DEVELOPERS DIVERSIFIED REALTY CORPORATION

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange 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 or the loss of a major tenant and other matters described in the Management’s Discussion and Analysis section of the Company’s Form 10-K for the year ended December 31, 2003.

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004


Section			Tab

Earnings Release & Financial Statements				1.0

Financial Summary				2.0
	•	Financial Highlights		2.1
	•	Market Capitalization and Financial Ratios		2.2
	•	Market Capitalization Summary		2.3
	•	Significant Accounting Policies		2.4
	•	Non-GAAP Financial Measures		2.5

Consolidated and Wholly Owned Financial Operations				3.0
	•	Summary of Capital Transactions		3.1
	•	Acquisitions, Dispositions, Expansions and Developments		3.2
	•	Summary of Consolidated Debt		3.3
	•	Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities		3.4
Joint Venture Summaries				4.0
	•	Joint Venture Financials		4.1
	•	Joint Venture Partnership Summaries		4.2

Joint Venture Financial Operations				5.0
	•	Summary of Capital Transactions		5.1
	•	Acquisitions, Dispositions, Expansions and Developments		5.2
	•	Summary of Joint Venture Debt		5.3
	•	Summary of Pro Rata Joint Venture Debt		5.4
	•	Summary of Joint Venture Mortgage Principal Payments		5.5

Portfolio Statistics				6.0

Appendix				7.0
	•	Property Listing		7.1
	•	Investor Information		7.2

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


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

DEVELOPERS DIVERSIFIED REALTY REPORTS A 31.3%
INCREASE IN FFO PER SHARE FOR THE THREE MONTH PERIOD
ENDED JUNE 30, 2004

CLEVELAND, OHIO, July 29, 2004 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that second quarter 2004 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.84 (diluted) and $0.85 (basic) as compared to $0.64 (diluted) and $0.65 (basic) per share for the same period in the previous year (as adjusted down by $0.03 per share to reflect a prior impairment charge previously not included in FFO in accordance with a recent SEC comment letter), a per share increase of 31.3% diluted and 30.8% basic. FFO available to common shareholders reached $81.6 million for the quarter ended June 30, 2004, as compared to $55.9 million for 2003, an increase of 46.0%. Net income available to common shareholders for the three month period ended June 30, 2004 increased 30.1% to $74.3 million compared to second quarter 2003 net income of $57.1 million, or $0.77 per share (diluted) and $0.78 (basic) in 2004 compared to $0.66 per share (diluted) and $0.67 (basic) for the same period in 2003. The increase in net income for the quarter ended June 30, 2004 is primarily related to the results from operations attributable to the acquisition of the assets from Benderson Development Company, Inc. (“Benderson”), and an increase in gain on sales of real estate assets offset, to some extent, by the sale of assets to the joint venture with MDT in the fourth quarter of 2003 and the second quarter of 2004.

On a per share basis, FFO (diluted) was $1.55 and $1.25 for the six month periods ended June 30, 2004 and 2003, respectively, an increase of 24.0%. FFO available to common shareholders for the six months ended June 30, 2004 was $144.4 million compared to FFO available to common shareholders for the six month period ended June 30, 2003 of $100.2 million. Net income available to common shareholders for the six month period ended June 30, 2004 was $114.5 million, or $1.24 per share (diluted) and $1.26 (basic) in 2004, compared to net income of $83.7 million, or $1.06 per share (diluted) and $1.08 (basic) for the prior comparable period. The increase in net income is primarily attributable to the merger with JDN on March 13, 2003, the acquisition of the assets from Benderson, an increase in gain on sales of real estate assets, and a reduction in minority interest expense associated with preferred operating partnership units, which were redeemed in 2003. This increase is offset by the sale of assets to the joint venture with MDT in the fourth quarter of 2003 and second quarter of 2004.

Scott Wolstein, DDR’s Chairman and Chief Executive Officer stated, “I am pleased to report this quarter’s financial results and earnings growth. Our portfolio continues to generate strong and consistent cash flows and we continue to structure and execute transactions that create substantial long-term shareholder value, including our $2.3 billion acquisition from Benderson Development and our $538 million sale of assets to Macquarie DDR Trust.”

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and

provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income and an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO available to common shareholders is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred dividends, (ii) gains (or losses) from sales of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items, (v) cumulative effect of changes in accounting standards and (vi) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.

Leasing:

Leasing activity continues to be strong throughout the portfolio. During the second quarter of 2004, the Company executed 109 new leases aggregating approximately 754,000 square feet and 146 renewals aggregating approximately 798,000 square feet. Rental rates on new leases increased by 17.5% to $14.02 per square foot and rental rates on renewals increased by 7.6% to $10.20 per square foot. On a blended basis, rental rates for new leases and renewals increased by 10.7% to $12.05 per square foot.

At June 30, 2004, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.67. Excluding the impact of the properties acquired from Benderson, the average annualized base rent per occupied square foot for the portfolio was $10.89, as compared to $10.49 at June 30, 2003.

At June 30, 2004, the portfolio was 94.9% leased. Excluding the impact of the properties acquired from Benderson, the portfolio was 95.0% leased, as compared to 94.3% at June 30, 2003. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of June 30, 2004, the portfolio was 94.4% occupied. Excluding the impact of the properties acquired from Benderson, the portfolio was 94.4% occupied, as compared to 93.8% at June 30, 2003.

Same store tenant sales performance over the trailing 12 month period within the Company’s portfolio, for those tenants required to report, remained strong at approximately $227 per square foot in 2004 compared to $224 per square foot in 2003, an increase of 1.3%. Aggregate base and percentage rental revenues relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2003 and since April 1 with regard to JDN assets, excluding properties under redevelopment) increased approximately $2.2 million (or 1.3%) for the six month period ended June 30, 2004, compared to the same period in 2003.

Strategic Real Estate Transactions:

Benderson Transaction

In March 2004, the Company announced that it entered into an agreement to purchase interests in 110 retail real estate assets with approximately 18.8 million square feet of GLA, from Benderson. One of those properties was subject to a right of first refusal, which has been exercised, so the Company expects to acquire interests in 109 assets. The purchase price of the assets, including associated expenses, is expected to be approximately $2.3 billion, less assumed debt and the value of a 2% equity interest of approximately $16.2 million that Benderson will retain as set forth below. Benderson is transferring to us 100% ownership in

certain assets or entities owning certain assets. The remaining assets are held by a joint venture in which the Company holds a 98.0% interest and Benderson holds a 2.0% interest.

Through July 29, 2004, the Company completed the purchase of 102 properties, including 14 purchased directly by our MDT joint venture and 52 held by the joint venture with Benderson.

With respect to the joint venture with Benderson, after 20 months from the initial acquisition, Benderson will have the right to cause the joint venture to redeem its 2.0% interest for a price equal to the agreed value of the interest on the closing date of approximately $16.2 million, increased or decreased to reflect changes in the price of the Company’s common shares during the period in which Benderson holds the 2.0% interest, less certain distributions Benderson receives from the joint venture. If Benderson exercises the foregoing right, the Company will have the right to satisfy the joint venture’s obligation by purchasing Benderson’s interest for cash or by issuing DDR common shares to Benderson. If Benderson does not elect to exercise its right to have its interest redeemed, the Company will have the right after 30 months from the initial acquisition to purchase that 2.0% interest for cash or common shares for a price determined in the same manner as if Benderson had elected to cause such redemption.

The Company funded the transaction through a combination of assumed debt, new debt financing, the issuance of cumulative preferred shares and the issuance of common shares (see “Financing”) and asset transfers to the MDT joint venture (See “MDT Joint Venture”). With respect to assumed debt, the fair value of existing indebtedness that we have assumed or intend to assume upon closing is approximately $408.0 million, which includes an adjustment of approximately $30.0 million to fair value, based on rates for debt with similar terms and remaining maturities as of May 2004.

The Benderson assets are located in eleven states, with over 80.0% of the GLA in New York and New Jersey. The Benderson assets are approximately 94.6% leased as of June 30, 2004, and the largest tenants, based on revenues, include Tops Markets (Ahold USA), Wal-Mart/Sam’s Club, Home Depot and Dick’s Sporting Goods. Prior to the transaction, the Company owned less than 100,000 square feet of GLA in New York and approximately 2.7 million square feet of GLA in New Jersey.

Benderson has entered into a five-year master lease for vacant space that is either covered by a letter of intent as of the closing date or a new lease with respect to which the tenant has not begun to pay rent as of the closing date. During the five-year master lease, Benderson has agreed to pay the rent for such vacant space until each applicable tenant’s rent commencement date.

MDT Joint Venture

In May 2004, MDT acquired an indirect ownership interest in 23 retail properties, which consists of over 5.6 million square feet of GLA. The aggregate purchase price of the properties was approximately $538.0 million. The Company indirectly holds an effective 14.5% interest in those properties. Eight of the properties sold to MDT were owned by the Company and one of the properties was held by the Company through a joint venture. Fourteen of the properties sold to MDT were owned by Benderson.

Coventry II

In July 2004, the Company, through its joint venture with Coventry II, acquired an effective 10% interest in a development partnership with David Berndt Interests to develop a new shopping center in San Antonio, Texas, known as Westover Marketplace. The joint venture partnership acquired approximately 63 acres of land for $10.6 million and sold approximately 16 acres for $2.5 million to Target. DDR anticipates that this shopping center will be completed in Fall 2005.

Expansions:

For the six month period ended June 30, 2004, the Company completed four expansion and redevelopment projects located in North Little Rock, Arkansas; Aurora, Ohio; Tiffin, Ohio and Monaca, Pennsylvania at an aggregate cost of approximately $21.5 million. The Company is currently expanding/redeveloping nine shopping centers located in Gadsden, Alabama; Brandon, Florida; Tallahassee, Florida; Suwanee, Georgia; Starkville, Mississippi; Hendersonville, North Carolina; Princeton, New Jersey; Brentwood, Tennessee and Chattanooga, Tennessee at a projected incremental cost of approximately $27.0 million. The Company is also scheduled to commence an additional expansion project at Allentown, Pennsylvania.

For the six month period ended June 30, 2004, a joint venture of the Company completed the expansion of its shopping center located in Deer Park, Illinois at an aggregate cost of $13.9 million. The Company’s joint ventures are currently expanding/redeveloping a shopping center located in Merriam, Kansas at a projected incremental cost of approximately $1.1 million. The Company is also scheduled to commence four additional expansion/redevelopment projects at shopping centers located in Phoenix, Arizona; Lancaster, California; Kansas City, Missouri and Kirkland, Washington.

Development (Consolidated):

During the six month period ended June 30, 2004, the Company substantially completed the construction of a 506,000 square foot shopping center located in Hamilton, New Jersey and a 312,000 square foot shopping center located in Irving, Texas.

The Company currently has eleven shopping center projects under construction. These projects are located in Long Beach, California; Fort Collins, Colorado; Miami, Florida; Overland Park, Kansas; Chesterfield, Michigan; Lansing, Michigan; St. Louis, Missouri; Apex, North Carolina; Mount Laurel, New Jersey; Pittsburgh, Pennsylvania and Mesquite, Texas. These projects are scheduled for completion from 2004 through 2006 at a projected aggregate cost of approximately $411.3 million and will create an additional 3.2 million square feet of retail space.

The Company anticipates commencing construction in 2004 on three additional shopping centers located in Norwood, Massachusetts; Freehold, New Jersey and McKinney, Texas.

Development (Joint Ventures):

The Company has joint venture development agreements for four shopping center projects. These projects have an aggregate projected cost of approximately $105.6 million. These projects are located in Jefferson Country (St. Louis, Missouri); Apex, North Carolina (Phases III and IV), adjacent to a wholly-owned development project; and San Antonio, Texas. The project located in Jefferson County (St. Louis, Missouri) will be substantially completed in 2004. The remaining projects are scheduled for completion in 2005. At June 30, 2004, approximately $7.4 million of costs were incurred in relation to these development projects.

Financings:

In conjunction with the Company’s acquisition of assets from Benderson, the following capital transactions aggregating $1.1 billion in net proceeds, in addition to the MDT joint venture discussed above, were completed:

• In May 2004, the Company entered into an agreement with Bank One, Wachovia and Wells Fargo for a $200 million three-year term loan with two one-year extension options at an interest rate of LIBOR plus 75 basis points.

• In May 2004, the Company issued and sold 15,000,000 of DDR common shares. Net proceeds from the sale of the common shares were approximately $491 million.

• In May 2004, the Company issued and sold 6,800,000 depository shares, each representing 1/20 of a share of 7.50% Class I Cumulative Redeemable Preferred Shares. Net proceeds from the sale of the depository shares were approximately $164.5 million.

• In April 2004, the Company issued $250 million, 5.25% seven-year notes through a private placement.

In July 2004, the Company expanded it unsecured revolving credit facility from $650 million to $1.0 billion.

Developers Diversified Realty Corporation currently owns and manages over 460 retail operating and development properties in 44 states comprising of approximately 102 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

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

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant 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, 2003.

DEVELOPERS DIVERSIFIED REALTY CORPORATION

Financial Highlights
(In thousands — except per share data)


	Three Month Period						Six Month Period
	Ended June 30,						Ended June 30,
	2004			2003			2004			2003
Revenues:
Minimum rent (A)	$	104,800		$	91,229		$	193,759		$	164,868
Percentage and overage rents (A)		1,400			1,292			3,128			2,477
Recoveries from tenants		30,040			23,109			55,831			42,790
Ancillary income		618			434			1,383			782
Other property related income		1,167			233			2,073			307
Management fee income		3,592			2,528			6,702			5,132
Development fees		604			344			795			673
Other (B)		6,504			2,858			10,023			5,921

		148,725			122,027			273,694			222,950

Expenses:
Operating and maintenance		16,049			15,068			32,314			28,210
Real estate taxes		19,902			14,270			35,772			26,400
General and administrative (C)		11,050			11,189			21,494			18,913
Depreciation and amortization		31,930			23,970			57,031			43,733

		78,931			64,497			146,611			117,256

Other income/(expense)
Interest income		998			1,156			2,358			2,759
Interest expense		(30,734	)		(23,042	)		(55,669	)		(41,945	)

		(29,736	)		(21,886	)		(53,311	)		(39,186	)

Income before equity in net income of joint ventures, minority equity interests,
income tax of taxable REIT subsidiaries and franchise taxes, discontinued operations, gain on sales of real estate and real estate investments and cumulative effect of adoption of a new accounting standard		40,058			35,644			73,772			66,508
Equity in net income of joint ventures (D)		6,943			6,797			25,164			16,896
Minority equity interests (E)		(966	)		(873	)		(2,110	)		(3,938	)
Income tax of taxable REIT subsidiaries and franchise taxes		(221	)		—			(892	)		—

Income from continuing operations		45,814			41,568			95,934			79,466
Loss from discontinued operations (F)		—			(1,212	)		(703	)		(924	)

Income before gain on sales of real estate and real estate investments and
cumulative effect of adoption of a new accounting standard		45,814			40,356			95,231			78,542
Gain on sales of real estate and real estate investments, net of tax		40,998			28,046			45,368			28,245

Income before cumulative effect of adoption of a new accounting standard		86,812			68,402			140,599			106,787
Cumulative effect of adoption of a new accounting standard (H)		—			—			(3,001	)		—

Net income	$	86,812		$	68,402		$	137,598		$	106,787

Net income, applicable to common shareholders	$	74,295		$	57,140		$	114,476		$	83,650

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	74,295		$	57,140		$	114,476		$	83,650
Depreciation and amortization of real estate investments		31,208			23,973			55,966			43,694
Equity in net income of joint ventures		(6,943	)		(6,797	)		(25,164	)		(16,896	)
Joint ventures’ FFO (D)		11,065			8,149			23,741			15,943
Minority equity interests (OP Units)		625			482			1,197			859
Gain on sales of depreciable real estate and real estate investments, net (G)		(28,639	)		(27,017	)		(28,799	)		(27,017	)
Cumulative effect of adoption of a new accounting standard (H)		—			—			3,001			—

FFO available to common shareholders		81,611			55,930			144,418			100,233
Preferred dividends		12,517			11,262			23,122			23,137

FFO	$	94,128		$	67,192		$	167,540		$	123,370

Per share data:
Earnings per common share
Basic	$	0.78		$	0.67		$	1.26		$	1.08

Diluted	$	0.77		$	0.66		$	1.24		$	1.06

Dividends Declared	$	0.46		$	0.41		$	0.92		$	0.82

Funds From Operations — Basic (I)	$	0.85		$	0.65		$	1.57		$	1.27

Funds From Operations – Diluted (I)	$	0.84		$	0.64		$	1.55		$	1.25

Basic – average shares outstanding (thousands) (I)		95,018			85,031			90,682			77,626

Diluted — average shares outstanding (thousands) (I)		97,415			87,667			93,104			79,981

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

(A) Increases in base and percentage rental revenues for the six month period ended June 30, 2004 as compared to 2003, aggregated $28.9 million consisting of $1.0 million related to leasing of core portfolio properties (an increase of 0.9% from 2003), $6.7 million from the acquisition of four shopping centers in 2003 and 2004, $15.9 million from the properties acquired from Benderson, $18.9 million from the JDN merger and $1.5 million from the consolidation of a joint venture interest due to the adoption of FIN 46. These amounts were offset by a decrease of $0.3 million relating to the business center properties, and $14.6 million due to the sale of properties to joint ventures in 2003 and 2004 and $0.2 million related to developments and redevelopments. Included in the rental revenues for the six month periods ended June 30, 2004 and 2003 is approximately $3.5 million and $3.0 million, respectively, of revenue resulting from the recognition of straight line rents.

(B) Other income for the six month periods ended June 30, 2004 and 2003 was comprised of the following (in millions):


	Three Month Period				Six Month Period
	Ended June 30,				Ended June 30,
	2004		2003		2004		2003
Lease termination and bankruptcy settlements	$	3.5	$	2.5	$	7.0	$	2.8
Acquisition and finance fees		3.0		—		3.0		—
Settlement of call option (1)		—		—		—		2.4
Sale of option rights and other miscellaneous		—		0.4		—		0.7

	$	6.5	$	2.9	$	10.0	$	5.9

(1) Settlement of a call option on March 31, 2003 relating to the MOPPRS debt assumed from JDN, principally arising from an increase in interest rates from the date of acquisition, March 13, 2003, to the date of settlement.

(C) General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six month periods ended June 30, 2004 and 2003, general and administrative expenses were approximately 4.9% and 5.3%, respectively, of total revenues, including joint venture revenues, for each period.

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

(D) The following is a summary of the Company’s share of the combined operating results relating to its joint ventures (in thousands):


	Three month period						Six month period
	Ended June 30,						ended June 30,
	2004			2003			2004			2003
Revenues from operations (a)	$	82,902		$	59,358		$	159,177		$	119,230

Operating expense		29,712			22,884			55,958			44,884
Depreciation and amortization of real estate investments		14,260			9,214			25,152			19,488
Interest expense		17,814			18,244			36,471			38,312

		61,786			50,342			117,581			102,684

Income from operations before gain on sale of real estate and real estate investments and discontinued operations		21,116			9,016			41,596			16,546
Gain (loss) on sale of real estate and real estate investments		5			588			(8	)		2,331
(Loss) income from discontinued operations, net of tax		377			(449	)		50			2,229
(Loss) gain on sale of discontinued operations, net of tax		(132	)		7,699			23,777			40,887

Net income	$	21,366		$	16,854		$	65,415		$	61,993

DDR Ownership interests (b)	$	7,064		$	7,094		$	25,365		$	17,531

Funds From Operations from joint ventures are summarized as follows:
Net income	$	21,366		$	16,854		$	65,415		$	61,993
Loss (gain) on sale of real estate and real estate investments, including discontinued operations		126			(5,125	)		(23,988	)		(40,815	)
Depreciation and amortization of real estate investments		14,260			10,068			25,038			21,481

	$	35,752		$	21,797		$	66,465		$	42,659

DDR Ownership interests (b)	$	11,065		$	8,149		$	23,741		$	15,943

DDR Partnership distributions received, net	$	20,738		$	12,669		$	49,054		$	34,110

(a) Revenues for the three month periods ended June 30, 2004 and 2003 included approximately $1.6 million and $0.7 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.3 million and $0.1 million, respectively. Revenues for the six month periods ended June 30, 2004 and 2003 included approximately $2.7 million and $1.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.5 million and $0.4 million, respectively.

(b) Included in equity in net income of joint ventures for the six months ended June 30, 2004, is approximately $3.2 million of previously deferred gain related to the sale of joint venture property at the end of 2003. This amount was deferred until certain construction and leasing obligations were achieved.

The Company’s share of joint venture net income has been reduced by $0.1 million and $0.3 million for the three month periods ended June 30, 2004 and 2003, respectively, and by $0.2 million and $0.7 million for the six month periods ended June 30, 2004 and 2003, respectively, to reflect additional basis depreciation.

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

At June 30, 2004 and 2003, the Company owned joint venture interests relating to 74 and 54 shopping center properties, respectively. In addition, at June 30, 2004 and 2003, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 69 and 80 shopping center sites formerly owned by Service Merchandise, respectively.

(E) Minority Equity Interests are comprised of the following (in thousands):


	Three Month Period				Six Month Period
	Ended June 30,				Ended June 30,
	2004		2003		2004		2003
Minority interests	$	342	$	391	$	914	$	843
Preferred Operating Partnership Units		—		—		—		2,236
Operating Partnership Units		624		482		1,196		859

	$	966	$	873	$	2,110	$	3,938

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


	Three Month Period					Six Month Period
	Ended June 30,					Ended June 30,
	2004		2003			2004			2003
Revenues	$	—	$	988		$	145		$	1,853

Expenses:
Operating		—		2,852			94			2,975
Interest		—		177			19			356
Depreciation		—		377			38			652

		—		3,406			151			3,983

				(2,418	)		(6	)		(2,130	)
Minority interests		—		—			(4	)		—
Gain (loss) on sales of real estate		—		1,206			(693	)		1,206

	$	—	$	(1,212	)	$	(703	)	$	(924	)

(G) For the three and six month periods ended June 30, 2003, the Company previously reported an impairment charge of $2.6 million which was reflected as an add back to FFO similar to a loss on sale of real estate. In accordance with comments recently received from the SEC, this charge has been reflected in FFO available to common shareholders for 2003 which resulted in the previously reported FFO of $58.6 million and $102.9 million or $0.68 per share (basic) and $0.67 per share (diluted) and $1.30 per share (basic) and $1.28 per share (diluted) for the three and six month periods ended June 30, 2003 being adjusted as reflected on the FFO calculation disclosed.

(H) The cumulative effect of adoption of a new accounting standard (FIN 46) of approximately $3.0 million is attributable to the consolidation of a 50% owned shopping center property in Martinsville, Virginia and the minority partner’s share of cumulative losses.

(I) For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion, on a weighted average basis of 1.4 million and 1.1 million Operating Partnership Units (OP Units) outstanding at June 30, 2004 and 2003 into 1.3 million and 1.1 million common shares of the Company for the three month periods ended June 30, 2004 and 2003, respectively and 1.2 million and 1.0 million for the six month periods ended June 30, 2004 and 2003. The weighted average diluted shares and OP Units outstanding were 97.6 million and 87.8 million for the three month periods ended June 30, 2004 and 2003, respectively and 93.2 million and 80.1 million for the six month periods ended June 30, 2004 and 2003, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	June 30, 2004			December 31, 2003
Assets:
Real estate and rental property:
Land	$	1,372,811		$	821,893
Buildings		4,116,399			2,719,764
Fixtures and tenant improvements		95,726			90,384
Construction in progress		288,388			252,870

		5,873,324			3,884,911
Less accumulated depreciation		(518,399	)		(458,213	)

Real estate, net		5,354,925			3,426,698
Cash		21,520			11,693
Restricted cash		—			99,340
Advances to and investments
in joint ventures		260,182			260,143
Notes receivable		18,133			11,741
Receivables, including straight line rent, net		92,543			76,509
Other assets, net		87,333			55,027

	$	5,834,636		$	3,941,151

Liabilities:
Indebtedness:
Revolving credit facilities	$	449,500		$	186,500
Variable rate unsecured term debt		350,000			300,000
Unsecured debt		1,360,322			838,996
Mortgage and other secured debt		1,075,292			757,635

		3,235,114			2,083,131
Dividends payable		53,063			43,520
Other liabilities		180,998			152,992

		3,469,175			2,279,643
Minority interests		57,671			47,438
Shareholders’ equity		2,307,790			1,614,070

	$	5,834,636		$	3,941,151

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:


	June 30,			December 31,
	2004			2003
Land	$	697,755		$	519,846
Buildings		1,915,782			1,692,367
Fixtures and tenant improvements		35,834			24,985
Construction in progress		38,102			38,018

		2,687,473			2,275,216
Accumulated depreciation		(114,148	)		(118,755	)

Real estate, net		2,573,325			2,156,461
Receivables, including straight line rent, net		44,877			47,165
Leasehold interests		27,656			28,895
Other assets		102,906			83,776

	$	2,748,764		$	2,316,297

Mortgage debt (a)	$	1,593,210		$	1,321,117
Notes and accrued interest
payable to DDRC		18,360			31,683
Amounts payable to other partners		42,026			32,121
Other liabilities		67,051			80,681

		1,720,647			1,465,602
Accumulated equity		1,028,117			850,695

	$	2,748,764		$	2,316,297

(a) The Company’s proportionate share of joint venture debt aggregated approximately $381.2 million and $368.5 million at June 30, 2004 and December 31, 2003, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2004


	Six Month			Six Month
	Period Ended			Period Ended
FINANCIAL HIGHLIGHTS	June 30			June 30			Year Ended December 31
(In Thousands Except Per Share Information)	2004			2003			2003			2002			2001			2000
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	114,476		$	83,650	(7)	$	189,056	(7)	$	69,368	(7)	$	65,111		$	73,571
Depreciation and Amortization of Real Estate Investments	$	55,966		$	43,694		$	93,173		$	76,462		$	63,200		$	52,975
Equity in Net Income From Joint Ventures	$	(25,164	)	$	(16,896	)	$	(52,917	)	$	(32,769	)	$	(17,010	)	$	(17,072	)
Equity in Net Income From Minority Equity Investment	$	0		$	0		$	0		$	0		$	(1,550	)	$	(6,224	)
Joint Venture Funds From Operations	$	23,742		$	15,943		$	47,942		$	44,473		$	31,546		$	30,512
Minority Equity Investment Funds From Operations	$	0		$	0		$	0		$	0		$	6,448		$	14,856
Operating Partnership Minority Interest Expense	$	1,197		$	859		$	1,770		$	1,450		$	1,531		$	4,126
Non-Recurring & Extraordinary Charges	$	3,001		$	0		$	0		$	0		$	2,895		$	0
(Gain) Loss on Sales of Real Estate	$	(28,799	)	$	(27,017	)	$	(67,352	)	$	454		$	(16,688	)	$	(23,440	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	144,418		$	100,233		$	211,672		$	159,439		$	135,482		$	129,303
PREFERRED DIVIDENDS	$	23,122		$	23,137	(7)	$	51,204	(7)	$	32,602	(7)	$	27,262		$	27,262

FUNDS FROM OPERATIONS	$	167,540		$	123,371		$	262,877		$	192,041		$	162,744		$	156,565

PER SHARE INFORMATION:
Funds From Operations — Diluted	$	1.55		$	1.25		$	2.51		$	2.42		$	2.38		$	2.19
Net Income — Diluted	$	1.24		$	1.06		$	2.27		$	1.07		$	1.17		$	1.31
Cash Dividends	$	0.92		$	0.82		$	1.69		$	1.52		$	1.48		$	1.44
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		93,239			80,119			84,319			65,910			56,957			59,037
TOTAL MARKET CAPITALIZATION (1)	$	7,602,014		$	5,118,378		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917
DEBT TO TOTAL MARKET CAPITALIZATION (1)		42.51	%		41.33	%		37.42	%		43.10	%		43.87	%		49.28	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC		52.35	%		50.14	%		48.68	%		48.26	%		47.18	%		47.82	%
DIVIDEND PAYOUT RATIO (1)		60.92	%		67.26	%(8)		66.03	%(8)		60.93	%		62.53	%		65.19	%
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.95	%		5.32	%		5.35	%		4.80	%		4.25	%		4.27	%
GENERAL AND ADMINISTRATIVE EXPENSES	$	21,495		$	18,913		$	40,820		$	29,392		$	24,175		$	20,449
REVENUES:
DDR Revenues	$	273,840		$	225,154		$	478,696		$	360,778		$	324,148		$	285,416
Joint Venture Revenues	$	160,049		$	130,640		$	284,158		$	251,905		$	244,663		$	193,275

TOTAL REVENUES (3)	$	433,889		$	355,794		$	762,853		$	612,683		$	568,811		$	478,691

NET OPERATING INCOME:
DDR Net Operating Income	$	208,018		$	172,617		$	356,348		$	272,764		$	248,838		$	225,371
Joint Venture Net Operating Income	$	103,522		$	82,169		$	184,927		$	167,573		$	166,545		$	136,440

TOTAL NET OPERATING INCOME (4)	$	311,540		$	254,786		$	541,274		$	440,337		$	415,383		$	361,811

REAL ESTATE AT COST:
DDR Real Estate at Cost	$	5,873,324		$	3,867,153		$	3,884,911		$	2,804,056		$	2,493,665		$	2,161,810
Joint Venture Real Estate at Cost (5)	$	2,687,473		$	2,012,103		$	2,275,216		$	1,785,165		$	1,862,515		$	1,522,493

TOTAL REAL ESTATE AT COST (6)	$	8,560,797		$	5,879,255		$	6,160,127		$	4,589,221		$	4,356,179		$	3,684,302

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2004


	Six Month
	Period Ended
	June 30			Year Ended December 31
MARKET CAPITALIZATION & FINANCIAL RATIOS	2004			2003			2002			2001			2000
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	3,231,806		$	2,077,558		$	1,491,481		$	1,308,301		$	1,227,575
Total Market Capitalization*	$	7,602,014		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917

		42.51	%		37.42	%		43.10	%		43.87	%		49.28	%
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS,
INVESTMENTS AND NOTES RECEIVABLE		52.35	%		48.68	%		48.26	%		47.18	%		47.82	%
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	3,613,009		$	2,446,026		$	1,878,575		$	1,688,904		$	1,550,398
Total Market Capitalization *	$	7,983,217		$	5,920,216		$	3,847,336		$	3,363,064		$	2,813,740

		45.26	%		41.32	%		48.83	%		50.22	%		55.10	%
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		55.10	%		53.79	%		54.20	%		53.85	%		54.54	%
INTEREST COVERAGE RATIO:
Interest Expense	$	55,688		$	90,162		$	77,208		$	81,770		$	77,030
FFO Before Interest and Preferred Dividends *	$	223,227		$	353,039		$	287,586		$	263,595		$	248,896

		4.01			3.92			3.72			3.22			3.23
DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	63,040		$	101,890		$	83,958		$	88,764		$	82,103
FFO Before Interest and Preferred Dividends *	$	223,227		$	353,039		$	287,586		$	263,595		$	248,896

		3.54			3.46			3.43			2.97			3.03
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	86,162		$	142,385		$	129,353		$	135,107		$	124,666
FFO Before Interest and Preferred Dividends *	$	223,227		$	353,039		$	287,586		$	263,595		$	248,896

		2.59			2.48			2.22			1.95			2.00
DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	87,973		$	146,846		$	100,531		$	84,721		$	84,297
Funds From Operations exclusive of charge associated with preferred stock redemption	$	144,418		$	222,382		$	164,983		$	135,482		$	129,303

		0.61			0.66			0.61			0.63			0.65

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2004


	Six Month
	Period Ended
	June 30		Year Ended December 31
	2004		2003		2002		2001		2000
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		102,215		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,410		1,129		911		1,038		1,051

Total		103,625		87,554		67,520		60,493		55,932
Share Price	$	35.3700	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	3,665,208	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592
Preferred Shares at Book Value	$	705,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	3,231,806	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575

TOTAL MARKET CAPITALIZATION	$	7,602,014	$	5,551,748	$	3,460,243	$	2,982,461	$	2,490,917

DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		102,215		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,410		1,129		911		1,038		1,051

Total		103,625		87,554		67,520		60,493		55,932
Share Price	$	35.3700	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	3,665,208	$	2,939,190	$	1,484,762	$	1,155,410	$	744,592
Preferred Shares at Book Value	$	705,000	$	535,000	$	304,000	$	303,750	$	303,750
Preferred Units and Warrant	$	0	$	0	$	180,000	$	215,000	$	215,000
Total Debt	$	3,231,806	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575
Proportionate Share of JV Debt	$	381,203	$	368,468	$	387,094	$	380,604	$	322,823

TOTAL MARKET CAPITALIZATION	$	7,983,217	$	5,920,216	$	3,847,336	$	3,363,064	$	2,813,740

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2004


	Six Month
	Period Ended
	June 30		Year Ended December 31
	2004		2003		2002		2001		2000
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	5,873,324	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Cash and Cash Equivalents	$	21,520	$	111,033	$	16,371	$	19,070	$	4,243
Notes Receivable	$	18,133	$	9,813	$	11,662	$	5,221	$	4,824
Advances and Investments in Joint Ventures	$	260,182	$	262,072	$	258,611	$	255,327	$	260,927
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028

	$	6,173,160	$	4,267,829	$	3,090,699	$	2,773,281	$	2,566,831

DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	5,873,324	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Notes Receivable or Proportionate Share Thereof	$	43,973	$	41,018	$	50,521	$	22,000	$	42,187
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028
Proportionate Share of JV Undepreciated Real Estate Assets	$	639,969	$	621,113	$	611,224	$	620,688	$	503,902

	$	6,557,266	$	4,547,043	$	3,465,801	$	3,136,353	$	2,842,926

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	144,418	$	211,672	$	159,439	$	135,482	$	129,303
Interest Expense	$	55,688	$	90,162	$	77,208	$	81,770	$	77,030
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	23,122	$	51,204	$	50,939	$	46,343	$	42,563

	$	223,227	$	353,039	$	287,586	$	263,595	$	248,896

DEBT SERVICE
Interest Expense	$	55,688	$	90,162	$	77,208	$	81,770	$	77,030
Recurring Principal Amortization	$	7,352	$	11,728	$	6,750	$	6,994	$	5,073

	$	63,040	$	101,890	$	83,958	$	88,764	$	82,103

FIXED CHARGES
Debt Service	$	63,040	$	101,890	$	83,958	$	88,764	$	82,103
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	23,122	$	40,494	$	45,395	$	46,343	$	42,563

D-42 dividend	$	86,162	$	142,385	$	129,353	$	135,107	$	124,666

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Significant Accounting Policies

Revenues

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

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

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

General and Administrative Expenses

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

Deferred Financing Costs

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

Real Estate

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

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


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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Significant Accounting Policies (Continued)

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

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

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

Capitalization

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

• For the six month period ended June 30, 2004 and the years ended December 31, 2003, 2002, 2001 and 2000, the Company capitalized interest of $4.8 million, $11.4 million, $9.5 million, $12.9 million and $18.2 million, respectively.

• In addition, the Company capitalized certain construction administration costs of $3.5 million for the six month period ended June 30, 2004 and $5.1 million, $4.5 million, $3.3 million and $3.2 million for the years ended December 31, 2003, 2002, 2001 and 2000, respectively.

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

Gain on Sales of Real Estate

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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

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

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

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


	Six Month Period
	June 30,
	2004			2003
Total Revenues DDR	$	273,694		$	222,950
Total Revenues DDR Combined Joint Ventures		159,177			119,230
Operating and Maintenance — DDR		(32,314	)		(28,210	)
Real Estate Taxes — DDR		(35,772	)		(26,400	)
Operating and Maintenance — DDR Combined Joint Ventures		(55,958	)		(44,884	)


Combined NOI	$	308,827		$	242,686


Total Same Store NOI	$	159,965		$	157,870		1.3	%
Property NOI from other operating segments		148,862			84,816


Combined NOI	$	308,827		$	242,686

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO) to reflect the adjustment of preferred dividend charges in accordance with EITF Topic No. D-42


	Three Month Period						Six Month Period
	Ended June 30,						Ended June 30,
	2004			2003			2004			2003
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	74,295		$	57,140		$	114,476		$	83,650
Depreciation and Amortization of Real Estate Investments		31,208			23,973			55,966			43,694
Equity in Net Income From Joint Ventures		(6,943	)		(6,797	)		(25,164	)		(16,896	)
Joint Venture Funds From Operations		11,065			8,149			23,741			15,943
Operating Partnership Minority Interest Expense		625			482			1,197			859
Gain on Sales of Real Estate		(28,639	)		(27,017	)		(28,799	)		(27,017	)
Cumulative effect of adoption of a new accounting standard		—			—			3,001			—

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	81,611		$	55,930		$	144,418		$	100,233


Preferred dividend charges in accordance with EITF Topic No. D-42		12,517			11,262			23,122			23,137

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	94,128		$	67,192		$	167,540		$	123,370

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Six Month Period Ended June, 2004


	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	2,052.9	(2)	$	1,363.6	(4)	$	298.6	(6)	$	289.3	(8)	$	81.1	(9)
Completed Expansions		21.5			26.8			8.0			13.7			13.6
Developments & Construction in Progress		130.0			104.6			66.4			72.9			81.2
Tenant Improvements & Building Renovations (1)		3.9			6.3			7.3			6.1			6.3
Furniture Fixtures & Equipment		0.5			1.9			2.3			2.5			0.4

		2,208.8			1,503.2		$	382.6		$	384.5		$	182.6
Less: Real Estate Sales & Joint Venture Transfers		(220.4	)(3)		(422.4	)(5)	($	72.2	)(7)	($	52.7	)	($	89.1	)

Total DDR Additions (Millions)	$	1,988.4		$	1,080.8		$	310.4		$	331.8		$	93.5

(1) The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $8.0 million associated with its wholly owned and consolidated portfolio during 2004.

(2) Includes the consolidation of certain joint venture assets aggregating $37.1 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million.

(3) In addition to the sales listed in the disposition section, this balance includes the sale of several outparcels with an aggregate cost of $13.1 million. This balance also includes the transfer of nine assets with an aggregate cost of $198.6 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Coon Rapids, MN, Asheville, NC, Erie, PA, Murfreesboro, TN, Nashville, TN, Monaca, PA, Merriam, KS, and two properties located in Fayetteville, AR.

(4) Includes the merger of JDN and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(5) In addition to asset sales which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmsted, OH, Independence, MO and St. Paul, MN.

(6) Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR.

(7) Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped.

(8) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.

(9) Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Wholly Owned and Consolidated Acquisitions
for the Six Month Period Ended June, 2004

Cost

Acquisition

Property Location

GLA

(1)

(Millions)

Date

Major Tenants

Benderson Development Company

11,859,665

1,897.3

05/14/04

Portfolio of 87 operating properties located in 11 states.

Total

11,859,665

1,897.3

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

Wholly Owned and Consolidated Dispositions
for the Six Month Period Ended June, 2004


			Gross Sale
			Proceeds
Property Location	GLA		(Millions)		Sale Date
Trinidad, CO		63,836	$	1.0		2/13/2004
North Olmsted, OH		64,950		5.6		3/17/2007

Total		128,786	$	6.6

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Six Month Period Ended June, 2004


*Projects Completed*

N. Little Rock, AR	Demolished the former Kmart space to construct a Bed, Bath & Beyond (opened 9/02), Sports Authority (opened 8/03), and Michael’s (opened 04/04).

Aurora, OH	Expansion of the existing center to create a 38,000 sf Marquee Theatre (opened 05/04).

Tiffin, OH	Retenanting the former Kmart with Marquee Theatre (opened 06/04) and 15,000 sf of additional retail space.

Monaca, PA	Expansion of the existing center to create 38,000 sf Cinemark Theater (opened 06/04) and 6,160 sf of retail space.


Total Net Cost (Millions)	$	21.5


*Projects in Progress*

Gadsden, AL	Break-up of 64,400 sf building to create 20,000 sf Fred’s (opened 05/04) and two mid-size retail units.

Brandon, FL	Recapture 23,391 sf from The Sports Authority and release to PetsMart (will open 3rd quarter).

Tallahassee, FL	Retenanting of former Lowe’s with Bealls (open 04/04), Cato and It’s Fashion.

Suwanee, GA	Retenanting of former K-Mart with PetsMart and Shoe Gallery (opened 03/04).

Starksville, MS	Retenanting of former Wal-Mart with Lowe’s Home Improvements and the relocation of Dollar Tree, Cato, It’s Fashion and Hibbetts (all relocated tenants opened 1st quarter 2004).

Hendersonville, NC	Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater, Big Lots and 32,000 sf of retail space.

Princeton, NJ	Expansion of the existing center to create a 37,200 sf Babies ‘R Us and additional 39,600 sf of retail space.

Brentwood, TN	Recapture The Sports Authority space and release the space to Ross Dress for Less and other retail tenants.

Chattanooga, TN	Retenanting of former K-Mart with Hobby Lobby (scheduled to open 3rd quarter 2004) and Fresh Market (opened 04/04)


Total Net Cost (Millions)	$	27.0

*Projects to Commence Construction*

Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Wholly Owned and Consolidated Development Projects
for the Six Month Period Ended June, 2004


					Substantial
			Net Cost		Completion
	GLA		(Millions)		Date		Major Tenants
*Projects Substantially Completed*
Hamilton, NJ		506,461	$	79.6	1st Half 2004		Wal-Mart, Lowe’s, BJ’s Wholesale, Kohl’s, Michaels, PetsMart, Famous Footwear, Ross Dress for Less, Pier One, Linens ‘N Things, Shop-Rite, and Barnes & Noble (scheduled to open 4th quarter 2004)
Irving, TX		312,126	$	28.4		2004	Wal-Mart, Sam’s Club, Kohl’s, PetsMart, Marquee Theater, Office Max
*Projects in Progress*
Long Beach, CA (The Pike at Rainbow Harbor) Phase I		346,233	$	128.8	2nd Half 2003 and 2004		CinemarkTheater, Gameworks, Carnival Club, Gladstones, Outback Steakhouse, Island Burgers, Bubba Gump Shrimp, California Pizza Kitchen, Kelly’s Coffee, Sharkies Woodfired Mexican Grill, Cold Stone Creamery, Candy Bouquet, Extreme Pizza, Great Steak and Potato Company, Laugh Factory, Auld Dubliner, Bucca di Beppo
Fort Collins, CO		18,540	$	4.2		2004	Wal-Mart, Home Depot and additional small shops and outparcels
Miami, FL		609,606	$	86.2		2006	To be announced
Overland Park, KS		94,183	$	9.8		2004	Home Depot, Sam’s Club, Aldi’s Grocery, Party City, Goodyear Tire, Bank of America, Babies ‘R Us, Golf Galaxy and 8,400 sf of additional retail space
Chesterfield, MI		101,200	$	13.3		2005	45,000 sf of small shop retail.
Lansing, MI		165,869	$	14.3		2005	Wal-Mart, Lowe’s, Michael’s, Gander Mountain, Subway, Hallmark
St. Louis, MO		98,827	$	14.0		2004	PetsMart, Office Max, Walgreens, Fashion Guys, EB Games, Crown Optical and other retail tenants to be announced
Apex, NC (Phase I & II)		461,244	$	26.4		2004	Target, Lowe’s, Office Max, PetsMart, Linens ‘N Things, Hollywood Video, EB Games, GNC, Panera Bread, Sprint PCS, Q’Doba and other retail tenants and outparcels to be announced
Mt. Laurel, NJ		720,625	$	58.4		2004 & 2005	Target, Wegman’s, Costco, Bed, Bath & Beyond, Lane Bryant, Payless Shoe Source, Panera Bread and other retail tenants and outparcels to be announced
Pittsburgh, PA		340,971	$	27.0		2006	Target, Sportsmans Warehouse and other retail to be announced
Mesquite, TX		213,665	$	28.9	1st Half 2004		Michael’s, Linens ‘N Things, Ross Dress for Less, Ultimate Electronics, Dress Barn, Famous Footwear, Pier 1
*Projects to Commence Construction*
Norwood, MA		115,147	$	9.3		2006	To be announced
Freehold, NJ		499,204	$	23.2		2005	Wal-Mart and Sam’s Club and other retail tenants and outparcels to be announced.
McKinney, TX (Phase II)		87,757	$	7.3		2005	To be announced

Wholly Owned Development Totals		4,691,658	$	559.1

Wholly Owned Developments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Wholly Owned and Consolidated Development
Assets Placed in Service as of June 30, 2004


	Assets Placed in Service
Date	(Millions)
As of December 31, 2003	$	179.6
1st Quarter 2004	$	12.4
2nd Quarter 2004	$	64.5
3rd Quarter 2004	$	22.1
4th Quarter 2004	$	40.8
Thereafter	$	239.7

Total	$	559.1

Wholly Owned and Consolidated Development
Funding Schedule as of June 30, 2004


Funded as of June 30, 2004	$	426.9
Projected Net Funding During 2004	$	30.4	(1)
Projected Net Funding Thereafter	$	101.8	(1)

Total	$	559.1

(1) Amount will be reduced by the additional proceeds to be obtained through construction loans and proceeds from land sales.

Wholly Owned Development Delivery and Funding Schedules 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Debt
as of June 30, 2004


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facility:
$650 Million Revolving Credit Facility		$	425,000	(2)		05/06		2.983
$200 Million Term Loan		$	200,000			05/06		2.030
$150 Million Term Loan			150,000			09/04		2.290
Secured Credit Facility:
$30 Million Revolving Credit Facility			24,500			06/06		2.140

Total Credit Facility Debt			799,500
PUBLIC DEBT:
Medium Term Notes	F		10,000			07/04		6.900
Medium Term Notes	F		5,000			07/04		6.940
Medium Term Notes	F		50,000	(3)		12/04		6.840
Medium Term Notes	F		1,000			11/05		7.280
Medium Term Notes	F		96,598	(4)		03/07		7.000
Medium Term Notes	F		10,000			07/07		6.950
Medium Term Notes	F		2,000			12/07		7.050
Medium Term Notes	F		99,908			01/08		6.625
Medium Term Notes	F		273,951			01/09		3.875
Medium Term Notes	F		299,591			07/10		4.625
Medium Term Notes	F		100,000			07/18		7.500
Medium Term Notes	F		248,967			04/11		5.250
Unsecured Notes	F		75,000			08/04		6.800
Unsecured Notes	F		85,000			08/07		6.950

Total Public Debt			1,357,015
MORTGAGE DEBT:
Plainville, CT	F		7,190			04/21		7.125
Bayonet Point, FL	F		5,327			08/06		9.750
Tupelo, MS	F		11,890			03/08		4.410
Jacksonville, FL	F		6,822			03/08		4.410
Denver, CO (Univ Hills)	F		29,131			06/12		7.300
Henderson, TN	F		9,510			01/19		7.660
Brown Deer, WI	F		3,015			08/09		7.750
Allentown, PA	F		18,960			06/21		6.950
Erie, PA	F		25,719			04/11		6.880
Erie, PA	F		2,968			04/11		6.880
Martinsville, VA	F		19,952			12/09		8.460
Boardman, OH	F		26,709			04/11		6.880
Solon, OH	F		16,471			03/08		4.410
St. Louis, MO (Sunset)	F		34,623			04/11		6.880
St. Louis, MO (Brentwood)	F		25,719			04/11		6.880

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Debt
as of June 30, 2004 (con’t)

Mortgage

Maturity

Interest

Balance

Date

Rate (1)

Cedar Rapids, IA

10,214

01/20

9.375

St. Louis, MO (Olympic)

3,685

08/07

9.150

St. Louis, MO (Gravois)

2,014

07/12

8.625

St. Louis, MO (Keller)

1,743

01/10

8.625

N. Charleston, SC

11,793

03/08

4.410

Sault St. Marie, MI

2,952

05/07

8.375

Walker, MI

8,674

03/08

4.410

Detroit, MI

3,985

09/05

7.375

Mt. Pleasant, SC (GS II)

7,992

03/08

4.410

Meridian, ID (GS II)

25,827

03/08

4.410

Riverdale, UT (North)

9,102

10/20

9.300

Salt Lake City, UT (Hermes)

08/04

5.900

Birmingham, AL (GS II)

27,971

03/08

4.410

Wilmington, NC

21,441

03/08

4.410

Berlin, VT

4,940

08/07

9.750

Brainerd, MN

145

02/05

6.800

Spring Hill, FL

5,391

09/19

9.750

Denver, CO (Centennial)

38,579

04/11

6.880

West Pasco, FL

4,784

02/12

9.625

Princeton, NJ

26,222

03/27

8.262

Beachwood, Oh

4,033

07/13

7.640

Woodmont - Riverchase

8,051

01/13

5.500

Leawood, KS

51,963

07/09

7.310

Durham, NC

7,309

03/08

4.410

Dallas, TX (Carpenter)

28,217

01/08

7.250

Silver Springs, MD (Tech 29-1)

6,954

02/09

7.330

Silver Springs, MD (Tech 29-2)

3,512

09/06

9.050

Bellefontaine, OH

2,544

12/16

7.500

Dublin, OH

9,582

09/06

8.375

Pickerington, OH

4,401

12/06

8.250

Jamestown, NY (Southside Plaza)

1,845

04/13

7.600

Ithaca, NY

20,768

01/18

7.050

Columbus, OH (Consumer Square West)

14,499

11/15

10.070

Olean, NY

5,196

07/15

9.000

N. Charleston, SC

10,913

07/12

7.370

W. Long Branch, NJ (Monmouth)

15,989

07/13

8.570

Big Flats, NY (Big Flats I)

12,516

12/10

8.011

Mays Landing, NJ (Wrangleboro)

53,100

05/13

6.990

Plattsburgh, NY

12,221

12/10

8.000

Amherst, NY (Kmart/Blvd Cons. Square)

13,682

11/15

7.850

Tonawanda, NY (Tops/Gander Mtn.)

5,479

06/21

7.660

Big Flats, NY (Big Flats IV)

1,111

01/13

7.600

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Debt
as of June 30, 2004 (con’t)


		Mortgage			Maturity		Interest
		Balance			Date		Rate (1)
Lockport, NY (Walmart/Tops)	F	$	14,145			01/16		8.000
Big Flats, NY (Big Flats II)	F		5,064			01/13		8.010
Amherst, NY (Tops Transit + French)	F		5,677			12/16		7.680
Amherst, NY (Target/Blvd Cons Square)	F		14,691			07/18		5.670
Medina, NY	F		4,212			11/16		7.660
Tonawanda, NY (Hollywood/Tops-Niagara)	F		6,620			05/17		7.630
Mays Landing, NJ (Hamilton)	F		17,147			09/15		4.700
Gates, NY (Westgate)	F		25,169			10/11		7.240
Rome, NY (Freedom Plaza)	F		4,866			09/16		7.850
Moorseville, NC	F		24,154			12/12		6.930
Alden, NY	F		4,633			10/19		8.100
Indian Train, NC (Union TC Ph I)	F		7,040			10/11		7.000
Cheektowaga, NY (Walmart Thruway)	F		5,364			10/17		6.780
Ashtabula, OH	F		6,975			12/11		7.000
Springville, NY	F		6,640			07/18		6.375
Niskayuna, NY (Mohawk)	F		26,913			12/18		5.750
Merriam, KS (TIF)	F		8,575			02/16		6.900
Hamilton, NJ	F		30,000			05/05		2.942
Hamilton, NJ	V		26,971			05/05		3.019
Princeton, NJ	V		24,999			09/25		2.869
San Antonio, TX	V		25,000			07/06		2.869
Apex, NC	V		12,650			06/05		2.869
Mt. Laurel, NJ	V		12,350			06/05		2.869

Total Mortgage Debt			1,075,292

Total Debt		$	3,231,806
Adjustment for Reverse Swap			3,307	(5)
		$	3,235,114

Weighted Average — Total					5.11 years			4.8	%

Weighted Average — Fixed					6.68 years			5.9	%

Weighted Average — Floating					1.36 years			2.3	%

Notes:
F — Fixed Rate Debt V — Variable Rate Debt

1. Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost is offset by the fair market value adjustment.

2. Senior debt of $50 million has been converted to a fixed rate of 2.02%.

3. Public debt of $40 million has been converted to a variable rate of 3.655%. The remaining balance of $10 million is at the stated fixed rate.

4. Public debt of $60 million has been converted to a variable rate of 3.196%. The remaining balance of $36.6 million is at the stated fixed rate.

5. Offset included in other assets.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2004
(000’s)


	2004		2005		2006		2007		2008		2009		2010		2011		2012		2013
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,190		7,190
Bayonet Point, FL						5,327																		5,327
Tupelo, MS		273		287		300		313		10,852														12,025
Jacksonville, FL		156		164		172		180		6,227														6,900
Denver, CO (Univ Hills)		486		522		562		604		650		699		752		809		24,286						29,370
Henderson, TN		339		366		395		426		460		497		536		578		624		674		4,782		9,676
Brown Deer, WI		475		513		554		599		647		460												3,248
Allentown, PA		580		621		666		714		765		820		879		942		1,009		1,082		11,168		19,245
Erie, PA		250		273		293		314		331		360		386		23,641								25,847
Erie, PA		28		31		33		36		38		41		44		2,732								2,983
Martinsville, VA		182		203		221		241		258		18,936												20,041
Boardman, OH		259		283		303		325		343		373		400		24,556								26,842
Solon, OH		378		397		415		434		15,033														16,657
St. Louis, MO (Sunset)		335		366		392		421		444		483		518		31,836								34,795
St. Louis, MO (Brentwood)		250		273		293		314		331		360		386		23,641								25,847
Denver, CO (Centennial)		374		408		438		469		496		539		578		35,469								38,771
Cedar Rapids, IA		287		315		346		380		417		458		503		552		606		665		5,825		10,354
St. Louis, MO (Olympic)		306		335		367		2,826																3,835
St. Louis, MO (Gravois)		282		310		355		389		292		115		125		136		147						2,150
St. Louis, MO (Keller)		243		265		289		315		343		374		33										1,862
N. Charleston, SC		270		284		297		311		10,763														11,926
Sault St Marie, MI		911		990		1,079		418																3,398
Walker, MI		199		209		219		229		7,917														8,772
Detroit, MI		2,800		3,189																				5,989
Mt. Pleasant, SC		183		193		201		211		7,294														8,082
Meridian, ID		592		623		651		681		23,573														26,120
Riverdale, UT (North)		238		261		287		315		345		379		415		456		500		548		5,475		9,218
Salt Lake City, UT		315																						315
Birmingham, AL		642		674		705		737		25,530														28,288
Wilmington, NC		492		517		541		565		19,570														21,684
Berlin, VT								4,940																4,940
Brainerd, MN ( K-Mart)		140		75																				215
Spring Hill, FL		154		170		187		206		227		251		276		304		335		370		2,985		5,467
West Pasco, FL																		4,784						4,784
Princeton, NJ		323		358		389		423		454		499		543		590		636		697		21,468		26,381
Beachwood, OH		183		332		359		387		420		451		487		525		567		349				4,059
Hoover, AL (Riverchase)		108		116		122		129		136		145		153		162		170		6,864				8,104
Leawood, KS		1,038		1,117		1,201		1,292		1,390		46,435												52,473
Durham, NC		168		176		184		193		6,672														7,392
Bellefontaine, OH		123		133		143		154		166		179		193		208		224		241		842		2,604

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2004 (con’t)
(000’s)


	2004		2005		2006		2007		2008		2009		2010		2011		2012		2013
	Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
Dublin, OH		248		270		9,185																		9,704
Pickerington, OH		202		219		4,079																		4,500
Dallas, TX (Carpenter)		455		489		525		565		26,406														28,440
Silver Springs, MD (Tech 29-1)		145		158		170		183		196		6,173												7,025
Silver Springs, MD (Tech 29-2)		85		93		3,376																		3,554
Jamestown, NY (Southside Plaza)		84		153		165		178		193		208		225		242		262		147				1,856
Ithaca, NY		541		980		1,052		1,128		1,210		1,298		1,393		1,494		1,603		1,720		8,424		20,844
Columbus, OH (Consumer Square West)		205		380		420		465		514		568		628		694		767		848		9,040		14,527
Olean, NY		162		298		326		357		390		427		467		511		559		611		1,087		5,196
N. Charleston, SC		106		192		206		222		239		257		277		298		9,131						10,927
W. Long Branch, NJ (Monmouth)		692		1,269		1,382		1,506		1,640		1,786		1,945		2,119		2,307		1,440				16,086
Big Flats, NY (Big Flats I)		871		1,592		1,724		1,867		2,022		2,190		2,371										12,636
Mays Landing, NJ (Wrangleboro)		1,078		1,953		2,094		2,245		2,407		2,581		2,767		2,967		3,181		31,980				53,251
Plattsburgh, NY		851		1,554		1,683		1,823		1,974		2,138		2,315										12,338
Amherst, NY (Kmart/Blvd Cons Square)		440		802		868		938		1,015		1,097		1,187		1,283		1,388		1,500		3,226		13,744
Tonawanda, NY (Tops/Gander Mtn.)		93		170		183		198		213		230		249		268		290		312		3,286		5,492
Big Flats, NY (Big Flats IV)		32		58		63		68		73		79		86		92		100		466				1,117
Lockport, NY (Walmart/Tops)		441		805		872		944		1,022		1,107		1,199		1,298		1,406		1,523		3,591		14,207
Big Flats, NY (Big Flats II)		233		426		462		501		543		589		639		693		751		227				5,064
Amherst, NY (Tops Transit + French)		160		291		315		340		367		396		427		461		498		538		1,884		5,677
Amherst, NY (Target/Blvd Cons Square)		403		722		764		808		856		905		958		1,014		1,073		1,135		6,109		14,747
Medina, NY		120		219		236		255		275		297		320		346		373		403		1,367		4,212
Tonawanda, NY (Hollywood/Tops-Niagara)		178		324		350		377		407		439		474		511		552		595		2,412		6,620
Mays Landing, NJ (Hamilton)		682		1,213		1,271		1,332		1,396		1,463		1,534		1,607		1,684		1,765		3,296		17,243
Gates, NY (Westgate)		154		280		301		324		349		375		404		22,999								25,188
Rome, NY (Freedom Plaza)		227		253		273		295		319		345		374		404		437		472		1,507		4,907
Moorseville, NC		144		261		279		300		322		345		370		397		426		21,329				24,172
Alden, NY		81		148		160		173		188		208		246		266		289		313		2,572		4,644
Indian Train, NC (Union TC Ph I)		45		82		88		95		102		109		117		6,406								7,046
Cheektowaga, NY (Walmart Thruway)		147		265		284		304		325		348		372		398		426		456		2,062		5,384
Ashtabula, OH		45		81		87		93		100		107		115		6,384								7,013
Springville, NY		172		311		331		353		376		401		427		455		485		517		2,838		6,665
Niskayuna, NY (Mohawk)		703		1,260		1,335		1,414		1,497		1,585		1,679		1,778		1,883		1,994		11,884		27,012
Merriam, KS (TIF)																						8,575		8,575
Princeton, NJ (Nassau Pav)																						24,999		24,999
San Antonio, TX						25,000																		25,000
Payments Made Through 6/30/04		-9,469																						-9,469

Total — Property Mortgages		15,115		32,920		78,198		40,140		189,318		100,905		30,768		202,524		63,757		81,781		157,894		993,320

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2004 (con’t)
(000’s)


	2004			2005		2006			2007		2008		2009		2010		2011		2012		2013
	Payments			Payments		Payments			Payments		Payments		Payments		Payments		Payments		Payments		Payments		Thereafter		Total
CONSTRUCTION LOANS
$25 Million Construction Loan (National City Bank)					25,000																					25,000
Hamilton, NJ					56,971																					56,971

Total — Construction Loans		0			81,971		0			0		0		0		0		0		0		0		0		81,971
DEBT OFFERINGS
Senior Notes		65,000			1,000					108,598		99,908		273,951		299,591		248,967						100,000		1,197,015
Unsecured Notes		75,000								85,000																160,000

Total — Debt Offerings		140,000			1,000		0			193,598		99,908		273,951		299,591		248,967		0		0		100,000		1,357,015
Total — Property Mortgages, Construction Loans & Debt Offerings		155,115			115,892		78,198			233,738		289,226		374,856		330,359		451,491		63,757		81,781		257,894		2,432,306
REVOLVING CREDIT FACILITIES
$650 Million Unsecured Credit (Bank One)							425,000	(1)																		425,000
$200 Million Unsecured Credit (Bank One)							200,000	(1)																		200,000
$150 Million Unsecured Credit (Bank of America)		150,000	(1)																							150,000
$30 Million Revolving Credit (National City Bank							24,500	(1)																		24,500

Total — Debt		305,115			115,892		727,698			233,738		289,226		374,856		330,359		451,491		63,757		81,781		257,894		3,231,806

Notes:

(1) Balance at June 30, 2004 on revolving credit facilities.

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2004


				RVIP III B									RVIP VIII					Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			Community Centers		Four			Five
Real Estate Assets	$	55.8		$	79.5		$	31.7		$	217.6		$	27.0		$	0.0	$	0.0		$	249.8
Accumulated Depreciation		(1.6	)		(6.1	)		(3.3	)		(15.6	)		(0.5	)		0.0		0.0			(30.5	)

Real Estate, net		54.2			73.4			28.4			202.0			26.5			0.0		0.0			219.3

Receivables, Net		1.5			1.1			0.8			3.7			0.1			0.8		(0.1	)		6.2
Other assets		1.8			1.9			1.2			10.2			2.5			3.1		0.0			6.2

	$	57.5		$	76.4		$	30.4		$	215.9		$	29.1		$	3.9	($	0.1	)	$	231.7

Mortgage Debt	$	40.0		$	53.8		$	18.5		$	128.8		$	23.3		$	0.0	$	0.0		$	156.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			0.0		0.0			0.0
Other liabilities		0.4			2.3			0.5			18.1			(0.1	)		3.8		0.0			3.4

		40.4			56.1			19.0			146.9			23.2			3.8		0.0			159.4
Accumulated equity (deficit)		17.1			20.3			11.4			69.0			5.9			0.1		(0.1	)		72.3

	$	57.5		$	76.4		$	30.4		$	215.9		$	29.1		$	3.9	($	0.1	)	$	231.7

Proportionate share of other assets/liabilities, net	$	0.7		$	0.2		$	0.4		($	0.9	)	$	0.7		$	0.0	($	0.0	)	$	4.5

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 period ended June 30, 2004


				RVIP III B									RVIP VIII						Community Centers			Community Centers
	RVIP III			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			Community Centers			Four			Five
Revenues from operations	$	3.2		$	6.0		$	2.4		$	12.9		$	3.0		($	0.1	)	$	0.0		$	17.3
Rental operation expenses		(1.1	)		(1.9	)		(1.3	)		(4.6	)		(0.6	)		(0.3	)		0.0			(5.3	)

Net operating income		2.1			4.1			1.1			8.3			2.4			(0.4	)		0.0			12.0
Depreciation and amortization expense		(0.5	)		(1.0	)		(0.5	)		(2.5	)		(0.4	)		0.0			0.0			(2.2	)
Interest expense		(0.4	)		(0.8	)		(0.7	)		(1.8	)		(1.1	)		0.0			0.0			(5.3	)

Income (loss) before gain on sale		1.2			2.3			(0.1	)		4.0			0.9			(0.4	)		0.0			4.5
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			(0.1	)		0.0			0.0			0.3			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			5.0			0.0			0.0			19.1			0.0

Net income (loss)	$	1.2		$	2.3		($	0.1	)	$	8.9		$	0.9		($	0.4	)	$	19.4		$	4.5
DDR Ownership interest		***			***			***			***			20	%		***			35	%		50	%

	$	0.2		$	1.0		$	0.0		$	3.0		$	0.2		$	0.4		$	6.8		$	2.2
Minority Interest		0.0			(0.1	)		0.0			(0.3	)		0.0			0.0			0.0			0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.1

	$	0.2		$	0.9		$	0.0		$	2.7		$	0.2		$	0.4		$	6.8		$	2.3

Proportionate share of net operating income	$	0.4		$	1.6		$	0.3		$	2.2		$	0.6		($	0.1	)	$	0.0		$	6.0

Funds From Operations (“FFO”):
Net income (loss)	$	1.2		$	2.3		($	0.1	)	$	8.9		$	0.9		($	0.4	)	$	19.4		$	4.5
Depreciation of real property		0.5			1.0			0.5			2.5			0.2			0.0			0.1			2.2
(Gain) loss on sale		0.0			0.0			0.0			(5.0	)		0.0			0.0			(19.1	)		0.0

	$	1.7		$	3.3		$	0.4		$	6.4		$	1.1		($	0.4	)	$	0.4		$	6.7
DDR ownership interest		***			***			***			***			20	%		***			35	%		50	%

DDR FFO	$	0.4		$	1.3		$	0.1		$	1.7		$	0.3		$	0.4		$	0.1		$	3.3

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2004


												Lennox
	Community			Community								Town			Sun Center			Dublin Village			Washington
	Centers Seven			Centers Eight			Merriam (6)		Kildeer, IL			Center (2)			Limited (2)			(2)			Park (3)
Real Estate Assets	$	15.7		$	26.7		$	0.0	$	28.1		$	21.1		$	25.8		$	29.7		$	0.6
Accumulated Depreciation		(1.1	)		(2.1	)		0.0		(1.3	)		(3.4	)		(5.5	)		(12.8	)		0.0

Real Estate, net		14.6			24.6			0.0		26.8			17.7			20.3			16.9			0.6

Receivables, Net		0.3			1.0			0.0		0.3			1.7			0.8			0.2			0.0
Other assets		0.1			0.6			0.0		0.6			0.7			1.0			1.2			0.0

	$	15.0		$	26.2		$	0.0	$	27.7		$	20.1		$	22.1		$	18.3		$	0.6

Mortgage Debt	$	9.9		$	17.7		$	0.0	$	19.5		$	18.8		$	21.4		$	0.0		$	0.0
Amounts payable to DDRC		0.0			0.0			0.0		0.0			0.0			0.0			0.0			0.0
Other liabilities		0.3			0.4			0.0		0.6			1.1			0.6			1.2			0.0

		10.2			18.1			0.0		20.1			19.9			22.0			1.2			0.0
Accumulated equity (deficit)		4.8			8.1			0.0		7.6			0.2			0.1			17.1			0.6

	$	15.0		$	26.2		$	0.0	$	27.7		$	20.1		$	22.1		$	18.3		$	0.6

Proportionate share of other assets/liabilities, net	$	0.1		$	0.6		$	0.0	$	0.0		$	0.6		$	1.0		$	0.2		$	0.0

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 period ended June 30, 2004


													Lennox
	Community Centers			Community Centers									Town			Sun Center			Dublin Village			Washington
	Seven			Eight			Merriam (6)			Kildeer, IL			Center (2)			Limited (2)			(2)			Park (3)
Revenues from operations	$	0.9		$	2.1		$	2.4		$	1.7		$	2.3		$	2.1		$	1.0		$	0.0
Rental operation expenses		(0.4	)		(0.7	)		(0.7	)		(0.4	)		(0.6	)		(0.4	)		(0.2	)		0.0

Net operating income		0.5			1.4			1.7			1.3			1.7			1.7			0.8			0.0
Depreciation and amortization expense		(0.1	)		(0.2	)		(0.4	)		(0.3	)		(0.2	)		(0.4	)		(0.4	)		0.0
Interest expense		(0.4	)		(0.7	)		(0.7	)		(0.5	)		(0.8	)		(0.9	)		0.0			0.0

Income (loss) before gain on sale		0.0			0.5			0.6			0.5			0.7			0.4			0.4			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

Net income (loss)	$	0.0		$	0.5		$	0.6		$	0.5		$	0.7		$	0.4			0.4		$	0.0
DDR Ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

	$	0.0		$	0.2		$	0.3		$	0.0		$	0.3		$	0.5		$	0.3		$	0.0
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Amortization of basis differential		0.0			0.0			0.0			0.0			(0.1	)		(0.1	)		(0.3	)		0.0

	$	0.0		$	0.2		$	0.3		$	0.0		$	0.2		$	0.4		$	0.0		$	0.0

Proportionate share of net operating income	$	0.3		$	0.7		$	0.9		$	0.1		$	0.8		$	1.3		$	0.7		$	0.0

Funds From Operations (“FFO”):
Net income (loss)	$	0.0		$	0.5		$	0.6		$	0.5		$	0.7		$	0.4		$	0.4		$	0.0
Depreciation of real property		0.1			0.2			0.4			0.3			0.2			0.4			0.4			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.1		$	0.7		$	1.0		$	0.8		$	0.9		$	0.8		$	0.8		$	0.0
DDR ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

DDR FFO	$	0.1		$	0.4		$	0.5		$	0.1		$	0.5		$	0.8		$	0.7		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2004


																							Sansone
				Littleton, CO					Coon Rapids,								Service			Jefferson County,			Group /
	DOTRS			(5)		Salisbury, MD			MN		Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			DDRC LLC		DDR Markaz
Real Estate Assets	$	24.9		$	3.2	$	2.1		$	0.0	$	27.4		$	114.0		$	133.4		$	5.3		$	0.2	$	167.0
Accumulated Depreciation		(3.7	)		0.0		(0.2	)		0.0		(4.3	)		(3.8	)		(2.7	)		(0.2	)		0.0		(4.5	)

Real Estate, net		21.2			3.2		1.9			0.0		23.1			110.2			130.7			5.1			0.2		162.5

Receivables, Net		1.0			0.0		0.1			0.2		0.8			2.4			8.3			0.0			2.1		1.9
Other assets		0.3			0.0		0.1			1.5		1.2			4.7			39.5			0.2			1.6		6.0

	$	22.5		$	3.2	$	2.1		$	1.7	$	25.1		$	117.3		$	178.5		$	5.3		$	3.9	$	170.4

Mortgage Debt	$	11.0		$	0.0	$	1.8		$	0.0	$	17.5		$	85.0		$	74.1		$	2.3		$	0.0	$	110.0
Amounts payable to DDRC		0.0			0.0		0.0			0.0		0.0			0.1			13.6			3.1			0.0		0.6
Other liabilities		(0.1	)		0.1		0.0			1.4		0.5			1.1			51.3			0.1			0.7		2.5

		10.9			0.1		1.8			1.4		18.0			86.2			139.0			5.5			0.7		113.1
Accumulated equity (deficit)		11.6			3.1		0.3			0.3		7.1			31.1			39.5			(0.2	)		3.2		57.3

	$	22.5		$	3.2	$	2.1		$	1.7	$	25.1		$	117.3		$	178.5		$	5.3		$	3.9	$	170.4

Proportionate share of other assets/liabilities, net	$	0.7		$	0.0	$	0.1		$	0.1	$	1.0		$	1.5		$	9.0		$	0.1		$	1.5	$	1.1

Disproportionate amount payable to DDR	$	0.0		$	0.0	$	0.0		$	0.0	$	0.0		$	0.0		$	0.0		$	1.5		$	0.0	$	0.0


Combining Statements of Operations for the period ended June 30, 2004


																									Sansone
				Littleton, CO						Coon Rapids,									Service			Jefferson County,			Group /
	DOTRS			(5)			Salisbury, MD			MN			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			DDRC LLC			DDR Markaz
Revenues from operations	$	1.8		$	2.3		$	0.2		$	0.0		$	2.5		$	8.7		$	10.4		$	0.3		$	5.6		$	10.4
Rental operation expenses		(0.5	)		(0.7	)		0.0			(0.1	)		(0.7	)		(3.5	)		(6.7	)		(0.1	)		(4.5	)		(3.3	)

Net operating income		1.3			1.7			0.2			(0.1	)		1.8			5.2			3.7			0.2			1.1			7.1
Depreciation and amortization expense		(0.3	)		(0.3	)		0.0			0.0			(0.3	)		(1.3	)		(2.2	)		(0.1	)		0.0			(1.9	)
Interest expense		(0.1	)		(0.6	)		(0.1	)		0.0			(0.7	)		(2.5	)		(4.3	)		(0.2	)		0.0			(2.4	)

Income (loss) before gain on sale		0.9			0.8			0.1			(0.1	)		0.8			1.4			(2.8	)		(0.1	)		1.1			2.8
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			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(0.1	)		0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(0.2	)		0.0			0.0			0.0

Net income (loss)		0.9			0.8			0.1			(0.1	)		0.8			1.4			(3.1	)		(0.1	)		1.1			2.8
DDR Ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***

	$	0.5		$	0.4		$	0.0		$	3.3		$	0.5		$	0.4		($	0.8	)	$	0.0		$	0.5		$	0.6
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Amortization of basis differential		0.1			0.0			0.0			0.0			(0.2	)		0.0			0.0			0.0			(0.2	)		0.1

	$	0.6		$	0.4		$	0.0		$	3.3	(7)	$	0.3		$	0.4		($	0.8	)	$	0.0		$	0.3		$	0.7

Proportionate share of net operating income	$	0.6		$	0.8		$	0.1		$	0.0		$	1.2		$	1.3		$	0.9		$	0.1		$	0.6		$	1.8

Funds From Operations (“FFO”):
Net income (loss)	$	0.9		$	0.8		$	0.1		($	0.1	)	$	0.8		$	1.4		($	3.1	)	($	0.1	)	$	1.1		$	2.8
Depreciation of real property		0.3			0.3			0.0			0.0			0.3			1.3			2.2			0.1			0.0			1.9
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	1.2		$	1.1		$	0.1		($	0.1	)	$	1.1		$	2.7		($	0.9	)	$	0.0		$	1.1		$	4.7
DDR ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***

DDR FFO	$	0.6		$	0.5		$	0.0		$	3.3	(7)	$	0.8		$	0.7		($	0.2	)	$	0.0		$	0.5		$	1.1

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2004


	Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Total
Real Estate Assets	$	49.2		$	37.2		$	45.7		$	1,268.9		$	0.0		$	2,687.5
Accumulated Depreciation		(1.0	)		(0.3	)		(0.4	)		(9.4	)		0.0			(114.1	)

Real Estate, net		48.2			36.9			45.3			1,259.5			0.0			2,573.4

Receivables, Net		0.9			0.0			0.6			7.7			0.5			44.9
Other assets		0.9			0.8			1.7			36.5			4.5			130.5

	$	50.0		$	37.7		$	47.6		$	1,303.7		$	5.0		$	2,748.8

Mortgage Debt	$	31.5		$	26.0		$	39.0		$	687.5		$	0.0		$	1,593.2
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.9			18.4
Other liabilities		1.0			0.2			1.1			9.6			6.7			109.0

		32.5			26.2			40.1			697.1			7.6			1,720.6
Accumulated equity (deficit)		17.5			11.5			7.5			606.6			(2.6	)		1,028.2

	$	50.0		$	37.7		$	47.6		$	1,303.7		$	5.0		$	2,748.8

Proportionate share of other assets/liabilities, net	$	0.2		$	0.1		$	0.2		$	5.1		($	0.1	)	$	28.5

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	1.5


Combining Statements of Operations for the period ended June 30, 2004

v
	Coventry II
	DDR Ward			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie
	Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Total
Revenues from operations	$	3.4		$	1.6		$	2.8		$	50.5		$	1.2		$	159.2
Rental operation expenses		(1.5	)		(0.5	)		(1.1	)		(14.0	)		(0.1	)		(55.9	)

Net operating income		1.9			1.1			1.7			36.5			1.1			103.3
Depreciation and amortization expense		(0.3	)		(0.3	)		(0.4	)		(8.6	)		(0.1	)		(25.2	)
Interest expense		(0.6	)		(0.2	)		(0.5	)		(10.3	)		0.0			(36.5	)

Income (loss) before gain on sale		1.0			0.6			0.8			17.6			1.0			41.6
Gain (loss) on sale of real estate		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
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			23.8

Net income (loss)		1.0			0.6			0.8			17.6			1.0		$	65.4
DDR Ownership interest		20	%		***			***			***			50	%

	$	0.2		$	0.1		$	0.2		$	3.5		$	0.5		$	25.4
Minority Interest		0.0			0.0			0.0			0.0			0.0			(0.4	)
Amortization of basis differential		0.0			0.0			0.0			0.4			0.0			(0.2	)

	$	0.2		$	0.1		$	0.2		$	3.9		$	0.5		$	24.8

Proportionate share of net operating income	$	0.4		$	0.2		$	0.3		$	7.2		$	0.5		$	31.9

Funds From Operations (“FFO”):
Net income (loss)	$	1.0		$	0.6		$	0.8		$	17.6		$	1.0		$	65.4
Depreciation of real property		0.3			0.3			0.4			8.6			0.1			25.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			(24.0	)

	$	1.3		$	0.9		$	1.2		$	26.2		$	1.1		$	66.4
DDR ownership interest		20	%		***			***			***			50	%

DDR FFO	$	0.3		$	0.2		$	0.2		$	4.8		$	0.5		$	23.8

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

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

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

(3) Represents undeveloped land.

(4) The Company owns an approximate 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected in DDR Consolidated Statement of Operations The joint venture’s total related party interest expense for the six months ended June 30, 2004 totaled $2.2 million, of which $0.6 million, or approximately 25%, is reflected in revenues from operations in the Company’s Consolidated Statement of Operations.

(5) In the first quarter of 2004, the Company acquired the operating shopping center owned by the joint venture. An undeveloped parcel of land remains in the joint venture.

(6) In the second quarter of 2004, the property was purchased by DDR/Macquarie Fund LLC. The Company retained a 14.5% ownership in the property through its ownership of the acquiring joint venture.

(7) In the first six months of 2004, the Company recognized $3.3 million of previously deferred gain related to the sale of joint venture property at the end of 2003. A portion of the Company’s gain on sale was deferred until certain construction and leasing obligations were achieved.

*** See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect.

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP III
Date Formed:		January 1998
Property Name/Location:		City Place - Long Beach, CA

Major Tenants:		Wal-Mart
		Albertson’s
		Ross Dress for Less
		Nordstrom Rack
		Savon
		Anna’s Linens

Partnership Structure


Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% return on equity

Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return on equity

Fees to DDR


Management Fee:		3.50%
Construction Management Fee:		5% of cost of construction (including architectural & engineering and other soft costs)
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)


DDR	$	4.2
PREI		12.7
Coventry		0.2

Total Capital	$	17.1

Debt	$	40.0

Total Debt & Equity	$	57.1

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	RVIP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL
Major Tenants:	Eddie Bauer	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Harware	J. Crew
	Abercrombie & Fitch	Pier One Imports
	GAP	Banana Republic
	Barnes & Noble	Chico’s
	Century Theater

Partnership Structure


RVIP IIIB

Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR


Management Fee:		3.5%
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)


DDRC	$	4.9
Prudential		14.4
Coventry		1.0

Total Capital	$	20.3

Debt	$	53.8

Total Debt & Equity	$	74.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program LP VI
Date Formed:	October 1999
Property Name/Location:	The joint venture consists of the following four properties:

	Ten Quivira Plaza - Shawnee, KS		Devonshire Village - Olathe, KS
	Cherokee North - Overland Park, KS		Brywood Center - Kansas City, MO

Major Tenants:	Price Chopper	La Petite Academy
	Big Lots	Osco Drug
	Dollar General	Deal$
	Sherwin Williams	Westlake Hardward
	Eckerd Drug
	Hollywood Video

Partnership Structure


Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR


Management Fee:		3.50%
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)

Capital Structure (in millions)


DDR	$	2.8
PREI		8.4
Coventry		0.1

Total Capital	$	11.4

Debt	$	18.5

Total Debt & Equity	$	29.9

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program VII LLC
Date Formed:	November 2000
Property Name/Location:	The joint venture consists of the following seven properties:

	San Ysidro Village - San Ysidro, CA		Downtown Pleasant Hill - Pleasant Hill, CA
	Olympiad Plaza - Mission Viejo, CA		Richmond City Center - Richmond, CA
	Plaza at Puente Hills - City of Industry, CA		Puget Park Shopping Center - Everett, WA
	Valley Central Shopping Center - Lancaster, CA

Major Tenants:	Office Depot	Michael’s
	Century Theater	Staples
	Ross Stores	Albertson’s
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	K-Mart
	T.J. Maxx	Kroger
	Cinemark	Marshalls


Partnership Structure

Equity Contribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		20% - DDR
		79% - Prudential Real Estate Investors
		Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter)

Promote (current):		(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (79% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry.

Fees to DDR


Management Fee:		3.20%
Construction Management Fee:		5% of hard and soft costs
Asset Management Fee:		.63% (DDR’s pro-rata share of Coventry’s .8% fee)
Leasing Fees (without co-broker):		5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet)
		4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet)
		3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases)
		Renewals earn 50% of fees on new leases

Capital Structure (in millions)


DDR	$	13.3
PREI		52.3
Coventry		3.4

Total Capital	$	69.0

Debt	$	128.8

Total Debt & Equity	$	197.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	RVIP VIII
Date Formed:	September 2003
Property Name/Location:	Shops@TECH.RIDGE - Austin, TX
Major Tenants:	Target	Linen’s ‘N Things
	Pier One	Toys ‘R Us
	Dress Barn	Hobby Lobby
	Rack Room Shoes	Ultimate Electronics
	PetsMart	Office Depot
	Ross Dress for Less

Partnership Structure


RVIP VIII

Equity Contribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors (PREI)

Cash Flow Distribution:		1% - Coventry Real Estate Partners
		24.75% - DDR
		74.25% - Prudential Real Estate Investors
		Up to a leveraged 10% preferred return on equity

Promote (current):		33% Coventry Real Estate Partners (79% owned by DDR)
		once limited partners have received a 10% preferred return and return of equity

Fees to DDR


Management Fee:		3.5%
Development Fee:		1% of hard costs for all improvements
Asset Management Fee:		N/A
Leasing Fees: *		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 9,999 square feet)
		4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot (spaces 20,000 square feet and greater)
		3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 - 9,999 square feet)
		2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 19,999 square feet)
		$2 per square foot on renewals (spaces 20,000 square feet and greater)
		4% on new leases years 1-5; 2% years 6-10 (outparcels/ground leases)
		2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases)
		6% of Gross Sales Price up to $500,000 (Outparcel Sales)
		5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Development Fee: *		5% of all development and tenant improvement work performed
Tenant Coordination Fee: *		$5,000 for each in-line space less than 10,000 square feet

Capital Structure (in millions)


DDRC	$	1.5
Prudential		4.5
Coventry		(0.1	)

Total Capital	$	5.9

Debt	$	23.3

Total Debt & Equity	$	29.2

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	DDRA Community Centers Five, L.P.
Date Formed:	September, 1998
Property Name/Location:	The joint venture consists of the following six properties:

	Foothills Towne Center - Ahwatukee, AZ	Maple Grove Crossing - Maple Grove, MN
	Arrowhead Crossing - Phoenix, AZ	Tanasbourne Town Center - Portland, OR
	Eagan Promenade - Eagan, MN	Eastchase Market - Fort Worth, TX


Major Tenants:	AMC Theatre	Gander Mountain	Oshman’s Sporting Goods
	Ashley Homestores	Haggan’s	Petco
	Babies ‘R Us	Kohl’s Department	Petsmart
	Barnes & Noble	Linens ‘N Things	Pier One
	Bassett Furniture	Mac Frugal’s	Ross Dress for Less
	Bed Bath & Beyond	Mervyn’s (not owned)	Staples
	Byerly’s	Michael’s	Stein Mart
	Circuit City	Nordstrom Rack (not owned)	Target (not owned)
	Comp USA	Office Depot	TJ Maxx
	Cub Foods (not owned)	Office Depot (not owned)	Toys ‘R Us (not owned)
	Ethan Allen (not owned)	OfficeMax	United Artists Theatre
	Famous Footwear	Old Navy


Partnership Structure
Equity Contribution:		50% - DDR
		50% - DRA Advisors

Cash Flow Distribution:		50% - DDR
		50% - DRA Advisors

Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	36.15
DRA Advisors		36.15

Total Capital	$	72.3

Debt	$	156.0

Total Debt & Equity	$	228.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		DDRA Community Centers Seven, L.P.
Date Formed:		October, 1999
Property Name/Location:		Ahwatukee Foothills Towne Center (Phase IV) - Phoenix, AZ
Major Tenants:		Best Buy
		JoAnn, Etc.

Partnership Structure
Equity Contribution:		50% - DDR
		50% - DRA Advisors

Cash Flow Distribution:		50% - DDR
		50% - DRA Advisors

Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	2.39
DRA Advisors		2.39

Total Capital	$	4.8

Debt	$	9.9

Total Debt & Equity	$	14.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		DDRA Community Centers Eight, L.P.
Date Formed:		February, 2000
Property Name/Location:		Deer Valley Towne Center - Phoenix, AZ
Major Tenants:		Michael’s
		OfficeMax
		Petsmart
		Ross Stores
		AMC Theatres (not owned)
		Target (not owned)

Partnership Structure
Equity Contribution:		50% - DDR
		50% - DRA Advisors

Cash Flow Distribution:		50% - DDR
		50% - DRA Advisors

Fees to DDR
Management Fee:		3.5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	4.0
DRA Advisors		4.0

Total Capital	$	8.0

Debt	$	17.7

Total Debt & Equity	$	25.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		DDRA Kildeer LLC
Date Formed:		March 28, 2002
Property Name/Location:		The Shops at Kildeer - Kildeer, IL
Major Tenants:		Bed, Bath & Beyond
		Circuit City
		Cost Plus
		Old Navy

Partnership Structure
Equity Contribution:		10% - DDR
		90% - DRA Advisors

Cash Flow Distribution:		10% - DDR
		90% - DRA Advisors

Promote:		After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved.

Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3% on renewals
Commission on Outparcel Sales:		10% of net sales price

Capital Structure (in millions)


DDR	$	0.8
DRA Advisors		6.8

Total Capital	$	7.6

Debt	$	19.5

Total Debt & Equity	$	27.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Lennox Town Center Limited
Date Formed:		February, 1998
Property Name/Location:		Lennox Town Center Shopping Center - Columbus, OH
Major Tenants:		AMC Theatres Lennox 24
		Barnes & Noble
		Staples
		Target

Partnership Structure
Equity Contribution:		50% - DDR
		50% - Casto Properties

Cash Flow Distribution:		50% - DDR
		50% - Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	0.1
Casto Properties		0.1

Total Capital	$	0.2

Debt	$	18.8

Total Debt & Equity	$	19.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Sun Center Limited
Date Formed:		February, 1998
Property Name/Location:		Sun Center - Columbus, OH
Major Tenants:		Babies ‘R Us
		Big Bear
		Michael’s
		Rhodes Furniture
		Staples
		Stein Mart

Partnership Structure
Equity Contribution:		79.45% - DDR
		20.55% - Casto Properties

Cash Flow Distribution:		79.45% - DDR
		20.55% - Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	0.079
Casto Properties		0.002

Total Capital	$	0.1

Debt	$	21.4

Total Debt & Equity	$	21.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Continental Sawmill Limited Partnership
Date Formed:		February, 1998
Property Name/Location:		Dublin Village Center - Columbus, OH
Major Tenant:		AMC Theatre

Partnership Structure
Equity Contribution:		80.012% - DDR
		19.988% - Casto Properties

Cash Flow Distribution:		80.012% - DDR
		19.988% - Casto Properties

Fees to DDR
Management Fee:		1.312% of all rent
Development Fee:		N/A
Leasing Fees:		N/A
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	13.7
Casto Properties		3.4

Total Capital	$	17.1

Debt	$	—

Total Debt & Equity	$	17.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		DOTRS LLC
Date Formed:		September, 1996
Property Name/Location:		Macedonia Commons - Macedonia, Ohio

Major Tenants:		First National Supermarkets
		Kohl’s Department Store
		Wal-Mart (not owned)
Partnership Structure
Equity Contribution:		50% - DDR
		50% - The State Teachers Retirement Board of Ohio

Cash Flow Distribution:		50% - DDR
		50% - The State Teachers Retirement Board of Ohio
Fees to DDR
Management Fee:		5% of gross retail income
Development Fee:		5% of hard costs for all improvements
Leasing Fees:		5% on new leases, 3.5% on renewals
Commission on Outparcel Sales:		N/A

Capital Structure (in millions)


DDR	$	5.78
The State Teachers Retirement Board		5.78

Total Capital	$	11.6

Debt	$	11.0

Total Debt & Equity	$	22.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Shea and Tatum Associates Limited Partnership
Date Formed:		January 1, 1995 (acquired January 2, 2003)
Property Name/Location:		Paradise Village Gateway - Phoenix, AZ
Major Tenants:		Albertson’s
		Bed Bath & Beyond
		Petsmart
		Ross
		Staples
Partnership Structure
Equity Contribution:		67% - DDR
		33% - Churchill Family Trust

Cash Flow Distribution:		67% - DDR
		33% - Churchill Family Trust
Fees to DDR
Management Fee:		5% of gross income
Development Fee:		5% of total costs for all improvements (excluding land)
Leasing Fees (without co-broker):		$3.50 per square foot for spaces < 5,000 square feet
		$3.00 per square foot for spaces 5,000 - 10,000 square feet
		$2.50 per square foot for spaces 10,000 - 25,000 square feet
		$2.00 per square foot for spaces 25,000 - 50,000 square feet
		$1.50 per square foot for spaces over 50,000 square feet
		Renewals earn 50% of fees on new leases
		5.0% on new ground leases on years 1-5
Commission on Outparcel Sales:		5% of gross sales price

Capital Structure (in millions)


DDR	$	4.74
Churchill Family Trust		2.33

Total Capital	$	7.1

Debt	$	17.5

Total Debt & Equity	$	24.6

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Paseo Colorado Holdings LLC
Date Formed:		January 14, 2003
Property Name/Location:		Paseo Colorado - Pasadena, CA

Major Tenants:		DSW Shoe Warehouse
		Equinox Health & Fitness
		Gelson’s Market
		Macy’s
		Pacific Theaters
Partnership Structure
Equity Contribution:		25% - DDR
		75% - Lehman Brothers

Cash Flow Distribution:		25% - DDR
		75% - Lehman Brothers

Promote:		After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds.
Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		3.5% of total costs for all improvements (excluding land)
Leasing Fees:		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price over $500,000 but less than $1,000,000
		4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	7.8
Lehman Brothers		23.3

Total Capital	$	31.1

Debt	$	85.0

Total Debt & Equity	$	116.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of 70 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc.. The Joint Venture also owns designation rights to 4 assets for which it has not obtained final title through the bankruptcy court. These assets are in the process of being designated to the Joint Venture. In total, these properties are located in 27 states across the United States.

Partnership Structure

Equity Contribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I

Cash Flow Distribution:		24.63% — DDR
		12.32% — Klaff Realty, L.P.
		61.58% — Lubert-Adler Funds
		1.47% — Random Properties Acquisition Corp I

		Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted.

Promote:		Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds.

Fees to DDR
Management Fees:		3.0% of gross revenues
Development Fees:		4.5% of hard costs for all improvements for all retail tenant leases
		1.5% of hard costs for all non-retail or furniture leases
Leasing Fees:		$0.94 per square foot for all retail tenant leases
		$0.31 per square foot for all non-retail or furniture leases
Disposition Fees:		.75% of gross sales price for all sales to retail purchasers
		.25% of gross sales price for all sales to non-retail or furniture purchasers


Capital Structure (in millions)
DDR	$	22.2
Klaff		11.1
Lubert-Adler		55.5
Random Properties Acquisition Corp. I		1.3

Total Capital	$	90.1	(1)

Payable to DDR	$	0.50

Existing Debt	$	74.1

Debt to be Assumed	$	1.8	(2)

Total Debt & Equity	$	166.5

(1) Total capital includes member equity loans to the joint venture of $50.6 million as of June 30, 2004, of which DDR’s proportionate share is $13.1 million.

(2) Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final 4 undesignated properties.

Developers Diversified Realty
Quarterly Financial Supplemental
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO
Major Tenants:		Target (not owned)
		Home Depot (not owned)
		Shoe Carnival
		Sally Beauty Supply
		Deal$
Partnership Structure
Equity Contribution:		50% - DDR
		50% - The Sansone Group (50% owned by DDR)

Cash Flow Distribution:		50% - DDR
		50% - The Sansone Group
Fees to DDR
Management Fee:		1.50%
Development Fee:		NA
Leasing Fees:		2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals

Capital Structure (in millions)


DDRC	$	(0.08	)
The Sansone Group		(0.08	)

Total Capital (1)	$	(0.2	)

Payable to DDR	$	3.1

Debt	$	2.3

Total Debt & Equity	$	5.2

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

Joint Venture Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	DDR Markaz LLC (Kuwaiti Financial Centre)
Date Formed:	May 2003
Property Name/Location:	The joint venture consists of the following seven properties:

	Hilltop Plaza – Richmond, CA	Highland Grove Shopping Center– Highland, IN
	Derby Square – Grove City, OH	Springfield Commons Shopping Center – Toledo, OH
	Oviedo Park – Oviedo, FL	Apple Blossom Corners – Winchester, VA
	North Pointe Plaza – Tampa, FL

Major Tenants:	Babies R Us (not owned)	Marshalls
	Barnes & Noble	Martin’s Food Store
	Bed Bath & Beyond	Michael’s
	Books-A-Million	OfficeMax
	Borders Books (not owned)	Old Navy
	Century Theatre	Petsmart
	Circuit City	Publix
	Gander Mountain	Ross Dress for Less
	Jewel (not owned)	Target (not owned)
	Kohl’s	T.J. Maxx
	Linens ‘N Things	Wal-mart (not owned)
	Lowe’s (not owned)


Partnership Structure
Equity Contribution:		80% - Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”)
		20% - DDR

Cash Flow Distribution:		80% - Markaz
		20% - DDR

Promote (current):		(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest.
Fees to DDR
Property Management Fee:		4.0% of revenues
Development Fee:		5.0% of total costs for all improvements
Asset Management Fee:		5.5% of net operating income
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
		Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price $500,000 - $1,000,000
		4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	11.5
Markaz		45.9

Total Capital	$	57.4

Payable to DDR	$	0.6

Debt	$	110.0

Total Debt & Equity	$	168.0

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Ward Parkway LLC
Date Formed:		June 2003
Property Name/Location:		Kansas City, MO
Major Tenants:		Target (not owned)
		Dilliards
		Pier One
		TJ Maxx
		AMC Theater
		24 Hour Fitness
		Dick’s
		Steinmart

Partnership Structure


Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR


Management Fee:		3% of gross income for stabilized property (95% leased)
		4% of gross income for unstabilized property
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)

Capital Structure (in millions)


Coventry II Fund	$	14.0
DDR		3.5

Total Capital	$	17.5

Debt	$	31.5

Total Debt & Equity	$	49.0

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

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Totem Lakes LLC
Date Formed:		January 2004
Property Name/Location:		Totem Lakes Mall - Kirkland, WA
Major Tenants:		Guitar Center
		Trader Joe’s
		Big 5 Sporting Goods
		Totem Lake Theater
		Rite Aid
		Ross Dress For Less
		Famous Footwear
		CompUSA

Partnership Structure


Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR


Management Fee:		4% of gross income
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)

Capital Structure (in millions)


Coventry II Fund	$	9.2
DDR		2.3

Total Capital	$	11.5

Debt	$	26.0

Total Debt & Equity	$	37.5

* Coventry II Fund:

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

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Phoenix Spectrum LLC
Date Formed:		March 2004
Property Name/Location:		Spectrum Mall - Phoenix, AZ
Major Tenants:		Wal-Mart
		Costco
		Ross Dress For Less
		PetsMart
		Walgreens
		Harkins Theater
		Famous Footwear

Partnership Structure


Equity Contribution:		80% - Coventry II Fund
		20% - DDR

Cash Flow Distribution:		80% - Coventry II Fund *
		20% - DDR

Fees to DDR


Management Fee:		4% of gross income
Construction Management Fee:		5% of all hard and soft costs
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		6% of gross sales price < $500,000 (outparcel sales)
		5% of gross sales price $500,001 - $1,000,000 (outparcel sales)
		4% of gross sales prices > $1,000,000 (outparcel sales)

Capital Structure (in millions)


Coventry II Fund	$	6.0
DDR		1.5

Total Capital	$	7.5

Debt	$	39.0

Total Debt & Equity	$	46.5

* Coventry II Fund:

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

Developers Diversified Realty
Quarterly Financial Supplement
For the six month period ended June 30, 2004

Joint Venture Investment Summary


Joint Venture Name:	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:	November 2003
Property Name/Location:	The joint ventures consist of the following 33 properties:

	Union Consumer Square - Cheektowaga, NY	The Plazas at Great Northern - North Olmsted, OH
	Walden Consumer Square - Cheektowaga, NY	Riverdale Village - Coon Rapids, MI
	Dick’s Plaza - Cheektowaga, NY	Midway Marketplace - St Paul, MI
	Walden Place - Cheektowaga, NY	River Hills Shopping Center - Asheville, NC
	Borders Books - Cheektowaga, NY	Township Marketplace - Monaca, PA
	Eastgate Plaza- Clarence, NY	The Marketplace - Nashville, TN
	Premier Place - Clarence, NY	BJ’s Batavia - Batavia, NY
	Regal Cinemas - Clarence, NY	Tops Plaza - Batavia, NY
	Jo-Ann Plaza - Clarence, NY	Batavia Commons - Batavia, NY
	Barnes & Noble - Clarence, NY	Towne Center - Murfreesboro, TN
	New Hartford Consumer Square - Utica, NY	Perimeter Pointe - Atlanta, GA
	Merriam Town Center - Merriam, KS	Woodfield Village Green - Schaumburg, IL
	Spring Creek Center - Fayetteville, AR	Fairfax Towne Center - Fairfax, VA
	Steele Crossing - Fayetteville, AR	Belden Park Crossings - Canton, OH
	Carillon Place - Naples, FL	Independence Commons - Independence, MO
	Town Center Prado - Marietta, GA	Erie Marketplace - Erie, PA
	Shopper’s World - Framingham, MA


Major Tenants:	AMC Theatres	Home Depot	Regal Cinemas w/ IMAX
	Babies ‘R Us	General Cinema	Ross Dress for Less
	Barnes & Noble	Goody’s	Safeway
	Bed Bath & Beyond	JCPenney	Sam’s Club
	Best Buy	Jordan Marsh/Federated	Shop ‘n Save
	BJ’s Wholesale Club	Kohl’s	Sports Authority
	Bobs	L.A. Fitness Sports Clubs	Stein Mart
	Books-A-Million	Linens ‘N Things	Target
	Borders Books	Lowe’s	TJ Maxx
	Carmike Cinemas	Marc’s	Tower Records
	Cinemark Theaters	Marshalls	Toys ‘R Us
	Circuit City	Media Play	Ulta Salon
	Container Store	Michael’s	United Artists Theatre
	Costco (not owned)	Nordstrom Rack	Winn Dixie
	Crunch Fitness	Off 5th	Jo-Ann Stores
	Dick’s Sporting Goods	Office Depot	Old Navy (Gap, Inc.)
	Dollar Tree	OfficeMax	Wal-Mart
	DSW Shoe Warehouse	PetsMart
	Hen House	Publix


Partnership Structure
Equity Contribution:	14.5% - DDR	Cash Flow Distribution:	14.5% - DDR
	2.75% - Macquarie Bank Limited (“MBL”)		2.75% - MBL
	82.75% - Macquarie DDR Trust (“MDT”)		82.75% - MDT
Promote:	Quarterly Base and Performance special income allocations to DDR and MBL

Joint Venture Partnership Summaries 4.2


Fees to DDR
Property Management Fee:		4.0% of gross revenues
Development Fee:		5.0% of total costs for all improvements
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
		Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price $500,000 - $1,000,000
		4.0% of gross sales price over $1,000,000
Sponsor’s Fee		.5% of MDT’s interest in US LLC assets payable upon the Australian initial public offering
Acquisition Fees		Up to 1.0% gross asset value
Disposition Fee		Market rate up to 1%
Debt Placement Fee		Up to 50bp of the total amount of long term financing
Due Diligence Fee		12.5bp of MDT’s prorata interest in the purchase price of the acquisition

Capital Structure (in millions)


DDR	$	87.5
MBL		16.6
MDT		499.9

Total Capital	$	604.0

Payable to DDR	$	1.0

Debt	$	687.5

Total Debt & Equity	$	1,292.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Six Month Period Ended June 30, 2004


	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	630.9	(2)	$	1,221.7	(4)	$	53.0		$	213.1		$	91.2	(9)
Completed Expansions		10.3			9.7			9.0			2.3			6.2
Developments & Construction in Progress		8.0			120.1			48.6			103.7			114.7
Tenant Improvements & Building Renovations (1)		0.0			0.6			1.6			4.9			1.9
Other Real Estate Investments		0.0			0.0			161.8	(6)		0.0			0.0
Minority Equity Investment in AIP		0.0			0.0			0.0			(135.0	) (8)		(2.2	)

	$	649.2		$	1,352.1		$	274.0		$	189.0		$	211.8
Less: Real Estate Sales and Dispositions	($	237.0	) (3)	($	781.5	) (5)	($	361.4	) (7)	($	16.9	)	($	115.9	) (10)

Joint Venture Totals (Millions)	$	412.2		$	570.6		($	87.4	)	$	172.1		$	95.9

(1) The Company estimates recurring capital expenditures, including tenant improvements, of $.7 million associated with its joint venture portfolio during 2004.

(2) In addition to the attached schedule of joint venture acquisitions this balance includes $7.9 for the purchase of Poag & McEwen’s interest in RVIP IIIB.

(3) In addition to the sales listed in the disposition section which had an aggregate cost of $80.1 this balance includes the transfer to DDR of the Littleton, CO and Merriam, KS shoppings centers which had an aggregate cost of $107.3 million and $49.6 million of adjustments due to GAAP presentation including FIN 46.

(4) Balance includes the $87.7 million of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO.

(5) In addition to the assets sales which had an aggregate cost of $167.5 million, this balance includes the disposition of shopping centers located in Dayton and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of two of the Service Merchandise leases, the aggregate cost of these transactions was $116.6 million. During the fourth quarter the shopping centers located in Coon Rapids, MN, Naples, FL, Atlanta, GA, Marietta, GA, Schaumburg, IL, Framingham, MA and Fairfax, VA, which had an aggregate cost of $379.2 million, were sold to the Macquarie DDR Trust joint venture, and $118.2 million of assets owned by DD Development Company were consolidated into DDR.

(6) Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement.

(7) Includes transfers to DDR in the aggregate amounts of $58.7 million, $38.7 million, $25.6 million and $30.6 million relating to shopping centers in Plainville, CT, Independence, MO, Canton, OH and San Antonio, TX, respectively. This amount also includes sales of shopping centers in Denver, CO; Hagerstown, MD; Salem, NH, Eatontown, NJ, Durham, NC and Round Rock, TX and the sales of outlot parcels in Round Rock, TX and San Antonio, TX.

(8) The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001.

(9) Includes transfers from DDR to joint ventures in the aggregate amount of $39.6 million relating to a development project in San Antonio, TX, a transfer of a Phoenix, AZ property, and the outparcel land at Round Rock, TX.

(10) Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavillion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.

Summary of Joint Venture Capital Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Venture Acquisitions
for the Six Month Period Ended June 30, 2004


								DDR’s			Joint
			Cost			Acquisition		Ownership			Venture
Property Location	GLA		(Millions)			Date		Percentage			Partner
Kirkland, WA		290,708	$	37.0			1/21/2004		20.00	%	Coventry II
Phoenix, AZ		1,134,062	$	45.6			3/3/2004		20.00	%	Coventry II
Macquarie DDR Trust		4,040,427	$	540.4	(1)		5/14/2004		14.50	%	Macquarie Bank Limited

Total		5,465,197	$	623.0

(1) Approximately $299.6 million was acquired from Benderson Development Company and approximately $240.8 was acquired from DDR.

Joint Venture Dispositions
for the Six Month Period Ended June 30, 2004


			Gross Sale				DDR’s			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Puente Hills, CA		297,998	$	33.0		1/8/2004		20.00	%	Prudential & Coventry Real Estate Partners
San Antonio, TX		320,345	$	58.0		1/22/2004		35.00	%	DRA Advisors
Service Merchandise locations		279,745	$	7.5	Various			25.00	%	Various

Total		898,088	$	98.5

Joint Venture Acquisitions and Dispositions 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Venture Expansion and Redevelopment Projects
for the Six Month Period Ended June 30, 2004


	DDR’s			Joint
	Ownership			Venture
Projects Substantially Complete	Percentage			Partner	Description
Deer Park, IL		24.75	%	Prudential Real Estate Investors	Expansion of the existing center to create a 50,000 sf Century Theater (opened 06/04) and to create an additional 23,800 sf of small retail specialty shops and two outparcels.

Total Cost (Millions)	$	13.9


Projects in Progress	Percentage
Merriam, KS		14.50	%	MDT	Expansion of the 7,300 sf outparcel for additional retail tenants

Total Cost (Millions)	$	1.1


Projects to Commence	Percentage
Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing tenants to accommodate an anchor tenant, several junior anchors and other retail tenants to be announced.
Lancaster, CA		20.00	%	Prudential Real Estate Investors	Relocation of the existing Wal-Mart discount store, sale to Wal-Mart for a Supercenter in an area previously occupied by House to Home and Costco. Relocation of existing 99 Cent store and the redemise of the former Wal-Mart discount store for three junior anchors.
Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate several mid-size anchors and other retail tenants to be announced.
Kirkland, WA		20.00	%	Coventry II	Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Joint Venture Development Projects
for the Six Month Period Ended June 30, 2004


										DDR’s
				DDR’s			Joint	Total		Proportionate		Substantial
	Total			Ownership			Venture	Cost		Cost		Completion
Projects in Progress	GLA			Percentage			Partner	(Millions)		(Millions)		Date		Major Tenants
Jefferson County (St. Louis), MO		330,051	(1)		50.0	%	Sansone	$	9.7	$	4.9		2004	Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty
Projects to Commence Construction
Apex, NC (Phase III)		434,408			80.0	%	First Carolina	$	37.7	$	30.1		2005	To be announced
							Properties
Apex, NC (Phase IV)		277,235			20.0	%	First Carolina	$	27.0	$	5.4		2005	To be announced
							Properties
San Antonio, TX		294,769			10.0	%	David Berndt	$	31.2	$	3.1		2005	Target and other junior anchors to be announced.
							Interests &
							Coventry II

Joint Venture Development Totals		1,336,463						$	105.6	$	43.5

Notes:

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

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

Joint Venture Development
Assets Placed in Service as of June 30, 2004


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2003	$	4.5	$	2.3
1st Quarter 2004	$	0.0	$	0.0
2nd Quarter 2004	$	0.0	$	0.0
3rd Quarter 2004	$	0.0	$	0.0
4th Quarter 2004	$	1.5	$	0.7
During 2005 and Thereafter	$	99.6	$	40.5

Total	$	105.6	$	43.5

Joint Venture Development
Funding Schedule as of June 30, 2004


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of June 30, 2004	$	5.1	$	0.0	$	2.3	$	7.4
Projected Net Funding During 2004		13.0		12.6		9.1		34.7
Projected Net Funding Thereafter		0.0		0.0		63.5		63.5

Total	$	18.1	$	12.6	$	74.9	$	105.6

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Joint Venture Debt
as of June 30, 2004

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III Long Beach, CA

40,000

03/07

Libor + 150

RVIP III B Deer Park, IL

53,791

07/06

Libor + 175

RVIP VI

18,508

(1)

RVIP VII

115,000

(2)

03/07

Libor + 140

13,762

(2)

RVIP VIII

23,267

01/06

Libor + 175

DDRA Community Centers Five

156,000

(3)

10/05

6.64

DDRA Community Centers Seven Ahwatukee, AZ (Phase IV)

9,881

01/05

8.07

DDRA Community Centers Eight Deer Valley, AZ

17,650

09/10

8.01

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.64

Lennox Town Center Limited Columbus, OH

18,818

07/22

8.11

Sun Center Limited

6,300

05/11

5.42

Columbus, OH

15,107

04/11

8.48

DOTRS LLC Macedonia, OH

10,963

09/06

Libor +100

DDRC PDK Salisbury Phase III LLC Salisbury, MD

1,848

04/06

7.61

KLA/SM LLC

44,540

12/04

Libor + 350

12,683

11/13

6.2555

16,837

10/13

6.365

Jefferson County Plaza, LLC Arnold, MO

2,288

05/05

Libor + 175

Paradise Village Gateway Phoenix, AZ

17,495

05/07

7.78

Paseo Colorado Holdings

55,000

02/06

5.78

Pasadena, CA

30,000

02/06

4.45

DDR Markaz

110,000

(4)

06/08

4.129

DDR Ward Parkway

31,500

08/06

Libor + 240

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Joint Venture Debt
as of June 30, 2004 (continued)

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Coventry II DDR Totem Lakes

26,000

07/07

Libor + 215

Coventry II DDR Phoenix Spectrum

39,000

07/06

Libor + 275

DDR Maquarie

CRRV Perimeter One & Two

26,000

02/06

Libor + 211

16,000

02/06

Libor + 550

$100 Million Revolving Credit Facility

9,100

(5)

11/05

4.913

Bank One

53,015

(5)

11/05

Libor + 137.5

Secured Financing

290,500

(6)

11/08

4.225

165,250

(7)

06/09

4.180

20,000

(7)

06/06

4.210

29,750

(7)

06/06

Libor + 25

BJ’s Clarence

5,100

03/22

7.070

JoAnn Transit

3,753

08/13

6.250

New Hartford Consumer Square

39,002

11/18

5.750

Merriam Town Center

30,000

06/05

Libor + 205

1,593,210

Notes:

(1) Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.

(2) Encumbers seven shopping center properties located in California and Washington with mortgage interest rates ranging from LIBOR+140 to 9.5% and maturity dates ranging from March 2007 to March 2020.

(3) Encumbers six shopping center properties as follows:


Ahwatukee, AZ	Maple Grove, MN	Eagan, MN
Phoenix, AZ	Portland, OR	Fort Worth, TX

(4) Encumbers seven shopping center properties as follows:


Oviedo, FL	Tampa, FL	Grove City, OH
Richmond, CA	Highland, IN	Toledo, OH
Winchester, VA

(5) Encumbers three shopping center properties as follows:


Canton, OH		St. Paul, MN		North Olmsted, OH

(6) Encumbers seven shopping center properties as follows:


Independence, MO	Framingham, MA	Fairfax, VA
Schaumburg, IL	Atlanta, GA	Naples, FL
Marietta, GA

(7) Encumbers ten shopping center properties as follows:


Clarence, NY	Monaca, PA	Nashville, TN
Cheektowaga, NY	Erie, PA	Coon Rapids, MN
Batavia, NY	Murfreesboro, TN	Ashville, NC
Fayetteville, AR

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004

Summary of Pro Rata Joint Venture Debt
as of June 30, 2004


	DDR’s			DDR’s
	Pro Rata			Pro Rata
Joint Venture	Interest			Debt (000's)
RVIP III Long Beach		25.54	%	$	10,216
RVIP III B		25.54	%		13,738
RVIP VI		25.54	%		4,727
RVIP VII		20.79	%		26,770
RVIP VIII		25.54	%		5,942
DDRA Comm Ctr Five		50.00	%		78,000
DDRA Comm Ctr Seven		50.00	%		4,941
DDRA Comm Ctr Eight		50.00	%		8,825
DDRA Kildeer, LLC		10.00	%		1,950
Lennox Town Center		50.00	%		9,409
Sun Center		79.45	%		17,008
DOTRS LLC		50.00	%		5,482
DDRC PDK Salisbury		50.00	%		924
KLA/SM LLC		24.63	%		18,241
Jefferson County Plaza		50.00	%		1,144
Paradise Village Gateway		67.00	%		11,722
Paseo Colorado Holdings		25.00	%		21,250
DDR Markaz		20.00	%		22,000
DDR Ward Parkway		20.00	%		6,300
Coventry II DDR Totem Lakes		20.00	%		5,200
Coventry II DDR Phoenix Spectrum		20.00	%		7,800
DDR Maquarie		14.49	%		99,615

Total				$	381,203

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2004


Summary of Joint Venture Mortgage Principal Payments
as of June 30, 2004
(000's)

JOINT VENTURE	2004 Payments		2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		Thereafter		Total
RVIP III (Long Beach, CA)								40,000																40,000
RVIP III B (Deer Park)						53,791																		53,791
RVIP VI		269		293		317		17,761																18,640
RVIP VII		304		437		476		122,202		253		278		305		336		369		407		3,455		128,822
RVIP VIII						23,267																		23,267
DDRA Community Centers Five				156,000																				156,000
DDRA Community Centers Seven		89		9,836																				9,925
DDRA Community Centers Eight		166		184		200		217		231		255		16,479										17,732
DDRA Kildeer, LLC (Kildeer, IL)								19,500																19,500
Lennox Town Center Limited		459		498		540		585		635		688		746		809		877		950		12,256		19,043
Sun Center Limited Principal Mutual Life Ins Co		406		442		480		523		569		619		674		11,594								15,306
Principal Mutual Life Ins Co		40		84		88		93		98		104		110		5,684								6,300
DOTRS LLC National City Bank		428		453		10,285																		11,165
DDRC PDK Salisbury Phase III						1,848																		1,848
KLA/SM LLC		44,540																		29,521				74,061
Jefferson County Plaza LLC				2,288																				2,288
Paradise Village Gateway		276		298		323		16,733																17,630
Paseo Colorado Holdings						85,000																		85,000
DDR Markaz										110,000														110,000
DDR Ward Parkway						31,500																		31,500
Coventry II DDR Totem Lakes								26,000																26,000
Coventry II DDR Phoenix Spectrum						39,000																		39,000
DDR Macquarie CRRV Perimeter One & Two						42,000																		42,000
Bank One $100M Revolver				62,115																				62,115
Secured Financing						49,750				290,500		165,250												505,500
BJ;s Clarence		85		155		166		178		191		205		220		236		253		272		3,151		5,112
JoAnn Transit		179		323		344		366		390		415		441		470		500		351				3,779
New Hartford Consumer Square		1,027		1,842		1,951		2,066		2,188		2,317		2,454		2,599		2,752		2,915		17,036		39,147
Merriam Town Center				30,000																				30,000
Payments through 6/30/04		-1,260																						-1,260

Total — Debt		47,008		265,248		341,325		246,225		405,054		170,130		21,429		21,727		4,751		34,415		35,898		1,593,210

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
ALABAMA

1	BIRMINGHAM, AL / 5291 HWY 280 SOUTH	BROOK HIGHLAND PLAZA		35242	SC		1994/2003		1994		100.00	%		423,393	$	4,458,245	WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY’S #165(2009), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION-4(2005), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED)

2	BIRMINGHAM, AL / 7001 CRESTWOOD BLVD	EASTWOOD FESTIVAL CENTER		35210	SC		1989/1999		1995		100.00	%		297,721	$	1,856,956	OFFICE DEPOT #43(2007), DOLLAR TREE(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3	BIRMINGHAM, AL / MONTGOMERY HWY	RIVERCHASE PROMENADE		35244	SC		1989		2002		100.00	%		98,016	$	1,090,354	MARSHALL’S #411(2006), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED)

4	GADSDEN, AL / 3010-3036 E. MEIGHAN BLVD	EAST SIDE PLAZA		35903	SC		1979/2004		2003		100.00	%		85,196	$	218,047	FRED’S(2009), FOOD WORLD(NOT OWNED)

5	OPELIKA, AL / 2300-2600 PEPPERELL PKWY	PEPPERELL CORNERS		36801	SC		1995		2003		100.00	%		187,327	$	1,159,191	Lowe’s #0398(2012), Winn-Dixie #409(2013), Goody’s 20921 - #121(2010)

6	SCOTTSBORO, AL / 24833 JOHN P REID PKWY	SCOTTSBORO MARKETPLACE		35766	SC		1999		2003		100.00	%		40,560	$	426,948	Goody’s #55(2011), WAL-MART(NOT OWNED)

ARIZONA

7	AHWATUKEE, AZ / 4711 EAST RAY RD	FOOTHILLS TOWNE CTR (II)		85044	SC		1996/1997/1999		1997		50.00	%		640,587	$	9,613,990	BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012), JO-ANN, ETC. #1917(2010), BEST BUY #177(2014)

8	PHOENIX, AZ / TATUM & SHEA BLVDS	PARADISE VILLAGE GATEWAY		85028	SC		1997/2004		2003		67.00	%		223,243	$	4,066,898	BED BATH & BEYOND(2011), ROSS(2007), PETSMART #1071(2015), STAPLES #0395(2005), ALBERTSONS-OSCO DRUG(NOT OWNED)

9	PHOENIX, AZ / 2805 WEST AGUA FRIA FREEWAY	DEER VALLEY TOWNE CENTER		85027	SC		1996		1999		50.00	%		197,009	$	2,966,905	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

10	PHOENIX, AZ / 7553 WEST BELL RD	ARROWHEAD CROSSING		85382	SC		1995		1996		50.00	%		346,430	$	4,066,762	STAPLES #289(2009), COMP USA#318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162 -1(2005), CIRCUIT CITY — #3362-1(2016), OSHMAN’S SPORTING GOODS, #690(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT

11	PHOENIX, AZ / 1703 WEST BETHANY HOME RD	PHOENIX SPECTRUM MALL		85015	SC		1961		2004		20.00	%		456,921	$	7,202,499	COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2044), HARKINS THEATRE(2002), SPECTRUM CINEMAS(2005), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)

ARKANSAS

12	FAYETTEVILLE, AR / 464 E. JOYCE BLVD	SPRING CREEK CENTRE		72703	SC		1997/1999/2000/ 2001		1997		14.50	%		262,827	$	2,910,565	T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)

13	FAYETTEVILLE, AR / 3533-3595 N. SHILOH DR	STEELE CROSSING		72703	SC		2001		2003		14.50	%		50,293	$	1,266,007	KOHL’S(NOT OWNED), TARGET(NOT OWNED)

Property Listing 7.1
Page 1

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
14	N. LITTLE ROCK, AR / 4124 EAST MCCAIN BLVD	MCCAIN PLAZA		72117	SC		1991/2004		1994		100.00	%		262,763	$	1,789,718	BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), Michael’s Stores(2014), SPORTS AUTHORITY(2013)

15	RUSSELLVILLE, AR / 3093 EAST MAIN STREET	VALLEY PARK CENTRE		72801	SC		1992		1994		100.00	%		272,245	$	1,724,355	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)

CALIFORNIA

16	CITY OF INDUSTRY, CA / 17647-18271 GALE AVENUE	PLAZA AT PUENTE HILLS		91748	SC		1987		2001		20.00	%		218,540	$	3,117,370	OFFICE DEPOT, INC.(2012)

17	LANCASTER, CA / 44707-44765 VALLEY CENTRAL WAY	VALLEY CENTRAL - DISCOUNT		93536	SC		1990		2001		20.00	%		336,403	$	3,842,291	WAL-MART #1563(2010), MOVIES 12/ CINEMARK(2017), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), COSTCO(NOT OWNED)

18	LONG BEACH, CA / 95 SOUTH PINE AVE	CITY PLACE		90802	SC		2002/2003/2004		1		24.75	%		290,047	$	5,655,727	NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), MRS. FIELDS(2013), ALBERTSON’S(NOT OWNED)

19	MISSION VIEJO, CA / 23002-23072 ALICIA PKWY	OLYMPIAD PLAZA		92691	SC		1989		2001		20.00	%		45,600	$	1,343,080

20	OCEANSIDE, CA. / 401-409 MISSION AVENUE	OCEAN PLACE CINEMAS		92054	SC		2000		1		100.00	%		80,450	$	1,090,336	REGAL CINEMAS(2014)

21	PASADENA, CA / 280 EAST COLORADO BLVD	PASEO COLORADO		91101	LC		2001		2003		25.00	%		550,150	$	10,549,917	GELSON’S MARKET(2021), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J. JILL(2012), DELMONICOS SEAFOOD(2012), P.F. CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)

22	PLEASANT HILL, CA. / 2255 CONTRA COSTA BLVD	DOWNTOWN PLEASANT HILL		94523	SC		1999/2000		2001		20.00	%		347,678	$	6,187,020	ALBERTSON’S(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010)

23	RICHMOND, CA / 3401 BLUME DRIVE	HILLTOP PLAZA		94806	SC		1996/2000		2002		20.00	%		244,859	$	3,647,055	OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016)

24	RICHMOND, CA / MACDONALD AVENUE	RICHMOND CITY CENTER		94801	SC		1993		2001		20.00	%		76,692	$	1,222,508	FOOD 4 LESS/FOODSCO(2013)

25	SAN FRANCISCO, CA / 1000 VAN NESS AVENUE	VAN NESS PLAZA 215		94109	SC		1998		2002		100.00	%		123,755	$	4,458,420	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)

26	SAN YSIDRO, CA / CAMINO DE LA PLAZA	SAN YSIDRO VILLAGE		92173	SC		1988/2003		2000		20.00	%		152,668	$	2,616,162	ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED)

COLORADO

27	ALAMOSA, CO / 145 CRAFT DRIVE	ALAMOSA PLAZA		81101	SC		1986		1, 2		100.00	%		19,533	$	104,805	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

28	AURORA, CO / 5400-5820 SOUTH PARKER	PIONEER HILLS		80012	SC		2002		2003		100.00	%		127,643	$	2,372,191	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Property Listing 7.1
Page 2

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
29	BROOMFIELD, CO / 1 WEST FLATIRON CIRCLE	FLATIRON MARKETPLACE GARDEN		80021	SC		2001		2003		100.00	%		245,217	$	5,244,912	Best Buy(2016), Office Depot(2016), Nordstrom(2011), Linen’s ‘N Things(2017), GREAT INDOORS(NOT OWNED)

30	DENVER, CO / 7777 E. HAMPDEN	TAMARAC SQUARE		80231	SC		1976		2001		100.00	%		172,554	$	1,801,580

31	DENVER, CO / 9555 E. COUNTY LINE RD	CENTENNIAL PROMENADE		80223	SC		1997/2002		1997		100.00	%		408,337	$	6,144,265	GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC.(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT

32	DENVER, CO / 2730 SOUTH COLORADO BLVD	UNIVERSITY HILLS		80222	SC		1997		2003		100.00	%		244,383	$	3,620,662	Linens N Things #119(2013), Pier One Imports(2014), Officemax #416(2012), King Soopers/Krogers(2047)

33	FORT COLLINS. CO / MULBERRY ST. & S. LEMAY AVE.	MULBERRY AND LEMAY CROSSINGS		80525	SC		1		2003		100.00	%		18,988	$	361,593	HOME DEPOT(NOT OWNED)

34	LITTLETON, CO / 7301 SOUTH SANTA FE	ASPEN GROVE		80120	LC		2002		1		100.00	%		247,504	$	7,063,372	COLDWATER CREEK(2011), TALBOTS(2012), ANN TAYLOR(2012), J. CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J. JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHIERS(2012), BUCA di BEPPO (2

35	PARKER, CO / SOUTH PARKER RD	FLATACRES MARKETCENTER		80134	SC		2004		1		100.00	%		108,642	$	1,708,111	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013)

36	PARKER, CO / 11153-11183 SOUTH PARKER RD	PARKER PAVILIONS		80134	SC		2001		2003		100.00	%		77,787	$	1,399,112	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

CONNECTICUT

37	PLAINVILLE, CT / I-84 & RTE 9	CONNECTICUT COMMONS		06062	SC		1999/2001		1		100.00	%		419,271	$	5,810,396	LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DICK’S SPORTING GOODS(2020), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED), LOEW’S THEATRE(NOT OWNED)

38	WATERBURY, CT / 899 WOLCOTT STREET	KMART PLAZA		06705	SC		1973		1, 2		100.00	%		124,310	$	417,500	K MART #3152(2003), JO-ANN STORES #0254(2010)

FLORIDA

39	BAYONET POINT, FL / US 19 & SR 52	POINT PLAZA		34667	SC		1985/2003		1, 2		100.00	%		209,720	$	1,341,448	PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2014), T.J. MAXX #794(2010)

40	BRANDON, FL / 1602 BRANDON BL	KMART SHOPPING CENTER		33511	SC		1972/1997/2003		2		100.00	%		161,900	$	714,313	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

41	BRANDON, FL / CAUSEWAY BLVD	LAKE BRANDON PLAZA		33511	SC		1999		2003		100.00	%		148,267	$	1,997,944	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)

42	BRANDON, FL / CAUSEWAY BLVD	LAKE BRANDON VILLAGE		33511	SC		1997/2004		2003		100.00	%		90,157	$	1,177,866	Linens ‘N Things #496(2014), Sports Authority #213(2018), LOWE’S(NOT OWNED)

43	CRYSTAL RIVER, FL / 420 SUN COAST HWY	CRYSTAL RIVER PLAZA		33523	SC		1986/2001		1, 2		100.00	%		160,135	$	880,063	BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006), SCOTTY’S #130(2008)

Property Listing 7.1
Page 3

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
44	DAYTONA BEACH, FL / 1808 W. INTERNATIONAL SPEEDWAY	VOLUSIA		32114	SC		1984		2001		100.00	%		76,087	$	941,113	TJMF, Inc.(2004), Marshalls of MA, Inc.(2005)

45	FERN PARK, FL / 6735 US #17-92 SOUTH	FERN PARK SHOPPING CENTER		32720	SC		1970		1, 2		100.00	%		16,000	$	136,600

46	GULF BREEZE, FL/ 3749-3767 GULF BREEZE PKWY	GULF BREEZE MARKETPLACE		32561	SC		1998		2003		100.00	%		29,827	$	435,682	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

47	JACKSONVILLE, FL / 3000 DUNN AVENUE	JACKSONVILLE REGIONAL		32218	SC		1988		1995		100.00	%		219,735	$	1,265,169	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)

48	JACKSONVILLE, FL / 926 ARLINGTON RD	ARLINGTON ROAD PLAZA		32211	SC		1990/1999		2004		100.00	%		182,098	$	1,072,583	Food Lion #833(2010)

49	LAKELAND, FL / 2228 LAKELAND HIGHLANDS RD	HIGHLANDS PLAZA SHOPPING CENTER		33803	SC		1990		2004		100.00	%		102,572	$	734,460	Winn-Dixie #631(2017)

50	MARIANNA, FL / 2814-2822 HWY 71	THE CROSSROADS		32446	SC		1990		1, 2		100.00	%		31,985	$	244,868	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

51	MELBOURNE, FL / 750-850 APOLLO BLVD	MELBOURNE SHOPPING CENTER		32935	SC		1978		1, 2		100.00	%		41,733	$	141,313

52	NAPLES, FL / 5010 AIRPORT RD NORTH	CARILLON PLACE		33942	SC		1994		1995		14.50	%		267,808	$	3,116,077	WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2010), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010)

53	OCALA, FL / 2400 SW COLLEGE RD	OCALA WEST		32674	SC		1991		1, 2		100.00	%		101,438	$	605,952	Sports Authority(2012), Winn-Dixie #2284(2004)

54	ORANGE PARK, FL / 950 BLANDING BLVD	THE VILLAGE SHOPPING CENTER		32065	SC		1993/2000		2004		100.00	%		73,081	$	667,697	Beall’s Dept Store #47(2009), ALBERTSON’S(NOT OWNED)

55	ORMOND BEACH, FL / 1458 WEST GRANADA BLVD	ORMOND TOWNE SQUARE		32174	SC		1993		1994		100.00	%		234,045	$	1,714,992	BEALL’S #60(2018), PUBLIX SUPER MARKETS #446(2013)

56	OVIEDO, FL / RTE 417 & RED BUG LAKE RD	OVIEDO PARK CROSSING		32765	SC		1999		1		20.00	%		186,212	$	1,882,037	OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS #663(2011), LOWE’S(NOT OWNED)

57	PALM HARBOR, FL / 300 EAST LAKERD	THE SHOPPES OF BOOT RANCH		34685	SC		1990		1995		100.00	%		52,395	$	878,582	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

58	PENSACOLA, FL / 8934 PENSACOLA BLVD	PALAFOX SQUARE		32534	SC		1988/1997/1999		1, 2		100.00	%		17,150	$	181,865

59	SPRING HILL, FL / 13050 CORTEZ BLVD.	MARINER SQUARE		34613	SC		1988/1997		1, 2		100.00	%		188,924	$	1,456,391	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)

60	TALLAHASSEE, FL / 4330 WEST TENNESSEE STREET	CAPITAL WEST		32312	SC		1994/2004		2003		100.00	%		53,883	$	321,044	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

61	TAMPA, FL / 15001-15233 NORTH DALE MABRY	NORTH POINTE PLAZA		33618	SC		1990		1, 2		20.00	%		104,460	$	1,130,871	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

62	TAMPA, FL / 3908 WEST HILLSBOROUGH HWY	HORIZON PARK SHOPPING CENTER		33614	SC		1987/2003		2004		100.00	%		218,736	$	1,808,743	Home Depot #237(2009), Staples the Office Superstore(2004), Pearl Artist & Craft Supply(2007)

Property Listing 7.1
Page 4

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
63	TAMPA, FL / 7021-7091 WEST WATERS AVENUE	TOWN N’ COUNTRY		33634	SC		1990		1, 2		100.00	%		134,366	$	1,075,191	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

64	TARPON SPRINGS, FL / 41232 U.S. 19, NORTH	TARPON SQUARE		34689	SC		1974/1998		1, 2		100.00	%		198,797	$	1,388,549	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

65	WEST PASCO, FL / 7201 COUNTY RD 54	PASCO SQUARE		34653	SC		1986		1, 2		100.00	%		135,421	$	883,426	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

GEORGIA 66	ATHENS, GA / 4375 LEXINGTON RD	ATHENS EAST		30605	SC		2000		2003		100.00	%		24,000	$	326,652	WAL MART(NOT OWNED)

67	ATLANTA, GA (DULUTH) / 1630 PLEASANT HILL RD	PLEASANT HILL PLAZA		30136	SC		1990		1994		100.00	%		85,025	$	1,101,230	OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)

68	ATLANTA, GA (PERIMETER) / 1155 MT. VERNON HWY	PERIMETER POINTE		30136	SC		1995/2002		1995		14.50	%		343,155	$	5,284,757	STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015)

69	CANTON, GA / 104-150 RIVERSTONE PKWY	RIVERPLACE		30114	SC		1983		2003		100.00	%		121,853	$	876,776	Staples #796(2014), Ingles # 96(2019)

70	CANTON, GA / 1550-1558 RIVERSTONE PKWY	RIVER POINTE		30114	SC		1996		2003		100.00	%		39,000	$	564,636	WALMART(NOT OWNED)

71	CARTERSVILLE, GA / 877 JOE FRANK HARRIS PKWY S	FELTON’S CROSSING		30120	SC		1984		2003		100.00	%		112,240	$	866,678	Ross Dress For Less(2013), Ingles #76(2019)

72	CHAMBLEE, GA / PEACHTREE INDUSTRIAL BLVD	CHAMBLEE PLAZA		30341	SC		1976		2003		100.00	%		175,969	$	1,253,161	Save Rite #2718(2006)

73	COLUMBUS, GA / 1591 BRADLEY PARK DRIVE COLUMB	BRADLEY PARK CROSSING		31904	SC		1999		2003		100.00	%		119,786	$	1,206,473	Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED)

74	CUMMING, GA / MARKETPLACE BLVD	CUMMING MARKETPLACE		30041	SC		1997/1999		2003		100.00	%		308,557	$	3,661,210	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

75	CUMMING, GA / 2350 ATLANTA HWY	PINETREE VILLAGE		30040	SC		1999		2003		100.00	%		27,600	$	500,411

76	DOUGLASVILLE, GA / 6875 DOUGLAS BLVD	DOUGLASVILLE MARKETPLACE		30135	SC		1999		2003		100.00	%		86,158	$	1,345,873	Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED)

77	FT. OGLETHORPE, GA / 101 BATTLEFIELD PKWY FORT	FORT OGLETHORPE MARKETPLACE		30742	SC		1992		2003		100.00	%		176,903	$	459,700	K Mart #3083(2007)

78	GRIFFIN, GA / 649-687 NORTH EXPRESSWAY	ELLIS CROSSING		30223	SC		1986		2003		100.00	%		64,770	$	280,236	Winn-Dixie #1811(2006), WAL MART(NOT OWNED)

79	LAFAYETTE, GA / 1109 NORTH MAIN STREET	LAFAYETTE CENTER		30728	SC		1990		2003		100.00	%		78,422	$	453,077	Food Lion #890(2019)

80	LAWRENCEVILLE, GA / 850 DOGWOOD RD	FIVE FORKS VILLAGE		30044	SC		1990		2003		100.00	%		89,064	$	958,921	Winn-Dixie (Save-Rite) #2735(2010)

Property Listing 7.1
Page 5

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
81	LILBURN, GA / 3055 FIVE FORKS TRICKUM RD	FIVE FORKS CROSSING		30047	SC		2000/2001		2003		100.00	%		73,950	$	669,228	Kroger #394(2012)

82	LITHONIA, GA / 8200 MALL PKWY	THE SHOPPES AT TURNER HILL		30038	SC		2004		2003		100.00	%		80,975	$	1,214,000	Best Buy #389(2018), Bed Bath & Beyond #516(2012), TOYS R US(NOT OWNED)

83	LOGANVILLE, GA / 910 ATHENS HWY	MIDWAY PLAZA		30052	SC		1995		2003		100.00	%		91,196	$	968,999	Kroger #443(2016)

84	MADISON, GA / 1462-1532 EATONTON RD	BEACON HEIGHTS		30650	SC		1989		2003		100.00	%		105,849	$	415,668	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)

85	MARIETTA, GA / 2609 BELLS FERRY RD	TOWN CENTER PRADO		30066	SC		1995/2002		1995		14.50	%		300,977	$	3,731,017	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)

86	MARIETTA, GA / 2650 DALLAS HWY	GARRISON RIDGE CROSSING		30064	SC		1997		2003		100.00	%		18,200	$	318,114	LOWES(NOT OWNED)

87	MCDONOUGH, GA / NE CORNER 175 & HWY 20	MCDONOUGH MARKETPLACE (LP-II)		30253	SC		2003		2003		100.00	%		23,500	$	600,345	LOWES(NOT OWNED), WALMART(NOT OWNED)

88	NEWNAN, GA / 955-1063 BULLSBORO DRIVE NEWNA	NEWNAN CROSSING		30264	SC		1995		2003		100.00	%		156,497	$	1,303,540	Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

89	PEACHTREE CITY, GA / MARKETPLACE CONNECTOR PEACHTRE	PEACHTREE CITY MARKETPLACE		30269	SC		1999		2003		100.00	%		50,367	$	619,151	Staples(2015)

90	STOCKBRIDGE, GA / 3797-3879 HWY 138 SE	FREEWAY JUNCTION		30281	SC		1988		2003		100.00	%		156,551	$	318,186	Ingles #466(2009)

91	STOCKBRIDGE, GA / 599 HWY 138W	PIKE NURSERIES-STOCKBRIDGE		30281	SC		1997		2003		100.00	%		0	$	244,145

92	STONE MOUNTAIN, GA / STONE MOUNTAIN HWY	RIVERCLIFF VILLAGE		30047	SC		1999		2003		100.00	%		2,000	$	42,000

93	SUWANEE, GA / 3630 PEACHTREE PKWY SUWANEE	JOHNS CREEK TOWNE CENTER		30024	SC		2001/2004		2003		100.00	%		233,319	$	2,826,472	Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)

94	SUWANEE, GA / 1145 PEACHTREE INDUSTRIAL BLVD	THE VILLAGE AT NOBLE FARMS		30024	SC		1997		2003		100.00	%		43,393	$	796,478

95	TUCKER, GA / 4349-4375 LAWRENCEVILLE HWY	COFER CROSSING		30084	SC		1998/2003		2003		100.00	%		130,832	$	1,228,929	Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED)

96	UNION CITY, GA / 4720 JONESBORO RD	SHANNON SQUARE		30291	SC		1986		2003		100.00	%		100,002	$	772,378	Ingles #407(2056), WAL MART(NOT OWNED)

97	WARNER ROBBINS, GA / 2724 WATSON BLVD	WARNER ROBINS PLACE		31093	SC		1997		2003		100.00	%		107,941	$	1,318,614	T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

98	WOODSTOCK, GA / 10029 HWY 928	WOODSTOCK PLACE		30188	SC		1995		2003		100.00	%		170,940	$	1,454,003	Wal-Mart #575(2020)

IDAHO

99	IDAHO FALLS, ID / 1515 NORTHGATE MILE	COUNTRY CLUB MALL		83401	SC		1976/1992/1997		1998		100.00	%		148,593	$	717,797	OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

Property Listing 7.1
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PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
100	MERIDIAN, ID / EAGLE AND FAIRVIEW RD	MERIDIAN CROSSROADS		83642	SC		1999/2001/2002/2003/2004		1		100.00	%		439,414	$	5,467,191	BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS #871(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED)
ILLINOIS


101	DECATUR, IL / MARYLAND STREET	DECATUR MARKETPLACE		62521	SC		1999		2003		100.00	%		22,775	$	273,318	WAL MART(NOT OWNED)

102	DEER PARK, IL / 20530 NORTH RAND RD #303	DEER PARK TOWN CENTER		60010	LC		2000/2004		1		24.75	%		272,775	$	7,213,148	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), PIER 1 IMPORTS(2012), BANANA REPUBLIC(2010), BOMBAY COMPANY(2011), ABERCROMBIE & FITCH(2005), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWE

103	HARRISBURG, IL / 701 NORTH COMMERCIAL	ARROWHEAD POINT		62946	SC		1991		1994		100.00	%		167,074	$	824,093	WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011)

104	KILDEER, IL / 20505 NORTH HWY 12	THE SHOPS AT KILDEER		60047	SC		2001		2001		10.00	%		161,030	$	2,825,014	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)

105	MOUNT VERNON, IL / 42ND AND BRDWAY	TIMES SQUARE MALL		62864	MM		1974/1998/2000		2		100.00	%		268,328	$	903,855	SEARS #2181(2013), COUNTRY FAIR MARKET FRESH(2004), J.C. PENNEY #1717(2007)

106	ORLAND PARK, IL / 15800 HARLEM AVENUE	HOME DEPOT CENTER		60462	SC		1987/1993		2004		100.00	%		141,133	$	1,329,832	Home Depot #1906(2012)

107	SCHAUMBURG, IL / 1430 EAST GOLF RD	WOODFIELD VILLAGE GREEN		60173	SC		1993/1998/2002		1995		14.50	%		458,819	$	8,440,098	CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), KLA/SM NEWCO SCHAUMBURG, L

INDIANA

108	BEDFORD, IN / 1320 JAMES AVENUE	TOWN FAIR CENTER		47421	SC		1993/1997		2		100.00	%		223,431	$	1,321,929	K MART #7455(2008), GOODY’S #119 - -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010)

109	CONNERSVILLE, IN / 2100 PARK RD	WHITEWATER TRADE CENTER		47331	SC		1991		2		100.00	%		141,770	$	840,863	COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)

110	HIGHLAND, IN / HWY 41 & MAIN STREET	HIGHLAND GROVE SHOPPING CENTER		46322	SC		1995/2001		1996		20.00	%		312,546	$	3,292,325	MARSHALL’S#663-1(2011) , KOHL’S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)

111	LAFAYETTE, IN / 4205 - 4315 COMMERCE DRIVE	PARK EAST MARKETPLACE		47905	SC		2000		2003		100.00	%		35,100	$	383,085	WAL MART(NOT OWNED)

IOWA

112	CEDAR RAPIDS, IA / 303 -367 COLLINS RD, NE	NORTHLAND SQUARE		52404	SC		1984		1998		100.00	%		187,068	$	1,760,537	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)

113	OTTUMWA, IA / 1110 QUINCY AVENUE	QUINCY PLACE MALL		52501	MM		1990/1999/2002		1, 2		100.00	%		189,630	$	1,243,268	HERBERGER’S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), TARGET(NOT OWNED)

KANSAS

Property Listing 7.1
Page 7

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
114	LEAWOOD, KS / 5000 W 119 STREET	TOWN CENTER PLAZA		66209	LC		1990/2002		1998		100.00	%		247,908	$	6,411,589	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), ABERCROMBIE & FITCH(2009), VICTORIAS SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J. JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009

115	MERRIAM, KS / 5700 ANTIOCH RD	MERRIAM TOWN CENTER		66202	SC		1998/2004		1		14.50	%		344,009	$	4,092,047	OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS # 119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

116	OLATHE, KS / 127th STREET & MUR-LEN RD	DEVONSHIRE VILLAGE		66062	SC		1987		1998		24.75	%		48,802	$	388,937

117	OVERLAND PARK, KS / 8800-8934 W 95th STREET	CHEROKEE NORTH SHOPPING CENTER		66212	SC		1987/2002		1998		24.75	%		55,565	$	715,576

118	OVERLAND PARK, KS / INTER 135TH & ANTIOCH RD	OVERLAND POINTE MARKETPLACE		66213	SC		2001/2004		2003		100.00	%		8,400	$	154,406

119	SHAWNEE, KS / 63rd ST. & QUIVIRA RD	TEN QUIVIRA PARCEL		66216	SC		1972		1998		24.75	%		12,000	$	195,611

120	SHAWNEE, KS / 63rd STREET & QUIVIRA RD	TEN QUIVIRA SHOPPING CENTER		66216	SC		1992/2003		1998		24.75	%		162,843	$	849,907	PRICE CHOPPER FOODS(2008), WESTLAKE HARDWARE #17(2005)

121	WICHITA, KS / SOUTH ROCK RD	EASTGATE PLAZA		67207	SC		1955		2002		100.00	%		203,997	$	2,057,460	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)

KENTUCKY

122	FLORENCE, KY / 6825 TURFWAY RD	TURFWAY PLAZA		41042	SC		1975/1998		2004		100.00	%		133,985	$	902,267	Party Town & Office Depot #176(2006), Big Lots, Inc. #00296 B(2008)

123	FRANKFURT, KY / 260 VERSAILLES RD	EASTWOOD SHOPPING CENTER		40601	SC		1963/1994		2004		100.00	%		155,104	$	577,508	Sears, Roebuck & Co. #2090(2006)

124	HAZARD, KY / KENTUCKY HWY 80+B686	GRAND VUE PLAZA		41701	SC		1978		1, 2		100.00	%		110,610	$	431,804	WRIGHT LUMBER(2007)

125	LEXINGTON, KY / 524 WEST NEW CIRCLE	NORTH PARK MARKETPLACE		40511	SC		1998		2003		100.00	%		48,920	$	549,120	Staples #1214(2016), WAL MART(NOT OWNED)

126	LEXINGTON, KY / MAN-O-WAR BLVD AND NICHOL	SOUTH FARM MARKETPLACE		40503	SC		1998		2003		100.00	%		27,643	$	583,264	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

127	LOUISVILLE, KY / 7505 OUTER LOOP HWY	OUTER LOOP PLAZA		40228	SC		1973/1989/1998		2004		100.00	%		120,477	$	609,303	Valu Discount, Inc.(2009)

128	RICHMOND, KY / 833-847 EASTERN BY-PASS	CARRIAGE GATE		40475	SC		1992		2003		100.00	%		150,241	$	376,669	Food Lion #1203(2017), BALLARD’S(NOT OWNED)

MAINE

129	BRUNSWICK, ME / 172 BATH RD+B713	COOK’S CORNERS		04011	SC		1965		1997		100.00	%		305,692	$	2,562,451	HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX #114(2010), SEARS #2203(2012)

MARYLAND

Property Listing 7.1
Page 8

PROPERTY LIST

															OWNED
						YEAR				DDR				GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR			OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED			INTEREST			AREA		RENT		(LEASE EXPIRATION)
130	SALISBURY, MD / E. NORTH POINT DRIVE	THE COMMONS		21801	SC		1999		1			100.00	%		98,635	$	1,351,021	OFFICEMAX #798(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

131	SALISBURY, MD / NORTH POINTE DRIVE	THE COMMONS(PHASE III)		21801	SC		2000		1			50.00	%		27,500	$	243,250

MASSACHUSETTS

132	EVERETT, MA / 1 MYSTIC VIEW RD	GATEWAY CENTER		02149	SC		2001		1			100.00	%		222,287	$	4,363,862	BED BATH AND BEYOND #310(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED)

133	FRAMINGHAM, MA / 1 WORCESTER RD	SHOPPER’S WORLD		01701	SC		1994		1995			14.50	%		729,276	$	13,726,836	TOYS R US #7505(2020), JORDON MARSH /FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS # 031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011),

MICHIGAN

134	BAD AXE, MI / 850 NORTH VAN DYKE RD	HURON CREST PLAZA		48413	SC		1991		1993			100.00	%		63,415	$	565,108	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

135	CHEBOYGAN, MI / 1109 EAST STATE	KMART SHOPPING PLAZA		49721	SC		1988		1994			100.00	%		95,094	$	327,984	CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED)

136	DETROIT, MI / 8400 E. EIGHT MILE RD	BELAIR CENTER		48234	SC		1989/2002		1998			100.00	%		343,502	$	2,029,438	PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), KIDS R US #1167(2013), TOYS R US, INC.(2021), TARGET(NOT OWNED)

137	GAYLORD, MI / 1401 WEST MAIN STREET	PINE RIDGE SQUARE		49735	SC		1991/2004		1993			100.00	%		176,482	$	492,783	BUY LOW/ROUNDY’S - 4(2011)

138	GRANDVILLE, MI / INTERSECT 44TH ST & CANAL AVE	GRANDVILLE MARKETPLACE		49418	SC		2001		2003			100.00	%		211,718	$	2,458,733	Circuit City(2017), Linen ‘N Things #682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)

139	HOUGHTON, MI / HWY M26	COPPER COUNTRY MALL		49931	MM		1981/1999		1, 2			100.00	%		242,029	$	717,208	J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014)

140	HOWELL, MI / 3599 EAST GRAND RIVER+B774	GRAND RIVER PLAZA		48843	SC		1991		1993			100.00	%		206,047	$	1,437,255	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)

141	LANSING, MI / 8305 WEST SAGINAW HWY 196 RAMP	THE MARKETPLACE AT DELTA TOWNS		48917	SC		2000/2001		2003			100.00	%		95,369	$	959,373	Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

142	MT. PLEASANT, MI / 4208 E BLUE GRASS RD	INDIAN HILLS PLAZA		48858	SC		1990		2			100.00	%		249,680	$	1,399,536	WAL-MART STORES #1428(2009), KROGER #889(2011)

143	SAULT ST. MARIE, MI / 4516 I-75 BUSINESS SPUR	CASCADE CROSSINGS		49783	SC		1993/1998		1994			100.00	%		259,961	$	1,683,434	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)

144	WALKER, MI / 3410 ALPINE AVENUE	3410 ALPINE AVENUE		49504	SC		1991/1995		2004			100.00	%		88,133	$	510,386	Circuit City #3632(2003)

145	WALKER, MI (GRAND RAPIDS) / 3390-B ALPINE AVE NW	GREEN RIDGE SQUARE		49504	SC		1989		1995			100.00	%		133,877	$	1,403,429	T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

MINNESOTA

Property Listing 7.1
Page 9

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
146	BEMIDJI, MN / 1201 PAUL BUNYAN DRIVE	PAUL BUNYAN MALL		56601	MM		1977/1998		2		100.00	%		289,926	$	1,446,649	K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008)

147	BRAINERD, MN / 1200 HWY 210 WEST	WESTGATE MALL		56401	MM		1985/1998		1, 2		100.00	%		260,319	$	1,915,840	K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011)

148	COON RAPIDS, MN / 12921 RIVERDALE DRIVE	RIVERDALE VILLAGE PERIMETER		55433	SC		1999/2001/2002/2003		1		14.50	%		364,998	$	5,278,545	KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), OLD NAVY # 5958(2007), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED)

149	COON RAPIDS, MN / 12921 RIVERDALE DRIVE	RIVERDALE VILLAGE - INNER CORE		55433	SC		2003		1		14.50	%		246,743	$	3,399,444	BORDERS(2023), J.C. PENNEY(2024)

150	EAGAN, MN / 1299 PROMENADE PLACE	EAGAN PROMENADE		55122	SC		1997/2001		1997		50.00	%		278,211	$	3,438,963	BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND #457(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

151	HUTCHINSON, MN / 1060 SR 15	HUTCHINSON MALL		55350	MM		1981		1, 2		100.00	%		102,292	$	607,565	J.C. PENNEY #1076-9 -4(2006), KMART(NOT OWNED)

152	MINNEAPOLIS, MN / WEAVER LAKE RD & I-94	MAPLE GROVE CROSSING		55369	SC		1995/2002		1996		50.00	%		265,957	$	2,837,043	KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC. #2752(2012), BED, BATH AND BEYOND #456(2012), CUB FOODS(NOT OWNED)

153	ST. PAUL, MN / 1450 UNIVERSITY AVENUE WEST	MIDWAY MARKETPLACE		55104	SC		1995		1997		14.50	%		324,354	$	2,645,317	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

154	WORTHINGTON, MN / 1635 OXFORD STREET+B843	NORTHLAND MALL		56187	MM		1977		1, 2		100.00	%		176,216	$	522,674	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

MISSISSIPPI

155	GULFPORT, MS / CROSSRDS PARWAY	CROSSROADS CENTER		39503	SC		1999		2003		100.00	%		455,302	$	4,909,167	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2015), BELK’S(NOT OWNED)

156	JACKSON, MS / 6351 I-55 NORTH3	THE JUNCTION		39213	SC		1996		2003		100.00	%		107,780	$	1,079,978	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

157	JACKSON, MS / 4700 ROBINSON RD	METRO STATION		39204	SC		1997		2003		100.00	%		52,617	$	331,788	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

158	OXFORD, MS / 2015-2035 UNIVERSITY AVENUE	OXFORD PLACE		38655	SC		2000		2003		100.00	%		71,866	$	288,788	Kroger #473(2020)

159	SALTILLO, MS / 1040-1184 CROSS CREEK DRIVE	CROSS CREEK SHOPPING CENTER		38866	SC		1999		2003		100.00	%		65,269	$	575,427	Staples 1172(2016), HOME DEPOT(NOT OWNED)

160	STARKVILLE, MS / 882 HWY 12 WEST+B878	STARKVILLE CROSSING		39759	SC		1990/2004		1994		100.00	%		132,885	$	868,596	J.C. PENNEY #2447(2010), KROGER #381(2012), LOWE’S(NOT OWNED)

161	TUPELO, MS / 3850 N GLOSTER ST	BIG OAKS CROSSING		38801	SC		1992		1994		100.00	%		348,236	$	1,960,776	SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)

MISSOURI

162	ARNOLD, MO / VOGEL RD	JEFFERSON COUNTY PLAZA		63010	SC		2002		1		50.00	%		34,567	$	457,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

Property Listing 7.1
Page 10

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)

163	FENTON, MO / GRAVOIS & HWY 141	FENTON PLAZA		63206	SC		1970/1997		1, 2		100.00	%		93,068	$	803,422

164	INDEPENDENCE, MO / 900 EAST 39TH STREET	INDEPENDENCE COMMONS		64057	SC		1995/1999		1995		14.50	%		382,955	$	4,231,388	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

165	KANSAS CITY, MO / 8600 E. 63rd STREET	BRYWOOD CENTER		64133	SC		1972		1998		24.75	%		208,234	$	890,725	BIG LOTS #489(2009), PRICE CHOPPER(2009)

166	KANSAS CITY, MO / 8600 WARD PKWY	WARD PARKWAY		64114	SC		1959/2004		2003		20.00	%		256,241	$	4,483,483	AMC Theaters(2011), Stein Mart #030(2004), T.J. Maxx(2013), Dick’s(2016), 24 Hour Fitness(2023), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)

167	SPRINGFIELD, MO / 1425 EAST BATTLEFIELD	MORRIS CORNERS		65804	SC		1989		1998		100.00	%		56,033	$	486,741	TOYS R US #9512(2013)

168	ST. JOHN, MO / 9000-9070 ST. CHARLES ROCK RD	ST. JOHN CROSSINGS		63114	SC		2002		2003		100.00	%		85,681	$	890,925	Shop ‘N Save(2022)

169	ST. LOUIS, MO / 10980 SUNSET PLAZA	PLAZA AT SUNSET HILL		63128	SC		1997		1998		100.00	%		415,435	$	5,319,885	BED BATH AND BEYOND #460(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011), TOYS R US #9565(2013), COMPUSA COMPUTER SUPER #1012(2013)

170	ST.LOUIS, MO / 4500 LEMAY FERRY RD	KELLER PLAZA		63129	SC		1987		1998		100.00	%		52,842	$	464,279	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

171	ST.LOUIS, MO / KINGS HWY & CHIPPEWA	SOUTHTOWNE		63109	SC		2004		1998		100.00	%		21,601	$	248,011	OFFICE MAX(2014)

172	ST.LOUIS,MO / 1 BRENTWOOD PROMENADE COURT	PROMENADE AT BRENTWOOD		63144	SC		1998		1998		100.00	%		299,584	$	3,757,294	TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), SPORTS AUTHORITY(2013)

173	ST.LOUIS,MO / 4523 GRAVOIS VILLAGE PLAZA	GRAVOIS VILLAGE		63049	SC		1983		1998		100.00	%		110,992	$	635,664	K MART #7543(2008)

174	ST.LOUIS,MO / 12109 MANCHESTER RD	OLYMPIC OAKS VILLAGE		63121	SC		1985		1998		100.00	%		92,372	$	1,447,761	T.J. MAXX #329(2006)

NEVADA

175	LAS VEGAS, NV / CHARLESTON & DECATUR BLVD	FAMILY CENTER @ LAS VEGAS		89102	SC		1973		1998		100.00	%		49,555	$	390,272	ALBERTSON’S(NOT OWNED)

176	LAS VEGAS, NV / CHARLESTON & MARYLAND BLVD	FAMILY PLACE @ LAS VEGAS		89102	SC		2003		1		100.00	%		24,032	$	428,856

177	RENO, NV / EAST FIRST STREET AND SIERRA	RENO RIVERSIDE		89505	SC		2000		2000		100.00	%		2,474	$	32,336	CENTURY THEATRE, INC.(2014)

NEW JERSEY

178	HAMILTON, NJ / NJ STATE HWY 130 & KLOCKNER RD	HAMILTON MARKETPLACE		08691	SC		2003		2003		100.00	%		387,336	$	6,194,523	Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s(2013), Ross Dress For Less #634(2014), Shop Rite(2028), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)

Propery Listing 7.1
Page 11

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
179	MAYS LANDING, NJ / 4215 BLACK HORSE PIKE	HAMILTON COMMONS		08330	SC		2001		2004		100.00	%		398,137	$	5,565,043	Regal Cinemas(2021), Ross Stores #518(2012), Bed, Bath and Beyond, Inc. #38(2017), Marshall’s #377(2012)

180	MAYS LANDING, NJ / 2300 WRANGLEBORO RD	WRANGLEBORO CONSUMER SQUARE		08330	SC		1997		2004		100.00	%		837,006	$	9,353,258	Best Buy Stores, L.P. #581(2017), Kohl’s Stores #279(2018), Staples #784(2012), Babies R Us #6373(2013), BJ’s Wholesale Club #74(2016), Dick’s Sporting Goods, Inc #85(2013), Seamans Furniture(2012), Linens ‘N Things #148(2012), Michaels #9832(2008), Targe

181	PRINCETON, NJ / ROUTE 1 & QUAKER BRIDGE RD	NASSAU PARK SHOPPING CENTER		42071	SC		1995		1997		100.00	%		211,807	$	3,806,990	BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), WAL-MART(NOT OWNED), SAM’S(NOT OWNED), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

182	PRINCETON, NJ / ROUTE 1 AND QUAKER BRIDGE RD	NASSAU PARK PAVILION		42071	SC		1999/2004		1		100.00	%		202,622	$	3,979,250	DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019), WEGMAN’S MARKET(NOT OWNED)

183	WEST LONG BRANCH, NJ (MONMOUTH CTY) / 310 STATE HWY #36	CONSUMER CENTER		07764	SC		1993		2004		100.00	%		292,999	$	3,930,936	SportsAuthority #803(2012), Barnes & Noble #1885(2009), PETsMART #0760(2008), Home Depot #0907(2013)

NEW MEXICO


184	LOS ALAMOS, NM / 800 TRINITY DRIVE	MARI MAC VILLAGE		87533	SC		1978/1997		1, 2		100.00	%		93,021	$	618,649	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180(2009)

NEW YORK

185	ALDEN, NY / 12775 BRDWAY	TOPS PLAZA - ALDEN		14004	SC		1999		2004		100.00	%		67,992	$	736,269	Tops Markets #261(2019)

186	AMHERST, NY / 1641-1703 NIAGARA FALLS BLVD	BOULEVARD CONSUMER SQUARE		14228	SC		1998/2001/2003		2004		100.00	%		736,597	$	5,953,614	K Mart #4199(2007), Target Stores #T-1010A(2019), Babies R Us #9282(2015), Barnes & Noble #2958(2014), Best Buy #459(2016), Bed, Bath & Beyond #532(2018), A. C. Moore(2013)

187	AMHERST, NY (BURLINGTON/JOANN) /1551 NIAGARA FALLS BLVD	BURLINGTON PLAZA		14228	SC		1978/1982/1990/ 1998		2004		100.00	%		195,416	$	1,907,356	Burlington Coat #62(2004), Jo-Ann Fabrics and Crafts #193(2014)

188	AMHERST, NY / 281 MEYER RD	DICK’S SPORTING GOODS - AMHERST		14226	SC		1993/2003		2004		100.00	%		55,745	$	720,783	Dick’s Sporting Goods, Inc #11(2015)

189	AMHERST, NY / 4990 HARLEM RD	SHERIDAN HARLEM PLAZA		14226	SC		1960/1973/1982/1988/2003		2004		100.00	%		58,413	$	536,465

190	AMHERST, NY / 9660 TRANSIT RD	TOPS - TRANSIT/N. FRENCH		14226	SC		1995/1998		2004		100.00	%		106,947	$	1,062,889	Tops Markets (B) #2(2016)

191	AMHERST, NY / 3500 MAIN STREET	UNIVERSITY PLAZA		14226	SC		1965/1995/2002		2004		100.00	%		162,879	$	1,362,766	A.J. Wright #162(2012), Tops Markets #42(2009)

192	ARCADE, NY / ROUTE 39	TOPS - ARCADE		14009	SC		1995		2004		100.00	%		61,915	$	600,454	Tops Markets (B) #2(2015)

193	AVON, NY / 270 E. MAIN STREET	TOPS - AVON		14414	SC		1997/2002		2004		100.00	%		62,988	$	461,812	Tops Markets (B) #4(2017)

194	BATAVIA, NY / 8326 LEWISTON RD	BJ’s PLAZA		14020	SC		1996		2004		14.50	%		95,846	$	764,798	BJ’s Wholesale Club #311(2016)

195	BATAVIA, NY / 419 WEST MAIN STREET	BATAVIA COMMONS		14020	SC		1990		2004		14.50	%		49,431	$	439,235

Property Listing 7.1
Page 12

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
196	BATAVIA, NY / 8351 LEWISTON RD	TOPS PLAZA		14020	SC		1994		2004		14.50	%		37,140	$	433,192

197	BIG FLATS, NY / 830 COUNTY ROUTE 64	BIG FLATS CONSUMER SQUARE		14814	SC		1993/2001		2004		100.00	%		641,264	$	5,917,449	Dick’s Sporting Goods, Inc #25(2008), Wal-Mart #10-1976(2013), Wal-Mart-Sams #6431(2013), Tops Markets #542(2013), Bed, Bath & Beyond #448(2014), Old Navy #06052(2009), TJ Maxx #198(2007), Barnes & Noble #2825(2011), Staples #279(2011), Michaels #2035(201

198	BUFFALO, NY / 1951 - 2023 ELMWOOD AVENUE	ELMWOOD REGAL CENTER		14207	SC		1997		2004		100.00	%		133,940	$	1,484,016	Regal Cinema #33341(2017), Office Depot #412(2012)

199	BUFFALO, NY / 2150 DELAWARE AVENUE	MARSHALL’S PLAZA		14216	SC		1960/1975/1983/1995		2004		100.00	%		82,196	$	828,248	Marshall’s #331(2009)

200	CHEEKTOWAGA, NY / 2015 WALDEN AVENUE	BORDERS BOOKS		14225	SC		1994		2004		14.50	%		26,500	$	609,500	Borders #100(2015)

201	CHEEKTOWAGA, NY / 3637 UNION RD	DICK’S PLAZA		14225	SC		1979/1982/1997/2003		2004		14.50	%		169,757	$	1,269,479	Dick’s Sporting Goods, Inc. #0(2015)

202	CHEEKTOWAGA, NY / 2195 HARLEM RD	THRUWAY PLAZA		14225	SC		1965/1995/1997/2004		2004		100.00	%		347,202	$	2,481,030	Value City Furniture(2009), M & T Bank(2007), Tops Markets #131(2019), MovieLand 8 Theatres(2019), Home Depot-Thruway Easement #1(2050), Wal-Mart #01-2586(2017)

203	CHEEKTOWAGA, NY / 3825 - 3875 UNION RD	TOPS PLAZA - UNION ROAD		14225	SC		1978/1989/1995/ 2004		2004		100.00	%		140,770	$	1,412,816	Tops Markets #202(2013)

204	CHEEKTOWAGA, NY / 3733 - 3735 UNION RD	UNION CONSUMER SQUARE		14225	SC		1989/1998/2004		2004		14.50	%		404,279	$	4,416,625	Marshall’s #366(2009), Sam’s Club #6673(2024), OfficeMax #320(2005), Jo-Ann Fabrics and Crafts #193(2015), Circuit City #3151(2016)

205	CHEEKTOWAGA, NY / 2130-2190 WALDEN AVENUE	WALDEN PLACE		14225	SC		1994/1999		2004		14.50	%		68,502	$	652,716	Media Play #8290(2010)

206	CHEEKTOWAGA, NY / 1700 - 1750 WALDEN AVENUE	WALDEN CONSUMER SQUARE		14225	SC		1997/1999/2004		2004		14.50	%		253,090	$	2,116,974	Office Depot #00673(2009), Linens ‘N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)

207	CHILI, NY / 800 PAUL RD	CHILI PLAZA		14606	SC		1998		2004		100.00	%		120,368	$	758,189	K Mart #3282(2019)

208	CICERO, NY / 709-729 NORTH MAIN STREET	BEAR ROAD PLAZA		13212	SC		1978/1988/1995		2004		100.00	%		61,933	$	500,696

209	CLARENCE, NY / 7370 TRANSIT RD	BARNES & NOBLE		14031	SC		1992		2004		14.50	%		16,030	$	304,249

210	CLARENCE, NY / TRANSIT & GREINER RDS	EASTGATE PLAZA		14031	SC		1995/1997/1999/ 2001/2004		2004		14.50	%		454,956	$	3,960,721	Wal-Mart #2355(2015), Dick’s Sporting Goods, Inc. #0(2011), Linens ‘N Things #622(2015), Michaels #2014(2010)

211	CLARENCE, NY / 4101 TRANSIT RD	JOANN PLAZA		14221	SC		1994		2004		14.50	%		92,720	$	730,926	OfficeMax #81(2009)

212	CLARENCE, NY / 7864 - 8020 TRANSIT RD	PREMIER PLACE		14221	SC		1986/1994/1998		2004		14.50	%		141,119	$	1,373,072	Premier Liquors(2010), Stein Mart #155(2008)

213	CORTLAND, NY / 3836 ROUTE 281	TOPS PLAZA - CORTLAND		13045	SC		1995		2004		100.00	%		134,223	$	1,685,742	Staples #1235(2017), Tops Markets (B) #5(2016)

214	DANSVILLE, NY / 23-65 FRANKLIN STREET	TOPS PLAZA - DANVILLE		14437	SC		2001		2004		100.00	%		61,800	$	626,969	Tops Markets #520(2051)

215	DEPEW, NY / 5175 BRDWAY	TOPS D&L PLAZA		14043	SC		1980/1990/1996		2004		100.00	%		148,245	$	1,471,638	Tops Markets #114(2016), Big Lots #00391 B(2006)

Property Listing 7.1
Page 13

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
216	DEWITT, NY / 3401 ERIE BLVD EAST	MARSHALL’S PLAZA - DEWITT COMMONS		13214	SC		2001/2003		2004		100.00	%		292,324	$	2,441,682	Toys “R” Us #7525(2018), Marshall’s #217(2019), Bed, Bath & Beyond #515(2018), Syracuse Orthopedic Specialist(2017)

217	DEWITT, NY / 3133 ERIE BLVD	ERIE BOULEVARD - MICHAEL’S/CHUCK E CHEESE		13214	SC		2002		2004		100.00	%		49,713	$	529,933	Michaels #2011(2010)

218	ELMIRA, NY / HUDSON STREET	TOPS PLAZA - ELMIRA		14904	SC		1997		2004		100.00	%		98,330	$	1,117,100	Tops Markets (B) #5(2017)

219	GATES, NY / 2000 CHILI AVENUE	WESTGATE PLAZA		14624	SC		1998		2004		100.00	%		327,809	$	3,154,936	Wal-Mart #2859(2021), Staples the Office Superstore(2015)

220	GREECE, NY / 3042 WEST RIDGE RD	WEST RIDGE ROAD		14626	SC		1993/1999		2004		100.00	%		75,916	$	799,191	Petsmart #774(2008), Jo-Ann etc. #1949(2015)

221	HAMBURG, NY / 4408 MILESTRIP RD	BJ’S PLAZA - HAMBURG		14075	SC		1990/1997		2004		100.00	%		175,965	$	1,678,510	OfficeMax #0027(2005), BJ’s Wholesale Club #35(2010)

222	HAMBURG, NY / 3701 MCKINLEY PKWY	MCKINLEY PLACE - DICK’S		14075	SC		1990/2001		2004		100.00	%		128,944	$	1,393,676	Dick’s Sporting Goods, Inc. #0(2011), Rosa’s Home Store(2009)

223	HAMBURG, NY / 140 PINE STREET	HAMBURG VILLAGE SQUARE		14075	SC		1960/1972/1984/ 1996		2004		100.00	%		92,717	$	891,646

224	HAMBURG, NY / 4405 MILESTRIP RD	HOME DEPOT PLAZA		14219	SC		1990/2000		2004		100.00	%		139,413	$	1,504,989	Home Depot #1286(2012)

225	HAMBURG, NY / 3540 MCKINLEY PKWY	MCKINLEY MILESTRIP CENTER		14075	SC		1999		2004		100.00	%		106,774	$	1,324,973	Jo-Ann Fabrics and Crafts #193(2015), Old Navy #5131(2005)

226	HAMBURG, NY / 6150 SOUTH PARK AVENUE	SOUTH PARK PLAZA - TOPS		14075	SC		1990/1992		2004		100.00	%		84,000	$	730,500	Tops Markets #236(2015)

227	HAMLIN, NY / 1800 LAKE RD	TOPS - HAMLIN		14464	SC		1997		2004		100.00	%		60,488	$	492,380	Tops Markets (B) #4(2017)

228	IRONDEQUOIT, NY / 2255 RIDGE RD EAST	CULVER RIDGE PLAZA		14622	SC		1972/1984/1997		2004		100.00	%		227,145	$	2,437,237	Regal Cinema #33332(2022)

229	IRONDEQUOIT, NY / 1850 RIDGE RD EAST	RIDGEVIEW PLACE		14617	SC		2000		2004		100.00	%		65,229	$	742,367

230	ITHACA, NY / 614 - 722 SOUTH MEADOW	TOPS PLAZA - ITHACA		14850	SC		1990/1999/2003		2004		100.00	%		205,563	$	3,399,135	Tops Markets #525(2051), Michaels #3718(2013), Barnes & Noble #2122(2018)

231	JAMESTOWN, NY / 708-744 FOOTE AVENUE	SOUTHSIDE PLAZA		14701	SC		1980/1997		1997		100.00	%		61,670	$	571,518	Quality Market #6661(2017)

232	JAMESTOWN, NY / WASHINGTON STREET	TOPS - JAMESTOWN		14702	SC		1997		2004		100.00	%		88,275	$	1,156,254	Tops Markets (B) #2(2018)

233	LANCASTER, NY / 6703-6733 TRANSIT RD	REGAL CENTER		14221	SC		1997		2004		14.50	%		112,949	$	920,737	Regal Cinema #33294(2017)

234	LEROY, NY / 128 WEST MAIN STREET	TOPS PLAZA - LEROY		14482	SC		1997		2004		100.00	%		62,747	$	580,267	Tops Markets (B) #2(2017)

235	LOCKPORT, NY / 5789 & 5839 TRANSIT RD & HAMM	WAL*MART/TOPS PLAZA - - LOCKPORT		14094	SC		1993		2004		100.00	%		296,582	$	2,656,135	Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006)

236	MEDINA, NY / 11200 MAPLE RIDGE RD	TOPS PLAZA - MEDINA		14103	SC		1996		2004		100.00	%		80,028	$	526,400	Tops Markets (B) #2(2016)

237	NEW HARTFORD, NY / 4725 - 4829 COMMERCIAL DRIVE	CONSUMER SQUARE		13413	SC		2002		2004		14.50	%		516,801	$	5,781,605	Barnes & Noble #2133(2013), Bed, Bath & Beyond #511(2018), Best Buy #545(2013), Staples the Office Superstore(2018), Michaels #2770(2013), Wal-Mart #1677-02(2022), TJ Maxx #865(2012)

Property Listing 7.1
Page 14

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
238	NEW HARTFORD, NY / 40 KELLOGG RD	TOPS PLAZA - KELLOGG ROAD		13413	SC		1998		2004		100.00	%		127,740	$	1,316,266	Tops Markets #570(2018)

239	NIAGARA FALLS, NY / 720 & 750 BUILDERS WAY	HOME DEPOT PLAZA - NIAGARA FALLS		14304	SC		1994/2000		2004		100.00	%		154,510	$	1,434,655	Home Depot #1287(2019), Regal Cinemas #33393(2019)

240	NIAGARA FALLS, NY / 8207-8351 NIAGARA FALLS BLVD	PINE PLAZA		14304	SC		1980/1992/1998		2004		100.00	%		82,755	$	798,283	OfficeMax #328(2015)

241	NIAGARA FALLS, NY / 1000 PORTAGE RD	TOPS - PORTAGE ROAD		14301	SC		1991		2004		100.00	%		116,690	$	1,139,002	Tops Markets/Eckerd Corp. #009(2013)

242	NIAGARA FALLS, NY / 1575 - 1653 MILITARY RD	WEGMAN’S PLAZA		14304	SC		1998		2004		100.00	%		122,876	$	695,339	Wegmans(2023)

243	NISKAYUNA, NY / 402 - 442 BALLTOWN RD	MOHAWK COMMONS		12121	SC		2002		2004		100.00	%		404,994	$	4,276,301	Price Chopper(2022), Lowe’s Home Centers(2022), Marshalls #0528(2012), Barnes & Noble(2014), Bed, Bath & Beyond #566(2019)

244	NORTH TONAWANDA, NY / 955-987 PAYNE AVENUE	MID CITY PLAZA		14120	SC		1960/1976/1980/ 1995/2004		2004		100.00	%		233,602	$	2,078,360	Sears, Roebuck & Co. #5054(2006)

245	NORWICH, NY / 54 EAST MAIN STREET	TOPS PLAZA - NORWICH		13815	SC		1997		2004		100.00	%		85,453	$	1,100,325	Tops Markets #560(2018)

246	OLEAN, NY / 3142 WEST STATE STREET	WAL*MART PLAZA - OLEAN		14760	SC		1993/2004		2004		100.00	%		285,360	$	2,188,704	Wal-Mart #2159(2014), Eastwynn Theatres, Inc(2014), BJ’s Wholesale Club #302(2014), Home Depot - Olean REA(2050)

247	ONTARIO, NY / 6254-6272 FURNACE RD	TOPS PLAZA ONTARIO		14519	SC		1998		2004		100.00	%		30,040	$	322,210

248	ORCHARD PARK, NY / 3201 - 3227 SOUTHWESTERN BLVD	CROSSROADS CENTRE		14127	SC		2000		2004		100.00	%		167,805	$	1,575,115	Tops Markets #108(2051), Stein Mart #269(2012)

249	PLATTSBURGH, NY / ROUTE 3 - CORNELIA RD	PLATTSBURGH CONSUMER SQUARE		12901	SC		1993/2004		2004		100.00	%		445,402	$	2,964,689	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2013), TJ Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)

250	ROCHESTER, NY / 400 JEFFERSON RD AT HENRIETTA	HEN-JEF PLAZA		14620	SC		1983/1993		2004		100.00	%		167,363	$	1,199,851	City Mattress(2009), Comp USA #1557(2008), Petsmart #773(2008)

251	ROCHESTER, NY / 1601 PENFIELD RD	PANORAMA PLAZA		14625	SC		1959/1965/1972/		2004		100.00	%		280,673	$	3,350,502	Linens ‘N Things #371(2008), Tops Markets #417(2014)
							1980/1986/1994

252	ROCHESTER, NY / 1100 JEFFERSON RD	HENRIETTA PLAZA		14467	SC		1972/1980/1988/ 1999		2004		100.00	%		245,426	$	2,056,497	Big Lots, Inc. #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)

253	ROME, NY / 205-211 ERIE BLVD WEST	FREEDOM PLAZA		13440	SC		1978/2000/2001		2004		100.00	%		193,381	$	819,129	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)

254	SPRINGVILLE, NY / 172 - 218 SOUTH CASCADE DRIVE	SPRINGVILLE PLAZA		14141	SC		1980/1999/2004		2004		100.00	%		107,924	$	902,506	Tops Markets(2053)

255	TONAWANDA, NY / 4220 DELAWARE AVE	DEL - TON PLAZA		14150	SC		1985/1996		2004		100.00	%		55,473	$	337,133

256	TONAWANDA, NY / 2309 EGGERT RD	OFFICE DEPOT PLAZA		14150	SC		1976/1985/1996		2004		100.00	%		121,846	$	1,069,174	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)

Property Listing 7.1
Page 15

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
257	TONAWANDA, NY / 1692-1752 SHERIDAN DRIVE	SHERIDAN/DELAWARE PLAZA		14223	SC		1950/1965/1975/ 1986/2000		2004		100.00	%		188,200	$	1,263,436	The Bon Ton #63(2010), Bon Ton Home Store(2010), Tops Markets #239(2020)

258	TONAWANDA, NY / 150 NIAGARA STREET	TOPS - NIAGARA STREET		14150	SC		1997		2004		100.00	%		97,014	$	1,234,030	Tops Markets #228(2017)

259	TONAWANDA, NY / 750 YOUNG STREET	YOUNGMANN PLAZA - TOPS/GANDER MOUNTAIN		14150	SC		1985/2003		2004		100.00	%		307,321	$	2,208,493	Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021), BJ’s Wholesale Club #6(2010)

260	UTICA, NY / 1154 MOHAWK STREET	TOPS PLAZA - MOHAWK STREET		13501	SC		1961/1972/1988/ 1998		2004		100.00	%		190,376	$	1,639,158	Tops Markets (B) #5(2019)

261	WARSAW, NY / 2382 ROUTE 19	TOPS - WARSAW		14569	SC		1998		2004		100.00	%		74,105	$	675,151	Tops Markets (B) #2(2015)

262	WEST SENECA, NY / 1881 RIDGE RD	HOME DEPOT PLAZA		14224	SC		1975/1983/1987/ 1995		2004		100.00	%		139,453	$	1,325,048	Home Depot #1231(2016)

263	WEST SENECA, NY / 3531 SENECA STREET	SENECA RIDGE PLAZA		14224	SC		1980/1996/2004		2004		100.00	%		58,883	$	550,370	Sears, Roebuck & Co. #5163(2006)

264	WILLIAMSVILLE, NY / 5395 SHERIDAN DRIVE	WILLIAMSVILLE PLACE		14221	SC		1986/1995/2003		2004		100.00	%		86,392	$	1,067,051

NORTH CAROLINA

265	ASHEVILLE, NC / 299 SWANNANOA RIVER RD	RIVER HILLS		28805	SC		1996		2003		14.50	%		190,970	$	1,989,799	Goody’s 20923 - #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods(2017), Michael’s(2008), Officemax #577(2011)

266	DURHAM, NC / 3500 OXFORD RD	OXFORD COMMONS		27702	SC		1990/2001		1, 2		100.00	%		213,934	$	1,189,018	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)

267	FAYETTEVILLE, NC / 5075 MORGANTON RD	CROSS POINTE CENTRE		28314	SC		1985/2003		2003		100.00	%		192,079	$	1,473,472	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)

268	HENDERSONVILLE, NC / 200 THOMPSON STREET	EASTRIDGE CROSSING		28792	SC		1995/2004		2003		100.00	%		47,530	$	231,772	Ingles #112(2009)

269	INDIAN TRAIL, NC / INDEPENDENCE & FAITH CHURCH RD	UNION TOWN CENTER - PHASE I		28079	SC		1999		2004		100.00	%		85,380	$	782,472	Food Lion #1614(2020)

270	MOORESVILLE, NC / 355 WEST PLAZA DRIVE	MOORESVILLE CONSUMER SQUARE		28117	SC		1999		2004		100.00	%		445,078	$	3,700,139	Wal-Mart #1156(2019), Goody’s #322(2010)

271	NEW BERN, NC / 3003 CLAREDON BLVD	RIVERTOWNE SQUARE		28561	SC		1989/1999		1, 2		100.00	%		68,130	$	603,081	GOODY’S #4(2007), WAL-MART(NOT OWNED)

272	WASHINGTON, NC / 536 PAMLICO PLAZA	PAMLICO PLAZA		27889	SC		1990/1999		1, 2		100.00	%		93,527	$	426,812	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

273	WAYNESVILLE, NC / 201 PARAGON PKWY	LAKESIDE PLAZA		28721	SC		1990		2		100.00	%		180,894	$	1,163,132	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)

274	WILMINGTON, NC / S. COLLEGE RD & NEW CENTRE DR.	UNIVERSITY CENTRE		28403	SC		1989/2001		1, 2		100.00	%		410,491	$	3,160,140	BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #5471(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175 -4(2005), SAM’S(NOT OWNED)

NORTH DAKOTA

275	DICKINSON, ND / 1681 THIRD AVENUE	PRAIRIE HILLS MALL		58601	MM		1978		1, 2		100.00	%		260,667	$	1,074,320	K MART #9564(2008), HERBERGER’S #30(2005), J.C. PENNEY #1628-7(2008)

Property Listing 7.1
Page 16

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
276	GRAND FORKS, ND / 2500 S COLUMBIA RD	OFFICE MAX		58201	SC		1978		1999		83.75	%		31,812	$	0

OHIO

277	ASHLAND, OH / US ROUTE 42	CLAREMONT PLAZA		44805	SC		1977		1, 2		100.00	%		110,656	$	72,773	TRACTOR SUPPLY(2005)

278	ASHTABULA, OH / 1144 WEST PROSPECT RD	TOPS PLAZA - ASHTABULA		44004	SC		2000		2004		100.00	%		57,874	$	898,312	Tops Markets #884(2021)

279	AURORA, OH / 70-130 BARRINGTON TOWN SQUARE	BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1		100.00	%		64,700	$	1,295,316	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

280	BELLEFONTAINE, OH / 2250 SOUTH MAIN STREET	SOUTH MAIN STREET PLAZA		43311	SC		1995		1998		100.00	%		52,399	$	432,292	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)

281	BOARDMAN, OH / I-680 & US ROUTE 224	SOUTHLAND CROSSING		44514	SC		1997		1		100.00	%		506,254	$	4,088,477	LOWE’S COMPANIES #188(2016), BABIES R US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC # 4075(2018)

282	CANTON, OH (PHASE I & II) / 5496 DRESSLER RD	BELDEN PARK CROSSINGS		44720	SC		1995/2001/2003		1		14.50	%		478,106	$	5,043,215	AMERICAN SIGNATURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900(2008), PETSMART #523(2013), DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE#239(2016)

283	CHILLICOTHE, OH / 867 N BRIDGE STREET	CHILLICOTHE PLACE		45601	SC		1974/1998		1, 2		100.00	%		236,009	$	1,834,641	LOWE’S HOME CENTERS #472-2(2015), KROGER #348(2025), OFFICE MAX #617(2013)

284	CINCINNATI, OH / 5100 GLENCROSSING WAY	GLENWAY CROSSING		45238	SC		1990		2		100.00	%		235,433	$	1,988,863	WINN DIXIE STORES #1771 -4(2010), MICHAEL’S(2006)

285	CLEVELAND, OH / 3250 WEST 65TH STREET	WEST 65TH		44102	SC		1977		1, 2		100.00	%		49,420	$	284,716	GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)

286	COLUMBUS, OH / 3630 SOLDANO BLVD	CONSUMER SQUARE WEST		43228	SC		1989/2003		2004		100.00	%		356,515	$	2,263,357	OfficeMax #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011)

287	COLUMBUS, OH / 6561-6815 DUBLIN CENTER DRIVE	DUBLIN VILLAGE CENTER		43017	SC		1987		1998		80.01	%		326,912	$	1,651,927	AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED)

288	COLUMBUS, OH / 3740 EASTON MARKET	EASTON MARKET		43230	SC		1998		1998		100.00	%		509,611	$	5,961,026	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), GALYAN’S(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195(2014), T.J. MAXX#447(

289	COLUMBUS, OH / 1647 OLENTANGY RIVER RD	LENNOX TOWN CENTER		43212	SC		1997		1998		50.00	%		352,913	$	3,344,654	TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021)

290	COLUMBUS, OH / 3622-3860 DUBLIN GRANVILLE RD	SUN CENTER		43017	SC		1995		1998		79.45	%		305,428	$	3,473,945	BABIES R US #9242(2011), MICHAEL’S #2873(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010)

291	DUBLIN, OH / 6644-6804 PERIMETER LOOP RD	PERIMETER CENTER		43017	SC		1996		1998		100.00	%		137,556	$	1,504,681	GIANT EAGLE(2014)

292	ELYRIA, OH / 825 CLEVELAND	ELYRIA SHOPPING CENTER		44035	SC		1977		1, 2		100.00	%		150,200	$	521,970	TOPS #811(2010)

Property Listing 7.1
Page 17

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
293	GALLIPOLIS, OH / 2145 EASTERN AVENUE	GALLIPOLIS MARKETPLACE		45631	SC		1998		2003		100.00	%		25,950	$	302,094	WAL MART(NOT OWNED)

294	GROVE CITY, OH / 2161-2263 STRINGTOWN RD	DERBY SQUARE SHOPPING CENTER		43123	SC		1992		1998		20.00	%		128,210	$	835,658

295	HAMILTON, OH / 1371 MAIN STREET	H.H. GREGG		43450	SC		1986		1998		100.00	%		40,000	$	230,000	ROUNDY’S(2006)

296	HILLSBORO, OH / 1100 NORTH HIGH STREET	HILLSBORO SHOPPING CENTER		45133	SC		1979		1, 2		100.00	%		58,564	$	168,171	BOB & CARL’S(NOT OWNED)

297	HUBER HTS., OH / 8280 OLD TROY PIKE	NORTH HEIGHTS PLAZA		45424	SC		1990		1993		100.00	%		163,819	$	1,377,388	CUB FOODS(2011), WAL-MART(NOT OWNED)

298	LEBANON, OH / 1879 DEERFIELD RD	COUNTRYSIDE PLACE		45036	SC		1990/2002		1993		100.00	%		17,000	$	174,484	WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)

299	MACEDONIA, OH / MACEDONIA COMMONS BLVD	MACEDONIA COMMONS		44056	SC		1994		1994		50.00	%		233,639	$	2,699,751	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

300	MACEDONIA, OH / 8210 MACEDONIA COMMONS	MACEDONIA COMMONS (PHASE II)		44056	SC		1999		1		100.00	%		169,481	$	1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)

301	NORTH OLMSTED, OH / 25859-26437 GREAT NORTHERN	GREAT NORTHERN PLAZA NORTH		44070	SC		1958/1998/2003		1997		14.50	%		624,660	$	7,893,123	KIDS R US #1173(2008), BED BATH & BEYOND, INC. #458(2012), PETSMART #529(2008), HOME DEPOT USA #3803(2019), K & G MEN’S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC. #577(2008), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY

302	PATASKALA, OH / 78-80 OAK MEADOW DRIVE	VILLAGE MARKET/RITE AID CENTER		43062	SC		1980		1998		100.00	%		33,270	$	194,600	CARDINAL (GARDNERS/LANCASTER)(2007)

303	PICKERINGTON, OH / 1701-1797 HILL RD NORTH	SHOPPES AT TURNBERRY		43147	SC		1990		1998		100.00	%		59,495	$	661,160

304	SOLON, OH / KRUSE DRIVE	UPTOWN SOLON		44139	SC		1998		1		100.00	%		183,288	$	2,526,730	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)

305	STOW, OH / KENT RD	STOW COMMUNITY SHOPPING CENTER		44224	SC		1997/2000		1		100.00	%		404,505	$	2,810,781	K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED)

306	TIFFIN, OH / 870 WEST MARKET STREET	TIFFIN MALL		44883	MM		1980/2004		1, 2		100.00	%		180,969	$	858,831	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2005), AARON RENTS, INC.#C0399(2004)

307	TOLEDO, OH / S. HOLLAND-SYLVANIA RD	SPRINGFIELD COMMONS SHOPPING		43528	SC		1999		1		20.00	%		241,129	$	2,699,142	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED)

308	TOLEDO, OH / 851 W. ALEXIS RD	DICK’S SPORTING GOODS		43612	SC		1995		2004		100.00	%		80,160	$	501,000	Dick’s Sporting Goods #1563(2016)

309	WESTLAKE, OH / 30100 DETROIT RD	WEST BAY PLAZA		44145	SC		1974/1997/2000		1, 2		100.00	%		162,330	$	1,318,518	MARC’S #37(2009), K MART #3234(2009)

310	WILMINGTON, OH / 1025 S SOUTH STREET	SOUTH RIDGE SHOPPING CENTER		45177	SC		1977		1, 2		100.00	%		55,130	$	229,424	COMMUNITY MARKETS(2013)

311	XENIA, OH / 1700 WEST PARK SQUARE	WEST PARK SQUARE		45385	SC		1994/1997/2001		1		100.00	%		104,873	$	809,131	KROGER #829(2019), WAL-MART(NOT OWNED)

Property Listing 7.1
Page 18

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
OREGON

312	PORTLAND, OR / NW EVERGREEN PKWY & NW RING RD	TANASBOURNE TOWN CENTER		97006	SC		1995/2001		1996		50.00	%		309,617	$	5,124,582	BARNES & NOBLE #2748(2011), OFFICE DEPOT-#00954(2010), HAGGAN’S(2021), LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), MICHAEL’S #9887(2009), NORDSTROM(NOT OWNED),
																	TARGET(NOT OWNED), MERVYN’S(NOT OWNED)

PENNSYLVANIA

313	ALLENTOWN, PA / 1091 MILL CREEK RD	WEST VALLEY MARKETPLACE		18106	SC		2001/2004		2003		100.00	%		241,077	$	2,283,854	Wal-Mart #2641(2021)

314	E. NORRITON, PA / 2692 DEKALB PIKE	KMART PLAZA		19401	SC		1975/1997		1, 2		100.00	%		173,876	$	1,222,309	K MART #3026(2005), BIG LOTS(2010)

315	ERIE, PA / 1902 KEYSTONE DRIVE	PEACH STREET SQUARE		16509	SC		1995/1998/2003		1		100.00	%		557,769	$	5,033,255	LOWE’S HOME CTR #226(2015), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), HOME DEPOT(NOT OWNED)

316	ERIE, PA / 6660-6750 PEACH STREET	ERIE MARKETPLACE		16509	SC		2000		2003		14.50	%		107,537	$	1,065,829	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

317	ERIE, PA / 1520 WEST 25TH STREET	TOPS – ERIE		16505	SC		1995		2004		100.00	%		99,631	$	1,250,882	Tops Markets (B) #6(2016)

318	HANOVER, PA / 1785 AIRPORT RD SOUTH	BJ’S – HANOVER/ ALLENTOWN		18109	SC		1991		2004		100.00	%		112,230	$	784,631	BJ’s Wholesale Club #21(2011)

319	MONACA, PA / 115 WAGNER RD	TOWNSHIP MARKETPLACE		15061	SC		1999/2004		2003		14.50	%		253,110	$	1,923,607	Lowe’s #500(2027), Shop ‘N Save(2019)

SOUTH CAROLINA

320	CAMDEN, SC / 1671 SPRINGDALE DRIVE	SPRINGDALE PLAZA		29020	SC		1990/2000		1993		100.00	%		180,127	$	1,155,081	WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

321	CHARLESTON, SC / 2245 ASHLEY CROSSING DRIVE	ASHLEY CROSSING		29414	SC		1991		2003		100.00	%		196,048	$	1,516,339	Food Lion #933(2011), Wal-Mart #1748(2011)

322	COLUMBIA, SC / HARBISON BLVD	HARBISON COURT		29212	SC		1991		2002		100.00	%		252,689	$	2,459,597	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

323	MT. PLEASANT, SC / 1500 HWY 17 NORTH	WANDO CROSSING		29465	SC		1992/2000		1995		100.00	%		209,139	$	2,023,241	PIGGLY WIGGLY #29-4(2012), OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED)

324	N. CHARLESTON, SC / 7400 RIVERS AVENUE	NORTH POINTE PLAZA		29406	SC		1989/2001		2		100.00	%		294,471	$	2,036,807	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)

325	N. CHARLESTON, SC / 5900 RIVERS AVENUE	NORTH CHARLESTON CENTER		29406	SC		1980/1993		2004		100.00	%		235,501	$	1,435,488	Babies R Us #8888(2005), Big Lots #00004 B(2009)

326	ORANGEBURG, SC / 2795 NORTH RD	NORTH ROAD PLAZA		29115	SC		1994/1999		1995		100.00	%		50,760	$	513,472	GOODY’S #282(2008), WAL-MART(NOT OWNED)

327	S. ANDERSON, SC / 406 HWY 28 BY-PASS	CROSSROADS PLAZA		29624	SC		1990		1994		100.00	%		14,800	$	33,600

328	SIMPSONVILLE, SC / 621 FAIRVIEW RD	FAIRVIEW STATION		29681	SC		1990		1994		100.00	%		142,133	$	859,071	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)

329	SUMTER, SC / 837-839 BRD STREET	MERCHANT’S WALK		29150	SC		1987		2003		100.00	%		19,140	$	86,100	KROGERS (NOT OWNED), WALMART (NOT OWNED)

Property Listing 7.1
Page 19

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
330	UNION, SC / U.S.HWY 176 BY-PASS #1	WEST TOWNE PLAZA		29379	SC		1990		1993		100.00	%		184,331	$	981,734	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010)

SOUTH DAKOTA

331	WATERTOWN, SD / 1300 9TH AVENUE	WATERTOWN MALL		56401	MM		1977		1, 2		100.00	%		276,336	$	1,318,861	HERBERGER’S #15(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

TENNESSEE

332	BRENTWOOD, TN / I-65 AND MOORE’S LANE	COOL SPRINGS POINTE		37027	SC		1999/2004		2000		100.00	%		201,516	$	1,862,632	BEST BUY #170(2014), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

333	CHATTANOOGA, TN / 2288 GUNBARREL RD	OVERLOOK AT HAMILTON PLACE		37421	SC		1992/2004		2003		100.00	%		214,808	$	1,210,414	Best Buy #4720(2014), Fresh Market(2014)

334	COLUMBIA, TN / 845 NASHVILLE HWY	COLUMBIA SQUARE		38401	SC		1993		2003		100.00	%		68,948	$	491,250	KROGER #538(2022)

335	FARRAGUT, TN / 11132 KINGSTON PIKE	FARRAGUT POINTE		37922	SC		1991		2003		100.00	%		71,311	$	509,796	Bi-Lo #367(2011)

336	FRANKLIN, TN / 541 ALEXANDER PLAZA	ALEXANDER PLAZA		37064	SC		1983		2003		100.00	%		17,999	$	151,772	BIG LOTS(NOT OWNED)

337	GOODLETTSVILLE, TN / 101-139 NORTHCREEK BLVD	NORTHCREEK COMMONS		37072	SC		1987		2003		100.00	%		84,441	$	652,365	Kroger #541(2012)

338	HENDERSONVILLE, TN / 1050 LOWE’S RD	HENDERSONVILLE LOWE’S		37075	SC		1999		2003		100.00	%		133,144	$	1,214,939	Lowe’s(2019)

339	MEMPHIS, TN / 9020 US HWY 64	COUNTRY BRIDGE		38002	SC		1993		2003		100.00	%		64,223	$	566,810	Kroger #436(2012)

340	MURFREESBORO, TN / 710 MEMORIAL BLVD	MEMORIAL VILLAGE		37130	SC		1993		2003		100.00	%		117,750	$	810,261	Albertson’s #4730(2014)

341	MURFREESBORO, TN / OLD FORT PKWY	TOWNE CENTRE		37129	SC		1998		2003		14.50	%		108,180	$	1,209,730	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

342	NASHVILLE, TN / CHARLOTTE PIKE	THE MARKETPLACE		37209	SC		1998		2003		14.50	%		167,795	$	1,629,775	Lowe’s(2019), WAL MART(NOT OWNED)

TEXAS

343	AUSTIN, TX / CENTER RIDGE DRIVE	SHOPS AT TECH RIDGE		78728	SC		2003		2003		24.75	%		248,791	$	3,630,411	ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY(2018), ULTIMATE ELECTRONICS(2019), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED)

344	FRISCO, TX / 7010 PRESTON RD	FRISCO MARKETPLACE		75035	SC		2001		2003		100.00	%		15,359	$	857,441	KOHL’S(NOT OWNED)

345	FT. WORTH, TX / SWC EASTCHASE PKWY & I-30	EASTCHASE MARKET		76112	SC		1995		1996		50.00	%		205,017	$	2,072,806	UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED)

346	FT. WORTH, TX / WESTERN CENTER BLVD	FOSSIL CREEK		76137	SC		1991		2002		100.00	%		68,515	$	793,113

347	IRVING, TX /MARKET PLACE BLVD	MACARTHUR MARKETPLACE		75063	SC		1999		2003		100.00	%		135,176	$	2,508,241	Marquee Cinema(2018), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

Property Listing 7.1
Page 20

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
348	LEWISVILLE, TX / S STEMMONS FREEWAY	LAKEPOINTE CROSSINGS		75067	SC		1991		2002		100.00	%		311,039	$	2,944,217	THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

349	MCKINNEY, TX / US HWY 75 & EL DORADO PKWY	MCKINNEY MARKETPLACE		75070	SC		2000		2003		100.00	%		118,970	$	1,179,910	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

350	MESQUITE, TX / SOUTHBOUND FRONTAGE RD I 635	THE MARKETPLACE AT TOWN CENTER		75150	SC		2001		2003		100.00	%		153,286	$	2,079,730	Ultimate Electronics(2018), Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less(2013), KOHL’S(NOT OWNED)

351	SAN ANTONIO, TX / STATE LOOP 1604/BANDERA RD	BANDERA POINT NORTH		78227	SC		2001/2002		1		100.00	%		278,727	$	4,430,712	T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED)

UTAH

352	LOGAN, UT / 400 NORTH STREET	FAMILY PLACE @ LOGAN		84321	SC		1975		1998		100.00	%		19,200	$	97,560	RITE AID(NOT OWNED)

353	MIDVALE, UT / 900 EAST FT UNION BLVD	FAMILY CENTER AT FORT UNION 50		84047	SC		1973/2000		1998		100.00	%		659,849	$	7,012,437	BABIES R US(NOT OWNED)(2005), BABIES R US #9568(2014), OFFICE MAX #126(2007), SMITH’S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015)

354	OGDEN, UT / 21-129 HARRISVILLE RD	FAMILY CENTER AT OGDEN 5-POINT		84404	SC		1977		1998		100.00	%		162,316	$	751,524	HARMONS(2012)

355	OREM, UT / 1300 SOUTH STREET	FAMILY CENTER AT OREM		84058	SC		1991		1998		100.00	%		150,667	$	1,552,954	KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED)

356	RIVERDALE, UT / 1050 WEST RIVERDALE RD	FAMILY CENTER AT RIVERDALE 510		84405	SC		1995/2003		1998		100.00	%		590,313	$	4,577,901	TARGET SUPERSTORE #1753(2017), MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016)

357	SALT LAKE CITY, UT (33RD) / 3300 SOUTH STREET	FAMILY PLACE @ 33RD SOUTH		84115	SC		1978		1998		100.00	%		35,459	$	224,535

358	TAYLORSVILLE, UT / 5600 SOUTH REDWOOD	FAMILY CENTER AT MIDVALLEY 503		84123	SC		1982/2003		1998		100.00	%		704,713	$	6,746,028	MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS(2014), HARMONS SUPERSTORE(NOT OWNED)

VERMONT

359	BERLIN, VT / 282 BERLIN MALL RD., UNIT #28	BERLIN MALL		05602	MM		1986/1999		2		100.00	%		174,515	$	1,535,174	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

VIRGINIA

360	CHESTER, VA / 12607-12649 JEFFERSON DAVIS	BERMUDA SQUARE		23831	SC		1978		2003		100.00	%		116,310	$	1,208,442	Ukrop’s(2008)

Property Listing 7.1
Page 21

PROPERTY LIST


													OWNED
						YEAR				DDR			GROSS		TOTAL
			ZIP		PROPERTY	DEVELOPED/		YEAR		OWNERSHIP			LEASABLE		ANNUALIZED		ANCHOR TENANTS
PROPERTY LOCATION		PROPERTY NAME	CODE		TYPE	REDEV OR EXP		ACQUIRED		INTEREST			AREA		RENT		(LEASE EXPIRATION)
361	FAIRFAX, VA / 12210 FAIRFAX TOWNE CENTER	FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.50	%		253,941	$	3,980,343	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)

362	LYNCHBURG, VA / 3700 CANDLERS MOUNTAIN RD	CANDLERS STATION		24502	SC		1990		2003		100.00	%		275,765	$	2,094,620	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)

363	LYNCHBURG, VA / 2215 FLORIDA AVENUE	FAIRVIEW SQUARE		24501	SC		1992		2004		100.00	%		87,209	$	338,376	Food Lion #992(2012)

364	MARTINSVILLE, VA / 240 COMMONWEALTH BLVD	LIBERTY FAIR MALL		24112	MM		1989/1997		1, 2		50.00	%		430,232	$	2,717,360	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)

365	MIDLOTHIAN, VA / HULL STREET RD	GENITO CROSSING		23112	SC		1985		2003		100.00	%		79,407	$	732,318	Food Lion #299(2005)

366	PULASKI, VA / 1000 MEMORIAL DRIVE	MEMORIAL SQUARE		24301	SC		1990		1993		100.00	%		143,299	$	813,731	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

367	WINCHESTER, VA / 2190 S. PLEASANT VALLEY	APPLE BLOSSOM CORNERS		22601	SC		1990/1997		2		20.00	%		240,560	$	2,379,136	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)

WASHINGTON

368	EVERETT, WA / 520 128TH STREET SW	PUGET PARK		98204	SC		1981		2001		20.00	%		41,065	$	410,681	ALBERTSON’S(NOT OWNED)

369	KIRKLAND, WA / TOTEM LAKES BLVD	TOTEM LAKES		98034	SC		1999/2004		2004		20.00	%		178,205	$	2,720,758	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

WEST VIRGINIA

370	BARBOURSVILLE, WV / 5-13 MALL RD	OFFICE MAX CENTER		25504	SC		1985		1998		100.00	%		70,900	$	277,487	DISCOUNT EMPORIUM(2006), OFFICEMAX #263(2006), VALUE CITY(NOT OWNED)

WISCONSIN

371	BROOKFIELD, WI / NORTH 124TH STREET AND WEST CA	SHOPPERS WORLD OF BROOKFIELD		53005	SC		1967		2003		100.00	%		190,142	$	1,462,213	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2004), Officemax #16(2010), Burlington Coat Factory #112(2007)

372	BROWN DEER, WI / NORTH GREEN BAY RD	BROWN DEER CENTER		53209	SC		1967		2003		100.00	%		266,716	$	1,934,067	Kohl’s #44(2023), Michael’s(2012), Officemax #17(2005), T.J. Maxx/Burlington#201(2008), Old Navy #5482(2012)

373	BROWN DEER, WI / NORTH GREEN BAY RD	MARKET PLACE OF BROWN DEER		53209	SC		1989		2003		100.00	%		143,372	$	989,085	Marshall’s Mega Store #736(2004), Pick ‘N Save #6867(2005)

374	MILWAUKEE, WI / SOUTH 27TH STREET	POINT LOOMIS		53221	SC		1962		2003		100.00	%		160,533	$	707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)

375	MILWAUKEE, WI / SOUTH 27TH STREET	SOUTHGATE MARKETPLACE		53215	SC		1951/1992/2000		2003		100.00	%		54,913	$	391,483	Always 99C(2011), MOVIES 10(NOT OWNED), WAL MART(NOT OWNED)

376	WEST ALLIS, WI / WEST CLEVELAND AVE. AND S. 108	WEST ALLIS CENTER		53214	SC		1968		2003		100.00	%		246,081	$	1,392,012	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)

	GRAND TOTAL													66,760,308	$	684,566,386

Notes:

(1). List does not include Service Merchandise locations or developments not yet open.

(2). Property Type: SC - Shopping Center, MM - Mini-Mall, LC - Lifestyle Center

(3). Year Acquired: 1 - Property Developed by the Company, 2 - Original IPO Property

Property Listing 7.1
Page 22

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004

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

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

Bert L. Wolstein, Chairman Emeritus (Deceased)
Chief Executive Officer, Heritage Development

Dean S. Adler, Principal, Lubert-Adler Management, Inc

Terrance R. Ahern, Principal, The Townsend Group

Mohsen Anvari, Director, Institute for Corporate Governance at
Case Western Reserve University’s Weatherhead School of Management

Robert H. Gidel, Managing Partner, Liberty Partners, LP

Victor B. MacFarlane, Founder and Managing Principal, MacFarlane
Partners, LLC

Craig Macnab, CEO, Commercial Net Lease Realty, Inc.

Scott D. Roulston, President and Chief Executive Officer, Fairport
Asset Management, LLC

Barry A. Sholem, Retired, former Chairman, DLJ Real Estate Capital
Partners

William B. Summers, Jr., Chairman, McDonald Investments Inc.

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

David M. Jacobstein, President & Chief Operating Officer

Daniel B. Hurwitz, Executive Vice President

Joan U. Allgood, Sr. Vice President of Corporate Affairs &
Governance

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

Timothy J. Bruce, Sr. Vice President of Development

William H. Schafer, Sr. Vice President & Chief Financial Officer

Steven M. Dorsky, Vice President of Leasing – Northeast

David J. Favorite, Vice President of Operations

Susan Hennessey, Vice President of Human Resources

Michelle Mahue Dawson, Vice President of Investor Relations

Lorraine McGlone, Vice President of Information Technology

Joseph G. Padanilam, Vice President of Acquisitions & Dispositions

Anthony L. Vodicka, Vice President of Leasing – West

Robin Walker-Gibbons, Vice President of Leasing – Southeast

David E. Weiss, Vice President & General Counsel

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2004


Ohio	1-11690	34-1723097

(State or other Jurisdiction or incorporation)	(Commission File Number)	(IRS Employer Identification Number)


		DEVELOPERS DIVERSIFIED REALTY CORPORATION

July 29, 2004		/s/ William H. Schafer
Date
		William H. Schafer
		Senior Vice President and Chief Financial Officer

	•		In May 2004, the Company entered into an agreement with Bank One, Wachovia and Wells Fargo for a $200 million three-year term loan with two one-year extension options at an interest rate of LIBOR plus 75 basis points.

	•		In May 2004, the Company issued and sold 15,000,000 of DDR common shares. Net proceeds from the sale of the common shares were approximately $491 million.

	•		In May 2004, the Company issued and sold 6,800,000 depository shares, each representing 1/20 of a share of 7.50% Class I Cumulative Redeemable Preferred Shares. Net proceeds from the sale of the depository shares were approximately $164.5 million.

	•		In April 2004, the Company issued $250 million, 5.25% seven-year notes through a private placement.

	(A)		Increases in base and percentage rental revenues for the six month period ended June 30, 2004 as compared to 2003, aggregated $28.9 million consisting of $1.0 million related to leasing of core portfolio properties (an increase of 0.9% from 2003), $6.7 million from the acquisition of four shopping centers in 2003 and 2004, $15.9 million from the properties acquired from Benderson, $18.9 million from the JDN merger and $1.5 million from the consolidation of a joint venture interest due to the adoption of FIN 46. These amounts were offset by a decrease of $0.3 million relating to the business center properties, and $14.6 million due to the sale of properties to joint ventures in 2003 and 2004 and $0.2 million related to developments and redevelopments. Included in the rental revenues for the six month periods ended June 30, 2004 and 2003 is approximately $3.5 million and $3.0 million, respectively, of revenue resulting from the recognition of straight line rents.

	(B)		Other income for the six month periods ended June 30, 2004 and 2003 was comprised of the following (in millions):

	(a)		Revenues for the three month periods ended June 30, 2004 and 2003 included approximately $1.6 million and $0.7 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.3 million and $0.1 million, respectively. Revenues for the six month periods ended June 30, 2004 and 2003 included approximately $2.7 million and $1.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.5 million and $0.4 million, respectively.

	(b)		Included in equity in net income of joint ventures for the six months ended June 30, 2004, is approximately $3.2 million of previously deferred gain related to the sale of joint venture property at the end of 2003. This amount was deferred until certain construction and leasing obligations were achieved.

			The Company’s share of joint venture net income has been reduced by $0.1 million and $0.3 million for the three month periods ended June 30, 2004 and 2003, respectively, and by $0.2 million and $0.7 million for the six month periods ended June 30, 2004 and 2003, respectively, to reflect additional basis depreciation.

(G)		For the three and six month periods ended June 30, 2003, the Company previously reported an impairment charge of $2.6 million which was reflected as an add back to FFO similar to a loss on sale of real estate. In accordance with comments recently received from the SEC, this charge has been reflected in FFO available to common shareholders for 2003 which resulted in the previously reported FFO of $58.6 million and $102.9 million or $0.68 per share (basic) and $0.67 per share (diluted) and $1.30 per share (basic) and $1.28 per share (diluted) for the three and six month periods ended June 30, 2003 being adjusted as reflected on the FFO calculation disclosed.

(H)		The cumulative effect of adoption of a new accounting standard (FIN 46) of approximately $3.0 million is attributable to the consolidation of a 50% owned shopping center property in Martinsville, Virginia and the minority partner’s share of cumulative losses.

(I)		For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion, on a weighted average basis of 1.4 million and 1.1 million Operating Partnership Units (OP Units) outstanding at June 30, 2004 and 2003 into 1.3 million and 1.1 million common shares of the Company for the three month periods ended June 30, 2004 and 2003, respectively and 1.2 million and 1.0 million for the six month periods ended June 30, 2004 and 2003. The weighted average diluted shares and OP Units outstanding were 97.6 million and 87.8 million for the three month periods ended June 30, 2004 and 2003, respectively and 93.2 million and 80.1 million for the six month periods ended June 30, 2004 and 2003, respectively.

(1)		See Market Capitalization and Financial Ratio section for detail calculation.

(2)		The calculation includes joint venture revenues.

(3)		Includes revenues from discontinued operations.

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

(5)		Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.

(6)		Includes construction in progress (CIP) at June 30, 2004 of $326.5 million (includes $38.1 million of CIP included in joint ventures, of which $9.6 million represents the Company’s proportionate share), and at December 31, 2003, 2002, 2001, 2000 CIP aggregated $290.7 million $237.8 million, $287.7 million and $305.4 million, respectively.

(7)		Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 and $4,990,000 for the six months ended June 30, 2003 pursuant to EITF topic NO. D-42.

(8)		Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03.

*		See Attached for Detail Calculation

(1)		Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03.

(1)		The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $8.0 million associated with its wholly owned and consolidated portfolio during 2004.

(2)		Includes the consolidation of certain joint venture assets aggregating $37.1 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million.

(3)		In addition to the sales listed in the disposition section, this balance includes the sale of several outparcels with an aggregate cost of $13.1 million. This balance also includes the transfer of nine assets with an aggregate cost of $198.6 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Coon Rapids, MN, Asheville, NC, Erie, PA, Murfreesboro, TN, Nashville, TN, Monaca, PA, Merriam, KS, and two properties located in Fayetteville, AR.

(4)		Includes the merger of JDN and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(5)		In addition to asset sales which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmsted, OH, Independence, MO and St. Paul, MN.

(6)		Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR.

(7)		Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped.

(8)		The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001.

(9)		Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures.

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost is offset by the fair market value adjustment.

2.		Senior debt of $50 million has been converted to a fixed rate of 2.02%.

3.		Public debt of $40 million has been converted to a variable rate of 3.655%. The remaining balance of $10 million is at the stated fixed rate.

4.		Public debt of $60 million has been converted to a variable rate of 3.196%. The remaining balance of $36.6 million is at the stated fixed rate.

5.		Offset included in other assets.


Joint Venture Name:		DDRC PDK Salisbury Phase III LLC
Date Formed:		March 2001
Property Name/Location:		Salisbury, MD
Major Tenants:		Rugged Warehouse
		Dress Barn

Partnership Structure
Ownership Percentage:		50% - DDR
		50% - PDK Commons Phase III L.C.

Cash Flow Distribution:		50% - DDR
		50% - PDK Commons Phase III L.C.
Fees to DDR
Management Fee:		4%
Development Fee:		$.75 psf of leasehold improvements
Leasing Fees:		N/A


DDR	$	0.126
PDK Salisbury LLC		0.126

Total Capital	$	0.3

Debt	$	1.8

Total Debt & Equity	$	2.1

(1)		Total capital includes member equity loans to the joint venture of $50.6 million as of June 30, 2004, of which DDR’s proportionate share is $13.1 million.

(2)		Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final 4 undesignated properties.

(1)		Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007.

(2)		Encumbers seven shopping center properties located in California and Washington with mortgage interest rates ranging from LIBOR+140 to 9.5% and maturity dates ranging from March 2007 to March 2020.

(3)		Encumbers six shopping center properties as follows:


Research Coverage
AG Edwards
Bill Camp		(314) 955-5368

Deutsche Bank Alex Brown
Lou Taylor		(212) 250-4912
Chris Capolongo		(212) 250-7726

Goldman Sachs
Carey Callahan		(212) 902-4351
Michael Bilerman		(212) 902-1970

Green Street Advisors
Greg Andrews		(949) 640-8780
Thomas Youn		(949) 640-8780

Hilliard Lyons
Tony Howard		(502) 588-1142

JP Morgan
Michael Mueller		(212) 622-6689
Josh Bederman		(212) 622-6530

Keybanc Capital Markets
Richard Moore		(216) 443-2815

Lehman Brothers
David Shulman		(212) 526-3413
Alexander Goldfarb		(212) 526-5232


Research Coverage, continued
Merrill Lynch
Steve Sakwa			(212) 449-0335
Craig Schmidt			(212) 449-1944

Morgan Stanley
Matthew Ostrower			(212) 761-6284
Suzanne Sorkin			(212) 761-6385

Prudential Securities
Jim Sullivan			(212) 778-2515
Bill Acheson			(212) 778-1417

Wachovia Securities
Jeff Donnelly			(617) 603-4262
Eric Rothman			(617) 603-4263

Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757

Investor Relations
Michelle Mahue Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mmahue@ddr.com