 30, 2009
(000’s)


	2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		2017 Payments		2018 Payments		Thereafter		Total
CONSOLIDATED DEBT

Property Mortgages	$	10,972	$	292,809	$	216,799	$	139,657	$	429,350	$	76,286	$	26,600	$	16,450	$	12,563	$	8,701	$	166,764	$	1,396,951

Construction Loans		0		23,447		48,947		0		95,507		0		0		0		0		0		0		167,901

Public Debt		0		375,193		328,085		574,403		0		0		169,332		296,625		0		82,196		0		1,825,834


Subtotal		10,972		691,449		593,831		714,060		524,857		76,286		195,932		313,075		12,563		90,897		166,764		3,390,687

Revolving Credit Facilities & Term Loan ⁽²⁾		0		0		826,262		800,000		0		0		0		0		0		0		0		1,626,262


Consolidated Debt	$	10,972	$	691,449	$	1,420,093	$	1,514,060	$	524,857	$	76,286	$	195,932	$	313,075	$	12,563	$	90,897	$	166,764	$	5,016,949

Add: JV Partner Shared Consolidated Debt	$	0	$	138,238	$	0	$	9,900	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	148,138


Total Consolidated Debt Including JV Share	$	10,972	$	829,688	$	1,420,093	$	1,523,960	$	524,857	$	76,286	$	195,932	$	313,075	$	12,563	$	90,897	$	166,764	$	5,165,087


JOINT VENTURE DEBT
Total JV Debt	$	156,511	$	1,124,140	$	470,248	$	1,190,243	$	247,598	$	156,532	$	422,399	$	3,571	$	1,761,917	$	2,398	$	83,638	$	5,619,195
DDR’s Proportionate Share		18,587		288,614		115,171		177,891		28,138		31,102		69,512		479		312,450		337		34,379		1,076,660

Total Consolidated Debt & Proportionate Share JV Debt	$	29,559	$	1,118,302	$	1,535,264	$	1,701,851	$	552,995	$	107,388	$	265,444	$	313,554	$	325,013	$	91,234	$	201,143	$	6,241,747


Notes:

(1)		In situations where options to extend the maturity of a loan exist, the maturity of the extension period(s) has been assumed for this schedule.

(2)		Balance at September 30, 2009 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million PNC Bank facility has one one-year extension option to 2011.

Amounts may differ slightly from actual results, due to rounding.

Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3.a

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2009


Corporate Headquarters	Investor Relations

3300 Enterprise Parkway	Kate Deck
Beachwood, Ohio 44122	Toll Free: (877) 225-5337
Main: (216) 755-5500	Direct: (216) 755-6408
Website: www.ddr.com	Email: kdeck@ddr.com

Research Coverage

Citigroup
Michael Bilerman	michael.bilerman@citi.com	(212) 816-1383
Quentin Velleley	quentin.velleley@citi.com	(212) 816-6981

Deutsche Bank Securities
John Perry	john.perry@db.com	(212) 250-4912
Vincent Chao	vincent.chao@db.com	(212) 250-6799

Goldman Sachs
Jay Habermann	jonathan.habermann@gs.com	(917) 343-4260
Jehan Mahmood	jehan.mahmood@gs.com	(212) 902-2646

Green Street Advisors
Jim Sullivan	jsullivan@greenstreetadvisors.com	(949) 640-8780
Nick Vedder	nvedder@greenstreetadvisors.com	(949) 640-8780

Hilliard Lyons
Carol Kemple	ckemple@hilliard.com	(502) 588-1142

Macquarie
David Wigginton	dave.wigginton@macquarie.com	(212) 231-6380

Banc of America Securities Merrill Lynch
Craig Schmidt	craig_schmidt@ml.com	(212) 449-1944
Lindsay Schroll	lindsay_schroll@ml.com	(212) 449-6246

JP Morgan
Michael Mueller	michael.w.mueller@jpmorgan.com	(212) 622-6689
Joe Dazio	joseph.c.dazio@jpmorgan.com	(212) 622-6416

RBC Capital Markets
Rich Moore	rich.moore@rbccm.com	(216) 378-7625
Wes Golladay	wes.golladay@rbccm.com	(440) 715-2650

Wells Fargo Securities, LLC
Jeff Donnelly	jeff.donnelly@wachovia.com	(617) 603-4262
Robert Laquaglia	robert.laquaglia@wachovia.com	(617) 603-4280

Investor Contact Information 7.0

EX-99.3 4 l37775exv99w3.htm EX-99.3 exv99w3

Property List For the nine months ended September 30, 2009



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
Alabama
1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH	BIRMINGHAM		1994/2003		1994		100.00	%		424,360		551,277		4,111,850	DICK’S SPORTING GOODS(2017), LOWE’S(2023), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2014), HOMEGOODS(2016), BOOKS-A-MILLION(2010), ROSS DRESS FOR LESS(2014)
2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTRE 7001 CRESTWOOD BLVD	BIRMINGHAM		1989/1999		1995		100.00	%		300,280		463,560		1,014,467	DOLLAR TREE(2013), BURLINGTON COAT FACTORY(2013), WESTERN SUPERMARKETS(NOT OWNED), HOME DEPOT(NOT OWNED)
3	BIRMINGHAM, AL (RIVER RIDGE)	RIVER RIDGE US HIGHWAY 280	BIRMINGHAM		2001		2007		15.00	%		172,304		349,804		2,089,302	STAPLES(2016), BEST BUY(2017), SUPER TARGET(NOT OWNED)
4	BIRMINGHAM, AL(RIVERCHASE)	RIVERCHASE PROMENADE (I) MONTGOMERY HIGHWAY	BIRMINGHAM		1989		2006		14.50	%		120,108		228,416		1,589,850	JO-ANN STORES(2020), TOY’S R US(NOT OWNED)
5	DOTHAN, AL	2821 MONTGOMERY HWY	DOTHAN		2004		2007		100.00	%		33,906		33,906		0
6	DOTHAN, AL (SHOPS)	SHOPS ON THE CIRCLE 3500 ROSS CLARK CIRCLE	DOTHAN		2000		2007		100.00	%		149,085		149,085		1,604,665	OLD NAVY(2010), T.J. MAXX(2015), OFFICE MAX(2016)
7	FLORENCE, AL	COX CREEK SHOPPING CENTER 374-398 COX CREEK PARKWAY	FLORENCE		2001		2007		15.00	%		173,989		304,870		1,529,933	BEST BUY(2017), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)
8	HUNTSVILLE, AL (WEST)	WESTSIDE CENTRE 6275 UNIVERSITY DR	HUNTSVILLE		2002		2007		15.00	%		476,146		665,377		4,448,521	BABIES R US(2012), MARSHALLS(2011), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017), STEIN MART(2011), ROSS DRESS FOR LESS(2013), TARGET(NOT OWNED)
9	OPELIKA, AL	PEPPERELL CORNERS (I) 2300-2600 PEPPERELL PARKWAY OP	OPELIKA		1995		2003		100.00	%		306,224		306,224		514,023
10	SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY	SCOTTSBORO		1999		2003		100.00	%		40,560		223,750		266,292	WALMART(NOT OWNED)
11	TUSCALOOSA, AL	MCFARLAND PLAZA 2600 MCFARLAND BLD E	TUSCALOOSA		1999		2007		15.00	%		229,323		229,323		1,073,767	STEIN MART(2014), OFFICE MAX(2015), TOYS R US(2011)
Arizona
12	AHWATUKEE, AZ	AHWATUKEE FOOTHILLS TC (II) 4711 EAST RAY ROAD	PHOENIX		1996		1999		50.00	%		647,883		686,414		9,932,823	JO-ANN STORES(2015), BEST BUY(2014), AMC THEATRE(2021), BASSETT FURNITURE(2019), ASHLEY FURNITURE HOMESTORE(2016), BARNES & NOBLE(2012), BABIES R US(2012), STEIN MART(2011), ROSS DRESS FOR LESS(2012), OFFICE MAX(2012)
13	CHANDLER, AZ	2992 NORTH ALMA SCHOOL ROAD	PHOENIX		1985		2005		50.00	%		74,862		74,862		0
14	MESA, AZ (SUPERS)	SUPERSTITION SPRINGS 6505 E SOUTHERN AVENUE	PHOENIX		1990		2005		50.00	%		86,858		86,858		0
15	PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD	PHOENIX		1979		2005		50.00	%		81,009		81,009		0
16	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD	PHOENIX		1995		1996		50.00	%		346,428		416,606		3,019,441	STAPLES(2014), HOMEGOODS(2013), MAC FRUGAL’S(2010), BARNES & NOBLE(2011), T.J. MAXX(2011), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2010), FRY’S(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
17	PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD	PHOENIX		1994		2005		50.00	%		76,006		76,006		0
18	PHOENIX, AZ (SPE)	CHRISTOWN SPECTRUM MALL 1703 W BETHANY HOME RD	PHOENIX		1961		2004		20.00	%		452,865		1,031,123		7,241,022	WALMART(2023), COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), J.C. PENNEY(2037), HARKINS THEATRE(2022), TARGET (NOT OWNED)
19	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AQUA FRIA FREEWAY	PHOENIX		1996		1999		100.00	%		194,009		459,939		3,348,188	ROSS DRESS FOR LESS(2014), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2014), AMC THEATRES(NOT OWNED), TARGET(NOT OWNED)
20	PHOENIX, AZ (PARADISE)	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS	PHOENIX		1997/2004		2003		67.00	%		223,658		295,317		4,431,780	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2010), ALBERTSON’S(2016)
21	TUCSON, AZ	SANTA CRUZ PLAZA 3660 SOUTH 16TH AVENUE	TUCSON		1982		2005		50.00	%		76,126		76,126		0
Arkansas
22	FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD	FAYETTEVILLE		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		2,501,880	T.J. MAXX(2011), BEST BUY(2017), OLD NAVY(2010), BED BATH & BEYOND(2014), WALMART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
23	FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR	FAYETTEVILLE		2003		2003		14.50	%		50,314		261,665		981,341	KOHL’S(2022), TARGET(NOT OWNED)
24	NORTH LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD	LITTLE ROCK		1991/2004		1994		100.00	%		295,013		295,013		1,627,276	BED BATH & BEYOND(2013), T.J. MAXX(2012), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014)
25	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET	RUSSELLVILLE		1992		1994		100.00	%		266,539		266,539		1,539,877	HOBBY LOBBY(2016), STAGE(2010), J.C. PENNEY(2012), BELK(2021)
Brazil
26	BRASILIA (FEDERAL DISTRICT)	PATIO BRASIL SHOPPING SCS QUADRA 07 BL A	BRASILIA		1997/2001		2006		5.00	%		334,309		366,493		14,169,955	LOJAS AMERICANAS(2999), OTOCH(2009), RIACHUELO(2017), RENNER(2011), CENTAURO(2018)
27	CAMPINAS (SAO PAULO)	PARQUE DOM PEDRO AV. GUILHERME CAMPOS, 500	CAMPINAS		2001		2006		43.70	%		1,253,817		1,283,341		28,659,993	LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), PET CENTER MARGINAL(2010), MARISA(2016), STAR BOWLING(2009), WALMART SUPERCENTER(2017), ETNA(2015), ALPINI VEICULOS(2012), PERNAMBUCANAS(2012), FORMULA ACADEMIA(2014), RIACHUELO(2012), ZARA(2014), RENNER(2014), FNAC(2012), MULTIPLEX P.D.PEDRO(2012)
28	FRANCA(SAO PAULO)	FRANCA SHOPPING AV. RIO NEGRO, 1100	FRANCA		1993		2006		30.70	%		177,765		177,765		2,021,947	C&A(2016), CASAS BAHIA(2014), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)
29	MANAURA	MANAURA SHOPPING CALDERARO FILHO AVENUE	MANAUS		2008/2009		2008		50.00	%		489,443		489,443		10,818,521	MARISA(2024), CENTAURO(2019), SARAIVA MEGA STORE(2014), HITECH IMPORTS(2014), C&A(2019), LOJAS RENNER(2019), RIACHUELO(2019), BEMOL(2019)
30	SAO BERNARDO DO CAMPO (SAO PAULO)	SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200	SAO PAULO		1980/95/97		2006		39.40	%		208,302		208,302		9,172,165	RENNER(2009), LOJAS AMERICANAS(2018)
31	SAO PAULO BOAVISTA (SAO PAULO)	BOAVISTA SHOPPING RUA BORBA GATO, 59	SAO PAULO		2004		2006		47.50	%		279,880		279,880		3,057,128	C&A(2014), MARISA & FAMILIA(2014), AMERICANAS EXPRESS(2017), SONDA(2999)
32	SAO PAULO CAMOP LIMPO (SAO PAULO)	CAMPO LIMPO SHOPPING ESTRADA DO CAMPO LIMPO 459	SAO PAULO		2005		2006		9.50	%		215,173		215,173		4,271,546	C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHIA(2011)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
33	SAO PAULO PENHA (SAO PAULO)	SHOPPING PENHA RUA DR JOAO RIBEIRO, 304	SAO PAULO		1992/2004		2006		34.80	%		323,630		323,630		7,317,700	MARISA(2017), MAGAZINE LUIZA(2013), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)
34	SAO PAULO PLAZA (SAO PAULO)	PLAZA SUL PRACA LEONOR KAUPA	SAO PAULO		1994		2006		14.25	%		248,857		291,294		10,036,698	LOJAS AMERICANAS(2011), LUIGI BERTOLLI(2013), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010)
35	SAO PAULO TIVOLI (SAO PAULO)	TIVOLI SHOPPING AV. SANTA BARBARA, 777	SAO PAULO		1993/2006		2006		14.25	%		238,648		238,648		3,971,248	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2013), C&A(2016), C&C(2011), PAULISTAO(2016)
California
36	ANAHEIM, CA	ANAHEIM HILLS FESTIVAL 8100 E SANTA CANYON ROAD	LOS ANGELES		1992		2005		50.00	%		77,883		77,883		0
37	ANTIOCH, CA	SOMERSVILLE TOWNE CENTER 2602 SOMERSVILLE ROAD	SACREMENTO		1970		2005		50.00	%		75,339		75,339		0
38	BUENA PARK, CA (MALL & ENT)	BUENA PARK DOWNTOWN (ENTRTNMT) 100 BUENA PARK	LOS ANGELES		1965		2004		20.00	%		735,530		1,143,193		9,266,211	DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2015), BED BATH & BEYOND(2011), 24 HOUR FITNESS(2022), KOHL’S(2024), KRIKORIAN THEATRES(2023), MICHAEL’S(2014), JOHN’S INCREDIBLE PIZZA COMPANY(2024), SEARS(NOT OWNED), WALMART(NOT OWNED)
39	BURBANK, CA	BURBANK TOWN CENTER 245 E MAGNOLIA BLVD	LOS ANGELES		1991		2005		50.00	%		89,182		89,182		0
40	CHINO, CA	CHINO TOWN SQUARE SC 5517 PHILADELPHIA	LOS ANGELES		1986		2005		50.00	%		81,282		81,282		0
41	CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVENUE	FRESNO		1988		2005		50.00	%		75,088		75,088		0
42	CULVER CITY, CA	5660 SEPULVEDATA BLVD	LOS ANGELES		1998		2007		100.00	%		32,873		32,873		0
43	EL CAJON, CA	WESTFIELD PARKWAY 565 FLETCHER PARKWAY	SAN DIEGO		1989		2005		50.00	%		85,744		85,744		0
44	FAIRFIELD, CA	WESTFIELD SOLANO 1451 GATEWAY BLVD.	SAN FRANCISCO		1981		2005		50.00	%		89,223		89,223		0
45	FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET	SACREMENTO		2003		2005		50.00	%		79,080		79,080		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
46	FOOTHILL RANCH, CA	FOOTHILL RANCH TC 26732 PORTOLA PARKWAY	LOS ANGELES		1993		2005			50.00	%		77,934		77,934		0
47	GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD.	LOS ANGELES		1982		2005			50.00	%		83,746		83,746		0
48	LANCASTER, CA (DISCOUNT)	VALLEY CENTRAL (DISCOUNT) 44707-44765 VALLEY CENTRAL WAY	LOS ANGELES		1990		2001			21.00	%		353,512		483,816		3,068,074	MARSHALL’S(2012), STAPLES(2013), CINEMARK(2017), 99 CENTS ONLY(2014), COSTCO(NOT OWNED)
49	LOMPAC, CA	MISSION PLAZA 1600 N H STREET	LOS ANGELES		1992		2005			50.00	%		62,523		62,523		0
50	LONG BEACH, CA (PIKE)	THE PIKE AT RAINBOW HARBOR 95 SOUTH PINE AVE	LOS ANGELES		2005		1	*		100.00	%		281,535		315,074		5,901,743	CINEMARK(2017), BORDERS(2016), GAMEWORKS(2017)
51	MADERA, CA	1467 COUNTRY CLUB DRIVE	FRESNO		1990		2005			50.00	%		59,720		59,720		0
52	NORTH FULLERTON, CA	CROSSROADS SC 200 IMPERIAL HIGHWAY	LOS ANGELES		1991		2005			50.00	%		76,360		76,360		0
53	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE	SAN DIEGO		2000		2000			100.00	%		79,884		79,884		1,345,115	REGAL CINEMAS(2014)
54	PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD.	LOS ANGELES		1992		2005			50.00	%		76,550		76,550		675,000	FOREVER 21 (2020)
55	PASADENA, CA	PASEO COLORADO 280 E COLORADO BLVD	LOS ANGELES		2001		2003			100.00	%		556,271		556,271		11,044,677	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2015), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011)
56	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 55 CRESCENT DRIVE	SAN FRANCISCO		1999/2000		2001			21.00	%		345,761		345,761		6,365,572	LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2015), BED BATH & BEYOND(2020), CENTURY THEATRE(2016)
57	PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 WEST HENDERSON AVENUE	BAKERSFIELD		1991		2005			50.00	%		76,378		76,378		0
58	REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE	SAN FRANCISCO		1984		2005			50.00	%		61,363		61,363		0
59	RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE	SAN FRANCISCO		1996/2000		2002			20.00	%		245,774		245,774		2,969,942	.99 CENTS ONLY STORES(2011), PETSMART(2012), ROSS DRESS FOR LESS(2013), BARNES & NOBLE(2011), CENTURY THEATRE(2016)
60	SAN DIEGO, CA	SOUTHLAND PLAZA SC 575 SATURN BLVD.	SAN DIEGO		1982		2005			50.00	%		75,207		75,207		0
61	SAN FRANCISCO, CA (RETAILS)	VAN NESS PLAZA 1000 VAN NESS AVENUE	SAN FRANCISCO		1998		2002			100.00	%		123,755		123,755		3,370,747	AMC THEATRE(2030)
62	SANTA MARIA, CA	TOWN CENTER WEST SC 201 TOWN CENTER WEST	LOS ANGELES		1988		2005			50.00	%		84,886		84,886		0
63	SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA	SAN FRANCISCO		1981		2005			50.00	%		90,348		90,348		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
64	SLATTEN RANCH, CA	SLATTEN RANCH SC 5849 LONE TREE WAY	SAN FRANCISCO		2002		2005		50.00	%		78,819		78,819		0
65	SONORA, CA	SONORA CROSSROADS 1151 SANGUINETTI ROAD	SAN FRANCISCO		1993		2005		50.00	%		62,214		62,214		0
66	TULARE, CA	TULARE PAVILION SC 1675 HILLMAN STREET	FRESNO		1991		2005		50.00	%		62,947		62,947		0
67	VALENCIA, CA	RIVER OAKS SC 24235 MAGIC MOUNTAIN PKWY	LOS ANGELES		1986		2006		100.00	%		75,590		75,590		0
68	WEST COVINA, CA	WESTFIELD EASTLAND SC 2753 E. EASTLAND CTR DR	LOS ANGELES		1979		2005		50.00	%		79,800		79,800		0
Colorado
69	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER	DENVER		2003		2003		14.50	%		127,173		479,499		2,418,855	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WALMART(NOT OWNED)
70	BROOMFIELD, CO (FLATIRON GARD)	FLATIRON MARKETPLACE (GARDEN) 1 WEST FLATIRON CIRCLE	DENVER		2001		2003		100.00	%		252,035		421,447		3,675,863	NORDSTROM RACK(2011), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)
71	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E COUNTY LINE ROAD	DENVER		1997/2002		1997		100.00	%		408,337		529,488		6,540,361	GOLFSMITH GOLF CENTER(2012), SOUNDTRACK(2017), ROSS DRESS FOR LESS(2013), OFFICE MAX(2012), MICHAEL’S(2012), TOYS R US(2011), LOEHMANN’S(2012), RECREATIONAL EQUIPMENT(NOT OWNED), HOME DEPOT(NOT OWNED)
72	DENVER, CO (TAMARAC)	TAMARAC SQUARE 7777 E. HAMPDEN	DENVER		1976		2001		100.00	%		183,611		196,411		1,747,040	REGENCY THEATRES TAMARAC SQ.(2010)
73	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD	DENVER		1997		2003		100.00	%		244,383		244,383		3,828,169	PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), KING SOOPERS(2017)
74	FORT COLLINS, CO	MULBERRY AND LEMAY CROSSING MULBERRY ST. & S. LEMAY AVE.	FORT COLLINS		2004		2003		100.00	%		18,988		316,420		400,362	HOME DEPOT(NOT OWNED), WALMART(NOT OWNED)
75	HIGHLAND RANCH, CO	8575 SOUTH QUEBEC ST	DENVER		1998		2007		100.00	%		43,480		43,480		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
76	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE	DENVER		2002		1	*		100.00	%		232,585		256,319		5,835,030
77	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER (I) SOUTH PARKER ROAD	DENVER		2003		2003			14.50	%		116,644		221,520		2,112,935	BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)
78	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD	DENVER		2003		2003			14.50	%		89,631		409,897		1,436,555	OFFICE DEPOT(2016), WALMART(NOT OWNED), HOME DEPOT(NOT OWNED)
Connecticut
79	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9	HARTFORD		1999/2001		1	*		14.50	%		463,338		566,481		6,004,048	LOWE’S(2019), LOEW’S CINEMA(2019), KOHL’S(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY(2011), MARSHALLS(2018)
80	WATERBURY, CT	NAUGATUCK VALLEY SC 950 WOLCOTT STREET	HARTFORD		2003		2007			15.00	%		231,676		382,923		3,692,310	WALMART(2027), BOB’S STORES(2017), STOP & SHOP(2021), STAPLES(2018)
81	WINDSOR, CT	WINDSOR COURT SHOPPING CENTER 1095 KENNEDY ROAD	HARTFORD		1993		2007			100.00	%		78,480		78,480		1,401,969	STOP & SHOP(2013)
Delaware
82	DOVER, DE	KMART SHOPPING CENTER 515 N DUPONT HIGHWAY	DOVER		1973		2008			25.25	%		84,180		88,980		301,000	K MART(2014)
Florida
83	APOPKA, FL	PIEDMONT PLAZA 2302-2444 E SEMORAN BLVD	ORLANDO		2004		2007			14.50	%		148,075		210,075		973,723	BEALL’S(2019), ALBERTSON’S(NOT OWNED)
84	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52	TAMPA		1985/2003		1/2	*		100.00	%		209,714		209,714		1,404,107	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2011)
85	BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.	MIAMI		1986		2004			20.00	%		106,224		106,224		1,077,194	PUBLIX SUPER MARKETS(2011)
86	BOYNTON BEACH, FL (COMMONS)	BOYNTON COMMONS 333-399 CONGRESS AVE	MIAMI		1998		2007			15.00	%		210,488		210,488		3,070,018	BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014)
87	BOYNTON BEACH, FL (ABERDEEN)	ABERDEEN SQUARE 4966 LE CHALET BLVD	MIAMI		1990		2007			20.00	%		70,555		70,555		652,135	PUBLIX SUPER MARKETS(2010)
88	BOYNTON BEACH, FL (VILLAGE)	VILLAGE SQUARE AT GOLF 3775 W WOOLBRIGHT RD	MIAMI		1983/2002		2007			20.00	%		131,466		131,466		1,483,211	PUBLIX SUPER MARKETS(2013)
89	BRADENTON, FL (LAKEWOOD)	LAKEWOOD RANCH PLAZA 1755 LAKEWOOD RANCH BLVD	BRADENTON		2001		2007			20.00	%		69,484		69,484		974,262	PUBLIX SUPER MARKETS(2021)
90	BRADENTON, FL (CORTEZ)	CORTEZ PLAZA CORTEZ ROAD WEST AND US HIGHWAY 41	BRADENTON		1966/1988		2007			100.00	%		288,540		288,540		2,560,197	PUBLIX SUPER MARKETS(2010), BURLINGTON COAT FACTORY(2013), PETSMART(2012)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
91	BRADENTON, FL (CREEKWOOD)	CREEKWOOD CROSSING 7395 52ND PLACE EAST	BRADENTON		2001		2007			20.00	%		189,120		292,459		1,868,295	BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2018), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2012)
92	BRANDON, FL (KMART)	KMART SHOPPING CENTER 1602 BRANDON BL	TAMPA		1972/1997/2003		2	*		100.00	%		161,900		228,022		804,125	K MART(2012), KANE FURNITURE(2022)
93	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD	TAMPA		1999		2003			14.50	%		148,267		196,801		1,949,995	COMPUSA(2017), JO-ANN STORES(2017), BABIES R US(2013), PUBLIX SUPER MARKETS(2019)
94	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD	TAMPA		1997/2004		2003			14.50	%		113,986		243,641		1,119,800	SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)
95	CASSELBERRY, FL	CASSELBERRY COMMONS 1455 S. SEMORAN BLVD	ORLANDO		1973/1998		2007			20.00	%		242,367		257,367		1,907,439	PUBLIX SUPER MARKETS(2012), ROSS DRESS FOR LESS(2013), STEIN MART(2015)
96	CLEARWATER, FL	CLEARWATER COLLECTION 21688-21800 US HWY19 NORTH	TAMPA		1995/2005		2007			100.00	%		132,023		132,023		1,307,908	LA FITNESS INTERNATIONAL(2022), FLOOR & DECOR(2017)
97	CRYSTAL RIVER, FL	CRYSTAL SPRINGS 6760 W GULF TO LAKE	OCALA		2001		2007			20.00	%		66,986		66,986		689,225	PUBLIX SUPER MARKETS(2021)
98	CRYSTAL RIVER, FL (RIVER)	CRYSTAL RIVER PLAZA 420 SUN COAST HWY	OCALA		1986/2001		1/2	*		100.00	%		169,101		169,101		871,758	BEALL’S(2012), BEALL’S OUTLET(2011)
99	DANIA BEACH, FL	BASS PRO OUTDOOR WORLD 200 GULF STREAM WAY	MIAMI		1999		2007			100.00	%		165,000		165,000		1,600,000	BASS PRO OUTDOOR WORLD(2014)
100	DANIA, FL	SHERIDAN SQUARE 401-435 E. SHERIDAN STREET	MIAMI		1991		2007			20.00	%		67,475		67,475		648,374	PUBLIX SUPER MARKETS(2015)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
101	DAVIE, FL	PARADISE PROMENADE 5949-6029 STIRLING ROAD	MIAMI		2004		2007		20.00	%		74,493		74,493		1,004,281	PUBLIX SUPER MARKETS(2023)
102	DAYTONA BEACH, FL	VOLUSIA POINT SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY	DAYTONA BEACH		1984		2001		100.00	%		76,087		76,087		867,902	MARSHALLS(2010)
103	DEERFIELD BEACH, FL	HILLSBORO SQUARE HILLSBORO BLVD & HIGHWAY ONE	MIAMI		1978/2002		2007		15.00	%		145,385		154,145		2,213,522	PUBLIX SUPER MARKETS(2022), OFFICE DEPOT(2023)
104	ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD	SARASOTA		1991		2004		100.00	%		46,835		46,835		440,639
105	FORT MEYERS, FL	MARKET SQUARE 13300 SOUTH CLEVELAND AVENUE	FT. MEYERS		2004		2007		15.00	%		107,179		243,945		1,708,979	AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)
106	FORT MEYERS, FL (CYPRESS)	CYPRESS TRACE CYPRESS LAKE DRIVE & US 41	FT. MEYERS		2004		2007		15.00	%		276,288		276,288		2,605,378	BEALL’S(2010), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)
107	FORT WALTON BEACH, FL	SHOPPES AT PARADISE POINTE US HWY 98 AND PERRY AVE	DESTON		1987/2000		2007		20.00	%		83,936		83,936		924,667	PUBLIX SUPER MARKETS(2021)
108	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY	PENSACOLA		1998		2003		100.00	%		29,827		333,654		496,724	WALMART(NOT OWNED), LOWE’S(NOT OWNED)
109	HERNANDO, FL	SHOPPES OF CITRUS HILLS 2601 FOREST RIDGE BLVD	OCALA		1994/2003		2007		20.00	%		68,927		68,927		722,865	PUBLIX SUPER MARKETS(2014)
110	HIALEAH, FL	PARAISO PLAZA 3300-3350 W. 80TH ST	MIAMI		1997		2007		20.00	%		60,712		60,712		876,978	PUBLIX SUPER MARKETS(2017)
111	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE	JACKSONVILLE		1988		1995		100.00	%		219,735		295,752		1,187,066	J.C. PENNEY(2012), WINN DIXIE STORES(2014)
112	JACKSONVILLE, FL (ARLINGTON RD)	ARLINGTON PLAZA 926 ARLINGTON ROAD	JACKSONVILLE		1990/1999		2004		100.00	%		182,098		182,098		643,287	FOOD LION(2010)
113	LAKE MARY, FL	SHOPPES OF LAKE MARY 4155 WEST LAKE MARY BLVD	ORLANDO		2001		2007		15.00	%		73,343		74,331		1,447,085	STAPLES(2015)
114	LAKE WALES, FL	SHOPPES ON THE RIDGE HIGHWAY 27 & CHALET SUZANNE ROAD	ORLANDO		2003		2007		20.00	%		112,071		112,071		1,025,556	PUBLIX SUPER MARKETS(2023)
115	LAKELAND, FL	LAKELAND MARKETPLACE FL LAKELAND	LAKELAND		2006		2003		100.00	%		77,582		77,582		581,865



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
116	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA 2228 LAKELANDS HIGHLAND ROAD	LAKELAND		1990		2004			100.00	%		102,572		102,572		812,508	WINN DIXIE STORES(2017)
117	LARGO, FL	BARDMOOR PROMENADE 10801 STARKEY ROAD	TAMPA		1991		2007			20.00	%		152,667		165,607		1,885,607	PUBLIX SUPER MARKETS(2011)
118	LARGO, FL (KMART)	KMART SHOPPING CENTER 1000 MISSOURI AVENUE	TAMPA		1969		2008			25.25	%		116,805		116,805		214,921	K MART(2012)
119	LAUDERHILL, FL	UNIVERSAL PLAZA 7730 WEST COMMERCIAL	MIAMI		2002		2007			15.00	%		49,505		174,505		971,834	TARGET(NOT OWNED)
120	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 1301-1441 S BABCOCK	MELBOURNE		1960/1999		2007			20.00	%		204,202		229,102		1,331,592	BIG LOTS(2014), PUBLIX SUPER MARKETS(2019)
121	MIAMI, FL	THE SHOPS AT MIDTOWN MIAMI 3401 N. MIAMI AVENUE	MIAMI		2006		1	*		100.00	%		250,715		391,829		2,401,330	LOEHMANN’S(2018), MARSHALLS(2017), ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(2019)
122	MIAMI, FL(PARAISO)	PLAZA DEL PARAISO 12100 SW 127TH AVE	MIAMI		2003		2007			20.00	%		82,441		82,441		1,175,673	PUBLIX SUPER MARKETS(2023)
123	MIRAMAR, FL	RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE	MIAMI		1989		2007			20.00	%		93,643		106,828		1,020,981	PUBLIX SUPER MARKETS(2014)
124	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH	NAPLES		1994		1995			14.50	%		267,796		283,196		3,027,381	WALMART(2014), T.J. MAXX(2014), ROSS DRESS FOR LESS(2012), BEALL’S(2015), OFFICE MAX(2010)
125	NAPLES, FL (COUNTRY)	COUNTRYSIDE SHOPPES 4025 SANTA BARBARA	NAPLES		1997		2007			20.00	%		73,986		73,986		862,216	SWEETBAY SUPERMARKETS(2017)
126	NEWPORT RICHEY, FL	SHOPPES AT GOLDEN ACRES 9750 LITTLE ROAD	TAMPA		2002		2007			20.00	%		130,643		130,643		1,088,963	PUBLIX SUPER MARKETS(2022)
127	OCALA, FL	HEATHER ISLAND 7878 SE MARICAMP	OCALA		2005		2007			20.00	%		70,970		70,970		720,742	PUBLIX SUPER MARKETS(2020)
128	OCALA, FL (STEEPLECHASE)	STEEPLECHASE PLAZA 8585 STATE ROAD 200	OCALA		1993		2007			100.00	%		92,180		92,180		845,797	PUBLIX SUPER MARKETS(2013)
129	OCALA, FL(WEST)	OCALA WEST 2400 SW COLLEGE ROAD	OCALA		1991		2003			100.00	%		105,276		105,276		855,762	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
130	OCOEE, FL (WEST OAKS)	WEST OAKS TOWN CENTER 9537-49 W. COLONIAL	ORLANDO		2000		2007			20.00	%		66,539		111,623		1,096,259	MICHAEL’S(2015)
131	ORLANDO, FL (CHICKASAW)	CHICKASAW TRAIL 2300 S. CHICKASAW TR	ORLANDO		1994		2007			20.00	%		75,492		76,067		818,303	PUBLIX SUPER MARKETS(2014)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
132	ORLANDO, FL (GOOD HOMES)	WEST COLONIAL CENTER GOOD HOMES ROAD AND COLONIAL DRIVE	ORLANDO		1999		2007			15.00	%		78,625		78,625		153,855	STAPLES(2015)
133	ORLANDO, FL (CONWAY)	CONWAY PLAZA 4400 CURRY FORD ROAD	ORLANDO		1985/1999		2007			20.00	%		117,723		117,723		913,007	PUBLIX SUPER MARKETS(2019)
134	ORLANDO, FL(SAND)	SAND LAKE CORNERS 8111-8481 JOHN YOUNG PARKWAY	ORLANDO		1998/2000		2007			15.00	%		197,716		397,716		1,896,187	PETSMART(2014), STAPLES(2014), LOWES(NOT OWNED), WALMART(NOT OWNED)
135	ORLANDO, FL (SKYVIEW)	SKYVIEW PLAZA 7801 ORANGE BLOSSOM TRAIL	ORLANDO		1994/1998		2007			20.00	%		281,260		281,260		1,913,237	PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2008), K MART(2014)
136	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD	ORLANDO		1999		1	*		20.00	%		186,177		321,214		1,639,615	OFFICE MAX(2014), ROSS DRESS FOR LESS(2015), MICHAEL’S(2014), T.J. MAXX(2010), LOWE’S(NOT OWNED)
137	PALM BEACH GARDEN, FL	NORTHLAKE COMMONS NORTHLAKE BLVD	MIAMI		1987/2003		2007			20.00	%		146,825		264,667		1,777,057	ROSS DRESS FOR LESS(2014), HOME DEPOT(NOT OWNED)
138	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD	TAMPA		1990		1995			100.00	%		52,395		229,188		918,513	TARGET(NOT OWNED), PUBLIX(NOT OWNED)
139	PALM HARBOR, FL (BROOKER)	BROOKER CREEK 36301 E.LAKE ROAD	TAMPA		1994		2007			20.00	%		77,596		77,596		936,476	PUBLIX SUPER MARKETS(2014)
140	PEMBROKE PINES, FL	FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD	MIAMI		2001		2007			20.00	%		108,565		108,565		2,103,398
141	PLANT CITY, FL (LAKE)	LAKE WALDEN SQUARE 105-240 W ALEXANDER	TAMPA		1992		2007			14.50	%		158,347		161,347		1,316,608	KASH N KARRY(2012), PREMIERE CINEMAS(2013)
142	PLANTATION, FL (FOUNTAINS)	THE FOUNTAINS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		224,735		296,954		2,004,782	MARSHALLS(2014), KOHL’S(NOT OWNED)
143	PLANTATION, FL (VISION)	VISION WORKS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		6,891		6,891		159,170
144	SANTA ROSA BEACH, FL	WATERCOLOR CROSSING 110 WATERCOLOR WAY	PENSACOLA		2003		2007			20.00	%		43,207		43,207		532,259	PUBLIX SUPER MARKETS(2024)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
145	SARASOTA, FL	SARASOTA PAVILION 6511 TAMAIMI TRAIL	SARASOTA		1999		2007			15.00	%		324,985		336,951		3,779,004	STEIN MART(2014), PUBLIX SUPER MARKETS(2010), MICHAEL’S(2014), OLD NAVY(2010), MARSHALLS(2013), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2012), BOOKS-A-MILLION(2011)
146	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.	TAMPA		1988/1997		1/2	*		100.00	%		188,347		392,423		1,538,147	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
147	ST. PETERSBURG, FL	KMART PLAZA 3951 34TH STREET SOUTH	TAMPA		1973		2008			25.25	%		94,500		94,500		277,400	K MART(2013)
148	ST. PETERSBURG, FL (GATEWAY)	GATEWAY MALL 7751-8299 9TH ST N	TAMPA		2000		2007			15.00	%		231,106		353,106		2,063,685	T.J. MAXX(2014), PUBLIX SUPER MARKETS(2019), BEALL’S(2021), PETSMART(2013), OFFICE DEPOT(2014), TARGET(NOT OWNED)
149	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET	TALLAHASSEE		1994/2004		2003			100.00	%		98,872		271,521		638,607	BEALL’S OUTLET(2014), WALMART(NOT OWNED)
150	TALLAHASSEE, FL (KILLEARN)	KILLEARN SHOPPING CENTER 3479-99 THOMASVILLE ROAD	TALLAHASSEE		1980		2007			20.00	%		95,229		95,229		976,828	PUBLIX SUPER MARKETS(2011)
151	TALLAHASSEE, FL (SOUTHWOOD)	SOUTHWOOD VILLAGE NWC CAPITAL CIRCLE & BLAIRSTONE ROAD	TALLAHASSEE		2003		2007			20.00	%		62,840		62,840		721,637	PUBLIX SUPER MARKETS(2023)
152	TAMARAC, FL	MIDWAY PLAZA UNIVERSITY DR & COMMERCIAL BLVD	MIAMI		1985		2007			20.00	%		227,209		227,209		2,589,603	ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)
153	TAMPA, FL	NEW TAMPA COMMONS BRUCE B DOWNS & DONNA MICHELLE	TAMPA		2005		2007			100.00	%		10,000		10,000		341,185
154	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY	TAMPA		1990		1/2	*		20.00	%		104,460		222,388		1,109,226	PUBLIX SUPER MARKETS(2015), WALMART(NOT OWNED)
155	TAMPA, FL (WALKS)	WALK AT HIGHWOOD PRESERVE(I) 18001 HIGHWOODS PRESERVE PARKWAY	TAMPA		2001		2007			15.00	%		169,081		178,981		2,042,575	MICHAEL’S(2012)
156	TAMPA, FL (WATERS)	TOWN N’ COUNTRY PROMENADE 7021-7091 WEST WATERS AVENUE	TAMPA		1990		1/2	*		100.00	%		134,463		249,844		1,167,245	KASH N KARRY(2010), BEALL’S OUTLET(2014). WALMART(NOT OWNED)
157	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH	TAMPA		1974/1998		1/2	*		100.00	%		198,797		199,447		1,316,858	K MART(2009), BIG LOTS(2012), STAPLES(2013)
158	TEQUESTA, FL	TEQUESTA SHOPPES 105 N US HWY 1	MIAMI		1986		2007			100.00	%		109,760		109,760		1,107,726	STEIN MART(2017)
159	VALRICO, FL	BRANDON BOULEVARD SHOPPES 1930 SR 60 E.	TAMPA		1994		2007			100.00	%		85,377		85,377		928,271	PUBLIX SUPER MARKETS(2014)
160	VALRICO, FL (LITHIA)	SHOPPES AT LITHIA 3461 LITHIA PINECRES T ROAD	TAMPA		2003		2007			20.00	%		71,430		71,430		1,011,457	PUBLIX SUPER MARKETS(2023)
161	VENICE, FL	JACARANDA PLAZA 1687 SOUTH BYPASS	SARASOTA		1974		2008			25.25	%		84,180		84,180		256,500	K MART(2009)
162	VERO BEACH, FL	6560 20TH STREET	VERO BEACH		2001		2007			100.00	%		33,243		33,243		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
163	WESLEY CHAPEL, FL	SHOPPES OF NEW TAMPA 1920 CR 581	TAMPA		2002		2007		20.00	%		158,582		158,582		1,828,356	PUBLIX SUPER MARKETS(2022), BEALL’S(2017)
164	WEST PALM BEACH, FL	PARADISE PLACE 4075 N. HAVERHILL RD	MIAMI		2003		2007		15.00	%		89,120		89,120		938,547	PUBLIX SUPER MARKETS(2023)
165	WINTER PARK, FL (GOLDENROD)	WINTER PARK PALMS 4270 ALOMA AVENUE	ORLANDO		1985/1998		2007		14.50	%		112,292		112,292		629,495	PUBLIX SUPER MARKETS(2010)
Georgia
166	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD	ATLANTA		2000		2003		100.00	%		24,000		218,879		350,244	WAL MART(NOT OWNED)
167	ATLANTA, GA (BROOKHAVEN)	BROOKHAVEN PLAZA 3974 PEACHTREE RD NE	ATLANTA		1993		2007		20.00	%		65,320		71,320		1,190,460	KROGER(2018)
168	ATLANTA, GA (CORNERS)	CASCADE CORNERS 3425 CASCADE ROAD	ATLANTA		1993		2007		20.00	%		66,844		66,844		486,565	KROGER(2020)
169	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD	ATLANTA		1990		1994		100.00	%		99,025		219,025		730,641	WALMART(NOT OWNED)
170	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY	ATLANTA		1995/2002		1995		14.50	%		343,155		352,755		5,471,379	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)
171	ATLANTA, GA (ABERNATHY)	ABERNATHY SQUARE 6500 ROSWELL RD	ATLANTA		1983/1994		2007		100.00	%		127,615		131,515		2,340,812	PUBLIX SUPER MARKETS(2014)
172	ATLANTA, GA (CROSSING)	CASCADE CROSSING 3695 CASCADE RD SW	ATLANTA		1994		2007		20.00	%		63,346		63,346		607,294	PUBLIX SUPER MARKETS(2014)
173	AUGUSTA, GA	2360 GEORGETOWN ROAD	ATLANTA		1999		2007		15.00	%		22,560		232,560		0	SUPER WALMART(NOT OWNED)
174	AUSTELL, GA	BURLINGTON PLAZA 3753-3823 AUSTELL ROAD SW	ATLANTA		1973		2008		25.25	%		146,950		146,950		489,081	BURLINGTON COAT FACTORY(2014)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
175	BUFORD, GA (MILLCREEK)	MARKETPLACE AT MILLCREEK (I) MALL OF GEORGIA BLVD	ATLANTA		2003		2007		15.00	%		402,941		402,941		4,417,287	TOYS R US(2015), R.E.I.(2013), BORDERS(2020), OFFICE MAX(2014), PETSMART(2015), MICHAEL’S(2015), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012)
176	CANTON, GA	HICKORY FLAT VILLAGE 6175 HICKORY FLAT HY	ATLANTA		2000		2007		20.00	%		74,020		74,020		971,467	PUBLIX SUPER MARKETS(2020)
177	CANTON, GA (RIVER)	RIVERSTONE PLAZA 1451 RIVERSTONE PARKWAY	ATLANTA		1998		2007		20.00	%		302,131		331,820		3,198,837	MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2017), PUBLIX SUPER MARKETS(2018)
178	CARTERSVILLE, GA	BARTOW MARKETPLACE 215 MARKETPLACE BLVD	ATLANTA		1995		2007		15.00	%		375,067		375,067		2,462,513	WALMART(2015), LOWE’S(2015)
179	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD	ATLANTA		1976		2003		100.00	%		147,016		147,016		647,519
180	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB	COLUMBUS		1999		2003		100.00	%		119,786		242,786		979,149	PETSMART(2015), MICHAEL’S(2014), TARGET(NOT OWNED)
181	CUMMING, GA	SHARON GREENS 1595 PEACHTREE PKWY	ATLANTA		2001		2007		20.00	%		98,301		101,301		1,032,516	KROGER(2021)
182	CUMMING, GA (MARKETPLACE)	CUMMING MARKETPLACE MARKETPLACE BOULEVARD	ATLANTA		1997/1999		2003		100.00	%		316,557		652,642		3,416,026	LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), WAL MART(NOT OWNED), HOME DEPOT(NOT OWNED)
183	DECATUR, GA (FLAT SHOALS)	FLAT SHOALS CROSSING 3649 FLAKES MILL RD	ATLANTA		1994		2007		20.00	%		69,699		69,699		691,401	PUBLIX SUPER MARKETS(2013)
184	DECATUR, GA (HAIRSTON)	HAIRSTON CROSSING 2075 S HAIRSTON ROAD	ATLANTA		2002		2007		20.00	%		57,884		57,884		708,560	PUBLIX SUPER MARKETS(2022)
185	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD	ATLANTA		1999		2003		100.00	%		86,158		261,353		1,375,357	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)
186	DOUGLASVILLE, GA (PAVILION)	DOUGLASVILLE PAVILION 2900 CHAPEL HILL RD	ATLANTA		1998		2007		15.00	%		267,010		370,010		2,303,583	PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2014), ROSS DRESS FOR LESS(2012)
187	DOUGLASVILLE, GA (MARKET)	MARKET SQUARE 9503-9579 HIGHWAY 5	ATLANTA		1974/1990		2007		20.00	%		121,766		128,266		1,399,454	OFFICE DEPOT(2013)
188	DULUTH, GA (VENTURE)	VENTURE POINTE (I) 2050 W. LIDDELL RD.	ATLANTA		1996		2007		15.00	%		335,420		645,420		2,408,764	HOBBY LOBBY(2011), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), GOLFSMITH GOLF CENTER(2012), KOHL’S(2022), SUPER TARGET(NOT OWNED), COSTCO(NOT OWNED)
189	DULUTH, GA (SOFA)	SOFA EXPRESS 3480 STEVE REYNOLDS BLVD	ATLANTA		2004		2007		100.00	%		20,000		20,000		0
190	DULUTH, GA, GA (PLEASANT)	PLEASANT HILL SQUARE 2205 PLEASANT HILL	ATLANTA		1997/2000		2007		15.00	%		282,137		282,137		3,410,033	BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2019), STAPLES(2014), J.C. PENNEY(2012), OLD NAVY(2009)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
191	ELLENWOOD, GA	PARADISE SHOPPES OF ELLENWOOD EAST ATLANTA ROAD & FAIRVIEW ROAD	ATLANTA		2003		2007		20.00	%		67,721		67,721		732,538	PUBLIX SUPER MARKETS(2023)
192	FAYETTEVILLE, GA (PAVILION)	FAYETTE PAVILION (I) NEW HOPE ROAD & GA HWY 85	ATLANTA		1995/2002		2007		15.00	%		1,279,810		1,528,307		11,072,774	H.H. GREGG APPLIANCES(2018), WALMART(2016), BED BATH & BEYOND(2013), SPORTS AUTHORITY(2012), T.J. MAXX(2011), PUBLIX SUPER MARKETS(2016), BELK(2015), BEST BUY(2013), HUDSON’S FURNITURE SHOWROOM(2016), OLD NAVY(2010), ROSS DRESS FOR LESS(2012), TOYS R US(2010), CINEMARK(2018), MARSHALLS(2011), PETSMART(2016), KOHL’S(2022), JO-ANN STORES(2012), DICK’S SPORTING GOODS(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
193	FLOWERY BRANCH, GA	CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD	ATLANTA		2003		2007		20.00	%		90,566		90,566		1,019,995	KROGER(2023)
194	GAINESVILLE, GA	RITE AID 599 S. ENOTA DRIVE	ATLANTA		1997		2007		100.00	%		10,594		10,594		178,016
195	HIRAM, GA	HIRAM PAVILION (I) 5220 JIMMY LEE SMITH PARKWAY	ATLANTA		2002		2007		15.00	%		363,695		568,715		2,621,230	ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), TARGET(NOT OWNED)
196	KENNESAW, GA (BARRETT)	BARRETT PAVILION (I) 740 BARRETT PARKWAY	ATLANTA		1998		2007		15.00	%		439,784		585,184		7,087,254	AMC THEATRE(2019), HOMEGOODS(2013), SCHOOL BOX, THE(2010), GOLFSMITH GOLF CENTER(2013), H.H. GREGG APPLIANCES(2018), HOBBY LOBBY(2019), JO-ANN STORES(2011), TOTAL WINE & MORE(2017), REI(2018), OLD NAVY(2010), TARGET(NOT OWNED)
197	KENNESAW, GA(TOWN)	TOWN CENTER COMMONS 725 EARNEST BARRETT PARKWAY	ATLANTA		1998		2007		100.00	%		72,108		159,758		933,479	J.C. PENNEY(2013), DICK’S(NOT OWNED)
198	LAWRENCEVILLE, GA (RITE AID)	RITE AID 1545 LAWRENCEVILLE HIGHWAY	ATLANTA		1997		2007		100.00	%		9,504		9,504		184,328
199	LAWRENCEVILLE, GA (SPRINGFIELD)	SPRINGFIELD PARK 665 DULUTH HIGHWAY	ATLANTA		1992/2000		2007		100.00	%		105,321		105,321		785,863	HOBBY LOBBY(2011)
200	LITHONIA, GA	STONECREST MARKETPLACE TURNER HILL ROAD AND MALL PARKWAY	ATLANTA		2002		2007		15.00	%		264,584		264,584		3,041,965	STAPLES(2017), BABIES R US(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012), A.J. WRIGHT(2019)
201	LITHONIA, GA (THE SHOPS AT TURNER HILL)	SHOPS AT TURNER HILL 8200 MALL PARKWAY	ATLANTA		2003		2003		14.50	%		113,675		293,670		1,405,183	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(2012), SAM’S CLUB(NOT OWNED)
202	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY	ATLANTA		1995		2003		20.00	%		91,196		91,196		1,010,973	KROGER(2016)
203	MACON, GA	EISENHOWER ANNEX 4685 PRESIDENTIAL PARKWAY	MACON		2002		2007		100.00	%		55,505		55,505		641,878	H.H. GREGG APPLIANCES(2036), PETSMART(2017)
204	MACON, GA (DAVID’S)	DAVID’S BRIDAL CENTER 4685 PRESIDENTIAL PARKWAY	MACON		2004		2007		15.00	%		14,000		14,000		247,665



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
205	MACON, GA (EISENHOWER)	EISENHOWER CROSSING (I) 4685 PRESIDENTIAL PARKWAY	MACON		2002		2007		15.00	%		400,653		578,249		4,406,631	KROGER(2022), STAPLES(2016), MICHAEL’S(2011), ROSS DRESS FOR LESS(2013), BED BATH & BEYOND(2012), OLD NAVY(2011), MARSHALLS(2011), DICK’S SPORTING GOODS(2017), TARGET(NOT OWNED)
206	MACON, GA (K-MART)	K-MART 1901 PAUL WALSH DR.	MACON		2000		2007		100.00	%		102,098		102,098		0
207	MARIETTA, GA	TOWNE CENTER PRADO 2609 BELLS FERRY ROAD	ATLANTA		1995/2002		1995		14.50	%		316,786		326,683		3,222,249	STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015)
208	MARIETTA, GA (RITE AID)	RITE AID 731 WHITLOCK AVE	ATLANTA		1997		2007		100.00	%		10,880		10,880		183,507
209	MARIETTA, GA (BLOCKBUSTER)	BLOCKBUSTER 1748 POWDER SPRINGS	ATLANTA		1994		2007		20.00	%		6,500		6,500		128,960
210	MCDONOUGH, GA	MCDONOUGH MARKETPLACE NE CORNER 175 & HIGHWAY 20	ATLANTA		2003		2003		14.50	%		53,158		360,729		862,553	OFFICE DEPOT(2016), WALMART(NOT OWNED), LOWES(NOT OWNED)
211	MCDONOUGH, GA (DOW)	SHOPPES AT LAKE DOW 900-938 HIGHWAY 81 E	ATLANTA		2002		2007		20.00	%		72,727		72,727		900,718	PUBLIX SUPER MARKETS(2022)
212	MORROW, GA (SOUTHLAKE)	SOUTHLAKE PAVILION (II & III) 1912 MT ZION ROAD	ATLANTA		1996/2001		2007		15.00	%		527,866		644,614		4,351,819	ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2013), ASHLEY FURNITURE HOMESTORE(2012), L.A. FITNESS(2017), STAPLES(2015), OLD NAVY(2011), H.H. GREGG APPLIANCES(2018), SEARS(2012), TARGET(NOT OWNED)
213	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA	ATLANTA		1995		2003		100.00	%		156,497		426,723		1,265,007	LOWE’S(2015), WALMART(NOT OWNED)
214	NEWNAN, GA (PAVILION)	NEWNAN PAVILION 1074 BULLSBORO DR	ATLANTA		1998		2007		15.00	%		263,635		459,508		2,869,808	OFFICE MAX(2013), PETSMART(2015), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)
215	NORCROSS, GA	JONES BRIDGE SQUARE 5075 PEACHTREE PKWY	ATLANTA		1999		2007		100.00	%		83,363		83,363		868,844	INGLES(2019)
216	ROME, GA	2700 MARTHA BERRY HIGHWAY NE	ROME		2001		2007		100.00	%		33,056		33,056		0
217	ROSWELL, GA (SANDY)	SANDY PLAINS VILLAGE (I) GEORGIA HWY 92 AND SANDY PLAINS ROAD	ATLANTA		1978/1995		2007		100.00	%		177,529		177,529		1,173,999	KROGER(2010)
218	ROSWELL, GA (STONEBRIDGE)	STONEBRIDGE SQUARE 610-20 CROSSVILLE RD	ATLANTA		2002		2007		15.00	%		160,104		162,832		1,711,646	KOHL’S(2022)
219	SMYRNA, GA	HERITAGE PAVILION 2540 CUMBERLAND BLVD	ATLANTA		1995		2007		15.00	%		262,971		262,971		3,230,431	PETSMART(2016), ROSS DRESS FOR LESS(2016), AMERICAN SIGNATURE(2018), T.J. MAXX(2010), MARSHALLS(2011)
220	SNELLVILLE, GA (RITE AID)	RITE AID 3295 CENTERVILLE HWY	ATLANTA		1997		2007		100.00	%		10,594		10,594		199,601



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
221	SNELLVILLE, GA (COMMONS)	PRESIDENTIAL COMMONS 1630-1708 SCENIC HWY	ATLANTA		2000		2007			100.00	%		371,586		371,586		3,889,542	JO-ANN STORES(2014), KROGER(2018), STEIN MART(2013), HOME DEPOT(2023)
222	STONE MOUNTAIN, GA (DESHON)	DESHON PLAZA 380 N. DESHON ROAD	ATLANTA		1994		2007			20.00	%		64,055		64,055		710,881	PUBLIX SUPER MARKETS(2014)
223	SUWANEE, GA (CROSS)	SUWANEE CROSSROADS LAWRENCEVILLE ROAD & SATELLITE BLVD	ATLANTA		2002		2007			15.00	%		69,600		279,600		637,225	SUPER WALMART(NOT OWNED)
224	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWN CENTER 3630 PEACHTREE PARKWAY SUWANEE	ATLANTA		2001/2004		2003			100.00	%		285,336		285,336		3,678,871	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
225	SUWANEE, GA (SHOPS)	SHOPS AT JOHNS CREEK 4090 JOHNS CREEK PKY	ATLANTA		1997		2007			20.00	%		18,200		18,200		253,220
226	SYLVANIA, GA	BI-LO 1129 W OGEECHEE ST	ATLANTA		2002		2007			100.00	%		36,000		36,000		378,000	BI-LO(2023)
227	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY	ATLANTA		1998/2003		2003			20.00	%		130,832		279,020		878,780	KROGER(2019), WALMART(NOT OWNED)
228	TYRONE, GA	SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD	ATLANTA		2003		2007			20.00	%		77,956		77,956		869,803	PUBLIX SUPER MARKETS(2023)
229	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD	ATLANTA		1986		2003			100.00	%		100,002		181,954		549,801	WALMART(NOT OWNED)
230	WARNER ROBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD	WARNER ROBINS		1997		2003			100.00	%		107,941		459,700		1,325,004	T.J. MAXX(2010), STAPLES(2016), LOWES(NOT OWNED), WALMART(NOT OWNED)
231	WARNER ROBINS, GA (CITY)	CITY CROSSING WATSON BLVD & CARL VINSON PKWY	WARNER ROBINS		2001		2007			15.00	%		190,433		305,433		1,621,273	MICHAEL’S(2011), ROSS DRESS FOR LESS(2012), HOME DEPOT(NOT OWNED)
232	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928	ATLANTA		1995		2003			100.00	%		44,691		44,691		400,252
233	WOODSTOCK, GA (SQUARE)	WOODSTOCK SQUARE 120-142 WOODSTOCK SQ	ATLANTA		2001		2007			15.00	%		218,859		392,859		2,892,338	OFFICE MAX(2017), OLD NAVY(2012), KOHL’S(2022), SUPER TARGET(NOT OWNED)
Idaho
234	IDAHO FALLS, ID (DDRC)	COUNTRY CLUB MALL 1515 NORTHGATE MILE	IDAHO FALLS		1976/1992/1997		1998			100.00	%		138,495		296,103		830,546	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)
235	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD	BOISE		1999/2001/2002/2003/2004		1	*		100.00	%		461,023		731,482		6,501,540	BED BATH & BEYOND(2011), OLD NAVY(2010), SHOPKO(2020), OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2012), MARSHALLS(2012), SPORTSMAN’S WAREHOUSE(2015), BABIES R US(2014), CRAFT WAREHOUSE(2013), WALMART(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
236	NAMPA, ID	NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.	BOISE		2008		1	*		100.00	%		138,685		138,685		558,548	SPORTS AUTHORITY(2020), J.C. PENNEY(2027)
Illinois
237	DEER PARK, IL	DEER PARK TOWN CENTER (I) 20530 NORTH RAND RD SUITE 133	CHICAGO		2000/2004		1	*		25.75	%		302,039		406,234		8,989,008	GAP(2010), CRATE & BARREL(2018), CENTURY THEATRE(2019), BARNES & NOBLE(NOT OWNED)
238	MCHENRY, IL	THE SHOPS AT FOX RIVER 3340 SHOPPERS DRIVE	CHICAGO		2006		1	*		100.00	%		226,552		233,951		2,104,140	DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)
239	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY	MOUNT VERNON		1974/1998/2000		1993			100.00	%		269,328		269,328		822,944	SEARS(2013), J.C. PENNEY(2012)
240	ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD	CHICAGO		2006		2006			50.00	%		57,499		62,399		892,280
241	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE	CHICAGO		1987/1993		2004			100.00	%		149,498		149,498		1,471,963	HOME DEPOT(2012)
242	ROSCOE, IL	HILANDER VILLAGE 4860 HONONEGAH ROAD	CHICAGO		1994		2007			20.00	%		125,712		125,712		966,637	KROGER(2020)
243	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD	CHICAGO		1993/1998/2002		1995			14.50	%		508,673		674,362		7,022,907	OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), MARSHALLS(2014), NORDSTROM RACK(2014), BORDERS(2012), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED)
244	SKOKIE, IL	VILLAGE CROSSING 5507 W. TOUHY AVE	CHICAGO		1989		2007			15.00	%		437,249		443,239		7,660,077	MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2014), CROWN THEATRES(2021), BARNES & NOBLE(2012)
Indiana
245	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE	BEDFORD		1993/1997		2	*		100.00	%		223,431		223,431		948,439	K MART(2018), J.C. PENNEY(2013)
246	EVANSVILLE, IN (EAST)	EAST LLOYD COMMONS 6300 E. LLOYD EXPWY	EVANSVILLE		2005		2007			100.00	%		159,682		159,682		2,080,161	GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)
247	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET	CHICAGO		1995/2001		1996			20.00	%		312,546		524,410		2,931,791	MARSHALLS(2011), KOHL’S(2016), OFFICE MAX(2012), JEWEL(NOT OWNED), TARGET(NOT OWNED)
248	INDIANAPOLIS, IN	GLENLAKE PLAZA 2629 E. 65TH STREET	INDIANAPOLIS		1980		2007			20.00	%		102,549		102,549		771,586	KROGER(2020)
249	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE	LAFAYETTE		2000		2003			100.00	%		35,100		243,850		190,857	WAL MART(NOT OWNED)
250	SOUTH BEND, IN	BROADMOOR PLAZA 1217 E. IRELAND ROAD	SOUTH BEND		1987		2007			20.00	%		114,968		114,968		1,222,030	KROGER(2020)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
Iowa
251	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE	CEDAR RAPIDS		1984		1998			100.00	%		187,068		207,405		1,900,409	T.J. MAXX(2015), OFFICE MAX(2010), BARNES & NOBLE(2015), KOHL’S(2021)
252	OTTUMWA, IA	QUINCY PLACE MALL (I) 1110 QUINCY AVENUE	OTTUMWA		1990/1999/2002		1/2	*		100.00	%		241,427		426,599		1,133,147	HERBERGER’S(2015), J.C. PENNEY(2010), TARGET(NOT OWNED)
Kansas
253	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119TH STREET	KANSAS CITY		1996/2002		1998			100.00	%		309,500		491,871		8,282,448	BARNES & NOBLE(2016), MACY’S(2104)
254	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH RD	KANSAS CITY		1998/2004		1	*		14.50	%		351,244		473,750		4,073,350	CINEMARK(2018), OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2014), DICK’S SPORTING GOODS(2016), HOME DEPOT(NOT OWNED)
255	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD	KANSAS CITY		2001/2004		2003			14.50	%		42,632		361,759		871,174	BABIES R US(2015), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED)
256	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD	WICHITA		1955		2002			100.00	%		205,114		300,492		2,047,588	BURLINGTON COAT FACTORY(2017), OFFICE MAX(2010), T.J. MAXX(2011), BARNES & NOBLE(2012), TOYS R US(NOT OWNED)
Kentucky
257	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE	LEXINGTON		1998		2003			100.00	%		46,647		228,878		689,248	STAPLES(2016), WAL MART(NOT OWNED)
258	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL	LEXINGTON		1998		2003			100.00	%		11,300		344,280		548,216	WAL MART(NOT OWNED), LOWE’S(NOT OWNED)
259	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY	LOUISVILLE		1973/1989/1998		2004			100.00	%		120,777		120,777		615,078	VALU DISCOUNT(2014)
260	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS	LEXINGTON		1992		2003			100.00	%		134,823		206,095		676,050	OFFICE DEPOT(2016), HOBBY LOBBY(2018), DUNHAM’S SPORTING GOODS(2015), BALLARD’S(NOT OWNED)
Louisiana
261	COVINGTON, LA	COVINGTON CORNERS 782 NORTH HGHWY 190	NEW ORLEANS		1999		2007			100.00	%		15,590		15,590		249,440
Maine
262	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD	AUGUSTA		1965		1997			100.00	%		301,853		310,090		2,121,731	HOYTS CINEMAS(2010), BIG LOTS(2013), T.J. MAXX(2015), SEARS(2012)
Maryland
263	BOWIE, MD	DUVALL VILLAGE 4825 GLENN DALE ROAD	WASHINGTON DC		1998		2007			100.00	%		88,022		88,022		1,407,296	SUPER FRESH(2020)
264	GLEN BURNIE, MD	HARUNDALE PLAZA 7440 RITCHIE HIGHWAY	WASHINGTON DC		1999		2007			20.00	%		217,619		217,619		2,636,717	A & P COMPANY(2019), A.J. WRIGHT(2014), BURLINGTON COAT FACTORY(2018)
265	HAGERSTOWN, MD	VALLEY PARK COMMONS 1520 WESEL BLVD	HAGERSTOWN		1993/2006		2007			100.00	%		88,893		88,893		1,026,919



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year					DDR					Owned/		Total
				Developed/		Year			Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired			Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
266	SALISBURY, MD	THE COMMONS (I) E. NORTH POINT DRIVE	SALISBURY		2000		2006			100.00	%		126,135		350,012		1,832,289	BEST BUY(2014), MICHAEL’S(2014), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
267	UPPER MARLBORO, MD	LARGO TOWNE CENTER 950 LARGO CENTER DR	WASHINGTON DC		1991		2007			20.00	%		260,797		277,634		3,815,028	SHOPPERS FOOD WAREHOUSE(2016), MARSHALLS(2011), REGENCY FURNITURE(2017)
268	WHITE MARSH, MD	COSTCO PLAZA 9919 PULASKI HWY	WASHINGTON DC		1987/1992		2007			15.00	%		187,331		250,311		1,512,159	COSTCO WHOLESALE(2011), PETSMART(2010), PEP BOYS(2012), SPORTS AUTHORITY(2011), HOME DEPOT(NOT OWNED)
Massachusetts
269	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD	BOSTON		2001		1	*		100.00	%		222,236		639,756		4,760,812	HOME DEPOT(2031), BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED)
270	FRAMINGHAM, MA	SHOPPERS WORLD 1 WORCESTER ROAD	BOSTON		1994		1995			14.50	%		769,276		778,701		13,844,478	TOYS R US(2020), MACY’S(2020), T.J. MAXX(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2017), A.C. MOORE(2012), MARSHALLS(2011), BOB’S STORES(2011), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2015)
271	WEST SPRINGFIELD, MA	RIVERDALE SHOPS 935 RIVERDALE STREET	SPRINGFIELD		1985/2003		2007			20.00	%		273,532		273,532		3,430,275	KOHL’S(2024), STOP & SHOP(2016)
272	WORCESTER, MA	SAM’S CLUB 301 BARBER AVE	WORCESTER		1998		2007			100.00	%		107,929		107,929		1,116,581	SAM’S CLUB(2013)
Michigan
273	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD	BAD AXE		1991		1993			100.00	%		63,415		134,574		144,425	WALMART(NOT OWNED)
274	BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE	BENTON HARBOR		1998		2006			20.00	%		280,216		470,876		2,215,387	OFFICE DEPOT(2009), T.J. MAXX(2014), TARGET(NOT OWNED), KOHL’S(NOT OWNED)
275	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE	CHEBOYGAN		1988		1994			100.00	%		70,076		70,076		266,014	K MART(2010)
276	DEARBORN HEIGHTS, MI	WALGREENS 8706 N. TELEGRAPH RD	DETROIT		1998/1999		2007			100.00	%		13,905		13,905		385,510
277	DETROIT, MI	BEL AIR CENTRE 8400 E. EIGHT MILE ROAD	DETROIT		1989/2002		1998			100.00	%		445,349		445,349		1,351,841	KIDS R US(2013), FORMAN MILLS(2012)
278	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET	GAYLORD		1991/2004		1993			100.00	%		188,386		188,386		590,185	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BOSMAN’S MERCANTILE(2018)
279	GRAND RAPIDS, MI	GREEN RIDGE SQUARE (I) 3390-B ALPINE AVE NW	GRAND RAPIDS		1989		1995			100.00	%		133,538		303,447		1,498,176	T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
280	GRAND RAPIDS, MI (ALPINE AVE)	GREEN RIDGE SQUARE (II) 3410 ALPINE AVENUE	GRAND RAPIDS		1991/1995		2004			100.00	%		85,254		85,254		464,421	BED BATH & BEYOND(2015)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
281	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECTN 44TH ST & CANAL AVE	GRAND RAPIDS		2003		2003		14.50	%		201,622		351,994		1,435,305	GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)
282	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26	HOUGHTON		1981/1999		1/2 *		100.00	%		257,863		257,863		331,020	J.C. PENNEY(2010), OFFICE MAX(2014)
283	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER	HOWELL		1991		1993		100.00	%		214,501		214,501		1,402,613	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011), OFFICE MAX(2017), T.J. MAXX(2017)
284	LANSING, MI	MARKETPLACE AT DELTA TOWNSHIP 8305 WEST SAGINAW HWY 196 RAMP	LANSING		2000/2001		2003		100.00	%		135,697		489,104		1,407,864	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)
285	LIVONIA, MI	WALGREENS 29200 6 MILE ROAD	DETROIT		1998/1999		2007		100.00	%		13,905		13,905		269,061
286	MILAN, MI	MILAN PLAZA 531 W. MAIN STREET	DETROIT		1955		2007		20.00	%		65,764		68,964		294,409	KROGER(2020)
287	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD	MT. PLEASANT		1990		2 *		100.00	%		249,680		249,680		670,897	T.J. MAXX(2014), KROGER(2011)
288	PORT HURON, MI	WALGREENS NWC 10TH STREET & OAK STREET	DETROIT		2000		2007		100.00	%		15,120		15,120		359,856
289	SAULT ST. MARIE, MI	CASCADE CROSSING 4516 I-75 BUSINESS SPUR	SAULT ST. MARIE		1993/1998		1994		100.00	%		270,761		270,761		1,700,474	J.C. PENNEY(2013), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
290	WESTLAND, MI	WALGREENS 7210 N. MIDDLEBELT	DETROIT		2005		2007		100.00	%		13,905		13,905		285,053
Minnesota
291	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE	BEMIDJI		1977/1998		2 *		100.00	%		297,803		297,803		1,661,688	K MART(2012), HERBERGER’S(2015), J.C. PENNEY(2013)
292	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY	BRAINERD		1985/1998		1/2 *		100.00	%		260,319		260,319		1,238,254	HERBERGER’S(2013), MOVIES 10(2011)
293	COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE	MINNEAPOLIS		2003		1 *		14.50	%		551,867		940,371		8,419,912	KOHL’S(2020), JO-ANN STORES(2015), BORDERS(2023), OLD NAVY(2012), SEARS(2017), BEST BUY(2013), J.C. PENNEY(2024), DSW SHOE WAREHOUSE(2016), COSTCO(NOT OWNED)
294	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE	MINNEAPOLIS		1997/2001		1997		50.00	%		278,211		342,014		3,786,944	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
295	MAPLE GROVE, MN	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94	MINNEAPOLIS		1995/2002		1996		50.00	%		265,957		354,321		3,059,883	KOHL’S(2016), BARNES & NOBLE(2011), GANDER MOUNTAIN(2011), MICHAEL’S(2012), BED BATH & BEYOND(2012), CUB FOODS(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
296	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST	ST. PAUL		1995		1997		14.50	%		324,354		473,596		2,649,840	WALMART(2022), CUB FOODS(2015), PETSMART(2011), LA FITNESS INTERNATIONAL(2023), HERBERGER’S(NOT OWNED), BORDERS BOOKS AND MUSIC(NOT OWNED)
Mississippi
297	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY	GULFPORT		1999		2003		100.00	%		423,507		545,820		4,945,875	ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2015), T.J. MAXX(2014), CINEMARK(2019), OFFICE DEPOT(2014), BELK(2024), BARNES & NOBLE(2015)
298	JACKSON, MS(JUNCTION)	THE JUNCTION 6351 I-55 NORTH3	JACKSON		1996		2003		100.00	%		107,780		326,319		1,222,242	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
299	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVE	OXFORD		2000		2003		20.00	%		13,200		71,866		348,608	KROGER(2020)
300	STARKVILLE, MS	STARKVILLE CROSSINGS 882 HIGHWAY 12 WEST	STARKVILLE		1999/2004		1994		100.00	%		133,691		268,254		940,087	J.C. PENNEY(2010), KROGER(2012), LOWE’S(NOT OWNED)
301	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST	TUPELO		1992		1994		100.00	%		348,236		348,236		1,864,732	SAM’S CLUB(2012), WALMART(2012)
Missouri
302	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD	ST. LOUIS		2002		1 *		50.00	%		42,091		290,147		547,018	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
303	BRENTWOOD,MO	THE PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT	ST. LOUIS		1998		1998		100.00	%		299,584		299,584		4,261,926	TARGET(2023), BED BATH & BEYOND(2014), PETSMART(2014), LANE HOME FURNISHINGS(2013)
304	DES PERES, MO	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD	ST. LOUIS		1985		1998		100.00	%		92,372		92,372		1,391,279	T.J. MAXX(2011)
305	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141	ST. LOUIS		1970/1997		1/2 *		100.00	%		93,420		100,420		968,181
306	HIGH RIDGE, MO	GRAVOIS VILLAGE PLAZA 4523 GRAVOIS VILLAGE PLAZA	ST. LOUIS		1983		1998		100.00	%		114,992		114,992		552,934	K MART(2013)
307	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET	ST. LOUIS		1995/1999		1995		14.50	%		386,066		403,166		5,047,042	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)
308	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD	ST. LOUIS		1989		1998		100.00	%		56,033		56,033		548,416	TOYS R US(2013)
309	ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA	ST. LOUIS		2003		2003		100.00	%		88,450		93,513		1,061,542	SHOP ‘N SAVE(2022)
310	ST. LOUIS, MO (PLZ SUNSET)	PLAZA AT SUNSET HILLS 10980 SUNSET PLAZA	ST. LOUIS		1997		1998		100.00	%		415,435		450,938		5,417,618	TOYS R US(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
311	ST. LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE CENTRE KINGS HIGHWAY & CHIPPEWA	ST. LOUIS		2004		1998		100.00	%		86,764		86,764		1,363,566	OFFICE MAX(2014)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
Nevada
312	CARSON CITY, NV	EAGLE STATION 3871 S CARSON STREET	RENO		1983		2005		50.00	%		60,494		60,494		0
313	LAS VEGAS, NV (LOMA)	LOMA VISTA SHOPPING CTR 4700 MEADOWS LANE	LAS VEGAS		1979		2005		50.00	%		75,687		75,687		0
314	RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CENTER PARKWAY	RENO		2002		2005		50.00	%		79,239		79,239		0
315	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA	RENO		2000		2000		100.00	%		52,474		52,474		694,433	CENTURY THEATRE(2014)
New Jersey
316	EAST HANOVER, NJ(PLAZA)	EAST HANOVER PLAZA 154 STATE ROUTE 10	NEW YORK CITY		1994		2007		100.00	%		97,500		97,500		1,825,097	BRANCH BROOK POOL & PATIO(2017), SPORTS AUTHORITY(2012)
317	EAST HANOVER, NJ(SONY)	LOEWS THEATRE COMPLEX 145 STATE ROUTE 10	NEW YORK CITY		1993		2007		100.00	%		20,737		70,789		1,093,648	LOEWS EAST HANOVER CINEMAS(2022)
318	EDGEWATER, NJ	EDGEWATER TOWNE CENTER (I) 905 RIVER ROAD	NEW YORK CITY		2000		2007		100.00	%		77,508		77,508		1,734,087	WHOLE FOODS(2020)
319	FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)	FREEHOLD		2005		1 *		100.00	%		7,619		20,743		430,000
320	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD	TRENTON		2004		2003		100.00	%		468,236		956,916		8,013,234	STAPLES(2015), KOHL’S(2023), MICHAEL’S(2014), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), WALMART(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED)
321	LUMBERTON, NJ	CROSSROADS PLAZA 1520 ROUTE 38	PHILADELPHIA		2003		2007		20.00	%		89,627		204,627		1,627,542	SHOPRITE(2024), LOWE’S(NOT OWNED)
322	LYNDHURST, NJ	LEWANDOWSKI COMMONS 434 LEWANDOWSKI STREET	NEW YORK CITY		1998		2007		20.00	%		78,097		78,097		1,691,222	STOP & SHOP(2020)
323	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE	MAYS LANDING		2001		2004		100.00	%		398,910		398,910		5,578,479	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015)
324	MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONS SQ (I & II) 2300 WRANGLEBORO ROAD	MAYS LANDING		1997		2004		100.00	%		841,433		841,433		9,568,098	BORDERS(2017), BEST BUY(2017), KOHL’S(2018), STAPLES(2012), BABIES R US(2013), BJ’S WHOLESALE CLUB(2016), DICK’S SPORTING GOODS(2013), MICHAEL’S(2013), TARGET(2023), PETSMART(2013)
325	MOUNT LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE	PHILADELPHIA		2005		1 *		10.00	%		280,067		709,863		6,661,399	WEGMAN’S FOOD MARKETS(2024), BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), COSTCO(NOT OWNED), TARGET(NOT OWNED)
326	PRINCETON, NJ	NASSAU PARK PAVILION ROUTE 1 & QUAKER BRIDGE ROAD	TRENTON		1995		1997		100.00	%		289,375		798,184		4,685,537	BORDERS(2011), BEST BUY(2012), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED), WALMART(NOT OWNED), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED)
327	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION (I) ROUTE 1 AND QUAKER BRIDGE ROAD	TRENTON		1999/2004		1 *		100.00	%		202,622		436,387		4,112,766	DICK’S SPORTING GOODS(2015), MICHAEL’S(2014), WEGMAN’S FOOD MARKETS(2024), KOHL’S(2019)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
328	UNION, NJ	ROUTE 22 RETAIL CENTER 2700 US HWY 22 E	NEW YORK CITY		1997		2007		100.00	%		86,348		211,348		597,268	BABIES R US(2018), TARGET(NOT OWNED)
329	WEST LONG BRANCH, NJ	CONSUMER CENTRE 310 STATE HIGHWAY #36	W. LONG BRANCH		1993		2004		100.00	%		292,999		292,999		4,127,002	SPORTS AUTHORITY(2012), BARNES & NOBLE(2010), PETSMART(2014), HOME DEPOT(2013)
330	WEST PATERSON, NJ	WEST FALLS PLAZA 1730 ROUTE 46	NEW YORK CITY		1995		2007		20.00	%		81,261		88,913		1,917,571	A & P COMPANY(2021)
New York
331	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD	BUFFALO		1978/1982/1990/1998		2004		100.00	%		199,504		199,504		2,142,517	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)
332	AMHERST, NY (TOPS ROBINSON)	TOPS PLAZA (TOPS) 3035 NIAGARA FALLS BLVD	BUFFALO		1986		2004		20.00	%		145,192		145,192		1,158,449	TOPS MARKETS(2010)
333	AMHERST, NY (RITE AID)	RITE AID 2545 MILLERSPORT HWY	BUFFALO		2000		2007		100.00	%		10,908		10,908		250,489
334	ARCADE, NY (TOPS)	TOPS PLAZA (TOPS) ROUTE 39	BUFFALO		1995		2004		10.00	%		65,915		65,915		642,404	TOPS MARKETS(2015)
335	AVON, NY (TOPS)	TOPS PLAZA (TOPS) 270 E. MAIN STREET	ROCHESTER		1997/2002		2004		10.00	%		63,288		63,288		462,689	TOPS MARKETS(2017)
336	BATAVIA, NY (BJS)	BJ’S PLAZA 8326 LEWISTON ROAD	ROCHESTER		1996		2004		14.50	%		95,846		95,846		848,924	BJ’S WHOLESALE CLUB(2016)
337	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN ST	ROCHESTER		1990		2004		14.50	%		49,431		49,431		401,029
338	BIG FLATS, NY (BIG FLATS I)	BIG FLATS CONSUMER SQ (I) 830 COUNTY ROUTE 64	ELMIRA		1993/2001		2004		100.00	%		641,264		641,264		5,390,509	WALMART(2013), SAM’S CLUB(2013), TOPS MARKETS(2013), BED BATH & BEYOND(2014), MICHAEL’S(2015), OLD NAVY(2009), STAPLES(2011), BARNES & NOBLE(2011), T.J. MAXX(2013), HOBBY LOBBY(2019)
339	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE	BUFFALO		1997		2004		100.00	%		133,940		133,940		1,675,860	REGAL CINEMAS(2017), OFFICE DEPOT(2012)
340	BUFFALO, NY (RITE AID)	RITE AID 1625 BROADWAY STREET	BUFFALO		2000		2007		100.00	%		12,739		12,739		280,861
341	BUFFALO, NY (DELAWARE-TARGET)	DELAWARE CONSUMER SQUARE (I) 2636-2658 DELAWARE AVENUE	BUFFALO		1995		2004		100.00	%		238,531		238,531		1,978,358	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
342	CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS (WALDEN) 2015 WALDEN AVENUE	BUFFALO		1994		2004		14.50	%		26,500		26,500		609,500	BORDERS(2015)
343	CHEEKTOWAGA, NY (DICKS)	UNION ROAD PLAZA 3637 UNION ROAD	BUFFALO		1979/1982/1997/2003		2004		14.50	%		174,438		174,438		769,190	DICK’S SPORTING GOODS(2015)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
344	CHEEKTOWAGA, NY (RITE AID)	RITE AID 2401 GENNESEE STREET	BUFFALO		2000		2007		100.00	%		10,908		10,908		335,592
345	CHEEKTOWAGA, NY (THRUWAY)	THRUWAY PLAZA 2195 HARLEM ROAD	BUFFALO		1997		2004		100.00	%		371,512		503,844		2,786,650	WALMART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2014), HOME DEPOT(NOT OWNED)
346	CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA 3825-3875 UNION ROAD	BUFFALO		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,554,586	TOPS MARKETS(2013)
347	CHEEKTOWAGA, NY (UNION CONS)	UNION CONSUMER SQUARE (I) 3733 — 3735 UNION ROAD	BUFFALO		1989		2004		14.50	%		386,548		386,548		3,569,850	MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), JO-ANN STORES(2015), BED BATH & BEYOND(2018)
348	CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE 2130-2190 WALDEN AVENUE	BUFFALO		1994/1999		2004		14.50	%		68,002		68,002		657,027
349	CHEEKTOWAGA, NY (WALDEN)	WALDEN CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE	BUFFALO		1997/1999/2004		2004		14.50	%		255,964		255,964		1,942,002	OFFICE DEPOT(2009), MICHAEL’S(2013), TARGET(2015)
350	CHILI, NY (KMART)	KMART PLAZA 800 PAUL ROAD	ROCHESTER		1998		2004		100.00	%		116,868		120,016		753,623	SEARS(2019)
351	CLARENCE, NY (JOANN)	JO-ANN PLAZA 4101 TRANSIT ROAD	BUFFALO		1994		2004		14.50	%		92,720		202,720		743,588	OFFICE MAX(2014), JO-ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)
352	DANSVILLE, NY (TOPS)	TOPS PLAZA 23-65 FRANKLIN STREET	DANSVILLE		2001		2004		100.00	%		71,640		71,640		665,719	TOPS MARKETS(2021)
353	DEWITT, NY (MICHAELS)	MICHAELS 3133 ERIE BOULEVARD	SYRACUSE		2002		2004		100.00	%		38,413		38,413		480,166	MICHAEL’S(2015)
354	DUNKIRK, NY	RITE AID 1166 CENTRAL AVENUE	DUNKIRK		2000		2007		100.00	%		10,908		10,908		210,569
355	ELIMIRA, NY (TOPS)	TOPS PLAZA (TOPS) HUDSON STREET	ELMIRA		1997		2004		10.00	%		98,330		98,330		1,116,990	TOPS MARKETS(2017)
356	GATES, NY (WALMART)	WESTGATE PLAZA 2000 CHILI AVENUE	ROCHESTER		1998		2004		100.00	%		330,312		330,312		3,253,188	WALMART(2021), STAPLES(2015)
357	GREECE, NY	JO-ANN/PETSMART PLAZA 3042 WEST RIDGE ROAD	ROCHESTER		1993/1999		2004		100.00	%		75,916		75,916		821,165	PETSMART(2010), JO-ANN STORES(2015)
358	HAMBURG, NY (BJS)	BJ’S PLAZA 4408 MILESTRIP ROAD	BUFFALO		1990/1997		2004		100.00	%		175,965		175,965		1,722,877	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)
359	HAMBURG, NY (DICKS-PIER 1)	MCKINLEY MALL OP (PIER 1) 3701 MCKINLEY PARKWAY	BUFFALO		1990/2001		2004		100.00	%		128,944		128,944		1,589,257	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2014)
360	HAMBURG, NY (HOME DEPOT)	MCKINLEY MILESTRIP (HOMEDEPOT) 4405 MILESTRIP ROAD	BUFFALO		1999/2000		2004		100.00	%		139,413		139,413		1,426,028	HOME DEPOT(2012)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
361	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP 3540 MCKINLEY PARKWAY	BUFFALO		1999		2004		100.00	%		106,774		106,774		1,304,445	OLD NAVY(2010), JO-ANN STORES(2015)
362	HAMLIN, NY (TOPS)	TOPS PLAZA (TOPS) 1800 LAKE ROAD	ROCHESTER		1997		2004		10.00	%		60,488		60,488		431,055	TOPS MARKETS(2017)
363	HORSEHEADS, NY	SOUTHERN TIER CROSSING ANN PAGE ROAD & I86	ELMIRA		2008		1 *		100.00	%		124,674		421,451		1,325,233	DICKS’S SPORTING GOODS(2019), JO-ANN STORES(2020), WALMART(NOT OWNED), KOHLS(NOT OWNED)
364	IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST	ROCHESTER		1972/1984/1997		2004		20.00	%		226,768		226,768		2,236,048	REGAL CINEMAS(2022), A.J. WRIGHT(2014)
365	ITHACA, NY (TOPS)	TOPS PLAZA (TOPS) 614 — 722 SOUTH MEADOW	ITHACA		1990/1999/2003		2004		100.00	%		229,320		229,320		3,560,860	TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)
366	JAMESTOWN, NY (PROGRESSIVE)	TOPS PLAZA (OUTBUILDING) 75 WASHINGTON ST	JAMESTOWN		1997		2004		20.00	%		98,001		98,001		928,300	TOPS MARKETS(2018)
367	LEROY, NY (TOPS)	TOPS PLAZA (TOPS) 128 WEST MAIN STREET	ROCHESTER		1997		2004		20.00	%		62,747		62,747		557,797	TOPS MARKETS(2017)
368	LOCKPORT, NY	TOPS PLAZA 5789 & 5839 TRANSIT RD. & HAMM	BUFFALO		1993		2004		100.00	%		296,582		296,582		2,747,541	WALMART(2015), TOPS MARKETS(2021), SEARS(2011)
369	N. TONAWANDA, NY (SEARS)	MID-CITY PLAZA 955-987 PAYNE AVENUE	BUFFALO		1960/1976/1980/1995/ 2004		2004		100.00	%		222,107		222,107		2,439,443	TOPS MARKETS(2024)
370	NEW HARTFORD, NY (TOPS)	HANNAFORD PLAZA 40 KELLOGG ROAD	UTICA		1998		2004		100.00	%		110,732		110,732		1,071,530	HANNAFORD BROTHERS(2018)
371	NIAGARA FALLS, NY (REGAL CINE)	REGAL CINEMAS 720 & 750 BUILDERS WAY	BUFFALO		1994/2000		2004		100.00	%		43,170		43,170		577,615	REGAL CINEMAS(2019)
372	NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD	ALBANY		2002		2004		100.00	%		399,901		530,375		4,791,591	PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)
373	NORWICH, NY (TOPS)	P & C PLAZA 54 EAST MAIN STREET	NORWICH		1997		2004		10.00	%		85,453		85,453		1,070,890	TOPS MARKETS(2018)
374	OLEAN, NY (WALMART)	WALMART PLAZA 3142 WEST STATE STREET	OLEAN		1993/2004		2004		100.00	%		353,326		469,332		2,383,226	WALMART(2023), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)
375	ONTARIO, NY (TOPS-BLOCKBUSTER)	TOPS PLAZA 6254-6272 FURNACE RD	ROCHESTER		1998		2004		20.00	%		77,040		77,040		661,807	TOPS MARKETS(2019)
376	ORCHARD PARK, NY (BLOCKBUSTER)	CROSSROADS CENTRE 3245 SOUTHWESTERN BLVD	BUFFALO		2000		2004		20.00	%		167,805		167,805		1,849,861	TOPS MARKETS(2022), STEIN MART(2012)
377	PENFIELD, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD RD	ROCHESTER		1959/1965/1972/1980/ 1986/1994		2004		20.00	%		279,219		279,219		3,177,525	TOPS MARKETS(2014)
378	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST	ROME		1978/2000/2001		2004		100.00	%		194,467		197,397		1,228,712	STAPLES(2015), J.C. PENNEY(2017), TOPS MARKETS(2021), MARSHALLS(2016)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
379	TONAWANDA, NY (BIG LOTS)	YOUNGMANN PLAZA (BIGLOTS) 750 YOUNG STREET	BUFFALO		1985/2003		2004		10.00	%		306,421		318,166		2,398,950	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)
380	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD	BUFFALO		1976/1985/1996		2004		100.00	%		121,846		121,846		1,002,414	BEST FITNESS(2025), OFFICE DEPOT(2011)
381	TONAWANDA, NY (TOPS)	TOPS PLAZA (TOPS) 150 NIAGARA STREET	BUFFALO		1997		2004		10.00	%		97,014		97,014		1,062,347	TOPS MARKETS(2017)
382	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE	ROCHESTER		2000		2004		100.00	%		56,134		56,134		770,776
383	WARSAW, NY (TOPS)	TOPS PLAZA (TOPS) 2382 ROUTE 19	WARSAW		1998		2004		20.00	%		74,105		74,105		549,060	TOPS MARKETS(2015)
384	WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD	BUFFALO		1975/1983/1987/1995		2004		100.00	%		139,453		139,453		1,380,733	HOME DEPOT(2016)
385	WEST SENECA, NY (SENECA RIDGE)	SENECA RIDGE PLAZA 3531 SENECA STREET	BUFFALO		1980/1996/2004		2004		100.00	%		62,403		62,403		261,502
386	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE	BUFFALO		1986/1995/2003		2004		100.00	%		102,917		102,917		1,196,689
387	WILLIAMSVILLE, NY (PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD	BUFFALO		1986/1994/1998		2004		14.50	%		141,639		141,639		1,113,455	PREMIER LIQUORS(2010), STEIN MART(2013)
North Carolina
388	APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS (SOUTH) 1335 W WILLIAMS STREET	RALEIGH		2006		1 *		100.00	%		282,492		294,732		4,150,738	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), BORDERS(2022)
389	APEX, NC (COMMONS)	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET	RALEIGH		2005		1 *		10.00	%		107,743		450,914		2,263,049	OFFICE MAX(2014), LOWES(NOT OWNED)
390	ASHEVILLE, NC (OAKLEY)	OAKLEY PLAZA FAIRVIEW RD AT INTERSTATE 240	ASHEVILLE		1988		2007		100.00	%		118,699		118,699		905,388	BABIES R US(2011), BI-LO(2016)
391	ASHEVILLE, NC (RIVER)	RIVER HILLS 299 SWANNANOA RIVER ROADD	ASHEVILLE		1996		2003		14.50	%		190,970		190,970		1,493,121	CARMIKE CINEMAS(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2013), OFFICE MAX(2011)
392	CARY, NC (HH GREGG)	HHGREGG 1401 PINEY PLAINS RD	RALEIGH		2000		2007		100.00	%		29,235		29,235		292,350	H.H. GREGG (2019)
393	CARY, NC (MILL POND)	MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD	RALEIGH		2004		2007		100.00	%		84,364		149,051		1,086,133	LOWE’S FOODS(2021)
394	CHAPEL HILL, NC	MEADOWMONT VILLAGE W. BARBEE CHAPEL RD	DURHAM		2002		2007		20.00	%		132,745		132,745		2,332,157	HARRIS TEETER SUPERMARKETS(2022)
395	CHARLOTTE, NC (CAMFIELD)	CAMFIELD CORNERS 8620 CAMFIELD STREET	CHARLOTTE		1994		2007		100.00	%		69,910		69,910		872,447	BI-LO(2014)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
396	CLAYTON, NC	CLAYTON CORNERS US HIGHWAY 70 WEST	RALEIGH		1999		2007		20.00	%		125,653		125,653		1,338,900	LOWE’S FOODS(2019)
397	CONCORD, NC (RITE AID)	RITE AID HIGHWAY #29 @ PITTS SCHOOL	CHARLOTTE		2002		2007		100.00	%		10,908		10,908		227,814
398	CORNELIUS, NC	THE SHOPS AT THE FRESH MARKET 20601 TORRENCE CHAPE L ROAD	CHARLOTTE		2001		2007		100.00	%		131,242		131,242		954,692	STEIN MART(2013), FRESH MARKET(2018)
399	DURHAM, NC	PATTERSON PLACE 3616 WITHERSPOON BLVD.	DURHAM		2004		2007		20.00	%		161,004		161,004		2,122,012	DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020), TARGET(NOT OWNED)
400	DURHAM, NC (OXFORD)	OXFORD COMMONS 3500 OXFORD ROAD	DURHAM		1990/2001		1/2 *		100.00	%		208,014		326,280		1,413,433	FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WALMART(NOT OWNED)
401	DURHAM, NC (SOUTH)	SOUTH SQUARE 4001 DURHAM CHAPEL	DURHAM		2005		2007		20.00	%		107,812		288,934		1,637,633	OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2015)
402	FAYETTEVILLE, NC	CROSS POINTE CENTER 5075 MORGANTON ROAD	FAYETTEVILLE		1985/2003		2003		100.00	%		226,089		226,089		1,917,908	T.J. MAXX(2011), BED BATH & BEYOND(2014)
403	FAYETTEVILLE, NC (PAVILION)	FAYETTEVILLE PAVILION 2061 SKIBO ROAD	FAYETTEVILLE		1998/2001		2007		20.00	%		273,969		273,969		2,779,376	DICK’S SPORTING GOODS(2017), PETSMART(2016), CREATIVE BASKET EXPRESSIONS(2020), MARSHALLS(2014), MICHAEL’S(2014)
404	FUQUAY VARINA, NC	SEXTON COMMONS 1420 N MAIN ST	FUQUAY VARINA		2002		2007		20.00	%		49,097		49,097		783,160	HARRIS TEETER SUPERMARKETS(2021)
405	GREENSBORO, NC (ADAMS)	ADAM’S FARM 5710 HIGH POINT ROAD	GREENSBORO		2004		2007		100.00	%		112,010		112,010		948,943	HARRIS TEETER SUPERMARKETS(2013)
406	GREENSBORO, NC (GOLDEN)	GOLDEN GATE EAST CORNWALLIS DR	GREENSBORO		1962/2002		2007		100.00	%		153,113		153,113		1,145,394	HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)
407	GREENSBORO, NC (WENDOVER I)	WENDOVER VILLAGE (I) 4203-4205 WEST WENDOVER AVENUE	GREENSBORO		2004		2007		100.00	%		35,895		170,895		936,183	COSTCO(NOT OWNED)
408	GREENSBORO, NC (WENDOVER II)	WENDOVER VILLAGE (II) WEST WENDOVER AVE	GREENSBORO		2004		2007		20.00	%		135,004		135,004		1,445,941	A.C. MOORE(2014), KLAUSSNER FURNITURE(2014)
409	HUNTERSVILLE, NC	BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206	CHARLOTTE		2002/2003		2007		15.00	%		300,939		302,736		6,081,737	BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018)
410	HUNTERSVILLE, NC (ROSEDALE)	ROSEDALE SHOPPING CENTER 9911 ROSE COMMONS DR	CHARLOTTE		2000		2007		20.00	%		119,197		119,197		1,664,248	HARRIS TEETER SUPERMARKETS(2020)
411	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD	INDIAN TRAIL		1999		2004		100.00	%		96,160		96,160		714,704	FOOD LION(2020)
412	JACKSONVILLE, NC (GATEWAY)	GATEWAY PLAZA SEC WESTERN BLVD AND GATEWAY SOUTH	JACKSONVILLE		2001		2007		15.00	%		101,413		301,954		1,157,088	BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), LOWES(NOT OWNED), TARGET(NOT OWNED)
413	MATTHEWS, NC	SYCAMORE COMMONS MATTHEWS TWNSHP PWY & NORTHEAST PWY	CHARLOTTE		2002		2007		15.00	%		265,535		555,210		3,674,295	MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTING GOODS(2017), OLD NAVY(2011), COSTCO(NOT OWNED), LOWE’S(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
414	MOORESVILLE, NC	MOORESVILLE CONSUMER SQ (I) 355 WEST PLAZA DRIVE	CHARLOTTE		1999		2004		100.00	%		472,182		472,182		3,663,702	WALMART(2019), GANDER MOUNTAIN(2021)
415	MOORESVILLE, NC (WINSLOW)	WINSLOW BAY COMMONS BLUEFIELD ROAD AND HIGHWAY 150	CHARLOTTE		2003		2007		15.00	%		255,798		429,798		3,286,674	ROSS DRESS FOR LESS(2014), DICK’S SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013), SUPER TARGET(NOT OWNED)
416	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD	NEW BERN		1989/1999		1/2 *		100.00	%		68,130		252,130		241,263	WALMART(NOT OWNED)
417	RALEIGH, NC (ALEXANDER)	ALEXANDER PLACE GLENWOOD AVE & BRIER CREEK PKWY	RALEIGH		2004		2007		15.00	%		188,254		398,254		2,688,042	KOHL’S(2025), H.H. GREGG APPLIANCES(2022), SUPER WALMART(NOT OWNED)
418	RALEIGH, NC (CAPITAL)	CAPITAL CROSSING 2900-2950 EAST MILL BROOK ROAD	RALEIGH		1995		2007		100.00	%		83,248		83,248		913,920	LOWE’S FOODS(2015), STAPLES(2011)
419	RALEIGH, NC (RITE AID)	RITE AID US HIGHWAY 401 AND PERRY CREEK ROAD	RALEIGH		2003		2007		100.00	%		10,908		10,908		284,571
420	RALEIGH, NC (WAKEFIELD)	WAKEFIELD CROSSING WAKEFIELD PINES DR & NEW FALLS OF NEUSE	RALEIGH		2001		2007		100.00	%		75,927		75,927		891,903	FOOD LION(2022)
421	SALISBURY, NC	ALEXANDER POINTE 850 JAKE ALEXANDER BLVD	SALISBURY		1997		2007		20.00	%		57,710		57,710		643,894	HARRIS TEETER SUPERMARKETS(2017)
422	SILER CITY, NC	CHATHAM CROSSING US HIGHWAY 64 WEST	DURHAM		2002		2007		15.00	%		31,979		266,979		403,460	SUPER WALMART(NOT OWNED)
423	SOUTHERN PINES, NC	SOUTHERN PINES MARKETPLACE US HWY 15-501	SOUTHERN PINE		2002		2007		15.00	%		57,404		57,404		516,250	STEIN MART(2016)
424	WAKE FOREST, NC	CAPITAL PLAZA 11825 RETAIL DRIVE	RALEIGH		2004		2007		15.00	%		46,793		336,793		573,740	HOME DEPOT(NOT OWNED), SUPER TARGET(NOT OWNED)
425	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA	WASHINGTON		1990/1999		1/2 *		100.00	%		80,269		265,053		391,584	OFFICE DEPOT(2014), WALMART(NOT OWNED)
426	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.	WASHINGTON		1989/2001		1/2 *		100.00	%		411,887		518,735		2,935,556	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), SAM’S(NOT OWNED)
427	WILMINGTON, NC (OLEANDER)	OLEANDER SHOPPING CENTER 3804 OLEANDER DRIVE	WILMINGTON		1989		2007		100.00	%		51,888		51,888		578,641	LOWE’S FOODS(2015)
428	WILSON, NC	FOREST HILLS CENTRE 1700 RALEIGH RD NW	WILSON		1989		2007		100.00	%		73,280		73,280		586,863	HARRIS TEETER SUPERMARKETS(2010)
429	WINSTON SALEM, NC (HARPER)	HARPER HILL COMMONS 5049 COUNTRY CLUB RD	WINSTON SALEM		2004		2007		20.00	%		55,394		96,914		987,761	HARRIS TEETER SUPERMARKETS(2024)
430	WINSTON SALEM, NC (OAK)	OAK SUMMIT EAST HANES MILL ROAD	WINSTON SALEM		2003		2007		15.00	%		142,394		352,394		1,474,982	STAPLES(2016), PETSMART(2020), SUPER WALMART(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
431	WINSTON SALEM, NC (OLIVER)	SHOPS AT OLIVER CROSSING PETERS CREEK PKWY OLIVER CROSSING	WINSTON SALEM		2003		2007		20.00	%		76,512		76,512		820,576	LOWE’S FOODS(2023)
432	WINSTON SALEM, NC (WALMART)	WALMART SUPERCENTER 4550 KESTER MILL RD	WINSTON SALEM		1998		2007		100.00	%		204,931		204,931		1,403,777	WALMART(2017)
North Dakota
433	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE	DICKINSON		1978		1/2 *		100.00	%		267,506		267,506		1,022,115	K MART(2013), HERBERGER’S(2015), J.C. PENNEY(2013)
Ohio
434	ALLIANCE, OH	WALMART SUPERCENTER 2700 WEST STATE ST	CANTON		1998		2007		100.00	%		200,084		200,084		1,190,500	WALMART(2017)
435	ASHTABULA, OH (TOPS)	ASHTABULA COMMONS 1144 WEST PROSPECT ROAD	ASHTABULA		2000		2004		100.00	%		57,874		57,874		882,520	TOPS MARKETS(2021)
436	AURORA, OH	BARRINGTON TOWN CENTER 70-130 BARRINGTON TOWN SQUARE	CLEVELAND		1996/2004		1 *		100.00	%		102,683		159,982		1,150,823	CINEMARK(2011), HEINEN’S(NOT OWNED)
437	BOARDMAN, OH	SOUTHLAND CROSSINGs I-680 & US ROUTE 224	YOUNGSTOWN		1997		1 *		100.00	%		506,254		511,654		4,275,595	LOWE’S(2016), BABIES R US(2014), STAPLES(2012), DICK’S SPORTING GOODS(2012), WALMART(2017), PETSMART(2013), GIANT EAGLE(2018)
438	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS (I) 5496 DRESSLER ROAD	CANTON		1995/2001/2003		1 *		14.50	%		478,063		593,567		5,329,651	VALUE CITY FURNITURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES(2013), PETSMART(2013), DICK’S SPORTING GOODS(2010), DSW SHOE WAREHOUSE(2012), KOHL’S(2016), TARGET(NOT OWNED)
439	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE ST	CHILLICOTHE		1974/1998		1/2 *		20.00	%		106,262		106,262		1,106,630	KROGER(2041), OFFICE MAX(2013)
440	CHILLICOTHE, OH (LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET	CHILLICOTHE		1998		1981		100.00	%		130,497		130,497		822,132	LOWE’S(2015)
441	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY	CINCINNATI		1990		1993		100.00	%		235,433		235,433		1,281,456	MICHAEL’S(2011)
442	CINCINNATI, OH (KROGER)	KROGER 6401 COLERAIN AVE	CINCINNATI		1998		2007		100.00	%		56,634		56,634		556,486	KROGER(2015)
443	CINCINNATI, OH (TRI COUNTY)	TRI-COUNTY MALL 11700 PRINCETON PIKE	CINCINNATI		1960/1990/1992		2005		18.00	%		758,031		1,270,511		10,870,281	DILLARD’S(2018), SEARS(2019), KRAZY CITY(2023), MACY’S(NOT OWNED)
444	CLEVELAND, OH	KMART PLAZA 14901-14651 LORAIN AVE	CLEVELAND		1982		2008		25.25	%		109,350		109,350		742,100	K MART(2012)
445	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST 3630 SOLDANO BLVD.	COLUMBUS		1989/2003		2004		100.00	%		356,515		356,515		1,993,482	KROGER(2014), TARGET(2011)
446	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET	COLUMBUS		1998		1998		100.00	%		509,421		509,421		6,198,369	STAPLES(2013), PETSMART(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S(2013), DICK’S SPORTING GOODS(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND(2014), T.J. MAXX(2014), BUY BUY BABY(2020)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
447	COLUMBUS, OH (LENNOX)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD	COLUMBUS		1997		1998		50.00	%		352,913		352,913		3,631,126	TARGET(2016), BARNES & NOBLE(2012), STAPLES(2011), AMC THEATRE(2021)
448	COLUMBUS, OH (SUN)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD	COLUMBUS		1995		1998		79.45	%		315,828		315,828		3,752,890	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)
449	COLUMBUS, OH (HILLIARD)	HILLIARD ROME COMMONS 1710-60 HILLIARD ROME ROAD	COLUMBUS		2001		2007		20.00	%		110,871		110,871		1,454,153	GIANT EAGLE(2022)
450	DUBLIN, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE	COLUMBUS		1987		1998		100.00	%		219,562		328,643		597,609	AMC THEATRE(2009), B.J.’S WHOLESALE CLUB(NOT OWNED)
451	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD	COLUMBUS		1996		1998		100.00	%		137,556		137,556		1,488,509	GIANT EAGLE(2014)
452	ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND	CLEVELAND		1977		2 *		100.00	%		92,125		92,125		708,195	GIANT EAGLE(2010)
453	GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE 2161-2263 STRINGTOWN ROAD	COLUMBUS		1992		1998		20.00	%		128,250		128,250		1,179,621	GIANT EAGLE(2016)
454	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE	DAYTON		1990		1993		100.00	%		182,749		297,306		1,617,212	H.H. GREGG APPLIANCES(2023), WALMART(NOT OWNED)
455	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD	LEBANON		1990/2002		1993		100.00	%		17,000		110,480		0	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)
456	MACEDONIA, OH	MACEDONIA COMMONS (I) MACEDONIA COMMONS BLVD	CLEVELAND		1994		1994		50.00	%		236,556		375,723		3,098,627	TOPS MARKETS(2019), KOHL’S(2016), WALMART(NOT OWNED)
457	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (II) 8210 MACEDONIA COMMONS	CLEVELAND		1999		1/2 *		100.00	%		169,481		169,481		1,659,392	CINEMARK(2019), HOME DEPOT(2020)
458	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA (NORTH) 2589-26437 GREAT NORTHERN	CLEVELAND		1958/1998/2003		2003		14.50	%		625,835		666,735		6,763,269	DSW SHOE WAREHOUSE(2015), BEST BUY(2010), BED BATH & BEYOND(2012), PETSMART(2018), HOME DEPOT(2019), K & G MENSWEAR(2013), JO-ANN STORES(2014), MARC’S(2012), REMINGTON COLLEGE(NOT OWNED)
459	SOLON, OH	UPTOWN SOLON KRUSE DRIVE	CLEVELAND		1998		1 *		100.00	%		183,255		183,255		2,918,881	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2014), BORDERS(2019)
460	SOLON, OH (SEARS)	SEARS SOLON 6221 SOM CENTER	CLEVELAND		1977		2008		25.25	%		84,180		84,180		299,819	K MART(2013)
461	STEUBENVILLE, OH	LOWE’S HOME IMPROVEMENT 4115 MALL DRIVE	PITTSBURGH		1998		2007		100.00	%		130,497		130,497		871,236	LOWE’S(2016)
462	STOW, OH	STOW COMMUNITY CENTER (I) KENT ROAD	AKRON		1997/2000		2 *		100.00	%		371,057		473,140		3,675,123	BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), TARGET(NOT OWNED)
463	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET	TIFFIN		1980/2004		1/2 *		100.00	%		170,868		170,868		595,341	CINEMARK(2011), J.C. PENNEY(2010)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
464	TOLEDO, OH	SPRINGFIELD COMMONS S. HOLLAND-SYLVANIA ROAD	TOLEDO		1999		1 *		20.00	%		241,129		271,729		2,827,761	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2011), OLD NAVY(2010)
465	TOLEDO, OH (DICKS)	NORTH TOWNE COMMONS (DICK’S) 851 W. ALEXIS ROAD	TOLEDO		1995		2004		100.00	%		80,160		80,160		501,000	DICK’S SPORTING GOODS(2016)
466	WEST CHESTER, OH	KROGER 7172 CINCINNATI-DAYTON ROAD	CINCINNATI		1998		2007		100.00	%		56,634		56,634		349,154	KROGER(2018)
467	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD	CLEVELAND		1974/1997/2000		1/2 *		100.00	%		162,330		162,330		1,302,340	MARC’S(2009), K MART(2014)
468	WILLOUGHBY HILLS, OH	SHOPPES AT WILLOUGHBY HILLS CHARDON ROAD	CLEVELAND		1985		2007		15.00	%		376,977		381,508		3,060,287	GIANT EAGLE(2019), CINEMARK(2010), A.J. WRIGHT(2011), OFFICE MAX(2014)
469	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE	XENIA		1994/1997/2001		1 *		100.00	%		112,361		203,282		572,122	KROGER(2019), WALMART(NOT OWNED)
470	ZANESVILLE, OH	KMART SHOPPING CENTER 3515 N. MAPLE AVENUE	SANDUSKY		1973		2008		25.25	%		84,180		84,180		223,160	K MART(2009)
Oklahoma
471	ENID, OK	KMART PLAZA 4010 WEST OWEN GARRIOT RD	ENID		1983		2008		25.25	%		84,000		114,000		187,881	K MART(2013), UNITED SUPERMARKETS(NOT OWNED)
472	OKLAHOMA CITY, OK	CVS PHARMACY 2323 NORTH MARTIN LUTHER KING BLVD	OKLAHOMA CITY		1997		2007		100.00	%		9,504		9,504		159,358
Oregon
473	PORTLAND, OR	TANASBOURNE TOWN CENTER (I) NW EVERGREEN PKWY & NW RING RD	PORTLAND		1995/2001		1996		50.00	%		309,617		566,457		4,556,087	ROSS DRESS FOR LESS(2013), MICHAEL’S(2014), BARNES & NOBLE(2011), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED)
Pennsylvania
474	ALLENTOWN, PA (BJS)	BJ’S WHOLESALE CLUB 1785 AIRPORT ROAD SOUTH	ALLENTOWN		1991		2004		100.00	%		112,230		112,230		863,266	BJ’S WHOLESALE CLUB(2011)
475	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD	ALLENTOWN		2001/2004		2003		100.00	%		259,239		259,239		2,628,479	WALMART(2021)
476	CAMP HILL, PA	CAMP HILL CENTER 3414 SIMPSON FERRY ROAD	HARRISBURG		1978/2002		2007		100.00	%		62,888		62,888		288,000	MICHAEL’S(2013)
477	CARLISLE, PA	CARLISLE COMMONS SHOPPING CTR RIDGE STREET & NOBLE BLVD	HARRISBURG		2001		2007		15.00	%		393,033		393,033		3,329,699	WALMART(2022), T.J. MAXX(2012), ROSS DRESS FOR LESS(2014), REGAL CINEMAS(2010)
478	CHESWICK, PA	RITE AID 1200 PITTSBURGH ST.	PITTSBURGH		2000		2007		100.00	%		10,908		10,908		248,609
479	CONNELLSVILLE, PA	RITE AID 100 MEMORIAL BLVD	PITTSBURGH		1999		2007		100.00	%		10,908		10,908		312,181
480	E. NORRITON, PA	DEKALB PLAZA 2692 DEKALB PIKE	PHILADELPHIA		1975/1997		1/2 *		100.00	%		173,876		179,376		1,076,072	K MART(2010), BIG LOTS(2010)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
481	ERIE, PA (PEACH)	PEACH STREET SQUARE (I) 1902 KEYSTONE DRIVE	ERIE		1995/1998/2003		1 *		100.00	%		557,769		679,074		4,412,213	LOWE’S(2015), PETSMART(2015), KOHL’S(2016), WALMART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)
482	ERIE, PA (BUFFALO RD)	RITE AID (BUFFALO ROAD) 4145 BUFFALO ROAD	ERIE		1999		2007		100.00	%		10,908		10,908		230,486
483	ERIE, PA (EAST 26TH ST)	RITE AID (EAST 26TH ST) 404 EAST 26TH STREET	ERIE		1999		2007		100.00	%		10,908		10,908		260,047
484	ERIE, PA (EAST 6TH)	RITE AID (EAST 6TH ST) 353 EAST 6TH STREET	ERIE		1999		2007		100.00	%		10,908		10,908		266,969
485	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET	ERIE		2003		2003		14.50	%		107,537		238,387		1,097,475	MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2014), TARGET(NOT OWNED)
486	ERIE, PA (PEACH ST)	RITE AID (PEACH ST) 5440 PEACH ST.	ERIE		2000		2007		100.00	%		10,908		10,908		354,691
487	ERIE, PA (RITE AID)	RITE AID (WEST 26TH ST) 2923 WEST 26TH ST.	ERIE		1999		2007		100.00	%		10,908		10,908		332,311
488	ERIE, PA (WEST 12TH)	RITE AID (WEST 12TH ST) 2184 WEST 12TH ST	ERIE		1999		2007		100.00	%		10,908		10,908		373,661
489	HOMESTEAD, PA	WATERFRONT MARKET AMITY 149 W. BRIDGE STREET	PITTSBURGH		2003		2007		15.00	%		764,824		969,824		10,951,149	DICK’S SPORTING GOODS(2012), LOEW’S CINEMA(2020), BEST BUY(2014), MICHAEL’S(2011), OFFICE DEPOT(2017), T.J. MAXX(2011), OLD NAVY(2011), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2011), MARSHALLS(2010), BARNES & NOBLE(2012), DAVE & BUSTER’S(2020), MACY’S(NOT OWNED), TARGET(NOT OWNED)
490	IRWIN, PA	RITE AID 3550 ROUTE 130	PITTSBURGH		1999		2007		100.00	%		10,908		10,908		262,741
491	KING OF PRUSSIA, PA	OVERLOOK AT KING OF PRUSSIA 301 GODDARD BLVD	PHILADELPHIA		2002		2007		15.00	%		105,615		186,980		4,855,050	UNITED ARTISTS THEATRE(2025), NORDSTROM RACK(2012), BEST BUY(2017)
492	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD	PITTSBURGH		1999/2004		2003		14.50	%		298,589		298,589		2,660,801	LOWE’S(2017), MICHAEL’S(2018), CINEMARK(2019)
493	MONROEVILLE, PA	RITE AID (WM PENN HWY) 4111 WILLIAM PENN HWY	PITTSBURGH		1998		2007		100.00	%		12,738		12,738		484,028
494	MONROEVILLE, PA (RITE AID)	RITE AID (MONROEVILLE BLVD) 2604 MONROEVILLE BLVD	PITTSBURGH		1999		2007		100.00	%		10,908		10,908		295,339



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
495	MT. NEBO, PA	MT. NEBO POINTE MT NEBO ROAD & LOWRIES RUN ROAD	PITTSBURGH		2005		1 *		10.00	%		99,447		362,832		690,845	SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)
496	NEW CASTLE, PA	RITE AID 31 NORTH JEFFERSON STREET	NEW CASTLE		1999		2007		100.00	%		10,908		10,908		261,740
497	PITTSBURGH, PA	RITE AID (GOLDEN MILE HWY) 1804 GOLDEN MILE HWY	PITTSBURGH		1999		2007		100.00	%		10,908		10,908		326,940
498	PITTSBURGH, PA (SAW MILL)	RITE AID (SAW MILL RUN BLVD) 2501 SAW MILL RUN BLVD	PITTSBURGH		1999		2007		100.00	%		10,908		10,908		342,233
499	POTTSTOWN, PA	KMART SHOPPING CENTER 2200 EAST HIGH STREET	PITTSBURGH		1973		2008		25.25	%		84,180		84,180		275,000	K MART(2014)
500	WILLOW GROVE, PA	KMART SHOPPING CENTER 2620 MORELAND ROAD	PHILADELPHIA		1973		2008		25.25	%		94,500		94,500		341,125	K MART(2014)
Puerto Rico
501	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR # KM 80.3	ARECIBO		1980/1993		2005		100.00	%		215,391		224,890		3,286,019	K MART(2013), CAPRI DEL ATLANTICO(2019)
502	BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS	SAN JUAN		1998/2003/2004		2005		100.00	%		526,433		675,654		17,225,473	WALMART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
503	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8	SAN JUAN		1980/2002		2005		100.00	%		126,023		132,309		1,618,567	PUEBLO XTRA(2019), TIENDAS CAPRI(2013)
504	BAYAMON, PR (RIO HONDO)	PLAZA RIO HONDO PR#22, PR#167	SAN JUAN		1982/2001		2005		100.00	%		484,651		549,953		13,089,456	TIENDAS CAPRI(2009), BEST BUY(2021), K MART(2013), PUEBLO XTRA(2012), RIO HONDO CINEMAS(2023), MARSHALLS(2015)
505	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1	SAN JUAN		1997		2005		100.00	%		420,470		636,340		7,834,729	OFFICE MAX(2015), WALMART(2024), PLAZA ESCORIAL CINEMAS(2019), BORDERS(2017), OLD NAVY(2014), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)
506	CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE ROAD #1 & PR #735	CAYEY		1999/2004		2005		100.00	%		261,126		339,840		2,852,573	WALMART(2021), CAYEY CINEMA CORP.(NOT OWNED)
507	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940	FAJARDO		1992		2005		100.00	%		245,319		251,319		4,191,295	WALMART(2012), PUEBLO XTRA(2012)
508	GUAYAMA, PR (PLAZA WALMART)	PLAZA WALMART ROAD PR #3 KM 135.0	GUAYAMA		1994		2005		100.00	%		163,598		163,598		1,724,113	WALMART(2018)
509	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD#2 KM 81.9	ARECIBO		1992		2005		100.00	%		510,953		673,187		9,421,851	SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), WALMART(2012)
510	HUMACAO, PR (PALMA REAL)	PLAZA PALMA REAL STATE ROAD #3, KM 78.20	HUMACAO		1995		2005		100.00	%		345,489		441,495		6,659,882	PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), WALMART(2020), OFFICE MAX(2018)
511	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE ROAD #2 & # 454	ISABELA		1994		2005		100.00	%		238,410		259,016		3,697,379	WALMART(2019)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
512	SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE ROAD PR #122	SAN GERMAN		1991		2005		100.00	%		0		49,172		339,950
513	SAN GERMAN, PR (DEL OESTE)	PLAZA DEL OESTE ROAD PR #2 INT PR #122	SAN GERMAN		1991		2005		100.00	%		174,172		184,746		2,374,429	K MART(2016), PUEBLO XTRA(2011)
514	SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177	SAN JUAN	1978/Mutiple			2005		100.00	%		156,864		197,324		2,390,775	K MART(2010), PUEBLO XTRA(2015)
515	VEGA BAJA, PR (PLZ VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155	VEGA BAJA		1990		2005		100.00	%		180,488		184,938		1,874,435	K MART(2015), PUEBLO XTRA(2010)
Rhode Island
516	MIDDLETOWN, RI	MIDDLETOWN VILLAGE 1315 WEST MAIN ST	PROVIDENCE		2003		2007		100.00	%		98,161		98,161		1,030,248	BARNES & NOBLE(2019), MICHAEL’S(2018)
517	WARWICK, RI	WARWICK CENTER 1324 BALD HILL ROAD	PROVIDENCE		2004		2007		15.00	%		159,958		159,958		2,171,965	DICK’S SPORTING GOODS(2018), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2014)
South Carolina
518	AIKEN, SC (EXCHANGE)	AIKEN EXCHANGE WHISKEY ROAD & BROOK HAVEN DRIVE	GREENVILLE		2004		2007		15.00	%		101,558		226,558		392,006	PETSMART(2019), TARGET(NOT OWNED)
519	ANDERSON, SC (CENTRAL)	ANDERSON CENTRAL 651 HWY 28 BYPASS	GREENVILLE		1999		2007		15.00	%		223,211		223,211		1,377,585	WALMART(2019)
520	ANDERSON, SC (NORTH HILL)	NORTH HILL COMMONS 3521 CLEMSON BLVD	GREENVILLE		2000		2007		15.00	%		43,149		168,149		441,619	MICHAEL’S(2013), TARGET(NOT OWNED)
521	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE	CAMDEN		1990/2000		1993		100.00	%		180,127		363,405		873,941	BELK(2015), WALMART SUPER CENTER(NOT OWNED)
522	CHARLESTON, SC	ASHLEY CROSSING (I) 2245 ASHLEY CROSSING DRIVE	CHARLESTON		1991		2003		100.00	%		188,883		196,048		700,152	FOOD LION(2011)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
523	COLUMBIA, SC (STATION)	COLUMBIANA STATION OEA HARBISON BLVD & BOWE R PARKWAY	COLUMBIA		2003		2007		15.00	%		375,905		558,672		3,053,900	DICK’S SPORTING GOODS(2016), MICHAEL’S(2010), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
524	COLUMBIA, SC (TARGET)	TARGET CENTER (I) 10204 TWO NOTCH RD.	COLUMBIA		2002		2007		15.00	%		83,400		208,400		137,275	MICHAEL’S(2012), TARGET(NOT OWNED)
525	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD	COLUMBIA		1991		2002		14.50	%		236,765		296,254		2,869,369	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE DEPOT(2011), BABIES ‘R’ US #8890(NOT OWNED)
526	CONWAY, SC	GATEWAY PLAZA 2701 CHURCH STREET	MYRTLE BEACH		2002		2007		100.00	%		62,428		62,428		435,222
527	EASLEY, SC	CENTER POINTE PLAZA (II) CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD	GREENVILLE		2004		2007		20.00	%		72,287		187,287		675,307	PUBLIX SUPER MARKETS(2023), HOME DEPOT(NOT OWNED)
528	FORT MILL, SC	RITE AID 2907 W HWY 160	GAFFNEY		2002		2007		100.00	%		13,824		13,824		309,853
529	GAFFNEY, SC	RITE AID 1320 W FLOYD BAKER BLVD	GREENVILLE		2003		2007		100.00	%		13,818		13,818		291,984
530	GREENVILLE, SC (RITE AID)	RITE AID 3679 AUGUSTA ROAD	GREENVILLE		2001		2007		100.00	%		10,908		10,908		283,423
531	GREENVILLE, SC (SUPER WALMART)	WALMART SUPERCENTER 1451 WOODRUFF ROAD	GREENVILLE		1998		2007		100.00	%		200,084		200,084		1,272,534	WALMART(2018)
532	GREENVILLE, SC (THE POINT)	THE POINT 1140 WOODRUFF ROAD	GREENVILLE		2005		2007		20.00	%		104,641		104,641		1,162,938	WHOLE FOODS(2026)
533	GREENWOOD, SC	NORTHSIDE PLAZA (BI-LO) US HIGHWAY 25 & NORTHSIDE DRIVE	GREENWOOD		1999		2007		100.00	%		41,581		41,581		334,437	BI-LO(2019)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
534	LEXINGTON, SC	LEXINGTON PLACE US HWY 378 AND OLD CHEROKEE ROAD	COLUMBIA		2003		2007		100.00	%		83,167		215,167		841,789	ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED), KOHL’S(NOT OWNED)
535	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH	CHARLESTON		1992/2000		1995		100.00	%		209,810		325,907		2,154,288	OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WALMART(NOT OWNED)
536	MT. PLEASANT, SC (BI-LO)	BI-LO AT SHELMORE 672 HWY 17 BY-PASS	CHARLESTON		2002		2007		100.00	%		64,368		64,368		920,894	BI-LO(2023)
537	MYRTLE BEACH, SC	THE PLAZA AT CAROLINA FOREST 3735 RENEE DRIVE	MYRTLE BEACH		1999		2007		20.00	%		116,657		116,657		1,624,938	KROGER(2010)
538	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE	CHARLESTON		1989/2001		2 *		100.00	%		294,471		344,471		2,087,782	WALMART(2014), OFFICE MAX(2014)
539	N. CHARLESTON, SC (N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVE	CHARLESTON		1980/1993		2004		100.00	%		236,437		236,437		1,274,114	NORTHERN TOOL(2016), BIG LOTS(2011), HOME DECOR LIQUIDATORS(2012)
540	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD	COLUMBIA		1994/1999		1995		100.00	%		50,760		247,434		374,650	WALMART(NOT OWNED)
541	PIEDMONT, SC	RITE AID 915 ANDERSON STREET	GREENVILLE		2000		2007		100.00	%		10,908		10,908		181,052
542	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD	GREENVILLE		1990		1994		100.00	%		142,086		142,086		869,140	INGLES(2011), KOHL’S(2015)
543	SPARTANBURG, SC (BLACKSTOCK)	RITE AID (W O EZELL BLVD) 1510 W.O. EZELL BLVD	SPARTANBURG		2001		2007		100.00	%		10,908		10,908		271,599
544	SPARTANBURG, SC (NORTHPOINT)	NORTHPOINT MARKETPLACE 8642-8760 ASHEVILLE HIGHWAY	SPARTANBURG		2001		2007		100.00	%		102,252		102,252		560,364	INGLES(2021)
545	SPARTANBURG, SC (RITE AID)	RITE AID (N PINE ST) 780 N. PINE STREET	SPARTANBURG		2002		2007		100.00	%		10,908		10,908		283,656
546	TAYLORS, SC	NORTH HAMPTON MARKET 6019 WADE HAMPTON (AKA GREER, SC)	GREENVILLE		2004		2007		20.00	%		114,935		171,545		1,161,982	HOBBY LOBBY(2019), TARGET(NOT OWNED)
547	TAYLORS, SC (HAMPTON)	HAMPTON POINT 3033 WADE HAMPTON BL	GREENVILLE		1993		2007		100.00	%		58,316		58,316		435,042	BI-LO(2018)
548	WOODRUFF, SC	RITE AID 121 N MAIN STREET	CHARLESTON		2002		2007		100.00	%		13,824		13,824		288,178
South Dakota
549	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE	WATERTOWN		1977		1/2 *		100.00	%		240,262		282,262		1,346,075	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2014), J.C. PENNEY(2013), HY VEE SUPERMARKET(NOT OWNED)
Tennessee
550	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE	BRENTWOOD		1999/2004		2000		14.50	%		201,414		201,414		1,804,620	BEST BUY(2014), ROSS DRESS FOR LESS(2015), DSW SHOE WAREHOUSE(2011)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
551	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD	CHATTANOOGA		1992/2004		2003		100.00	%		213,105		213,105		1,897,419	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)
552	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HWY	COLUMBIA		1993		2003		10.00	%		68,948		68,948		443,459	KROGER(2022)
553	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE	KNOXVILLE		1991		2003		10.00	%		71,311		71,311		484,414	FOOD CITY(2011)
554	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BLVD	NASHVILLE		1987		2003		20.00	%		84,441		84,441		657,664	KROGER(2012)
555	HENDERSONVILLE, TN	LOWES HOME IMPROVEMENT TN HENDERSONVILLE	NASHVILLE		1999		2003		100.00	%		133,144		133,144		1,222,439	LOWE’S(2019)
556	JACKSON, TN	WEST TOWNE COMMONS 41 STONEBROOK PLACE	JACKSON		1992		2007		20.00	%		62,925		62,925		523,539	KROGER(2020)
557	JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS	JOHNSON CITY		2005		2003		100.00	%		11,749		99,997		531,918	KOHL’S(2026)
558	KNOXVILLE, TN	PAVILION OF TURKEY CREEK (I) 10936 PARKSIDE DRIVE	KNOXVILLE		2001		2007		15.00	%		280,776		478,814		2,432,692	ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), OLD NAVY(2011), TARGET(NOT OWNED), WALMART(NOT OWNED)
559	KNOXVILLE, TN (TOWN)	TOWN & COUNTRY COMMONS (I) NORTH PETERS ROAD & TOWN & COUNTRY CIRCL	KNOXVILLE		1985/1997		2007		15.00	%		638,380		638,380		5,749,551	JO-ANN STORES(2013), STAPLES(2019), BEST BUY(2019), FOOD CITY(2026), LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPORTING GOODS(2017)
560	MEMPHIS, TN (AMERICAN)	AMERICAN WAY 4075 AMERICAN WAY	MEMPHIS		1988		2007		20.00	%		121,222		121,222		774,032	KROGER(2020)
561	MORRISTOWN, TN	CROSSROADS SQUARE 130 TERRACE LANE	MORRISTOWN		2004		2007		20.00	%		68,500		70,000		543,000	T.J. MAXX(2014)
562	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY	MURFREESBORO		1998		2003		14.50	%		108,023		390,645		1,087,440	T.J. MAXX(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED), LOWE’S(NOT OWNED)
563	NASHVILLE, TN	WILLOWBROOK COMMONS 61 EAST THOMPSON LN	NASHVILLE		2005		2007		20.00	%		93,600		93,600		755,155	KROGER(2029)
564	NASHVILLE, TN (BELLEVUE)	BELLEVUE PLACE 7625 HIGHWAY 70 S	NASHVILLE		2003		2007		15.00	%		77,180		192,180		862,590	MICHAEL’S(2012), BED BATH & BEYOND(2012), HOME DEPOT(NOT OWNED)
565	OAKLAND, TN	OAKLAND MARKET PLACE 7265 US HWY 64	MEMPHIS		2004		2007		20.00	%		64,600		64,600		384,167	KROGER(2028)
Texas
566	ALLEN, TX	WATTERS CREEK BETHANY ROAD	DALLAS		2008		1 *		10.00	%		343,579		353,989		5,751,299	UNITED MARKET STREET(2028)
567	AUSTIN, TX (TECH RIDGE)	THE SHOPS AT TECH RIDGE CENTER RIDGE DRIVE	AUSTIN		2003		2003		25.75	%		282,845		530,481		3,379,178	ROSS DRESS FOR LESS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OWNED)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
568	FORT WORTH, TX (CVS 6794)	CVS PHARMACY (JACKSBORO HWY) 2706 JACKSBORO HWY	DALLAS		1997		2007		100.00	%		10,908		10,908		239,784
569	FORT WORTH, TX (CVS 7785)	CVS PHARMACY (SYCAMORE SCHOOL) 4551 SYCAMORE SCHOOL ROAD	DALLAS		1997		2007		100.00	%		9,504		9,504		149,248
570	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD	DALLAS		2003		2003		14.50	%		20,959		107,543		685,822	KOHL’S(2023)
571	GARLAND, TX	GARLAND PLAZA 3265 BROADWAY BLVD	DALLAS		1994		2007		100.00	%		70,576		70,576		0
572	GRAND PRAIRIE, TX	KROGER 2525 WEST INTERSTATE 20	DALLAS		1998		2007		100.00	%		60,835		60,835		433,615	KROGER(2018)
573	HOUSTON, TX	LOWE’S HOME IMPROVEMENT 19935 KATY FREEWAY	HOUSTON		1998		2007		100.00	%		131,644		131,644		917,000	LOWE’S(2017)
574	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD	DALLAS		2004		2003		14.50	%		150,441		598,651		2,070,156	KOHL’S(2021), HOLLYWOOD THEATERS(2016), OFFICE MAX(2014), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)
575	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY	DALLAS		1991		2002		14.50	%		315,008		572,271		2,857,105	99 CENTS ONLY STORE(2010), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), GARDEN RIDGE(NOT OWNED), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED)
576	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY	DALLAS		2000		2003		14.50	%		118,967		183,810		1,247,911	KOHL’S(2021), ALBERTSON’S(NOT OWNED)
577	MESQUITE, TX	MARKETPLACE AT TOWNE CENTER SOUTHBOUND FRONTAGE RD I 635	DALLAS		2001		2003		14.50	%		170,645		378,795		1,891,881	PETSMART(2017), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), KOHL’S(NOT OWNED), HOME DEPOT(NOT OWNED)
578	PASADENA, TX	KROGER JUNCTION 2619 RED BLUFF ROAD	DALLAS		1984		2007		20.00	%		81,161		81,161		456,848	KROGER(2020)
579	RICHARDSON, TX (CVS 6974)	CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.	DALLAS		1997		2007		100.00	%		10,560		10,560		206,585
580	ROWLETT, TX	ROWLETT PLAZA 8800 LAKEVIEW PKWY	DALLAS		1995/2001		2007		100.00	%		63,117		63,117		0
581	SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410	SAN ANTONIO		1985		2005		50.00	%		76,597		76,597		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
582	SAN ANTONIO, TX (N. BANDERA)	BANDERA POINTE (NORTH) STATE LOOP 1604/BANDERA ROAD	SAN ANTONIO		2001/2002		2002		100.00	%		278,815		888,005		3,620,076	LOWE’S(2020), T.J. MAXX(2011), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011),HOBBY LOBBY(2022), RAQUETBALL & FITNESS(NOT OWNED), CHUCK E CHEESE(NOT OWNED), KOHL’S(NOT OWNED), CREDIT UNION(NOT OWNED), TARGET(NOT OWNED)
583	SAN ANTONIO, TX (STONE OAK)	VILLAGE AT STONE OAK 22610 US HWY 281 NORTH, SUITE 211	SAN ANTONIO		2007		1 *		100.00	%		325,122		507,909		5,406,402
584	SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151 @ LOOP 410	SAN ANTONIO		2005		1 *		10.00	%		218,257		524,457		2,738,848	PETSMART(2016), OFFICE DEPOT(2016), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)
585	SAN ANTONIO, TX (TERRELL)	TERRELL PLAZA 1201 AUSTIN HWY, SUITE 139	SAN ANTONIO		1958/1986		2007		50.00	%		171,083		171,083		943,476	BIG LOTS(2013)
Utah
586	MIDVALE, UT (FT. UNION I & II)	FC AT FORT UNION (I & II) 900 EAST FT UNION BLVD	SALT LAKE CITY		1973/2000		1998		100.00	%		643,986		643,986		8,135,789	BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2016), BED BATH & BEYOND(2014), WALMART(2015), ROSS DRESS FOR LESS(2016), MICHAEL’S(2017)
587	OGDEN, UT	FC AT OGDEN 5-POINTS 21-129 HARRISVILLE ROAD	SALT LAKE CITY		1977		1998		100.00	%		162,316		162,316		780,932	HARMONS(2012)
588	OREM, UT	FC AT OREM 1300 SOUTH STREET	SALT LAKE CITY		1991		1998		100.00	%		150,667		281,931		1,307,217	TOYS R US(2011), MEDIA PLAY(2015), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)
589	RIVERDALE, UT (NORTH)	FC AT RIVERDALE (NORTH) 1050 WEST RIVERDALE ROAD	SALT LAE WITY		1995/2003		1998		100.00	%		593,398		596,198		4,185,743	MACY’S(2011), OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2014), TARGET(2017), MEDIA PLAY(2010)
590	RIVERDALE, UT (WEBER)	FC AT RIVERDALE (EAST) 1050 WEST RIVERDALE ROAD	SALT LAKE CITY		2005		1 *		100.00	%		46,597		397,360		476,421	JO-ANN STORES(2015), SAM’S CLUB(NOT OWNED), SUPER WALMART(NOT OWNED)
591	SALT LAKE CITY, UT (33RD)	THE FAMILY PLACE AT 3300 SOUTH 3300 SOUTH STREET	SALT LAKE CITY		1978		1998		100.00	%		34,209		34,209		217,122
592	TAYLORSVILLE, UT (NORTH)	FC AT TAYLORSVILLE (NORTH) 5600 SOUTH REDWOOD	SALT LAKE CITY		1982/2003		1998		100.00	%		697,630		772,130		6,227,628	SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), PETSMART(2018), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2014), MEDIA PLAY(2015), HARMONS SUPERSTORE(NOT OWNED)
Vermont
593	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28	BERLIN		1986/1999		2 *		100.00	%		174,624		174,624		1,475,514	WALMART(2014), J.C. PENNEY(2014)
Virginia
594	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS	RICHMOND		1978		2003		100.00	%		114,589		116,339		1,454,761	UKROP’S(2013)
595	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER	FAIRFAX		1994		1995		14.50	%		253,298		253,298		4,216,810	SAFEWAY(2019), T.J. MAXX(2009), BED BATH & BEYOND(2015), UNITED ARTISTS THEATRE(2014)
596	GLEN ALLEN, VA	CREEKS AT VIRGINIA CENTER 9830-9992 BROOK ROAD	RICHMOND		2002		2007		15.00	%		266,308		266,308		3,326,601	BARNES & NOBLE(2011), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
597	LYNCHBURG, VA (CANDLERS)	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD	LYNCHBURG		1990		2003		100.00	%		270,765		337,765		1,954,642	CINEMARK(2015), STAPLES(2013), T.J. MAXX(2011), OLLIE’S BARGAIN OUTLET(2020)
598	LYNCHBURG, VA (WARDS CROSSING)	WARD’S CROSSING WARDS ROAD AND WARDS FERRY ROAD	LYNCHBURG		2001		2007		15.00	%		80,937		265,937		1,164,028	BED BATH & BEYOND(2013), MICHAEL’S(2011), TARGET(NOT OWNED), DICK’S(NOT OWNED), PETSMART(NOT OWNED)
599	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD	MARTINSVILLE		1989/1997		1/2 *		50.00	%		435,057		435,057		2,479,822	BELK(2012), J.C. PENNEY(2014), SEARS(2014), OFFICE MAX(2012), KROGER(2017)
600	MIDLOTHIAN, VA (CHESTERFIELD)	CHESTERFIELD CROSSINGS HIGHWAY 360 & WARBRO ROAD	MIDLOTHIAN		2000		2007		15.00	%		79,802		319,802		1,127,517	BEN FRANKLIN CRAFTS(2015), WALMART(NOT OWNED)
601	MIDLOTHIAN, VA (COMMONWEALTH)	COMMONWEALTH CENTER 4600-5000 COMMONWEALTH CENTER PARKWAY	RICHMOND		2002		2007		15.00	%		165,413		165,413		2,209,091	STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
602	NEWPORT NEWS, VA (DENBIGH)	DENBIGH VILLAGE WARWICK BLVD AND DENBIGH BLVD	NORFOLK		1998/2006		2007		100.00	%		324,450		340,950		2,352,572	BURLINGTON COAT FACTORY(2013), KROGER(2017)
603	NEWPORT NEWS, VA (JEFFERSON)	JEFFERSON PLAZA 121 JEFFERSON AVENUE	NORFOLK		1999		2007		15.00	%		47,341		182,341		792,687	FRESH MARKET(2019), COSTCO(NOT OWNED)
604	RICHMOND, VA (DOWNTOWN)	DOWNTOWN SHORT PUMP 11500-900 WEST BROAD STREET	RICHMOND		2000		2007		100.00	%		126,055		239,873		2,516,360	BARNES & NOBLE(2011), REGAL CINEMAS(2021)
605	SPRINGFIELD, VA (LOISDALE)	LOISDALE CENTER 6646 LOISDALE ROAD	WASHINGTON		1999		2007		100.00	%		120,742		120,742		1,794,322	BARNES & NOBLE(2015), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2015)
606	SPRINGFIELD, VA (SPRING MALL)	SPRING MALL CENTER 6717 SPRING MALL RD	WASHINGTON		1995/2001		2007		100.00	%		56,511		56,511		998,611	MICHAEL’S(2010)
607	STERLING, VA	PARK PLACE AT CASCADES MKTPL NEC OF CASCADES PKWY & ROUTE 7	WASHINGTON		1998		2007		100.00	%		101,606		101,606		1,544,395	STAPLES(2013), SPORTS AUTHORITY(2016)
608	VIRGINIA BEACH, VA	KROGER PLAZA 1800 REPUBLIC DRIVE	NORFOLK		1997		2007		20.00	%		63,324		81,574		240,788	KROGER(2020)
609	WAYNESBORO, VA	WAYNESBORO COMMONS 109 LEE DEWITT BLVD	LYNCHBURG		1993		2007		20.00	%		52,415		52,415		389,786	KROGER(2018)
610	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY	WINCHESTER		1990/1997		2 *		20.00	%		240,560		242,686		2,479,774	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
611	WYTHEVILLE, VA	WYTHEVILLE COMMONS 215-295 COMMONWEALTH DRIVE	WYTHEVILLE		2004		2007		15.00	%		90,239		415,239		863,364	LOWES(NOT OWNED), SUPER WALMART(NOT OWNED)
Washington
612	KIRKLAND, WA (TOTEM LKS UPPER)	TOTEM LAKE MALLS (UPPER) TOTEM LAKES BOULEVARD	SEATTLE		1999/2004		2004		20.00	%		253,867		279,221		2,344,593	GUITAR CENTER(2012), ROSS DRESS FOR LESS(2015)
613	OLYMPIA, WA	2815 CAPITAL MALL DR SW	OLYMPIA		1998		2007		100.00	%		35,776		35,776		0



Developers Diversified Realty Quarterly Financial Supplement As of September 30, 2009		3Q09 Property List


				Year				DDR					Owned/		Total
				Developed/		Year		Ownership			Owned		Unowned		Annualized
	Location	Center Name/Address	MSA	Redeveloped		Acquired		Interest			GLA		GLA		Rent		Anchor Tenants (Lease Expiration)
West Virginia
614	BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD	HUNTINGTON		1985		1998		100.00	%		70,900		133,396		184,950	DISCOUNT EMPORIUM(2006), HOBBY LOBBY(NOT OWNED)
615	MORGANTOWN, WV	GLENMARK CENTER INTERSTATE 68 AND PIERPONT ROAD	MORGANTOWN		1999/2000		2007		100.00	%		111,278		383,725		1,239,175	SHOP ‘N SAVE(2014), MICHAEL’S(2011)
616	WEIRTON, WV	RITE AID 1360 COVE ROAD	PITTSBURGH		2000		2007		100.00	%		10,908		10,908		221,870
Wisconsin
617	BROOKFIELD, WI (SW)	SHOPPERS WORLD BROOKFIELD (I) NORTH 124TH STREET AND WEST CA	MILWAUKEE		1967		2003		14.50	%		182,722		190,142		1,445,801	T.J. MAXX(2010), MARSHALLS MEGA STORE(2011), OFFICE MAX(2015), BURLINGTON COAT FACTORY(2012)
618	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD	MILWAUKEE		1967		2003		14.50	%		261,742		261,742		2,034,560	KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2015), T.J. MAXX(2012), OLD NAVY(2012)
619	BROWN DEER, WI (MARKET)	MARKETPLACE OF BROWN DEER NORTH GREEN BAY ROAD	MILWAUKEE		1989		2003		14.50	%		143,372		143,372		1,196,744	MARSHALLS MEGA STORE(2009), PICK ‘N SAVE(2010)
620	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET	MILWAUKEE		1962		2003		100.00	%		160,533		160,533		707,569	KOHL’S(2012), PICK ‘N SAVE(2012)
621	RACINE, WI	VILLAGE CENTER (OP) WASHINGTON AVE. VILLAGE CENTER DR.	RACINE		2003		2007		20.00	%		227,887		227,887		2,416,710	JEWEL(2022), KOHL’S(2023)
622	WEST ALLIS, WI(WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108	MILWAUKEE		1968		2003		100.00	%		246,081		259,981		1,464,823	KOHL’S(2018), MARSHALLS MEGA STORE(2014), PICK ‘N SAVE(2013)
						Grand Total:						104,752,722		138,892,962		1,178,353,092


*1.		Property Developed by the Company

*2.		Original IPO Property

*SC — Shopping Cengter

*MM — Mall

*LC — Lifestyle Center

*FO — Fee Owned

*LH — Leasehold

*GL — Ground Lease

Does Not Include Service Merchandise Interests

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