8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) February 18, 2010

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

EX-99.1

EX-99.2

EX-99.3

Item 2.02 Results of Operations and Financial Condition.

On February 18, 2010, 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 months and year ended December 31, 2009. Among other things, the News Release reports a net loss of $0.46 and $2.51 per diluted share for the three months and year ended December 31, 2009, respectively, as compared to net loss of $1.61 and $0.96 per diluted share for the three months and year ended December 31, 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 December 31, 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 February 18, 2010.
99.2	Quarterly financial supplement dated as of December 31, 2009.
99.3	Property list as of December 31, 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	February 18, 2010	/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 February 18, 2010.
99.2	Quarterly financial supplement dated as of December 31, 2009.
99.3	Property list as of December 31, 2009.

EX-99.1

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 $1.83 FOR THE YEAR ENDED
DECEMBER 31, 2009 BEFORE NON-OPERATING GAINS AND LOSSES

CLEVELAND, OHIO, February 18, 2010 — Developers Diversified Realty (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2009.

•	The Company’s fourth quarter operating Funds From Operations (“FFO”) was $62.8 million or $0.31 per diluted share before $90.8 million of net charges summarized below. The Company’s operating FFO for the year was $298.2 million or $1.83 per diluted share before $442.8 million of net charges summarized below.
	The net charges, primarily non-cash, for the three months and year ended December 31, 2009, aggregating $90.8 million and $442.8 million, respectively, are summarized as follows (in millions):

	Three
	Months			Year
Non-cash loss on equity derivative instruments related to Otto investment	$	1.6		$	199.8
Non-cash impairment charges — consolidated and equity method investments		92.1			265.2
Consolidated impairment charges and loss on sales included in discontinued operations		4.6			117.6
Less portion of impairment charges and losses allocated to non-controlling interests (Mervyns)		(3.9	)		(35.2	)
Non-cash change in control compensation charge		—			15.4
Debt extinguishment costs, net loan loss reserve and other expenses offset by gain on sale of MDT units		20.0			30.0
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		2.6			19.0
Gain on redemption of joint venture interests		(23.5	)		(23.9	)
Gain on repurchases of senior notes		(2.7	)		(145.1	)
	$	90.8		$	442.8

•	The Company reported revised operating FFO for the three-month period ended December 31, 2008 of $86.8 million or $0.71 per diluted share before $206.1 million of net charges summarized below. The Company’s operating FFO for the year ended December 31, 2008 was $387.5 million or $3.20 per diluted share before $217.8 million of net charges summarized below.
	The net charges, primarily non-cash, for the three months and year ended December 31, 2008, aggregating $206.1 million and $217.8 million, respectively, are summarized as follows (in millions):

	Three
	Months			Year
Non-cash impairment charges — consolidated and equity method investments	$	182.2		$	182.2
Consolidated impairment charges and loss on sales included in discontinued operations		7.6			15.3
Less portion of impairment charges and losses allocated to non-controlling interests (primarily Mervyns)		(18.7	)		(18.7	)
Non-cash termination of an equity award plan		15.8			15.8
Net loan loss reserve, abandoned projects, transaction costs and other expenses		20.8			27.1
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		8.7			6.6
Gain on repurchases of senior notes		(10.3	)		(10.5	)
	$	206.1		$	217.8

• FFO applicable to common shareholders for the three-month period ended December 31, 2009, including the above net charges, was a loss of $28.0 million, or $0.14 per diluted share, which compares to revised FFO loss of $119.3 million, or $0.98 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended December 31, 2009 was $90.1 million, or $0.46 per diluted share, which compares to revised net loss of $194.6 million, or $1.61 per diluted share, for the prior-year comparable period.

• FFO applicable to common shareholders for the year ended December 31, 2009, including the above net charges, was a loss of $144.6 million, or $0.90 per diluted share, which compares to revised FFO of $169.7 million, or $1.40 per diluted share, for the prior year. Net loss applicable to common shareholders for the year ended December 31, 2009 was $398.9 million, or $2.51 per diluted share, which compares to revised net loss of $114.2 million, or $0.96 per diluted share, for the prior year.

• Executed leases during the fourth quarter of 2009 totaled approximately 3.0 million square feet, including 166 new leases and 306 renewals. Executed leases during the year totaled approximately 10.6 million square feet, including 583 new leases and 1,079 renewals.

• On a cash basis, base rental rates on new leases and renewals decreased 4.6% overall for the quarter and 3.4% year over year.

• Core portfolio leased percentage at December 31, 2009 was 91.2%, compared to 90.9% at September 30, 2009.

• Same store net operating income (“NOI”) for the year decreased 3.6% compared to 2008 exclusively related to the bankruptcies and subsequent store closings of Circuit City, Linens ‘N Things, Goody’s and Steve & Barry’s which accounted for over 100 percent of the decline. Absent these bankruptcies, same store NOI would have been slightly positive year over year. Same Store NOI excludes the results of the assets not acquired by the Company in connection with the redemption of its interest in the MDT US LLC joint venture for both of the years ended December 31, 2009 and 2008 (see discussion of redemption transaction below).

“Although we continue to operate in a challenging macroeconomic environment, our platform and portfolio continue to perform at a high level,” commented Developers Diversified’s president and chief executive officer Daniel B. Hurwitz. “We are encouraged by fourth quarter retail sales and profitability results, and signs indicate that leasing deal flow in 2010 will compare favorably to our record performance in 2009. We remain keenly focused on our various balance sheet and operating initiatives to further enhance shareholder value.”

Financial Results:

Net loss applicable to common shareholders was $90.1 million, or $0.46 per share (diluted and basic), for the three-month period ended December 31, 2009, as compared to revised net loss of $194.6 million, or $1.61 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $28.0 million, or $0.14 per share (diluted and basic), for the three-month period ended December 31, 2009, as compared to revised FFO loss of $119.3 million, or $0.98 per share (diluted and basic) for the three-month period ended December 31, 2008. The decrease in net loss for the three-month period ended December 31, 2009, is primarily the result of a reduction in non-cash impairment charges recognized on consolidated and equity method investments and loss on disposition of assets of $93.1 million as well as the recognition in 2009 of a $23.5 million gain relating to the redemption of the Company’s interest in the MDT US LLC joint venture. In addition, excluding the impact of the net non-operating charges detailed above, the core operating results in 2009 compared to 2008 were impacted by several major tenant bankruptcies which occurred in late 2008 and early 2009, as well as asset sales associated with the Company’s deleveraging efforts.

Net loss applicable to common shareholders was $398.9 million, or $2.51 per share (diluted and basic), for the year ended December 31, 2009, as compared to revised net loss of $114.2 million, or $0.96 per share (diluted and basic), for the prior year.

FFO applicable to common shareholders was a loss of $144.6 million, or $0.90 per share (diluted and basic), for the year ended December 31, 2009, as compared to revised FFO income of $169.7 million, or $1.40 per share (diluted and basic), for the year ended December 31, 2008. The net loss for the year ended December 31, 2009, is primarily the result of $442.8 million of net charges, generally non-cash as detailed above, in addition to several major tenant bankruptcies, the release of an approximate $16 million deferred tax valuation allowance in 2008 and the impact of asset sales associated with the Company’s deleveraging efforts.

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, and those gains that represent the recapture of a previously recognized impairment charge, (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 its 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 December 31, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

• Executed 166 new leases aggregating approximately 1.1 million square feet and 306 renewals aggregating approximately 1.9 million square feet.

• Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of December 31, 2009 was $12.51, as compared to $12.43 at December 31, 2008.

• Core portfolio leased rate was 91.2% as of December 31, 2009, as compared to 92.2% at December 31, 2008 and 90.9% at September 30, 2009.

• On a cash basis, rental rates for new leases and renewals decreased 4.6%.

Overall, the Company remains encouraged by the leasing activity achieved during the fourth quarter. While the resulting rental spreads and core occupancy level are much less favorable than what the Company has historically achieved, the Company is continuing to make strides in retenanting the bankruptcy driven vacancy that has impacted the retail sector.

Strategic Transactions:

DDR Macquarie Fund:

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 interest and a cash payment of $1.6 million. The Company recognized a $23.5 million gain on the redemption transaction.

Otto Transaction:

In 2009, the Company issued 32.9 million shares to Mr. Alexander Otto (the “Investor”) and certain members of his family (collectively with the Investor, the “Otto Family”) resulting in aggregate gross equity proceeds of approximately $112.5 million. The Company also issued warrants to purchase up to 10.0 million common shares with an exercise price of $6.00 per share to the Investor. The share issuances, together with the warrant issuances, are collectively referred to as the “Otto Transaction”.

Dispositions:

The Company sold five shopping center properties, aggregating 0.6 million square feet, in the fourth quarter of 2009, generating gross proceeds of approximately $30.5 million. The Company recorded an aggregate loss on sale of approximately $4.0 million related to these assets in the fourth quarter of 2009. The Company also incurred a $2.3 million net loss on land sales in the fourth quarter. An additional three assets were sold in the first quarter of 2010 for approximately $26 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	$	25.3		2H 07	Community Center
Boston (Norwood), Massachusetts		56,343		4.1		2H 10	Community Center
Austin (Kyle), Texas **		443,092		16.5		2H 09	Community Center
Total		931,124	$	45.9

*	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.

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 $89.4 million. At December 31, 2009, approximately $78.2 million of costs had been incurred in relation to this project.

Property	Description
Miami (Plantation), Florida	Redevelop shopping center to include Kohl’s, Dick’s Sporting Goods and other retail tenants

Financings:

In the fourth quarter of 2009, the Company purchased approximately $142.5 million aggregate principal amount of its outstanding senior unsecured notes (primarily convertible unsecured notes) at a discount to par, resulting in a gross gain of approximately $7.9 million prior to the write off of unamortized deferred financing costs. This gain was reduced by approximately $3.9 million due to the adoption of the accounting standard, “Accounting for Convertible Debt That May Be Settled in Cash Upon Conversion,” on January 1, 2009 (“Convertible Debt Restatement”).

In November 2009, the Company closed the securitization of a $400 million, five-year loan that was originated in October 2009. The loan has a blended coupon interest rate of 4.225% and is secured by a pool of 28 assets. The triple-A rated portion of the certificates in the securitization constituted “eligible collateral” under the Term Asset-Backed Securities Loan Facility (“TALF”), provided by the Federal Reserve Bank of New York.

Equity Issuances:

The Company sold approximately 5.1 million of its common shares during the three-month period ended December 31, 2009 through its continuous equity program, generating gross proceeds of approximately $50.0 million. In January 2010, the Company sold approximately 5.0 million of its common shares through the continuous equity program generating gross proceeds of approximately $46.1 million. Substantially all net proceeds were used to repay debt.

In February 2010, the Company issued and sold 42.9 million of its common shares in an underwritten offering. Net proceeds from the sale of the common shares of approximately $338.1 million were utilized to repay debt.

Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 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 year ended December 31, 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						Year Ended
	Ended December 31,						December 31,
	2009			2008 (F)			2009			2008 (F)
Revenues:
Minimum rents (A)	$	138,056		$	146,265		$	543,911		$	589,775
Percentage and overage rents (A)		3,490			4,002			8,061			8,950
Recoveries from tenants		44,794			45,127			179,181			189,650
Ancillary and other property income		7,502			6,182			23,103			21,760
Management, development and other fee income		14,489			15,588			57,684			62,890
Other (B)		1,189			1,359			7,367			8,743
		209,520			218,523			819,307			881,768
Expenses:
Operating and maintenance (C)		38,629			38,395			144,842			139,665
Real estate taxes		27,447			26,001			109,627			104,154
Impairment charges (D)		9,055			75,263			80,641			75,263
General and administrative (E)		20,896			20,275			79,003			81,882
Termination of equity award plan and change in control (E)		—			15,837			15,362			15,837
Depreciation and amortization		56,463			61,760			227,185			228,619
		152,490			237,531			656,660			645,420
Other income (expense):
Interest income		2,564			2,687			12,109			5,458
Interest expense (F)		(64,863	)		(62,097	)		(237,943	)		(245,368	)
Gain on repurchases of senior notes		2,690			10,255			145,050			10,455
Loss on equity derivative instruments (G)		(1,597	)		—			(199,797	)		—
Other expenses (H)		(19,925	)		(20,792	)		(29,412	)		(28,251	)
		(81,131	)		(69,947	)		(309,993	)		(257,706	)
Loss before equity in net loss of joint ventures, impairment of joint venture investments, gain on redemption of joint venture interests, tax benefit of taxable REIT subsidiaries and state franchise and income taxes, discontinued operations and gain on disposition of real estate, net of tax		(24,101	)		(88,955	)		(147,346	)		(21,358	)
Equity in net loss of joint ventures (I)		(749	)		(4,205	)		(9,733	)		17,719
Impairment of joint venture investments (J)		(83,013	)		(106,957	)		(184,584	)		(106,957	)
Gain on redemption of joint venture interests (K)		23,471			—			23,865			—
Tax benefit of taxable REIT subsidiaries and state franchise and income taxes		1,202			2,383			691			17,501
Loss from continuing operations		(83,190	)		(197,734	)		(317,107	)		(93,095	)
(Loss) income from discontinued operations (L)		(4,465	)		(3,916	)		(95,647	)		3,125
Loss before gain on disposition of real estate		(87,655	)		(201,650	)		(412,754	)		(89,970	)
Gain on disposition of real estate, net of tax (M)		905			594			9,127			6,962
Net loss		(86,750	)		(201,056	)		(403,627	)		(83,008	)
Loss attributable to non-controlling interests		7,186			17,053			47,034			11,078
Net loss attributable to DDR	$	(79,564	)	$	(184,003	)	$	(356,593	)	$	(71,930	)
Net loss applicable to common shareholders	$	(90,131	)	$	(194,570	)	$	(398,862	)	$	(114,199	)
Funds From Operations (“FFO”):
Net loss applicable to common shareholders	$	(90,131	)	$	(194,570	)	$	(398,862	)	$	(114,199	)
Depreciation and amortization of real estate investments		53,970			63,603			224,207			236,344
Equity in net loss (income) of joint ventures (I)		749			4,205			9,306			(17,719	)
Joint ventures’ FFO (I)		11,113			7,433			43,665			68,355
Non-controlling interests (OP Units)		8			—			175			1,145
(Gain) loss on disposition of depreciable real estate		(3,718	)		77			(23,123	)		(4,244	)
FFO applicable to common shareholders		(28,009	)		(119,252	)		(144,632	)		169,682
Preferred dividends		10,567			10,567			42,269			42,269
FFO	$	(17,442	)	$	(108,685	)	$	(102,363	)	$	211,951
Per share data:
Earnings per common share
Basic	$	(0.46	)	$	(1.61	)	$	(2.51	)	$	(0.96	)
Diluted	$	(0.46	)	$	(1.61	)	$	(2.51	)	$	(0.96	)
Dividends Declared	$	0.02		$	—		$	0.44		$	2.07
Funds From Operations — Basic (N)	$	(0.14	)	$	(0.98	)	$	(0.90	)	$	1.40
Funds From Operations — Diluted (N)	$	(0.14	)	$	(0.98	)	$	(0.90	)	$	1.40
Basic — average shares outstanding		196,399			121,019			158,816			119,843
Diluted — average shares outstanding		196,399			121,019			158,816			119,843

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

(A)

Base and percentage rental revenues for the year ended December 31, 2009, as compared to the prior year, decreased $44.3 million primarily due to store closings related to five major tenant bankruptcies, which approximated $46.1 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 in base and percentage rental revenue of $0.3 million related to the Company’s business centers. These decreases were partially offset by an increase of $2.1 million due to the three additional shopping centers acquired as a result of the redemption of the Company’s interest in the MDT US LLC joint venture. Also included in rental revenues for the years ended December 31, 2009 and 2008 is approximately $4.3 million and $8.0 million, respectively, of revenue resulting from the recognition of straight-line rents, including discontinued operations. The decrease in straight-line rents relates primarily to the Mervyns portfolio.

(B)

Other revenue for the three-month periods and years ended December 31, 2009 and 2008 was comprised of the following (in millions):

	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2009		2008		2009		2008
Lease termination fees	$	0.7	$	0.8	$	4.1	$	5.8
Financing fees		0.2		0.1		1.1		2.0
Other miscellaneous		0.3		0.5		2.2		0.9
	$	1.2	$	1.4	$	7.4	$	8.7

(C) Included in operating and maintenance, including discontinued operations, is the following:

	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2009		2008		2009		2008
Bad debt expense	$	5.4	$	8.5	$	16.1		$18.7
Ground rent expense (a)		1.3		1.1		4.8		4.2

(a) Includes non-cash expense for each of the three-month periods ended December 31, 2009 and 2008 of approximately $0.5 million, and for the years ended December 31, 2009 and 2008, of approximately $1.9 million and $1.8 million, respectively, related to the straight-line of ground leases.

(D) The Company recorded impairment charges during both the three-month period and year ended December 31, 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, $7.8 million and $68.7 million was recorded in the three months and year ended December 31, 2009, related to impairment charges on 14 assets formerly occupied by Mervyns, of which the Company’s proportionate share was $3.9 million and $33.6 million, respectively, after adjusting for the allocation of loss to the non-controlling interest in this consolidated joint venture. An additional $74.1 million in impairment charges were reported for the year ended December 31, 2009 as part of discontinued operations (see footnote L).

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

(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 years ended December 31, 2009 and 2008, general and administrative expenses were approximately 5.4% and 5.2% of total revenues, respectively, including joint venture and managed property revenues. During the year ended December 31, 2009, the Company recorded $15.4 million of non-cash charges as a result of the change in control provisions included in the Company’s equity-based award plans triggered by the Otto Transaction. In addition, during the year ended December 31, 2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award plan. Excluding these charges, general and administrative expenses were 4.5% and 4.3% of total revenues for the years ended December 31, 2009 and 2008, respectively.
(F)	In 2009, the Company adopted the standard, “Accounting for Convertible Debt That May be Settled in Cash Upon Conversion.” The adoption of this standard required the Company to restate its interest expense and record non-cash interest-related charges of $3.3 million and $13.1 million, net of capitalized interest, for the three-month period and year ended December 31, 2008, respectively. In addition, as a result of the adoption of this standard, the gain on repurchases of senior notes was reduced by $1.1 million for the three-month period and year ended December 31, 2008. The Company recorded non-cash interest expense of approximately $2.5 million and $12.2 million for the three-month period and year ended December 31, 2009, respectively, in accordance with this new accounting standard.
(G)	Represents the non-cash impact of the valuation adjustments for the equity derivative instruments issued as part of the Otto Transaction.
(H)	Other income (expenses) for the fourth quarter primarily related to the write off of costs related to abandoned development projects and other transactions of $4.0 million, debt extinguishment costs of $13.9 million and litigation-related expenditures of $2.1 million. Other expenses for the year ended December 31, 2009 also included a reserve associated with a mezzanine note receivable of $5.4 million and additional litigation-related expenditures offset by a $2.8 million gain on the sale of Macquarie DDR Trust units (“MDT units”). Other income (expense) in 2008 primarily related to abandoned development projects and other transactions of $13.6 million, a $5.4 million loan loss reserve associated with a note receivable as well as litigation costs related to a potential liability associated with a legal verdict.

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

(I) The following is a summary of the combined operating results of the Company’s joint ventures. The results of the DDR Macquarie Fund are included below through October 20, 2009, the date that the Company’s interest in MDT US LLC was redeemed:

	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2009			2008			2009			2008
Revenues from operations (a)	$	190,444		$	226,433		$	852,710		$	925,358
Operating expenses		74,076			80,904			328,080			322,103
Impairment charges (b)		389,412			—			389,412			—
Depreciation and amortization of real estate investments		55,528			64,667			242,384			236,748
Interest expense (c)		70,408			81,574			308,368			303,532
		589,424			227,145			1,268,244			862,383
(Loss) income from operations before tax expense and discontinued operations		(398,980	)		(712	)		(415,534	)		62,975
Income tax expense		(2,948	)		(3,485	)		(10,013	)		(15,479	)
(Loss) income from discontinued operations, net of tax (d)		(74	)		(2,652	)		(31,140	)		1,476
Income (loss) on disposition of discontinued operations, net of tax (e)		64			7,364			(19,448	)		7,364
Gain (loss) on disposition of assets (f)		843			(18	)		(25,973	)		(67	)
Other, net (g)		—			(47,791	)		7,153			(31,318	)
Net (loss) income	$	(401,095	)	$	(47,294	)	$	(494,955	)	$	24,951
DDR ownership interests (h)	$	(22,147	)	$	(5,482	)	$	(34,522	)	$	17,335

FFO from joint ventures are summarized as follows:

Net (loss) income	$	(401,095	)	$	(47,294	)	$	(494,955	)	$	24,951
Gain on disposition of real estate, including discontinued operations		(843	)		(7,364	)		(843	)		(7,350	)
Depreciation and amortization of real estate investments		55,528			65,928			245,000			241,651
	$	(346,410	)	$	11,270		$	(250,798	)	$	259,252
DDR ownership interests (h)	$	11,113		$	7,433		$	43,665		$	68,355
DDR joint venture distributions received, net (i)	$	7,963		$	24,467		$	31,455		$	65,957

(a)  Revenues for the three-month periods ended December 31, 2009 and 2008 reflect an approximate $0.3 million reduction and $0.7 million increase, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was minimal. Revenues for the years ended December 31, 2009 and 2008 included approximately $2.7 million and $6.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.2 million and $1.4 million, respectively. Excluding the impact of the redemption of the Company’s interest in MDT US LLC, revenues from operations for the year ended December 31, 2009, as compared to the prior year, decreased

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

	primarily due to store closings related to four major tenant bankruptcies, the impact of which approximated $24 million.
(b)	Impairment charges of $145.0 million and $25.9 million were recorded by the DDRTC Core Retail Fund LLC and DPG Realty Holdings LLC joint ventures, respectively, for both the three-month period and year ended December 31, 2009, related to a combined 22 shopping centers that were under contract to be sold as of December 31, 2009. The Company’s proportionate share of each charge was $0.9 million and $1.7 million, respectively, and was reduced by the impact of the other than temporary impairments recorded on these investments. In addition, Coventry II DDR Bloomfield LLC recorded an impairment charge of $218.5 million related to the development project that is currently suspended, of which the Company’s proportionate share of loss is included in the investment impairment recognized as disclosed in footnote (J).
(c)	Interest expense includes net non-cash charges related to ineffective derivative instruments at the DDR Macquarie Fund of $0.2 million and $6.6 million for the three-month period and year ended December 31, 2009 and $5.8 million and $6.4 million for the three-month period and year ended December 31, 2008, respectively.
(d)	Includes $33.9 million of impairment charges relating to three assets in the DDR Macquarie Fund joint venture that were sold in the third quarter of 2009. The Company’s proportionate share of these impairment losses aggregated $5.5 million, and was reduced by the impact of the other than temporary impairment recorded on this investment in the fourth quarter of 2008.
(e)	Loss on disposition of discontinued operations includes the sale of 13 properties by three separate unconsolidated joint ventures in 2009. These dispositions resulted in a loss of $19.4 million for the year ended December 31, 2009 and excludes the impact of the previously recognized impairments discussed in (d) above. The Company’s proportionate share of the loss on disposition for the year ended December 31, 2009 was $1.4 million and was reduced by the impact of previously recorded impairments on the respective unconsolidated joint ventures, as appropriate.
(f)	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.

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

(g)	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 $7.2 million of income through the Company’s ownership period in the MDT units for the year ended December 31, 2009 and $45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008, respectively.
(h)	The Company’s share of joint venture equity in net loss was decreased by $21.4 million and $1.2 million for the three-month periods ended December 31, 2009 and 2008, respectively. The Company’s share of joint venture net loss was decreased by $24.8 million and the equity in net income was increased by $0.4 million for the years ended December 31, 2009 and 2008, respectively. These adjustments relate primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.
	At December 31, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 274 and 329 shopping center properties, respectively.
(i)	Distributions for 2009 include $2.5 million from a foreign investment that have yet to be expatriated to the United States.

(J)

The Company recorded $83.0 million and $184.6 million in impairment charges, for the three-month period and year ended December 31, 2009, as a result of the Company’s determination that certain of its unconsolidated joint venture investments suffered an “other than temporary impairment.” During the three months ended December 31, 2009, these charges primarily related to the Company’s investments in the Coventry II joint ventures and the establishment of a full reserve on a note advanced to that joint venture ($78.3 million). During the year ended December 31, 2009, the Company recorded aggregate charges relating to its interest in the Coventry II joint ventures ($119.3 million), DDRTC Core Retail Fund LLC ($55.0 million), DDR-SAU Retail Fund LLC ($6.2 million) and DPG Realty Holdings LLC ($3.6 million) and Central Park Solon LLC ($0.5 million).

(K)

In October 2009, the Company’s approximate 14.5% interest in the MDT US LLC joint venture was redeemed in exchange for a 100% interest in three shopping center assets and a cash payment of $1.6 million. The Company accounted for this transaction as a step acquisition and as a result recognized a $23.5 million gain.

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

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

	Three-Month Period Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Revenues from operations	$	761		$	13,964		$	24,002		$	61,885
Operating expenses		421			3,540			7,279			17,356
Impairment charges		—			4,601			74,077			4,601
Interest, net		624			3,204			7,484			14,218
Depreciation and amortization of real estate investments		120			3,535			6,782			17,755
Total expenses		1,165			14,880			95,622			53,930
(Loss) income before loss on disposition of real estate		(404	)		(916	)		(71,620	)		7,955
Loss on disposition of real estate, net		(4,061	)		(3,000	)		(24,027	)		(4,830	)
Net (loss) income	$	(4,465	)	$	(3,916	)	$	(95,647	)	$	3,125

(M)

Includes $2.3 million in loss, net of tax, relating to the sale of land parcels.

(N)

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 December 31, 2009 and 2008, into 0.4 million common shares for the three-month periods ended December 31, 2009 and 2008, on a weighted-average basis, and 0.4 million common shares and 0.6 million common shares for the year ended December 31, 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 198.3 million and 121.5 million for the three-month periods ended December 31, 2009 and 2008, respectively, and 160.1 million and 121.0 million for the years ended December 31, 2009 and 2008, respectively. For purposes of calculating operating FFO, the weighted average diluted shares and OP Units were 203.5 million and 121.5 million for the three-month periods ended December 31, 2009 and 2008, respectively, and 163.2 million and 121.0 million for the year ended December 31, 2009 and 2008, respectively, which include common stock equivalents relating to equity awards and warrants, which are otherwise anti-dilutive in a net loss position.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data ^(A):

	December 31, 2009			December 31, 2008 (B)
Assets:
Real estate and rental property:
Land	$	1,971,782		$	2,073,947
Buildings		5,694,659			5,890,332
Fixtures and tenant improvements		287,143			262,809
		7,953,584			8,227,088
Less: Accumulated depreciation		(1,332,534	)		(1,208,903	)
		6,621,050			7,018,185
Construction in progress and land held for development		858,900			882,478
Assets held for sale		10,453			—
Real estate, net		7,490,403			7,900,663
Investments in and advances to joint ventures		420,541			583,767
Cash		26,172			29,494
Restricted cash (C)		95,673			111,792
Notes receivable		74,997			75,781
Receivables, including straight-line rent, net		146,809			164,356
Other assets, net		172,011			154,369
	$	8,426,606		$	9,020,222
Liabilities:
Indebtedness:
Revolving credit facilities	$	775,028		$	1,027,183
Unsecured debt		1,689,841			2,402,032
Mortgage and other secured debt		2,713,794			2,437,440
		5,178,663			5,866,655
Dividends payable		10,985			6,967
Other liabilities (D)		283,995			281,179
		5,473,643			6,154,801
Redeemable operating partnership units		627			627
Equity		2,952,336			2,864,794
	$	8,426,606		$	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 31 sites formerly occupied by Mervyns at December 31, 2009, which includes the following (in millions):

	December 31, 2009		December 31, 2008
Real estate, net	$	218.7	$	325.1
Restricted cash		50.5		64.8
Mortgage debt		225.4		258.5
Non-controlling interests		22.4		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.

• In connection with 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.

• The Company adopted the provisions of the standard, “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 December 31, 2009 includes $89.8 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 $45.2 million and $47.0 million at December 31, 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 $56.1 million non-cash liability relating to the warrants issued in connection with the Otto Transaction as of December 31, 2009. The liability will be reclassified into equity upon ultimate exercise or expiration of the warrants.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (continued):

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

	December 31, 2009 (a)			December 31, 2008
Land	$	1,782,431		$	2,378,033
Buildings		5,207,234			6,353,985
Fixtures and tenant improvements		146,716			131,622
		7,136,381			8,863,640
Less: Accumulated depreciation		(636,897	)		(606,530	)
		6,499,484			8,257,110
Construction in progress		130,410			412,357
Real estate, net		6,629,894			8,669,467
Receivables, including straight-line rent, net		113,630			136,410
Leasehold interests		11,455			12,615
Other assets		342,192			315,591
	$	7,097,171		$	9,134,083
Mortgage debt (b)	$	4,547,711		$	5,776,897
Notes and accrued interest payable to DDR		73,477			64,967
Other liabilities		194,065			237,363
		4,815,253			6,079,227
Accumulated equity		2,281,918			3,054,856
	$	7,097,171		$	9,134,083

(a)	Decreases in real estate assets and mortgage debt from 2008 to 2009 of $2,009.2 million and $1,229.2 million, respectively, are as a result of $1,759.2 million and $1,150.7 million, respectively, relating to the redemption of the Company’s interest in the MDT US LLC joint venture and its liquidation of the MDT units.
(b)	The Company’s proportionate share of joint venture debt aggregated approximately $917.0 million and $1,216.1 million at December 31, 2009 and 2008, respectively. The 2009 amount reflects a decrease of $291.9 million due to the redemption of DDR’s interest in the MDT US LLC joint venture and its liquidation of the MDT units.

EX-99.2

Quarterly finacialsupplement for the year ended December 31, 2009

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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 and 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 Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2008.

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 $1.83 FOR THE YEAR ENDED
DECEMBER 31, 2009 BEFORE NON-OPERATING GAINS AND LOSSES

CLEVELAND, OHIO, February 18, 2010 — Developers Diversified Realty (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2009.

•	The Company’s fourth quarter operating Funds From Operations (“FFO”) was $62.8 million or $0.31 per diluted share before $90.8 million of net charges summarized below. The Company’s operating FFO for the year was $298.2 million or $1.83 per diluted share before $442.8 million of net charges summarized below.
	The net charges, primarily non-cash, for the three months and year ended December 31, 2009, aggregating $90.8 million and $442.8 million, respectively, are summarized as follows (in millions):

	Three
	Months			Year
Non-cash loss on equity derivative instruments related to Otto investment	$	1.6		$	199.8
Non-cash impairment charges — consolidated and equity method investments		92.1			265.2
Consolidated impairment charges and loss on sales included in discontinued operations		4.6			117.6
Less portion of impairment charges and losses allocated to non-controlling interests (Mervyns)		(3.9	)		(35.2	)
Non-cash change in control compensation charge		—			15.4
Debt extinguishment costs, net loan loss reserve and other expenses offset by gain on sale of MDT units		20.0			30.0
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		2.6			19.0
Gain on redemption of joint venture interests		(23.5	)		(23.9	)
Gain on repurchases of senior notes		(2.7	)		(145.1	)
	$	90.8		$	442.8

•	The Company reported revised operating FFO for the three-month period ended December 31, 2008 of $86.8 million or $0.71 per diluted share before $206.1 million of net charges summarized below. The Company’s operating FFO for the year ended December 31, 2008 was $387.5 million or $3.20 per diluted share before $217.8 million of net charges summarized below.
	The net charges, primarily non-cash, for the three months and year ended December 31, 2008, aggregating $206.1 million and $217.8 million, respectively, are summarized as follows (in millions):

	Three
	Months			Year
Non-cash impairment charges — consolidated and equity method investments	$	182.2		$	182.2
Consolidated impairment charges and loss on sales included in discontinued operations		7.6			15.3
Less portion of impairment charges and losses allocated to non-controlling interests (primarily Mervyns)		(18.7	)		(18.7	)
Non-cash termination of an equity award plan		15.8			15.8
Net loan loss reserve, abandoned projects, transaction costs and other expenses		20.8			27.1
Impairment charges, derivative (gains)/losses and losses on asset sales — equity method investments		8.7			6.6
Gain on repurchases of senior notes		(10.3	)		(10.5	)
	$	206.1		$	217.8

• FFO applicable to common shareholders for the three-month period ended December 31, 2009, including the above net charges, was a loss of $28.0 million, or $0.14 per diluted share, which compares to revised FFO loss of $119.3 million, or $0.98 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended December 31, 2009 was $90.1 million, or $0.46 per diluted share, which compares to revised net loss of $194.6 million, or $1.61 per diluted share, for the prior-year comparable period.

• FFO applicable to common shareholders for the year ended December 31, 2009, including the above net charges, was a loss of $144.6 million, or $0.90 per diluted share, which compares to revised FFO of $169.7 million, or $1.40 per diluted share, for the prior year. Net loss applicable to common shareholders for the year ended December 31, 2009 was $398.9 million, or $2.51 per diluted share, which compares to revised net loss of $114.2 million, or $0.96 per diluted share, for the prior year.

• Executed leases during the fourth quarter of 2009 totaled approximately 3.0 million square feet, including 166 new leases and 306 renewals. Executed leases during the year totaled approximately 10.6 million square feet, including 583 new leases and 1,079 renewals.

• On a cash basis, base rental rates on new leases and renewals decreased 4.6% overall for the quarter and 3.4% year over year.

• Core portfolio leased percentage at December 31, 2009 was 91.2%, compared to 90.9% at September 30, 2009.

• Same store net operating income (“NOI”) for the year decreased 3.6% compared to 2008 exclusively related to the bankruptcies and subsequent store closings of Circuit City, Linens ‘N Things, Goody’s and Steve & Barry’s which accounted for over 100 percent of the decline. Absent these bankruptcies, same store NOI would have been slightly positive year over year. Same Store NOI excludes the results of the assets not acquired by the Company in connection with the redemption of its interest in the MDT US LLC joint venture for both of the years ended December 31, 2009 and 2008 (see discussion of redemption transaction below).

“Although we continue to operate in a challenging macroeconomic environment, our platform and portfolio continue to perform at a high level,” commented Developers Diversified’s president and chief executive officer Daniel B. Hurwitz. “We are encouraged by fourth quarter retail sales and profitability results, and signs indicate that leasing deal flow in 2010 will compare favorably to our record performance in 2009. We remain keenly focused on our various balance sheet and operating initiatives to further enhance shareholder value.”

Financial Results:

Net loss applicable to common shareholders was $90.1 million, or $0.46 per share (diluted and basic), for the three-month period ended December 31, 2009, as compared to revised net loss of $194.6 million, or $1.61 per share (diluted and basic), for the prior-year comparable period.

FFO applicable to common shareholders was a loss of $28.0 million, or $0.14 per share (diluted and basic), for the three-month period ended December 31, 2009, as compared to revised FFO loss of $119.3 million, or $0.98 per share (diluted and basic) for the three-month period ended December 31, 2008. The decrease in net loss for the three-month period ended December 31, 2009, is primarily the result of a reduction in non-cash impairment charges recognized on consolidated and equity method investments and loss on disposition of assets of $93.1 million as well as the recognition in 2009 of a $23.5 million gain relating to the redemption of the Company’s interest in the MDT US LLC joint venture. In addition, excluding the impact of the net non-operating charges detailed above, the core operating results in 2009 compared to 2008 were impacted by several major tenant bankruptcies which occurred in late 2008 and early 2009, as well as asset sales associated with the Company’s deleveraging efforts.

Net loss applicable to common shareholders was $398.9 million, or $2.51 per share (diluted and basic), for the year ended December 31, 2009, as compared to revised net loss of $114.2 million, or $0.96 per share (diluted and basic), for the prior year.

FFO applicable to common shareholders was a loss of $144.6 million, or $0.90 per share (diluted and basic), for the year ended December 31, 2009, as compared to revised FFO income of $169.7 million, or $1.40 per share (diluted and basic), for the year ended December 31, 2008. The net loss for the year ended December 31, 2009, is primarily the result of $442.8 million of net charges, generally non-cash as detailed above, in addition to several major tenant bankruptcies, the release of an approximate $16 million deferred tax valuation allowance in 2008 and the impact of asset sales associated with the Company’s deleveraging efforts.

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, and those gains that represent the recapture of a previously recognized impairment charge, (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 its 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 December 31, 2009 highlight continued strong leasing activity throughout the portfolio despite the current economic environment:

• Executed 166 new leases aggregating approximately 1.1 million square feet and 306 renewals aggregating approximately 1.9 million square feet.

• Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of December 31, 2009 was $12.51, as compared to $12.43 at December 31, 2008.

• Core portfolio leased rate was 91.2% as of December 31, 2009, as compared to 92.2% at December 31, 2008 and 90.9% at September 30, 2009.

• On a cash basis, rental rates for new leases and renewals decreased 4.6%.

Overall, the Company remains encouraged by the leasing activity achieved during the fourth quarter. While the resulting rental spreads and core occupancy level are much less favorable than what the Company has historically achieved, the Company is continuing to make strides in retenanting the bankruptcy driven vacancy that has impacted the retail sector.

Strategic Transactions:

DDR Macquarie Fund:

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 interest and a cash payment of $1.6 million. The Company recognized a $23.5 million gain on the redemption transaction.

Otto Transaction:

In 2009, the Company issued 32.9 million shares to Mr. Alexander Otto (the “Investor”) and certain members of his family (collectively with the Investor, the “Otto Family”) resulting in aggregate gross equity proceeds of approximately $112.5 million. The Company also issued warrants to purchase up to 10.0 million common shares with an exercise price of $6.00 per share to the Investor. The share issuances, together with the warrant issuances, are collectively referred to as the “Otto Transaction”.

Dispositions:

The Company sold five shopping center properties, aggregating 0.6 million square feet, in the fourth quarter of 2009, generating gross proceeds of approximately $30.5 million. The Company recorded an aggregate loss on sale of approximately $4.0 million related to these assets in the fourth quarter of 2009. The Company also incurred a $2.3 million net loss on land sales in the fourth quarter. An additional three assets were sold in the first quarter of 2010 for approximately $26 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	$	25.3		2H 07	Community Center
Boston (Norwood), Massachusetts		56,343		4.1		2H 10	Community Center
Austin (Kyle), Texas **		443,092		16.5		2H 09	Community Center
Total		931,124	$	45.9

*	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.

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 $89.4 million. At December 31, 2009, approximately $78.2 million of costs had been incurred in relation to this project.

Property	Description
Miami (Plantation), Florida	Redevelop shopping center to include Kohl’s, Dick’s Sporting Goods and other retail tenants

Financings:

In the fourth quarter of 2009, the Company purchased approximately $142.5 million aggregate principal amount of its outstanding senior unsecured notes (primarily convertible unsecured notes) at a discount to par, resulting in a gross gain of approximately $7.9 million prior to the write off of unamortized deferred financing costs. This gain was reduced by approximately $3.9 million due to the adoption of the accounting standard, “Accounting for Convertible Debt That May Be Settled in Cash Upon Conversion,” on January 1, 2009 (“Convertible Debt Restatement”).

In November 2009, the Company closed the securitization of a $400 million, five-year loan that was originated in October 2009. The loan has a blended coupon interest rate of 4.225% and is secured by a pool of 28 assets. The triple-A rated portion of the certificates in the securitization constituted “eligible collateral” under the Term Asset-Backed Securities Loan Facility (“TALF”), provided by the Federal Reserve Bank of New York.

Equity Issuances:

The Company sold approximately 5.1 million of its common shares during the three-month period ended December 31, 2009 through its continuous equity program, generating gross proceeds of approximately $50.0 million. In January 2010, the Company sold approximately 5.0 million of its common shares through the continuous equity program generating gross proceeds of approximately $46.1 million. Substantially all net proceeds were used to repay debt.

In February 2010, the Company issued and sold 42.9 million of its common shares in an underwritten offering. Net proceeds from the sale of the common shares of approximately $338.1 million were utilized to repay debt.

Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 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 year ended December 31, 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						Year Ended
	Ended December 31,						December 31,
	2009			2008 (F)			2009			2008 (F)
Revenues:
Minimum rents (A)	$	138,056		$	146,265		$	543,911		$	589,775
Percentage and overage rents (A)		3,490			4,002			8,061			8,950
Recoveries from tenants		44,794			45,127			179,181			189,650
Ancillary and other property income		7,502			6,182			23,103			21,760
Management, development and other fee income		14,489			15,588			57,684			62,890
Other (B)		1,189			1,359			7,367			8,743
		209,520			218,523			819,307			881,768
Expenses:
Operating and maintenance (C)		38,629			38,395			144,842			139,665
Real estate taxes		27,447			26,001			109,627			104,154
Impairment charges (D)		9,055			75,263			80,641			75,263
General and administrative (E)		20,896			20,275			79,003			81,882
Termination of equity award plan and change in control (E)		—			15,837			15,362			15,837
Depreciation and amortization		56,463			61,760			227,185			228,619
		152,490			237,531			656,660			645,420
Other income (expense):
Interest income		2,564			2,687			12,109			5,458
Interest expense (F)		(64,863	)		(62,097	)		(237,943	)		(245,368	)
Gain on repurchases of senior notes		2,690			10,255			145,050			10,455
Loss on equity derivative instruments (G)		(1,597	)		—			(199,797	)		—
Other expenses (H)		(19,925	)		(20,792	)		(29,412	)		(28,251	)
		(81,131	)		(69,947	)		(309,993	)		(257,706	)
Loss before equity in net loss of joint ventures, impairment of joint venture investments, gain on redemption of joint venture interests, tax benefit of taxable REIT subsidiaries and state franchise and income taxes, discontinued operations and gain on disposition of real estate, net of tax		(24,101	)		(88,955	)		(147,346	)		(21,358	)
Equity in net loss of joint ventures (I)		(749	)		(4,205	)		(9,733	)		17,719
Impairment of joint venture investments (J)		(83,013	)		(106,957	)		(184,584	)		(106,957	)
Gain on redemption of joint venture interests (K)		23,471			—			23,865			—
Tax benefit of taxable REIT subsidiaries and state franchise and income taxes		1,202			2,383			691			17,501
Loss from continuing operations		(83,190	)		(197,734	)		(317,107	)		(93,095	)
(Loss) income from discontinued operations (L)		(4,465	)		(3,916	)		(95,647	)		3,125
Loss before gain on disposition of real estate		(87,655	)		(201,650	)		(412,754	)		(89,970	)
Gain on disposition of real estate, net of tax (M)		905			594			9,127			6,962
Net loss		(86,750	)		(201,056	)		(403,627	)		(83,008	)
Loss attributable to non-controlling interests		7,186			17,053			47,034			11,078
Net loss attributable to DDR	$	(79,564	)	$	(184,003	)	$	(356,593	)	$	(71,930	)
Net loss applicable to common shareholders	$	(90,131	)	$	(194,570	)	$	(398,862	)	$	(114,199	)
Funds From Operations (“FFO”):
Net loss applicable to common shareholders	$	(90,131	)	$	(194,570	)	$	(398,862	)	$	(114,199	)
Depreciation and amortization of real estate investments		53,970			63,603			224,207			236,344
Equity in net loss (income) of joint ventures (I)		749			4,205			9,306			(17,719	)
Joint ventures’ FFO (I)		11,113			7,433			43,665			68,355
Non-controlling interests (OP Units)		8			—			175			1,145
(Gain) loss on disposition of depreciable real estate		(3,718	)		77			(23,123	)		(4,244	)
FFO applicable to common shareholders		(28,009	)		(119,252	)		(144,632	)		169,682
Preferred dividends		10,567			10,567			42,269			42,269
FFO	$	(17,442	)	$	(108,685	)	$	(102,363	)	$	211,951
Per share data:
Earnings per common share
Basic	$	(0.46	)	$	(1.61	)	$	(2.51	)	$	(0.96	)
Diluted	$	(0.46	)	$	(1.61	)	$	(2.51	)	$	(0.96	)
Dividends Declared	$	0.02		$	—		$	0.44		$	2.07
Funds From Operations — Basic (N)	$	(0.14	)	$	(0.98	)	$	(0.90	)	$	1.40
Funds From Operations — Diluted (N)	$	(0.14	)	$	(0.98	)	$	(0.90	)	$	1.40
Basic — average shares outstanding		196,399			121,019			158,816			119,843
Diluted — average shares outstanding		196,399			121,019			158,816			119,843

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

(A)

Base and percentage rental revenues for the year ended December 31, 2009, as compared to the prior year, decreased $44.3 million primarily due to store closings related to five major tenant bankruptcies, which approximated $46.1 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 in base and percentage rental revenue of $0.3 million related to the Company’s business centers. These decreases were partially offset by an increase of $2.1 million due to the three additional shopping centers acquired as a result of the redemption of the Company’s interest in the MDT US LLC joint venture. Also included in rental revenues for the years ended December 31, 2009 and 2008 is approximately $4.3 million and $8.0 million, respectively, of revenue resulting from the recognition of straight-line rents, including discontinued operations. The decrease in straight-line rents relates primarily to the Mervyns portfolio.

(B)

Other revenue for the three-month periods and years ended December 31, 2009 and 2008 was comprised of the following (in millions):

	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2009		2008		2009		2008
Lease termination fees	$	0.7	$	0.8	$	4.1	$	5.8
Financing fees		0.2		0.1		1.1		2.0
Other miscellaneous		0.3		0.5		2.2		0.9
	$	1.2	$	1.4	$	7.4	$	8.7

(C) Included in operating and maintenance, including discontinued operations, is the following:

	Three-Month Period				Year Ended
	Ended December 31,				December 31,
	2009		2008		2009		2008
Bad debt expense	$	5.4	$	8.5	$	16.1		$18.7
Ground rent expense (a)		1.3		1.1		4.8		4.2

(a) Includes non-cash expense for each of the three-month periods ended December 31, 2009 and 2008 of approximately $0.5 million, and for the years ended December 31, 2009 and 2008, of approximately $1.9 million and $1.8 million, respectively, related to the straight-line of ground leases.

(D) The Company recorded impairment charges during both the three-month period and year ended December 31, 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, $7.8 million and $68.7 million was recorded in the three months and year ended December 31, 2009, related to impairment charges on 14 assets formerly occupied by Mervyns, of which the Company’s proportionate share was $3.9 million and $33.6 million, respectively, after adjusting for the allocation of loss to the non-controlling interest in this consolidated joint venture. An additional $74.1 million in impairment charges were reported for the year ended December 31, 2009 as part of discontinued operations (see footnote L).

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

(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 years ended December 31, 2009 and 2008, general and administrative expenses were approximately 5.4% and 5.2% of total revenues, respectively, including joint venture and managed property revenues. During the year ended December 31, 2009, the Company recorded $15.4 million of non-cash charges as a result of the change in control provisions included in the Company’s equity-based award plans triggered by the Otto Transaction. In addition, during the year ended December 31, 2008, the Company recorded a non-cash charge of approximately $15.8 million related to the termination of a supplemental equity award plan. Excluding these charges, general and administrative expenses were 4.5% and 4.3% of total revenues for the years ended December 31, 2009 and 2008, respectively.
(F)	In 2009, the Company adopted the standard, “Accounting for Convertible Debt That May be Settled in Cash Upon Conversion.” The adoption of this standard required the Company to restate its interest expense and record non-cash interest-related charges of $3.3 million and $13.1 million, net of capitalized interest, for the three-month period and year ended December 31, 2008, respectively. In addition, as a result of the adoption of this standard, the gain on repurchases of senior notes was reduced by $1.1 million for the three-month period and year ended December 31, 2008. The Company recorded non-cash interest expense of approximately $2.5 million and $12.2 million for the three-month period and year ended December 31, 2009, respectively, in accordance with this new accounting standard.
(G)	Represents the non-cash impact of the valuation adjustments for the equity derivative instruments issued as part of the Otto Transaction.
(H)	Other income (expenses) for the fourth quarter primarily related to the write off of costs related to abandoned development projects and other transactions of $4.0 million, debt extinguishment costs of $13.9 million and litigation-related expenditures of $2.1 million. Other expenses for the year ended December 31, 2009 also included a reserve associated with a mezzanine note receivable of $5.4 million and additional litigation-related expenditures offset by a $2.8 million gain on the sale of Macquarie DDR Trust units (“MDT units”). Other income (expense) in 2008 primarily related to abandoned development projects and other transactions of $13.6 million, a $5.4 million loan loss reserve associated with a note receivable as well as litigation costs related to a potential liability associated with a legal verdict.

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

(I) The following is a summary of the combined operating results of the Company’s joint ventures. The results of the DDR Macquarie Fund are included below through October 20, 2009, the date that the Company’s interest in MDT US LLC was redeemed:

	Three-Month Period						Year Ended
	Ended December 31,						December 31,
	2009			2008			2009			2008
Revenues from operations (a)	$	190,444		$	226,433		$	852,710		$	925,358
Operating expenses		74,076			80,904			328,080			322,103
Impairment charges (b)		389,412			—			389,412			—
Depreciation and amortization of real estate investments		55,528			64,667			242,384			236,748
Interest expense (c)		70,408			81,574			308,368			303,532
		589,424			227,145			1,268,244			862,383
(Loss) income from operations before tax expense and discontinued operations		(398,980	)		(712	)		(415,534	)		62,975
Income tax expense		(2,948	)		(3,485	)		(10,013	)		(15,479	)
(Loss) income from discontinued operations, net of tax (d)		(74	)		(2,652	)		(31,140	)		1,476
Income (loss) on disposition of discontinued operations, net of tax (e)		64			7,364			(19,448	)		7,364
Gain (loss) on disposition of assets (f)		843			(18	)		(25,973	)		(67	)
Other, net (g)		—			(47,791	)		7,153			(31,318	)
Net (loss) income	$	(401,095	)	$	(47,294	)	$	(494,955	)	$	24,951
DDR ownership interests (h)	$	(22,147	)	$	(5,482	)	$	(34,522	)	$	17,335

FFO from joint ventures are summarized as follows:

Net (loss) income	$	(401,095	)	$	(47,294	)	$	(494,955	)	$	24,951
Gain on disposition of real estate, including discontinued operations		(843	)		(7,364	)		(843	)		(7,350	)
Depreciation and amortization of real estate investments		55,528			65,928			245,000			241,651
	$	(346,410	)	$	11,270		$	(250,798	)	$	259,252
DDR ownership interests (h)	$	11,113		$	7,433		$	43,665		$	68,355
DDR joint venture distributions received, net (i)	$	7,963		$	24,467		$	31,455		$	65,957

(a)  Revenues for the three-month periods ended December 31, 2009 and 2008 reflect an approximate $0.3 million reduction and $0.7 million increase, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was minimal. Revenues for the years ended December 31, 2009 and 2008 included approximately $2.7 million and $6.3 million, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.2 million and $1.4 million, respectively. Excluding the impact of the redemption of the Company’s interest in MDT US LLC, revenues from operations for the year ended December 31, 2009, as compared to the prior year, decreased

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

	primarily due to store closings related to four major tenant bankruptcies, the impact of which approximated $24 million.
(b)	Impairment charges of $145.0 million and $25.9 million were recorded by the DDRTC Core Retail Fund LLC and DPG Realty Holdings LLC joint ventures, respectively, for both the three-month period and year ended December 31, 2009, related to a combined 22 shopping centers that were under contract to be sold as of December 31, 2009. The Company’s proportionate share of each charge was $0.9 million and $1.7 million, respectively, and was reduced by the impact of the other than temporary impairments recorded on these investments. In addition, Coventry II DDR Bloomfield LLC recorded an impairment charge of $218.5 million related to the development project that is currently suspended, of which the Company’s proportionate share of loss is included in the investment impairment recognized as disclosed in footnote (J).
(c)	Interest expense includes net non-cash charges related to ineffective derivative instruments at the DDR Macquarie Fund of $0.2 million and $6.6 million for the three-month period and year ended December 31, 2009 and $5.8 million and $6.4 million for the three-month period and year ended December 31, 2008, respectively.
(d)	Includes $33.9 million of impairment charges relating to three assets in the DDR Macquarie Fund joint venture that were sold in the third quarter of 2009. The Company’s proportionate share of these impairment losses aggregated $5.5 million, and was reduced by the impact of the other than temporary impairment recorded on this investment in the fourth quarter of 2008.
(e)	Loss on disposition of discontinued operations includes the sale of 13 properties by three separate unconsolidated joint ventures in 2009. These dispositions resulted in a loss of $19.4 million for the year ended December 31, 2009 and excludes the impact of the previously recognized impairments discussed in (d) above. The Company’s proportionate share of the loss on disposition for the year ended December 31, 2009 was $1.4 million and was reduced by the impact of previously recorded impairments on the respective unconsolidated joint ventures, as appropriate.
(f)	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.

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

(g)	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 $7.2 million of income through the Company’s ownership period in the MDT units for the year ended December 31, 2009 and $45.9 million and $29.4 million of loss for the three-month period and year ended December 31, 2008, respectively.
(h)	The Company’s share of joint venture equity in net loss was decreased by $21.4 million and $1.2 million for the three-month periods ended December 31, 2009 and 2008, respectively. The Company’s share of joint venture net loss was decreased by $24.8 million and the equity in net income was increased by $0.4 million for the years ended December 31, 2009 and 2008, respectively. These adjustments relate primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.
	At December 31, 2009 and 2008, the Company owned joint venture interests, excluding consolidated joint ventures, in 274 and 329 shopping center properties, respectively.
(i)	Distributions for 2009 include $2.5 million from a foreign investment that have yet to be expatriated to the United States.

(J)

The Company recorded $83.0 million and $184.6 million in impairment charges, for the three-month period and year ended December 31, 2009, as a result of the Company’s determination that certain of its unconsolidated joint venture investments suffered an “other than temporary impairment.” During the three months ended December 31, 2009, these charges primarily related to the Company’s investments in the Coventry II joint ventures and the establishment of a full reserve on a note advanced to that joint venture ($78.3 million). During the year ended December 31, 2009, the Company recorded aggregate charges relating to its interest in the Coventry II joint ventures ($119.3 million), DDRTC Core Retail Fund LLC ($55.0 million), DDR-SAU Retail Fund LLC ($6.2 million) and DPG Realty Holdings LLC ($3.6 million) and Central Park Solon LLC ($0.5 million).

(K)

In October 2009, the Company’s approximate 14.5% interest in the MDT US LLC joint venture was redeemed in exchange for a 100% interest in three shopping center assets and a cash payment of $1.6 million. The Company accounted for this transaction as a step acquisition and as a result recognized a $23.5 million gain.

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

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

	Three-Month Period Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Revenues from operations	$	761		$	13,964		$	24,002		$	61,885
Operating expenses		421			3,540			7,279			17,356
Impairment charges		—			4,601			74,077			4,601
Interest, net		624			3,204			7,484			14,218
Depreciation and amortization of real estate investments		120			3,535			6,782			17,755
Total expenses		1,165			14,880			95,622			53,930
(Loss) income before loss on disposition of real estate		(404	)		(916	)		(71,620	)		7,955
Loss on disposition of real estate, net		(4,061	)		(3,000	)		(24,027	)		(4,830	)
Net (loss) income	$	(4,465	)	$	(3,916	)	$	(95,647	)	$	3,125

(M)

Includes $2.3 million in loss, net of tax, relating to the sale of land parcels.

(N)

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 December 31, 2009 and 2008, into 0.4 million common shares for the three-month periods ended December 31, 2009 and 2008, on a weighted-average basis, and 0.4 million common shares and 0.6 million common shares for the year ended December 31, 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 198.3 million and 121.5 million for the three-month periods ended December 31, 2009 and 2008, respectively, and 160.1 million and 121.0 million for the years ended December 31, 2009 and 2008, respectively. For purposes of calculating operating FFO, the weighted average diluted shares and OP Units were 203.5 million and 121.5 million for the three-month periods ended December 31, 2009 and 2008, respectively, and 163.2 million and 121.0 million for the year ended December 31, 2009 and 2008, respectively, which include common stock equivalents relating to equity awards and warrants, which are otherwise anti-dilutive in a net loss position.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data ^(A):

	December 31, 2009			December 31, 2008 (B)
Assets:
Real estate and rental property:
Land	$	1,971,782		$	2,073,947
Buildings		5,694,659			5,890,332
Fixtures and tenant improvements		287,143			262,809
		7,953,584			8,227,088
Less: Accumulated depreciation		(1,332,534	)		(1,208,903	)
		6,621,050			7,018,185
Construction in progress and land held for development		858,900			882,478
Assets held for sale		10,453			—
Real estate, net		7,490,403			7,900,663
Investments in and advances to joint ventures		420,541			583,767
Cash		26,172			29,494
Restricted cash (C)		95,673			111,792
Notes receivable		74,997			75,781
Receivables, including straight-line rent, net		146,809			164,356
Other assets, net		172,011			154,369
	$	8,426,606		$	9,020,222
Liabilities:
Indebtedness:
Revolving credit facilities	$	775,028		$	1,027,183
Unsecured debt		1,689,841			2,402,032
Mortgage and other secured debt		2,713,794			2,437,440
		5,178,663			5,866,655
Dividends payable		10,985			6,967
Other liabilities (D)		283,995			281,179
		5,473,643			6,154,801
Redeemable operating partnership units		627			627
Equity		2,952,336			2,864,794
	$	8,426,606		$	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 31 sites formerly occupied by Mervyns at December 31, 2009, which includes the following (in millions):

	December 31, 2009		December 31, 2008
Real estate, net	$	218.7	$	325.1
Restricted cash		50.5		64.8
Mortgage debt		225.4		258.5
Non-controlling interests		22.4		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.

• In connection with 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.

• The Company adopted the provisions of the standard, “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 December 31, 2009 includes $89.8 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 $45.2 million and $47.0 million at December 31, 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 $56.1 million non-cash liability relating to the warrants issued in connection with the Otto Transaction as of December 31, 2009. The liability will be reclassified into equity upon ultimate exercise or expiration of the warrants.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data (continued):

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

	December 31, 2009 (a)			December 31, 2008
Land	$	1,782,431		$	2,378,033
Buildings		5,207,234			6,353,985
Fixtures and tenant improvements		146,716			131,622
		7,136,381			8,863,640
Less: Accumulated depreciation		(636,897	)		(606,530	)
		6,499,484			8,257,110
Construction in progress		130,410			412,357
Real estate, net		6,629,894			8,669,467
Receivables, including straight-line rent, net		113,630			136,410
Leasehold interests		11,455			12,615
Other assets		342,192			315,591
	$	7,097,171		$	9,134,083
Mortgage debt (b)	$	4,547,711		$	5,776,897
Notes and accrued interest payable to DDR		73,477			64,967
Other liabilities		194,065			237,363
		4,815,253			6,079,227
Accumulated equity		2,281,918			3,054,856
	$	7,097,171		$	9,134,083

(a)	Decreases in real estate assets and mortgage debt from 2008 to 2009 of $2,009.2 million and $1,229.2 million, respectively, are as a result of $1,759.2 million and $1,150.7 million, respectively, relating to the redemption of the Company’s interest in the MDT US LLC joint venture and its liquidation of the MDT units.
(b)	The Company’s proportionate share of joint venture debt aggregated approximately $917.0 million and $1,216.1 million at December 31, 2009 and 2008, respectively. The 2009 amount reflects a decrease of $291.9 million due to the redemption of DDR’s interest in the MDT US LLC joint venture and its liquidation of the MDT units.

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)

	Year Ended December 31,
	2009			2008(1)			2007(1)			2006(1)			2005
FUNDS FROM OPERATIONS:
Net (Loss) Income Applicable to Common Shareholders		($398,862)	(6)		($114,199)	(9)	$	214,008	(11)	$	196,789		$	227,474
Depreciation and Amortization of Real Estate Investments	$	224,207		$	236,344		$	214,396		$	185,449		$	169,117
Equity in Net Loss (Income) From Joint Ventures	$	9,306			($17,719	)		($43,229	)		($30,337	)		($34,873	)
Joint Venture Funds From Operations	$	43,665		$	68,355		$	84,423		$	44,473		$	49,302
Non-Controlling Interests (OP Units)	$	175		$	1,145		$	2,275		$	2,116		$	2,916
Gain on Disposition of Real Estate		($23,123	)		($4,244	)		($17,956	)		($21,987	)		($58,834	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS		($144,632	)	$	169,682		$	453,918		$	376,504		$	355,102
PREFERRED DIVIDENDS	$	42,269		$	42,269		$	50,934	(11)	$	55,169		$	55,169
FUNDS FROM OPERATIONS		($102,363	)	$	211,951		$	504,852		$	431,673		$	410,271
PER SHARE INFORMATION:
Funds From Operations — Diluted		($0.90)	(6)	$	1.40	(9)	$	3.70		$	3.40		$	3.21
Net (Loss) Income — Diluted		($2.51	)		($0.96	)	$	1.75		$	1.79		$	2.08
Dividends	$	0.44		$	2.07		$	2.64		$	2.36		$	2.16
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS — FFO		160,130			121,030			122,716			110,826			110,700
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		54.51	%		58.81	%		56.92	%		54.36	%		52.67	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		5.41	%(7)		5.17	%(10)		4.53	%(12)		4.80	%		4.55	%
REVENUES:
DDR Revenues	$	843,309		$	943,653		$	973,690		$	824,725		$	748,571
Joint Venture & Managed Revenues	$	901,960		$	946,340		$	818,029		$	438,885		$	438,103
TOTAL REVENUES (2)	$	1,745,269		$	1,889,993		$	1,791,719		$	1,263,610		$	1,186,675
NET OPERATING INCOME:
DDR Net Operating Income	$	581,611		$	682,566		$	723,196		$	615,007		$	555,291
Joint Venture Net Operating Income	$	532,345		$	617,465		$	544,732		$	288,699		$	280,617
TOTAL NET OPERATING INCOME (3)(4)	$	1,113,956		$	1,300,031		$	1,267,928		$	903,706		$	835,907
REAL ESTATE AT COST:
DDR Real Estate at Cost	$	8,823,720		$	9,109,566		$	8,984,738		$	7,450,693		$	7,029,337
Joint Venture Real Estate at Cost	$	7,266,791	(8)	$	9,275,997		$	8,945,738		$	3,939,707		$	3,470,112
TOTAL REAL ESTATE AT COST (5)	$	16,090,510		$	18,385,564		$	17,930,476		$	11,390,400		$	10,499,449

(1)	Reflects the impact of the Company’s retrospective adoption of the accounting standard “Accounting for Convertible Debt That May be Settled in Cash Upon Conversion.”
(2)	Includes all revenues from discontinued operations as well as joint venture and managed revenues.
(3)	Includes activities from discontinued operations.
(4)	Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions.
(5)	Includes construction in progress (CIP) at December 31, 2009 of $989.3 million (includes $130.4 million of CIP of joint ventures, of which $37.6 million represents the Company’s proportionate share), and at December 31, 2008, 2007, 2006, 2005, CIP aggregated $1,294.8 million, $873.4 million, $611.2 million and $386.2 million, respectively.
(6)	Includes non-operating, primarily non-cash, charges aggregating $442.8 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, loan loss reserves, DDR’s proportionate share of joint venture loss on sale of assets and impairments and consolidated loss on sales of assets offset by the gains on repurchases of debt and the gain on redemption of joint venture interests for the year ended December 31, 2009. Excluding these items, operating FFO was $1.83 per diluted share.
(7)	Includes $15.4 million relating to a non-cash change in control charge. Excluding this charge, general and administrative expenses were approximately 4.5% of total revenues.
(8)	Includes the impact of the redemption of the Company’s interest in the MDT US LLC joint venture which reduced the joint venture real estate at cost by $1.6 billion. DDR’s consolidated real estate at cost increased by $113.3 million related to the three assets transferred to the Company in connection with the redemption.
(9)	Includes non-operating, primarily non-cash, charges aggregating $217.8 million primarily related to impairments of consolidated investments net of non-controlling interests, loan loss reserves, DDR’s proportionate share of joint venture loss on sale of assets and impairments and consolidated loss on sales of assets offset by the gains on repurchases of debt. Excluding these items, operating FFO was $3.20 per diluted share.
(10)	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.
(11)	Amounts include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007.
(12)	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.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

MARKET CAPITALIZATION & FINANCIAL RATIOS
(In Thousands Except Ratios)

	Year Ended December 31,
	2009			2008			2007			2006			2005
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		54.51	%		58.81	%		56.92	%		54.36	%		52.67	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		57.45	%		62.20	%		61.01	%		57.20	%		55.44	%
INTEREST COVERAGE RATIO:
Interest Expense (1)	$	226,016		$	241,125		$	261,002		$	215,438		$	184,281
FFO Before Interest and Preferred Dividends (1)	$	578,691		$	683,928		$	776,958		$	648,416		$	594,551
		2.56			2.84			2.98			3.01			3.23
DEBT SERVICE COVERAGE RATIO:
Debt Service (1)	$	249,189		$	268,222		$	291,585		$	247,464		$	217,434
FFO Before Interest and Preferred Dividends (1)	$	578,691		$	683,928		$	776,958		$	648,416		$	594,551
		2.32			2.55			2.66			2.62			2.73
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO:
Fixed Charges (1)	$	291,458		$	310,491		$	337,114		$	302,632		$	272,603
FFO Before Interest and Preferred Dividends (1)	$	578,691		$	683,928		$	776,958		$	648,416		$	594,551
		1.99			2.20			2.30			2.14			2.18
DIVIDEND PAYOUT RATIO:
Common Share Dividends and Operating Partnership Interests	$	64,735	(2)	$	249,757		$	327,183		$	260,069		$	237,856
FFO less preferred dividends, exclusive of non-cash charge associated with preferred stock redemption	$	443,219		$	397,931		$	459,322		$	376,504		$	355,102
		14.6	%(2)		62.8	%		71.2	%		69.1	%		67.0	%

(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 was 0.02 per quarter, resulting in an actual cash payout ratio of 3.1% in 2009.

Market Capitalization and Financial Ratios 2.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

MARKET CAPITALIZATION & FINANCIAL RATIOS CONTINUED
(In Thousands)

	Year Ended December 31,
	2009			2008			2007			2006			2005
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,823,720		$	9,109,566		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	59,418		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents, including restricted cash	$	121,845		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable	$	74,997		$	75,781		$	18,557		$	18,161		$	24,996
Investments in and Advances to Joint Ventures	$	420,541	(1)	$	583,767		$	638,111		$	291,685		$	275,136
	$	9,500,521		$	9,975,111		$	9,822,354		$	7,816,325		$	7,386,469
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	8,823,720		$	9,109,566		$	8,984,738		$	7,450,693		$	7,029,337
Undepreciated Real Estate Intangible Assets	$	59,418		$	64,711		$	72,443		$	27,408		$	26,345
Cash and Cash Equivalents	$	121,845		$	141,286		$	108,505		$	28,378		$	30,655
Notes Receivable or Proportionate Share Thereof	$	76,504		$	141,311		$	19,487		$	35,443		$	116,212
Proportionate Share of JV Undepreciated Real Estate Assets	$	1,529,102		$	1,930,001		$	1,673,987		$	804,738		$	736,109
	$	10,610,589		$	11,386,876		$	10,859,160		$	8,346,659		$	7,938,658
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO		($144,632	)	$	169,682		$	453,917		$	376,504		$	355,102
Impairments and Other Non-Cash Adjustments	$	587,851	(2)	$	228,249	(4)	$	0		$	0		$	0
Adjustment for Impact of Gains on Early Extinguishment of Debt		($145,050	)		($10,455	)	$	0		$	0		$	0
Interest Expense	$	245,029		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($6,776	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Preferred Dividends, Including Preferred Operating Partnership Interests & Non-Cash Dividends	$	42,269		$	42,269		$	50,934		$	55,169		$	55,169
	$	578,691		$	683,928		$	776,958		$	648,416		$	594,551
DEBT SERVICE
Interest Expense	$	245,029		$	259,617		$	279,630		$	224,172		$	186,196
Adjustment to Interest Expense for Consolidated Joint Ventures		($6,776	)		($5,434	)		($7,524	)		($7,429	)		($1,915	)
Non-cash adjustment to Interest Expense due to Adoption of Accounting Standard for Convertible Debt		($12,238)	(3)		($13,057)	(3)		($11,104)	(3)		($1,305)	(3)	$	0
Recurring Principal Amortization	$	23,174		$	27,096		$	30,583		$	32,026		$	33,154
	$	249,189		$	268,222		$	291,585		$	247,464		$	217,434
FIXED CHARGES
Debt Service	$	249,189		$	268,222		$	291,585		$	247,464		$	217,434
Preferred Dividends, Including Preferred Operating Partnership Interests and excluding Non-Cash	$	42,269		$	42,269		$	45,529		$	55,169		$	55,169
Dividends Relating to Preferred Stock Redemption	$	291,458		$	310,491		$	337,114		$	302,632		$	272,603

(1)	Includes the impact of the redemption of the Company’s interest in the MDT US LLC joint venture in October 2009 which reduced the Company’s investment by $23.7 million as well as aggregate joint venture impairment charges of $184.6 million.
(2)	Adjusted to eliminate net charges related to loss on equity derivative instruments related to Otto investment ($199.8 million), impairment charges on consolidated and equity method investments net of non-controlling interests ($230.0 million), impairment charges on consolidated investments and loss on sales included in discontinued operations ($117.6 million), change in control charge ($15.4 million), impairment charges and losses on asset sales of equity method investments ($19.0 million) and other expenses ($30.0 million) offset by the gain on redemption of joint venture interests ($23.9 million).
(3)	Adjusted to eliminate the impact of the change in accounting for convertible debt pursuant to the retrospective adoption of ASC 470-20.
(4)	Adjusted to eliminate net charges related to impairment charges on consolidated and equity method investments net of non-controlling interests ($163.5 million), impairment charges on consolidated investments and loss on sales included in discontinued operations ($15.3 million), termination of equity award plan ($15.8 million) and other expenses ($33.7 million).

Market Capitalization and Financial Ratios 2.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Total Market Capitalization as of December 31, 2009 (In Millions) ^{(1) (2) (3)}

Total Market Capitalization as of December 31, 2009 (In Millions) ^{(1) (2) (3)}

	At December 31, 2009					At December 31, 2008
			Percentage					Percentage
	Amount		of Total			Amount		of Total
Common Shares Equity	$	1,870.9		25	%	$	629.7		9	%
Perpetual Preferred Stock	$	555.0		7	%	$	555.0		8	%
Senior Convertible Notes	$	410.7		5	%	$	782.3		11	%
Fixed-Rate Unsecured Debt	$	1,279.2		17	%	$	1,619.7		23	%
Mortgage Debt	$	1,722.2		23	%	$	1,482.7		21	%
Variable-Rate Revolving Credit and Term Debt	$	1,175.0		15	%	$	1,227.2		17	%
Fixed-Rate Revolving Credit and Term Debt	$	400.0		5	%	$	600.0		9	%
Construction Financing	$	191.6		3	%	$	154.8		2	%
Total	$	7,604.6		100	%	$	7,051.4		100	%
Debt to Market Capitalization				68.1	%				83.2	%

Notes:
1.	Market value ($9.26 per share as of December 31, 2009 and $4.88 per share as of December 31, 2008) includes common shares outstanding (201.6 million as of December 31, 2009 and 128.6 million as of December 31, 2008) and operating partnership units equivalent to approximately 0.4 million of the Company’s common shares in each year.
2.	Does not include proportionate share of unconsolidated joint venture debt aggregating $917.0 million and $1,216.1 million at December 31, 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 $142.3 million and $130.1 million at December 31, 2009 and December 31, 2008, respectively.

Market Capitalization Summary 2.3

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Debt to EBITDA calculation

	Year ended			Quarter ended
	December 31,			December 31,			September 30,
	2009			2009			2009
Debt/EBITDA — consolidated
EBITDA:
Net loss attributable to DDR	$	(356,593	)	$	(79,564	)	$	(137,846	)
Adjustments:
Impairment charges		80,641			9,055			2,653
Non-cash change in control charge (in G&A)		15,362			—			4,871
Depreciation and amortization		227,185			56,463			53,621
Depreciation attributable to non-controlling interests		(2,592	)		(577	)		(546	)
Interest expense		237,943			64,863			57,268
Interest expense attributable to non-controlling interests		(6,401	)		(1,987	)		(1,588	)
Gain on redemption of joint venture interests		(23,865	)		(23,471	)		—
Loss on equity derivative instruments		199,797			1,597			118,174
Other expenses (income), net		29,412			19,925			(2,153	)
Equity in net loss of joint ventures		9,733			749			183
Impairment of joint venture investments		184,584			83,013			61,200
Gain on repurchases of senior notes		(145,050	)		(2,690	)		(23,881	)
Income tax (benefit) expense		(691	)		(1,202	)		639
EBITDA adjustments from discontinued operations (1)		112,370			4,805			(3,576	)
Gain on disposition of real estate, net		(9,127	)		(905	)		(7,128	)
Impairment charges applicable to non-controlling interests		(35,248	)		(3,875	)		—
EBITDA before JVs		517,460			126,199			121,891
Pro rata share of JV FFO		43,665			11,113			13,584
Pro rata share of JV impairments, loss on disposition and derivative gains/losses		19,025			2,609			712
EBITDA Consolidated	$	580,150		$	139,921		$	136,187
EBITDA Consolidated — annualized				$	559,684		$	544,748
Consolidated indebtedness	$	5,178,663		$	5,178,663		$	5,165,087
Non-controlling interests’ share of consolidated debt		(142,315	)		(142,315	)		(148,138	)
Adjusted consolidated indebtedness	$	5,036,348		$	5,036,348		$	5,016,949
Gross Debt/EBITDA — consolidated		8.68			9.00			9.21
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	$	517,460		$	126,199		$	121,891
Pro rata share of JV EBITDA		125,845			29,838			31,937
EBITDA including pro rata share of JVs	$	643,305		$	156,037		$	153,828
EBITDA including pro rata share of JVs — annualized				$	624,148		$	615,312
Adjusted consolidated indebtedness	$	5,036,348		$	5,036,348		$	5,016,949
Pro rata share of JV debt		917,025			917,025			1,076,660
Total pro rata indebtedness	$	5,953,373		$	5,953,373		$	6,093,609
Gross Debt/EBITDA — pro rata		9.25			9.54			9.90
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	$	74,077		$	—		$	—
Interest expense, net		7,484			624			328
Depreciation and amortization		6,782			120			544
Loss (gain) on disposition of real estate, net		24,027			4,061			(4,448	)
EBITDA adjustments from discontinued operations	$	112,370		$	4,805		$	(3,576	)

Debt to EBITDA Calculation 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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 year ended December 31, 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 years ended December 31, 2009, 2008, 2007, 2006 and 2005, the Company capitalized interest of $21.8 million, $41.1 million, $28.8 million, $20.1 million and $12.5 million, respectively, as adjusted for the retrospective adoption of the accounting standard, “Accounting for Convertible Debt That May be Settled in Cash Upon Conversion.”

• In addition, the Company capitalized certain construction administration costs of $10.9 million for the year ended December 31, 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 year ended December 31, 2009

Other Real Estate Information

Total Capital Expenditures

• The Company (wholly owned assets) currently estimates total annual leasing capital expenditures to be approximately $40 million ($0.78 psf of owned GLA) in 2010. This includes costs associated with anchor store re-tenanting related to major tenant bankruptcies.

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.

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 December 31, 2009.

Other Real Estate Information 2.6

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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:

	Year Ended
	December 31,
	2009			2008
Total Revenues — DDR	$	819,307		$	881,768
Total Revenues — Combined Joint Ventures		852,710	(a)		925,358
Operating and Maintenance — DDR		(144,842	)		(139,665	)
Real Estate Taxes — DDR		(109,627	)		(104,154	)
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures		(328,080)	(a)		(322,103	)
Combined NOI	$	1,089,468		$	1,241,204
Total Same Store NOI	$	904,321	(a)	$	938,430		(3.6	%)
Property NOI from other operating segments		185,147			302,774
Combined NOI	$	1,089,468		$	1,241,204

(a) The actual combined joint venture results for the year ended December 31, 2009 include the activity of the MDT US LLC joint venture through the redemption date of October 20, 2009. However, for purposes of calculating Same Store NOI, the results for the assets within the MDT US LLC joint venture not retained by the Company were excluded from both 2009 and 2008.

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.a

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
FUNDS FROM OPERATIONS:
Net Loss Applicable to Common Shareholders	$	(90,131	)	$	(194,570	)	$	(398,862	)	$	(114,199	)
Depreciation and Amortization of Real Estate Investments		53,970			63,603			224,207			236,344
Equity in Net Loss (Income) From Joint Ventures		749			4,205			9,306			(17,719	)
Joint Venture Funds From Operations		11,113			7,433			43,665			68,355
Non-Controlling Interests (OP Units)		8			—			175			1,145
(Gain) Loss on Sales of Real Estate		(3,718	)		77			(23,123	)		(4,244	)
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	(28,009	)	$	(119,252	)	$	(144,632	)	$	169,682
Preferred Dividend Charges		10,567			10,567			42,269			42,269
FUNDS FROM OPERATIONS	$	(17,442	)	$	(108,685	)	$	(102,363	)	$	211,951
ADDITIONAL NON-CASH DISCLOSURES:
Below Market Rent Amortization	$	(92	)	$	(229	)	$	(537	)	$	(943	)
Pro Rata Share of JV Below Market Rent Amortization		(3	)		(41	)		(95	)		(51	)
Debt Premium Amortization Income	$	(794	)		(916	)	$	(3,542	)	$	(4,620	)
Pro Rata Share of JV Debt Premium Amortization Expense		(9	)		7			32			23
Convertible Debt Accretion	$	2,450		$	3,814		$	12,238		$	15,256

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.b

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008			Income Statement Caption
Transactional Income Included in FFO
Consolidated
Gains on Dispostions, Net of Tax	$	27		$	46		$	529		$	404		Gain on Disposition of Real Estate, Net of Tax
Loss on Sales from Discontinued Operations		(4,401	)		(2,892	)		(43,356	)		(8,720	)	Loss on Disposition of Discontinued Operations
Land Sale (Loss) Gain		(2,500	)		517			4,804			6,204		(Loss) Gain on Disposition of Real Estate
	$	(6,874	)	$	(2,329	)	$	(38,023	)	$	(2,112	)
Transactional Income NOT Included in FFO
Consolidated
Gains on Dispostions, Net of Tax	$	3,378		$	31		$	3,794		$	354		Gain on Disposition of Real Estate, Net of Tax
Gain (loss) on Sales from Discontinued Operations		340			(108	)		19,329			3,890		Gain (loss) on Disposition of Discontinued Operations
	$	3,718		$	(77	)	$	23,123		$	4,244		FFO Reconciliation
Gain on Disposition of Real Estate, net of tax
Gains on Dispostions, Net of Tax	$	27		$	46		$	529		$	404
Land Sale (Loss) Gain		(2,500	)		517			4,804			6,204
Gains on Dispostions, Net of Tax		3,378			31			3,794			354
	$	905		$	594		$	9,127		$	6,962		Consolidated Income Statement
Loss on Disposition of Real Estate From Discontinued Operations, net
Loss on Sales from Discontinued Operations	$	(4,061	)	$	(3,000	)	$	(24,027	)	$	(4,830	)	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.c

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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					Year Ended
	December 31,					December 31,
	2009		2008			2009			2008			Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Loss on Sales from Discontinued Operations	$	64	$	—		$	(19,448	)	$	—		Loss on Disposition of Discontinued Operations, net of tax
Land Sale Gains and Loss on Disposition of Real Estate		—		(18	)		(26,816	)		(53	)	Loss on Disposition of Assets
	$	64	$	(18	)	$	(46,264	)	$	(53	)
DDR’s Proportionate Share	$	—	$	(5	)	$	(1,429	)	$	(12	)
Transactional Income NOT Included in FFO
Joint Ventures
Gain on Sales from Discontinued Operations	$	—	$	7,364		$	—		$	7,364		Gain (Loss) on Disposition of Discontinued Operations, net of tax
Gain (Loss) on Sales		843		—			843			(14	)	Loss on Disposition of Assets
	$	843	$	7,364		$	843		$	7,350
DDR’s Proportionate Share (a)	$	177	$	(2	)	$	(5,186	)	$	(5	)
Gain on Sales of Real Estate, Net of Tax
Land Sale Gains and Loss on Disposition of Real Estate	$	—	$	(18	)	$	(26,816	)	$	(53	)
Gain (Loss) on Sales		843		—			843			(14	)
	$	843	$	(18	)	$	(25,973	)	$	(67	)	Loss on Disposition of Assets
Gain on Sales of Real Estate From Discontinued Operations
Loss on Sales from Discontinued Operations included in FFO	$	64	$	—		$	(19,448	)	$	—
Gain on Sales from Discontinued Operations NOT included in FFO		—		7,364			—			7,364
	$	64	$	7,364		$	(19,448	)	$	7,364		Loss on Disposition of Discontinued Operations, net of tax

(a) Included in loss of disposition of assets for the year ended December 31, 2009 is the Company’s transfer of its interest in a Coventry II Fund asset (Ward Parkway).

Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.d

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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/were required to be marked-to-market through earnings pursuant to the provisions of ASC 815-40-15 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

																			Most Recent
	Market Value As of — Asset / (Liability) — 2009																		Quarterly Change
	April 9th			May 11th			June 30th			September 18th			September 30th			December 31st			Expense/(Income)
Forward — Tranche I	$	2.4	(a)	$	(35.6	)(b)		n/a			n/a			n/a			n/a		$	—
Forward — Tranche II		10.0	(a)		n/a			(21.7	)		(104.9	)(c)		n/a			n/a			—
Warrants — Tranche I		(4.5	)		n/a			(9.6	)		n/a			(27.0	)		(27.8	)		0.8
Warrants — Tranche II		(4.7	)		n/a			(9.9	)		n/a			(27.5	)		(28.3	)		0.8
	$	3.2		$	(35.6	)	$	(41.2	)	$	(104.9	)	$	(54.5	)		(56.1	)(d)	$	1.6
Closing value of Company’s common shares — As of:	$	3.12		$	5.48		$	4.88		$	9.82		$	9.24		$	9.26
Increase in share price since April 9, 2009:				$	2.36		$	1.76		$	6.70		$	6.12		$	6.14

Non-Cash Expense

	Three Months Ended				Year Ended
	December 31,				December 31,
	2009		2008		2009		2008
Forward — Tranche I	$	—	$	—	$	38.0	$	—
Forward — Tranche II		—		—		114.9		—
Warrants — Tranche I		0.8		—		23.3		—
Warrants — Tranche II		0.8		—		23.6		—
TOTAL	$	1.6	$	—	$	199.8	$	—

(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.
(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 year ended December 31, 2009

Joint Venture Investment Summary
(in millions)
as of December 31, 2009

			DDR Ownership			Consolidated	Number of							Promoted Interest
	Legal Name	Partner(s)	%			(Yes/No)	Properties			Gross Book Value		Debt		(Yes/No)
1	DDRTC Core Retail Fund, LLC	TREA Retail Property Portfolio 2006, LLC (TIAA) (85%)		15.0	%	No		66		$	2,815.1	$	1,718.4	Yes
2	DDR Domestic Retail Fund I	DDR Domestic Retail Fund I (80%)		20.0	%	No		63		$	1,464.1	$	967.0	Yes
3	Investments with Macquarie (Management LLC and MDT PS LLC)	Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT)	Various			No		6		$	121.8	$	86.0	Yes
4	DDR MDT MV LLC (Mervyns) (A)	Macquarie DDR Trust (MDT) (50%)		50.0	%	Yes		31		$	244.4	$	225.4	Yes
5	Coventry II DDR Bloomfield LLC	Coventry II Fund (80%)		20.0	%	No		1	(B)	$	4.7	$	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		$	13.4	$	10.8	Yes
9	Coventry II DDR Montgomery Farm LLC	Coventry II Fund (80%)		20.0	%	No		1		$	177.1	$	134.0	Yes
10	Coventry II DDR Phoenix Spectrum LLC	Coventry II Fund (80%)		20.0	%	No		1		$	89.9	$	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	$	164.4	Yes
14	Coventry II DDR Westover LLC	Coventry II Fund (80%)		20.0	%	No		1		$	29.8	$	20.8	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		$	124.7	$	70.4	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		$	74.5	$	4.5	No
19	TRT DDR Venture I General Partnership	TRT-DDR Joint Venture I Owner LLC (90%)		10.0	%	No		3		$	160.3	$	110.0	Yes
20	Sonae Sierra Brazil BV Sarl	Sonae Sierra, SGPS, SA (50%)		50.0	%	No		10		$	574.7	$	97.7	No
21	DDR-SAU Retail Fund, LLC	Special Account - U, L.P. (State of Utah ) (80%)		20.0	%	No		29		$	309.7	$	226.2	No
22	Cole MT Independence Missouri JV LLC	Cole Realty Advisors, Inc. (85.5%)		14.5	%	No		1		$	61.4	$	34.1	No
23	DDRA Community Centers 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		$	206.2	$	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	$	18.1	No
27	DOTRS LLC	State Teachers Retirement Board of Ohio (50%)		50.0	%	No		1		$	26.6	$	21.0	No
28	Jefferson County Plaza LLC	The Sansone Group (50%)		50.0	%	No		1		$	7.0	$	3.6	No
29	Sansone Group/ DDRC LLC	The Sansone Group (50%)		50.0	%	No		—		$	0.0	$	0.0	No
30	Shea & Tatum Assoc. LP (Paradise Village)(A)	Churchill Family Trust (33%)		67.0	%	Yes		1		$	27.8	$	30.0	No
31	Other Joint Ventures		Various			Yes/No		23		$	479.2	$	71.3	Yes
	TOTALS							319		$	7,968.5	$	4,851.2

(A)	Joint Venture is included in consolidated operating results of DDR.
(B)	Property is under development.

Joint Venture Investment Summary 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Joint Ventures (Combining Financial Information)⁽¹⁾
(in millions)
Combining Balance Sheets
as of December 31, 2009

				DDR			Investments			Coventry II			Coventry II			Coventry II			Coventry II
	DDRTC Core			Domestic			with			DDR			DDR			DDR			DDR
	Retail Fund LLC			Retail Fund I			Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC
Real estate assets	$	2,815.1		$	1,464.1		$	121.8		$	4.7		$	106.8		$	32.4		$	13.4
Accumulated depreciation		(200.4	)		(91.4	)		(8.5	)		0.0			(10.3	)		(1.9	)		(0.8	)
Real estate, net		2,614.7			1,372.7			113.3			4.7			96.5			30.5			12.6
Receivables, net		25.1			18.1			1.4			0.0			2.4			0.5			0.2
Other assets		100.9			56.7			8.7			0.0			0.9			1.4			0.2
Disproportionate share of equity		—			—			—			—			—			—			—
	$	2,740.7		$	1,447.5		$	123.4		$	4.7		$	99.8		$	32.4		$	13.0
Mortgage debt	$	1,718.4		$	967.0		$	86.0		$	39.2		$	61.0		$	16.0		$	10.8
Amounts payable to DDR		0.4			1.0			0.0			67.5			0.0			0.0			0.0
Other liabilities		31.3			13.9			2.8			32.3			1.1			0.4			0.1
		1,750.1			981.9			88.8			139.0			62.1			16.4			10.9
Accumulated equity (deficit)		990.6			465.6			34.6			(134.3	)		37.7			16.0			2.1
Disproportionate share of equity		—			—			—			—			—			—			—
	$	2,740.7		$	1,447.5		$	123.4		$	4.7		$	99.8		$	32.4		$	13.0
Proportionate share of other assets/liabilities, net	$	14.2		$	12.2		$	2.8			($3.2	)	$	0.4		$	0.3		$	0.0
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	60.8		$	0.0		$	0.0		$	0.0

Combining Statements of Operations
For the year ended December 31, 2009

				DDR			Investments			Coventry II			Coventry II			Coventry II			Coventry II
	DDRTC Core			Domestic Retail			with			DDR			DDR			DDR			DDR
	Retail Fund LLC			Fund I			Macquarie			Bloomfield LLC			Buena Park LLC			Fairplain Plaza LLC			Marley Creek LLC
Revenues from operations	$	231.8		$	128.0		$	11.8			($0.0	)	$	12.5		$	3.4		$	1.2
Rental operation expenses(3)		(226.1	)(3)		(55.3	)		(4.8	)		(219.6	)(3)		(6.4	)		(1.5	)		(0.6	)
Net operating income		5.7			72.7			7.0			(219.6	)		6.1			1.9			0.6
Depreciation and amortization expense		(82.9	)		(46.8	)		(3.5	)		0.0			(2.7	)		(0.6	)		(0.3	)
Interest expense		(89.6	)		(55.9	)		(5.3	)		(12.0	)		(1.0	)		(0.6	)		(0.2	)
Income (loss) before gain on sale of real estate		(166.8	)		(30.0	)		(1.8	)		(231.6	)		2.4			0.7			0.1
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			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—
Net income (loss)		($166.8	)		($30.0	)		($1.8	)		($231.6	)	$	2.4		$	0.7		$	0.1
DDR ownership interest		15	%		20	%		***			***			20	%		20	%		20	%
		($25.0	)		($6.0	)	$	0.0			($2.6	)	$	0.5		$	0.1			($0.0	)
Amortization of basis differential		22.4			0.9			0.0			0.6			—			—			—
		($2.6	)		($5.1	)	$	0.0			($2.0	)	$	0.5		$	0.1			($0.0	)
Proportionate share of net operating income (4)	$	0.9		$	14.5		$	0.6			($43.9	)	$	1.2		$	0.4		$	0.1
Proportionate share of interest expense (4)	$	13.4		$	11.2		$	0.4		$	2.4		$	0.2		$	0.1		$	0.0
Funds From Operations (“FFO”):
Net income (loss)		($166.8	)		($30.0	)		($1.8	)		($231.6	)	$	2.4		$	0.7		$	0.1
Depreciation of real property		82.9			46.8			3.5			0.0			2.7			0.6			0.3
(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		—			—			—			—			—			—			—
		($83.9	)	$	16.8		$	1.7			($231.6	)	$	5.1		$	1.3		$	0.4
DDR ownership interest		15	%		20	%		***			***			20	%		20	%		20	%
DDR FFO	$	8.0		$	3.4		$	0.2			($2.1	)	$	1.0		$	0.3		$	0.0

Joint Venture Financial Summary 3.2.a

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Joint Ventures (Combining Financial Information)⁽¹⁾
(in millions)
Combining Balance Sheets
as of December 31, 2009

				Coventry II									Coventry II
	Coventry II			DDR						Coventry II			DDR			Coventry II
	DDR			Phoenix			Coventry II			DDR			Tri-County			DDR			RVIP IIIB LP
	Montgomery Farm LLC			Spectrum LLC			Service Holdings LLC			Totem Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Real estate assets	$	177.1		$	89.9		$	131.7		$	42.1		$	231.1		$	29.8		$	91.5		$	124.7
Accumulated depreciation		(3.9	)		(8.3	)		($8.2	)		(3.8	)		(18.0	)		(2.2	)		(20.0	)		(24.0	)
Real estate, net		173.2			81.6			123.5			38.3			213.1			27.6			71.5			100.7
Receivables, net		2.5			2.6			9.0			0.1			2.8			1.0			2.1			2.7
Other assets		2.5			1.3			18.7			0.5			7.4			0.1			1.0			6.0
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	178.2		$	85.5		$	151.2		$	38.9		$	223.3		$	28.7		$	74.6		$	109.4
Mortgage debt	$	134.0		$	46.0		$	104.9		$	29.5		$	164.4		$	20.8		$	60.0		$	70.4
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Other liabilities		5.5			2.3			13.0			0.2			7.9			0.2			3.4			14.7
		139.6			48.3			117.9			29.7			172.3			21.0			63.4			85.1
Accumulated equity (deficit)		38.7			37.2			33.3			9.2			51.0			7.7			11.2			24.3
Disproportionate share of equity		—			—			—			—			—			—			—			—
	$	178.2		$	85.5		$	151.2		$	38.9		$	223.3		$	28.7		$	74.6		$	109.4
Proportionate share of other assets/liabilities, net		($0.1	)	$	0.3		$	2.9		$	0.1		$	0.5		$	0.2			($0.1	)		($1.3	)
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 year ended December 31, 2009

				Coventry II									Coventry II
	Coventry II			DDR						Coventry II			DDR			Coventry II
	DDR			Phoenix			Coventry II			DDR			Tri-County			DDR			RVIP IIIB LP
	Montgomery Farm LLC			Spectrum LLC			Service Holdings LLC			Totem Lake LLC			Mall LLC			Westover LLC			Deer Park, IL			RVIP VII LLC
Revenues from operations	$	10.4		$	11.1		$	23.7		$	2.8		$	17.3		$	3.7		$	13.9		$	12.8
Rental operation expenses (3)		(8.2	)		(5.1	)		(12.3	)		(1.4	)		(8.3	)		(2.0	)		(5.4	)		(4.6	)
Net operating income		2.2			6.0			11.4			1.4			9.0			1.7			8.5			8.2
Depreciation and amortization expense		(2.9	)		(2.2	)		(3.8	)		(0.7	)		(5.7	)		(0.6	)		(3.3	)		(3.0	)
Interest expense		(4.6	)		(0.5	)		(10.7	)		(1.0	)		(10.0	)		(0.6	)		(3.4	)		(3.7	)
Income (loss) before gain on sale of real estate		(5.3	)		3.3			(3.1	)		(0.3	)		(6.7	)		0.5			1.8			1.5
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			0.8
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			(4.6	)		0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—
Net income (loss)		($5.3	)	$	3.3			($7.3	)		($0.3	)		($6.7	)	$	0.5		$	1.8		$	2.3
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			21	%
		($1.1	)	$	0.6			($0.6	)		($0.1	)		($0.7	)	$	0.1		$	0.1		$	1.0
Amortization of basis differential		(0.2	)		(0.1	)		0.1			0.0			0.0			0.0			0.0			(0.4	)
		($1.3	)	$	0.5			($0.5	)		($0.1	)		($0.7	)	$	0.1		$	0.1		$	0.6
Proportionate share of net operating income (4)	$	0.4		$	1.2		$	2.3		$	0.3		$	1.8		$	0.3		$	2.2		$	1.7
Proportionate share of interest expense (4)	$	0.9		$	0.1		$	2.1		$	0.2		$	2.0		$	0.1		$	0.9		$	0.8
Funds From Operations (“FFO”):
Net income (loss)		($5.3	)	$	3.3			($7.3	)		($0.3	)		($6.7	)	$	0.5		$	1.8		$	2.3
Depreciation of real property		2.9			2.2			3.8			0.7			5.7			0.6			3.3			3.0
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.8	)
Disproportionate share of income		—			—			—			—			—			—			—			—
		($2.4	)	$	5.5			($3.4	)	$	0.4			($1.0	)	$	1.1		$	5.1		$	4.5
DDR ownership interest		20	%		20	%		20	%		20	%		20	%		20	%		***			21	%
DDR FFO		($0.5	)	$	1.1			($0.7	)	$	0.1			($0.1	)	$	0.2		$	2.5		$	1.9

Joint Venture Financial Summary 3.2.b

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Joint Ventures (Combining Financial Information) ⁽¹⁾
(in millions)
Combining Balance Sheets
as of December 31, 2009

																			DDRA
	RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra			DDR-SAU						Community			DDR			Lennox Town
	Tech Ridge LLC			Holdings LLC			Venture I GP			Brazil BV Sarl(2)			Retail Fund LLC(2)			Cole			Centers Five LP			Markaz II LLC			Center Limited(2)
Real estate assets	$	33.7		$	74.5		$	160.3		$	574.7		$	309.7		$	61.4		$	240.0		$	206.2		$	21.0
Accumulated depreciation		(5.5	)		(11.9	)		(11.3	)		(57.7	)		(32.1	)		(1.4	)		(58.0	)		(26.9	)		(5.6	)
Real estate, net		28.2			62.6			149.0			517.0			277.6			60.0			182.0			179.3			15.4
Receivables, net		1.1			1.2			1.8			20.9			7.5			1.1			4.7			1.2			2.0
Other assets		1.8			1.8			3.3			88.8			31.0			1.0			4.4			6.7			0.8
Disproportionate share of equity		—			—			—			—			—			—			—			—			—
	$	31.1		$	65.6		$	154.1		$	626.7		$	316.1		$	62.1		$	191.1		$	187.2		$	18.2
Mortgage debt	$	23.4		$	4.5		$	110.0		$	97.7		$	226.2		$	34.1		$	280.0		$	150.5		$	27.0
Amounts payable to DDR		0.0			0.0			0.0			0.0			0.2			0.0			0.0			0.2			0.0
Other liabilities		1.4			1.4			0.4			46.5			5.1			0.4			2.8			1.2			1.3
		24.8			5.9			110.4			144.2			231.5			34.5			282.8			151.9			28.3
Accumulated equity (deficit)		6.3			59.7			43.7			482.5			84.6			27.6			(91.7	)		35.3			(10.1	)
Disproportionate share of equity		—			—			—			—			—			—			—			—			—
	$	31.1		$	65.6		$	154.1		$	626.7		$	316.1		$	62.1		$	191.1		$	187.2		$	18.2
Proportionate share of other assets/liabilities, net	$	0.4		$	0.2		$	0.5		$	31.6		$	6.7		$	0.3		$	3.1		$	1.3		$	0.7
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 year ended December 31, 2009

																			DDRA
	RVIP VIII			DPG Realty			TRT DDR			Sonae Sierra			DDR-SAU						Community			DDR			Lennox Town
	Tech Ridge LLC			Holdings LLC			Venture I GP			Brazil BV Sarl(2)			Retail Fund LLC(2)			Cole			Centers Five LP			Markaz II LLC			Center Limited(2)
Revenues from operations	$	4.9		$	10.3		$	14.3		$	86.2		$	33.1		$	7.0		$	33.3		$	20.6		$	5.2
Rental operation expenses (3)		(2.3	)		(29.0	)(3)		(5.3	)		(25.9	)		(13.1	)		(2.0	)		(10.6	)		(8.0	)		(1.8	)
Net operating income		2.6			-18.7			9.0			60.3			20.0			5.0			22.7			12.6			3.4
Depreciation and amortization expense		(1.0	)		(2.4	)		(4.6	)		(15.8	)		(14.2	)		(1.4	)		(6.1	)		(5.5	)		(0.4	)
Interest expense		(0.4	)		(0.5	)		(6.2	)		(8.3	)		(12.3	)		(2.1	)		(15.7	)		(8.0	)		(1.6	)
Income (loss) before gain on sale of real estate		1.2			(21.6	)		(1.8	)		36.2			(6.5	)		1.5			0.9			(0.9	)		1.4
Tax expense		0.0			0.0			0.0			(9.0	)		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			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			0.2			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)	$	1.2			($31.7	)		($1.8	)	$	27.2			($6.5	)	$	1.5		$	0.9			($0.9	)	$	1.4
DDR ownership interest		25.75	%		10	%		10	%		50	%		20	%		14.5	%		50	%		20	%		50	%
	$	0.6			($2.3	)		($0.2	)	$	12.0			($1.3	)	$	0.2		$	0.5			($0.2	)	$	0.8
Amortization of basis differential		0.0			0.8			0.2			(2.5	)		0.1			0.0			0.4			0.2			0.0
	$	0.6			($1.5	)	$	0.0		$	9.5			($1.2	)	$	0.2		$	0.9		$	0.0		$	0.8
Proportionate share of net operating income (4)	$	0.7			($1.9	)	$	0.9		$	25.6		$	4.0		$	0.7		$	11.3		$	2.5		$	1.7
Proportionate share of interest expense (4)	$	0.1		$	0.1		$	0.6		$	3.5		$	2.5		$	0.3		$	7.8		$	1.6		$	0.8
Funds From Operations (“FFO”):
Net income (loss)	$	1.2			($31.7	)		($1.8	)	$	27.2			($6.5	)	$	1.5		$	0.9			($0.9	)	$	1.4
Depreciation of real property		1.0			2.4			4.6			15.8			14.2			1.4			6.1			5.5			0.4
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate share of income		—			—			—			—			—			—			—			—			—
	$	2.2			($29.3	)	$	2.8		$	43.0		$	7.7		$	2.9		$	7.0		$	4.6		$	1.8
DDR ownership interest		26	%		10	%		10	%		50	%		20	%		14.52	%		50	%		20	%		50	%
DDR FFO	$	0.8			($1.3	)	$	0.3		$	20.9		$	1.5		$	0.4		$	3.5		$	1.1		$	0.9

Joint Venture Financial Summary 3.2.c

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2009

																		DDR’s
	Sun Center						Jefferson County			Sansone Group /		Sold/Acquired						Proportionate
	Limited (2)			DOTRS LLC			Plaza LLC			DDRC LLC		and Other JVs(7)			Total			Share
Real estate assets	$	25.8		$	26.6		$	7.0		$	0.0	$	49.6		$	7,266.8		$	1,529.1
Accumulated depreciation		(8.6	)		(6.4	)		(1.3	)		0.0		(8.4	)		(636.9	)		(158.8	)
Real estate, net		17.2			20.2			5.7			0.0		41.2			6,629.9			1,370.3
Receivables, net		0.7			0.7			0.0			0.0		0.3			113.6			29.7
Other assets		1.1			1.0			0.3			3.4		1.8			353.6			96.5
Disproportionate share of equity		—			—			—			—		—			—			(41.2	)(6)
	$	19.0		$	21.9		$	6.0		$	3.4	$	43.3		$	7,097.1		$	1,455.3
Mortgage debt	$	18.1		$	21.0		$	3.6		$	0.0	$	23.4		$	4,547.7		$	917.0
Amounts payable to DDR		0.0			0.0			4.1			0.0		0.0			73.5			9.2
Other liabilities		0.9			0.7			(0.0	)		0.6		2.0			194.0			49.4
		19.0			21.7			7.7			0.6		25.4			4,815.2			975.6
Accumulated equity (deficit)		0.0			0.2			(1.7	)		2.8		17.9			2,281.9			520.9
Disproportionate share of equity		—			—			—			—		—			—			(41.2	)(6)
	$	19.0		$	21.9		$	6.0		$	3.4	$	43.3		$	7,097.1		$	1,455.3
Proportionate share of other assets/liabilities, net	$	0.8		$	0.5		$	0.1		$	1.4		($0.0	)	$	76.8
Disproportionate amount payable to DDR	$	0.0		$	0.0		$	2.0		$	0.0	$	0.0		$	62.8

Combining Statements of Operations
For the year ended December 31, 2009

																			DDR’s
	Sun Center						Jefferson County			Sansone Group /			Sold/Acquired						Proportionate
	Limited (2)			DOTRS LLC			Plaza LLC			DDRC LLC			and Other JVs(7)			Total			Share
Revenues from operations	$	4.7		$	4.1		$	0.9		$	1.2		$	142.8		$	852.7		$	194.3
Rental operation expenses (3)		(1.4	)		(1.2	)		(0.4	)		0.0			(55.0	)		(717.6	)		(141.2	)
Net operating income		3.3			2.9			0.5			1.2			87.8			135.1			53.1
Depreciation and amortization expense		(0.8	)		(0.6	)		(0.2	)		0.0			(30.4	)		(242.4	)		(50.5	)
Interest expense		(1.4	)		(1.3	)		(0.5	)		0.0			(50.8	)		(308.4	)		(65.2	)
Income (loss) before gain on sale of real estate		1.1			1.0			(0.2	)		1.2			6.6			(415.7	)		(62.6	)
Tax expense		0.0			0.0			0.0			0.0			(1.0	)		(10.0	)		(3.9	)
Other gain, net		0.0			0.0			0.0			0.0			7.2			7.2			0.5
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			(26.8	)		(26.0	)		(5.2	)
Discontinued operations		0.0			0.0			0.0			0.0			(31.8	)		(31.1	)		(6.8	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			(4.6	)		(19.4	)		(2.9	)
Disproportionate share of income		—			—			—			—			—			—			46.4	(7)
Net income (loss)	$	1.1		$	1.0			($0.2	)	$	1.2			($50.4	)		($495.0	)		($34.5	)
DDR ownership interest		79	%		50	%		50	%		50	%		***			***			***
	$	0.9		$	0.5			($0.1	)	$	0.9			($13.2	)		($34.5	)		($34.5	)
Amortization of basis differential		(0.2	)		0.1			—			(0.3	)		2.7			24.8			24.8
	$	0.7		$	0.6			($0.1	)	$	0.6			($10.5	)		($9.7	)		($9.7	)
		—			—			—			—			—			—
Proportionate share of net operating income (4)	$	2.7		$	1.4		$	0.3		$	0.6		$	18.5		$	53.1
Proportionate share of interest expense (4)	$	1.1		$	0.7		$	0.3		$	0.0		$	11.0		$	65.2
Funds From Operations (“FFO”):
Net income (loss)	$	1.1		$	1.0			($0.2	)	$	1.2			($50.4	)		($495.0	)		($34.5	)
Depreciation of real property		0.8			0.6			0.2			0.0			30.4			245.0			51.4
(Gain) loss on sale of real estate		0.0			0.0			0.0			0.0			0.0			(0.8	)		(0.2	)
Disproportionate share of income		—			—			—			—			—			—			27.0	(8)
	$	1.9		$	1.6		$	0.0		$	1.2			($20.0	)		($250.8	)	$	43.7
DDR ownership interest		79	%		50	%		50	%		50	%		***			***
DDR FFO	$	1.5		$	0.8		$	0.0		$	0.9			($2.9	)	$	43.7

Joint Venture Financial Summary 3.2.d

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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)	Impairment charges of $145.0 million and $25.9 million were recorded by the DDRTC Core Retail Fund and DPG Realty Holdings joint ventures, respectively, related to a combined 22 shopping centers which were under contract to be sold as of December 31, 2009, which the Company’s proportionate share is $0.9 million and $1.7 million, respectively. Coventry II DDR Bloomfield recorded an impairment charge of $218.5 million related to the development project that is currently suspended. The Company recorded aggregate impairment charges on its equity investment in this joint venture in 2009 of $16.5 million, of which $9.6 million related to the fourth quarter of 2009.
(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 the Company’s redemption of MDT US LLC joint venture) 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. The DDR Macquarie Fund reported impairment losses on three assets under contract to be sold. Of this amount, approximately $20.2 million was reported as a component of operating expenses and $13.7 million was reported as a component of discontinued operations relating to the one asset classified as held for sale.
(6)	Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at Sonae Sierra Brazil BV Sarl, 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.
(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, RVIP VIII, Sonae Sierra Brazil BV Sarl and investments with Macquarie and the effect of income allocations as a result of the write-down of the joint venture investment for DPG Realty Holdings, Coventry II Tri-County Mall and Coventry II Service Merchandise.
(8)	Adjustments associated with promoted interests primarily at RVIP IIIB, RVIP VII and RVIP VIII joint ventures as well as investments with Macquarie and the effect of income allocations as a result of the write-down of the joint venture investment for DDRTC Core Retail Fund, DPG Realty Holdings, Coventry II Bloomfield, Coventry II Tri-County Mall and Coventry II Service Merchandise.
***	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. Also see footnote 3 above.

Joint Venture Financial Summary 3.2.e

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

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

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	130.6	(1)	$	10.9		$	3,048.7	(4)
Completed Expansions Incremental Development Cost		0.0			27.8			32.7
Developments & Construction in Progress		159.7			421.4			429.6
Recurring Tenant Improvements & Third Party Leasing Commissions		14.8			11.6			12.5
Furniture, Fixtures & Equipment		5.9			6.3			13.0
Foreign Currency Adjustments		20.8			(41.3	)		0.0
		331.8			436.7			3,536.5
Less: Real Estate Sales & Joint Venture Transfers		(617.6	) (2)		(312.9	) (3)		(2,001.3	) (5)
Net (Deductions)/Additions	$	(285.8	)	$	123.8		$	1,535.2

(1)	Includes the acquisition of Merriam Village, KS, which was previously owned by a joint venture with Coventry II and the acquisition of Atlanta, GA, Marietta, GA, and Brandon, FL, which were all previously owned by a joint venture with Macquire DDR Trust. Note the acquisition of these assets was generally in exchange for partnership interest and did not involve the use of cash.
(2)	In addition to the asset sales listed on Page 4.2.a that resulted in a loss of $86.9 million, this balance includes gross impairment charges aggregating approximately $154.7 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 seven 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 $75.3 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)

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2009			2008			2007
Acquisitions/Transfers	$	15.1	(1)	$	111.4	(4)	$	4,987.4	(5)
Completed Expansions Incremental Development Cost		15.3			52.8			21.9
Developments & Construction in Progress		128.1			315.8			142.7
Recurring Tenant Improvements & Third Party Leasing Commissions		13.5			18.4			9.8
Foreign Currency Adjustments		132.1			(106.2	)		48.5
	$	304.1		$	392.2		$	5,210.3
Less: Real Estate Sales and Dispositions	$	(2,313.3	) (2)(3)	$	(61.9	) (4)	$	(204.3	) (6)
Net (Deductions)/Additions	$	(2,009.2	)	$	330.3		$	5,006.0

(1)	This is a purchase price reclassification adjustment for a prior acquisition, plus the acquisition of an additional 17% interest in the Metropole Shopping Center by Sonae Sierra Brazil BV Sarl.
(2)	Includes the impact of the redemption of the Company’s interest in the MDT US LLC joint venture ($1,600.8 million).
(3)	In addition to the asset sales listed on Page 4.2.b that had a combined loss and impairment charge of $67.8 million, this balance includes the disposition of the Ward Parkway shopping center located in Kansas City, MO ($64.9 million), the transfer to DDR of the Merriam Village, KS project ($45.5 million), and impairment charges at the Coventry II DDR Bloomfield ($218.5 million), DPG Realty Holdings ($25.9 million), and DDRTC Core Retail Fund ($145.0 million) joint venture partnerships.
(4)	Includes the acquisition of a shopping center located in Independence, MO from the joint venture with Macquarie DDR Trust, which is also reflected as a disposition.
(5)	Includes the acquisition of assets from DDR by DDR Domestic Retail Fund I ($1,463 million), Dividend Capital Total Realty Trust ($160 million) and the joint venture with 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.
(6)	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 year ended December 31, 2009

Operating Property Acquisitions

There were no significant third party acquisitions for the year ended December 31, 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
10/5/2009	Macedonia, OH (1)	Macedonia Commons		100	%		111,823	$	8.5	Home Depot
11/6/2009	Lexington, KY	North Park Marketplace		100	%		46,647	$	6.1	Staples
11/6/2009	Dublin, OH	Dublin Village Center		100	%		326,912	$	4.8	AMC Theatre
11/23/2009	Wichita, KS	Eastgate Plaza		100	%		255,114	$	12.9	Burlington coat Factory, Office Max, T.J. Maxx, Barnes & Noble, Toys R Us
12/15/2009	Lexington, KY (1)	South Farm Marketplace		100	%		8,309	$	2.0
12/18/2009	West Chester, OH	Kroger		100	%		56,634	$	3.2	Kroger
12/29/2009	Porterville, CA	Porterville Market Place		50	%		76,378	$	3.5
Total Dispositions							3,923,222	$	307.6

(1)  This was a sale of a portion of the shopping center.

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 year ended December 31, 2009

Joint Venture Acquisitions

There were no significant third party acquisitions for the year ended December 31, 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	Tops 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, WalMart
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, WalMart, 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 year ended December 31, 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	$	79.8	$	84.4	$	51.3		2H08	Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples , Bed, Bath & Beyond
Elmira (Horseheads), NY	Southern Tier Crossings		697,795		350,987	$	56.5	$	46.2	$	24.2		1H07	Kohl’s, WalMart, Dick’s, Joann Fabrics, PetsMart, Ulta, Mens Warehouse
Raleigh (Apex), NC	Apex Promenade		78,830		72,830	$	11.7	$	11.7	$	6.7		1H09	hhgregg
Projects in Progress
Boise (Nampa), ID	Nampa Gateway Center		921,162		431,689	$	126.7	$	101.4	$	44.8		2H07	JCPenney, Macy’s, The Sports Authority, Idaho Athletic Club
Boston (Norwood), MA	The Shoppes at Elmway Farms		72,243		56,343	$	23.3	$	19.2	$	0.0		2H10
Austin (Kyle), TX (1)	Kyle Marketplace		805,618		443,092	$	77.3	$	60.8	$	9.9		2H09	Target, Kohl’s
			2,970,564		1,627,551	$	375.3	$	323.7	$	136.9

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

Land and Construction Related Projects Primarily on Hold (2)

	DDR’s			Total
Location	Effective			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
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		100	%		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
					1,011.2

(2)  The costs incurred for these land and construction related projects as of December 31, 2009 were $607.0 million, which includes our partners’ ownership interest of $145.0 million.

Wholly-Owned and Consolidated Developments 4.3.a

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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	$	177.8	$	178.5	$	163.4	$	84.3	1H09	C & A, Riachuelo, Marisa, Renner, Saraiva Megastore, Bemol, Dinamica, Hitech Import
Dallas (Allen), TX	Watters Creek		831,413		797,665		10.0	%	Coventry II/ Trademark Property	$	171.2	$	177.1	$	118.1	$	17.1	1H08	Market Street United, Borders, DSW ShoeWarehouse, The Cheesecake Factory
			1,333,942		1,300,194					$	349.0	$	355.6	$	281.5	$	101.4

(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 year ended December 31, 2009

Development Assets Placed in Service (In Millions)

			Unconsolidated JV Assets
					DDR’s
	Consolidated				Proportionate
Date	Assets		Total		Share
As of December 31, 2009	$	136.9	$	290.0	$	93.3
Projected 2010	$	16.8	$	20.5	$	4.3
Projected Thereafter	$	221.6	$	38.5	$	3.8
	$	375.3	$	349.0	$	101.4

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 December 31, 2009	$	323.7		$	64.7		$	96.3		$	194.5	$	355.5
Projected Net Funding 2010	$	28.1	(1)	$	(0.3	)	$	(0.3	)	$	0.0	$	(0.6	)
Projected Net Funding Thereafter	$	23.5		$	(1.2	)	$	(4.7	)	$	0.0	$	(5.9	)
	$	375.3		$	63.2		$	91.3		$	194.5	$	349.0

(1) In addition to this Projected Net Funding amount, the Company may spend up to $63 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 year ended December 31, 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 (opened September 2009), Dick's and other retail tenants.
Total Net Cost (Millions)					$	89.4	(1)

(1)  At December 31, 2009, approximately $78.2 million of costs had been incurred in relation to the project in progress.

Summary of Significant Joint Venture Redevelopment or Expansion Projects

There were no Joint Venture Redevelopment or Expansion Projects in progress at December 31, 2009.

Wholly-Owned and Joint Venture Expansions and Redevelopments 4.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2009

Company Features

664		Shopping Centers and Interests in Retail Assets
44		States (Plus Puerto Rico, Brazil, and Canada)
102		Million Sq. Ft. Owned (1)
147		Million Sq. Ft. Owned and Managed (1) (2)
88.8	%	Portfolio % Leased Including Former Mervyn’s Assets
91.2	%	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 62.5 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 year ended December 31, 2009

Portfolio Summary 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Average Annualized Base Rental Rates PSF

	Number of		Total Annualized Base Rent / S.F.
Period Ending	Properties		Total		Shop Space
Dec. 31, 2009		560	$	12.51	$	18.61
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 year ended December 31, 2009

Leasing Summary for the Fourth Quarter 2009⁽¹⁾

													Change in Base			Weighted
	Number				New Rent								Rent Over			Average Lease		Tenant
	of				Year One		New Rent Year		Prior		Prior Rent		Prior Rent in			Term (in		Improvements
	Leases		GLA		psf		One Total		Rent psf		Total		Comp Space			years)*		psf
New leases
New leases replacing bankrupt tenants vacant less than one year		9		289,034	$	8.46	$	2,445,228	$	10.79	$	3,118,677		-21.6	%		8.3	$	22.11
New leases for spaces vacant less than one year		82		336,571	$	15.09	$	5,078,856	$	17.16	$	5,775,558		-12.1	%		8.1	$	13.95
New leases for spaces vacant more than one year		66		381,062	$	12.05	$	4,591,797	$	0.00	$	0		N/A			10	$	26.41
Total new leases		157		1,006,667	$	12.04	$	12,115,881	$	12.03	$	8,894,235		-15.3	%		8.8	$	21.01
Renewals		282		1,675,890	$	12.04	$	20,177,716	$	12.27	$	20,563,170		0.2	%		4.0	$	0.00
Total / Average (new leases + renewals)		439		2,682,557	$	12.04	$	32,293,597	$	12.18	$	29,457,406		-4.6	%		5.8	$	7.88

*	Excludes renewal options
(1)	Excludes leases signed on behalf of the MDT US LLC joint venture. The Company redeemed its interest in the joint venture on October 20, 2009.

Portfolio Summary 5.3

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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		10
Mid City Plaza	North Tonawanda, NY	Grossmans	Sears		24,833		10
Barrett Pavilion	Kennesaw, GA	Hobby Lobby	Goody’s		45,308		10
Candlers Station	Lynchburg, VA	Ollie’s Bargain Outlet	Goody’s		40,000		5
Total/Average 2008					186,688		8.9
Leased Q1 2009
Cumming Marketplace	Cumming, GA	Appliance Smart	Goody’s		27,900		10
Homestead Pavilion	Homestead, FL	Bed Bath & Beyond	Circuit City		20,304		15
Cortez Plaza	Bradenton, FL	hhgregg	Circuit City		32,510		10
Silver Creek Plaza	Phoenix, AZ	Hobby Lobby	Mervyn’s		76,006		10
Southern Tier Crossing	Horseheads, NY	Jo-Ann Fabrics	Circuit City		23,500		10
Wrangleboro Consumer	Mays Landing, NJ	Just Cabinets	Fortunoff		30,725		10
Total/Average Q1 2009					210,945		10.5
Leased Q2 2009
Beaver Creek Crossing South	Apex, NC	AC Moore	Linens ‘N Things		25,208		10
Hamilton Marketplace	Hamilton, NJ	Bed Bath & Beyond	Linens ‘N Things		30,708		10
Marketplace at Mill Creek	Buford, GA	Bed Bath & Beyond	Linens ‘N Things		33,979		10
Wrangleboro Consumer	Mays Landing, NJ	Christmas Tree Shops	Linens ‘N Things		33,000		10
Circuit City Plaza	Cary, NC	hhgregg	Circuit City		27,891		10
Grandville Marketplace	Grandville, MI	Hobby Lobby	Circuit City		55,529		10
Indian Hills Plaza	Mount Pleasant, MI	Jo-Ann Fabrics	Walmart		21,060		10
Woodfield Village Green	Schaumburg, IL	Michael’s	Circuit City		33,008		10
Willoughby Hills Shopping Center	Willoughby Hills, OH	National College	Bryant and Stratton		21,865		5
Shoppers World	Framingham, MA	Nordstrom Rack	Linens/CVS		40,159		10
Culver City	Culver City, CA	Sprouts	Circuit City		32,873		15
Peach Street Square	Erie, PA	Staples	Media Play		18,000		10
Stonecrest Marketplace	Lithonia, GA	A.J. Wright	Linens ‘N Things		25,576		10
Nassau Park	Princeton, NJ	Homegoods	Linens ‘N Things		27,040		10
Plaza Palma Real	Humacao, PR	Marshalls	Pueblo		27,680		10
Total/Average Q2 2009					453,576		10.0
Leased Q3 2009
Oviedo Park Crossing	Oviedo, FL	Bed Bath and Beyond	Linens ‘N Things		30,700		10
Sofa Express	Duluth, GA	So Good Beauty	Sofa Express		20,000		3
Hamilton Commons	Mays Landing, NJ	hhgregg	Circuit City		34,120		10
Loisdale Center	Springfield, VA	hhgregg	Circuit City		32,300		10
Arrowhead Crossing	Phoenix, AZ	Hobby Lobby	Circuit City		49,575		10
Fairfax Towne Center	Fairfax, VA	Jo-Ann	Circuit City		23,000		10
Lake Brandon Village	Brandon, FL	Buy Buy Baby	Linens ‘N Things		35,150		10
Springdale Plaza	Camden, SC	Burke’s Outlet	Goody’s		19,800		5
River Oaks (Mervyns)	Valencia, CA	Sprouts	Mervyns		30,220		17
Killearn Shopping Center	Tallahassee, FL	Hobby Lobby	Publix		53,096		10
Total/Average Q3 2009					327,961		9.5
Leased Q4 2009
1380 Dupont Highway	Dover, DE	hhgregg	Furniture & More		27,199		10
Pavilion of Turkey Creek	Knoxville, TN	Hobby Lobby	Goody’s		50,000		10
Rivertowne Square	New Bern, NC	PetSmart	Goody’s		27,400		10
Crossroads Center	Gulfport, MS	Burke’s Outlet (Beall’s)	Goody’s		30,000		5
Mooresville Consumer Square	Mooresville, NC	Ollie’s Bargain Outlet	Goody’s		30,000		7
Pamlico Plaza	Washington, NC	Burke’s Outlet (Beall’s)	Goody’s		29,530		5
Scottsboro Marketplace	Scottsboro, AL	Burke’s Outlet (Beall’s)	Goody’s		22,560		5
Walks at Highwood Preserve	Tampa, FL	Best Buy	Linens ‘N Things		33,000		10
Sycamore Commons	Matthews, NC	Best Buy	Circuit City		33,314		10
Green Ridge Square II	Grand Rapids, MI	Best Buy	Circuit City		44,854		10
University Hills	Denver, CO	Michael’s	Linens ‘N Things		32,436		10
Centennial Promenade	Denver, CO	Stickley Furniture	Borders		28,123		7
Arrowhead Crossing	Phoenix, AZ	Nordstrom Rack	Linens ‘N Things		36,102		10
Victor Square	Victor, NY	OptiGolf Center	Thomasville Furniture		23,662		5
Total/Average Q4 2009					448,180		8.1
Grand Total/Average 2008-Q4 2009					1,627,350		9.4

(1) Excludes renewal options

Status of Re-Tenanting Spaces Formerly Occupied by Bankrupt Tenants ⁽²⁾
As of December 31, 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 year ended December 31, 2009

Lease Expirations by Year as of December 31, 2009

	Anchor Base Rent									Shop Space Base Rent
			Revenues									Revenues
Year	Leases		($M)		Avg. PSF		% of Revenue			Leases		($M)		Avg. PSF		% of Revenue
2010		72	$	21.2	$	8.86		4.4	%		1,947	$	93.5	$	19.24		16.3	%
2011		131	$	38.8	$	8.85		8.1	%		1,654	$	96.4	$	19.74		16.8	%
2012		143	$	51.8	$	8.69		10.8	%		1,538	$	96.1	$	22.12		16.7	%
2013		126	$	40.8	$	8.08		8.5	%		1,319	$	82.3	$	20.06		14.3	%
2014		162	$	56.2	$	8.63		11.7	%		1,213	$	70.6	$	21.27		12.3	%
2015		110	$	45.4	$	8.85		9.5	%		315	$	26.1	$	17.67		4.5	%
2016		79	$	36.0	$	9.52		7.5	%		193	$	20.0	$	20.54		3.5	%
2017		77	$	38.4	$	9.82		8.0	%		178	$	19.6	$	20.57		3.4	%
2018		49	$	21.3	$	8.35		4.4	%		208	$	24.3	$	18.02		4.2	%
2019		62	$	34.4	$	10.26		7.2	%		149	$	19.7	$	15.75		3.4	%
2010 - 2019 Subtotal		1,011	$	384.3	$	8.99		80.3	%		8,714	$	548.6	$	19.50		95.5	%
Total Rent Roll		1,155	$	478.7	$	9.10		100.0	%		8,881	$	574.3	$	19.91		100.0	%

Portfolio Summary 5.5

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009

Largest Tenants by Owned and Managed GLA ⁽¹⁾

			Total GLA				Owned GLA		Unowned		Unowned
	Total Units		(msf)		Owned Units		(msf)		Units		GLA (msf)
1. Wal-Mart / Sam’s Club		96		14.9		36		5.6		60		9.3
2. Target		62		7.8		7		1.0		55		6.8
3. Lowe’s Home Improvement		36		4.7		14		1.8		22		2.9
4. Home Depot		38		4.2		8		1.0		30		3.2
5. Kohl’s		43		3.8		30		1.4		13		2.4
6. Kmart / Sears		38		3.3		33		2.9		5		0.4
7. T.J. Maxx / Marshalls		93		2.9		76		2.4		17		0.5
8. Publix Supermarkets		55		2.6		54		2.5		1		0.1
9. PetSmart		96		2.2		78		1.8		18		0.4
10. Kroger		36		2.0		36		2.0		0		0.0

(1) Based on 100% ownership of joint venture properties.

Portfolio Summary 5.6

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 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 (36)		4.5		7.3	%	AA / Aa2	1. Wal-Mart / Sam’s Club (36)	$	28.7		4.6	%	AA / Aa2
2. Kmart / Sears (33)		1.8		2.9	%	BB- / Ba2	2. T.J. Maxx / Marshalls (76)	$	12.2		2.0	%	A / A3
3. Lowe’s Home Improvement (14)		1.6		2.6	%	A+ / A1	3. Petsmart (78)	$	11.7		1.9	%	BB / NR
4. T.J. Maxx / Marshall’s (76)		1.4		2.3	%	A / A3	4. Bed Bath and Beyond (52)	$	10.5		1.7	%	BBB / NR
5. Kohl’s (30)		1.4		2.3	%	BBB+ / Baa1	5. Lowe’s Home Improvement (14)	$	10.1		1.6	%	A+ / A1
6. PetSmart (78)		0.9		1.5	%	BB / NR	6. Kohl’s (30)	$	10.0		1.6	%	BBB+ / Baa1
7. Kroger (36)		0.9		1.5	%	BBB / Baa2	7. Rite Aid (40)	$	9.9		1.6	%	B- / Caa3
8. J.C. Penney (21)		0.9		1.5	%	BB / Ba1	8. Michael’s (67)	$	9.4		1.5	%	B- / Caa2
9. Bed Bath and Beyond (52)		0.9		1.5	%	BBB / NR	9. Office Max (42)	$	8.0		1.3	%	B / B2
10. Target (7)		0.9		1.5	%	A+ / A2	10. Tops Markets (24)(2)	$	7.8		1.3	%	B / NR
11. Michael’s (67)		0.8		1.3	%	B- / Caa2	11. GAP / Banana Republic / Old Navy (61)	$	7.7		1.2	%	BB+ / NR
12. Home Depot (8)		0.8		1.3	%	BBB+ / Baa1	12. Kroger (36)	$	7.3		1.2	%	BBB / Baa2
13. Toys R Us (30)		0.7		1.1	%	B / Caa1	13. Barnes and Noble (33)	$	7.2		1.2	%	NR / NR
14. Publix Supermarkets (54)		0.7		1.1	%	NR / NR	14. Cinemark Theatre (18)	$	7.2		1.2	%	B+ / NR
15. Dick’s Sporting Goods (26)		0.7		1.1	%	NR / NR	15. Kmart / Sears (35)	$	7.1		1.1	%	BB- / Ba2
16. Ross Stores (51)		0.7		1.1	%	BBB / NR	16. Regal Cinemas (11)	$	6.9		1.1	%	B+ / Ba3
17. Office Max (42)		0.7		1.1	%	B / B2	17. Best Buy (21)	$	6.7		1.1	%	BBB- / Baa2
18. Tops Markets (24)		0.6		1.0	%	B / NR	18. Ross Stores (51)	$	6.7		1.1	%	BBB / NR
19. Dollar Tree Stores (94)		0.5		0.8	%	NR / NR	19. Staples (39)	$	6.2		1.0	%	BBB / Baa2
20. GAP / Banana Republic / Old Navy (61)		0.5		0.8	%	BB+ / NR	20. Home Depot (8)	$	6.1		1.0	%	BBB+ / Baa1
Subtotal 1-20		21.9		35.5	%		Subtotal 1-20	$	187.4		30.1	%
Total Portfolio		61.7		100.0	%		Total Portfolio	$	622.9		100.0	%

(1)	Based on pro rata ownership of joint venture properties.
(2)	22 leases are guaranteed by Koninklijke Ahold NV, rated BBB/Baa3

Portfolio Summary 5.7

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Consolidated Debt
as of December 31, 2009

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facilities:
$1.25 Billion Revolving Credit Facility		$	775,028	(2)		06/10	LIBOR + 75
$75 Million Revolving Credit Facility			—	(2)		06/10	LIBOR + 100
Secured Credit Facility:
$800 Million Term Loan			800,000	(2)		02/11	LIBOR + 120
Total Term and Credit Facility Debt			1,575,028
PUBLIC DEBT:
Medium Term Notes	F		151,249			05/10		5.000
Medium Term Notes	F		177,410			08/10		4.625
Medium Term Notes	F		179,170			04/11		5.250
Convertible Notes	F		116,066	(3)		08/11		3.500
Convertible Notes	F		294,606	(4)		03/12		3.000
Medium Term Notes	F		223,042			10/12		5.375
Medium Term Notes	F		169,347			05/15		5.500
Medium Term Notes	F		296,756			03/16		9.625
Medium Term Notes	F		82,196			07/18		7.500
Total Public Debt			1,689,841
MORTGAGE DEBT:
Middletown Village, Middletown, RI	F		10,000			02/10		4.531
Lee Vista, Orlando, FL	F		16,450			06/10		7.000
Mill Pond Village, Cary, NC	F		8,500			07/10		4.758
Adams Farm, Greensboro, NC	F		6,700			08/10		4.652
DDR MDT MV, LLC	V		8,362	(5)		10/10	LIBOR + 72
DDR MDT MV, LLC	F		104,351	(5)		10/10		5.211
Shops on the Circle, Dothan, AL	F		11,235			11/10		7.920
Terrell Plaza, Terrell, TX	V		6,234	(6)(8)		11/10	LIBOR + 400
Kyle Crossing, Kyle, TX	V		13,468	(6)(8)		01/11	LIBOR + 350
Homestead Pavilion, Homestead, FL	V		64,965			03/11	LIBOR + 120
Peach Street Square I, Erie, PA	F		21,605			04/11		6.884
Peach Street Square II, Erie, PA	F		2,493			04/11		6.884
Southland Crossings, Boardman, OH	F		22,429			04/11		6.884
The Promenade at Brentwood, St. Louis, MO	F		21,605			04/11		6.884
Centennial Promenade, Denver, CO	F		32,402			04/11		6.884
DDRC Headquarters, Beachwood, OH	V		33,367			04/11	LIBOR + 110
Merriam Village, Merriam, KS	V		16,189	(8)		05/11	LIBOR + 400
Cibolo Creek Center, Schertz, TX	V		6,480			07/11	LIBOR + 350
Southern Tier Crossing, Horseheads, NY	V		31,149			09/11	LIBOR + 210
Union Town Center, Indian Train, NC	F		6,525			10/11		7.000
Westgate Plaza, Gates, NY	F		23,407			10/11		7.240
Ashtabula Commons, Ashtabula, OH	F		6,431			12/11		7.000

Summary of Consolidated Debt 6.1.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Consolidated Debt
as of December 31, 2009 (con’t)

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
Paradise Village Gateway, Phoenix, AZ	F	$	20,100	(7)		03/12		5.385
University Hills, Denver, CO	F		25,846			07/12		7.300
N. Charleston Center, N. Charleston, SC	F		9,785			07/12		7.370
Cortez Plaza, Bradenton, FL	F		11,687			07/12		7.150
Duvall Village, Bowie, MD	F		8,201			10/12		7.040
Walgreen’s, Dearborn Hts, MI	F		3,550			11/12		4.863
Walgreen’s, Livonia, MI	F		2,477			11/12		4.863
Walgreen’s, Westland, MI	F		2,625			03/13		4.863
Perimeter Pointe, Atlanta, GA	V		28,321	(8)		04/13	LIBOR + 350
Town Center Prado, Marietta, GA	V		19,865	(8)		04/13	LIBOR + 350
Plaza Escorial, Carolina, PR	F		57,500			04/13		5.000
Plaza Rio Hondo, Bayamon, PR	F		109,500			04/13		5.000
Paseo Colorado, Pasadena, CA	F		79,100			04/13		5.000
Family Center at Meridian, Meridian, ID	F		7,440			04/13		5.000
Meridian Crossroads, Meridian, ID	F		29,760			04/13		5.000
University Center, Wilmington, NC	F		24,500			04/13		5.000
Aspen Grove, Littleton, CO	F		42,200			04/13		5.000
Victor Square, Victor, NY	F		6,184			04/13		5.800
Wrangleboro Consumer Sq. I & II, Mays Landing, NJ	F		40,894			05/13		6.990
Monmouth Consumer Sq., W. Long Branch, NJ	F		7,811			07/13		8.570
Rotonda Plaza, Englewood, FL	F		1,087			07/13		5.800
Nassau Park Pavilion, Princeton, NJ	F		39,600			05/14		9.000
Presidential Commons, Snellville GA	F		20,400			05/14		9.000
Crossroads Center, Gulfport, MS	F		26,320			10/14		4.225
The Commons, Salisbury, MD	F		9,341			10/14		4.225
Chillicothe Place, Chillicothe, OH	F		4,593			10/14		4.225
Deer Valley Towne Center, Phoenix, AZ	F		18,837			10/14		4.225
Plaza at Sunset Hills, Sunset Hills, MO	F		29,933			10/14		4.225
North Pointe Plaza, North Charleston, SC	F		11,715			10/14		4.225
Wando Crossing, Mount Pleasant, SC	F		12,825			10/14		4.225
Brook Highland Plaza, Birmingham, AL	F		26,372			10/14		4.225
Mooresville Consumer Sq., Mooresville, NC	F		19,456			10/14		4.225
Town Center Plaza, Leawood, KS	F		54,188			10/14		4.225
Warner Robins Place, Warner Robins, GA	F		7,277			10/14		4.225
Cross Pointe Center, Fayetteville, NC	F		10,631			10/14		4.225
Overlook at Hamilton Place, Chattanooga, TN	F		10,657			10/14		4.225
Bermuda Square, Chester, VA	F		7,999			10/14		4.225
Home Depot Center, Orlando Park, IL	F		7,174			10/14		4.225
Delaware Consumer Square, Buffalo, NY	F		10,941			10/14		4.225
Hamilton Marketplace, Hamilton, NJ	F		44,383			10/14		4.225
Marketplace at Delta Twp, Lansing, MI	F		7,122			10/14		4.225
Clearwater Collection, Clearwater, FL	F		7,638			10/14		4.225
Wendover Village, Greensboro, NC	F		5,135			10/14		4.225
Lexington Place, Lexington, SC	F		4,619			10/14		4.225

Summary of Consolidated Debt 6.1.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Consolidated Debt
as of December 31, 2009 (con’t)

		Loan			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
Downtown Short Pump, Richmond, VA	F	$	13,418			10/14		4.225
Loisdale Center, Springfield, VA	F		11,870			10/14		4.225
Windsor Court, Windsor, CT	F		7,793			10/14		4.225
Abernathy Square, Atlanta, GA	F		12,954			10/14		4.225
Sam’s Club, Worcester, MA	F		5,780			10/14		4.225
Wal-Mart Supercenter, Alliance, OH	F		7,690			10/14		4.225
Kroger, Allentown, PA	F		2,787			10/14		4.225
Reno Riverside, Reno, NV	V		3,169	(8)		02/15	Prime + 170
Hamilton Commons, Mays Landing, NJ	F		9,886			09/15		4.700
Consumer Square West, Columbus, OH	F		11,976			11/15		10.188
Tops Plaza, Lockport, NY	F		9,017			01/16		8.000
Merriam Town Center, Merriam, KS (TIF)	F		3,575			02/16		6.900
Freedom Plaza, Rome, NY	F		3,228			09/16		7.850
Wal-Mart, Winston-Salem, NC	F		8,430			09/17		6.000
Thruway Plaza (Wal-Mart), Cheektowaga, NY	F		3,713			10/17		6.780
Tops Plaza, Ithaca, NY	F		14,635			01/18		7.050
Wal-Mart, Greenville, SC	F		7,942			02/18		6.000
Mohawk Commons, Niskayuna, NY	F		19,218			12/18		5.750
Lowes, Hendersonville, TN	F		7,194			01/19		7.660
Plaza Isabela, Isabela, PR	F		23,395			06/19		7.590
Plaza Cayey, Cayey, PR	F		22,151			06/19		7.590
Plaza Wal-Mart, Guayama, PR	F		12,445			06/19		7.590
Plaza Fajardo, Fajardo, PR	F		26,631			06/19		7.590
Mariner Square, Spring Hill, FL	F		4,271			09/19		9.750
Northland Square, Cedar Rapids, IA	F		8,151			01/20		9.375
Connecticut Commons, Plainville, CT (TIF)	F		6,470			04/21		7.125
West Valley Marketplace, Allentown, PA	F		15,079			07/21		6.950
Liberty Fair Mall, Martinsville, VA	F		18,677			12/29		8.460
Gulfport Promenade, Gulfport, MS	V		60,000			12/37	SIFMA + 5bp
Total Mortgage Debt			1,771,479
Consolidated Debt		$	5,036,348
Add: Joint Venture Partner Share of Consolidated Debt		$	142,315
Total Consolidated Debt Including Joint Venture Share		$	5,178,663

			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Fixed Rate	$	3,684,004	3.31 years		5.7	%
Variable Rate	$	1,494,659	1.96 years		1.5	%
	$	5,178,663	2.92 years		4.5	%

Summary of Consolidated Debt 6.1.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Consolidated Debt
as of December 31, 2009 (con’t)

CUMULATIVE REDEEMABLE PREFERRED SHARES

	Outstanding Amount(000’s)
Class G - 8.0%	$	180,000
Class H - 7.375%	$	205,000
Class I - 7.5%	$	170,000

DERIVATIVE INSTRUMENTS

	Notional Amount(000’s)		Underlying Debt Hedged	Rate Hedged	Fixed Rate			Termination Date
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. Deferred finance cost amortization of approximately $11.5 million net, is offset by approximately $3.5 million of fair market value adjustments in 2009.
2.	The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $75 million PNC Bank facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012.
3.	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 $4.0 million recorded at December 31, 2009 for the accretion of the convertible debt to comply with accounting standards.
4.	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 $13.6 million recorded at December 31, 2009 for the accretion of the convertible debt to comply with accounting standards.
5.	The Company’s joint venture with DDR MV, LLC is consolidated within DDR’s accounts. DDR effectively owns 50% of the debt.
6.	The Company’s joint venture with David Berndt Interests is consolidated within DDR’s accounts. DDR 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%
Merriam Village, Merriam, KS	1mo. LIBOR of 1.00%
Perimeter Pointe, Atlanta, GA	1mo. LIBOR of 2.00%
Town Center Prado, Marietta, GA	1mo. LIBOR of 2.00%
Reno Riverside, Reno, NV	5.95%

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 year ended December 31, 2009

Summary of Joint Venture Debt
as of December 31, 2009

		Mortgage		Maturity		Interest
Property/Entity		Balance (000’s)		Date		Rate
DDRTC Core Retail Fund, LLC
DDRTC Holdings Pool 1, LLC (25 assets)	F	$	736,559		03/17		5.4475
DDRTC Holdings Pool 3, LLC (17 assets)	F		555,034		03/12		5.480
DDRTC Holdings Pool 5, LLC (12 assets)	V		147,565		02/11	LIBOR + 65
DDRTC Holdings Pool 6, LLC
Walks at Highwood Preserve I & II	F		3,700		05/10		4.372
Aiken Exchange	F		7,350		05/10		4.372
Oak Summit	F		8,200		06/10		4.272
Wytheville Commons	F		5,590		06/10		4.302
Warwick Center	F		16,939		06/10		4.130
Columbiana Station	F		25,900		06/10		4.040
Heritage Pavilion	F		21,500		07/10		4.460
Fayette Pavilion I & II	F		53,250		07/10		5.620
North Hill Commons	F		2,475		11/10		5.240
Cox Creek Shopping Center	F		13,987		03/12		7.090
Cypress Trace	F		16,000		04/12		5.000
Waterfront Marketplace	F		28,489		08/12		6.350
Waterfront Town Center	F		37,533		08/12		6.350
Creeks at Virginia Center	F		25,334		08/12		6.370
Willoughby Hills Shopping Center	F		12,988		07/18		6.980
DDR Domestic Retail Fund I
Paradise Promenade, Davie, FL	F		6,400		06/10		4.322
Village Ctr, Racine, WI	F		13,200		04/10		4.440
West Falls Plaza, West Patterson, NJ	F		11,075		06/10		4.685
Southampton Village, Tyrone, GA	F		6,700		05/11		4.663
Village Center Outlot, Racine, WI	F		2,070		07/11		5.170
Center Pointe Plaza, Easley, SC	F		4,250		08/11		5.320
Shoppes on the Ridge, Lake Wales, FL	F		9,628		12/11		4.740
Publix Brooker Creek, Palm Harbor, FL	F		5,000		12/11		4.610
Watercolor Crossing, Santa Rosa, FL	F		4,355		01/12		4.760
Heather Island Plaza, Ocala, FL	F		6,155		12/12		5.001
Hilliard Rome, Columbus, OH	F		10,832		01/13		5.870
Meadows Square, Boynton Beach, FL	F		2,355		07/13		6.720
DDR Domestic Retail Fund I (25 assets)	F		885,000		07/17		5.600
DDR MDT PS, LLC (7 assets)	F		86,000		07/13		6.004
Coventry II DDR Bloomfield	V		39,194		12/08	LIBOR + 250
Coventry II DDR Buena Park	V		61,000		03/10	LIBOR + 115
Coventry II DDR Fairplain	V		16,000		09/09	LIBOR + 275
Coventry II DDR Marley Creek	V		10,750		07/10	LIBOR + 125
Coventry II DDR Montgomery Farm (1)	V		115,907		07/10	LIBOR + 300
	V		18,128		07/10	LIBOR + 600
Coventry II DDR Phoenix Spectrum	V		46,000		01/11	LIBOR + 70
Coventry II DDR SM	V		72,180		03/10	LIBOR + 80
	V		32,695		03/10	LIBOR + 223.65
Coventry II DDR Totem Lakes	V		29,500		09/09	LIBOR + 275
Coventry II DDR Tri County	F		152,743		02/15		5.655
	F		11,650		02/15		10.304

Summary of Joint Venture Debt 6.2.a

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Joint Venture Debt
as of December 31, 2009 (con’t)

		Mortgage
Property/Entity		Balance (000’s)		Maturity Date		Interest Rate
Coventry II DDR Westover Marketplace (1)	V	$	20,816		11/11	LIBOR + 350
RVIP IIIB
Deer Park, IL	F		60,000		10/11		5.590
RVIP VII (2 assets)	V		70,371		04/11	LIBOR + 400
RVIP VIII	V		23,356		01/11	LIBOR + 100
DPG Realty Holdings, LLC
Tonawanda, NY	F		4,545		05/17		7.630
TRT DDR Holdings I LLC (3 assets)	F		110,000		05/17		5.510
DDR SAU Retail Fund, LLC
Blockbuster	F		993		10/10		4.890
Cascade Crossing	F		4,954		10/10		4.890
Hickory Flat Village	F		8,689		10/10		4.890
Flat Shoals Crossing	F		6,063		10/10		4.760
Deshon Plaza	F		6,038		10/10		4.760
Shops at John’s Creek	F		2,762		10/10		4.890
Waynesboro Commons	F		3,178		10/10		4.890
Brookhaven	F		10,397		12/10		4.890
Lewandowski Commons	F		12,465		03/11		5.770
South Square	F		12,597		10/12		5.060
North Hampton Market (Phase I & II)	F		10,501		10/12		5.080
Oakland Market Place	F		3,560		10/12		5.040
Shoppes at Wendover II	F		14,382		10/12		5.060
Crossroads Square	F		4,869		12/12		5.310
Cascade Corners	F		3,979		12/12		5.420
Hilander Village	F		9,404		12/12		5.410
Glenlake Plaza	F		8,234		12/12		5.440
Broadmoor Plaza	F		11,048		12/12		5.440
Milan Plaza	F		2,161		12/12		5.490
West Towne Commons	F		4,797		12/12		5.440
American Way	F		6,662		12/12		5.440
Kroger Junction	F		3,827		12/12		5.440
Kroger Plaza	F		1,806		12/12		5.440
Willowbrook Commons	F		6,998		03/13		5.410
The Point	F		15,800		04/13		5.640
Harper Hill Commons	F		10,350		04/13		5.790
Plaza at Carolina Forest	F		14,203		05/13		5.970
Alexander Pointe	F		5,129		08/13		5.920
Patterson Place	F		20,338		12/13		5.670
Cole DDR MT Independence	F		34,100		01/12		5.950
DDRA Community Centers Five (5 assets)	F		280,000		08/10		5.295
DDR Markaz II (13 assets)	F		150,480		11/14		5.147
Lennox Town Center Limited	F		1,000		06/17		6.440
Columbus, OH	F		26,000		06/17		5.640
Sun Center Limited	F		5,794		05/11		5.420
Columbus, OH	F		12,267		04/11		8.480

Summary of Joint Venture Debt 6.2.b

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Joint Venture Debt
as of December 31, 2009 (con’t)

		Mortgage
Property/Entity		Balance (000’s)		Maturity Date		Interest Rate
DOTRS LLC
Macedonia, OH	F	$	21,000		08/11		6.050
Jefferson County Plaza, LLC
Arnold, MO	V		3,616		08/12	LIBOR + 200
Sonae Sierra Brazil Limitadas	V		28,581		02/10	CDI + 500
	V		4,879		06/10	CDI + 366
	F		64,194		12/20		8.500
RO & SW Realty LLC	F		23,367		06/11		5.960
Total		$	4,547,711

			Wtd. Avg.	Wtd. Avg.
			Maturity	Interest Rate
Total Joint Venture Debt:
Fixed Rate	$	3,807,172	4.77 years		5.6	%
Variable Rate	$	740,539	0.63 years		3.0	%
	$	4,547,711	4.10 years		5.1	%

Notes:
(1)	The following loans have floor interest rates:

Loan	Floor
Coventry II DDR Montgomery Farm	1mo. LIBOR of 1.50%
Coventry II DDR Westover Marketplace	1mo. LIBOR of 1.50%

Summary of Joint Venture Debt 6.2.c

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Pro Rata Joint Venture Debt
as of December 31, 2009 (con’t)

	DDR’s			DDR’s
	Pro Rata			Pro Rata
Property/Entity	Interest			Debt (000’s)
DDRTC Core Retail Fund, LLC		15.00	%	$	257,759
DDR Domestic Retail Fund I		20.00	%		193,404
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	%		13,404
Coventry II DDR Phoenix Spectrum		20.00	%		9,200
Coventry II DDR SM		20.00	%		20,975
Coventry II DDR Totem Lakes		20.00	%		5,900
Coventry II DDR Tri County		20.00	%		32,879
Coventry II DDR Westover Marketplace		20.00	%		4,163
RVIP IIIB		25.75	%		15,450
RVIP VII		21.00	%		14,778
RVIP VIII		25.75	%		6,014
DPG Realty Holdings, LLC		10.00	%		454
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	%		14,350
DOTRS LLC		50.00	%		10,500
Jefferson County Plaza, LLC		50.00	%		1,808
Sonae Sierra Brazil Limitadas		50.00	%		48,827
RO & SW Realty LLC		25.25	%		5,900
				$	917,025
Fixed Rate				$	785,443
Variable Rate				$	131,582
				$	917,025

Summary of Joint Venture Debt 6.2.d

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the year ended December 31, 2009

Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities (1)
as of December 31, 2009
(000’s)

	2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		2016 Payments		2017 Payments		2018 Payments		2019 Payments		Thereafter		Total
CONSOLIDATED DEBT
Property Mortgages	$	178,664	$	179,787	$	106,528	$	457,809	$	446,170	$	26,128	$	16,453	$	12,563	$	8,701	$	78,621	$	88,206	$	1,599,628
Construction Loans		6,234		67,285		0		98,332		0		0		0		0		0		0		0		171,851
Public Debt		328,659		295,236		517,648		0		0		169,347		296,756		0		82,196		0		0		1,689,841
Subtotal		513,556		542,308		624,176		556,141		446,170		195,475		313,208		12,563		90,897		78,621		88,206		3,461,321
Revolving Credit Facilities & Term Loan (2)		0		775,028		800,000		0		0		0		0		0		0		0		0		1,575,028
Consolidated Debt	$	513,556	$	1,317,335	$	1,424,176	$	556,141	$	446,170	$	195,475	$	313,208	$	12,563	$	90,897	$	78,621	$	88,206	$	5,036,348
Add: JV Partner Shared Consolidated Debt	$	118,947	$	13,468	$	9,900	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	142,315
Total Consolidated Debt Including JV Share	$	632,504	$	1,330,803	$	1,434,076	$	556,141	$	446,170	$	195,475	$	313,208	$	12,563	$	90,897	$	78,621	$	88,206	$	5,178,663
JOINT VENTURE DEBT
Total JV Debt	$	791,087	$	328,653	$	1,058,080	$	174,750	$	156,194	$	154,279	$	3,178	$	1,761,493	$	1,940	$	34,944	$	83,112	$	4,547,711
DDR’s Proportionate Share		237,500		88,784		158,258		17,591		31,068		30,673		439		312,408		291		5,078		34,935		917,025
Total Consolidated Debt & Proportionate Share JV Debt	$	870,003	$	1,419,587	$	1,592,334	$	573,733	$	477,239	$	226,147	$	313,648	$	324,970	$	91,188	$	83,699	$	123,140	$	6,095,688

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 Decemeber 31, 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 year ended December 31, 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

Cowen & Company
Jim Sullivan	james.sullivan@cowen.com	(646) 562-1380
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
UBS
Ross Nussbaum	ross.nussbaum@ubs.com	(212) 713-2484
Christy McElroy	christy.mcelroy@ubs.com	(203) 719-7831
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

Property List For the year ended December 31, 2009 INVESTOR RELATIONS DEPARTMENT • 3300 ENTERPRISE PARKWAY BEACHWOOD, OHIO 44122 • p. (216) 755-5500 f. (216) 755-1500 • WWW.DDR.COM

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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		4,151,498	DICK’S SPORTING GOODS(2017), LOWE’S(2023), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2014), HOMEGOODS(2016), BOOKS-A-MILLION(2013), 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		1,010,745	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		2,047,443	STAPLES(2016), BEST BUY(2017), SUPER TARGET(NOT OWNED)
4	DOTHAN, AL	2821 MONTGOMERY HWY	DOTHAN	2004	2007		100.00	%		33,906		33,906		0
5	DOTHAN, AL(SHOPS)	SHOPS ON THE CIRCLE 3500 ROSS CLARK CIRCLE	DOTHAN	2000	2007		100.00	%		149,085		149,085		1,578,389	OLD NAVY(2010), T.J. MAXX(2015), OFFICE MAX(2016)
6	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)
7	HUNTSVILLE, AL (WEST)	WESTSIDE CENTRE 6275 UNIVERSITY DR	HUNTSVILLE	2002	2007		15.00	%		476,146		665,377		4,419,033	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)
8	OPELIKA, AL	PEPPERELL CORNERS (I) 2300-2600 PEPPERELL PARKWAY OP	OPELIKA	1995	2003		100.00	%		306,224		306,224		514,947
9	SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY	SCOTTSBORO	1999	2003		100.00	%		40,560		223,750		235,560	WALMART SUPERCENTER(NOT OWNED)
10	TUSCALOOSA, AL	MCFARLAND PLAZA 2600 MCFARLAND BLD E	TUSCALOOSA	1999	2007		15.00	%		229,296		229,296		1,073,767	STEIN MART(2014), OFFICE MAX(2015), TOYS R US(2011)
	Arizona
11	AHWATUKEE, AZ	AHWATUKEE FOOTHILLS TC (II) 4711 EAST RAY ROAD	PHOENIX	1996	1999		50.00	%		647,883		686,414		9,941,066	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)
12	CHANDLER, AZ	2992 NORTH ALMA SCHOOL ROAD	PHOENIX	1985	2005		50.00	%		74,862		74,862		0
13	MESA, AZ (SUPERS)	SUPERSTITION SPRINGS 6505 E SOUTHERN AVENUE	PHOENIX	1990	2005		50.00	%		86,858		86,858		0
14	PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD	PHOENIX	1979	2005		50.00	%		81,009		81,009		0
15	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD	PHOENIX	1995	1996		50.00	%		346,428		416,606		3,035,841	STAPLES(2014), HOMEGOODS(2013), MAC FRUGAL’S(2011), BARNES & NOBLE(2011), T.J. MAXX(2011), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2011), FRY’S(NOT OWNED)
16	PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD	PHOENIX	1994	2005		50.00	%		76,006		76,006		589,047	HOBBY LOBBY(2019)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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 (SPE)	CHRISTOWN SPECTRUM MALL 1703 W BETHANY HOME RD	PHOENIX	1961	2004		20.00	%		452,865		1,035,337		7,340,430	WALMART SUPERCENTER(2023), COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), J.C. PENNEY(2037), HARKINS THEATRE(2022), TARGET(NOT OWNED)
18	PHOENIX, AZ(DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AQUA FRIA FREEWAY	PHOENIX	1996	1999		100.00	%		194,009		459,939		3,368,384	ROSS DRESS FOR LESS(2014), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2014), AMC THEATRES(NOT OWNED), TARGET(NOT OWNED)
19	PHOENIX, AZ(PARADISE)	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS	PHOENIX	1997/2004	2003		67.00	%		223,658		295,317		4,502,847	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2012), PETSMART(2015), STAPLES(2015), ALBERTSON’S(2016)
20	TUCSON, AZ	SANTA CRUZ PLAZA 3660 SOUTH 16TH AVENUE	TUCSON	1982	2005		50.00	%		76,126		76,126		0
	Arkansas
21	NORTH LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD	LITTLE ROCK	1991/2004	1994		100.00	%		295,013		295,013		1,612,018	BED BATH & BEYOND(2013), T.J. MAXX(2012), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014)
22	RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET	RUSSELLVILLE	1992	1994		100.00	%		266,539		266,539		1,449,521	HOBBY LOBBY(2016), J.C. PENNEY(2012), BELK(2021)
	Brazil
23	BRASILIA(FEDERAL DISTRICT)	PATIO BRASIL SHOPPING SCS QUADRA 07 BL A	BRASILIA	1997/2001	2006		5.00	%		332,436		364,620		16,485,975	OTOCH(2010), RIACHUELO(2017), RENNER(2011), CENTAURO(2018), LOJAS AMERICANOS(NOT OWNED)
24	CAMPINAS (SAO PAULO)	PARQUE DOM PEDRO AV. GUILHERME CAMPOS, 500	CAMPINAS	2001	2006		37.33	%		1,250,647		1,280,171		30,834,916	LOJAS AMERICANAS(2014), CASAS BAHIA(2011), CENTAURO(2012), PET CENTER MARGINAL(2010), MARISA(2016), STAR BOWLING(2009), WAL-MART 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)
25	FRANCA(SAO PAULO)	FRANCA SHOPPING AV. RIO NEGRO, 1100	FRANCA	1993	2006		32.25	%		177,450		177,450		2,383,757	C&A(2016), CASAS BAHIA(2014), MAGAZINE LUIZA(2010), LOJAS AMERICANAS(2014), C&C(2011)
26	MANAURA	MANAURA SHOPPING CALDERRO FILHO AVENUE	MANAUS	2007	2007		47.83	%		503,621		503,621		12,998,800	MARISA(2024), CENTAURO(2019), SARAIVA MEGA STORE(2014), HITECH IMPORTS(2014), C&A(2019), LOJAS RENNER(2019), RIACHUELO(2019), BEMOL(2019)
27	SAO BERNARDO DO CAMPO (SAO PAULO)	SHOPPING METROPOLE PRACA SAMUEL SABATINE, 200	SAO PAULO	1980/95/97	2006		47.83	%		213,129		213,129		9,695,197	RENNER(2010), LOJAS AMERICANAS(2018), MARISA(2012)
28	SAO PAULO BOAVISTA(SAO PAULO)	BOAVISTA SHOPPING RUA BORBA GATO, 59	SAO PAULO	2004	2006		47.83	%		280,245		280,245		3,386,243	C&A(2014), MARISA & FAMILIA(2014), AMERICANAS EXPRESS(2017), SONDA(NOT OWNED)
29	SAO PAULO CAMPO LIMPO (SAO PAULO)	CAMPO LIMPO SHOPPING ESTRADA DO CAMPO LIMPO 459	SAO PAULO	2005	2006		9.57	%		214,445		214,445		4,326,121	C&A(2016), MARISA(2016), COMPRE BEM(2012), CASAS BAHIA(2011)
30	SAO PAULO PENHA(SAO PAULO)	SHOPPING PENHA RUA DR JOAO RIBEIRO, 304	SAO PAULO	1992/2004	2006		35.00	%		323,713		323,713		8,265,248	MARISA(2017), MAGAZINE LUIZA(2013), SONDA(2014), LOJAS AMERICANAS(2013), KALUNGA(2010), C&A(2014)
31	SAO PAULO PLAZA (SAO PAULO)	PLAZA SUL PRACA LEONOR KAUPA	SAO PAULO	1994	2006		14.35	%		248,606		291,043		11,196,571	LOJAS AMERICANAS(2011), LUIGI BERTOLLI(2013), CAMICADO(2010), MONDAY ACADEMIA(2009), RENNER(2010)
32	SAO PAULO TIVOLI(SAO PAULO)	TIVOLI SHOPPING AV. SANTA BARBARA, 777	SAO PAULO	1993/2006	2006		14.35	%		238,593		238,593		4,347,675	LOJAS AMERICANAS(2014), UNIMED(2010), MAGAZINE LUIZA(2013), C&A(2016), C&C(2011), PAULISTAO(2016)
	California
33	ANAHEIM, CA	ANAHEIM HILLS FESTIVAL 8100 E SANTA CANYON ROAD	LOS ANGELES	1992	2005		50.00	%		77,883		77,883		0

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
34	ANTIOCH, CA	SOMERSVILLE TOWNE CENTER 2602 SOMERSVILLE ROAD	SACREMENTO	1970	2005		50.00	%		75,339		75,339		0
35	BUENA PARK, CA (MALL & ENT)	BUENA PARK DOWNTOWN (ENTRTNMT) 100 BUENA PARK	LOS ANGELES	1965	2004		20.00	%		734,757		1,142,420		9,032,733	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)
36	BURBANK, CA	BURBANK TOWN CENTER 245 E MAGNOLIA BLVD	LOS ANGELES	1991	2005		50.00	%		89,182		89,182		0
37	CHINO, CA	CHINO TOWN SQUARE SC 5517 PHILADELPHIA	LOS ANGELES	1986	2005		50.00	%		81,282		81,282		0
38	CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVENUE	FRESNO	1988	2005		50.00	%		75,088		75,088		0
39	CULVER CITY, CA	5660 SEPULVEDA BLVD	LOS ANGELES	1998	2007		100.00	%		32,873		32,873		0
40	EL CAJON, CA	WESTFIELD PARKWAY 565 FLETCHER PARKWAY	SAN DIEGO	1989	2005		50.00	%		85,744		85,744		0
41	FAIRFIELD, CA	WESTFIELD SOLANO 1451 GATEWAY BLVD.	SAN FRANCISCO	1981	2005		50.00	%		89,223		89,223		0
42	FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET	SACREMENTO	2003	2005		50.00	%		79,080		79,080		0
43	FOOTHILL RANCH, CA	FOOTHILL RANCH TC 26732 PORTOLA PARKWAY	LOS ANGELES	1993	2005		50.00	%		77,934		77,934		0
44	GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD.	LOS ANGELES	1982	2005		50.00	%		83,746		83,746		0
45	LANCASTER, CA (DISCOUNT)	VALLEY CENTRAL (DISCOUNT) 44707-44765 VALLEY CENTRAL WAY	LOS ANGELES	1990	2001		21.00	%		351,022		483,816		2,882,026	MARSHALL’S(2012), STAPLES(2013), CINEMARK(2017), 99 CENTS ONLY(2014), MICHAEL’S(2018), COSTCO(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
46	LOMPAC, CA	MISSION PLAZA 1600 N H STREET	LOS ANGELES	1992	2005		50.00	%		62,523		62,523		0
47	LONG BEACH, CA (PIKE)	THE PIKE AT RAINBOW HARBOR 95 SOUTH PINE AVE	LOS ANGELES	2005	1 *		100.00	%		288,283		321,822		5,873,127	CINEMARK(2017), BORDERS(2016), GAMEWORKS(2017)
48	MADERA, CA	1467 COUNTRY CLUB DRIVE	FRESNO	1990	2005		50.00	%		59,720		59,720		0
49	NORTH FULLERTON, CA	CROSSROADS SC 200 IMPERIAL HIGHWAY	LOS ANGELES	1991	2005		50.00	%		76,360		76,360		0
50	OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE	SAN DIEGO	2000	2000		100.00	%		79,884		79,884		1,406,552	REGAL CINEMAS(2014)
51	PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD.	LOS ANGELES	1992	2005		50.00	%		76,550		76,550		688,500	FOREVER 21(2020)
52	PASADENA, CA	PASEO COLORADO 280 E COLORADO BLVD	LOS ANGELES	2001	2003		100.00	%		556,271		556,271		11,213,707	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2015), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011)
53	PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 55 CRESCENT DRIVE	SAN FRANCISCO	1999/2000	2001		21.00	%		345,761		345,761		6,404,233	LUCKY SUPERMARKET(2020), MICHAEL’S(2010), BORDERS(2015), ROSS DRESS FOR LESS(2015), BED BATH & BEYOND(2020), CENTURY THEATRE(2016)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
54	REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE	SAN FRANCISCO	1984	2005		50.00	%		61,363		61,363		0
55	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), CENTURY THEATRE(2016)
56	SAN DIEGO, CA	SOUTHLAND PLAZA SC 575 SATURN BLVD.	SAN DIEGO	1982	2005		50.00	%		75,207		75,207		0
57	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)
58	SANTA MARIA, CA	TOWN CENTER WEST SC 201 TOWN CENTER WEST	LOS ANGELES	1988	2005		50.00	%		84,886		84,886		0
59	SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA	SAN FRANCISCO	1981	2005		50.00	%		90,348		90,348		0
60	SLATTEN RANCH, CA	SLATTEN RANCH SC 5849 LONE TREE WAY	SAN FRANCISCO	2002	2005		50.00	%		78,819		78,819		0
61	SONORA, CA	SONORA CROSSROADS 1151 SANGUINETTI ROAD	SAN FRANCISCO	1993	2005		50.00	%		62,214		62,214		0
62	TULARE, CA	TULARE PAVILION SC 1675 HILLMAN STREET	FRESNO	1991	2005		50.00	%		62,947		62,947		0
63	VALENCIA, CA	RIVER OAKS SC 24235 MAGIC MOUNTAIN PKWY	LOS ANGELES	1986	2006		100.00	%		75,590		75,590		0
64	WEST COVINA, CA	WESTFIELD EASTLAND SC 2753 E. EASTLAND CTR DR	LOS ANGELES	1979	2005		50.00	%		79,800		79,800		0
	Colorado
65	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)
66	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E COUNTY LINE ROAD	DENVER	1997/2002	1997		100.00	%		408,337		529,488		6,799,962	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)
67	DENVER, CO (TAMARAC)	TAMARAC SQUARE 7777 E. HAMPDEN	DENVER	1976	2001		100.00	%		183,611		196,411		1,704,139	REGENCY THEATRES TAMARAC SQ.(2010)
68	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD	DENVER	1997	2003		100.00	%		244,383		244,383		3,836,349	PIER 1 IMPORTS(2014), OFFICE MAX(2012), 24 HOUR FITNESS(2021), KING SOOPERS(2017)
69	FORT COLLINS, CO	MULBERRY AND LEMAY CROSSING MULBERRY ST. & S. LEMAY AVE.	FORT COLLINS	2004	2003		100.00	%		18,988		316,420		403,916	HOME DEPOT(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
70	HIGHLAND RANCH, CO	8575 SOUTH QUEBEC ST	DENVER	1998	2007		100.00	%		43,480		43,480		0
71	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE	DENVER	2002	1 *		100.00	%		232,488		256,222		6,031,290
72	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER (I) SOUTH PARKER ROAD	DENVER	2003	2003		0.01	%		116,644		221,520		1,992,935	BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
	Connecticut
73	WATERBURY, CT	NAUGATUCK VALLEY SC 950 WOLCOTT STREET	HARTFORD		2003		2007			15.00	%		231,584		382,831		3,774,020	WALMART(2027), BOB’S STORES(2017), STOP & SHOP(2021), STAPLES(2018)
74	WINDSOR, CT	WINDSOR COURT SHOPPING CENTER 1095 KENNEDY ROAD	HARTFORD		1993		2007			100.00	%		78,480		78,480		1,397,409	STOP & SHOP(2013)
	Delaware
75	DOVER, DE	KMART SHOPPING CENTER 515 N DUPONT HIGHWAY	DOVER		1973		2008			25.25	%		84,180		88,980		301,000	K MART(2014)
	Florida
76	BAYONET POINT, FL	POINT PLAZA US 19 & SR 52	TAMPA		1985/2003		1/2	*		100.00	%		209,714		209,714		1,332,212	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2011)
77	BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.	MIAMI		1986		2004			20.00	%		106,224		106,224		1,094,117	PUBLIX SUPER MARKETS(2011)
78	BOYNTON BEACH, FL (COMMONS)	BOYNTON COMMONS 333-399 CONGRESS AVE	MIAMI		1998		2007			15.00	%		210,488		210,488		3,071,169	BARNES & NOBLE(2013), PETSMART(2014), SPORTS AUTHORITY(2013), BED BATH & BEYOND(2014)
79	BOYNTON BEACH, FL(ABERDEEN)	ABERDEEN SQUARE 4966 LE CHALET BLVD	MIAMI		1990		2007			20.00	%		70,555		70,555		653,733	PUBLIX SUPER MARKETS(2010)
80	BOYNTON BEACH, FL(VILLAGE)	VILLAGE SQUARE AT GOLF 3775 W WOOLBRIGHT RD	MIAMI		1983/2002		2007			20.00	%		131,466		131,466		1,446,598	PUBLIX SUPER MARKETS(2013)
81	BRADENTON, FL (LAKEWOOD)	LAKEWOOD RANCH PLAZA 1755 LAKEWOOD RANCH BLVD	BRADENTON		2001		2007			20.00	%		69,484		69,484		981,287	PUBLIX SUPER MARKETS(2021)
82	BRADENTON, FL(CORTEZ)	CORTEZ PLAZA CORTEZ ROAD WEST AND US HIGHWAY 41	BRADENTON		1966/1988		2007			100.00	%		288,540		288,540		2,730,450	PUBLIX SUPER MARKETS(2010), BURLINGTON COAT FACTORY(2013), PETSMART(2012), H.H. GREGG(2019)
83	BRADENTON, FL(CREEKWOOD)	CREEKWOOD CROSSING 7395 52ND PLACE EAST	BRADENTON		2001		2007			20.00	%		189,120		292,459		1,834,222	BEALL’S(2016), BEALL’S OUTLET(2014), LIFESTYLE FAMILY FITNESS(2018), MACYS FURNITURE & MATRESS CLEARANCE CNTR(2012)
84	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)
85	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD	TAMPA		1999		2003			100.00	%		148,267		196,801		1,951,211	COMPUSA(2017), JO-ANN STORES(2017), BABIES R US(2013), PUBLIX SUPER MARKETS(2019)
86	CASSELBERRY, FL	CASSELBERRY COMMONS 1455 S. SEMORAN BLVD	ORLANDO		1973/1998		2007			20.00	%		242,367		257,367		1,945,821	PUBLIX SUPER MARKETS(2012), ROSS DRESS FOR LESS(2018), STEIN MART(2015)
87	CLEARWATER, FL	CLEARWATER COLLECTION 21688-21800 US HWY19 NORTH	TAMPA		1995/2005		2007			100.00	%		132,023		132,023		1,447,273	LA FITNESS INTERNATIONAL(2022), FLOOR & DECOR(2017)
88	CRYSTAL RIVER, FL	CRYSTAL SPRINGS 6760 W GULF TO LAKE	OCALA		2001		2007			20.00	%		66,986		66,986		691,117	PUBLIX SUPER MARKETS(2021)
89	CRYSTAL RIVER, FL (RIVER)	CRYSTAL RIVER PLAZA 420 SUN COAST HWY	OCALA		1986/2001		1/2	*		100.00	%		169,101		169,101		874,080	BEALL’S(2012), BEALL’S OUTLET(2011)
90	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)
91	DANIA, FL	SHERIDAN SQUARE 401-435 E. SHERIDAN STREET	MIAMI		1991		2007			20.00	%		67,475		67,475		649,309	PUBLIX SUPER MARKETS(2015)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
92	DAVIE, FL	PARADISE PROMENADE 5949-6029 STIRLING ROAD	MIAMI		2004		2007			20.00	%		74,493		74,493		1,006,461	PUBLIX SUPER MARKETS(2023)
93	DAYTONA BEACH, FL	VOLUSIA POINT SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY	DAYTONA BEACH		1984		2001			100.00	%		76,087		76,087		811,620	MARSHALLS(2011)
94	DEERFIELD BEACH, FL	HILLSBORO SQUARE HILLSBORO BLVD & HIGHWAY ONE	MIAMI		1978/2002		2007			15.00	%		145,385		154,145		2,108,673	PUBLIX SUPER MARKETS(2022), OFFICE DEPOT(2023)
95	ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD	SARASOTA		1991		2004			100.00	%		46,835		46,835		438,067	SWEETBAY(2011)
96	FORT MYERS, FL	MARKET SQUARE 13300 SOUTH CLEVELAND AVENUE	FT. MEYERS		2004		2007			15.00	%		107,179		243,945		1,734,414	AMERICAN SIGNATURE(2014), TOTAL WINE & MORE(2016), DSW SHOE WAREHOUSE(2016), TARGET(NOT OWNED)
97	FORT MYERS, FL (CYPRESS)	CYPRESS TRACE CYPRESS LAKE DRIVE & US 41	FT. MEYERS		2004		2007			15.00	%		276,288		276,288		2,506,706	BEALL’S(2015), STEIN MART(2013), BEALL’S OUTLET(2010), ROSS DRESS FOR LESS(2012)
98	FORT WALTON BEACH, FL	SHOPPES AT PARADISE POINTE US HWY 98 AND PERRY AVE	DESTON		1987/2000		2007			20.00	%		83,936		83,936		927,480	PUBLIX SUPER MARKETS(2021)
99	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY	PENSACOLA		1998		2003			100.00	%		29,827		333,654		446,060	LOWE’S(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
100	HERNANDO, FL	SHOPPES OF CITRUS HILLS 2601 FOREST RIDGE BLVD	OCALA		1994/2003		2007			20.00	%		68,927		68,927		689,613	PUBLIX SUPER MARKETS(2014)
101	HIALEAH, FL	PARAISO PLAZA 3300-3350 W. 80TH ST	MIAMI		1997		2007			20.00	%		60,712		60,712		876,978	PUBLIX SUPER MARKETS(2017)
102	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE	JACKSONVILLE		1988		1995			100.00	%		219,735		295,752		1,177,073	J.C. PENNEY(2012), WINN DIXIE STORES(2014)
103	JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON PLAZA 926 ARLINGTON ROAD	JACKSONVILLE		1990/1999		2004			100.00	%		182,098		182,098		638,787	FOOD LION(2010)
104	LAKE MARY, FL	SHOPPES OF LAKE MARY 4155 WEST LAKE MARY BLVD	ORLANDO		2001		2007			15.00	%		73,343		74,331		1,451,045	STAPLES(2015)
105	LAKE WALES, FL	SHOPPES ON THE RIDGE HIGHWAY 27 & CHALET SUZANNE ROAD	ORLANDO		2003		2007			20.00	%		115,578		115,578		1,028,742	PUBLIX SUPER MARKETS(2023)
106	LAKELAND, FL	LAKELAND MARKETPLACE FL LAKELAND	LAKELAND		2006		2003			100.00	%		77,582		77,582		581,865
107	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA 2228 LAKELANDS HIGHLAND ROAD	LAKELAND		1990		2004			100.00	%		102,572		102,572		793,394	WINN DIXIE STORES(2017)
108	LARGO, FL	BARDMOOR PROMENADE 10801 STARKEY ROAD	TAMPA		1991		2007			20.00	%		152,667		165,607		1,887,829	PUBLIX SUPER MARKETS(2011)
109	LARGO, FL(KMART)	KMART SHOPPING CENTER 1000 MISSOURI AVENUE	TAMPA		1969		2008			25.25	%		116,805		116,805		214,921	K MART(2012)
110	LAUDERHILL, FL	UNIVERSAL PLAZA 7730 WEST COMMERCIAL	MIAMI		2002		2007			15.00	%		49,505		174,505		976,575	TARGET(NOT OWNED)
111	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 1301-1441 S BABCOCK	MELBOURNE		1960/1999		2007			20.00	%		204,202		229,102		1,331,562	BIG LOTS(2014), PUBLIX SUPER MARKETS(2019)
112	MIAMI, FL	THE SHOPS AT MIDTOWN MIAMI 3401 N. MIAMI AVENUE	MIAMI		2006		1	*		100.00	%		253,341		394,455		2,648,454	LOEHMANN’S(2018), MARSHALLS(2017), ROSS DRESS FOR LESS(2018), TARGET(2027), WEST ELM(2019)

Developers Diversified Realty
Quarterly Financial Supplement	4Q09 Property List
As of December 31, 2009
4Q09 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)
113	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)
114	MIRAMAR, FL	RIVER RUN MIRAMAR PARKWAY AND PALM AVENUE	MIAMI		1989		2007			20.00	%		93,643		106,828		979,483	PUBLIX SUPER MARKETS(2014)
115	NAPLES, FL (COUNTRY)	COUNTRYSIDE SHOPPES 4025 SANTA BARBARA	NAPLES		1997		2007			20.00	%		73,986		73,986		863,272	SWEETBAY SUPERMARKETS(2017)
116	NEWPORT RICHEY, FL	SHOPPES AT GOLDEN ACRES 9750 LITTLE ROAD	TAMPA		2002		2007			20.00	%		130,643		130,643		1,076,693	PUBLIX SUPER MARKETS(2022)
117	OCALA, FL	HEATHER ISLAND 7878 SE MARICAMP	OCALA		2005		2007			20.00	%		70,970		70,970		720,742	PUBLIX SUPER MARKETS(2020)
118	OCALA, FL(STEEPLECHASE)	STEEPLECHASE PLAZA 8585 STATE ROAD 200	OCALA		1993		2007			100.00	%		92,180		92,180		848,328	PUBLIX SUPER MARKETS(2013)
119	OCALA, FL(WEST)	OCALA WEST 2400 SW COLLEGE ROAD	OCALA		1991		2003			100.00	%		105,276		105,276		812,261	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)
120	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)
121	ORLANDO, FL (CHICKASAW)	CHICKASAW TRAIL 2300 S. CHICKASAW TR	ORLANDO		1994		2007			20.00	%		75,492		76,067		820,517	PUBLIX SUPER MARKETS(2014)
122	ORLANDO, FL (GOOD HOMES)	WEST COLONIAL CENTER GOOD HOMES ROAD AND COLONIAL DRIVE	ORLANDO		1999		2007			15.00	%		78,625		78,625		125,355	STAPLES(2015)
123	ORLANDO, FL(CONWAY)	CONWAY PLAZA 4400 CURRY FORD ROAD	ORLANDO		1985/1999		2007			20.00	%		117,723		117,723		852,006	PUBLIX SUPER MARKETS(2019)
124	ORLANDO, FL(SAND)	SAND LAKE CORNERS 8111-8481 JOHN YOUNG PARKWAY	ORLANDO		1998/2000		2007			15.00	%		197,716		397,716		1,788,884	PETSMART(2014), STAPLES(2014), WALMART(NOT OWNED), LOWES(NOT OWNED)
125	ORLANDO, FL(SKYVIEW)	SKYVIEW PLAZA 7801 ORANGE BLOSSOM TRAIL	ORLANDO		1994/1998		2007			20.00	%		281,260		281,260		2,030,935	PUBLIX SUPER MARKETS(2013), OFFICE DEPOT(2014), K MART(2014)
126	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)
127	PALM BEACH GARDEN, FL	NORTHLAKE COMMONS NORTHLAKE BLVD	MIAMI		1987/2003		2007			20.00	%		146,825		264,667		1,705,497	ROSS DRESS FOR LESS(2014), HOME DEPOT(NOT OWNED)
128	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD	TAMPA		1990		1995			100.00	%		52,395		229,188		906,759	PUBLIX(NOT OWNED), TARGET(NOT OWNED)
129	PALM HARBOR, FL (BROOKER)	BROOKER CREEK 36301 E.LAKE ROAD	TAMPA		1994		2007			20.00	%		77,596		77,596		1,005,467	PUBLIX SUPER MARKETS(2014)
130	PEMBROKE PINES, FL	FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD	MIAMI		2001		2007			20.00	%		108,565		108,565		2,048,094
131	PLANTATION, FL (FOUNTAINS)	THE FOUNTAINS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		224,735		406,014		2,980,765	MARSHALLS(2014), KOHL’S(2030)
132	PLANTATION, FL (VISION)	VISION WORKS 801 SOUTH UNIVERSITY DRIVE	MIAMI		1989		2007			100.00	%		6,891		6,891		159,170
133	SANTA ROSA BEACH, FL	WATERCOLOR CROSSING 110 WATERCOLOR WAY	PENSACOLA		2003		2007			20.00	%		43,207		43,207		533,555	PUBLIX SUPER MARKETS(2024)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
134	SARASOTA, FL	SARASOTA PAVILION 6511 TAMAIMI TRAIL	SARASOTA		1999		2007			15.00	%		324,985		336,951		3,781,322	STEIN MART(2014), PUBLIX SUPER MARKETS(2020), MICHAEL’S(2014), OLD NAVY(2010), MARSHALLS(2013), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2012), BOOKS-A-MILLION(2011)
135	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.	TAMPA		1988/1997		1/2	*		100.00	%		188,347		392,423		1,491,074	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)
136	ST. PETERSBURG, FL	KMART PLAZA 3951 34TH STREET SOUTH	TAMPA		1973		2008			25.25	%		94,500		94,500		277,400
137	ST. PETERSBURG, FL (GATEWAY)	GATEWAY MALL 7751-8299 9TH ST N	TAMPA		2000		2007			15.00	%		231,106		353,106		2,055,710	T.J. MAXX(2014), PUBLIX SUPER MARKETS(2019), BEALL’S(2021), PETSMART(2013), OFFICE DEPOT(2014), TARGET(NOT OWNED)
138	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET	TALLAHASSEE		1994/2004		2003			100.00	%		83,551		256,200		638,597	BEALL’S OUTLET(2014), OFFICE DEPOT(2017), WALMART SUPERCENTER(NOT OWNED)
139	TALLAHASSEE, FL (KILLEARN)	KILLEARN SHOPPING CENTER 3479-99 THOMASVILLE ROAD	TALLAHASSEE		1980		2007			20.00	%		95,229		95,229		948,217	PUBLIX SUPER MARKETS(2011)
140	TALLAHASSEE, FL (SOUTHWOOD)	SOUTHWOOD VILLAGE NWC CAPITAL CIRCLE & BLAIRSTONE ROAD	TALLAHASSEE		2003		2007			20.00	%		62,840		62,840		699,802	PUBLIX SUPER MARKETS(2023)
141	TAMARAC, FL	MIDWAY PLAZA UNIVERSITY DR & COMMERCIAL BLVD	MIAMI		1985		2007			20.00	%		227,209		227,209		2,375,640	ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2011)
142	TAMPA, FL	NEW TAMPA COMMONS BRUCE B DOWNS & DONNA MICHELLE	TAMPA		2005		2007			100.00	%		10,000		10,000		343,345
143	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY	TAMPA		1990		1/2	*		20.00	%		104,460		222,388		1,174,386	PUBLIX SUPER MARKETS(2015), WALMART(NOT OWNED)
144	TAMPA, FL (WALKS)	WALK AT HIGHWOOD PRESERVE (I) 18001 HIGHWOODS PRESERVE PARKWAY	TAMPA		2001		2007			15.00	%		169,081		178,981		1,995,841	MICHAEL’S(2012)
145	TAMPA, FL (WATERS)	TOWN N’ COUNTRY PROMENADE 7021-7091 WEST WATERS AVENUE	TAMPA		1990		1/2	*		100.00	%		134,463		249,844		1,118,019	SWEETBAY(2010), BEALL’S OUTLET (2014), WALMART(NOT OWNED)
146	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH	TAMPA		1974/1998		1/2	*		100.00	%		198,797		199,447		954,823	BIG LOTS(2012), STAPLES(2013)
147	TEQUESTA, FL	TEQUESTA SHOPPES 105 N US HWY 1	MIAMI		1986		2007			100.00	%		109,760		109,760		1,131,214	STEIN MART(2017)
148	VALRICO, FL	BRANDON BOULEVARD SHOPPES 1930 SR 60 E.	TAMPA		1994		2007			100.00	%		85,377		85,377		879,687	PUBLIX SUPER MARKETS(2014)
149	VALRICO, FL (LITHIA)	SHOPPES AT LITHIA 3461 LITHIA PINECRES T ROAD	TAMPA		2003		2007			20.00	%		71,430		71,430		979,693	PUBLIX SUPER MARKETS(2023)
150	VENICE, FL	JACARANDA PLAZA 1687 SOUTH BYPASS	SARASOTA		1974		2008			25.25	%		84,180		84,180		0
151	VERO BEACH, FL	6560 20TH STREET	VERO BEACH		2001		2007			100.00	%		33,243		33,243		0
152	WESLEY CHAPEL, FL	THE SHOPPES AT NEW TAMPA 1920 CR 581	TAMPA		2002		2007			20.00	%		158,582		158,582		1,805,256	PUBLIX SUPER MARKETS(2022), BEALL’S(2017)
153	WEST PALM BEACH, FL	PARADISE PLACE 4075 N. HAVERHILL RD	MIAMI		2003		2007			15.00	%		89,120		89,120		967,834	PUBLIX SUPER MARKETS(2023)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
	Georgia
154	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD	ATLANTA		2000		2003		100.00	%		24,000		218,879		350,640	WAL MART SUPERCENTER(NOT OWNED)
155	ATLANTA, GA (BROOKHAVEN)	BROOKHAVEN PLAZA 3974 PEACHTREE RD NE	ATLANTA		1993		2007		20.00	%		65,320		71,320		1,190,460	KROGER(2018)
156	ATLANTA, GA (CORNERS)	CASCADE CORNERS 3425 CASCADE ROAD	ATLANTA		1993		2007		20.00	%		66,844		66,844		488,029	KROGER(2020)
157	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD	ATLANTA		1990		1994		100.00	%		99,025		219,025		759,891	WALMART(NOT OWNED)
158	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY	ATLANTA		1995/2002		1995		100.00	%		343,155		352,755		5,480,759	STEIN MART(2010), BABIES R US(2012), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), UNITED ARTISTS THEATRE(2015)
159	ATLANTA, GA(ABERNATHY)	ABERNATHY SQUARE 6500 ROSWELL RD	ATLANTA		1983/1994		2007		100.00	%		127,615		131,515		2,325,649	PUBLIX SUPER MARKETS(2014)
160	ATLANTA, GA(CROSSING)	CASCADE CROSSING 3695 CASCADE RD SW	ATLANTA		1994		2007		20.00	%		63,346		63,346		608,405	PUBLIX SUPER MARKETS(2014)
161	AUGUSTA, GA	2360 GEORGETOWN ROAD	ATLANTA		1999		2007		15.00	%		22,560		232,560		0	SUPER WALMART(NOT OWNED)
162	AUSTELL, GA	BURLINGTON PLAZA 3753-3823 AUSTELL ROAD SW	ATLANTA		1973		2008		25.25	%		146,950		146,950		485,557	BURLINGTON COAT FACTORY(2014)
163	BUFORD, GA (MILLCREEK)	MARKETPLACE AT MILLCREEK (I) MALL OF GEORGIA BLVD	ATLANTA		2003		2007		15.00	%		402,941		402,941		4,450,069	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)
164	CANTON, GA	HICKORY FLAT VILLAGE 6175 HICKORY FLAT HY	ATLANTA		2000		2007		20.00	%		74,020		74,020		971,467	PUBLIX SUPER MARKETS(2020)
165	CANTON, GA (RIVER)	RIVERSTONE PLAZA 1451 RIVERSTONE PARKWAY	ATLANTA		1998		2007		20.00	%		302,131		331,820		3,203,008	MICHAEL’S(2012), ROSS DRESS FOR LESS(2012), BELK(2017), PUBLIX SUPER MARKETS(2018)
166	CARTERSVILLE, GA	BARTOW MARKETPLACE 215 MARKETPLACE BLVD	ATLANTA		1995		2007		15.00	%		375,067		375,067		2,470,245	WALMART SUPERCENTER(2015), LOWE’S(2015)
167	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD	ATLANTA		1976		2003		100.00	%		147,016		147,016		590,412
168	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB	COLUMBUS		1999		2003		100.00	%		119,786		242,786		975,817	PETSMART(2015), MICHAEL’S(2014), TARGET(NOT OWNED)
169	CUMMING, GA	SHARON GREENS 1595 PEACHTREE PKWY	ATLANTA		2001		2007		20.00	%		98,301		101,301		1,032,516	KROGER(2021)
170	CUMMING, GA (MARKETPLACE)	CUMMING MARKETPLACE MARKETPLACE BOULEVARD	ATLANTA		1997/1999		2003		100.00	%		316,557		652,642		3,485,429	LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), WALMART SUPERCENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
171	DECATUR, GA(FLAT SHOALS)	FLAT SHOALS CROSSING 3649 FLAKES MILL RD	ATLANTA		1994		2007		20.00	%		69,699		69,699		715,401	PUBLIX SUPER MARKETS(2013)
172	DECATUR, GA(HAIRSTON)	HAIRSTON CROSSING 2075 S HAIRSTON ROAD	ATLANTA		2002		2007		20.00	%		57,884		57,884		709,369	PUBLIX SUPER MARKETS(2022)
173	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD	ATLANTA		1999		2003		100.00	%		86,158		261,353		1,376,757	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
174	DOUGLASVILLE, GA (PAVILION)	DOUGLASVILLE PAVILION 2900 CHAPEL HILL RD	ATLANTA		1998		2007		15.00	%		267,010		370,010		2,312,283	PETSMART(2014), OFFICE MAX(2013), MARSHALLS(2014), ROSS DRESS FOR LESS(2012)
175	DOUGLASVILLE, GA(MARKET)	MARKET SQUARE 9503-9579 HIGHWAY 5	ATLANTA		1974/1990		2007		20.00	%		121,766		128,266		1,401,737	OFFICE DEPOT(2013)
176	DULUTH, GA	SO GOOD BEAUTY & BRIDAL 3480 STEVE REYNOLDS BLVD	ATLANTA		2004		2007		100.00	%		20,000		20,000		0
177	DULUTH, GA (VENTURE)	VENTURE POINTE (I) 2050 W. LIDDELL RD.	ATLANTA		1996		2007		15.00	%		335,420		645,420		2,402,914	HOBBY LOBBY(2010), BABIES R US(2014), ASHLEY FURNITURE HOMESTORE(2012), GOLFSMITH GOLF CENTER(2012), KOHL’S(2022), COSTCO(NOT OWNED), SUPER TARGET(NOT OWNED)
178	DULUTH, GA, GA(PLEASANT)	PLEASANT HILL SQUARE 2205 PLEASANT HILL	ATLANTA		1997/2000		2007		15.00	%		282,137		282,137		3,311,649	BARNES & NOBLE(2012), TOYS R US(2013), JO-ANN STORES(2019), STAPLES(2014), J.C. PENNEY(2012), OLD NAVY(2009)
179	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)
180	FAYETTEVILLE, GA (PAVILION)	FAYETTE PAVILION (I) NEW HOPE ROAD & GA HWY 85	ATLANTA		1995/2002		2007		15.00	%		1,279,810		1,528,307		10,832,234	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), 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), WALMART SUPERCENTER(NOT OWNED)
181	FLOWERY BRANCH, GA	CLEARWATER CROSSING 7380 SPOUT SPRINGS ROAD	ATLANTA		2003		2007		20.00	%		90,566		90,566		977,028	KROGER(2023)
182	GAINESVILLE, GA	RITE AID 599 S. ENOTA DRIVE	ATLANTA		1997		2007		100.00	%		10,594		10,594		178,016
183	HIRAM, GA	HIRAM PAVILION (I) 5220 JIMMY LEE SMITH PARKWAY	ATLANTA		2002		2007		15.00	%		363,695		568,715		2,675,473	ROSS DRESS FOR LESS(2012), MICHAEL’S(2012), MARSHALLS(2011), KOHL’S(2022), TARGET(NOT OWNED)
184	KENNESAW, GA (BARRETT)	BARRETT PAVILION (I) 740 BARRETT PARKWAY	ATLANTA		1998		2007		15.00	%		439,784		585,184		6,920,538	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), R.E.I.(2018), OLD NAVY (2010), TARGET(NOT OWNED)
185	KENNESAW, GA(TOWN)	TOWN CENTER COMMONS 725 EARNEST BARRETT PARKWAY	ATLANTA		1998		2007		100.00	%		72,108		159,758		943,607	J.C. PENNEY(2013), DICK’S(NOT OWNED)
186	LAWRENCEVILLE, GA (RITE AID)	RITE AID 1545 LAWRENCEVILLE HIGHWAY	ATLANTA		1997		2007		100.00	%		9,504		9,504		184,328
187	LAWRENCEVILLE, GA(SPRINGFIELD)	SPRINGFIELD PARK 665 DULUTH HIGHWAY	ATLANTA		1992/2000		2007		100.00	%		105,321		105,321		859,375	HOBBY LOBBY(2011)
188	LITHONIA, GA	STONECREST MARKETPLACE TURNER HILL ROAD AND MALL PARKWAY	ATLANTA		2002		2007		15.00	%		264,584		264,584		3,009,483	STAPLES(2017), BABIES R US(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2013), MARSHALLS(2012), A.J. WRIGHT(2019)
189	LITHONIA, GA (THE SHOPS AT TURNER HILL)	SHOPS AT TURNER HILL 8200 MALL PARKWAY	ATLANTA		2004		2003		0.01	%		113,675		293,670		1,452,779	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(2012), SAM’S CLUB(NOT OWNED)
190	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY	ATLANTA		1995		2003		20.00	%		91,196		91,196		988,063	KROGER(2016)
191	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)
192	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 December 31, 2009

4Q09 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)
193	MACON, GA (EISENHOWER)	EISENHOWER CROSSING (I) 4685 PRESIDENTIAL PARKWAY	MACON		2002		2007		15.00	%		400,653		578,249		4,408,500	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), BEST BUY(NOT OWNED)
194	MACON, GA(K-MART)	K-MART 1901 PAUL WALSH DR.	MACON		2000		2007		100.00	%		102,098		102,098		0
195	MARIETTA, GA	TOWNE CENTER PRADO 2609 BELLS FERRY ROAD	ATLANTA		1995/2002		1995		100.00	%		316,786		326,683		3,229,944	STEIN MART(2012), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015)
196	MARIETTA, GA (RITE AID)	RITE AID 731 WHITLOCK AVE	ATLANTA		1997		2007		100.00	%		10,880		10,880		183,507
197	MARIETTA, GA(BLOCKBUSTER)	BLOCKBUSTER 1748 POWDER SPRINGS	ATLANTA		1994		2007		20.00	%		6,500		6,500		128,960
198	MCDONOUGH, GA(DOW)	SHOPPES AT LAKE DOW 900-938 HIGHWAY 81 E	ATLANTA		2002		2007		20.00	%		72,727		72,727		901,303	PUBLIX SUPER MARKETS(2022)
199	MORROW, GA (SOUTHLAKE)	SOUTHLAKE PAVILION (II & III) 1912 MT ZION ROAD	ATLANTA		1996/2001		2007		15.00	%		527,866		644,614		4,395,199	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)
200	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA	ATLANTA		1995		2003		100.00	%		156,497		426,723		1,266,951	LOWE’S(2015), WALMART(NOT OWNED)
201	NEWNAN, GA (PAVILION)	NEWNAN PAVILION 1074 BULLSBORO DR	ATLANTA		1998		2007		15.00	%		263,635		459,508		2,649,198	OFFICE MAX(2013), PETSMART(2015), HOME DEPOT(2019), ROSS DRESS FOR LESS(2012), KOHL’S(2022)
202	NORCROSS, GA	JONES BRIDGE SQUARE 5075 PEACHTREE PKWY	ATLANTA		1999		2007		100.00	%		83,363		83,363		836,163	INGLES(2019)
203	ROME, GA	2700 MARTHA BERRY HIGHWAY NE	ROME		2001		2007		100.00	%		33,056		33,056		0
204	ROSWELL, GA (SANDY)	SANDY PLAINS VILLAGE (I) GEORGIA HWY 92 AND SANDY PLAINS ROAD	ATLANTA		1978/1995		2007		100.00	%		177,529		177,529		1,150,779	KROGER(2010)
205	ROSWELL, GA (STONEBRIDGE)	STONEBRIDGE SQUARE 610-20 CROSSVILLE RD	ATLANTA		2002		2007		15.00	%		160,104		162,832		1,714,137	KOHL’S(2022)
206	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)
207	SNELLVILLE, GA (RITE AID)	RITE AID 3295 CENTERVILLE HWY	ATLANTA		1997		2007		100.00	%		10,594		10,594		199,601
208	SNELLVILLE, GA(COMMONS)	PRESIDENTIAL COMMONS 1630-1708 SCENIC HWY	ATLANTA		2000		2007		100.00	%		371,586		371,586		3,858,334	JO-ANN STORES(2014), KROGER(2018), STEIN MART(2013), HOME DEPOT(2023)
209	STONE MOUNTAIN, GA (DESHON)	DESHON PLAZA 380 N. DESHON ROAD	ATLANTA		1994		2007		20.00	%		64,055		64,055		711,624	PUBLIX SUPER MARKETS(2014)
210	SUWANEE, GA (CROSS)	SUWANEE CROSSROADS LAWRENCEVILLE ROAD & SATELLITE BLVD	ATLANTA		2002		2007		15.00	%		69,600		279,600		612,535	WALMART SUPERCENTER(NOT OWNED)
211	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWN CENTER 3630 PEACHTREE PARKWAY SUWANEE	ATLANTA		2001/2004		2003		100.00	%		285,336		285,336		3,683,071	BORDERS(2021), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)
212	SUWANEE, GA (SHOPS)	SHOPS AT JOHNS CREEK 4090 JOHNS CREEK PKY	ATLANTA		1997		2007		20.00	%		18,200		18,200		254,075

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
213	SYLVANIA, GA	BI-LO 1129 W OGEECHEE ST	ATLANTA		2002		2007			100.00	%		36,000		36,000		378,000	BI-LO(2023)
214	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY	ATLANTA		1998/2003		2003			20.00	%		130,832		272,400		798,331	KROGER(2019), WALMART(NOT OWNED)
215	TYRONE, GA	SOUTHAMPTON VILLAGE NWC OF HIGHWAY 74 & SWANSON ROAD	ATLANTA		2003		2007			20.00	%		77,956		77,956		875,937	PUBLIX SUPER MARKETS(2023)
216	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD	ATLANTA		1986		2003			100.00	%		100,002		100,002		551,875
217	WARNER ROBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD	WARNER ROBINS		1997		2003			100.00	%		107,941		459,700		1,290,018	T.J. MAXX(2015), STAPLES(2016), WALMART SUPERCENTER(NOT OWNED), LOWES(NOT OWNED)
218	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)
219	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928	ATLANTA		1995		2003			100.00	%		44,691		44,691		416,452
220	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
221	IDAHO FALLS, ID (DDRC)	COUNTRY CLUB MALL 1515 NORTHGATE MILE	IDAHO FALLS		1976/1992/1997		1998			100.00	%		138,495		296,103		605,445	OFFICE MAX(2011), FRED MEYER, INC.(NOT OWNED)
222	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD	BOISE		1999/2001/2002/2003/ 2004		1	*		100.00	%		461,023		731,482		6,427,591	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 SUPERCENTER(NOT OWNED)
223	NAMPA, ID	NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.	BOISE		2008		1	*		100.00	%		172,819		275,819		854,912	IDAHO ATHLETIC CLUB(2019), SPORTS AUTHORITY(2020), MACY’S(2030), J.C. PENNEY(2027)
	Illinois
224	DEER PARK, IL	DEER PARK TOWN CENTER (I) 20530 NORTH RAND RD SUITE 133	CHICAGO		2000/2004		1	*		25.75	%		302,039		406,234		8,984,828	GAP(2010), CRATE & BARREL(2018), CENTURY THEATRE(2019), BARNES & NOBLE(NOT OWNED)
225	MCHENRY, IL	THE SHOPS AT FOX RIVER 3340 SHOPPERS DRIVE	CHICAGO		2006		1	*		100.00	%		226,552		233,951		2,154,350	DICK’S SPORTING GOODS(2018), PETSMART(2017), BED BATH & BEYOND(2017), BEST BUY(2018)
226	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)
227	ORLAND PARK, IL	MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD	CHICAGO		2006		2006			20.00	%		57,499		62,399		810,513
228	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)
229	ROSCOE, IL	HILANDER VILLAGE 4860 HONONEGAH ROAD	CHICAGO		1994		2007			20.00	%		125,712		125,712		990,831	KROGER(2020)
230	SKOKIE, IL	VILLAGE CROSSING 5507 W. TOUHY AVE	CHICAGO		1989		2007			15.00	%		437,249		443,239		7,700,534	MICHAEL’S(2013), BED BATH & BEYOND(2013), OFFICE MAX(2015), BEST BUY(2014), CROWN THEATRES(2021), BARNES & NOBLE(2012)
	Indiana
231	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)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
232	EVANSVILLE, IN(EAST)	EAST LLOYD COMMONS 6300 E. LLOYD EXPWY	EVANSVILLE		2005		2007			100.00	%		159,682		159,682		2,125,109	GORDMAN’S(2015), MICHAEL’S(2015), BEST BUY(2016)
233	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET	CHICAGO		1995/2001		1996			20.00	%		312,546		524,410		2,904,726	MARSHALLS(2011), KOHL’S(2016), OFFICE MAX(2012), DICK’S SPORTING GOODS(NOT OWNED), BEST BUY(NOT OWNED), BORDER’S(NOT OWNED), TARGET(NOT OWNED)
234	INDIANAPOLIS, IN	GLENLAKE PLAZA 2629 E. 65TH STREET	INDIANAPOLIS		1980		2007			20.00	%		102,549		102,549		758,370	KROGER(2020)
235	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 - 4315 COMMERCE DRIVE	LAFAYETTE		2000		2003			100.00	%		35,100		243,850		191,557	WALMART SUPERCENTER(NOT OWNED)
236	SOUTH BEND, IN	BROADMOOR PLAZA 1217 E. IRELAND ROAD	SOUTH BEND		1987		2007			20.00	%		114,968		114,968		1,227,654	KROGER(2020)
	Iowa
237	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(2015), BARNES & NOBLE(2015), KOHL’S(2021)
238	OTTUMWA, IA	QUINCY PLACE MALL (I) 1110 QUINCY AVENUE	OTTUMWA		1990/1999/2002		1/2	*		100.00	%		241,427		426,599		1,141,130	HERBERGER’S(2015), J. C. PENNEY(2015), TARGET(NOT OWNED)
	Kansas
239	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119TH STREET	KANSAS CITY		1996/2002		1998			100.00	%		309,500		491,871		8,349,043	BARNES & NOBLE(2016), MACY’S(NOT OWNED)
240	OVERLAND PARK, KS(POINTE)	OVERLAND POINTE MARKETPLACE INTER 135 & ANTIOCH ROAD	KANSAS CITY		2001/2004		2003			0.01	%		42,632		361,759		857,986	BABIES R US(2015), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED)
	Kentucky
241	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL	LEXINGTON		1998		2003			100.00	%		19,609		344,280		311,844	LOWE’S(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
242	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)
243	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
244	COVINGTON, LA	COVINGTON CORNERS 782 NORTH HGHWY 190	NEW ORLEANS		1999		2007			100.00	%		15,590		15,590		249,440
	Maine
245	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD	AUGUSTA		1965		1997			100.00	%		301,853		309,290		2,094,721	HOYTS CINEMAS(2010), BIG LOTS(2013), T.J. MAXX(2015), SEARS(2012)
	Maryland
246	BOWIE, MD	DUVALL VILLAGE 4825 GLENN DALE ROAD	WASHINGTON DC		1998		2007			100.00	%		88,022		88,022		1,408,172
247	GLEN BURNIE, MD	HARUNDALE PLAZA 7440 RITCHIE HIGHWAY	WASHINGTON DC		1999		2007			20.00	%		217,619		217,619		2,616,223	A & P(2019), A.J. WRIGHT(2014), BURLINGTON COAT FACTORY(2018)
248	HAGERSTOWN, MD	VALLEY PARK COMMONS 1520 WESEL BLVD.	HAGERSTOWN		1993/2006		2007			100.00	%		88,893		88,893		1,029,079

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
249	SALISBURY, MD	THE COMMONS (I) E. NORTH POINT DRIVE	SALISBURY		2000		2006			100.00	%		126,135		350,012		1,834,109	BEST BUY(2014), MICHAEL’S(2014), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
250	UPPER MARLBORO, MD	LARGO TOWNE CENTER 950 LARGO CENTER DR	WASHINGTON DC		1991		2007			20.00	%		260,797		277,634		3,840,764	SHOPPERS FOOD WAREHOUSE(2016), MARSHALLS(2011), REGENCY FURNITURE(2017)
251	WHITE MARSH, MD	COSTCO PLAZA 9919 PULASKI HWY	WASHINGTON DC		1987/1992		2007			15.00	%		187,331		250,311		1,619,739	COSTCO WHOLESALE(2011), PETSMART(2015), PEP BOYS(2012), SPORTS AUTHORITY(2011), HOME DEPOT(NOT OWNED)
	Massachusetts
252	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)
253	WEST SPRINGFIELD, MA	RIVERDALE SHOPS 935 RIVERDALE STREET	SPRINGFIELD		1985/2003		2007			20.00	%		273,532		273,532		3,376,974	KOHL’S(2024), STOP & SHOP(2016)
254	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
255	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)
256	BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE	BENTON HARBOR		1998		2006			20.00	%		280,216		470,876		2,159,997	OFFICE DEPOT(2010), T.J. MAXX(2014), KOHL’S(NOT OWNED), TARGET(NOT OWNED)
257	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE	CHEBOYGAN		1988		1994			100.00	%		70,076		70,076		249,764	K MART(2015)
258	DEARBORN HEIGHTS, MI	WALGREENS 8706 N. TELEGRAPH RD	DETROIT		1998/1999		2007			100.00	%		13,905		13,905		385,510
259	DETROIT, MI	BEL AIR CENTRE 8400 E. EIGHT MILE ROAD	DETROIT		1989/2002		1998			100.00	%		445,349		445,349		1,397,115	FORMAN MILLS(2012), THEATER GROUP(2014)
260	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET	GAYLORD		1991/2004		1993			100.00	%		188,386		188,386		587,352	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2015), BOSMAN’S MERCANTILE(2018)
261	GRAND RAPIDS, MI	GREEN RIDGE SQUARE (I) 3390-B ALPINE AVE NW	GRAND RAPIDS		1989		1995			100.00	%		133,538		303,447		1,500,783	T.J. MAXX(2011), OFFICE DEPOT(2011), TARGET(NOT OWNED), TOYS R US(NOT OWNED)
262	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)
263	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26	HOUGHTON		1981/1999		1/2	*		100.00	%		257,863		257,863		327,525	J. C. PENNEY(2015), OFFICE MAX(2014)
264	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER	HOWELL		1991		1993			100.00	%		214,501		214,501		1,374,613	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011), OFFICE MAX(2017), T.J. MAXX(2017)
265	LANSING, MI	MARKETPLACE AT DELTA TOWNSHIP 8305 WEST SAGINAW HWY 196 RAMP	LANSING		2000/2001		2003			100.00	%		135,697		489,104		1,462,464	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), WAL MART SUPERCENER(NOT OWNED), LOWE’S(NOT OWNED)
266	LIVONIA, MI	WALGREENS 29200 6 MILE ROAD	DETROIT		1998/1999		2007			100.00	%		13,905		13,905		269,061
267	MILAN, MI	MILAN PLAZA 531 W. MAIN STREET	DETROIT		1955		2007			20.00	%		65,764		68,964		295,049	KROGER(2020)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
268	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD	MT. PLEASANT		1990		2	*		100.00	%		249,680		249,680		712,897	T.J. MAXX(2014), KROGER(2011)
269	PORT HURON, MI	WALGREENS NWC 10TH STREET & OAK STREET	DETROIT		2000		2007			100.00	%		15,120		15,120		359,856
270	SAULT ST. MARIE, MI	CASCADE CROSSING 4516 I-75 BUSINESS SPUR	SAULT ST. MARIE		1993/1998		1994			100.00	%		270,761		270,761		1,696,694	WALMART(2012), J.C. PENNEY(2013), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)
271	WESTLAND, MI	WALGREENS 7210 N. MIDDLEBELT	DETROIT		2005		2007			100.00	%		13,905		13,905		285,053
	Minnesota
272	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)
273	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY	BRAINERD		1985/1998		1/2	*		100.00	%		260,319		260,319		1,169,173	HERBERGER’S(2013), MOVIES 10(2011)
274	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE	MINNEAPOLIS		1997/2001		1997			50.00	%		278,211		342,014		3,802,600	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2013), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)
275	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)
	Mississippi
276	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARKWAY	GULFPORT		1999		2003			100.00	%		423,507		545,820		4,967,609	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)
277	JACKSON, MS(JUNCTION)	THE JUNCTION 6351 I-55 NORTH3	JACKSON		1996		2003			100.00	%		107,780		326,319		1,222,874	PETSMART(2012), OFFICE DEPOT(2016), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
278	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVE	OXFORD		2000		2003			20.00	%		13,200		71,866		330,428	KROGER(2020)
279	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)
280	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST	TUPELO		1992		1994			100.00	%		348,236		348,236		1,868,199	SAM’S CLUB(2012), WALMART SUPERCENTER(2012)
	Missouri
281	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD	ST. LOUIS		2002		1	*		50.00	%		42,091		290,147		523,978	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
282	BRENTWOOD,MO	THE PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT	ST. LOUIS		1998		1998			100.00	%		299,584		299,584		4,307,411	TARGET(2023), BED BATH & BEYOND(2014), PETSMART(2014), MICRO CENTER(2013)
283	DES PERES, MO	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD	ST. LOUIS		1985		1998			100.00	%		92,372		92,372		1,457,079	T.J. MAXX(2011)
284	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141	ST. LOUIS		1970/1997		1/2	*		100.00	%		93,420		100,420		976,635
285	HIGH RIDGE, MO	GRAVOIS VILLAGE PLAZA 4523 GRAVOIS VILLAGE PLAZA	ST. LOUIS		1983		1998			100.00	%		114,992		114,992		542,912	K MART(2013)
286	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET	ST. LOUIS		1995/1999		1995			14.50	%		386,066		403,166		5,122,907	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
287	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD	ST. LOUIS		1989		1998			100.00	%		56,033		56,033		548,416	TOYS R US(2013)
288	ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA	ST. LOUIS		2003		2003			100.00	%		89,110		94,173		1,081,542	SHOP ‘N SAVE(2022)
289	ST. LOUIS, MO (PLZ SUNSET)	PLAZA AT SUNSET HILLS 10980 SUNSET PLAZA	ST. LOUIS		1997		1998			100.00	%		415,435		450,938		5,428,745	TOYS R US(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)
290	ST. LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE CENTRE KINGS HIGHWAY & CHIPPEWA	ST. LOUIS		2004		1998			100.00	%		86,764		86,764		1,367,966	OFFICE MAX(2014)
	Nevada
291	CARSON CITY, NV	EAGLE STATION 3871 S CARSON STREET	RENO		1983		2005			50.00	%		60,494		60,494		0
292	LAS VEGAS, NV (LOMA)	LOMA VISTA SHOPPING CTR 4700 MEADOWS LANE	LAS VEGAS		1979		2005			50.00	%		75,687		75,687		0
293	RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CENTER PARKWAY	RENO		2002		2005			50.00	%		79,239		79,239		0
294	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA	RENO		2000		2000			100.00	%		52,474		52,474		746,274	CENTURY THEATRE(2014)
	New Jersey
295	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)
296	EAST HANOVER, NJ(SONY)	LOEWS THEATRE COMPLEX 145 STATE ROUTE 10	NEW YORK CITY		1993		2007			100.00	%		20,737		70,789		1,094,698	LOEWS EAST HANOVER CINEMAS(2022)
297	EDGEWATER, NJ	EDGEWATER TOWNE CENTER (I) 905 RIVER ROAD	NEW YORK CITY		2000		2007			100.00	%		77,508		77,508		1,758,167	WHOLE FOODS(2020)
298	FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)	FREEHOLD		2005		1	*		100.00	%		7,619		20,743		430,000	WALMART(NOT OWNED)
299	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD	TRENTON		2004		2003			100.00	%		468,236		956,916		8,278,824	STAPLES(2015), KOHL’S(2023), BED BATH & BEYOND(2020), 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)
300	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)
301	LYNDHURST, NJ	LEWANDOWSKI COMMONS 434 LEWANDOWSKI STREET	NEW YORK CITY		1998		2007			20.00	%		78,097		78,097		1,693,751	STOP & SHOP(2020)
302	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)
303	MAYS LANDING, NJ (WRANGLEBORO)	WRANGLEBORO CONS SQ (I & II) 2300 WRANGLEBORO ROAD	MAYS LANDING		1997		2004			100.00	%		841,433		841,433		9,565,550	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), JUST CABINETS(2019)
304	MOUNT LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE	PHILADELPHIA		2005		1	*		10.00	%		280,067		709,863		6,795,408	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)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
305	PRINCETON, NJ	NASSAU PARK PAVILION ROUTE 1 & QUAKER BRIDGE ROAD	TRENTON		1995		1997			100.00	%		289,375		798,184		4,807,169	BORDERS(2011), BEST BUY(2012), PETSMART(2011), HOMEGOODS(2019), BABIES R US(2016), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), WALMART(NOT OWNED)
306	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION (I) ROUTE 1 AND QUAKER BRIDGE ROAD	TRENTON		1999/2004		1	*		100.00	%		202,622		436,387		4,116,366	DICK’S SPORTING GOODS(2015), MICHAEL’S(2014), WEGMAN’S FOOD MARKETS(2024), KOHL’S(2019)
307	UNION, NJ	ROUTE 22 RETAIL CENTER 2700 US HWY 22 E	NEW YORK CITY		1997		2007			100.00	%		107,348		232,348		1,122,268	BABIES R US(2018), TARGET(NOT OWNED)
308	WEST LONG BRANCH, NJ	CONSUMER CENTRE 310 STATE HIGHWAY #36	W. LONG BRANCH		1993		2004			100.00	%		292,999		292,999		4,169,028	SPORTS AUTHORITY(2012), PETSMART(2014), HOME DEPOT(2013)
309	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(2021)
	New York
310	AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD	BUFFALO		1978/1982/1990/1998		2004			100.00	%		199,504		199,504		2,151,813	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)
311	AMHERST, NY (TOPS ROBINSON)	TOPS PLAZA (TOPS) 3035 NIAGARA FALLS BLVD	BUFFALO		1986		2004			20.00	%		145,642		145,642		1,164,964	TOPS MARKETS(2010)
312	AMHERST, NY(RITE AID)	RITE AID 2545 MILLERSPORT HWY	BUFFALO		2000		2007			100.00	%		10,908		10,908		250,489
313	ARCADE, NY (TOPS)	TOPS PLAZA (TOPS) ROUTE 39	BUFFALO		1995		2004			10.00	%		65,915		65,915		642,404	TOPS MARKETS(2015)
314	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)
315	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		5,258,049	SAM’S CLUB(2013), TOPS MARKETS(2013), BED BATH & BEYOND(2014), MICHAEL’S(2015), OLD NAVY(2011), STAPLES(2011), BARNES & NOBLE(2011), T.J. MAXX(2013), HOBBY LOBBY (2019)
316	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 - 2023 ELMWOOD AVENUE	BUFFALO		1997		2004			100.00	%		133,940		133,940		1,678,061	REGAL CINEMAS(2017), OFFICE DEPOT(2012)
317	BUFFALO, NY (RITE AID)	RITE AID 1625 BROADWAY STREET	BUFFALO		2000		2007			100.00	%		12,739		12,739		280,861
318	BUFFALO, NY (DELAWARE-TARGET)	DELAWARE CONSUMER SQUARE (I) 2636-2658 DELAWARE AVENUE	BUFFALO		1995		2004			100.00	%		238,531		238,531		2,032,358	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)
319	CHEEKTOWAGA, NY (RITE AID)	RITE AID 2401 GENNESEE STREET	BUFFALO		2000		2007			100.00	%		10,908		10,908		335,592
320	CHEEKTOWAGA, NY (THRUWAY)	THRUWAY PLAZA 2195 HARLEM ROAD	BUFFALO		1997		2004			100.00	%		374,962		507,294		2,854,650	WALMART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2014), M & T BANK(2017), HOME DEPOT(NOT OWNED)
321	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)
322	CHILI, NY (KMART)	KMART PLAZA 800 PAUL ROAD	ROCHESTER		1998		2004			100.00	%		116,868		120,016		758,123	SEARS(2019)
323	DANSVILLE, NY (TOPS)	TOPS PLAZA 23-65 FRANKLIN STREET	DANSVILLE		2001		2004			100.00	%		71,040		71,040		665,719	TOPS MARKETS(2021)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
324	DEWITT, NY (MICHAELS)	MICHAELS 3133 ERIE BOULEVARD	SYRACUSE		2002		2004			100.00	%		38,413		38,413		448,543	MICHAEL’S(2015)
325	DUNKIRK, NY	RITE AID 1166 CENTRAL AVENUE	DUNKIRK		2000		2007			100.00	%		10,908		10,908		210,569
326	ELMIRA, NY (TOPS)	TOPS PLAZA (TOPS) HUDSON STREET	ELMIRA		1997		2004			10.00	%		98,330		98,330		1,116,990	TOPS MARKETS(2017)
327	GATES, NY (WALMART SUPERCENTER)	WESTGATE PLAZA 2000 CHILI AVENUE	ROCHESTER		1998		2004			100.00	%		330,312		330,312		3,253,187	WALMART SUPERCENTER(2021), STAPLES(2015)
328	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)
329	HAMBURG, NY (BJS)	BJ’S PLAZA 4408 MILESTRIP ROAD	BUFFALO		1990/1997		2004			100.00	%		175,965		175,965		1,722,877	OFFICE MAX(2015), BJ’S WHOLESALE CLUB(2010)
330	HAMBURG, NY (DICKS-PIER 1)	MCKINLEY MALL OP (PIER 1) 3701 MCKINLEY PARKWAY	BUFFALO		1990/2001		2004			100.00	%		128,944		128,944		1,539,257	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2014)
331	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)
332	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP 3540 MCKINLEY PARKWAY	BUFFALO		1999		2004			100.00	%		106,774		106,774		1,263,979	OLD NAVY(2010), JO-ANN STORES(2015)
333	HAMLIN, NY (TOPS)	TOPS PLAZA (TOPS) 1800 LAKE ROAD	ROCHESTER		1997		2004			10.00	%		60,488		60,488		431,055	TOPS MARKETS(2017)
334	HORSEHEADS, NY	SOUTHERN TIER CROSSING ANN PAGE ROAD & I86	ELMIRA		2008		1	*		100.00	%		131,558		435,205		1,548,066	DICK’S SPORTING GOODS(2019), JO-ANN STORES(2020), WALMART SUPERCENTER(NOT OWNED), KOHLS(NOT OWNED)
335	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)
336	ITHACA, NY (TOPS)	TOPS PLAZA (TOPS) 614 - 722 SOUTH MEADOW	ITHACA		1990/1999/2003		2004			100.00	%		229,320		229,320		3,617,036	OFFICE DEPOT(2014), TOPS MARKETS(2022), MICHAEL’S(2013), BARNES & NOBLE(2018)
337	JAMESTOWN, NY (PROGRESSIVE)	TOPS PLAZA (OUTBUILDING) 75 WASHINGTON ST	JAMESTOWN		1997		2004			20.00	%		98,001		98,001		928,300	TOPS MARKETS(2018)
338	LEROY, NY (TOPS)	TOPS PLAZA (TOPS) 128 WEST MAIN STREET	ROCHESTER		1997		2004			20.00	%		62,747		62,747		560,730	TOPS MARKETS(2017)
339	LOCKPORT, NY	TOPS PLAZA 5789 & 5839 TRANSIT RD. & HAMM	BUFFALO		1993		2004			100.00	%		296,582		296,582		2,720,561	WALMART(2015), TOPS MARKETS(2021), SEARS(2011)
340	N. TONAWANDA, NY (SEARS)	MID-CITY PLAZA 955-987 PAYNE AVENUE	BUFFALO		2004		2004			100.00	%		219,972		222,107		2,446,456	TOPS MARKETS(2024)
341	NEW HARTFORD, NY (TOPS)	HANNAFORD PLAZA 40 KELLOGG ROAD	UTICA		1998		2004			100.00	%		110,732		110,732		1,071,530	HANNAFORD BROTHERS(2018)
342	NIAGARA FALLS, NY (REGAL CINE)	REGAL CINEMAS 720 & 750 BUILDERS WAY	BUFFALO		1994/2000		2004			100.00	%		43,170		43,170		618,194	REGAL CINEMAS(2019)
343	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)
344	NORWICH, NY (TOPS)	P & C PLAZA 54 EAST MAIN STREET	NORWICH		1997		2004			10.00	%		85,453		85,453		1,080,490	TOPS MARKETS(2018)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
345	OLEAN, NY (WALMART SUPERCENTER)	WALMART PLAZA 3142 WEST STATE STREET	OLEAN		1993/2004		2004			100.00	%		353,326		469,332		2,347,036	WALMART SUPERCENTER(2023), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)
346	ONTARIO, NY (TOPS-BLOCKBUSTER)	TOPS PLAZA 6254-6272 FURNACE RD	ROCHESTER		1998		2004			20.00	%		77,040		77,040		664,807	TOPS MARKETS(2019)
347	ORCHARD PARK, NY (BLOCKBUSTER)	CROSSROADS CENTRE 3245 SOUTHWESTERN BLVD	BUFFALO		2000		2004			20.00	%		167,805		167,805		1,749,184	TOPS MARKETS(2022), STEIN MART(2012)
348	PENFIELD, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD RD	ROCHESTER		1959/1965/1972/1980/ 1986/1994		2004			20.00	%		279,219		279,219		3,176,875	TOPS MARKETS(2014)
349	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST	ROME		1978/2000/2001		2004			100.00	%		194,467		197,397		1,318,712	STAPLES(2015), J. C. PENNEY(2017), TOPS MARKETS(2021), MARSHALLS(2016)
350	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(2015), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)
351	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD	BUFFALO		1976/1985/1996		2004			100.00	%		121,846		121,846		1,011,980	BEST FITNESS(2025), OFFICE DEPOT(2011)
352	TONAWANDA, NY (TOPS)	TOPS PLAZA (TOPS) 150 NIAGARA STREET	BUFFALO		1997		2004			10.00	%		97,014		97,014		1,062,347	TOPS MARKETS(2017)
353	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE	ROCHESTER		2000		2004			100.00	%		56,134		56,134		500,776
354	WARSAW, NY (TOPS)	TOPS PLAZA (TOPS) 2382 ROUTE 19	WARSAW		1998		2004			20.00	%		74,105		74,105		540,116	TOPS MARKETS(2015)
355	WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD	BUFFALO		1975/1983/1987/1995		2004			100.00	%		139,453		139,453		1,299,637	HOME DEPOT(2016)
356	WEST SENECA, NY (SENECA RIDGE)	SENECA RIDGE PLAZA 3531 SENECA STREET	BUFFALO		1980/1996/2004		2004			100.00	%		62,403		62,403		119,110
357	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE	BUFFALO		1986/1995/2003		2004			100.00	%		102,917		102,917		1,279,852
	North Carolina
358	APEX, NC (SOUTH)	BEAVER CREEK CROSSINGS (SOUTH) 1335 W WILLIAMS STREET	RALEIGH		2006		1	*		100.00	%		285,292		297,532		4,146,363	DICK’S SPORTING GOODS(2017), CONSOLIDATED THEATRES(2026), T.J. MAXX(2016), BORDERS(2022)
359	APEX, NC(COMMONS)	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET	RALEIGH		2005		1	*		10.00	%		107,743		450,914		2,543,396	OFFICE MAX(2014), A.C. MOOORE(2020), LOWES(NOT OWNED)
360	ASHEVILLE, NC(OAKLEY)	OAKLEY PLAZA FAIRVIEW RD AT INTERSTATE 240	ASHEVILLE		1988		2007			100.00	%		118,699		118,699		926,328	BABIES R US(2011), BI-LO(2016)
361	CARY, NC(HH GREGG)	HHGREGG 1401 PINEY PLAINS RD	RALEIGH		2000		2007			100.00	%		29,235		29,235		292,350	H.H. GREGG(2019)
362	CARY, NC(MILL POND)	MILL POND VILLAGE 3434-3490 KILDAIRE FARM ROAD	RALEIGH		2004		2007			100.00	%		84,364		149,051		1,121,248	LOWE’S FOODS(2021)
363	CHAPEL HILL, NC	MEADOWMONT VILLAGE W. BARBEE CHAPEL RD	DURHAM		2002		2007			20.00	%		132,745		132,745		2,343,220	HARRIS TEETER SUPERMARKETS(2022)
364	CHARLOTTE, NC(CAMFIELD)	CAMFIELD CORNERS 8620 CAMFIELD STREET	CHARLOTTE		1994		2007			100.00	%		69,857		69,857		892,943	BI-LO(2014)
365	CLAYTON, NC	CLAYTON CORNERS US HIGHWAY 70 WEST	RALEIGH		1999		2007			20.00	%		125,653		125,653		1,346,040	LOWE’S FOODS(2019)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
366	CONCORD, NC(RITE AID)	RITE AID HIGHWAY #29 @ PITTS SCHOOL	CHARLOTTE		2002		2007			100.00	%		10,908		10,908		227,814
367	CORNELIUS, NC	THE SHOPS AT THE FRESH MARKET 20601 TORRENCE CHAPE L ROAD	CHARLOTTE		2001		2007			100.00	%		131,242		131,242		881,283	STEIN MART(2013), FRESH MARKET(2018)
368	DURHAM, NC	PATTERSON PLACE 3616 WITHERSPOON BLVD.	DURHAM		2004		2007			20.00	%		160,942		160,942		2,188,370	DSW SHOE WAREHOUSE(2016), A.C. MOORE(2014), BED BATH & BEYOND(2020), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED), KROGER(NOT OWNED)
369	DURHAM, NC(OXFORD)	OXFORD COMMONS 3500 OXFORD ROAD	DURHAM		1990/2001		1/2	*		100.00	%		208,014		326,280		1,430,081	FOOD LION(2010), BURLINGTON COAT FACTORY(2012), WALMART(NOT OWNED)
370	DURHAM, NC(SOUTH)	SOUTH SQUARE 4001 DURHAM CHAPEL	DURHAM		2005		2007			20.00	%		107,812		288,934		1,636,504	OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2015), SUPER TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED)
371	FAYETTEVILLE, NC	CROSS POINTE CENTER 5075 MORGANTON ROAD	FAYETTEVILLE		1985/2003		2003			100.00	%		121,934		226,089		1,918,568	T.J. MAXX(2011), BED BATH & BEYOND(2014)
372	FAYETTEVILLE, NC(PAVILION)	FAYETTEVILLE PAVILION 2061 SKIBO ROAD	FAYETTEVILLE		1998/2001		2007			20.00	%		273,969		273,969		2,811,076	DICK’S SPORTING GOODS(2017), PETSMART(2016), CREATIVE BASKET EXPRESSIONS(2020), MARSHALLS(2014), MICHAEL’S(2014), FOOD LION(NOT OWNED)
373	FUQUAY VARINA, NC	SEXTON COMMONS 1420 N MAIN ST	FUQUAY VARINA		2002		2007			20.00	%		49,097		49,097		760,159	HARRIS TEETER SUPERMARKETS(2021)
374	GREENSBORO, NC(ADAMS)	ADAM’S FARM 5710 HIGH POINT ROAD	GREENSBORO		2004		2007			100.00	%		112,010		112,010		953,254	HARRIS TEETER SUPERMARKETS(2013)
375	GREENSBORO, NC(GOLDEN)	GOLDEN GATE EAST CORNWALLIS DR	GREENSBORO		1962/2002		2007			100.00	%		153,113		153,113		1,147,810	HARRIS TEETER SUPERMARKETS(2011), STAPLES(2016), FOOD LION(2012)
376	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)
377	GREENSBORO, NC (WENDOVER II)	WENDOVER VILLAGE (II) WEST WENDOVER AVE	GREENSBORO		2004		2007			20.00	%		135,004		135,004		1,367,228	A.C. MOORE(2014), KLAUSSNER FURNITURE(2014)
378	HUNTERSVILLE, NC	BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206	CHARLOTTE		2003		2007			15.00	%		302,392		302,392		6,170,482	BARNES & NOBLE(2013), DICK’S SPORTING GOODS(2018), REGAL CINEMAS(NOT OWNED)
379	HUNTERSVILLE, NC(ROSEDALE)	ROSEDALE SHOPPING CENTER 9911 ROSE COMMONS DR	CHARLOTTE		2000		2007			20.00	%		119,197		119,197		1,702,977	HARRIS TEETER SUPERMARKETS(2020)
380	INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD	INDIAN TRAIL		1999		2004			100.00	%		96,160		96,160		731,070	FOOD LION(2020)
381	JACKSONVILLE, NC(GATEWAY)	GATEWAY PLAZA SEC WESTERN BLVD AND GATEWAY SOUTH	JACKSONVILLE		2001		2007			15.00	%		101,413		301,954		1,276,268	BED BATH & BEYOND(2013), ROSS DRESS FOR LESS(2013), TARGET(NOT OWNED), LOWES(NOT OWNED)
382	MATTHEWS, NC	SYCAMORE COMMONS MATTHEWS TWNSHP PWY & NORTHEAST PWY	CHARLOTTE		2002		2007			15.00	%		265,535		555,210		3,678,156	MICHAEL’S(2012), BED BATH & BEYOND(2012), DICK’S SPORTING GOODS(2017), OLD NAVY(2011), COSTCO(NOT OWNED), LOWE’S(NOT OWNED)
383	MOORESVILLE, NC	MOORESVILLE CONSUMER SQ (I) 355 WEST PLAZA DRIVE	CHARLOTTE		1999		2004			100.00	%		472,182		472,182		3,453,753	WALMART SUPERCENTER(2019), GANDER MOUNTAIN(2021)
384	MOORESVILLE, NC(WINSLOW)	WINSLOW BAY COMMONS BLUEFIELD ROAD AND HIGHWAY 150	CHARLOTTE		2003		2007			15.00	%		255,798		429,798		3,288,609	ROSS DRESS FOR LESS(2014), DICK’S SPORTING GOODS(2019), T.J. MAXX(2013), MICHAEL’S(2013), SUPER TARGET(NOT OWNED)
385	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD	NEW BERN		1989/1999		1/2	*		100.00	%		68,130		252,130		237,876	WALMART SUPERCENTER(NOT OWNED)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
386	RALEIGH, NC(ALEXANDER)	ALEXANDER PLACE GLENWOOD AVE & BRIER CREEK PKWY	RALEIGH		2004		2007			15.00	%		188,254		398,254		2,601,188	KOHL’S(2025), H.H. GREGG APPLIANCES(2022), WALMART SUPERCENTER(NOT OWNED)
387	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)
388	RALEIGH, NC(RITE AID)	RITE AID US HIGHWAY 401 AND PERRY CREEK ROAD	RALEIGH		2003		2007			100.00	%		10,908		10,908		284,571
389	RALEIGH, NC(WAKEFIELD)	WAKEFIELD CROSSING WAKEFIELD PINES DR & NEW FALLS OF NEUSE	RALEIGH		2001		2007			100.00	%		75,927		75,927		829,475	FOOD LION(2022)
390	SALISBURY, NC	ALEXANDER POINTE 850 JAKE ALEXANDER BLVD	SALISBURY		1997		2007			20.00	%		57,710		57,710		665,594	HARRIS TEETER SUPERMARKETS(2017)
391	SILER CITY, NC	CHATHAM CROSSING US HIGHWAY 64 WEST	DURHAM		2002		2007			15.00	%		31,979		266,979		406,848	SUPER WALMART(NOT OWNED)
392	SOUTHERN PINES, NC	SOUTHERN PINES MARKETPLACE US HWY 15-501	SOUTHERN PINE		2002		2007			15.00	%		57,404		57,404		516,759	STEIN MART(2016)
393	WAKE FOREST, NC	CAPITAL PLAZA 11825 RETAIL DRIVE	RALEIGH		2004		2007			15.00	%		46,793		336,793		573,740	SUPER TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)
394	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA	WASHINGTON		1990/1999		1/2	*		100.00	%		80,269		265,053		387,607	OFFICE DEPOT(2014), WALMART SUPERCENTER(NOT OWNED)
395	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.	WASHINGTON		1989/2001		1/2	*		100.00	%		411,887		518,735		2,847,516	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), SAM’S(NOT OWNED)
396	WILMINGTON, NC(OLEANDER)	OLEANDER SHOPPING CENTER 3804 OLEANDER DRIVE	WILMINGTON		1989		2007			100.00	%		51,888		51,888		578,641	LOWE’S FOODS(2015)
397	WILSON, NC	FOREST HILLS CENTRE 1700 RALEIGH RD NW	WILSON		1989		2007			100.00	%		73,020		73,020		599,875	HARRIS TEETER SUPERMARKETS(2010)
398	WINSTON SALEM, NC(HARPER)	HARPER HILL COMMONS 5049 COUNTRY CLUB RD	WINSTON SALEM		2004		2007			20.00	%		55,394		96,914		948,571	HARRIS TEETER SUPERMARKETS(2024)
399	WINSTON SALEM, NC(OAK)	OAK SUMMIT EAST HANES MILL ROAD	WINSTON SALEM		2003		2007			15.00	%		142,394		352,394		1,427,456	STAPLES(2016), PETSMART(2020), SUPER WALMART(NOT OWNED)
400	WINSTON SALEM, NC(OLIVER)	SHOPS AT OLIVER CROSSING PETERS CREEK PKWY OLIVER CROSSING	WINSTON SALEM		2003		2007			20.00	%		76,512		76,512		822,500	LOWE’S FOODS(2023)
401	WINSTON SALEM, NC(WALMART SUPERCENTER)	WALMART SUPERCENTER 4550 KESTER MILL RD	WINSTON SALEM		1998		2007			100.00	%		204,931		204,931		1,403,777	WALMART SUPERCENTER(2017)
	North Dakota
402	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE	DICKINSON		1978		1/2	*		100.00	%		267,506		267,506		1,025,950	K MART(2013), HERBERGER’S(2015), J.C. PENNEY(2013)
	Ohio
403	ALLIANCE, OH	WALMART SUPERCENTER 2700 WEST STATE ST	CANTON		1998		2007			100.00	%		200,084		200,084		1,190,500	WALMART SUPERCENTER(2017)
404	ASHTABULA, OH (TOPS)	ASHTABULA COMMONS 1144 WEST PROSPECT ROAD	ASHTABULA		2000		2004			100.00	%		57,874		57,874		854,920	TOPS MARKETS(2021)
405	AURORA, OH	BARRINGTON TOWN CENTER 70-130 BARRINGTON TOWN SQUARE	CLEVELAND		1996/2004		1	*		100.00	%		102,683		159,982		1,129,456	CINEMARK(2011), HEINEN’S(NOT OWNED)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
406	BOARDMAN, OH	SOUTHLAND CROSSINGs I-680 & US ROUTE 224	YOUNGSTOWN		1997		1	*		100.00	%		506,254		511,654		4,288,742	LOWE’S(2016), BABIES R US(2014), STAPLES(2012), DICK’S SPORTING GOODS(2012), WALMART(2017), PETSMART(2013), GIANT EAGLE(2018)
407	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)
408	CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET	CHILLICOTHE		1998		1981			100.00	%		130,497		130,497		822,132	LOWE’S(2015)
409	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY	CINCINNATI		1990		1993			100.00	%		235,433		235,433		1,281,566	MICHAEL’S(2011)
410	CINCINNATI, OH(KROGER)	KROGER 6401 COLERAIN AVE	CINCINNATI		1998		2007			100.00	%		56,634		56,634		556,486	KROGER(2015)
411	CINCINNATI, OH(TRI COUNTY)	TRI-COUNTY MALL 11700 PRINCETON PIKE	CINCINNATI		1960/1990/1992		2005			20.00	%		758,031		1,270,511		10,780,898	DILLARD’S(2018), SEARS(2019), MACY’S(NOT OWNED)
412	CLEVELAND, OH	KMART PLAZA 14901-14651 LORAIN AVE	CLEVELAND		1982		2008			25.25	%		109,350		109,350		742,100	K MART(2012)
413	COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST 3630 SOLDANO BLVD.	COLUMBUS		1989/2003		2004			100.00	%		356,515		356,515		2,014,487	KROGER(2014), TARGET(2011)
414	COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET	COLUMBUS		1998		1998			100.00	%		506,883		506,883		6,200,105	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)
415	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)
416	COLUMBUS, OH (SUN)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD	COLUMBUS		1995		1998			79.45	%		315,828		315,828		3,745,290	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2012), WHOLE FOODS(2016), STAPLES(2010)
417	COLUMBUS, OH(HILLIARD)	HILLIARD ROME COMMONS 1710-60 HILLIARD ROME ROAD	COLUMBUS		2001		2007			20.00	%		110,871		110,871		1,457,078	GIANT EAGLE(2022)
418	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD	COLUMBUS		1996		1998			100.00	%		137,556		137,556		1,494,739	GIANT EAGLE(2014)
419	ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND	CLEVELAND		1977		2	*		100.00	%		92,125		92,125		708,195	GIANT EAGLE(2010)
420	GROVE CITY, OH(DERBY SQUARE)	DERBY SQUARE 2161-2263 STRINGTOWN ROAD	COLUMBUS		1992		1998			20.00	%		128,250		128,250		1,166,138	GIANT EAGLE(2016)
421	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE	DAYTON		1990		1993			100.00	%		182,749		297,306		1,627,103	H.H. GREGG APPLIANCES(2023), WALMART(NOT OWNED)
422	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD	LEBANON		1990/2002		1993			100.00	%		17,000		110,480		0	ERB LUMBER(NOT OWNED), WALMART(NOT OWNED)
423	MACEDONIA, OH	MACEDONIA COMMONS (I) MACEDONIA COMMONS BLVD	CLEVELAND		1994		1994			50.00	%		236,556		375,723		3,127,041	TOPS MARKETS(2019), KOHL’S(2016), WALMART(NOT OWNED)
424	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (II) 8210 MACEDONIA COMMONS	CLEVELAND		1999		1/2	*		100.00	%		57,658		169,481		915,609	CINEMARK(2019)
425	SOLON, OH	UPTOWN SOLON KRUSE DRIVE	CLEVELAND		1998		1	*		100.00	%		183,255		183,255		2,946,667	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2014), BORDERS(2019)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
426	SOLON, OH(SEARS)	SEARS SOLON 6221 SOM CENTER	CLEVELAND		1977		2008			25.25	%		84,180		84,180		299,819	K MART(2013)
427	STEUBENVILLE, OH	LOWE’S HOME IMPROVEMENT 4115 MALL DRIVE	PITTSBURGH		1998		2007			100.00	%		130,497		130,497		871,236	LOWE’S(2016)
428	STOW, OH	STOW COMMUNITY CENTER (I) KENT ROAD	AKRON		1997/2000		2	*		100.00	%		371,057		473,140		3,722,793	BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), TARGET(NOT OWNED)
429	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET	TIFFIN		1980/2004		1/2	*		100.00	%		170,868		170,868		530,341	CINEMARK(2011), J. C. PENNEY(2013)
430	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)
431	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)
432	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD	CLEVELAND		1974/1997/2000		1/2	*		100.00	%		162,330		162,330		1,334,340	MARC’S(2009), K MART(2014)
433	WILLOUGHBY HILLS, OH	SHOPPES AT WILLOUGHBY HILLS CHARDON ROAD	CLEVELAND		1985		2007			15.00	%		376,977		381,508		3,196,943	GIANT EAGLE(2019), CINEMARK(2010), A.J. WRIGHT(2011), OFFICE MAX(2014), NATIONAL COLLEGE(2019)
434	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE	CLEVELAND		1994/1997/2001		1	*		100.00	%		112,361		203,282		534,672	KROGER(2019), WALMART(NOT OWNED)
435	ZANESVILLE, OH	KMART SHOPPING CENTER 3515 N. MAPLE AVENUE	XENIA		1973		2008			25.25	%		84,180		84,180		223,160	K MART(2014)
	Oklahoma
436	ENID, OK	KMART PLAZA 4010 WEST OWEN GARRIOT RD	SANDUSKY		1983		2008			25.25	%		84,000		114,000		187,881	K MART(2013), UNITED SUPERMARKETS(NOT OWNED)
437	OKLAHOMA CITY, OK	CVS PHARMACY 2323 NORTH MARTIN LUTHER KING BLVD	ENID		1997		2007			100.00	%		9,504		9,504		159,358
	Oregon
438	PORTLAND, OR	TANASBOURNE TOWN CENTER (I) NW EVERGREEN PKWY & NW RING RD	PORTLAND		1995/2001		1996			50.00	%		309,617		566,457		4,593,737	ROSS DRESS FOR LESS(2013), MICHAEL’S(2014), BARNES & NOBLE(2011), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED)
	Pennsylvania
439	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)
440	ALLENTOWN, PA(WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD	ALLENTOWN		2001/2004		2003			100.00	%		259,239		259,239		2,636,479	WALMART SUPERCENTER(2021)
441	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)
442	CARLISLE, PA	CARLISLE COMMONS SHOPPING CTR RIDGE STREET & NOBLE BLVD	HARRISBURG		2001		2007			15.00	%		393,033		393,033		3,332,111	WALMART SUPERCENTER(2022), T.J. MAXX(2012), ROSS DRESS FOR LESS(2014), REGAL CINEMAS(2010)
443	CHESWICK, PA	RITE AID 1200 PITTSBURGH ST.	PITTSBURGH		2000		2007			100.00	%		10,908		10,908		248,609
444	CONNELLSVILLE, PA	RITE AID 100 MEMORIAL BLVD	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		312,181

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
445	E. NORRITON, PA	DEKALB PLAZA 2692 DEKALB PIKE	PHILADELPHIA		1975/1997		1/2	*		100.00	%		173,876		179,376		1,051,722	BIG LOTS(2015)
446	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)
447	ERIE, PA(BUFFALO RD)	RITE AID (BUFFALO ROAD) 4145 BUFFALO ROAD	ERIE		1999		2007			100.00	%		10,908		10,908		235,940
448	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
449	ERIE, PA(EAST 6TH)	RITE AID (EAST 6TH ST) 353 EAST 6TH STREET	ERIE		1999		2007			100.00	%		10,908		10,908		266,969
450	ERIE, PA(PEACH ST)	RITE AID (PEACH ST) 5440 PEACH ST.	ERIE		2000		2007			100.00	%		10,908		10,908		354,691
451	ERIE, PA(RITE AID)	RITE AID (WEST 26TH ST) 2923 WEST 26TH ST.	ERIE		1999		2007			100.00	%		10,908		10,908		332,311
452	ERIE, PA(WEST 12TH)	RITE AID (WEST 12TH ST) 2184 WEST 12TH ST	ERIE		1999		2007			100.00	%		10,908		10,908		373,661
453	HOMESTEAD, PA	WATERFRONT MARKET AMITY 149 W. BRIDGE STREET	PITTSBURGH		2003		2007			15.00	%		764,824		967,964		10,988,486	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), TARGET(NOT OWNED), MACY’S(NOT OWNED)
454	IRWIN, PA	RITE AID 3550 ROUTE 130	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		262,741
455	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)
456	MONROEVILLE, PA	RITE AID (WM PENN HWY) 4111 WILLIAM PENN HWY	PITTSBURGH		1998		2007			100.00	%		12,738		12,738		484,028
457	MONROEVILLE, PA(RITE AID)	RITE AID (MONROEVILLE BLVD) 2604 MONROEVILLE BLVD	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		295,339
458	MT. NEBO, PA	MT. NEBO POINTE MT NEBO ROAD & LOWRIES RUN ROAD	PITTSBURGH		2005		1	*		10.00	%		99,447		362,832		690,845	TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED)
459	NEW CASTLE, PA	RITE AID 31 NORTH JEFFERSON STREET	NEW CASTLE		1999		2007			100.00	%		10,908		10,908		267,194
460	PITTSBURGH, PA	RITE AID (GOLDEN MILE HWY) 1804 GOLDEN MILE HWY	PITTSBURGH		1999		2007			100.00	%		10,908		10,908		326,940
461	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
462	POTTSTOWN, PA	KMART SHOPPING CENTER 2200 EAST HIGH STREET	PITTSBURGH		1973		2008			25.25	%		84,180		84,180		275,000	K MART(2014)
463	WILLOW GROVE, PA	KMART SHOPPING CENTER 2620 MORELAND ROAD	PHILADELPHIA		1973		2008			25.25	%		94,500		94,500		341,125	K MART(2014)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
	Puerto Rico
464	ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR # KM 80.3	ARECIBO		1980/1993		2005		100.00	%		215,391		224,890		3,064,880	K MART(2013), CAPRI DEL ATLANTICO(2019)
465	BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS	SAN JUAN		1998/2003/2004		2005		100.00	%		524,433		673,654		17,256,448	WALMART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)
466	BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8	SAN JUAN		1980/2002		2005		100.00	%		126,023		132,309		1,624,809	PUEBLO XTRA(2019), TIENDAS CAPRI(2013)
467	BAYAMON, PR (RIO HONDO)	PLAZA RIO HONDO PR#22, PR#167	SAN JUAN		1982/2001		2005		100.00	%		484,651		549,953		13,282,635	TIENDAS CAPRI(2011), BEST BUY(2021), K MART(2013), PUEBLO XTRA(2012), RIO HONDO CINEMAS(2023), MARSHALLS(2015)
468	CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1	SAN JUAN		1997		2005		100.00	%		420,470		636,340		7,722,030	OFFICE MAX(2015), WALMART SUPERCENTER(2024), PLAZA ESCORIAL CINEMAS(2019), BORDERS(2017), OLD NAVY(2014), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED)
469	CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE ROAD #1 & PR #735	CAYEY		1999/2004		2005		100.00	%		261,126		339,840		2,912,309	WALMART SUPERCENTER(2021), CAYEY CINEMA CORP.(NOT OWNED)
470	FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940	FAJARDO		1992		2005		100.00	%		245,319		251,319		4,205,901	WALMART(2012), PUEBLO XTRA(2012)
471	GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0	GUAYAMA		1994		2005		100.00	%		163,598		163,598		1,724,113	WALMART(2018)
472	HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD#2 KM 81.9	ARECIBO		1992		2005		100.00	%		511,027		673,261		10,283,451	SEARS(2014), TOYS R US(2018), J.C. PENNEY(2012), OFFICE MAX(2019), WALMART(2012)
473	HUMACAO, PR (PALMA REAL)	PLAZA PALMA REAL STATE ROAD #3, KM 78.20	HUMACAO		1995		2005		100.00	%		345,489		441,495		6,982,654	PEP BOYS(2015), J.C. PENNEY(2019), CAPRI STORES(2011), MARSHALLS(2019), WALMART(2020), OFFICE MAX(2018)
474	ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE ROAD #2 & # 454	ISABELA		1994		2005		100.00	%		238,410		259,016		3,775,415	WALMART(2019)
475	SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE ROAD PR #122	SAN GERMAN		1991		2005		100.00	%		0		49,172		339,950	PEP BOYS(2015)
476	SAN GERMAN, PR (DEL OESTE)	PLAZA DEL OESTE ROAD PR #2 INT PR #122	SAN GERMAN		1991		2005		100.00	%		174,172		184,746		2,426,011	K MART(2016), ECONO SAN GERMAN(2011)
477	SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177	SAN JUAN	1978/Mutiple			2005		100.00	%		157,508		197,968		2,448,696	K MART(2010), PUEBLO XTRA(2015)
478	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		1,877,015	K MART(2015), PUEBLO XTRA(2010)
	Rhode Island
479	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)
480	WARWICK, RI	WARWICK CENTER 1324 BALD HILL ROAD	PROVIDENCE		2004		2007		15.00	%		159,958		159,958		2,171,965	DICK’S SPORTING GOODS(2019), BARNES & NOBLE(2018), DSW SHOE WAREHOUSE(2014)
	South Carolina
481	AIKEN, SC (EXCHANGE)	AIKEN EXCHANGE WHISKEY ROAD & BROOK HAVEN DRIVE	GREENVILLE		2004		2007		15.00	%		101,558		226,558		387,596	PETSMART(2019), TARGET(NOT OWNED)
482	ANDERSON, SC (CENTRAL)	ANDERSON CENTRAL 651 HWY 28 BYPASS	GREENVILLE		1999		2007		15.00	%		223,211		223,211		1,367,785	WALMART SUPERCENTER(2019)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
483	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)
484	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE	CAMDEN		1990/2000		1993			100.00	%		180,127		363,405		882,223	BELK(2015), WALMART SUPER CENTER(NOT OWNED)
485	CHARLESTON, SC	ASHLEY CROSSING (I) 2245 ASHLEY CROSSING DRIVE	CHARLESTON		1991		2003			100.00	%		188,883		196,048		681,350	FOOD LION(2011)
486	COLUMBIA, SC (STATION)	COLUMBIANA STATION OEA HARBISON BLVD & BOWE R PARKWAY	COLUMBIA		2003		2007			15.00	%		375,905		558,672		2,951,595	DICK’S SPORTING GOODS(2016), MICHAEL’S(2015), PETSMART(2015), H.H. GREGG APPLIANCES(2015)
487	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)
488	CONWAY, SC	GATEWAY PLAZA 2701 CHURCH STREET	MYRTLE BEACH		2002		2007			100.00	%		62,428		62,428		438,311
489	EASLEY, SC	CENTER POINTE PLAZA (II) CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD	GREENVILLE		2004		2007			20.00	%		72,287		187,287		676,107	PUBLIX SUPER MARKETS(2023), HOME DEPOT(NOT OWNED)
490	FORT MILL, SC	RITE AID 2907 W HWY 160	GAFFNEY		2002		2007			100.00	%		13,824		13,824		309,853
491	GAFFNEY, SC	RITE AID 1320 W FLOYD BAKER BLVD	GREENVILLE		2003		2007			100.00	%		13,818		13,818		291,984
492	GREENVILLE, SC (RITE AID)	RITE AID 3679 AUGUSTA ROAD	GREENVILLE		2001		2007			100.00	%		10,908		10,908		283,423
493	GREENVILLE, SC(THE POINT)	THE POINT 1140 WOODRUFF ROAD	GREENVILLE		2005		2007			20.00	%		104,641		104,641		1,164,685	WHOLE FOODS(2026)
494	GREENVILLE, SC(WALMART SUPERCENTER)	WALMART SUPERCENTER 1451 WOODRUFF ROAD	GREENVILLE		1998		2007			100.00	%		200,084		200,084		1,272,534	WALMART SUPERCENTER(2018)
495	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)
496	LEXINGTON, SC	LEXINGTON PLACE US HWY 378 AND OLD CHEROKEE ROAD	COLUMBIA		2003		2007			100.00	%		83,167		215,167		833,789	ROSS DRESS FOR LESS(2014), T.J. MAXX(2013), PUBLIX(NOT OWNED), KOHL’S(NOT OWNED)
497	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH	CHARLESTON		1992/2000		1995			100.00	%		209,810		325,907		2,134,728	OFFICE DEPOT(2010), T.J. MAXX(2013), MARSHALLS(2011), WALMART(NOT OWNED)
498	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)
499	MYRTLE BEACH, SC	THE PLAZA AT CAROLINA FOREST 3735 RENEE DRIVE	MYRTLE BEACH		1999		2007			20.00	%		116,657		116,657		1,451,578	KROGER(2019)
500	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE	CHARLESTON		1989/2001		2	*		100.00	%		294,471		344,471		2,087,782	WALMART SUPERCENTER(2014), OFFICE MAX(2014)
501	N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVE	CHARLESTON		1980/1993		2004			100.00	%		236,437		236,437		1,274,874	NORTHERN TOOL(2016), BIG LOTS(2011), HOME DECOR LIQUIDATORS(2012)
502	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD	COLUMBIA		1994/1999		1995			100.00	%		50,760		247,434		374,650	WALMART SUPERCENTER(NOT OWNED)
503	PIEDMONT, SC	RITE AID 915 ANDERSON STREET	GREENVILLE		2000		2007			100.00	%		10,908		10,908		181,052

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
504	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD	GREENVILLE		1990		1994			100.00	%		142,086		142,086		870,854	INGLES(2011), KOHL’S(2015)
505	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
506	SPARTANBURG, SC (NORTHPOINT)	NORTHPOINT MARKETPLACE 8642-8760 ASHEVILLE HIGHWAY	SPARTANBURG		2001		2007			100.00	%		102,252		102,252		553,998	INGLES(2021)
507	SPARTANBURG, SC (RITE AID)	RITE AID (N PINE ST) 780 N. PINE STREET	SPARTANBURG		2002		2007			100.00	%		10,908		10,908		283,656
508	TAYLORS, SC	NORTH HAMPTON MARKET 6019 WADE HAMPTON (AKA GREER, SC)	GREENVILLE		2004		2007			20.00	%		114,935		171,545		1,203,260	HOBBY LOBBY(2019), TARGET(NOT OWNED)
509	TAYLORS, SC (HAMPTON)	HAMPTON POINT 3033 WADE HAMPTON BL	GREENVILLE		1993		2007			100.00	%		58,316		58,316		435,042	BI-LO(2018)
510	WOODRUFF, SC	RITE AID 121 N MAIN STREET	CHARLESTON		2002		2007			100.00	%		13,824		13,824		288,178
	South Dakota
511	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE	WATERTOWN		1977		1/2	*		100.00	%		240,262		282,262		1,301,672	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2014), J.C. PENNEY(2013), HY VEE SUPERMARKET(NOT OWNED)
	Tennessee
512	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD	CHATTANOOGA		1992/2004		2003			100.00	%		213,105		213,105		1,934,215	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)
513	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HWY	COLUMBIA		1993		2003			10.00	%		68,948		68,948		411,521	KROGER(2022)
514	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE	KNOXVILLE		1991		2003			10.00	%		71,311		71,311		470,214
515	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BLVD	NASHVILLE		1987		2003			20.00	%		84,441		84,441		657,411	KROGER(2012)
516	HENDERSONVILLE, TN	LOWES HOME IMPROVEMENT TN HENDERSONVILLE	NASHVILLE		1999		2003			100.00	%		133,144		133,144		1,230,689	LOWE’S(2019)
517	JACKSON, TN	WEST TOWNE COMMONS 41 STONEBROOK PLACE	JACKSON		1992		2007			20.00	%		62,925		62,925		524,528	KROGER(2020)
518	JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS	JOHNSON CITY		2005		2003			100.00	%		112,968		244,968		531,918	KOHL’S(2026), LOWE’S (NOT OWNED)
519	KNOXVILLE, TN	PAVILION OF TURKEY CREEK (I) 10936 PARKSIDE DRIVE	KNOXVILLE		2001		2007			15.00	%		280,776		478,814		2,490,212	ROSS DRESS FOR LESS(2014), OFFICE MAX(2017), OLD NAVY(2011), TARGET(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
520	KNOXVILLE, TN (TOWN)	TOWN & COUNTRY COMMONS (I) NORTH PETERS ROAD & TOWN & COUNTRY CIRCL	KNOXVILLE		1985/1997		2007			15.00	%		638,334		638,334		5,665,378	JO-ANN STORES(2013), STAPLES(2019), BEST BUY(2019), FOOD CITY(2026), LOWE’S(2017), CARMIKE CINEMAS(2020), DICK’S SPORTING GOODS(2017)
521	MEMPHIS, TN(AMERICAN)	AMERICAN WAY 4075 AMERICAN WAY	MEMPHIS		1988		2007			20.00	%		121,222		121,222		777,147	KROGER(2020)
522	MORRISTOWN, TN	CROSSROADS SQUARE 130 TERRACE LANE	MORRISTOWN		2004		2007			20.00	%		68,500		70,000		638,000	T.J. MAXX(2014)
523	NASHVILLE, TN	WILLOWBROOK COMMONS 61 EAST THOMPSON LN	NASHVILLE		2005		2007			20.00	%		93,600		93,600		755,155	KROGER(2029)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
524	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)
525	OAKLAND, TN	OAKLAND MARKET PLACE 7265 US HWY 64	MEMPHIS		2004		2007			20.00	%		64,600		64,600		384,167	KROGER(2028)
	Texas
526	ALLEN, TX	WATTERS CREEK BETHANY ROAD	DALLAS		2008		1	*		10.00	%		354,110		364,520		5,529,373	UNITED MARKET STREET(2028)
527	AUSTIN, TX (TECH RIDGE)	THE SHOPS AT TECH RIDGE CENTER RIDGE DRIVE	AUSTIN		2003		2003			25.75	%		282,845		530,481		3,379,345	ROSS DRESS FOR LESS(2014), TOYS R US(2014), HOBBY LOBBY(2018), BEST BUY(2017), SUPER TARGET(NOT OWNED)
528	FORT WORTH, TX (CVS 6794)	CVS PHARMACY (JACKSBORO HWY) 2706 JACKSBORO HWY	DALLAS		1997		2007			100.00	%		10,908		10,908		239,784
529	FORT WORTH, TX (CVS 7785)	CVS PHARMACY (SYCAMORE SCHOOL) 4551 SYCAMORE SCHOOL ROAD	DALLAS		1997		2007			100.00	%		9,504		9,504		149,248
530	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD	DALLAS		2003		2003			0.01	%		20,959		107,543		684,702	KOHL’S(2023)
531	GARLAND, TX	GARLAND PLAZA 3265 BROADWAY BLVD	DALLAS		1994		2007			100.00	%		70,576		70,576		0
532	GRAND PRAIRIE, TX	KROGER 2525 WEST INTERSTATE 20	DALLAS		1998		2007			100.00	%		60,835		60,835		433,615	KROGER(2018)
533	HOUSTON, TX	LOWE’S HOME IMPROVEMENT 19935 KATY FREEWAY	HOUSTON		1998		2007			100.00	%		131,644		131,644		917,000	LOWE’S(2017)
534	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY	DALLAS		2000		2003			0.01	%		118,967		183,810		1,221,665	KOHL’S(2021), ALBERTSON’S(NOT OWNED)
535	MESQUITE, TX	MARKETPLACE AT TOWNE CENTER SOUTHBOUND FRONTAGE RD I 635	DALLAS		2001		2003			0.01	%		170,645		378,795		1,891,881	PETSMART(2017), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)
536	PASADENA, TX	KROGER JUNCTION 2619 RED BLUFF ROAD	DALLAS		1984		2007			20.00	%		81,161		81,161		456,848	KROGER(2020)
537	RICHARDSON, TX (CVS 6974)	CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.	DALLAS		1997		2007			100.00	%		10,560		10,560		206,585
538	ROWLETT, TX	ROWLETT PLAZA 8800 LAKEVIEW PKWY	DALLAS		1995/2001		2007			100.00	%		63,117		63,117		0
539	SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410	SAN ANTONIO		1985		2005			50.00	%		76,597		76,597		0
540	SAN ANTONIO, TX (N. BANDERA)	BANDERA POINTE (NORTH) STATE LOOP 1604/BANDERA ROAD	SAN ANTONIO		2001/2002		1	*		100.00	%		278,815		888,005		3,625,101	LOWE’S(2020), T.J. MAXX(2011), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), HOBBY LOBBY(2022), KOHL’S(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED), CHUCK E CHEESE(NOT OWNED), KOHL’S(NOT OWNED), CREDIT UNION(NOT OWNED), TARGET(NOT OWNED)
541	SAN ANTONIO, TX (STONE OAK)	VILLAGE AT STONE OAK 22610 US HWY 281 NORTH, SUITE 211	SAN ANTONIO		2007		1	*		100.00	%		357,322		540,109		5,317,471
542	SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151 @ LOOP 410	SAN ANTONIO		2005		1	*		20.00	%		218,257		524,457		2,524,535	PETSMART(2016), OFFICE DEPOT(2016), ROSS DRESS FOR LESS(2016), TARGET(NOT OWNED), LOWES(NOT OWNED)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
543	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
544	MIDVALE, UT (FT. UNION I & II)	FC AT FORT UNION (I & II) 900 EAST FT UNION BLVD	SALT LAKE CITY		1973		1998			100.00	%		647,491		647,491		8,238,735	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)
545	OGDEN, UT	FC AT OGDEN 5-POINTS 21-129 HARRISVILLE ROAD	SALT LAKE CITY		1977		1998			100.00	%		162,316		162,316		839,895	HARMONS(2012)
546	OREM, UT	FC AT OREM 1300 SOUTH STREET	SALT LAKE CITY		1991		1998			100.00	%		150,667		281,931		1,307,217	BABIES R US(2016), MEDIA PLAY(2015), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED), TOYS R US (NOT OWNED)
547	RIVERDALE, UT (NORTH)	FC AT RIVERDALE (NORTH) 1050 WEST RIVERDALE ROAD	SALT LAE CITY		1995/2003		1998			100.00	%		593,398		596,198		4,111,259	OFFICE MAX(2010), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2014), TARGET(2017), MEDIA PLAY(2010)
548	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), WALMART SUPERCENTER(NOT OWNED), SAM’S CLUB(NOT OWNED)
549	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		248,329
550	TAYLORSVILLE, UT (NORTH)	FC AT TAYLORSVILLE (NORTH) 5600 SOUTH REDWOOD	SALT LAKE CITY		1982/2003		1998			100.00	%		697,630		772,130		6,220,583	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
551	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28	BERLIN		1986/1999		2	*		100.00	%		174,624		174,624		1,500,254	WALMART(2014), J.C. PENNEY(2014)
	Virginia
552	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS	RICHMOND		1978		2003			100.00	%		114,589		116,339		1,458,928	UKROP’S(2013)
553	GLEN ALLEN, VA	CREEKS AT VIRGINIA CENTER 9830-9992 BROOK ROAD	RICHMOND		2002		2007			15.00	%		266,308		266,308		2,820,351	BARNES & NOBLE(2011), BED BATH & BEYOND(2012), MICHAEL’S(2011), DICK’S SPORTING GOODS(2017)
554	LYNCHBURG, VA (CANDLERS)	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD	LYNCHBURG		1990		2003			100.00	%		270,765		337,765		1,957,157	CINEMARK(2015), STAPLES(2013), T.J. MAXX(2011), OLLIE’S BARGAIN OUTLET(2014)
555	LYNCHBURG, VA (WARDS CROSSING)	WARD’S CROSSING WARDS ROAD AND WARDS FERRY ROAD	LYNCHBURG		2001		2007			15.00	%		80,937		265,937		1,163,346	BED BATH & BEYOND(2013), MICHAEL’S(2011), TARGET(NOT OWNED), BEST BUY(NOT OWNED), PETSMART(NOT OWNED), BARNES & NOBLE(NOT OWNED)
556	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD	MARTINSVILLE		1989/1997		1/2	*		50.00	%		434,417		434,417		2,471,417	BELK(2012), J.C. PENNEY(2014), SEARS(2014), OFFICE MAX(2012), KROGER(2017)
557	MIDLOTHIAN, VA (CHESTERFIELD)	CHESTERFIELD CROSSINGS HIGHWAY 360 & WARBRO ROAD	MIDLOTHIAN		2000		2007			15.00	%		79,802		319,802		1,128,297	BEN FRANKLIN CRAFTS(2015), WALMART SUPERCENTER(NOT OWNED)
558	MIDLOTHIAN, VA (COMMONWEALTH)	COMMONWEALTH CENTER 4600-5000 COMMONWEALTH CENTER PARKWAY	RICHMOND		2002		2007			15.00	%		165,413		165,413		2,178,591	STEIN MART(2011), MICHAEL’S(2011), BARNES & NOBLE(2012)
559	NEWPORT NEWS, VA (DENBIGH)	DENBIGH VILLAGE WARWICK BLVD AND DENBIGH BLVD	NORFOLK		1998/2006		2007			100.00	%		324,450		340,950		2,366,768	BURLINGTON COAT FACTORY(2013), WORLD FRESH MARKET(2017)
560	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)

Developers Diversified Realty

Quarterly Financial Supplement

As of December 31, 2009

4Q09 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)
561	RICHMOND, VA(DOWNTOWN)	DOWNTOWN SHORT PUMP 11500-900 WEST BROAD STREET	RICHMOND		2000		2007			100.00	%		126,055		239,873		2,519,759	BARNES & NOBLE(2011), REGAL CINEMAS(2021)
562	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)
563	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)
564	STERLING, VA	PARK PLACE AT CASCADES MKTPL NEC OF CASCADES PKWY & ROUTE 7	WASHINGTON		1998		2007			100.00	%		101,606		101,606		1,496,515	STAPLES(2013), SPORTS AUTHORITY(2016)
565	VIRGINIA BEACH, VA	KROGER PLAZA 1800 REPUBLIC DRIVE	NORFOLK		1997		2007			20.00	%		63,324		81,574		241,688	KROGER(2020)
566	WAYNESBORO, VA	WAYNESBORO COMMONS 109 LEE DEWITT BLVD	LYNCHBURG		1993		2007			20.00	%		52,415		52,415		454,920	KROGER(2018)
567	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY	WINCHESTER		1990/1997		2	*		20.00	%		240,560		242,686		2,482,174	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2013)
568	WYTHEVILLE, VA	WYTHEVILLE COMMONS 215-295 COMMONWEALTH DRIVE	WYTHEVILLE		2004		2007			15.00	%		90,239		415,239		868,538	LOWES(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
	Washington
569	KIRKLAND, WA (TOTEM LKS UPPER)	TOTEM LAKE MALLS (UPPER) TOTEM LAKES BOULEVARD	SEATTLE		1999/2004		2004			20.00	%		253,867		279,221		2,265,719	GUITAR CENTER(2012), ROSS DRESS FOR LESS(2015)
570	OLYMPIA, WA	2815 CAPITAL MALL DR SW	OLYMPIA		1998		2007			100.00	%		35,776		35,776		0
	West Virginia
571	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)
572	MORGANTOWN, WV	GLENMARK CENTER INTERSTATE 68 AND PIERPONT ROAD	MORGANTOWN		1999/2000		2007			100.00	%		111,278		383,725		1,257,925	SHOP ‘N SAVE(2014), MICHAEL’S(2011)
573	WEIRTON, WV	RITE AID 1360 COVE ROAD	PITTSBURGH		2000		2007			100.00	%		10,908		10,908		221,870
	Wisconsin
574	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)
575	RACINE, WI	VILLAGE CENTER (OP) WASHINGTON AVE. VILLAGE CENTER DR.	RACINE		2003		2007			20.00	%		227,887		227,887		2,397,336	JEWEL(2022), KOHL’S(2023)
576	WEST ALLIS, WI(WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108	MILWAUKEE		1968		2003			100.00	%		246,081		259,981		1,492,671	KOHL’S(2018), MARSHALLS MEGA STORE(2014), PICK ‘N SAVE(2013)
						Grand Total:							94,538,363		124,255,972		1,077,844,979

*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