EXHIBIT 99.2

Partnership Structure

Equity Contribution:

Cash Flow Distribution:

2.75% - Macquarie Bank Limited (“MBL”)

2.75% - MBL

82.75% - Macquarie DDR Trust (“MDT”)

82.75% - MDT

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 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 nine months ended September 30, 2004

TABLE OF CONTENTS


Section	Tab
Earnings Release & Financial Statements		1.0
Financial Summary		2.0
• Financial Highlights		2.1
• Market Capitalization and Financial Ratios		2.2
• Market Capitalization Summary		2.3
• Significant Accounting Policies		2.4
• 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 Dawson
	Chairman	Vice President of Investor Relations
	Chief Executive Officer	216-755-5455
	216-755-5500

DEVELOPERS DIVERSIFIED REALTY REPORTS A 24.1%
INCREASE IN FFO PER SHARE FOR THE THIRD QUARTER
ENDED SEPTEMBER 30, 2004

CLEVELAND, OHIO, October 28, 2004 - Developers Diversified Realty Corporation (NYSE: DDR), a real estate investment trust (“REIT”), today announced that third quarter 2004 Funds From Operations (“FFO”), a widely accepted measure of REIT performance, on a per share basis was $0.72 (diluted and basic) as compared to $0.58 (diluted) and $0.59 (basic) per share for the same period in the previous year, a per share increase of 24.1% diluted and 22.0% basic. FFO available to common shareholders reached $74.9 million for the quarter ended September 30, 2004, as compared to $51.3 million for 2003, an increase of 46.0%. Net income available to common shareholders for the quarter ended September 30, 2004 increased 24.5% to $30.5 million compared $24.5 million for 2003, or $0.30 per share (diluted) and $0.30 (basic) in 2004 compared to $0.28 per share (diluted) and $0.29 (basic) for the same period in 2003. The increase in net income for the quarter ended September 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 net 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 $2.26 and $1.83 for the nine month periods ended September 30, 2004 and 2003, respectively, an increase of 23.5%. The 2003 results were as adjusted down by $0.03 (diluted) per share to reflect a prior impairment charge previously not included in FFO in accordance with a SEC comment letter. FFO available to common shareholders for the nine months ended September 30, 2004 was $219.3 million compared to $151.5 million for 2003. Net income available to common shareholders for the nine month period ended September 30, 2004 was $145.0 million, or $1.52 per share (diluted) and $1.53 (basic) in 2004, compared to net income available to common shareholders of $108.2 million, or $1.32 per share (diluted) and $1.34 (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 net 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, “We are pleased to announce our third quarter results, which demonstrate outstanding earnings growth and consistent financial performance. Our portfolio showed strong leasing activity and occupancy gains, reflecting the health and growth of our expanding tenant base. We were gratified to be added to the S&P MidCap 400 Index and with the expansion of our senior unsecured line to $1 billion, which underscored the market’s confidence in our investment strategy.”

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 third quarter of 2004, the Company executed 129 new leases aggregating 679,000 square feet and 231 renewals aggregating 1,292,000 square feet. Rental rates on new leases increased by 17.9% to $10.42 per square foot and rental rates on renewals increased by 8.9% to $9.92 per square foot as compared to previously occupied rental rates. On a blended basis, rental rates for new leases and renewals increased by 10.4% to $10.10 per square foot.

At September 30, 2004, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $10.69. Excluding the impact of the properties acquired from Benderson, the average annualized base rent per occupied square foot for the portfolio was $11.02, as compared to $10.95 at September 30, 2003.

At September 30, 2004, the portfolio was 95.3% leased. Excluding the impact of the properties acquired from Benderson, the portfolio was 95.4% leased, as compared to 94.6% at September 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 September 30, 2004, the portfolio was 94.6% occupied. Excluding the impact of the properties acquired from Benderson, the portfolio was 94.5% occupied, as compared to 94.0% at September 30, 2003.

Same Store NOI relating to Core Portfolio Properties (i.e., shopping center properties owned since January 1, 2003 and since April 1, 2003 with regard to JDN assets, excluding properties under redevelopment) increased approximately $4.2 million (or 1.8%) for the nine month period ended September 30, 2004, compared to the same period in 2003.

Strategic Real Estate Transactions:

Prudential Joint Venture

In October 2004, the Company completed a $128 million joint venture transaction with Prudential Real Estate Investors (“PREI”). The Company contributed 12 neighborhood grocery anchored retail properties to the joint venture, eight of which were acquired by the Company from Benderson and four of which were acquired from JDN. The joint venture assumed approximately $12 million of secured, non-recourse financing associated with two properties.

The Company maintains a 10% ownership in the properties and continues day-to-day management of the assets. The Company earns fees for property management, leasing, and development. The Company

expects to record a gain of approximately $4.3 million on the contribution of the assets to the joint venture. This gain will be excluded from FFO.

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. Through October 28, 2004, the Company completed the purchase of 104 properties, including 14 purchased directly by our MDT joint venture. The Company expects to acquire four additional assets during November.

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 nine month period ended September 30, 2004, the Company completed six expansion and redevelopment projects located in North Little Rock, Arkansas; Brandon, Florida; Aurora, Ohio; Tiffin, Ohio; Monaca, Pennsylvania and Chattanooga, Tennessee at an aggregate cost of approximately $23.7 million. The Company is currently expanding/redeveloping eleven shopping centers located in Gadsden, Alabama; Tallahassee, Florida; Suwanee, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Starkville, Mississippi; Princeton, New Jersey; Hendersonville, North Carolina; Allentown, Pennsylvania; Brentwood, Tennessee and Johnson City, Tennessee at a projected incremental cost of approximately $32.9 million. The Company is also scheduled to commence construction on three additional expansion and redevelopment projects located in Amherst, New York; Tonawanda, New York and Erie, Pennsylvania.

For the nine month period ended September 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 three shopping centers located in Lancaster, California; Merriam, Kansas and Kansas City, Missouri at a projected incremental cost of approximately $25.9 million. The Company’s joint ventures are also scheduled to commence two additional expansion/redevelopment projects at shopping centers located in Phoenix, Arizona and Kirkland, Washington.

Acquisitions:

In July 2004, one of the Company’s equity affiliates, through a joint venture with PREI, purchased its development partner’s 50% interest, at a shopping center property located in Austin, Texas for approximately $4.9 million.

Development (Consolidated):

During the nine month period ended September 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 twelve 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; Freehold, New Jersey; Mount Laurel, New Jersey; Apex, North Carolina; Pittsburgh, Pennsylvania and Mesquite, Texas. These projects are scheduled for completion from 2004 through 2006 at a projected aggregate cost of approximately $437.6 million and will create an additional 3.7 million square feet of retail space.

The Company anticipates commencing construction in 2004 on two additional shopping centers located in Norwood, Massachusetts 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 $121.2 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 and 2006. At September 30, 2004, approximately $19.6 million of costs were incurred in relation to these development projects.

Dispositions

In the third quarter of 2004, the Company sold six non-core assets for an aggregate sales price of approximately $26.8 million and recorded an initial aggregate net loss of $1.3 million. In connection with the third quarter sales, the Company anticipates additional earnout income over the next several years in excess of $3.0 million. Also included in discontinued operations is one business center property, considered held for sale at September 30, 2004, which was sold in October 2004 for a sale price of $7.5 million resulting in a gain of $2.6 million in the fourth quarter of 2004. The Company sold several outparcels during the third quarter generating income of approximately $3.8 million.

In September 2004, one of the Company’s joint ventures with Prudential Real Estate Investors sold a portion of the CityPlace shopping center in Long Beach, California for approximately $16.6 million at a cap rate of 6.2%. The portion that was sold was approximately 58,100 square feet of GLA. The joint venture recorded an aggregate merchant build gain of $4.6 million of which the Company’s net share is approximately $0.6 million.

Financings:

In September 2004, the Company was included in the S&P MidCap 400 Index.

In September 2004, the Company went effective on a $1.0 billion shelf registration statement with the Securities and Exchange Commission under which debt securities, preferred shares or common shares may be issued.

In July 2004, the Company expanded it unsecured revolving credit facility from $650 million to $1.0 billion, of which $550 million was outstanding at September 30, 2004.

Developers Diversified Realty Corporation currently owns and manages over 460 retail operating and development properties in 44 states comprising 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 Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Website which is located at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities 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, 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						Nine Month Period
	Ended September 30,						Ended September 30,
Revenues:	2004			2003			2004			2003
Minimum rent (A)	$	122,013		$	89,037		$	314,600		$	252,847
Percentage and overage rents (A)		1,565			769			4,693			3,247
Recoveries from tenants		32,415			24,760			87,995			67,368
Ancillary income		897			535			2,280			1,314
Other property related income		1,329			358			3,391			665
Management fee income		3,761			2,601			10,463			7,733
Development fees		930			303			1,724			976
Other (B)		2,189			3,832			12,244			10,003

		165,099			122,195			437,390			344,153

Expenses:
Operating and maintenance		17,054			15,461			49,134			43,484
Real estate taxes		21,875			15,787			57,518			42,090
General and administrative (C)		11,486			9,088			32,980			28,001
Other expense (D)		2,013			233			2,045			483
Depreciation and amortization		37,561			24,480			94,336			68,016

		89,989			65,049			236,013			182,074

Other income/(expense)
Interest income		812			1,132			3,169			3,892
Interest expense		(37,142	)		(23,308	)		(92,663	)		(65,121	)

		(36,330	)		(22,176	)		(89,494	)		(61,229	)

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		38,780			34,970			111,883			100,850
Equity in net income of joint ventures (E)		5,322			6,852			30,486			23,749
Minority equity interests (F)		(1,184	)		(864	)		(3,295	)		(4,802	)
Income tax of taxable REIT subsidiaries and franchise taxes		(1,365	)		(130	)		(2,257	)		(130	)

Income from continuing operations		41,553			40,828			136,817			119,667
Income (loss) from discontinued operations (G)		1,648			263			1,606			(34	)

Income before gain on sales of real estate and real estate investments and cumulative effect of adoption of a new accounting standard		43,201			41,091			138,423			119,633
Gain on sales of real estate and real estate investments, net of tax		1,115			897			46,492			29,142

Income before cumulative effect of adoption of a new accounting standard		44,316			41,988			184,915			148,775
Cumulative effect of adoption of a new accounting standard (I)		—			—			(3,001	)		—

Net income	$	44,316		$	41,988		$	181,914		$	148,775

Net income, applicable to common shareholders	$	30,524		$	24,525		$	145,000		$	108,175

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	30,524		$	24,525		$	145,000		$	108,175
Depreciation and amortization of real estate investments		36,925			24,319			92,890			68,013
Equity in net income of joint ventures		(5,322	)		(6,852	)		(30,486	)		(23,748	)
Joint ventures’ FFO (D)		10,642			8,872			34,384			24,815
Minority equity interests (OP Units)		719			444			1,916			1,303
Loss (gain) on sales of depreciable real estate and real estate investments, net (H)		1,399			—			(27,400	)		(27,017	)
Cumulative effect of adoption of a new accounting standard (I)		—			—			3,001			—

FFO available to common shareholders		74,887			51,308			219,305			151,541
Preferred dividends		13,792			17,463			36,914			40,600

FFO	$	88,679		$	68,771		$	256,219		$	192,141

Per share data:
Earnings per common share
Basic	$	0.30		$	0.29		$	1.53		$	1.34

Diluted	$	0.30		$	0.28		$	1.52		$	1.32

Dividends Declared	$	0.51		$	0.41		$	1.43		$	1.23

Funds From Operations — Basic (J)	$	0.72		$	0.59		$	2.28		$	1.85

Funds From Operations — Diluted (J)	$	0.72		$	0.58		$	2.26		$	1.83

Basic — average shares outstanding (thousands) (J)		102.079			85,997			94,509			80,447

Diluted — average shares outstanding (thousands) (J)		103,030			87,066			96,921			82,756

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

(A) Increases in base and percentage rental revenues for the nine month period ended September 30, 2004 as compared to 2003, aggregated $62.7 million consisting of $2.4 million related to leasing of core portfolio properties (an increase of 1.4% from 2003), $9.9 million from the acquisition of four shopping centers in 2003 and 2004, $50.7 million from the properties acquired from Benderson, $19.8 million from the JDN merger, $2.2 million from the consolidation of a joint venture interest due to the adoption of FIN 46 and $0.4 million related to developments and redevelopments. These amounts were offset by a decrease of $0.1 million relating to the business center properties and $22.6 million due to the sale of properties to joint ventures in 2003 and 2004. Included in the rental revenues for the nine month periods ended September 30, 2004 and 2003 is approximately $5.3 million and $4.8 million, respectively, of revenue resulting from the recognition of straight line rents.

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


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2004		2003		2004		2003
Lease termination and bankruptcy settlements	$	2.2	$	3.7	$	9.1	$	6.5
Acquisition and finance fees		—		—		3.0		—
Settlement of call option (1)		—		—		—		2.4
Sale of option rights and other miscellaneous		—		0.1		0.1		1.1

	$	2.2	$	3.8	$	12.2	$	10.0


(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 nine month periods ended September 30, 2004 and 2003, general and administrative expenses were approximately 4.7% and 5.1%, respectively, of total revenues, including joint venture revenues, for each period.

(D) Other expense is comprised of the following (in millions):


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2004		2003		2004		2003
Abandon acquisition and development projects	$	1.4	$	0.2	$	1.4	$	0.5
Impairment charge		0.6		—		0.6		—

	$	2.0	$	0.2	$	2.0	$	0.5

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

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


	Three month period						Nine month period
	Ended September 30,						Ended September 30,
	2004			2003			2004			2003
Revenues from operations (a)	$	87,772		$	61,566		$	246,885		$	179,586

Operating expense		30,838			22,096			86,516			64,063
Depreciation and amortization of real estate investments		21,794			10,824			46,886			30,057
Interest expense		20,939			17,756			57,271			54,722

		73,571			50,676			190,673			148,842

Income from operations before gain on sale of real estate and real estate investments and discontinued operations		14,201			10,890			56,212			30,744
Gain (loss) on sale of real estate and real estate investments		4,834			(3	)		4,826			570
Loss from discontinued operations, net of tax		(352	)		(157	)		(832	)		(1,237	)
Gain on sale of discontinued operations, net of tax		993			15,115			24,885			57,761

Net income	$	19,676		$	25,845		$	85,091		$	87,838

DDR Ownership interests (b)	$	6,061		$	7,148		$	31,426		$	24,678

Funds From Operations from joint ventures are summarized as follows:
Net income	$	19,676		$	25,845		$	85,091		$	87,838
Gain on sale of real estate and real estate investments, including discontinued operations		(4,834	)		(12,181	)		(24,250	)		(53,069	)
Depreciation and amortization of real estate investments		21,827			11,627			46,263			33,109

	$	36,669		$	25,291		$	107,104		$	67,878

DDR Ownership interests (b)	$	10,642		$	8,872		$	34,384		$	24,815

DDR Partnership distributions received, net	$	12,866		$	19,940		$	61,920		$	54,149

(a) Revenues for the three month periods ended September 30, 2004 and 2003 included approximately $1.7 million and $0.9 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.5 million and $0.3 million, respectively. Revenues for the nine month periods ended September 30, 2004 and 2003 included approximately $4.4 million and $2.5 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.0 million and $0.6 million, respectively.

(b) Included in equity in net income of joint ventures for the nine months ended September 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 $0.7 million and $0.2 million for the three month periods ended September 30, 2004 and 2003, respectively, and by $1.0 million and $0.9 million for the nine month periods ended September 30, 2004 and 2003, respectively, to reflect additional basis depreciation.

At September 30, 2004 and 2003, the Company owned joint venture interests relating to 74 and 52 shopping center properties, respectively. In addition, at September 30, 2004 and 2003, the Company, through a joint venture, owned an interest of approximately 25% in 66 and 75 shopping center sites, respectively, formerly owned by Service Merchandise.

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

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


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2004		2003		2004		2003
Minority interests	$	465	$	420	$	1,379	$	1,263
Preferred Operating Partnership Units		—		—		—		2,236
Operating Partnership Units		719		444		1,916		1,303

	$	1,184	$	864	$	3,295	$	4,802

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


	Three Month Period				Nine Month Period
	Ended September 30,				Ended September 30,
	2004		2003		2004			2003
Revenues	$	728	$	1,216	$	2,308		$	4,310

Expenses:
Operating		218		437		675			3,696
Interest		60		219		226			708
Depreciation		122		297		416			1,146

		400		953		1,317			5,550

		328		263		991			(1,240	)
Minority interests		—		—		(4	)		—
Gain on sales of real estate		1,320		—		619			1,206

	$	1,648	$	263	$	1,606		$	(34	)

(H) For the nine month period ended September 30, 2003, the Company previously reported an impairment charge of $2.6 million, now reclassified as discontinued operating expenses, in “G” above, which was reflected as an add back to FFO similar to a loss on sale of real estate. In accordance with comments received from the SEC, this charge has been reflected in FFO available to common shareholders as the Company previously reported FFO of $194.8 million or $1.89 per share (basic) and $1.86 per share (diluted) for the nine month period ended September 30, 2003.

(I) 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.

(J) 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 September 30, 2004 and 2003 into 1.4 million and 1.1 million common shares of the Company for the three month periods ended September 30, 2004 and 2003, respectively and 1.3 million and 1.1 million for the nine month periods ended September 30, 2004 and 2003. The weighted average diluted shares and OP Units outstanding were 104.6 million and 88.3 million for the three month periods ended September 30, 2004 and 2003, respectively, and 97.1 million and 82.9 million for the nine month periods ended September 2004 and 2003, respectively.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	September 30, 2004			December 31, 2003
Assets:
Real estate and rental property:
Land	$	1,363,066		$	821,893
Buildings		4,182,158			2,719,764
Fixtures and tenant improvements		119,240			90,384
Construction in progress		270,252			252,870

		5,934,716			3,884,911
Less accumulated depreciation		(552,095	)		(458,213	)

Real estate, net		5,382,621			3,426,698
Cash		23,697			11,693
Restricted cash		—			99,340
Advances to and investments in joint ventures		256,343			260,143
Notes receivable		17,176			11,741
Receivables, including straight line rent, net		90,813			76,509
Other assets, net		98,810			55,027
Real estate property held for sale, net		4,330			—

	$	5,873,790		$	3,941,151

Liabilities:
Indebtedness:
Revolving credit facilities	$	570,500		$	186,500
Variable rate unsecured term debt		350,000			300,000
Unsecured debt		1,269,151			838,996
Mortgage and other secured debt		1,090,603			757,635

		3,280,254			2,083,131
Dividends payable		59,148			43,520
Other liabilities		189,406			152,992

		3,528,808			2,279,643
Minority interests		57,495			47,438
Shareholders’ equity		2,287,487			1,614,070

	$	5,873,790		$	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:


	September 30,			December 31,
	2004			2003
Land	$	695,563		$	519,846
Buildings		1,914,271			1,692,367
Fixtures and tenant improvements		37,492			24,985
Construction in progress		26,809			38,018

		2,674,135			2,275,216
Accumulated depreciation		(127,058	)		(118,755	)

Real estate, net		2,547,077			2,156,461
Receivables, including straight line rent, net		58,469			47,165
Leasehold interests		30,168			28,895
Other assets		108,489			83,776

	$	2,744,203		$	2,316,297

Mortgage debt (a)	$	1,578,924		$	1,321,117
Notes and accrued interest payable to DDRC		19,656			31,683
Amounts payable to other partners		43,875			32,121
Other liabilities		68,623			80,681

		1,711,078			1,465,602
Accumulated equity		1,033,125			850,695

	$	2,744,203		$	2,316,297

(a) The Company’s proportionate share of joint venture debt aggregated approximately $377.3 million and $368.5 million at September 30, 2004 and December 31, 2003, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2004


	Nine Month			Nine Month
FINANCIAL HIGHLIGHTS	Period Ended			Period Ended
(In Thousands Except Per Share Information)	September 30			September 30			Year Ended December 31
	2004			2003			2003			2002			2001			2000
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	145,000		$	108,175	(7)	$	189,056	(7)	$	69,368	(7)	$	65,111		$	73,571
Depreciation and Amortization of Real Estate Investments	$	92,891		$	68,013		$	93,173		$	76,462		$	63,200		$	52,975
Equity in Net Income From Joint Ventures	$	(30,486	)	$	(23,749	)	$	(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	$	34,384		$	24,815		$	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	$	1,916		$	1,303		$	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	$	(27,400	)	$	(27,017	)	$	(67,352	)	$	454		$	(16,688	)	$	(23,440	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	219,305		$	151,541		$	211,672		$	159,439		$	135,482		$	129,303
PREFERRED DIVIDENDS	$	36,914		$	40,600	(7)	$	51,204	(7)	$	32,602	(7)	$	27,262		$	27,262

FUNDS FROM OPERATIONS	$	256,219		$	192,141		$	262,877		$	192,041		$	162,744		$	156,565

PER SHARE INFORMATION:
Funds From Operations — Diluted	$	2.26		$	1.83		$	2.51		$	2.42		$	2.38		$	2.19
Net Income — Diluted	$	1.52		$	1.32		$	2.27		$	1.07		$	1.17		$	1.31
Cash Dividends	$	1.43		$	1.23		$	1.69		$	1.52		$	1.48		$	1.44

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		97,050			82,888			84,319			65,910			56,957			59,037

TOTAL MARKET CAPITALIZATION (1)	$	8,044,592		$	5,260,664		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917
DEBT TO TOTAL MARKET CAPITALIZATION (1)		40.75	%		40.15	%		37.42	%		43.10	%		43.87	%		49.28	%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		52.57	%		50.09	%		48.68	%		48.26	%		47.18	%		47.82	%
DIVIDEND PAYOUT RATIO (1)		64.24	%		64.67	%(8)		66.03	%(8)		60.93	%		62.53	%		65.19	%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		4.80	%		5.09	%		5.35	%		4.80	%		4.25	%		4.27	%

GENERAL AND ADMINISTRATIVE EXPENSES	$	32,981		$	28,001		$	40,820		$	29,392		$	24,175		$	20,449

REVENUES:
DDR Revenues	$	439,700		$	355,532		$	478,696		$	360,778		$	324,148		$	285,416
Joint Venture Revenues	$	247,678		$	194,803		$	284,158		$	251,905		$	244,663		$	193,275

TOTAL REVENUES (3)	$	687,378		$	550,335		$	762,853		$	612,683		$	568,811		$	478,691

NET OPERATING INCOME:
DDR Net Operating Income	$	333,496		$	268,901		$	356,348		$	272,764		$	248,838		$	225,371
Joint Venture Net Operating Income	$	160,272		$	124,898		$	184,927		$	167,573		$	166,545		$	136,440

TOTAL NET OPERATING INCOME (4)	$	493,769		$	393,799		$	541,274		$	440,337		$	415,383		$	361,811

REAL ESTATE AT COST:
DDR Real Estate at Cost	$	5,939,694		$	3,861,010		$	3,884,911		$	2,804,056		$	2,493,665		$	2,161,810
Joint Venture Real Estate at Cost (5)	$	2,674,135		$	2,039,698		$	2,275,216		$	1,785,165		$	1,862,515		$	1,522,493

TOTAL REAL ESTATE AT COST (6)	$	8,613,829		$	5,900,708		$	6,160,127		$	4,589,221		$	4,356,179		$	3,684,302


(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 September 30, 2004 of $297.1 million (includes $26.8 million of CIP included in joint ventures, of which $6.4 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 $10,710,000 for the nine months ended September 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.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2004


	Nine Month
	Period Ended
	September 30			Year Ended December 31
MARKET CAPITALIZATION & FINANCIAL RATIOS	2004			2003			2002			2001			2000
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	3,278,550		$	2,077,558		$	1,491,481		$	1,308,301		$	1,227,575
Total Market Capitalization *	$	8,044,592		$	5,551,748		$	3,460,243		$	2,982,461		$	2,490,917

		40.75	%		37.42	%		43.10	%		43.87	%		49.28	%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		52.57	%		48.68	%		48.26	%		47.18	%		47.82	%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	3,655,882		$	2,446,026		$	1,878,575		$	1,688,904		$	1,550,398
Total Market Capitalization *	$	8,421,924		$	5,920,216		$	3,847,336		$	3,363,064		$	2,813,740

		43.41	%		41.32	%		48.83	%		50.22	%		55.10	%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS,
INVESTMENTS & NOTES RECEIVABLE		55.16	%		53.79	%		54.20	%		53.85	%		54.54	%

INTEREST COVERAGE RATIO:
Interest Expense	$	92,890		$	90,162		$	77,208		$	81,770		$	77,030
FFO Before Interest and Preferred Dividends *	$	349,109		$	353,039		$	287,586		$	263,595		$	248,896

		3.76			3.92			3.72			3.22			3.23

DEBT SERVICE COVERAGE RATIO:
Debt Service *	$	107,940		$	101,890		$	83,958		$	88,764		$	82,103
FFO Before Interest and Preferred Dividends *	$	349,109		$	353,039		$	287,586		$	263,595		$	248,896

		3.23			3.46			3.43			2.97			3.03

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges	$	144,854		$	142,385		$	129,353		$	135,107		$	124,666
FFO Before Interest and Preferred Dividends *	$	349,109		$	353,039		$	287,586		$	263,595		$	248,896

		2.41			2.48			2.22			1.95			2.00

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	140,872		$	146,846		$	100,531		$	84,721		$	84,297
Funds From Operations exclusive of charge associated with preferred stock redemption	$	219,305		$	222,382		$	164,983		$	135,482		$	129,303

		0.64			0.66	(1)		0.61			0.63			0.65

* 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.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2004


	Nine Month
	Period Ended
	September 30		Year Ended December 31
	2004		2003		2002		2001		2000
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		102,320		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,410		1,129		911		1,038		1,051

Total		103,730		87,554		67,520		60,493		55,932
Share Price	$	39.1500	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	4,061,042	$	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	$	3,278,550	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575

TOTAL MARKET CAPITALIZATION	$	8,044,592	$	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		102,320		86,425		66,609		59,455		54,880
Operating Partnership Units Outstanding		1,410		1,129		911		1,038		1,051

Total		103,730		87,554		67,520		60,493		55,932
Share Price	$	39.1500	$	33.5700	$	21.9900	$	19.1000	$	13.3125

Market Value of Common Shares	$	4,061,042	$	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	$	3,278,550	$	2,077,558	$	1,491,481	$	1,308,301	$	1,227,575
Proportionate Share of JV Debt	$	377,332	$	368,468	$	387,094	$	380,604	$	322,823

TOTAL MARKET CAPITALIZATION	$	8,421,924	$	5,920,216	$	3,847,336	$	3,363,064	$	2,813,740

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Nine Months Ended September 30, 2004


	Nine Month
	Period Ended
	September 30		Year Ended December 31
	2004		2003		2002		2001		2000
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	5,939,694	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Cash and Cash Equivalents	$	23,697	$	111,033	$	16,371	$	19,070	$	4,243
Notes Receivable	$	17,176	$	9,813	$	11,662	$	5,221	$	4,824
Advances and Investments in Joint Ventures	$	256,343	$	262,072	$	258,611	$	255,327	$	260,927
Minority Equity Investment	$	0	$	0	$	0	$	0	$	135,028

	$	6,236,910	$	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	$	5,939,694	$	3,884,911	$	2,804,056	$	2,493,665	$	2,161,810
Notes Receivable or Proportionate Share Thereof	$	51,940	$	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	$	636,224	$	621,113	$	611,224	$	620,688	$	503,902

	$	6,627,859	$	4,547,043	$	3,465,801	$	3,136,353	$	2,842,926

FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	219,305	$	211,672	$	159,439	$	135,482	$	129,303
Interest Expense	$	92,890	$	90,162	$	77,208	$	81,770	$	77,030
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	36,914	$	51,204	$	50,939	$	46,343	$	42,563

	$	349,109	$	353,039	$	287,586	$	263,595	$	248,896

DEBT SERVICE
Interest Expense	$	92,890	$	90,162	$	77,208	$	81,770	$	77,030
Recurring Principal Amortization	$	15,050	$	11,728	$	6,750	$	6,994	$	5,073

	$	107,940	$	101,890	$	83,958	$	88,764	$	82,103

FIXED CHARGES
Debt Service	$	107,940	$	101,890	$	83,958	$	88,764	$	82,103
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash D-42 dividend.	$	36,914	$	40,494	$	45,395	$	46,343	$	42,563

	$	144,854	$	142,385	$	129,353	$	135,107	$	124,666

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 nine months ended September 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 nine month period ended September 30, 2004 and the years ended December 31, 2003, 2002, 2001 and 2000, the Company capitalized interest of $7.7 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 $4.5 million for the nine month period ended September 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 nine months ended September 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


	Nine Month Period
	September 30,
	2004			2003
Total Revenues DDR	$	437,390		$	344,153
Total Revenues DDR Combined Joint Ventures		246,885			179,586
Operating and Maintenance — DDR		(49,134	)		(43,484	)
Real Estate Taxes — DDR		(57,518	)		(42,090	)
Operating and Maintenance — DDR Combined Joint Ventures		(86,516	)		(64,063	)

Combined NOI	$	491,107		$	374,102


Total Same Store NOI	$	243,916		$	239,720		1.8	%
Property NOI from other operating segments		247,191			134,382

Combined NOI	$	491,107		$	374,102

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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						Nine Month Period
	Ended September 30,						Ended September 30,
	2004			2003			2004			2003
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	30,524		$	24,525		$	145,000		$	108,175
Depreciation and Amortization of Real Estate Investments		36,925			24,319			92,890			68,013
Equity in Net Income From Joint Ventures		(5,322	)		(6,852	)		(30,486	)		(23,748	)
Joint Venture Funds From Operations		10,642			8,872			34,384			24,815
Operating Partnership Minority Interest Expense		719			444			1,916			1,303
Gain on Sales of Real Estate		1,399			—			(27,400	)		(27,017	)
Cumulative effect of adoption of a new accounting standard		—			—			3,001			—

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	74,887		$	51,308		$	219,305		$	151,541

Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			17,463			36,914			40,600

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	88,679		$	68,771		$	256,219		$	192,141

Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2004


	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	2,111.8	(2)	$	1,363.6	(4)	$	298.6	(6)	$	289.3	(8)	$	81.1	(9)
Completed Expansions		23.7			26.8			8.0			13.7			13.6
Developments & Construction in Progress		169.6			104.6			66.4			72.9			81.2
Tenant Improvements & Building Renovations (1)		5.3			6.3			7.3			6.1			6.3
Furniture Fixtures & Equipment		1.0			1.9			2.3			2.5			0.4

		2,311.4			1,503.2		$	382.6		$	384.5		$	182.6
Less: Real Estate Sales & Joint Venture Transfers		(256.6	) (3)		(422.4	) (5)		($72.2	) (7)		($52.7	)		($89.1	)

Total DDR Additions (Millions)	$	2,054.8		$	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 land parcels with an aggregate cost of $34.8 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, Mufreesboro, 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.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Wholly Owned and Consolidated Acquisitions
for the Nine Month Period Ended September 30, 2004

Cost

Acquisition

Property Location

GLA (1)

(Millions)

Date (2)

Major Tenants

Benderson Development Company

12,290,601

1,956.2

05/14/04

Portfolio of 90 operating properties located in 11 states.

Total

12,290,601

1,956.2

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

(2) The majority of the Benderson properties were acquired 5/14/2004, however several properties were acquired in the subsequent months.

Wholly Owned and Consolidated Dispositions
for the Nine Month Period Ended September 30, 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		3/17/2004
Franklin, TN		17,999		1.5		7/30/2004
Milwaukee, WI		54,913		4.0		8/27/2004
Las Vegas, NV		49,555		5.7		9/14/2004
Marietta, GA		18,200		3.7		9/15/2004

Total		269,453	$	21.5

Wholly Owned Acquisitions and Dispositions 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 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).
Brandon, FL	Recapture 23,391 sf from The Sports Authority and release to PetsMart (opened 07/04).
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.
Chattanooga, TN	Retenanting of former K-Mart with Hobby Lobby (opened 07/04) and Fresh Market (opened 04/04)

Total Net Cost (Millions)	$23.7

*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.
Tallahassee, FL	Retenanting of former Lowe’s with Bealls (opened 04/04), Cato and It’s Fashion.
Suwanee, GA	Retenanting of former K-Mart with PetsMart and Shoe Gallery (opened 03/04).
Ottumwa, IA	Recapture Wal-Mart and release to 34,500 sf Goody’s and 47,422 sf of additional junior anchor stores.
Gaylord, MI	Recapture Wal-Mart and release to 38,594 sf Big Lots and 72,213 sf additional retail.
Starkville, MS	Retenanting of former Wal-Mart with Lowe’s Home Improvments and the relocation of Dollar Tree, Cato, It’s Fashion and Hibbetts (all relocated tenants opened 1st quarter 2004).
Princeton, NJ	Expansion of the existing center to create a 37,200 sf Babies ’R Us and additional 39,600 sf of retail space.
Hendersonville, NC	Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater and two junior anchor stores.
Allentown, PA	Construction of 18,200 sf outparcel building for retail tenants.
Brentwood, TN	Recapture The Sports Authority space and release the space to Ross Dress for Less (opened 08/04) and other retail tenants.
Johnson City, TN	Kohl’s to construct 88,248 sf retail building, plus construction of 24,000 sf additional retail space.

Total Net Cost (Millions)	$32.9

*Projects to Commence Construction*
Amherst, NY	Construct 5,300 sf free standing building for retail shops.
Tonawanda, NY	Construct 10,000 sf free standing building for retail shops.
Erie, PA	Construct a 10,000 sf free standing building for retail shops.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Wholly Owned and Consolidated Development Projects
for the Nine Month Period Ended September 30, 2004


					Substantial
			Net Cost		Completion
	GLA		(Millions)		Date	Major Tenants
*Projects Substantially Completed*
Hamilton, NJ		506,461	$	79.5	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, Barnes & Noble (scheduled to open 4th quarter 2004) and Staples (scheduled to open 2nd quarter of 2005)
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		18,988	$	5.7	2005	Wal-Mart, Home Depot and additional small shops and outparcels
Miami, FL		609,606	$	86.2	2006	To be announced
Overland Park, KS		87,142	$	10.0	2005	Home Depot, Sam’s Club, Aldi’s Grocery, Party City, Goodyear Tire, Bank of America, Babies ’R Us (scheduled to open 1st quarter 2005), Golf Galaxy and 8,400 sf of additional retail space
Chesterfield, MI		105,400	$	13.8	2005	45,000 sf of small shop retail.
Lansing, MI		165,869	$	14.3	2005	Wal-Mart, Lowe’s, Michael’s, Gander Mountain, PetsMart (scheduled to open 3rd quarter 2005), Subway, Hallmark
St. Louis, MO		99,027	$	14.0	2004	PetsMart, Office Max, Walgreens, Fashion Guys, EB Games, Crown Optical and other retail tenants to be announced
Freehold, NJ		499,204	$	23.9	2005	Wal-Mart and Sam’s Club and other retail tenants and outparcels to be announced.
Mt. Laurel, NJ		715,251	$	58.0	2004 & 2005	Target, Wegman’s (scheduled to open 3rd quarter 2005), Costco, Bed, Bath & Beyond, Lane Bryant, Payless Shoe Source, Panera Bread. TJ Maxx, PetsMart, Joann’s, DSW and Golf Galaxy (all scheduled to open 2nd quarter 2005) and The Sports Authority (scheduled to open 3rd quarter 2005) and other retail tenants and outparcels to be announced
Apex, NC (Phase I & II)		461,804	$	26.8	2nd Half 2004	Target, Lowe’s, Office Max, PetsMart, Linens ’N Things (scheduled to open 4th quarter 2004), Hollywood Video, EB Games, GNC, Panera Bread, Sprint PCS, Q’Doba and other retail tenants and outparcels to be announced
Pittsburgh, PA		340,971	$	27.1	2006	Target, Sportsmans Warehouse and other retail to be announced
Mesquite, TX		218,924	$	29.0	2nd 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
McKinney, TX (Phase II)		87,757	$	7.3	2006	To be announced

Wholly Owned Development Totals		4,689,910	$	562.1

Wholly Owned Developments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Wholly Owned and Consolidated Development
Assets Placed in Service as of September 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	$	15.0
4th Quarter 2004	$	45.5
Thereafter	$	245.1

Total	$	562.1

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


Funded as of September 30, 2004	$	447.8
Projected Net Funding During 2004	$	12.2	(1)
Projected Net Funding Thereafter	$	102.1	(1)

Total	$	562.1

(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 nine months ended September 30, 2004

Summary of Consolidated Debt
as of September 30, 2004


		Mortgage			Maturity		Interest
		Balance(000’s)			Date		Rate (1)
SENIOR DEBT:
Unsecured Credit Facility:
$650 Million Revolving Credit Facility		$	550,000	(2)		05/06		2.495
$200 Million Term Loan			200,000			05/06		2.570
$150 Million Term Loan			150,000			03/05		2.840
Secured Credit Facility:
$30 Million Revolving Credit Facility			20,500			06/06		2.640

Total Credit Facility Debt			920,500
PUBLIC DEBT:
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		96,912	(4)		03/07		7.000
Medium Term Notes	F		10,000			07/07		7.020
Medium Term Notes	F		2,000			12/07		6.960
Medium Term Notes	F		99,915			01/08		6.625
Medium Term Notes	F		274,009			01/09		3.875
Medium Term Notes	F		299,607			07/10		4.625
Medium Term Notes	F		100,000			07/18		7.500
Medium Term Notes	F		249,005			04/11		5.250
Unsecured Notes	F		85,000			08/07		6.950

Total Public Debt			1,267,447
MORTGAGE DEBT:
Plainville, CT	F		7,190			04/21		7.125
Bayonet Point, FL	F		5,327			08/06		9.750
Tupelo, MS	F		11,822			03/08		4.410
Jacksonville, FL	F		6,783			03/08		4.410
Denver, CO (Univ Hills)	F		29,009			06/12		7.300
Henderson, TN	F		9,395			01/19		7.660
Brown Deer, WI	F		2,895			08/09		7.750
Allentown, PA	F		18,814			06/21		6.950
Erie, PA	F		25,658			04/11		6.880
Erie, PA	F		2,961			04/11		6.880
Martinsville, VA	F		19,908			12/09		8.460
Boardman, OH	F		26,646			04/11		6.880
Solon, OH	F		16,377			03/08		4.410
St. Louis, MO (Sunset)	F		34,541			04/11		6.880
St. Louis, MO (Brentwood)	F		25,658			04/11		6.880
Cedar Rapids, IA	F		10,141			01/20		9.375
St. Louis, MO (Olympic)	F		3,608			08/07		9.150
St. Louis, MO (Gravois)	F		1,900			07/12		8.625

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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

Mortgage

Maturity

Interest

Balance

Date

Rate (1)

St. Louis, MO (Keller)

1,681

01/10

8.625

N. Charleston, SC

11,725

03/08

4.410

Sault St. Marie, MI

2,722

05/07

8.375

Walker, MI

8,624

03/08

4.410

Detroit, MI

3,461

04/06

7.375

Mt. Pleasant, SC (GS II)

7,946

03/08

4.410

Meridian, ID (GS II)

25,679

03/08

4.410

Riverdale, UT (North)

9,042

10/20

9.300

Birmingham, AL (GS II)

27,811

03/08

4.410

Wilmington, NC

21,319

03/08

4.410

Berlin, VT

4,940

08/07

9.750

Brainerd, MN

02/05

6.800

Spring Hill, FL

5,352

09/19

9.750

Denver, CO (Centennial)

38,488

04/11

6.880

West Pasco, FL

4,784

02/12

9.625

Princeton, NJ

26,144

03/27

8.262

Beachwood, Oh

3,955

07/13

7.640

Woodmont - Riverchase

8,024

01/13

5.500

Leawood, KS

51,701

07/09

7.310

Durham, NC

7,268

03/08

4.410

Dallas, TX (Carpenter)

28,102

01/08

7.250

Silver Springs, MD (Tech 29-1)

6,918

02/09

7.330

Silver Springs, MD (Tech 29-2)

3,491

09/06

9.050

Bellefontaine, OH

2,513

12/16

7.500

Dublin, OH

9,520

09/06

8.375

Pickerington, OH

4,350

12/06

8.250

Jamestown, NY (Southside Plaza)

1,809

04/13

7.590

Ithaca, NY

20,538

01/18

7.050

Columbus, OH (Consumer Square West)

14,412

11/15

10.070

Olean, NY

5,104

07/15

8.995

N. Charleston, SC

10,872

07/12

7.370

W. Long Branch, NJ (Monmouth)

15,695

07/13

8.570

Big Flats, NY (Big Flats I)

12,147

12/10

8.011

Mays Landing, NJ (Wrangleboro)

52,642

05/13

6.990

Plattsburgh, NY

11,860

12/10

8.000

Amherst, NY (Kmart/Blvd Cons. Square)

13,495

11/15

7.850

Tonawanda, NY (Tops/Gander Mtn.)

5,426

06/21

7.660

Big Flats, NY (Big Flats IV)

1,097

01/13

7.600

Lockport, NY (Walmart/Tops)

13,958

01/16

8.000

Big Flats, NY (Big Flats II)

4,966

01/13

8.010

Amherst, NY (Tops Transit + French)

5,586

12/16

7.680

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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


		Mortgage			Maturity			Interest
		Balance			Date			Rate (1)
Amherst, NY (Target/Blvd Cons Square)	F	$	14,519			07/18			5.670
Tonawanda, NY (Hollywood/Tops-Niagara)	F		6,519			11/16			7.660
Medina, NY	F		4,144			05/17			7.630
Mays Landing, NJ (Hamilton)	F		16,856			09/15			4.700
Gates, NY (Westgate)	F		25,107			10/11			7.240
Rome, NY (Freedom Plaza)	F		4,740			09/16			7.850
Moorseville, NC	F		24,096			12/12			6.930
Alden, NY	F		4,598			10/19			8.100
Indian Train, NC (Union TC Ph I)	F		7,022			10/11			7.000
Cheektowaga, NY (Walmart Thruway)	F		5,301			10/17			6.780
Ashtabula, OH	F		6,989			12/11			7.000
Buffalo, NY (Delaware Commons)	F		1,273			01/13			6.960
Springville, NY	F		6,564			07/18			6.375
Niskayuna, NY (Mohawk)	F		26,614			12/18			5.750
Victor, NY (Victor Square)	F		6,717			04/13			5.800
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			3.490
Princeton, NJ	V		24,998			09/25			3.340
San Antonio, TX	V		25,000			07/06			3.340
Apex, NC	V		12,650			06/05			3.340
Mt. Laurel, NJ	V		27,475			09/07			2.740

Total Mortgage Debt			1,090,603

Total Debt		$	3,278,550
Adjustment for Reverse Swap			1,704	(5)
		$	3,280,254

Weighted Average - Total						4.88	years		4.8	%

Weighted Average - Fixed						6.66	years		5.9	%

Weighted Average - Floating						1.29	years		2.7	%

Notes:

F - Fixed Rate Debt V - Variable Rate Debt

1. Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization of approximately $6.3 million, net is offset by approximately $6.9 million of fair market value adjustment.

2. Senior debt of $50 million has been converted to a fixed rate of 2.82%.

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 $36.9 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 nine months ended September 30, 2004

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


	2004 Payments		2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments
PROPERTY MORTGAGES
Plainville, CT (TIF)
Bayonet Point, FL						5,327
Tupelo, MS		273		287		300		313		10,852
Jacksonville, FL		156		164		172		180		6,227
Denver, CO (Univ Hills)		486		522		562		604		650		699
Henderson, TN		339		366		395		426		460		497
Brown Deer, WI		475		513		554		599		647		460
Allentown, PA		580		621		666		714		765		820
Erie, PA		250		273		293		314		331		360
Erie, PA		28		31		33		36		38		41
Martinsville, VA		182		203		221		241		258		18,936
Boardman, OH		259		283		303		325		343		373
Solon, OH		378		397		415		434		15,033
St. Louis, MO (Sunset)		335		366		392		421		444		483
St. Louis, MO (Brentwood)		250		273		293		314		331		360
Denver, CO (Centennial)		374		408		438		469		496		539
Cedar Rapids, IA		287		315		346		380		417		458
St. Louis, MO (Olympic)		306		335		367		2,826
St. Louis, MO (Gravois)		282		310		355		389		292		115
St. Louis, MO (Keller)		243		265		289		315		343		374
N. Charleston, SC		270		284		297		311		10,763
Sault St Marie, MI		911		990		1,079		418
Walker, MI		199		209		219		229		7,917
Detroit, MI		2,800		3,189
Mt. Pleasant, SC		183		193		201		211		7,294
Merridian, ID		592		623		651		681		23,573
Riverdale, UT (North)		238		261		287		315		345		379
Birmingham, AL		642		674		705		737		25,530
Wilmington, NC		492		517		541		565		19,570
Berlin, VT								4,940
Brainerd, MN ( K-Mart)		140		75
Spring Hill, FL		154		170		187		206		227		251
West Pasco, FL
Princeton, NJ		323		358		389		423		454		499
Beachwood, OH		183		332		359		387		420		451
Hoover, AL (Riverchase)		108		116		122		129		136		145
Leawood, KS		1,038		1,117		1,201		1,292		1,390		46,435
Durham, NC		168		176		184		193		6,672
Bellefontaine, OH		123		133		143		154		166		179

[Additional columns below]

[Continued from above table, first column(s) repeated]


	2010 Payments		2011 Payments		2012 Payments		2013 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)										7,190		7,190
Bayonet Point, FL												5,327
Tupelo, MS												12,025
Jacksonville, FL												6,900
Denver, CO (Univ Hills)		752		809		24,286						29,370
Henderson, TN		536		578		624		674		4,782		9,676
Brown Deer, WI												3,248
Allentown, PA		879		942		1,009		1,082		11,168		19,245
Erie, PA		386		23,641								25,847
Erie, PA		44		2,732								2,983
Martinsville, VA												20,041
Boardman, OH		400		24,556								26,842
Solon, OH												16,657
St. Louis, MO (Sunset)		518		31,836								34,795
St. Louis, MO (Brentwood)		386		23,641								25,847
Denver, CO (Centennial)		578		35,469								38,771
Cedar Rapids, IA		503		552		606		665		5,825		10,354
St. Louis, MO (Olympic)												3,835
St. Louis, MO (Gravois)		125		136		147						2,150
St. Louis, MO (Keller)		33										1,862
N. Charleston, SC												11,926
Sault St Marie, MI												3,398
Walker, MI												8,772
Detroit, MI												5,989
Mt. Pleasant, SC												8,082
Merridian, ID												26,120
Riverdale, UT (North)		415		456		500		548		5,475		9,218
Birmingham, AL												28,288
Wilmington, NC												21,684
Berlin, VT												4,940
Brainerd, MN ( K-Mart)												215
Spring Hill, FL		276		304		335		370		2,985		5,467
West Pasco, FL						4,784						4,784
Princeton, NJ		543		590		636		697		21,468		26,381
Beachwood, OH		487		525		567		349				4,059
Hoover, AL (Riverchase)		153		162		170		6,864				8,104
Leawood, KS												52,473
Durham, NC												7,392
Bellefontaine, OH		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 nine months ended September 30, 2004

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


	2004 Payments		2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments
Dublin, OH		248		270		9,185
Pickerington, OH		202		219		4,079
Dallas, TX (Carpenter)		455		489		525		565		26,406
Silver Springs, MD (Tech 29-1)		145		158		170		183		196		6,173
Silver Springs, MD (Tech 29-2)		85		93		3,376
Jamestown, NY (Southside Plaza)		84		153		165		178		193		208
Ithaca, NY		541		980		1,052		1,128		1,210		1,298
Columbus, OH (Consumer II West)		205		380		420		465		514		568
Olean, NY		162		298		326		357		390		427
N. Charleston, SC		106		192		206		222		239		257
W. Long Branch, NJ (Monmouth)		692		1,269		1,382		1,506		1,640		1,786
Big Flats, NY (Big Flats I)		871		1,592		1,724		1,867		2,022		2,190
Mays Landing, NJ (Wrangleboro)		1,078		1,953		2,094		2,245		2,407		2,581
Plattsburgh, NY		851		1,554		1,683		1,823		1,974		2,138
Amherst, NY (Kmart/Blvd Cons. II)		440		802		868		938		1,015		1,097
Tonawanda, NY (Tops/Ames/Gander Mtn.)		93		170		183		198		213		230
Big Flats, NY (Big Flats IV)		32		58		63		68		73		79
Lockport, NY (Walmart/Tops)		441		805		872		944		1,022		1,107
Big Flats, NY (Big Flats II)		233		426		462		501		543		589
Amherst, NY (Tops Transit + French)		160		291		315		340		367		396
Amherst, NY (Target/Blvd Cons. II)		403		722		764		808		856		905
Tonawanda, NY (Hollywood/Tops-Niagra)		178		324		350		377		407		439
Medina, NY		120		219		236		255		275		297
Mays Landing, NJ (Hamilton)		682		1,213		1,271		1,332		1,396		1,463
Gates, NY (Westgate)		154		280		301		324		349		375
Rome, NY (Freedom)		227		253		273		295		319		345
Moorseville, NC		144		261		279		300		322		345
Alden, NY		81		148		160		173		188		208
Indian Train, NC (Union TC Ph I)		45		82		88		95		102		109
Cheektowaga, NY (Walmart Thruway)		147		265		284		304		325		348
Ashtabula, OH		45		81		87		93		100		107
Buffalo, NY (Delaware Commons)		66		119		127		137		146		157
Springville, NY		172		311		331		353		376		401
Niskayuna, NY (Mohawk)		703		1,260		1,335		1,414		1,497		1,585
Victor, NY (Victor Square)		50		89		95		100		107		113
Merriam, KS (TIF)
Princeton, NJ (Nassau Pav)
San Antonio, TX						25,000
Payments Made Through 9/30/04		-17,013

Total - Property Mortgages		7,371		33,128		78,420		40,377		189,570		101,174

[Additional columns below]

[Continued from above table, first column(s) repeated]


	2010 Payments		2011 Payments		2012 Payments		2013 Payments		Thereafter		Total
Dublin, OH												9,704
Pickerington, OH												4,500
Dallas, TX (Carpenter)												28,440
Silver Springs, MD (Tech 29-1)												7,025
Silver Springs, MD (Tech 29-2)												3,554
Jamestown, NY (Southside Plaza)		225		242		262		147				1,856
Ithaca, NY		1,393		1,494		1,603		1,720		8,424		20,844
Columbus, OH (Consumer II West)		628		694		767		848		9,040		14,527
Olean, NY		467		511		559		611		1,087		5,196
N. Charleston, SC		277		298		9,131						10,927
W. Long Branch, NJ (Monmouth)		1,945		2,119		2,307		1,440				16,086
Big Flats, NY (Big Flats I)		2,371										12,636
Mays Landing, NJ (Wrangleboro)		2,767		2,967		3,181		31,980				53,251
Plattsburgh, NY		2,315										12,338
Amherst, NY (Kmart/Blvd Cons. II)		1,187		1,283		1,388		1,500		3,226		13,744
Tonawanda, NY (Tops/Ames/Gander Mtn.)		249		268		290		312		3,286		5,492
Big Flats, NY (Big Flats IV)		86		92		100		466				1,117
Lockport, NY (Walmart/Tops)		1,199		1,298		1,406		1,523		3,591		14,207
Big Flats, NY (Big Flats II)		639		693		751		227				5,064
Amherst, NY (Tops Transit + French)		427		461		498		538		1,884		5,677
Amherst, NY (Target/Blvd Cons. II)		958		1,014		1,073		1,135		6,109		14,747
Tonawanda, NY (Hollywood/Tops-Niagra)		474		511		552		595		2,412		6,620
Medina, NY		320		346		373		403		1,367		4,212
Mays Landing, NJ (Hamilton)		1,534		1,607		1,684		1,765		3,296		17,243
Gates, NY (Westgate)		404		22,999								25,188
Rome, NY (Freedom)		374		404		437		472		1,507		4,907
Moorseville, NC		370		397		426		21,329				24,172
Alden, NY		246		266		289		313		2,572		4,644
Indian Train, NC (Union TC Ph I)		117		6,406								7,046
Cheektowaga, NY (Walmart Thruway)		372		398		426		456		2,062		5,384
Ashtabula, OH		115		6,384								7,013
Buffalo, NY (Delaware Commons)		168		180		193		17				1,310
Springville, NY		427		455		485		517		2,838		6,665
Niskayuna, NY (Mohawk)		1,679		1,778		1,883		1,994		11,884		27,012
Victor, NY (Victor Square)		120		127		135		5,802				6,737
Merriam, KS (TIF)										8,575		8,575
Princeton, NJ (Nassau Pav)										24,998		24,998
San Antonio, TX												25,000
Payments Made Through 9/30/04												-17,013

Total - Property Mortgages		31,056		202,832		64,085		87,600		157,893		993,507

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Consolidated Mortgage Principal Payments

and Corporate Debt Maturities

as of September 30, 2004 (con’t)

(000’s)


	2004 Payments		2005 Payments			2006 Payments			2007 Payments		2008 Payments		2009 Payments
CONSTRUCTION LOANS
$25 Million Construction Loan (National City Bank)				12,650
$48 Million Contruction Loan (Wachovia Bank)										27,475
Hamilton, NJ				56,971

Total - Construction Loans		0		69,621			0			27,475		0		0
DEBT OFFERINGS
Senior Notes		50,000		1,000						108,912		99,915		274,009
Unsecured Notes										85,000

Total - Debt Offerings		50,000		1,000			0			193,912		99,915		274,009
Total - Property Mortgages, Construction Loans & Debt Offerings		57,371		103,750			78,420			261,764		289,485		375,183
REVOLVING CREDIT FACILITIES & TERM LOANS
$650 Million Unsecured Credit (Bank One)							550,000	(1)
$200 Million Unsecured Credit (Bank One)							200,000	(1)
$150 Million Unsecured Credit (Bank of America)				150,000	(1)
$30 Million Revolving Credit (National City Bank)							20,500	(1)

Total - Debt	$	57,371	$	253,750		$	848,920		$	261,764	$	289,485	$	375,183

[Additional columns below]

[Continued from above table, first column(s) repeated]


	2010 Payments		2011 Payments		2012 Payments		2013 Payments		Thereafter		Total
CONSTRUCTION LOANS
$25 Million Construction Loan (National City Bank)												12,650
$48 Million Contruction Loan (Wachovia Bank)												27,475
Hamilton, NJ												56,971

Total - Construction Loans		0		0		0		0		0		97,096
DEBT OFFERINGS
Senior Notes		299,607		249,005						100,000		1,182,448
Unsecured Notes												85,000

Total - Debt Offerings		299,607		249,005		0		0		100,000		1,267,447
Total - Property Mortgages, Construction Loans & Debt Offerings		330,664		451,836		64,085		87,600		257,893		2,358,050
REVOLVING CREDIT FACILITIES & TERM LOANS
$650 Million Unsecured Credit (Bank One)												550,000
$200 Million Unsecured Credit (Bank One)												200,000
$150 Million Unsecured Credit (Bank of America)												150,000
$30 Million Revolving Credit (National City Bank)												20,500

Total - Debt	$	330,664	$	451,836	$	64,085	$	87,600	$	257,893	$	3,278,550

Notes:

(1) Balance at September 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 nine months ended September 30, 2004

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of September 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	$	45.9		$	82.0		$	31.8		$	211.4		$	32.8		$	0.0		$	0.0	$	249.8
Accumulated Depreciation		(1.5	)		(6.6	)		(3.5	)		(16.3	)		(0.7	)		0.0			0.0		(31.9	)

Real Estate, net		44.4			75.4			28.3			195.1			32.1			0.0			0.0		217.9

Receivables, Net		1.3			0.0			0.8			4.0			0.4			0.4			0.0		6.8
Other assets		4.8			1.0			1.4			10.0			1.5			2.6			0.0		6.9

	$	50.5		$	76.4		$	30.5		$	209.1		$	34.0		$	3.0		$	0.0	$	231.6

Mortgage Debt	$	28.0		$	55.4		$	18.4		$	128.7		$	23.6		$	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		0.6			2.0			0.8			19.1			1.3			3.6			0.0		4.2

		28.6			57.4			19.2			147.8			24.9			3.6			0.0		160.2

Accumulated equity (deficit)		21.9			19.0			11.3			61.3			9.1			(0.6	)		0.0		71.4

	$	50.5		$	76.4		$	30.5		$	209.1		$	34.0		$	3.0		$	0.0	$	231.6

Proportionate share of other assets/liabilities, net	$	1.4			($0.3	)	$	0.4			($1.1	)	$	0.2			($0.1	)	$	0.0	$	4.8

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 September 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	$	4.8		$	8.9		$	3.5		$	19.6		$	3.9		($	0.1	)	$	0.0		$	25.8
Rental operation expenses		(1.8	)		(2.9	)		(1.9	)		(6.6	)		(1.2	)		(0.5	)		0.0			(7.7	)

Net operating income		3.0			6.0			1.6			13.0			2.7			(0.6	)		0.0			18.1
Depreciation and amortization expense		(0.9	)		(1.5	)		(0.7	)		(9.7	)		(0.6	)		0.0			0.0			(3.7	)
Interest expense		(0.8	)		(1.2	)		(1.1	)		(3.2	)		(1.0	)		0.0			0.0			(8.0	)

Income (loss) before gain on sale		1.3			3.3			(0.2	)		0.1			1.1			(0.6	)		0.0			6.4
Gain (loss) on sale of real estate		5.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			(0.2	)		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)	$	6.3		$	3.3		($	0.2	)	$	4.9		$	1.1		($	0.6	)	$	19.4		$	6.4
DDR Ownership interest		***			***			***			***			20	%		***			35	%		50	%

	$	1.5		$	1.4		$	0.0		$	2.2		$	0.4		$	0.4		$	6.8		$	3.2
Minority Interest		0.0			(0.2	)		0.0			(0.3	)		0.0			0.0			0.0			0.0
Amortization of basis differential		(0.6	)		0.0			0.0			0.0			0.0			0.0			0.0			0.2

	$	0.9		$	1.2		$	0.0		$	1.9		$	0.4		$	0.4		$	6.8		$	3.4

Proportionate share of net operating income	$	0.7		$	2.4		$	0.4		$	3.3		$	1.1		$	0.0		$	0.0		$	9.0

Funds From Operations (“FFO”):
Net income (loss)	$	6.3		$	3.3		($	0.2	)	$	4.9		$	1.1		($	0.6	)	$	19.4		$	6.4
Depreciation of real property		0.9			1.5			0.7			9.7			0.3			0.0			0.1			3.7
(Gain) loss on sale		(0.5	)		0.0			0.0			(5.0	)		0.0			0.0			(19.1	)		0.0

	$	6.7		$	4.8		$	0.5		$	9.6		$	1.4		($	0.6	)	$	0.4		$	10.1
DDR Ownership interest		***			***			***			***			20	%		***			35	%		50	%

DDR FFO	$	1.1		$	1.9		$	0.1		$	2.5		$	0.6		$	0.4		$	0.1		$	5.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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



	Community			Community								Lennox			Sun Center			Dublin Village			Washington
	Centers Seven			Centers Eight			Merriam (6)		Kildeer, IL			Town Center (2)			Limited (2)			(2)			Park (3)
Real Estate Assets	$	15.6		$	26.7		$	0.0	$	31.1		$	21.1		$	25.8		$	29.7		$	0.0
Accumulated Depreciation		(1.1	)		(2.2	)		0.0		(1.5	)		(3.5	)		(5.7	)		(13.0	)		0.0

Real Estate, net		14.5			24.5			0.0		29.6			17.6			20.1			16.7			0.0

Receivables, Net		0.4			1.1			0.0		0.1			1.4			0.7			0.1			0.0
Other assets		0.2			0.7			0.0		0.5			0.5			1.0			1.0			0.4

	$	15.1		$	26.3		$	0.0	$	30.2		$	19.5		$	21.8		$	17.8		$	0.4

Mortgage Debt	$	9.9		$	17.6		$	0.0	$	19.5		$	18.7		$	21.3		$	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		0.4			0.6			0.0		0.5			0.7			0.5			0.6			0.0

		10.3			18.2			0.0		20.0			19.4			21.8			0.6			0.0
Accumulated equity (deficit)		4.8			8.1			0.0		10.2			0.1			0.0			17.2			0.4

	$	15.1		$	26.3		$	0.0	$	30.2		$	19.5		$	21.8		$	17.8		$	0.4

Proportionate share of other assets/liabilities, net	$	0.1		$	0.6		$	0.0	$	0.0		$	0.6		$	0.9		$	0.5		$	0.2

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

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



	Community			Community									Lennox			Sun Center			Dublin Village			Washington
	Centers Seven			Centers Eight			Merriam (6)			Kildeer, IL			Town Center (2)			Limited (2)			(2)			Park (3)
Revenues from operations	$	1.3		$	3.3		$	2.4		$	2.5		$	3.4		$	3.3		$	1.5		$	0.0
Rental operation expenses		(0.4	)		(1.1	)		(0.7	)		(0.7	)		(0.8	)		(0.7	)		(0.4	)		0.0

Net operating income		0.9			2.2			1.7			1.8			2.6			2.6			1.1			0.0
Depreciation and amortization expense		(0.2	)		(0.4	)		(0.4	)		(0.4	)		(0.3	)		(0.5	)		(0.6	)		0.0
Interest expense		(0.6	)		(1.1	)		(0.7	)		(0.8	)		(1.2	)		(1.3	)		(0.0	)		0.0

Income (loss) before gain on sale		0.1			0.7			0.6			0.6			1.1			0.8			0.5			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(0.2	)
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)	$	0.1		$	0.7		$	0.6		$	0.6		$	1.1		$	0.8			0.5			($0.2	)
DDR Ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

	$	0.0		$	0.4		$	0.3		$	0.1		$	0.6		$	0.8		$	0.4			($0.1	)
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			(0.1	)		0.0			(0.1	)		(0.1	)		(0.4	)		0.0

	$	0.0		$	0.4		$	0.2		$	0.1		$	0.5		$	0.7		$	0.0			($0.1	)

Proportionate share of net operating income	$	0.4		$	1.1		$	0.9		$	0.2		$	1.3		$	2.1		$	0.9		$	0.0

Funds From Operations (“FFO”):
Net income (loss)	$	0.1		$	0.7		$	0.6		$	0.6		$	1.1		$	0.8		$	0.5			($0.2	)
Depreciation of real property		0.2			0.4			0.4			0.4			0.3			0.5			0.6			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.3		$	1.1		$	1.0		$	1.0		$	1.4		$	1.3		$	1.1			($0.2	)
DDR ownership interest		50	%		50	%		50	%		10	%		50	%		***			***			50	%

DDR FFO	$	0.1		$	0.6		$	0.5		$	0.1		$	0.7		$	1.2		$	0.9		$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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


				Littleton, CO					Coon Rapids,								Service			Jefferson County,			Sansone 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		$	113.9		$	126.4		$	5.9		$	0.2	$	167.0
Accumulated Depreciation		(3.8	)		0.0		(0.2	)		0.0		(4.4	)		(4.4	)		(3.3	)		(0.3	)		0.0		(5.5	)

Real Estate, net		21.1			3.2		1.9			0.0		23.0			109.5			123.1			5.6			0.2		161.5

Receivables, Net		0.8			0.0		0.0			0.0		1.0			2.1			9.2			0.0			1.8		2.1
Other assets		0.1			0.1		0.1			1.1		1.1			3.3			42.6			0.2			2.4		6.5

	$	22.0		$	3.3	$	2.0		$	1.1	$	25.1		$	114.9		$	174.9		$	5.8		$	4.4	$	170.1

Mortgage Debt	$	10.9		$	0.0	$	1.8		$	0.0	$	17.4		$	85.0		$	67.3		$	2.8		$	0.0	$	110.0
Amounts payable to DDRC		0.0			0.0		0.0			0.0		0.0			0.1			14.0			3.1			0.0		0.8
Other liabilities		(0.2	)		0.1		0.0			0.9		0.7			1.0			54.1			0.1			1.0		2.6

		10.7			0.1		1.8			0.9		18.1			86.1			135.4			6.0			1.0		113.4
Accumulated equity (deficit)		11.3			3.2		0.2			0.2		7.0			28.8			39.5			(0.2	)		3.4		56.7

	$	22.0		$	3.3	$	2.0		$	1.1	$	25.1		$	114.9		$	174.9		$	5.8		$	4.4	$	170.1

Proportionate share of other assets/liabilities, net	$	0.5		$	0.0	$	0.1		$	0.1	$	0.9		$	1.1		$	9.8		$	0.1		$	1.6	$	1.2

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 September 30, 2004


				Littleton, CO						Coon Rapids,									Service			Jefferson County,			Sansone Group
	DOTRS			(5)			Salisbury, MD			MN			Phoenix, AZ (2)			Pasadena, CA			Merchandise (4)			MO			/ DDRC LLC			DDR Markaz
Revenues from operations	$	2.6		$	2.3		$	0.3		$	0.0		$	3.8		$	12.5		$	16.2		$	0.5		$	9.8		$	15.6
Rental operation expenses		(0.7	)		(0.7	)		(0.1	)		(0.1	)		(1.0	)		(5.2	)		(9.9	)		(0.2	)		(7.8	)		(5.0	)

Net operating income		1.9			1.6			0.2			(0.1	)		2.8			7.3			6.3			0.3			2.0			10.6
Depreciation and amortization expense		(0.4	)		(0.3	)		(0.1	)		0.0			(0.5	)		(1.9	)		(3.6	)		(0.1	)		(0.5	)		(3.0	)
Interest expense		(0.2	)		(0.6	)		(0.1	)		0.0			(1.1	)		(3.7	)		(6.3	)		(0.3	)		0.0			(3.5	)

Income (loss) before gain on sale		1.3			0.7			0.0			(0.1	)		1.2			1.7			(3.6	)		(0.1	)		1.5			4.1
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			(0.9	)		0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.9			0.0			0.0			0.0

Net income (loss)		1.3			0.7			0.0			(0.1	)		1.2			1.7			(3.6	)		(0.1	)		1.5			4.1
DDR Ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***

	$	0.7		$	0.4		$	0.0		$	3.3		$	0.8		$	0.4			($0.9	)	$	0.0		$	0.7		$	0.8
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			(0.3	)		0.0			0.0			0.0			(0.3	)		0.1

	$	0.8		$	0.4		$	0.0		$	3.3	(7)	$	0.5		$	0.4			($0.9	)	$	0.0		$	0.4		$	0.9

Proportionate share of net operating income	$	1.0		$	0.8		$	0.1		$	0.0		$	1.9		$	1.8		$	1.5		$	0.1		$	1.0		$	2.1

Funds From Operations (“FFO”):
Net income (loss)	$	1.3		$	0.7		$	0.0			($0.1	)	$	1.2		$	1.7			($3.6	)		($0.1	)	$	1.5		$	4.1
Depreciation of real property		0.4			0.3			0.1			0.0			0.5			1.9			3.7			0.1			0.0			3.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0

	$	1.7		$	1.0		$	0.1			($0.1	)	$	1.7		$	3.6		$	0.1		$	0.0		$	1.5		$	7.1
DDR ownership interest		50	%		50	%		50	%		***			67	%		25	%		25	%		50	%		***			***

DDR FFO	$	0.9		$	0.5		$	0.0		$	3.3	(7)	$	1.2		$	0.9		$	0.0		$	0.0		$	0.7		$	1.4

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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


	Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie			Coventry II DDR
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Westover		Total
Real Estate Assets	$	49.4		$	37.3		$	45.9		$	1,258.3		$	0.0		$	8.9	$	2,674.2
Accumulated Depreciation		(1.2	)		(0.4	)		(0.7	)		(15.3	)		0.0			0.0		(127.1	)

Real Estate, net		48.2			36.9			45.2			1,243.0			0.0			8.9		2,547.1

Receivables, Net		1.0			0.0			0.8			21.4			0.3			0.0		58.4
Other assets		1.0			0.8			3.6			43.3			0.0			0.0		138.5

	$	50.2		$	37.7		$	49.6		$	1,307.7		$	0.3		$	8.9	$	2,744.1

Mortgage Debt	$	31.5		$	26.0		$	41.0		$	686.9		$	0.0		$	1.3	$	1,578.9
Amounts payable to DDRC		0.0			0.0			0.0			0.0			1.5			0.0		19.7
Other liabilities		1.2			0.3			1.2			13.2			1.5			0.0		112.4

		32.7			26.3			42.2			700.1			3.0			1.3		1,711.0
Accumulated equity (deficit)		17.5			11.4			7.4			607.6			(2.7	)		7.6		1,033.1

	$	50.2		$	37.7		$	49.6		$	1,307.7		$	0.3		$	8.9	$	2,744.1

Proportionate share of other assets/liabilities, net	$	0.2		$	0.1		$	0.7		$	7.5		$	0.2		$	0.0	$	32.1

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

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


	Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie			DDR/Macquarie			Coventry II DDR
	Ward Parkway			Totem Lakes			Phoenix Spectrum			Fund LLC			Management LLC			Westover			Total
Revenues from operations	$	5.0		$	2.5		$	5.0		$	85.1		$	1.1		$	0.0		$	246.8
Rental operation expenses		(2.1	)		(0.7	)		(2.0	)		(23.1	)		(0.1	)		0.0			(86.5	)

Net operating income		2.9			1.8			3.0			62.0			1.0			0.0			160.3
Depreciation and amortization expense		(0.5	)		(0.4	)		(0.7	)		(14.8	)		(0.2	)		0.0			(46.9	)
Interest expense		(0.9	)		(0.4	)		(0.9	)		(18.2	)		0.0			0.0			(57.2	)

Income (loss) before gain on sale		1.5			1.0			1.4			29.0			0.8			0.0			56.2
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			4.8
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			(0.8	)
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			24.9

Net income (loss)		1.5			1.0			1.4			29.0			0.8			0.0		$	85.1
DDR Ownership interest		20	%		20	%		20	%		***			50	%		10	%

	$	0.3		$	0.2		$	0.3		$	5.7		$	0.4		$	0.0		$	31.4
Minority Interest		0.0			0.0			0.0			0.0			0.0			0.0			(0.5	)
Amortization of basis differential		0.0			0.0			0.0			0.5			0.0			0.0			(1.0	)

	$	0.3		$	0.2		$	0.3		$	6.2		$	0.4		$	0.0		$	30.0

Proportionate share of net operating income	$	0.6		$	0.4		$	0.6		$	12.2		$	0.5		$	0.0		$	48.5

Funds From Operations (“FFO”):
Net income (loss)	$	1.5		$	1.0		$	1.4		$	29.0		$	0.8		$	0.0		$	85.1
Depreciation of real property		0.5			0.4			0.7			14.8			0.2			0.0			46.2
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			(24.2	)

	$	2.0		$	1.4		$	2.0		$	43.8		$	1.0		$	0.0		$	107.1
DDR ownership interest		20	%		20	%		20	%		***			50	%		10	%

DDR FFO	$	0.4		$	0.3		$	0.4		$	8.0		$	0.5		$	0.0		$	34.4

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 nine months ended September 30, 2004 totaled $0.8 million, of which $0.2 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 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 nine months ended September 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
		Ross Dress for Less
		Nordstrom Rack
		Anna’s Linens
		Hometown Buffet
		Payless Shoe Source

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	$	5.4
PREI		16.3
Coventry		0.2

Total Capital	$	21.9

Debt	$	28.0

Total Debt & Equity	$	49.9

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	4.5
Prudential		13.3
Coventry		1.2

Total Capital	$	19.0

Debt	$	55.4

Total Debt & Equity	$	74.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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 Big Lots Dollar General Sherwin Williams Eckerd Drug Hollywood Video	La Petite Academy Osco Drug Deal$ Westlake Hardware

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	$	11.3

Debt	$	18.4

Total Debt & Equity	$	29.7

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	11.9
PREI		46.5
Coventry		2.9

Total Capital	$	61.3

Debt	$	128.7

Total Debt & Equity	$	190.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	2.3
Prudential		7.0
Coventry		(0.2	)

Total Capital	$	9.1

Debt	$	23.6

Total Debt & Equity	$	32.7

* 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 nine month period ended September 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	$	35.7
DRA Advisors		35.7

Total Capital	$	71.4

Debt	$	156.0

Total Debt & Equity	$	227.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	2.4
DRA Advisors		2.4

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 nine month period ended September 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	$	4.05
DRA Advisors		4.05

Total Capital	$	8.1

Debt	$	17.6

Total Debt & Equity	$	25.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	1.0
DRA Advisors		9.2

Total Capital	$	10.2

Debt	$	19.5

Total Debt & Equity	$	29.7

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	0.05
Casto Properties		0.05

Total Capital	$	0.1

Debt	$	18.7

Total Debt & Equity	$	18.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	—
Casto Properties		—

Total Capital	$	—

Debt	$	21.3

Total Debt & Equity	$	21.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	13.8
Casto Properties		3.4

Total Capital	$	17.2

Debt	$	—

Total Debt & Equity	$	17.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	5.65
The State Teachers Retirement Board		5.65

Total Capital	$	11.3

Debt	$	10.9

Total Debt & Equity	$	22.2

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	$	4.68
Churchill Family Trust		2.31

Total Capital	$	7.0

Debt	$	17.4

Total Debt & Equity	$	24.4

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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
		Loehmann’s
		Macy’s
		Pacific Theaters

Partnership Structure
Equity Contribution:		25% - DDR
		75% - Lehman Brothers

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

Promote:		After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds.

Fees to DDR
Management Fee:		3.5% of gross income
Development Fee:		3.5% of total costs for all improvements (excluding land)
Leasing Fees:		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price over $500,000 but less than $1,000,000
		4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	7.2
Lehman Brothers		21.6

Total Capital	$	28.8

Debt	$	85.0

Total Debt & Equity	$	113.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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 67 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 26 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	$	23.5
Klaff		11.7
Lubert-Adler		58.6
Random Properties Acquisition Corp. I		1.4

Total Capital	$	95.2	(1)

Payable to DDR	$	0.30

Existing Debt	$	67.3

Debt to be Assumed	$	1.8	(2)

Total Debt & Equity	$	164.6

(1) Total capital includes member equity loans to the joint venture of $55.7 million as of September 30, 2004, of which DDR’s proportionate share is $13.7 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 nine month period ended September 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	$	2.8

Total Debt & Equity	$	5.7

(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 nine month period ended September 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	$	11.34
Markaz		45.35

Total Capital	$	56.7

Payable to DDR	$	0.8

Debt	$	110.0

Total Debt & Equity	$	167.5

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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

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 nine months ended September 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		2.2

Total Capital	$	11.4

Debt	$	26.0

Total Debt & Equity	$	37.4

* Coventry II Fund:

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 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	$	5.9
DDR		1.5

Total Capital	$	7.4

Debt	$	41.0

Total Debt & Equity	$	48.4

* Coventry II Fund:

Developers Diversified Realty
Quarterly Financial Supplement
For the nine month period ended September 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	JCPenny	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


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	$	87.7
MBL		16.6
MDT		500.6

Total Capital	$	604.9

Payable to DDR	$	1.5

Debt	$	686.9

Total Debt & Equity	$	1,293.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the nine months ended September 30, 2004

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Westover LLC / DDR DB 151 Ventures LP
Date Formed:		June 2004
Property Name/Location:		Westover Marketplace, San Antonio, TX
Major Tenants:		Target (not owned)
		Lowe’s
		Ross
		Petsmart
		Sportsman’s Warehouse
		Office Depot

Partnership Structure
DDR DB 151 Ventures LP

Ownership Percentage:		50% - Coventry II DDR Westover LLC
		50% - ERA 151 Partners, Ltd. (Development Partner)
		(No equity contributions at the partnership level)

Cash Flow Distribution:		50% - Coventry II DDR Westover LLC
		50% - ERA 151 Partners, Ltd. (Development Partner)
		(After repayment of 10.5% interest on the Coventry II DDR Westover loan and repayment of the loan)

Coventry II DDR Westover LLC

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

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

Fees to DDR
Management Fee:		4% of gross income
Development Fee:		1% of all project costs less land
Leasing Fees: **		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 - 10,000 square feet)
		3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet)
		1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet)
		$1 per square foot for renewals (spaces > 20,000 square feet)
		6% of Gross Sales Price up to $500,000 (Outparcel Sales)
		5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Construction Management Fee: **		5% of all development and tenant improvement work performed
Tenant Coordination Fee: **		5% of all hard and soft costs

Capital Structure (in millions)


Coventry II Fund	$	6.1
DDR		1.5

Total Capital	$	7.6

Debt	$	1.3

Total Debt & Equity	$	8.9

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

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

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Nine Month Period Ended September 30, 2004


	Nine Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2002			2001			2000
Acquisitions/Transfers	$	621.6	(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		21.0			120.1			48.6			103.7			114.7
Tenant Improvements & Building Renovations (1)		0.2			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	)

	$	653.1		$	1,352.1		$	274.0		$	189.0		$	211.8
Less: Real Estate Sales and Dispositions	($	254.2	) (3)	($	781.5	) (5)	($	361.4	) (7)	($	16.9	)	($	115.9	) (10)

Joint Venture Totals (Millions)	$	398.9		$	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 and the $3.0 million earnout for an outparcel in Kildeer, IL.

(3) In addition to the sales listed in the disposition section which had an aggregate cost of $97.3 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 nine months ended September 30, 2004

Joint Venture Acquistions
for the Nine Month Period Ended September 30, 2004


								DDR’s			Joint
			Cost			Acquistion		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	$	528.1	(1)		5/14/2004		14.50	%	Macquarie Bank Limited

Total		5,465,197	$	610.7

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

Joint Venture Dispositions
for the Nine Month Period Ended September 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		478,004	$	14.6	Various			25.00	%	Various
Long Beach, CA		85,215	$	16.6		9/9/2004		24.75	%	Prudential & Coventry Real Estate Partners

Total		1,181,562	$	122.2

Joint Venture Acquisitions and Dispositions 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Joint Venture Expansion and Redevelopment Projects
for the Nine Month Period Ended September 30, 2004


	DDR’s			Joint
	Ownership			Venture
	Percentage			Partner	Description
*Projects Substantially Complete*
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
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 four junior anchors and three outparcels.

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

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate PetsMart (scheduled to open 3rd quarter 2005) and several mid-size anchors and other retail tenants to be announced.

Total Cost (Millions)	$	25.9

*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.

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 nine months ended September 30, 2004

Summary of Joint Venture Development Projects
for the Nine Month Period Ended September 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
San Antonio, TX		294,769			10.0	%	David Berndt Interests & Coventry II	$	31.2	$	3.1		2005	Target, Lowe’s and other junior anchors and retail tenants to be announced.
Projects to Commence Construction
Apex, NC (Phase III)		334,981			80.0	%	First Carolina	$	52.3	$	41.8		2006	To be announced
							Properties
Apex, NC (Phase IV)		287,396	(1)		20.0	%	First Carolina	$	28.0	$	5.6		2006	To be announced
							Properties

Joint Venture Development Totals		1,247,197						$	121.2	$	55.4

Notes:

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

Joint Venture Developments 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Joint Venture Development
Assets Placed in Service as of September 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	$	115.2	$	52.4

Total	$	121.2	$	55.4

Joint Venture Development
Funding Schedule as of September 30, 2004


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of September 30, 2004	$	9.4	$	6.0	$	4.2	$	19.6
Projected Net Funding During 2004		5.0		0.0		9.6		14.6
Projected Net Funding Thereafter		2.0		5.6		79.4		87.0

Total	$	16.4	$	11.6	$	93.2	$	121.2

Joint Venture Development Delivery and Funding Schedules 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Joint Venture Debt
as of September 30, 2004

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III

Long Beach, CA

28,000

03/07

Libor + 150

RVIP III B

Deer Park, IL

55,368

07/06

Libor + 150

RVIP VI

18,440

(1)

RVIP VII

115,000

(2)

03/07

Libor + 140

13,661

(2)

RVIP VIII

23,563

01/06

Libor + 175

DDRA Community Centers Five

156,000

(3)

10/05

6.64

DDRA Community Centers Seven

Ahwatukee, AZ (Phase IV)

9,859

01/05

8.07

DDRA Community Centers Eight

Deer Valley, AZ

17,610

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

18,702

07/22

8.11

Sun Center Limited

6,212

05/11

5.42

Columbus, OH

15,073

04/11

8.48

DOTRS LLC

Macedonia, OH

10,859

09/06

Libor +100

DDRC PDK Salisbury Phase III LLC

Salisbury, MD

1,844

04/06

7.61

KLA/SM LLC

37,841

12/04

Libor + 350

12,638

11/13

6.2555

16,778

10/13

6.365

Jefferson County Plaza, LLC

Arnold, MO

2,819

05/05

Libor + 175

Paradise Village Gateway

Phoenix, AZ

17,425

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

Coventry II DDR Totem Lakes

26,000

07/07

Libor + 215

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

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

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

Coventry II DDR Phoenix Spectrum

41,000

07/06

Libor + 275

Coventry II DDR Westover Marketplace

1,313

07/07

Libor + 195

DDR Maquarie

CRRV Perimeter One & Two

26,000

02/06

Libor + 180

8,000

02/06

Libor + 775

8,000

02/06

Libor + 425

$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)

06/07

4.210

29,750

(7)

06/07

Libor + 84

BJ’s Clarence

5,064

03/22

7.070

JoAnn Transit

3,677

08/13

6.250

New Hartford Consumer Square

38,564

11/18

5.750

Merriam Town Center

30,000

06/05

Libor + 205

1,578,924

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 nine months ended September 30, 2004

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


	DDR’s			DDR’s
	Pro Rata			Pro Rata
Joint Venture	Interest			Debt (000’s)
RVIP III Long Beach		25.54	%	$	7,151
RVIP III B		25.54	%		14,141
RVIP VI		25.54	%		4,710
RVIP VII		20.79	%		26,749
RVIP VIII		25.54	%		6,018
DDRA Comm Ctr Five		50.00	%		78,000
DDRA Comm Ctr Seven		50.00	%		4,929
DDRA Comm Ctr Eight		50.00	%		8,805
DDRA Kildeer, LLC		10.00	%		1,950
Lennox Town Center		50.00	%		9,351
Sun Center		79.45	%		16,911
DOTRS LLC		50.00	%		5,429
DDRC PDK Salisbury		50.00	%		922
KLA/SM LLC		24.63	%		16,565
Jefferson County Plaza		50.00	%		1,410
Paradise Village Gateway		67.00	%		11,675
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	%		8,200
Coventry II DDR Westover Marketplace		10.00	%		131
DDR Maquarie		14.49	%		99,535

Total				$	377,332

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Summary of Joint Venture Mortgage Principal Payments
as of September 30, 2004


JOINT VENTURE	2004 Payments		2005 Payments		2006 Payments		2007 Payments		2008 Payments		2009 Payments
RVIP III (Long Beach, CA)								28,000
RVIP III B (Deer Park)						55,368
RVIP VI		269		293		317		17,761
RVIP VII		304		437		476		122,202		253		278
RVIP VIII						23,563
DDRA Community Centers Five				156,000
DDRA Community Centers Seven		89		9,836
DDRA Community Centers Eight		166		184		200		217		231		255
DDRA Kildeer, LLC (Kildeer, IL)								19,500
Lennox Town Center Limited		459		498		540		585		635		688
Sun Center Limited
Principal Mutual Life Ins Co		406		442		480		523		569		619
W. Lyman Case & Co		40		84		88		93		98		104
DOTRS LLC
National City Bank		428		453		10,285
DDRC PDK Salisbury Phase III						1,848
KLA/SM LLC		37,735
Jefferson County Plaza LLC				2,288
Paradise Village Gateway		276		298		323		16,733
Paseo Colorado Holdings						85,000
DDR Markaz										110,000
DDR Ward Parkway						31,500
Coventry II DDR Totem Lakes								26,000
Coventry II DDR Phoenix Spectrum						41,000
Coventry II DDR Westover Marketplace								1,313
DDR Macquarie
CRRV Perimeter One & Two						42,000
Bank One $100M Revolver				62,115
Secured Financing								49,750		290,500		165,250
BJ’s Clarence		85		155		166		178		191		205
JoAnn Transit		179		323		344		366		390		415
New Hartford Consumer Square		1,027		1,842		1,951		2,066		2,188		2,317
Merriam Town Center				30,000
Payments through 9/30/04		-1,928

Total - Debt		39,535		265,248		295,448		285,288		405,054		170,130

[Additional columns below]

[Continued from above table, first column(s) repeated]


JOINT VENTURE	2010 Payments		2011 Payments		2012 Payments		2013 Payments		Thereafter		Total
RVIP III (Long Beach, CA)												28,000
RVIP III B (Deer Park)												55,368
RVIP VI												18,640
RVIP VII		305		336		369		407		3,455		128,822
RVIP VIII												23,563
DDRA Community Centers Five												156,000
DDRA Community Centers Seven												9,925
DDRA Community Centers Eight		16,479										17,732
DDRA Kildeer, LLC (Kildeer, IL)												19,500
Lennox Town Center Limited		746		809		877		950		12,256		19,043
Sun Center Limited
Principal Mutual Life Ins Co		674		11,594								15,306
W. Lyman Case & Co		110		5,684								6,300
DOTRS LLC
National City Bank												11,165
DDRC PDK Salisbury Phase III												1,848
KLA/SM LLC								29,521				67,256
Jefferson County Plaza LLC												2,288
Paradise Village Gateway												17,630
Paseo Colorado Holdings												85,000
DDR Markaz												110,000
DDR Ward Parkway												31,500
Coventry II DDR Totem Lakes												26,000
Coventry II DDR Phoenix Spectrum												41,000
Coventry II DDR Westover Marketplace												1,313
DDR Macquarie
CRRV Perimeter One & Two												42,000
Bank One $100M Revolver												62,115
Secured Financing												505,500
BJ’s Clarence		220		236		253		272		3,151		5,112
JoAnn Transit		441		470		500		351				3,779
New Hartford Consumer Square		2,454		2,599		2,752		2,915		17,036		39,147
Merriam Town Center												30,000
Payments through 9/30/04												-1,928

Total - Debt		21,429		21,727		4,751		34,415		35,898		1,578,924

Summary of Joint Venture Mortage Principal Payments 5.5

Exhibit 99.2


		Run Date: 10/18/2004 Time: 12:33:42PM Page 1 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
Alabama

1	BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994/2003		1994		100.00		423,493		4,470,271	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 #181(2010), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED)

2	BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.00		301,074		1,857,857	OFFICE DEPOT #43(2007), DOLLAR TREE #1130(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3	BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE MONTGOMERY HIGHWAY		35244	SC		1989		2002		100.00		98,016		1,252,844	MARSHALL’S #411(2006), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED)

4	GADSDEN, AL	EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD		35903	SC		1979/2004		2003		100.00		85,196		218,697	FRED’S(2009), FOOD WORLD(NOT OWNED)

5	OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00		190,127		1,166,584	Lowe’s #0398(2012), Winn-Dixie #409(2013), Goody’s 20921 — #121(2010)

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

Arizona

7	AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996/1997/1999		1997		50.00		647,904		9,640,185	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	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00		223,243		4,003,291	BED BATH & BEYOND(2011), ROSS(2007), PETSMART #1071(2015), STAPLES #0395(2005), ALBERTSONS-OSCO DRUG(NOT OWNED)

9	PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		50.00		197,009		3,028,105	ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

10	PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00		346,430		4,067,887	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 OWNED)

11	PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00		462,509		5,641,281	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	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997		14.50		262,827		2,881,403	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 (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2003		2003		14.50		50,293		1,268,108	KOHL’S(NOT OWNED), TARGET(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 2 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
14	N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994		100.00		295,013		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	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00		272,245		1,661,497	WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012)

California

16	CITY OF INDUSTRY, CA (I)	PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE		91748	SC		1987		2001		20.00		218,540		3,326,535	Sam Ash Music(2014), OFFICE DEPOT, INC.(2012)

17	LANCASTER, CA	VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.00		336,403		3,895,361	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	CITY PLACE 95 SOUTH PINE AVE		90802	SC		2002/2003/2004		* 1		24.75		283,129		4,014,641	NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), MRS. FIELDS(2013), ALBERTSON’S/SOLD PROPERTY(NOT OWNED)

19	MISSION VIEJO, CA	OLYMPIAD PLAZA 23002-23072 ALICIA PARKWAY		92691	SC		1989		2001		20.00		45,600		1,346,917

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

21	PASADENA, CA	PASEO COLORADO 280 EAST COLORADO BLVD.		91101	LC		2001		2003		25.00		556,163		11,292,647	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	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001		20.00		347,678		6,330,771	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 (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.00		245,774		3,673,855	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	RICHMOND CITY CENTER MACDONALD AVENUE		94801	SC		1993		2001		20.00		76,692		1,223,467	FOOD 4 LESS/FOODSCO(2013)

25	SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.00		123,755		3,795,587	AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008)

26	SAN YSIDRO, CA	SAN YSIDRO VILLAGE CAMINO DE LA PLAZA		92173	SC		1988/2003		2000		20.00		160,668		2,717,989	ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED)
Colorado

27	ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2		100.00		19,875		113,445	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 3 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
28	AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		100.00		127,643		2,377,235	BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

29	BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.00		245,217		5,247,757	Best Buy(2016), Office Depot(2016), Nordstrom(2011), Linen’s ‘N Things(2017), GREAT INDOORS(NOT OWNED)

30	DENVER, CO	TAMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00		174,780		1,682,714

31	DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.00		408,337		6,134,694	GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E.
																HOLDINGS, INC.(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)

32	DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.00		244,383		3,632,787	Linens N Things #119(2013), Pier One Imports(2014), Officemax #416(2012), King Soopers/Krogers(2047)

33	FORT COLLINS, CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		1		2003		100.00		18,988		362,490	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

34	LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		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 (2013), CHAMPPS(2022)

35	PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		* 1		100.00		110,209		1,833,111	BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED)

36	PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		100.00		77,787		1,417,719	Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Connecticut

37	PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		* 1		100.00		419,271		5,830,772	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	KMART PLAZA 899 WOLCOTT STREET		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	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2		100.00		209,720		1,324,978	PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2014), T.J. MAXX #794(2010)

40	BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		* 2		100.00		161,900		634,313	K MART #4311(2007), KANE FURNITURE(NOT OWNED)

41	BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		100.00		148,267		2,000,904	Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 4 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
42	BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		100.00		113,986		1,475,728	Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED)

43	CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		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)

44	DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00		76,087		924,785	TJMF, Inc.(2004), Marshalls of MA, Inc.(2010)

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

46	GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.00		29,827		436,222	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

47	JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00		219,735		1,238,569	J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009)

48	JACKSONVILLE, FL(ARLINGTON RD	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.00		182,098		973,583	Food Lion #833(2010)

49	LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.00		102,572		792,919	Winn-Dixie #631(2017)

50	MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2		100.00		63,894		260,468	BEALL’S #54 -4(2005), WAL-MART(NOT OWNED)

51	MELBOURNE, FL	MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD		32935	SC		1978		1/2		100.00		41,733		151,313

52	NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50		267,808		3,133,164	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	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00		101,438		606,240	Sports Authority(2012), Winn-Dixie #2284(2004)

54	ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BOULEVARD		32065	SC		1993/2000		2004		100.00		73,081		670,696	Beall’s Dept Store #47(2009), ALBERTSON’S(NOT OWNED)

55	ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00		234,045		1,693,851	BEALL’S #60(2018), PUBLIX SUPER MARKETS #446(2013)

56	OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		* 1		20.00		186,212		1,908,303	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)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 5 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)

57	PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00		52,395		881,577	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

58	PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2		100.00		17,150		202,240	WALMART(NOT OWNED)

59	SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2		100.00		188,924		1,458,283	BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED)

60	TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003		100.00		53,883		322,208	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

61	TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2		20.00		104,460		1,173,700	PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED)

62	TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004		100.00		218,736		1,783,209	Home Depot #237(2009), Staples the Office Superstore(2004), Pearl Artist & Craft Supply(2007)

63	TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2		100.00		134,366		1,077,551	BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED)

64	TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2		100.00		198,797		1,395,318	K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013)

65	WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2		100.00		135,421		883,042	BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED)

Georgia

66	ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00		24,000		326,652	WAL MART(NOT OWNED)

67	ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00		99,025		1,081,730	OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED)

68	ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995		14.50		343,155		5,289,605	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 (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00		127,853		901,610	Staples #796(2014), Ingles # 96(2019)

70	CANTON, GA (RIVERPOINTE)	RIVER POINTE 1550-1558 RIVERSTONE PARKWAY		30114	SC		1996		2003		100.00		39,000		542,362	WALMART(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 6 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
71	CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00		112,240		868,512	Ross Dress For Less(2013), Ingles #76(2019)

72	CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00		175,969		1,262,324	Save Rite #2718(2006)

73	COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00		119,786		1,114,073	Goody’s #296(2011), Petsmart #0294(2015), Michael’s #9929(2009), TARGET(NOT OWNED)

74	CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003		100.00		308,557		3,670,330	Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

75	CUMMING, GA (PINETREE)	PINETREE VILLAGE 2350 ATLANTA HIGHWAY		30040	SC		1999		2003		100.00		27,600		501,153

76	DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00		86,158		1,321,415	Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED)

77	FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00		176,903		461,120	K Mart #3083(2007)

78	GRIFFIN, GA	ELLIS CROSSING 649-687 NORTH EXPRESSWAY		30223	SC		1986		2003		100.00		64,770		243,500	Winn-Dixie #1811(2006), WAL MART(NOT OWNED)

79	LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00		75,622		471,905	Food Lion #890(2019)

80	LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		100.00		89,064		959,893	Winn-Dixie (Save-Rite) #2735(2010)

81	LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		100.00		73,950		670,896	Kroger #394(2012)

82	LITHONIA, GA	THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		100.00		82,175		1,236,200	Best Buy #389(2018), Bed Bath & Beyond #516(2012), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)

83	LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		100.00		91,196		973,328	Kroger #443(2016)

84	MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00		105,849		411,476	Ingles #444 (DARK)(2010), Wal-Mart #1363(2009)

85	MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50		301,297		3,782,561	STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 7 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants (Lease Expiration)
86	MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		100.00		30,500		688,223	LOWES (NOT OWNED), WALMART (NOT OWNED)

87	NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00		156,497		1,306,840	Lowe’s #0033(2015), BELK(NOT OWNED), WALMART(NOT OWNED)

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

89	STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00		162,778		297,806	Ingles #466(2009)

90	STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00		0		244,145

91	STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00		2,000		42,000

92	SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00		233,319		2,872,282	Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014)

93	SUWANEE, GA (NOBLE)	THE VILLAGE AT NOBLE FARMS 1145 PEACHTREE INDUSTRIAL BOUL		30024	SC		1997		2003		100.00		39,546		858,130

94	TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00		130,832		1,301,383	Goody’s #299(2014), Kroger #482(2019), WALMART (NOT OWNED)

95	UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00		100,002		776,510	Ingles #407(2056), WALMART (NOT OWNED)

96	WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00		107,941		1,298,058	T.J. Maxx #032(2010), Staples(2016), LOWE’S (NOT OWNED), WALMART (NOT OWNED)

97	WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00		170,940		1,461,459	Wal-Mart #575(2020)

IDAHO

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

99	MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		* 1		100.00		439,324		5,506,952	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), WALMART (NOT OWNED)

ILLINOIS


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 8 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
100	DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003		100.00		22,775		262,398	WAL MART(NOT OWNED)

101	DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		* 1		24.75		282,482		7,993,822	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 SPORTSWEAR(2011), COLDWATER CREEK(2010), J. CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANK CLOTHIERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS (2011), J. JILL (2013)

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

103	KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001		10.00		161,030		3,120,938	BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006)

104	MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000		* 2		100.00		268,328		839,355	SEARS #2181(2013), J.C. PENNEY #1717(2007)

105	ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004		100.00		149,498		1,382,359	Home Depot #1906(2012)

106	SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995		14.50		458,819		8,442,348	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, LLC(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

Indiana

107	BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		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)

108	CONNERSVILLE, IN	WHITEWATER TRADE CENTER 2100 PARK ROAD		47331	SC		1991		* 2		100.00		141,770		858,083	COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011)

109	HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996		20.00		312,546		3,297,225	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)

110	LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 -4315 COMMERCE DRIVE		47905	SC		2000		2003		100.00		35,100		387,372	WAL MART(NOT OWNED)

Iowa

111	CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE		52404	SC		1984		1998		100.00		187,068		1,772,537	T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021)

112	OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2		100.00		229,203		1,368,711	HERBERGER’S #326(2020), J.C. PENNEY #2438(2005), GOODY’S(2014), OFFICEMAX #1033(2015), TARGET(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 9 of 27

Property List*


											Owned
						Year			DDR		Gross		Total
			Zip		Type of	Developed/	Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped	Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
Kansas

113	LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC	1996/2002		1998		100.00		291,246		6,553,343	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), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS, BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY (2006)

114	MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC	1998/2004		* 1		14.50		345,736		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)

115	OLATHE, KS (DEVONSHIRE)	DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD		66062	SC	1987		1998		24.75		48,802		397,874

116	OVERLAND PARK, KS (CHEROKEE	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC	1987/2002		1998		24.75		60,765		724,081

117	OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC	2001/2004		2003		100.00		11,200		207,606

118	SHAWNEE, KS (QUIVIRA PARCEL)	TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD		66216	SC	1972		1998		24.75		12,000		206,911

119	SHAWNEE, KS (TEN QUIVIRA)	TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD		66216	SC	1999/2003		1998		24.75		162,843		923,785	PRICE CHOPPER FOODS(2008), WESTLAKE HARDWARE #17(2005)

120	WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC	1955		2002		100.00		203,997		2,104,652	OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED)

Kentucky

121	FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC	1975/1998		2004		100.00		133,985		845,617	Party Town & Office Depot #176(2006), Big Lots, Inc. #00296 B(2008)

122	FRANKFURT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC	1963/1994		2004		100.00		155,104		578,877	Sears, Roebuck & Co. #2090(2006)

123	HAZARD, KY	GRAND VUE PLAZA KENTUCKY HIGHWAY 80		41701	SC	1978		1/2		100.00		110,610		481,280	WRIGHT LUMBER(2007)

124	LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC	1998		2003		100.00		48,920		597,120	Staples #1214(2016), WAL MART(NOT OWNED)

125	LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC 1998			2003		100.00		27,643		584,832	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 10 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
126	LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004		100.00		120,477		617,385	Valu Discount, Inc.(2009)

127	RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003		100.00		158,041		376,059	Food Lion #1203(2017), BALLARD’S(NOT OWNED)

Maine

128	BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997		100.00		301,992		2,513,314	HOYTS CINEMAS #445-02 BRUNSWICK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX #114(2010), SEARS #2203(2012)

Maryland

129	SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		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)

130	SALISBURY, MD (DEV JV)	THE COMMONS(PHASE III) NORTH POINTE DRIVE		21801	SC		2000		*1		50.00		27,500		243,250

Massachusetts

131	EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		*1		100.00		222,287		4,364,862	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)

132	FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995		14.50		769,276		13,451,495	TOYS R US(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US #6450(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS # 031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), KOHL’S # 575(2010), GENERAL CINEMA #971(2014)

Michigan

133	BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993		100.00		63,415		497,908	GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED)

134	CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994		100.00		95,094		270,272	CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED)

135	DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998		100.00		343,502		2,029,414	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)

136	GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993		100.00		190,482		540,933	BUY LOW/ROUNDY’S — 4(2011)

137	GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003		100.00		211,718		2,459,517	Circuit City(2017), Linen ‘N Things #682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 11 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
138	HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2		100.00		257,863		771,358	J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014)

139	HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993		100.00		215,047		1,393,655	Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012)

140	LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003		100.00		95,369		960,157	Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

141	MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		* 2		100.00		249,680		1,662,924	WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011)

142	SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994		100.00		270,761		1,683,434	WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013)

143	WALKER, MI (ALPINE AVE)	GREEN RIVER SQAURE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004		100.00		88,133		510,386	Circuit City #3632(2003)

144	WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995		100.00		133,877		1,308,515	T.J. MAXX #160(2005), OFFICE DEPOT #241(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

145	BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998		* 2		100.00		297,803		1,496,740	K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008)

146	BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2		100.00		260,319		1,916,255	K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011)

147	COON RAPIDS, MN	RIVERDALE VILLAGE PERIMETER 12921 RIVERDALE DRIVE		55433	SC		1999/2001/2002/2003		* 1		14.50		364,998		5,244,513	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)

148	COON RAPIDS, MN (INNER)	RIVERDALE VILLAGE — INNER 12921 RIVERDALE DRIVE		55433	SC		2003		* 1		14.50		246,743		3,402,206	BORDERS(2023), J.C. PENNEY(2024)

149	EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		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)

150	HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2		100.00		121,001		645,956	J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(NOT OWNED)

151	MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		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)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 12 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)

152	ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997		14.50		324,354		2,647,127	WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

153	WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2		100.00		185,658		522,674	J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011)

Mississippi

154	GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003		100.00		457,027		5,131,312	ACADEMY(2015), BED, BATH AND BEYOND #589(2014), ROSS DRESS FOR LESS #712(2015), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)

155	JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003		100.00		107,780		1,081,709	Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

156	JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003		100.00		52,617		331,788	Office Depot #414(2012), HOME DEPOT(NOT OWNED)

157	OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003		100.00		13,200		443,380	KROGER(NOT OWNED)

158	SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003		100.00		55,749		645,777	Staples 1172(2016), HOME DEPOT(NOT OWNED)

159	STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994		100.00		133,691		895,928	J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED)

160	TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994		100.00		348,236		1,933,776	SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012)

Missouri

161	ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		* 1		50.00		34,567		457,364	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

162	FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2		100.00		93,548		836,579

163	INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995		14.50		382,955		4,294,486	KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015)

164	KANSAS CITY, MO (BRYWOOD)	BRYWOOD CENTER 8600 E. 63rd STREET		64133	SC		1972		1998		24.75		208,234		892,469	BIG LOTS #489(2009), PRICE CHOPPER(2009)

165	KANSAS CITY, MO (WARD PARKW	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003		20.00		269,629		4,485,116	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)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 13 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
166	SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998		100.00		56,033		486,741	TOYS R US #9512(2013)

167	ST. JOHN, MO	ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA		63114	SC		2003		2003		100.00		89,313		890,925	Shop ‘N Save(2022)

168	ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998		100.00		415,435		5,302,497	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)

169	ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998		100.00		52,842		465,794	SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED)

170	ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998		100.00		42,308		471,058	OFFICE MAX(2014)

171	ST.LOUIS,MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		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)

172	ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998		100.00		110,992		611,499	K MART #7543(2008)

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

Nevada

174	LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		*1		100.00		24,032		428,856

175	RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.00		52,474		32,647	CENTURY THEATRE, INC.(2014)

New Jersey

176	HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003		100.00		396,389		6,389,618	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)

177	MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004		100.00		398,860		5,595,043	Regal Cinemas(2021), Ross Stores #518(2012), Bed, Bath and Beyond, Inc. #38(2017), Marshall’s #377(2012)

178	MAYS LANDING, NJ (WRANGLEBOR	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004		100.00		839,446		9,428,608	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), Target Stores #T-1109A(2023), Petsmart #576(2013), Borders #193(2017)

179	PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		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)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 14 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)

180	PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		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)

181	WEST LONG BRANCH, NJ(MONMO	CONSUMER CENTRE 310 STATE HIGHWAY #36		07764	SC		1993		2004		100.00		292,999		3,946,493	SportsAuthority #803(2012), Barnes & Noble #1885(2009), PETsMART #0760(2008), Home Depot #0907(2013)

New Mexico

182	LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2		100.00		93,021		587,223	SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180(2009)

New York

183	ALDEN, NY (TOPS)	TOPS PLAZA-ALDEN 12775 BROADWAY		14004	SC		1999		2004		100.00		67,992		736,269	Tops Markets #261(2019)

184	AMHERST, NY (BOULEVARD CONS	K MART-AMHERST NIAGARA 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004		100.00		680,287		5,937,403	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)

185	AMHERST, NY (BURLINGTON/JOAN	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004		100.00		199,504		1,909,280	Burlington Coat #62(2004), Jo-Ann Fabrics and Crafts #193(2014)

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

187	AMHERST, NY (SHERIDAN/HARLEM	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004		100.00		58,413		525,869

188	AMHERST, NY (TOPS-ROBINSON)	TOPS PLAZA (ROBINSON) 3035 NIAGARA FALLS BLVD		14228	SC		1986		2004		100.00		145,192		1,160,549	Tops Markets #207(2010)

189	AMHERST, NY (TOPS-TRANSIT CO	TOPS PLAZA-AMHERST TRANSIT 9660 TRANSIT ROAD		14226	SC		1995/1998		2004		100.00		112,427		1,062,889	Tops Markets (B) #2(2016)

190	AMHERST, NY (UNIVERSITY PLAZ	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004		100.00		162,879		1,328,666	A.J. Wright #162(2012), Tops Markets #42(2009)

191	ARCADE, NY (TOPS-ARCADE)	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004		100.00		65,915		638,354	Tops Markets # 238(2015)

192	AVON, NY (TOPS PLAZA)	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004		100.00		62,988		514,756	Tops Markets (B) #4(2017)

193	BATAVIA, NY (BJS)	BJ’s PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.50		95,846		764,798	BJ’s Wholesale Club #311(2016)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 15 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
194	BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004		14.50		49,431		439,235

195	BATAVIA, NY (TOPS PLAZA)	TOPS PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004		14.50		37,140		385,542	TOPS(NOT OWNED)

196	BIG FLATS, NY (CONSUMER SQUAR	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004		100.00		641,264		5,860,599	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), Staples #279(2011), Barnes & Noble #2825(2011), TJ Maxx #198(2007), Michaels #2035(2010)

197	BUFFALO, NY (DELAWARE CONSUM	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004		100.00		229,607		2,010,140	Target Stores #T-1013A(2015), A.J. Wright #174(2012), OfficeMax #834(2012)

198	BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951-2023 ELMWOOD AVENUE		14207	SC		1997		2004		100.00		133,940		1,624,266	Regal Cinema #33341(2017), Office Depot #412(2012)

199	BUFFALO, NY (MARSHALLS)	MARSHALL’S PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995		2004		100.00		82,196		842,847	Marshall’s #331(2009)

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

201	CHEEKTOWAGA, NY (DICKS)	DICK’S PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.50		174,438		1,269,479	Dick’s Sporting Goods, Inc. #0(2015)

202	CHEEKTOWAGA, NY (THRUWAY P	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004		2004		100.00		347,202		2,394,258	MovieLand 8 Theatres(2019), Tops Markets #131(2019), Value City Furniture(2009), M & T Bank(2007), Wal-Mart #01-2586(2017), HOME DEPOT(NOT OWNED)

203	CHEEKTOWAGA, NY (TOPS UNIO	TOPS PLAZA-UNION ROAD 3825-3875 UNION ROAD		14225	SC		1978/1989/1995/2004		2004		100.00		151,357		1,416,100	Tops Markets #202(2013)

204	CHEEKTOWAGA, NY (UNION CONS	UNION CONSUMER SQUARE 3733-3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50		380,991		4,432,066	Marshall’s #366(2009), OfficeMax #320(2005), Sam’s Club #6673(2024), Circuit City #3151(2016), Jo-Ann Fabrics and Crafts #193(2015)

205	CHEEKTOWAGA, NY (WALDEN PL	WALDEN PLACE 2130-2190 WALDEN AVENUE		14225	SC		1994/1999		2004		14.50		68,002		652,716	Media Play #8290(2010)

206	CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700-1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50		255,964		2,116,974	Office Depot #00673(2009), Linens ‘N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015)

207	CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998		2004		100.00		120,368		758,189	K Mart #3282(2019)

208	CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995		2004		100.00		59,483		510,946


* 1. Property Developed by the Company		* SC-Shopping Center
* 2. Original IPO Property		* MM-Mini-Mall
		* BC-Business Center
		* LC-Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 16 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
209	CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.50		16,030		304,249

210	CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50		460,716		3,960,721	Wal-Mart #2355(2015), Dick’s Sporting Goods, Inc. #0(2011), Linens ‘N Things #622(2015), Michaels #2014(2010), BJ’S WHOLESALE CLUB, INC.(2021)

211	CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.50		92,720		743,588	OfficeMax #81(2009), HOME DEPOT(NOT OWNED)

212	CLARENCE, NY (PREMIER)	PREMIER PLACE 7864-8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004		14.50		142,536		1,397,787	Premier Liquors(2010), Stein Mart #155(2008)

213	CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA-CORTLAND 3836 ROUTE 281		13045	SC		1995		2004		100.00		134,223		1,685,742	Staples #1235(2032), Tops Markets (B) #5(2016)

214	DANSVILLE, NY (TOPS)	TOPS PLAZA-DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001		2004		100.00		62,400		626,969	Tops Markets #520(2051)

215	DEPEW, NY	TOPS PLAZA-DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00		148,245		1,479,445	Tops Markets #114(2016), Big Lots #00391 B(2006)

216	DEWITT, NY (DEWITT COMMONS)	MARSHALL’S PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00		318,809		2,387,375	Toys “R” Us #7525(2018), Marshall’s #217(2019), Bed, Bath & Beyond #515(2018), A.C. MOORE(2014), Syracuse Orthopedic Specialist(2017)

217	DEWITT, NY (MICHAELS/CHUCK E	MICHAELS-DEWITT 3133 ERIE BOULEVARD		13214	SC		2002		2004		100.00		49,713		529,933	Michaels #2011(2010)

218	ELMIRA, NY (TOPS PLAZA)	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		100.00		98,330		1,117,100	Tops Market #551(2017)

219	GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998		2004		100.00		327,809		3,133,458	Wal-Mart #2859(2021), Staples the Office Superstore(2015)

220	GREECE, NY	WEST RIDGE PLAZA 3042 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 (BJS)	BJ’S PLAZA 4408 MILESTRIP ROAD		14075	SC		1990/1997		2004		100.00		175,965		1,680,083	OfficeMax #0027(2005), BJ’s Wholesale Club #35(2010)

222	HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		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 (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996		2004		100.00		92,717		870,027


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 17 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
224	HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA 4405 MILESTRIP ROAD		14219	SC		1999/2000		2004		100.00		139,413		1,506,174	Home Depot #1286(2012)

225	HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999		2004		100.00		106,774		1,328,723	Old Navy #5131(2005), Jo-Ann Fabrics and Crafts #193(2015)

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

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

228	IRONDEQUOIT, NY (CULVER RIDGE	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997		2004		100.00		227,575		2,426,564	Regal Cinema #33332(2022), AJ WRIGHT(2014)

229	IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000		2004		100.00		65,229		743,785

230	ITHACA, NY (TOPS PLAZA)	TOPS PLAZA-ITHACA 614 — 722 SOUTH MEADOW		14850	SC		1990/1999/2003		2004		100.00		229,320		3,665,760	Tops Markets #525(2051), Michaels #3718(2013), Barnes & Noble #2122(2018)

231	JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708-744 FOOTE AVENUE		14701	SC		1980/1997		2004		100.00		63,140		594,670	Quality Market #6661(2017)

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

233	LANCASTER, NY (REGAL)	REGAL CENTER 6703-6733 TRANSIT ROAD		14221	SC		1997		2004		14.50		112,949		944,047	Regal Cinema #33294(2017)

234	LEROY, NY (TOPS PLAZA)	TOPS PLAZA-LEROY 128 WEST MAIN STREET		14482	SC		1997		2004		100.00		62,747		581,515	Tops Markets (B) #2(2017)

235	LOCKPORT, NY	WAL-MART/TOPS PLAZA 5789 & 5839 TRANSIT RD & HAMM		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 (TOPS)	TOPS PLAZA-MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996		2004		100.00		80,028		526,400	Tops Market #248(2016)

237	NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50		516,801		5,804,631	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)

238	NEW HARTFORD, NY (TOPS)	TOPS PLAZA — KELLOGG RD 40 KELLOGG ROAD		13413	SC		1998		2004		100.00		127,740		1,316,266	Tops Markets #570(2018)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 18 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
239	NIAGARA FALLS, NY (HOME DEPOT	HOME DEPOT PLAZA — N. FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000		2004		100.00		154,510		1,434,655	Home Depot #1287(2019), Regal Cinemas #33393(2019)

240	NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA 8207-8351 NIAGARA FALLS BLVD.		14304	SC		1980/1992/1998		2004		100.00		82,755		800,529	OfficeMax #328(2015)

241	NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA 1575 — 1653 MILITARY ROAD		14304	SC		1998		2004		100.00		122,876		671,996	Wegmans(2023)

242	NIAGARA FALLS, NY (TOPS-PORTA	TOPS PLAZA-PORTAGE 1000 PORTAGE ROAD		14301	SC		1991		2004		100.00		116,903		1,139,002	Tops Markets/Eckerd Corp. #009(2013)

243	NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD		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), TARGET(NOT OWNED)

244	NORTH TONAWANDA, NY (MID-C	MID-CITY PLAZA 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/ 2004		2004		100.00		212,418		2,071,095	Sears, Roebuck & Co. #5054(2006)

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

246	OLEAN, NY (WAL-MART)	WAL-MART PLAZA-OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004		2004		100.00		285,428		2,200,137	Wal-Mart #2159(2014), Eastwynn Theatres, Inc(2014), BJ’s Wholesale Club #302(2014), HOME DEPOT(NOT OWNED)

247	ONTARIO, NY (TOPS PLAZA)	TOPS PLAZA-ONTARIO 6254-6272 FURNANCE ROAD		14519	SC		1998		2004		100.00		77,040		747,687	Tops Markets (B) #4(2019)

248	ORCHARD PARK, NY (CROSSROAD	CROSSROADS CENTRE 3201 — 3227 SOUTHWESTERN BLVD		14127	SC		2000		2004		100.00		167,805		1,575,115	Tops Markets #108(2051), Stein Mart #269(2012), LOWES(NOT OWNED)

249	PLATTSBURGH, NY	PLATTSBURGH CONSUMER SQUARE RT. 3 — CORNELLA ROAD		12901	SC		1993/2004		2004		100.00		491,506		3,402,894	Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2013), TJ Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011)

250	ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTE		14620	SC		1983/1993		2004		100.00		159,517		1,226,189	City Mattress(2009), Comp USA #1557(2008), Petsmart #773(2008)

251	ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/ 1986/1994		2004		100.00		278,241		3,320,358	Linens ‘N Things #371(2008), Tops Markets #417(2014)

252	ROCHESTER, NY(HENRIETTA PLA	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999		2004		100.00		245,426		2,058,997	Big Lots, Inc. #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013)

253	ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001		2004		100.00		161,967		819,129	Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 19 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
254	SPRINGVILLE, NY	SPRINGVILLE PLAZA 172-218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004		2004		100.00		107,924		902,505	Tops Markets(2053)

255	TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996		2004		100.00		55,473		337,133

256	TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996		2004		100.00		121,846		1,078,014	CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011)

257	TONAWANDA, NY (SHER/DELAWA	SHERIDAN/DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE		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 (TOPS PLAZA)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004		100.00		97,014		1,234,780	Tops Markets #228(2017)

259	TONAWANDA, NY (TOPS/GANDER I	YOUNGMANN PLAZA 750 YOUNG STREET		14150	SC		2003		2004		100.00		310,921		2,209,033	Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021), BJ’s Wholesale Club #6(2010)

260	UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA-UTICA 1154 MOHAWK STREET		13501	SC		1961/1972/1988/1998		2004		100.00		191,047		1,648,854	A. J. WRIGHT(2014), Tops Markets (B) #5(2019)

261	VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004		100.00		56,134		947,180

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

263	WEST SENECA, NY (HOME DEPOT	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004		100.00		139,453		1,325,092	Home Depot #1231(2016)

264	WEST SENECA, NY (SENECA RI	SENECA RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004		100.00		62,403		550,370	Sears, Roebuck & Co. #5163(2006)

265	WILLIAMSVILLE, NY	WILLIAMSVILLE PLACA 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004		100.00		87,882		1,073,276

North Carolina

266	ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		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)

267	DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2		100.00		213,934		1,163,398	FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 20 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
268	FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003		100.00		195,079		1,530,041	Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014)

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

270	INDIAN TRAIL, NC	UNION TOWN CENTER-PHASE I INDEPENDENCE & FAITH CHURCH RO		28079	SC		1999		2004		100.00		91,400		825,472	Food Lion #1614(2020)

271	MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE 355 WEST PLAZA DRIVE		28117	SC		1999		2004		100.00		445,078		3,679,595	Wal-Mart #1156(2019), Goody’s #322(2010)

272	NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2		100.00		68,130		604,456	GOODY’S #4(2007), WAL-MART(NOT OWNED)

273	WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2		100.00		93,527		427,705	WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED)

274	WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		* 2		100.00		181,894		1,163,132	WAL-MART STORE #1663(2011), FOOD LION #957-2(2011)

275	WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2		100.00		410,491		3,126,821	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

276	DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2		100.00		266,502		1,076,176	K MART #9564(2008), HERBERGER’S #30(2005), J.C. PENNEY #1628-7(2008)

277	GRAND FORKS, ND	OFFICE MAX 2500 S COLUMBIA ROAD		58201	SC		1978		1999		83.75		31,812		0

Ohio

278	ASHLAND, OH	CLAREMONT PLAZA US ROUTE 42		44805	SC		1977		1/2		100.00		110,656		72,773	TRACTOR SUPPLY(2005)

279	ASHTABULA, OH (TOPS)	TOPS PLAZA-ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004		100.00		57,874		898,312	Tops Markets #884(2021)

280	AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		* 1		100.00		64,700		1,299,293	MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED)

281	BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998		100.00		52,399		432,292	GOODY’S STORE # 314(2010), STAPLES # 1146(2010)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 21 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
282	BOARDMAN, OH	SOUTHLAND CROSSING I-680 & US ROUTE 224		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)

283	CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		* 1		14.50		478,106		5,003,470	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)

284	CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2		100.00		236,009		1,834,641	LOWE’S HOME CENTERS #472-2(2015), KROGER #348(2041), OFFICE MAX #617(2013)

285	CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		* 2		100.00		235,433		1,990,479	WINN DIXIE STORES #1771 -4(2010), MICHAEL’S(2006)

286	CLEVELAND, OH (WEST 65th)	KMART PLAZA — WEST 65TH 3250 WEST 65TH STREET		44102	SC		1977		1/2		100.00		49,420		284,716	GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED)

287	COLUMBUS, OH (CONSUMER SQUA	CONSUMER SQUARE WEST 3630 SOLDANO BLVD		43228	SC		1989/2003		2004		100.00		356,515		2,273,276	OfficeMax #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011)

288	COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998		80.01		326,912		1,657,527	AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED)

289	COLUMBUS, OH (EASTON MARKET	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998		100.00		509,611		6,167,726	COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), GALYAN’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195(2014), T.J.
																MAXX#447(2008)

290	COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		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)

291	COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622-3860 DUBLIN GRANVILLE RD		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)

292	DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD		43017	SC		1996		1998		100.00		137,556		1,510,281	GIANT EAGLE(2014)

293	ELYRIA, OH	ELYRIA SHOPPING CENTER 825 CLEVELAND		44035	SC		1977		1/2		100.00		150,200		521,970	TOPS MARKETS #811(2010)

294	GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003		100.00		25,950		302,094	WAL MART(NOT OWNED)

295	GROVE CITY, OH (DERBY SQUARE	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998		20.00		128,210		810,858


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 22 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
296	HAMILTON, OH	H.H. GREG 1371 MAIN STREET		43450	SC		1986		1998		100.00		40,000		230,000	ROUNDY’S(2006)

297	HILLSBORO, OH	HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET		45133	SC		1979		1/2		100.00		58,564		168,171	BOB & CARL’S(NOT OWNED)

298	HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993		100.00		163,819		1,475,546	CUB FOODS(2011), WAL-MART(NOT OWNED)

299	LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993		100.00		17,000		174,484	WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED)

300	MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994		50.00		233,639		2,728,280	FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED)

301	MACEDONIA, OH (PHASE II)	MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS		44056	SC		1999		* 1		100.00		169,481		1,601,734	CINEMARK(2019), HOME DEPOT #3824(2020)

302	NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997		14.50		624,660		7,608,782	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(2005), KRONHEIMS FURNITURE(2012), TOP’S SUPERMARKET(NOT OWNED)

303	PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998		100.00		33,270		194,600	CARDINAL (GARDNERS/LANCASTER)(2007)

304	PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998		100.00		59,495		661,160

305	SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		* 1		100.00		183,288		2,546,240	MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018)

306	STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		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)

307	TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2		100.00		180,969		805,817	MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2005)

308	TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		* 1		20.00		241,129		2,744,714	KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED)

309	TOLEDO, OH (DICKS)	DICK’S SPORTING GOODS 851 W ALEXIS ROAD		43612	SC		1995		2004		100.00		80,160		501,000	Dick’s Sporting Goods #1563(2016)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 23 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
310	WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2		100.00		162,330		1,327,198	MARC’S #37(2009), K MART #3234(2009)

311	WILMINGTON, OH	SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET		45177	SC		1977		1/2		100.00		55,130		229,424	COMMUNITY MARKETS(2013)

312	XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		* 1		100.00		104,873		809,131	KROGER #829(2019), WAL-MART(NOT OWNED)

Oregon

313	PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996		50.00		309,617		5,112,337	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

314	ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003		100.00		241,077		2,284,596	Wal-Mart #2641(2021)

315	E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2		100.00		173,876		1,223,809	K MART #3026(2005), BIG LOTS #1713(2010)

316	ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		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)

317	ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003		14.50		107,537		1,065,829	Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED)

318	ERIE, PA (TOPS-ERIE)	TOPS PLAZA-ERIE 1520 WEST 25th STREET		16505	SC		1995		2004		100.00		99,631		1,250,882	Tops Markets (B) #602(2016)

319	HANOVER, PA (BJS)	BJ’S-HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004		100.00		112,230		784,631	BJ’s Wholesale Club #21(2011)

320	MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003		14.50		253,110		1,964,276	Lowe’s #500(2027), Shop ‘N Save(2019)

South Carolina

321	CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.00		180,127		1,196,149	WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED)

322	CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00		188,883		1,465,417	Food Lion #933(2011), Wal-Mart #1748(2011)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 24 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
323	COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		100.00		252,689		2,494,227	Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED)

324	MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.00		209,139		1,977,840	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)

325	N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		* 2		100.00		294,471		2,057,615	WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED)

326	N. CHARLESTON, SC(N CHARL CTR	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004		100.00		235,501		1,452,988	Babies R Us #8888(2005), Big Lots #00004 B(2009)

327	ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995		100.00		50,760		524,714	GOODY’S #282(2008), WAL-MART(NOT OWNED)

328	S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.00		26,050		87,862

329	SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.00		142,133		858,382	INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015)

330	UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993		100.00		184,331		959,734	WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010)

South Dakota

331	WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2		100.00		285,372		1,253,594	HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

332	BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000		100.00		201,516		2,194,689	BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008)

333	CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003		100.00		214,918		1,656,438	Best Buy #4720(2014), Hobby Lobby(2014), Fresh Market(2014)

334	COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		100.00		68,948		493,343	KROGER #538(2022)

335	FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		100.00		71,311		510,537	Bi-Lo #367(2011)

336	GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		100.00		84,441		656,153	Kroger #541(2012)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 25 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
337	HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050 LOWE’S ROAD		37075	SC		1999		2003		100.00		133,144		1,214,939	Lowe’s(2019)

338	MEMPHIS, TN	COUNTRY BRIDGE 9020 US HIGHWAY 64		38002	SC		1993		2003		100.00		64,223		589,274	Kroger #436(2012)

339	MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.00		117,750		746,014	Murfreesboro Athletic Club(2014)

340	MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		14.50		108,180		1,299,330	T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

341	NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		14.50		167,795		1,638,563	Lowe’s(2019), WAL MART(NOT OWNED)

Texas

342	AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.75		265,541		3,980,911	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)

343	FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD,		75035	SC		2003		2003		100.00		15,359		899,441	KOHL’S(NOT OWNED)

344	FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.00		205,017		2,048,972	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)

345	FT. WORTH, TX (FOSSIL CREEK)	FOSSIL CREEK WESTERN CENTER BLVD		76137	SC		1991		2002		100.00		68,515		821,233

346	IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003		100.00		159,194		2,749,624	Marquee Cinema(2018), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

347	LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		100.00		311,039		3,065,850	99 CENTS ONLY STORE(2009), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY
																SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

348	MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		100.00		118,970		1,181,535	Kohl’s #416(2021), ALBERTSON’S(NOT OWNED)

349	MESQUITE, TX	THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635		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)

350	SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		* 1		100.00		278,727		4,432,012	T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), KOHL’S(NOT OWNED), TARGET(NOT OWNED), LOWE’S(NOT OWNED)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 26 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
351	LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998		100.00		19,200		97,560	RITE AID(NOT OWNED)

352	MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998		100.00		659,849		6,744,228	WALMART(NOT OWNED)(2015), 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)

353	OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.00		162,316		757,892	HARMONS(2012)

354	OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		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)

355	RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998		100.00		590,313		4,582,204	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)

356	SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET		84115	SC		1978		1998		100.00		35,459		225,128

357	TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998		100.00		744,770		6,987,662	MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), Jo-Ann Stores #1435(2015), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS(2014), HARMONS SUPERSTORE(NOT OWNED)

Vermont

358	BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		* 2		100.00		174,515		1,541,634	WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009)

Virginia

359	CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003		100.00		116,310		1,211,550	Ukrop’s(2008)

360	FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.50		253,941		3,982,509	SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014)

361	LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003		100.00		275,765		2,096,070	Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED)

362	LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004		100.00		87,209		338,376	Food Lion #992(2012)

363	MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2		50.00		435,057		2,787,787	GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017)

364	MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003		100.00		79,407		721,792	Food Lion #299(2005)


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 10/18/2004 Time: 12:33:42PM Page 27 of 27

Property List*


												Owned
						Year				DDR		Gross		Total
			Zip		Type of	Developed/		Year		OwnerShip		Leasable		Annualized
Center/Property		Location	Code		Property	Redeveloped		Acquired		Interest		Area		Rent		Anchor Tenants(Lease Expiration)
365	PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993		100.00		143,299		844,331	WAL-MART STORES #1652(2011), FOOD LION #799-2(2011)

366	WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		* 2		20.00		240,560		2,379,784	MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008)

Washington

367	EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001		20.00		41,065		423,097	ALBERTSON’S(NOT OWNED)

368	KIRKLAND, WA	TOTEM LAKES TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004		20.00		226,188		2,694,983	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)

West Virginia

369	BARBOURSVILLE, WV	OFFICE MAX CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.00		70,900		302,237	DISCOUNT EMPORIUM(2006), OFFICEMAX #263(2006), VALUE CITY(NOT OWNED)

Wisconsin

370	BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		100.00		190,142		1,462,213	T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007)

371	BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		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)

372	BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD		53209	SC		1989		2003		100.00		143,372		1,002,045	Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2005)

373	MILWAUKEE, WI	POINT LOOMIS SOUTH 27TH STREET		53221	SC		1962		2003		100.00		160,533		707,571	Kohl’s #43(2007), Pick ‘N Save # 6845(2007)

374	WEST ALLIS, WI (WEST)	WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108		53214	SC		1968		2003		100.00		246,081		1,467,012	Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008)
						Grand Total:							67,665,565		690,930,582


* 1. Property Developed by the Company		* SC — Shopping Center
* 2. Original IPO Property		* MM — Mini-Mall
		* BC — Business Center
		* LC — Lifestyle Center
* Does Not Include Service Merchandise Interests

Property Listing 7.1

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 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 Partners L.P.

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 – Northern Region

David J. Favorite, Vice President of Property Management – Community Centers

Susan Hennessey, Vice President of Human Resources

John S. Kokinchak, Vice President of Property Management – Specialty Centers

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 – Western Region

Robin Walker-Gibbons, Vice President of Leasing – Southern Region

David E. Weiss, Vice President & General Counsel

Developers Diversified Realty
Quarterly Financial Supplement
For the nine months ended September 30, 2004

Investor Information (Continued)


Research Coverage
AG Edwards
David AuBuchon		(314) 955-5452

Deutsche Bank Securities
Lou Taylor		(212) 250-4912
Chris Capolongo		(212) 250-7726

Goldman Sachs
Carey Callaghan		(212) 902-4351
Deron Kennedy		(212) 357-2482

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
Chris Chapman		(216) 563-2357

Lehman Brothers
David Shulman		(212) 526-3413
Alexander Goldfarb		(212) 526-5232

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 Equity Group
Jim Sullivan		(212) 778-2515
Michael Gorman		(212) 778-1417

Wachovia Securities
Jeff Donnelly		(617) 603-4262
Eric Rothman		(617) 603-4263

Transfer Agent
National City Bank
Corporate Trust Operations
P.O. Box 92301
Cleveland, Ohio 44193-0900
1-800-622-6757

Investor Relations
Michelle Mahue Dawson
VP of Investor Relations
Phone: (216) 755-5455
Fax: (216) 755-1455
Email: mmahue@ddr.com

(A)		Increases in base and percentage rental revenues for the nine month period ended September 30, 2004 as compared to 2003, aggregated $62.7 million consisting of $2.4 million related to leasing of core portfolio properties (an increase of 1.4% from 2003), $9.9 million from the acquisition of four shopping centers in 2003 and 2004, $50.7 million from the properties acquired from Benderson, $19.8 million from the JDN merger, $2.2 million from the consolidation of a joint venture interest due to the adoption of FIN 46 and $0.4 million related to developments and redevelopments. These amounts were offset by a decrease of $0.1 million relating to the business center properties and $22.6 million due to the sale of properties to joint ventures in 2003 and 2004. Included in the rental revenues for the nine month periods ended September 30, 2004 and 2003 is approximately $5.3 million and $4.8 million, respectively, of revenue resulting from the recognition of straight line rents.

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

(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 nine month periods ended September 30, 2004 and 2003, general and administrative expenses were approximately 4.7% and 5.1%, respectively, of total revenues, including joint venture revenues, for each period.

(D)		Other expense is comprised of the following (in millions):

	(b)		Included in equity in net income of joint ventures for the nine months ended September 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 $0.7 million and $0.2 million for the three month periods ended September 30, 2004 and 2003, respectively, and by $1.0 million and $0.9 million for the nine month periods ended September 30, 2004 and 2003, respectively, to reflect additional basis depreciation.

			At September 30, 2004 and 2003, the Company owned joint venture interests relating to 74 and 52 shopping center properties, respectively. In addition, at September 30, 2004 and 2003, the Company, through a joint venture, owned an interest of approximately 25% in 66 and 75 shopping center sites, respectively, formerly owned by Service Merchandise.

(H)		For the nine month period ended September 30, 2003, the Company previously reported an impairment charge of $2.6 million, now reclassified as discontinued operating expenses, in “G” above, which was reflected as an add back to FFO similar to a loss on sale of real estate. In accordance with comments received from the SEC, this charge has been reflected in FFO available to common shareholders as the Company previously reported FFO of $194.8 million or $1.89 per share (basic) and $1.86 per share (diluted) for the nine month period ended September 30, 2003.

(I)		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.

(J)		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 September 30, 2004 and 2003 into 1.4 million and 1.1 million common shares of the Company for the three month periods ended September 30, 2004 and 2003, respectively and 1.3 million and 1.1 million for the nine month periods ended September 30, 2004 and 2003. The weighted average diluted shares and OP Units outstanding were 104.6 million and 88.3 million for the three month periods ended September 30, 2004 and 2003, respectively, and 97.1 million and 82.9 million for the nine month periods ended September 2004 and 2003, respectively.

	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:

	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 nine month period ended September 30, 2004 and the years ended December 31, 2003, 2002, 2001 and 2000, the Company capitalized interest of $7.7 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 $4.5 million for the nine month period ended September 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.

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

(2)		The majority of the Benderson properties were acquired 5/14/2004, however several properties were acquired in the subsequent months.

1.		Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization of approximately $6.3 million, net is offset by approximately $6.9 million of fair market value adjustment.

2.		Senior debt of $50 million has been converted to a fixed rate of 2.82%.

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 $36.9 million is at the stated fixed rate.

5.		Offset included in other assets.


DDR	$	0.12
PDK Salisbury LLC		0.12

Total Capital	$	0.2

Debt	$	1.8

Total Debt & Equity	$	2.0

(1)		Total capital includes member equity loans to the joint venture of $55.7 million as of September 30, 2004, of which DDR’s proportionate share is $13.7 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: