exv99w2

Mervyns Locations

* 1. Property Developed by the Company

* SC — Shopping Center

* FO — Fee Owned

* 2. Original IPO Property

* MM — Mall

* LH — Leasehold

* LC — Lifestyle Center

* GL — Ground Lease

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2005.

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

TABLE OF CONTENTS


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

DEVELOPERS DIVERSIFIED REALTY CORPORATION

For Immediate Release:


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

DEVELOPERS DIVERSIFIED REALTY REPORTS AN INCREASE OF 17.9%
IN DILUTED FFO PER SHARE FOR THE QUARTER ENDED JUNE 30, 2006

CLEVELAND, OHIO, July 26, 2006 - Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant community centers, today reported operating results for the second quarter ended June 30, 2006.

•

Funds From Operations (“FFO”) per diluted share increased 17.9% to $0.99 and net income per diluted share increased 18.0% to $0.59 for the three months ended June 30, 2006 as compared to the prior year

•

Core portfolio leased percentage increased 40 basis points over the prior year to 96.0%

•

Executed leases during the second quarter totaled approximately 1.75 million square feet, including 116 new leases and 178 renewals

•

Base rents increased 21.0% on new leases, 10.8% on renewals and 12.9% on a blended basis

•

Same store net operating income (“NOI”) for the quarter increased 3.3% over the prior year

Scott Wolstein, Developers Diversified’s Chairman and Chief Executive Officer stated, “I’m pleased to report this quarter’s results, which reflect approximately $33 million in merchant building gains from sales to Macquarie DDR Trust, as well as solid portfolio fundamentals. Based on meetings with retailers at the International Council of Shopping Centers convention in May, we expect demand for space to remain robust for the 2007 and 2008 seasons. From a balance sheet perspective, we were upgraded to Baa2 by Moody’s during the quarter, which supported the pricing and operating improvements we made to our unsecured credit facilities in June.”

Financial Results:

FFO, a widely accepted measure of a Real Estate Investment Trust (“REIT”) performance, on a diluted and basic per share basis was $0.99 for the three months ended June 30, 2006, as compared to $0.84 for the same period in the previous year, an increase of 17.9%. FFO available to common shareholders was $109.8 million, as compared to $92.5 million for the three months ended June 30, 2006 and 2005, respectively, an increase of 18.7%. Net income available to common shareholders was $64.9 million or $0.59 per share (diluted and basic) for the three months ended June 30, 2006, as compared to $54.2 million, or $0.50 per share (diluted and basic) for the prior comparable period. The increase in net income and FFO for the three months ended June 30, 2006, is primarily related to an increase in gain on sale of real estate assets through the Company’s merchant building program as compared to 2005.

FFO was $1.76 (diluted) and $1.77 (basic) for the six months ended June 30, 2006, as compared to $1.73 (diluted) and $1.74 (basic) for the same period in the previous year, an increase of 1.7% on a diluted basis. FFO available to common shareholders was $196.0 million, as compared to $191.6 million for the six months ended June 30, 2006 and 2005, respectively, an increase of 2.3%. Net income available to common shareholders was $100.9 million or $0.92 per share (diluted and basic) for the six months ended June 30, 2006, as compared to $145.9 million, or $1.34 per share (diluted) and $1.35 per share (basic) for the prior comparable period. The decrease in net income for the six months ended June 30, 2006 is primarily related to a decrease in gain on sale of real estate assets as compared to 2005.

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

Leasing:

Leasing activity continues to be strong throughout the portfolio. During the second quarter of 2006, the Company executed 116 new leases aggregating 967,351 square feet and 178 renewals aggregating 765,326 square feet. Rental rates on new leases increased by 21.0% and rental rates on renewals increased by 10.8%. On a blended basis, rental rates for new leases and renewals increased by 12.9%. At June 30, 2006, the average annualized base rent per occupied square foot, including those properties owned through joint ventures, was $11.64, as compared to $11.27 at June 30, 2005.

At June 30, 2006, the portfolio, including those properties owned through joint ventures, was 96.2% leased. Excluding the impact of the properties acquired from Mervyns, the core portfolio was 96.0% leased, as compared to 95.6% at June 30, 2005. These percentages include tenants for which signed leases have been executed and occupancy has not occurred. Based on tenants in place and responsible for paying rent as of June 30, 2006, the portfolio was 95.2% occupied. Excluding the impact of the properties acquired from Mervyns, the core portfolio was 95.0% occupied, as compared to 95.0% at June 30, 2005.

Strategic Real Estate Transactions:

MDT Joint Ventures:

During the second quarter of 2006, the Company sold seven properties, aggregating 0.8 million owned square feet, to the MDT Preferred Joint Venture, a newly formed joint venture with Macquarie DDR Trust, for approximately $122.7 million and recognized gains totaling approximately $38.5 million of which $32.5 million represented merchant building gains from recently developed shopping centers.

Under the terms of the new MDT Preferred Joint Venture, MDT receives a 9% return on its preferred equity investment of approximately $12.2 million and then receives a 10% return on its common equity investment of approximately $20.8 million before DDR receives a 10% return on its common equity investment. DDR is then entitled to a 20% promoted interest in any cash flow achieved above a 10% leveraged IRR on all common equity.

The Company remains responsible for all day-to-day operations of the properties and receives ongoing fees for property management, leasing and construction management, in addition to a promoted interest, along with other periodic fees such as financing fees.

In addition, in July 2006, the Company sold two additional expansion areas in McDonough, Georgia and Coons Rapids, Minnesota to the MDT Joint Venture for approximately $10.1 million. These expansion areas are adjacent to shopping centers currently owned by the MDT Joint Venture. The Company anticipates recording merchant building gains of approximately $3 million in the third quarter relating to these sales.

Coventry II Joint Venture:

In May 2006, the Coventry II Joint Ventures acquired three assets located in Cincinnati, Ohio; Benton Harbor, Michigan and Dallas, Texas at an aggregate cost of approximately $225 million. The Company is responsible for all day-to-day operations of the properties and receives its share of ongoing fees for property management, certain leasing, construction management, and construction oversight, in addition to a promoted interest in the three properties acquired.

Service Merchandise Joint Venture:

In June 2006, the Company exercised its purchase and sale rights under the Service Merchandise Joint Venture agreement, and agreed to purchase its partners’ approximate 75% interest in the remaining 52 assets owned by the Joint Venture. The Company expects to complete this acquisition in August 2006 at an expected gross purchase price of approximately $138 million relating to our partners’ approximately 75% interest, based on a total valuation of approximately $185 million for all remaining aspects. Following this acquisition, the Company expects to sell the assets to the Coventry II Joint Venture and anticipates recording a gain of approximately $5 million of which $3 million will be included in FFO.

Acquisitions:

In April 2006, the Company acquired its partner’s 50% ownership interest in the Deer Valley Towne Center located in Phoenix, Arizona for approximately $15.6 million in addition to assuming the partner’s proportionate share of the $17.3 million of existing mortgage debt (or $8.65 million). The total shopping center was valued at approximately $48.2 million . Following the date of acquisition, this previously unconsolidated joint venture is consolidated into the Company’s consolidated financial statements.

Expansions:

During the six month period ended June 30, 2006, the Company completed three expansions and redevelopment projects located in Ocala, Florida; Rome, New York and Mooresville, North Carolina at an aggregate cost of $15.9 million. The Company is currently expanding/redeveloping nine shopping centers located in Gadsden, Alabama; Lakeland, Florida; Stockbridge, Georgia; Ottumwa, Iowa; Gaylord, Michigan; Olean, New York; Bayamon, Puerto Rico; Ft. Union, Utah and Brookfield, Wisconsin at a projected aggregate cost of approximately $57.2 million. The Company anticipates commencing construction on five additional expansion and redevelopment projects at shopping centers located in Birmingham, Alabama; Crystal River, Florida; Hamilton, New Jersey; Amherst, New York and Stow, Ohio.

Five of the Company’s joint ventures are currently expanding/redeveloping their shopping centers located in Phoenix, Arizona; Lancaster, California; Benton Harbor, Michigan; Kansas City, Missouri and Cincinnati, Ohio at a projected incremental cost of approximately $82.8 million. Two of the Company’s joint ventures anticipate commencing expansion/redevelopment projects at their shopping centers located in Deer Park, Illinois and Kirkland, Washington.

Development (Wholly-Owned and Consolidated Joint Ventures):

As of June 30, 2006, the Company has substantially completed the construction of the Freehold, New Jersey shopping center, which has an aggregate cost of $25.4 million.

The Company currently has nine shopping center projects under construction. These projects are located in Miami, Florida; Nampa, Idaho; McHenry, Illinois; Chesterfield, Michigan; Seabrook, New Hampshire; Horseheads, New York; Apex, North Carolina (Beaver Creek Crossings — Phase I, which is being developed through a joint venture with First Carolina Properties); Pittsburgh, Pennsylvania and San Antonio, Texas, (which is being developed through a joint venture with David Berndt Interests). These projects are scheduled for completion during 2006 through 2007 at a projected aggregate cost of approximately $517 million and will create an additional 4.7 million square feet of gross leasable retail space. At June 30, 2006, approximately $257.2 million of costs were incurred in relation to these development projects.

The Company anticipates commencing construction in 2006 on two additional shopping centers located in Homestead, Florida and McKinney, Texas. These projects have an estimated aggregate cost of $59.3 million and will create an additional 0.5 million square feet of gross leasable retail space.

Development (Joint Ventures):

Four of the Company’s joint ventures currently have shopping center projects under construction. These projects have an aggregate projected cost of approximately $210.5 million. These projects are located in Merriam, Kansas; Apex, North Carolina (Beaver Creek Crossings — South, adjacent to a wholly-owned development project); Allen, Texas and San Antonio, Texas. The projects located in Merriam, Kansas; Allen, Texas and San Antonio, Texas are being developed through the Coventry II program. The majority of the project located in San Antonio, Texas was substantially completed during 2005. The remaining three projects are scheduled for completion during 2007 and 2008. At June 30, 2006, approximately $72.4 million of costs were incurred in relation to these development projects.

Financing:

In June 2006, the Company amended and restated its senior unsecured credit facility to expand the facility from $1.0 billion to $1.2 billion and add an accordion feature to increase the facility, at the Company’s option, up to $1.4 billion. The Company reduced interest rate pricing to LIBOR plus 60 basis points, based on the Company’s current corporate credit ratings (Baa2 stable from Moody’s and BBB stable from Standard and Poors) and extended the maturity to June 2010.

The Company also amended its $60 million unsecured credit facility with National City Bank to reflect consistent terms, pricing and maturity as in the $1.2 billion senior unsecured credit facility, described above. In addition, its $400 million secured term loan was amended to add an accordion feature to increase the loan, at the Company’s option, up to $500 million and make similar covenant modifications.

Developers Diversified Realty currently owns and manages approximately 500 retail operating and development properties in 44 states, plus Puerto Rico, comprising approximately 114 million square feet of real estate. Developers Diversified Realty is a self-administered and self-managed real estate investment trust

(REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.

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

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2005.

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


	Three Month Period						Six Month Period
	Ended June 30,						Ended June 30,
	2006			2005			2006			2005
Revenues:
Minimum rents (A)	$	141,898		$	124,815		$	281,890		$	247,920
Percentage and overage rents (A)		1,833			1,541			4,074			3,547
Recoveries from tenants		44,034			38,415			86,093			75,470
Ancillary income		3,197			2,015			6,192			3,792
Other property related income		1,621			1,604			3,918			2,660
Management and other fee income		5,989			4,983			11,682			9,275
Development fees		607			681			1,273			1,168
Other (B)		943			2,221			7,525			4,355

		200,122			176,275			402,647			348,187

Expenses:
Operating and maintenance		28,582			23,750			54,496			47,258
Real estate taxes		23,003			20,028			46,128			40,616
General and administrative (C)		15,422			12,712			30,832			26,042
Depreciation and amortization		47,969			37,723			94,911			77,174

		114,976			94,213			226,367			191,090

Other income (expense):
Interest income		2,863			2,425			5,984			3,433
Interest expense		(55,829	)		(43,926	)		(109,829	)		(84,576	)
Other income (expense) (D)		1,167			(1,252	)		667			(1,865	)

		(51,799	)		(42,753	)		(103,178	)		(83,008	)

Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on sales of real estate		33,347			39,309			73,102			74,089
Equity in net income of joint ventures (E)		4,619			8,055			10,088			14,566
Minority equity interests (F)		(1,947	)		(1,178	)		(4,221	)		(2,599	)
Income tax benefit (expense) of taxable REIT subsidiaries and franchise taxes (G)		2,779			(398	)		2,331			(565	)

Income from continuing operations		38,798			45,788			81,300			85,491
Income from discontinued operations (H)		—			3,292			—			4,478

Income before gain on sales of real estate		38,798			49,080			81,300			89,969
Gain on sales of real estate, net of tax		39,937			18,874			47,162			83,534

Net income	$	78,735		$	67,954		$	128,462		$	173,503

Net income, applicable to common shareholders	$	64,943		$	54,162		$	100,878		$	145,920

Funds From Operations (“FFO”):
Net income applicable to common shareholders	$	64,943		$	54,162		$	100,878		$	145,920
Depreciation and amortization of real estate investments		45,804			39,492			90,836			80,335
Equity in net income of joint ventures (E)		(4,619	)		(8,055	)		(10,088	)		(14,566	)
Joint ventures’ FFO (E)		9,342			10,764			19,281			22,080
Minority equity interests (OP Units) (F)		534			729			1,068			1,458
Gain on sales of depreciable real estate, net		(6,220	)		(4,557	)		(5,999	)		(43,620	)

FFO available to common shareholders		109,784			92,535			195,976			191,607
Preferred dividends		13,792			13,792			27,584			27,583

FFO	$	123,576		$	106,327		$	223,560		$	219,190

Per share data:
Earnings per common share
Basic	$	0.59		$	0.50		$	0.92		$	1.35

Diluted	$	0.59		$	0.50		$	0.92		$	1.34

Dividends Declared	$	0.59		$	0.54		$	1.18		$	1.08

Funds From Operations — Basic (I)	$	0.99		$	0.84		$	1.77		$	1.74

Funds From Operations — Diluted (I)	$	0.99		$	0.84		$	1.76		$	1.73

Basic — average shares outstanding (thousands) (I)		109,393			108,276			109,127			108,142

Diluted — average shares outstanding (thousands) (I)		110,866			109,022			109,735			110,354

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

(A)

Increases in base and percentage rental revenues for the six month period ended June 30, 2006 as compared to 2005, aggregated $32.5 million consisting of $5.9 million related to leasing of core portfolio properties, including the Puerto Rican assets for five months (an increase of 2.5% from 2005), $28.3 million from the acquisition of assets, $2.5 million related to developments and redevelopments and $2.1 million due to the consolidation of a joint venture asset. These amounts were offset by a decrease of $1.5 million primarily related to one business center under redevelopment and $4.8 million due to the sale of properties in 2005 and 2006 to joint ventures. Included in the rental revenues for the six month periods ended June 30, 2006 and 2005 is approximately $7.8 million and $5.8 million, respectively, of revenue resulting from the recognition of straight line rents.

(B)

Other income for the three and six month periods ended June 30, 2006 and 2005 was comprised of the following (in millions):


	Three Month Period				Six Month Period
	Ended June 30,				Ended June 30,
	2006		2005		2006		2005
Lease termination fees	$	0.3	$	1.0	$	6.8	$	1.5
Financings fees		0.4		0.9		0.4		2.3
Other miscellaneous		0.2		0.3		0.3		0.6

	$	0.9	$	2.2	$	7.5	$	4.4

(C)

General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the six month periods ended June 30, 2006 and 2005, general and administrative expenses were approximately 5.0% and 4.6%, respectively, of total revenues, including joint venture revenues, for each period.

(D)

Other income/expense is comprised of litigation settlements or costs and abandoned acquisition and development project costs.

(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						Six Month Period
	Ended June 30,						Ended June 30,
	2006			2005			2006			2005
Revenues from operations (a)	$	104,734		$	106,496		$	207,018		$	206,650


Operating expense		34,472			37,283			67,473			71,966
Depreciation and amortization of real estate investments		20,476			22,059			40,324			40,670
Interest expense		30,626			31,336			59,405			56,125

		85,574			90,678			167,202			168,761

Income from operations before gain on sales of real estate and discontinued operations		19,160			15,818			39,816			37,889
Gain on sales of real estate		—			456			43			759
(Loss) income from discontinued operations, net of tax		(173	)		(734	)		113			(424	)
(Loss) gain on sales of discontinued operations, net of tax		(1,762	)		7,721			(1,550	)		8,722

Net income	$	17,225		$	23,261		$	38,422		$	46,946

DDR Ownership interests (b)	$	4,462		$	7,502		$	9,777		$	13,997

Funds From Operations from joint ventures are summarized as follows:
Net income	$	17,225		$	23,261		$	38,422		$	46,946
Loss (gain) on sales of real estate, including discontinued operations		11			(7,443	)		(19	)		(7,773	)
Depreciation and amortization of real estate investments		20,586			23,042			40,612			42,925

	$	37,822		$	38,860		$	79,015		$	82,098

DDRC Ownership interests (b)	$	9,342		$	10,764		$	19,281		$	22,080

DDRC Partnership distributions received (c)	$	11,656		$	12,330		$	19,680		$	23,470

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

	(a)		Revenues for the three month periods ended June 30, 2006 and 2005 included approximately $1.1 million and $2.1 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.2 million and $0.3 million, respectively. Revenues for the six month periods ended June 30, 2006 and 2005 included approximately $2.5 million and $3.6 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.5 million and $0.6 million, respectively.

	(b)		The Company’s share of joint venture net income has been increased by $0.1 million and $0.5 million for the three month periods ended June 30, 2006 and 2005, respectively, and $0.2 million and $0.6 million for the six month periods ended June 30, 2006 and 2005, respectively, to reflect adjustments for basis differences impacting amortization and depreciation and gain on sales.

			At June 30, 2006 and 2005, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 111 and 113 shopping center properties, respectively. In addition, at June 30, 2006 and 2005, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 52 and 59 shopping center sites formerly owned by Service Merchandise, respectively.

	(c)		Distributions include funds received from asset sales and refinancings in addition to ongoing operating distributions.

(F)

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


	Three Month Period				Six Month Period
	Ended June 30,				Ended June 30,
	2006		2005		2006		2005
Minority interests	$	1,413	$	449	$	3,153	$	1,141
Operating partnership units		534		729		1,068		1,458

	$	1,947	$	1,178	$	4,221	$	2,599

(G)

Interest costs within taxable REIT subsidiaries are subject to certain limitations based upon taxable income as required under Internal Revenue Code Section 163(j). The 2006 income tax benefit is primarily attributable to the Company’s ability to deduct interest costs due to the increased gain on sales.

(H)

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


	Three Month		Six Month
	Period Ended		Period Ended
	June 30, 2005		June 30, 2005
Revenues	$	7,135	$	14,271


Expenses:
Operating		2,854		5,558
Interest, net		1,949		3,263
Depreciation		1,964		3,910
Minority interests		75		61

Total expenses		6,842		12,792

Income before gain on sales of real estate		293		1,479
Gain on sales of real estate		2,999		2,999

Net income	$	3,292	$	4,478

DEVELOPERS DIVERSIFIED REALTY CORPORATION

Financial Highlights
(In thousands)

Selected Balance Sheet Data:


	June 30, 2006 (A)			December 31, 2005 (A)
Assets:
Real estate and rental property:
Land	$	1,776,488		$	1,721,321
Buildings		4,979,519			4,806,373
Fixtures and tenant improvements		181,900			152,958
Construction in progress		385,795			348,685

		7,323,702			7,029,337
Less accumulated depreciation		(783,871	)		(692,823	)

Real estate, net		6,539,831			6,336,514

Cash		43,119			30,655
Advances to and investments in joint ventures (B)		240,704			275,136
Notes receivable		24,005			24,996
Receivables, including straight line rent, net		108,358			112,464
Assets held for sale		5,167			—
Other assets, net		97,867			83,212

	$	7,059,051		$	6,862,977

Liabilities:
Indebtedness:
Revolving credit facilities	$	160,000		$	150,000
Variable rate unsecured term debt		200,000			200,000
Unsecured debt		1,966,894			1,966,268
Mortgage and other secured debt		1,749,313			1,574,733

		4,076,207			3,891,001
Dividends payable		71,690			65,799
Other liabilities		205,177			204,447

		4,353,074			4,161,247
Minority interests		123,270			131,449
Shareholders’ equity		2,582,707			2,570,281

	$	7,059,051		$	6,862,977

(A)

Amounts include the consolidation of the Mervyns, 50% owned joint venture, formed in September 2005, which includes $405.8 million and $394.7 million of real estate assets at June 30, 2006 and December 31, 2005, respectively, $258.5 million of mortgage debt at June 30, 2006 and December 31, 2005, and $78.8 million and $75.1 million of minority interests at June 30, 2006 and December 31, 2005, respectively.

(B)

Includes $90.5 million and $91.6 million of advances to the Service Merchandise Joint Venture at June 30, 2006 and December 31, 2005, respectively, funded in the second quarter of 2005.

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)

Selected Balance Sheet Data (Continued):

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


	June 30, 2006			December 31, 2005
Land	$	967,927		$	894,477
Buildings		2,580,224			2,480,025
Fixtures and tenant improvements		67,438			58,060
Construction in progress		45,014			37,550

		3,660,603			3,470,112
Accumulated depreciation		(210,339	)		(195,708	)

Real estate, net		3,450,264			3,274,404
Receivables, including straight line rent, net		75,248			76,744
Leasehold interests		22,326			23,297
Other assets		127,059			109,490

	$	3,674,897		$	3,483,935

Mortgage debt (a)	$	2,307,096		$	2,173,401
Notes and accrued interest payable to DDR		111,981			108,020
Other liabilities		164,045			78,406

		2,583,122			2,359,827
Accumulated equity		1,091,775			1,124,108

	$	3,674,897		$	3,483,935

(a)

The Company’s proportionate share of joint venture debt aggregated approximately $497.0 million and $510.5 million at June 30, 2006 and December 31, 2005, respectively.

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2006

FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)


	Six Month			Six Month
	Period Ended			Period Ended
	June 30			June 30			Year Ended December 31
	2006			2005			2005			2004			2003			2002
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	100,878		$	145,920		$	227,474		$	219,056		$	189,056	(7)	$	69,368	(7)
Depreciation and Amortization of Real Estate Investments	$	90,836		$	80,335		$	169,117		$	130,537		$	93,173		$	76,462
Equity in Net Income From Joint Ventures	$	(10,088	)	$	(14,566	)	$	(34,873	)	$	(40,896	)	$	(52,917	)	$	(32,769	)
Joint Venture Funds From Operations	$	19,281		$	22,080		$	49,302		$	46,209		$	47,942		$	44,473
Operating Partnership Minority Interest Expense	$	1,067		$	1,458		$	2,916		$	2,607		$	1,770		$	1,450
Cumulative Effect & Extraordinary Charges	$	0		$	0		$	0		$	3,001		$	0		$	0
Gain on Sales of Real Estate	$	(5,999	)	$	(43,619	)	$	(58,834	)	$	(68,179	)	$	(67,352	)	$	(4,276	)

FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	195,976		$	191,607		$	355,102		$	292,335		$	211,672		$	154,709
PREFERRED DIVIDENDS	$	27,584		$	27,584		$	55,169		$	50,706		$	51,204	(7)	$	32,602	(7)

FUNDS FROM OPERATIONS	$	223,560		$	219,192		$	410,271		$	343,041		$	262,877		$	187,311


PER SHARE INFORMATION:
Funds From Operations — Diluted	$	1.76		$	1.73		$	3.21		$	2.95		$	2.51		$	2.35
Net Income — Diluted	$	0.93		$	1.34		$	2.08		$	2.24		$	2.27		$	1.07
Cash Dividends	$	1.18		$	1.08		$	2.16		$	1.94		$	1.69		$	1.52

WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO		111,190			110,673			110,700			99,147			84,319			65,910

TOTAL MARKET CAPITALIZATION (1)	$	10,552,690		$	9,516,897		$	9,781,900		$	8,276,943		$	5,551,748		$	3,460,243
DEBT TO TOTAL MARKET CAPITALIZATION (1)		38.63%			39.44%			39.77%			32.82%			37.42%			43.10%
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC.		53.41%			52.90%			52.86%			45.58%			48.68%			48.26%
DIVIDEND PAYOUT RATIO (1)		66.58%			61.99%			66.98%			67.28%			66.03%			62.73%

GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2)		5.04%			4.60%			4.55%			4.94%			5.35%			4.80%

GENERAL AND ADMINISTRATIVE EXPENSES	$	30,832		$	26,607		$	54,048		$	47,126		$	40,820		$	29,392

REVENUES:
DDR Revenues	$	402,648		$	362,458		$	748,571		$	605,246		$	478,696		$	360,778
Joint Venture Revenues	$	208,907		$	215,626		$	438,103		$	348,740		$	284,158		$	251,905

TOTAL REVENUES (3)	$	611,554		$	578,084		$	1,186,675		$	953,987		$	762,853		$	612,683


NET OPERATING INCOME:
DDR Net Operating Income	$	302,024		$	269,027		$	555,291		$	453,501		$	356,348		$	272,764
Joint Venture Net Operating Income	$	140,521		$	139,258		$	280,617		$	228,358		$	184,927		$	167,573

TOTAL NET OPERATING INCOME (4)	$	442,545		$	408,285		$	835,907		$	681,859		$	541,274		$	440,337


REAL ESTATE AT COST:
DDR Real Estate at Cost	$	7,323,702		$	6,610,157		$	7,029,337		$	5,603,424		$	3,884,911		$	2,804,056
Joint Venture Real Estate at Cost (5)	$	3,660,603		$	3,551,392		$	3,470,112		$	3,165,335		$	2,275,216		$	1,785,165

TOTAL REAL ESTATE AT COST (6)	$	10,984,305		$	10,161,549		$	10,499,449		$	8,768,759		$	6,160,127		$	4,589,221


(1)		See Market Capitalization and Financial Ratio section for detail calculation.

(2)		The calculation includes joint venture revenues.

(3)		Includes revenues from discontinued operations.

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

(5)		Includes FMV purchase price gross up of assets shown as equity investment in joint ventures.

(6)		Includes construction in progress (CIP) at June 30, 2006 of $435.9 million (includes $45.0 million of CIP included in joint ventures, of which $7.9 million represents the Company’s proportionate share), and at December 31, 2005, 2004, 2003, 2002 CIP aggregated $386.2 million, $271.0 million $290.7 million and $237.8 million, respectively.

(7)		Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 pursuant to EITF topic NO. D-42.

Financial Highlights 2.1

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2006

MARKET CAPITALIZATION & FINANCIAL RATIOS


	Six Month
	Period Ended
	June 30		Year Ended December 31
	2006		2005		2004		2003		2002
DDR RATIO OF DEBT TO TOTAL MARKET CAP:
Total Debt	$	4,076,207	$	3,890,709	$	2,716,426	$	2,077,558	$	1,491,481
Total Market Capitalization *	$	10,552,690	$	9,781,900	$	8,276,943	$	5,551,748	$	3,460,243

		38.63%		39.77%		32.82%		37.42%		43.10%

DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE		53.41%		52.86%		45.58%		48.68%		48.26%

DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION:
Total Debt *	$	4,573,182	$	4,401,169	$	3,137,184	$	2,446,026	$	1,878,575
Total Market Capitalization *	$	11,049,665	$	10,292,361	$	8,697,701	$	5,920,216	$	3,847,336

		41.39%		42.76%		36.07%		41.32%		48.83%

DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE		56.04%		55.84%		49.27%		53.79%		54.20%

INTEREST COVERAGE RATIO:
Interest Expense (1)	$	102,279	$	182,365	$	130,447	$	90,162	$	77,208
FFO Before Interest and Preferred Dividends *	$	325,839	$	592,636	$	473,488	$	353,039	$	282,856

		3.19		3.25		3.63		3.92		3.66

DEBT SERVICE COVERAGE RATIO:
Debt Service * (1)	$	117,944	$	215,519	$	152,927	$	101,890	$	83,958
FFO Before Interest and Preferred Dividends *	$	325,839	$	592,636	$	473,488	$	353,039	$	282,856

		2.76		2.75		3.10		3.46		3.37

FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO
Fixed Charges (1)	$	145,528	$	270,688	$	203,633	$	142,385	$	129,353
FFO Before Interest and Preferred Dividends *	$	325,839	$	592,636	$	473,488	$	353,039	$	282,856

		2.24		2.19		2.33		2.48		2.19

DIVIDEND PAYOUT RATIO
Common Share Dividends and Operating Partnership Interest	$	130,475	$	237,856	$	196,685	$	146,846	$	100,531
Funds From Operations exclusive of charge associated with preferred stock redemption	$	195,976	$	355,102	$	292,335	$	222,382	$	160,253

		0.67		0.67		0.67		0.66		0.63


*		See Attached for Detail Calculation

(1)		Amounts have been adjusted to eliminate interest and debt service costs of joint venture consolidations due to FIN 46 as FFO does not include the joint venture Partners’ proportionate share.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2006


	Six Month
	Period Ended
	June 30			Year Ended December 31
	2006			2005			2004		2003		2002
DDR TOTAL MARKET CAPITALIZATION
Common Shares Outstanding		109,703			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		905			1,350			1,350		1,129		911

Total		110,607			110,298			109,432		87,554		67,520
Share Price	$	52.18		$	47.02		$	44.37	$	33.57	$	21.99

Market Value of Common Shares	$	5,771,483		$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000	$	535,000	$	304,000
Preferred Units and Warrant	$	0		$	0		$	0	$	0	$	180,000
Total Debt	$	4,076,207	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481

TOTAL MARKET CAPITALIZATION	$	10,552,690		$	9,781,900		$	8,276,943	$	5,551,748	$	3,460,243


DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT
Common Shares Outstanding		109,703			108,948			108,083		86,425		66,609
Operating Partnership Units Outstanding		905			1,350			1,350		1,129		911

Total		110,607			110,298			109,432		87,554		67,520
Share Price	$	52.18		$	47.02		$	44.37	$	33.57	$	21.99

Market Value of Common Shares	$	5,771,483		$	5,186,192		$	4,855,516	$	2,939,190	$	1,484,762

Preferred Shares at Book Value	$	705,000		$	705,000		$	705,000	$	535,000	$	304,000
Preferred Units and Warrant	$	0		$	0		$	0	$	0	$	180,000
Total Debt	$	4,076,207	(1)	$	3,890,709	(1)	$	2,716,426	$	2,077,558	$	1,491,481
Proportionate Share of JV Debt	$	496,975		$	510,460		$	420,758	$	368,468	$	387,094

TOTAL MARKET CAPITALIZATION	$	11,049,665		$	10,292,361		$	8,697,701	$	5,920,216	$	3,847,336


(1)		Includes $280.4 million of consolidated joint venture debt at June 30, 2006 (of which $137.3 million represents the joint venture partners’ share) and $280.5 million at December 31, 2005.

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the Six Months Ended June 30, 2006


	Six Month
	Period Ended
	June 30			Year Ended December 31
	2006			2005			2004		2003		2002
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,323,702		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Cash and Cash Equivalents	$	43,119		$	30,655		$	49,871	$	111,033	$	16,371
Notes Receivable	$	24,005		$	24,996		$	17,823	$	9,813	$	11,662
Advances and Investments in Joint Ventures	$	240,419		$	275,136		$	288,020	$	262,072	$	258,611

	$	7,631,245		$	7,360,124		$	5,959,138	$	4,267,829	$	3,090,699


DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE
Undepreciated Real Estate Assets	$	7,323,702		$	7,029,337		$	5,603,424	$	3,884,911	$	2,804,056
Notes Receivable or Proportionate Share Thereof	$	121,498		$	116,212		$	44,536	$	41,018	$	50,521
Proportionate Share of JV Undepreciated Real Estate Assets	$	716,036		$	736,109		$	719,619	$	621,113	$	611,224

	$	8,161,236		$	7,881,658		$	6,367,578	$	4,547,043	$	3,465,801


FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
FFO	$	195,976		$	355,102		$	292,335	$	211,672	$	154,709
Interest Expense	$	109,829		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	$	(7,551	)	$	(3,830	)	$	0	$	0	$	0
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend	$	27,584		$	55,169		$	50,706	$	51,204	$	50,939

	$	325,839		$	592,636		$	473,488	$	353,039	$	282,856


DEBT SERVICE
Interest Expense	$	109,829		$	186,196		$	130,447	$	90,162	$	77,208
Adjustment to interest expense for consolidated joint ventures due to FIN 46	$	(7,551	)	$	(3,830	)	$	0	$	0	$	0
Recurring Principal Amortization	$	15,665		$	33,154		$	22,480	$	11,728	$	6,750

	$	117,944		$	215,519		$	152,927	$	101,890	$	83,958


FIXED CHARGES
Debt Service	$	117,944		$	215,519		$	152,927	$	101,890	$	83,958
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash	$	27,584		$	55,169		$	50,706	$	40,494	$	45,395

D-42 dividend.	$	145,528		$	270,688		$	203,633	$	142,385	$	129,353

Market Capitalization and Financial Ratios 2.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Significant Accounting Policies

Revenues

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

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

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

General and Administrative Expenses

•

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

Deferred Financing Costs

•

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

Real Estate

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

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


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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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. At December 31, 2005, the Company estimated the value of the unleased outparcels and expansion pads at approximately $58 million.

•

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

Capitalization

•

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

•

For the six month period ended June 30, 2006 and for the years ended December 31, 2005, 2004, 2003, and 2002, the Company capitalized interest of $9.8 million, $12.5 million, $10.0 million, $11.4 million and $9.5 million, respectively.

•

In addition, the Company capitalized certain construction administration costs of $3.8 million for the six month period ended June 30, 2006 and $6.2 million, $5.5 million, $5.1 million and $4.5 million for the years ended December 31, 2005, 2004, 2003 and 2002, respectively.

•

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

Gain on Sales of Real Estate

•

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

Significant Accounting Policies 2.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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

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

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


	Six Month Period
	Ended June 30,
	2006			2005
Total Revenues DDR	$	402,648		$	348,187
Total Revenues DDR Combined Joint Ventures		207,018			213,297
Operating and Maintenance — DDR		(54,496	)		(47,258	)
Real Estate Taxes — DDR		(46,128	)		(40,616	)
Operating and Maintenance and Real Estate Taxes- DDR Combined Joint Ventures		(67,473	)		(75,221	)


Combined NOI	$	441,569		$	398,389


Total Same Store NOI		345,525			336,188		2.8	%
Property NOI from other operating segments		97,360			62,201


Combined NOI	$	441,569		$	398,389

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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

Table 2 — Developers Diversified Realty Corporation

Reconciliation of Funds From Operations (FFO):


	Three Month Period						Six Month Period
	Ended June 30,						Ended June 30,
	2006			2005			2006			2005
FUNDS FROM OPERATIONS:
Net Income Applicable to Common Shareholders	$	64,943		$	54,162		$	100,878		$	145,920
Depreciation and Amortization of Real Estate Investments		45,804			39,492			90,836			80,335
Equity in Net Income From Joint Ventures		(4,619	)		(8,055	)		(10,088	)		(14,566	)
Joint Venture Funds From Operations		9,342			10,764			19,281			22,080
Minority Equity Interests (OP Units)		534			729			1,068			1,458
Gain on Sales of Real Estate		(6,220	)		(4,557	)		(5,999	)		(43,620	)


FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	109,784		$	92,535		$	195,976		$	191,607


Preferred dividend charges in accordance with EITF Topic No. D-42		13,792			13,792			27,584			27,583

ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS	$	123,576		$	106,327		$	223,560		$	219,190

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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

Table 3 — Developers Diversified Realty Corporation

Summary of Consolidated Transactional Income


	Three Month Period				Six Month Period
	Ended June 30,				Ended June 30,
	2006		2005		2006		2005		Income Statement Caption
Transactional Income Included in FFO Consolidated
Merchant Building Gains, Net	$	33,079	$	14,656	$	38,800	$	38,294	Gain on Sales of Real Estate
Land Sale Gains		638		2,660		2,363		4,619	Gain on Sales of Real Estate

	$	33,717	$	17,316	$	41,163	$	42,913

Transactional Income NOT Included in FFO Consolidated
Gain on Sales	$	6,220	$	1,558	$	5,999	$	40,621	Gain on Sales of Real Estate
Gain on Sales from Discontinued Operations		—		2,999		—		2,999	Gain on Sales of Discontinued Operations

	$	6,220	$	4,557	$	5,999	$	43,620	FFO Reconciliation

Gain on Sales of Real Estate
Merchant Building Gains, Net	$	33,079	$	14,656	$	38,800	$	38,294
Land Sale Gains		638		2,660		2,363		4,619
Gain on Sales		6,220		1,558		5,999		40,621

	$	39,937	$	18,874	$	47,162	$	83,534	Consolidated Income Statement

Gain on Sales of Real Estate From Discontinued Operations
Gain on Sales from Discontinued Operations	$	—	$	2,999	$	—	$	2,999	Consolidated Income Statement

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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

Table 4 — Developers Diversified Realty Corporation

Summary of Joint Venture Transactional Income


	Three Month Period					Six Month Period
	Ended June 30,					Ended June 30,
	2006			2005		2006			2005		Income Statement Caption
Transactional Income Included in FFO
Joint Ventures
Gain (loss) on Sales from Discontinued Operations	$	(1,749	)	$	734	$	(1,537	)	$	1,708	Gain on Sales of Real Estate
Land Sales Gains		3			—		12			—	Gain on Sales of Real Estate

	$	(1,746	)	$	734	$	(1,525	)	$	1,708

DDR’s Proportionate Share	$	(446	)	$	181	$	(392	)	$	421

Transactional Income NOT Included in FFO
Joint Ventures
Gain (loss) on Sales from Discontinued Operations	$	(13	)	$	6,987	$	(13	)		7,014	Gain (loss) on Sales of Real Estate
Other Gains on Sales		2			456		31			759	Gain on Sales of Real Estate

	$	(11	)	$	7,443	$	18		$	7,773	FFO Reconciliation

DDR’s Proportionate Share	$	(1	)	$	2,843	$	30		$	3,153


Gain on Sales of Real Estate
Land Sales Gains	$	3		$	—	$	12		$	—
Other Gains on Sales		2			456		31			759

	$	5		$	456	$	43		$	759	Gain on Sales of Real Estate

Gain on Sales of Real Estate From Discontinued Operations
Gain (loss) on Sales from Discontinued Operations Included in FFO	$	(1,749	)	$	734	$	(1,537	)	$	1,708
Gain (loss) on Sales from Discontinued Operations NOT Included in FFO		(13	)		6,987		(13	)		7,014

	$	(1,762	)	$	7,721	$	(1,550	)	$	8,722	Gain (loss) on Sales of Discontinued Operations

Reconciliation of Supplemental Non-GAAP Financial Measures 2.5

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Wholly Owned and Consolidated Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Six Month Period Ended June 30, 2006


	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	256.9	(1)	$	1,610.8	(4)	$	2,170.8	(7)	$	1,363.6	(9)	$	298.6	(11)
Completed Expansions		15.9			41.6			25.2			26.8			8.0
Developments & Construction in Progress		106.6			246.1			203.8			104.6			66.4
Tenant Improvements & Building Renovations		8.7	(2)		7.5			6.6			6.3			7.3
Furniture Fixtures & Equipment		3.8			10.7	(5)		1.3			1.9			2.3

		391.9			1,916.7			2,407.7			1,503.2		$	382.6
Less: Real Estate Sales & Joint Venture Transfers		(92.4	)(3)		(490.8	)(6)		(689.2	)(8)		(422.4	)(10)	$	(72.2	)(12)


Total DDR Net Additions (Millions)	$	299.5		$	1,425.9		$	1,718.5		$	1,080.8		$	310.4

(1)		Includes transfer to DDR from joint venture of Salisbury, MD shopping center, aggregating $4.0 million, the final earn out adjustments for the Benderson and Caribbean Property Group acquisitions aggregating $11.8 million, and consolidation of joint venture assets for a shopping center located in Phoenix, AZ aggregating $41.4 million pursuant to EITF 04 05.

(2)		The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $12.0 million associated with its wholly owned and consolidated portfolio during 2006.

(3)		Includes the sale to Macquarie DDR Trust joint venture of two earnout parcels located at the Monaca, PA and Birmingham, AL shopping centers aggregating $6.7 million, and seven assets with an aggregate cost of $80.5 million, and the sale of several outparcels.

(4)		Includes the acquisition of the Caribbean Property Group portfolio and the Mervyn’s portfolio aggregating $1,160.1 million and $409.1 million, respectively, the transfer to DDR from joint ventures of the Dublin, OH shopping center, which has an aggregate cost of $36.2 million and a $5.4 million basis adjustment to the Benderson acquisition relating to master lease adjustments.

(5)		The large increase in FF& E in 2005 is primarily attributed to certain IT projects, expansion of corporate headquarters, and fractional ownership interest in corporate jets.

(6)		In addition to the asset sales which had an aggregate cost of $219.1 million, this balance includes the transfer of twelve assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust joint venture and the sale of several outparcels.

(7)		Includes the acquisition of the Benderson portfolio aggregating $2,014.4 million, the consolidation of certain joint venture assets aggregating $37.9 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million.

(8)		In addition to the asset sales which had an aggregate cost of $62.6 million, this balance includes the sale of several land parcels with an aggregate cost of $41.1 million. This balance also includes the transfer of twelve assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust joint venture, the transfer of twelve assets with an aggregate cost of $124.0 to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 to the DDR Markaz II joint venture.

(9)		Includes the merger of JDN which had an aggregate value of $1,064.0, the acquisition of a shopping center in Broomfield, CO aggregating $55.5, and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers aggregating $125.9, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company.

(10)		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.

(11)		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.

(12)		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.

Summary of Wholly Owned Capital Transactions 3.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Six Month Period Ended June 30, 2006


*Projects Completed*

Ocala, FL		Recaptured the Winn Dixie and expanded the space by 6,000 sf for Hobby Lobby.

Rome, NY		Expansion of the shopping center to accommodate a new Marshall’s (opened 3/06).

Mooresville, NC		Construction of a Gander Mountain (opened 6/06) and relocation of Rugged Warehouse (opened 7/05).


Total Net Cost (Millions)		$15.9


*Projects in Progress*

Gadsden, AL		Break-up of 64,400 sf building to create a Fred’s (opened 05/04), a Burke’s Outlet (opened 12/04) and another junior anchor.

Lakeland, FL		Construction of a 77,557 sf Bealls Department Store (opened 7/06).

Stockbridge, GA		Redemised space to accommodate a Northern Tool (opened 10/05), Farmer’s Furniture (opened 3/06) and a Goodwill Store.

Ottumwa, IA		Recaptured Wal-Mart and release to Goody’s (opened 9/04), Dollar Tree (opened 8/05) and 35,422 sf of additional junior anchor stores.

Gaylord, MI		Recaptured Wal-Mart and release to Big Lots (opened 10/04), Dunhams (opened 5/05) and 39,767 sf of additional junior anchor stores.

Olean, NY		Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter.

Bayamon, PR (Rio Hondo)		Expansion of the shopping center to construct a Super Marshall’s (opened 11/05), a Comp USA in the former Marshall’s space (opened 6/06), and 19,800 sf of small shops and a freestanding outparcel.

Ft. Union, UT		Demise of former Mervyn’s to accommodate 30,548 sf Ross Dress for Less, 16,975 sf DSW, and another junior anchor and retail shops.

Brookfield, WI		Construction of 15,000 sf free standing building for retail shops


Total Net Cost (Millions)		$57.2


*Projects to Commence Construction*

Birmingham, AL		Construction of a 8,000 sf free standing outparcel and re-tenanting the former Winn Dixie building.

Crystal River, FL		Construct 9,000 sf Dollar General and 15,000 sf of shops.

Hamilton, NJ		Expansion of the shopping center to construct a 18,000 sf Old Navy and 4,500 sf Bombay Company.

Amherst, NY		Construct 5,300 sf free standing building for retail shops.

Stow, OH		Recapture 116,000 sf K-Mart and release to junior anchor stores. Create outparcels.

Wholly Owned Expansions and Redevelopments 3.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Wholly Owned and Consolidated Development Projects
for the Six Month Period Ended June 30, 2006


							Substantial
				Net Cost			Completion
	GLA			(Millions)			Date	Major Tenants
*Projects Substantially Completed*

Freehold, NJ		500,000		$	25.4	(2)	2005 & 2006	Wal-Mart (opened 3/06), Sam’s Club (opened 4/06), Chase Manhattan, Ocean First Bank, Golden Corral and other retail tenants and outparcels to be announced

*Projects in Progress*

Miami, FL		634,211		$	125.6	(3)	2006 & 2007	Target, Linens N Things, Circuit City, Ross Dress for Less, PetsMart (scheduled to open 4th qtr 2006)
								and additional retail space to be announced

Nampa, ID		858,396		$	93.3	(4)	2007	Retail tenants to be announced

McHenry, IL		452,380	(1)	$	58.9		2006 & 2007	Dick’s, PetsMart, Bed Bath & Beyond, Best Buy, Office Max and other retail tenants to be announced

Chesterfield, MI		256,549	(1)	$	12.7		2006	Wal-Mart, Sportsman Warehouse, 25,400 sf of small shop retail and additional retail space to be announced

Seabrook, NH		398,805	(1)	$	36.3	(8)	2007	To be announced

Horseheads, NY		699,163	(1)	$	35.8	(5)	2007	Wal-Mart, Kohl's and additional retail space to be announced

Apex, NC (Beaver Creek Crossings-Phase I)		345,254		$	56.9	(6)	2006	Consolidated Theaters (opened 5/06), Dick’s, Old Navy, Circuit City, Marshall’s Supercenter, Borders, (scheduled to open 4th quarter 2006) and other retail tenants to be announced

Pittsburgh, PA		367,273	(1)	$	15.3		2006	Target (opened 3/06), Sportsmans Warehouse (opened 11/05), Sam’s Club (opened 6/06), PNC Bank and
								Hallmark (opened 3/06) and other retail tenants and restaurants to be announced

San Antonio, TX (Stone Oak)		665,229	(1)	$	82.2	(7)	2007	Target, Office Max, Hobby Lobby, DSW, Ann Taylor, TJ Maxx, World Market, Chico’s, Ann Taylor Loft, Joseph Banks, Coldwater Creek, Talbots, Soma, Cold Stone Creamery, Victoria’s Secret, Chili’s and other tenants
								to be announced

*Projects to Commence Construction*

Homestead, FL		399,711	(1)	$	52.0		2007	To be announced

McKinney, TX (Phase II)		87,757		$	7.3		2007	To be announced


Wholly Owned Development Totals		5,664,728		$	601.7

(1)		Includes square footage not owned by the company.

(2)		Net Project Cost decrease from 4th quarter 2005 due to the replacement of two ground leases with two outparcel sales.

(3)		Net Project Cost increase from 4th quarter 2005 due to the replacement of an anchor ground lease with a mix of build to suit retail tenants.

(4)		Net Project Cost increase from 4th quarter 2005 due to projected GLA increase by approximately 180,000 sf. and replacing a major ground lease space with build to suit retail space.

(5)		Net Project Cost decrease from 4th quarter 2005 due to the replacement of a build to suit retail space with a ground lease that includes sitework reimbursements.

(6)		The asset is being developed with First Carolina Properties who has a 20% minority interest.

(7)		The asset is being developed with David Berndt Interest who has a 50% ownership interest. Net Project Cost increase from 4th quarter 2005 due to elimination of an outparcel sale and slight increase in GLA.

(8)		Net Project Cost decreased from 4th quarter 2005 due to the replacement of a build to suit retail space with a ground lease.

Wholly Owned Developments 3.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Debt
as of June 30, 2006

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

SENIOR DEBT:

Unsecured Credit Facilities:

$200 Million Term Loan

200,000

05/07

5.920

$1.2 Billion Revolving Credit Facility

160,000

06/10

5.461

$60 Million Revolving Credit Facility

06/10

Secured Credit Facility:

$400 Million Term Loan

400,000

(2)

06/08

6.067

Total Term and Credit Facility Debt

760,000

PUBLIC DEBT:

Medium Term Notes

99,110

(3)

03/07

7.000

Medium Term Notes

10,000

07/07

7.020

Unsecured Notes

85,000

08/07

6.950

Medium Term Notes

2,000

12/07

6.960

Medium Term Notes

99,959

01/08

6.625

Medium Term Notes

274,409

01/09

3.875

Medium Term Notes

199,703

05/10

5.000

Medium Term Notes

299,725

07/10

4.625

Medium Term Notes

249,271

04/11

5.250

Medium Term Notes

348,490

10/12

5.375

Medium Term Notes

199,368

05/15

5.500

Medium Term Notes

100,000

07/18

7.500

Total Public Debt

1,967,035

MORTGAGE DEBT:

Silver Springs, MD (Tech 29-2)

3,327

09/06

9.050

Pickerington, OH

3,963

12/06

8.250

Hamilton, NJ

65,000

05/07

6.134

Phoenix, AZ (Paradise Valley)

16,898

(4)

05/07

7.780

St. Louis, MO (Olympic)

3,014

08/07

9.150

Berlin, VT

4,940

08/07

9.750

Mt. Laurel, NJ

48,000

09/07

6.234

Apex, NC

15,573

10/07

6.334

DDR MDT MV, LLC

45,923

(5)

10/07

6.054

Tupelo, MS

11,317

03/08

4.410

Jacksonville, FL

6,493

03/08

4.410

Solon, OH

15,676

03/08

4.410

N. Charleston, SC

11,224

03/08

4.410

Walker, MI

8,256

03/08

4.410

Mt. Pleasant, SC (GS II)

7,606

03/08

4.410

Meridian, ID (GS II)

24,581

03/08

4.410

Birmingham, AL (GS II)

26,622

03/08

4.410

Wilmington, NC (GS II)

20,407

03/08

4.410

Durham, NC (GS II)

6,957

03/08

4.410

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Debt
as of June 30, 2006 (con’t)

Mortgage

Maturity

Interest

Balance(000’s)

Date

Rate (1)

Stone Oak, TX

5,000

(6)

02/09

6.584

Silver Springs, MD (Tech 29-1)

6,638

02/09

7.330

Leawood, KS

49,728

07/09

7.310

Martinsville, VA

19,545

12/09

8.460

St. Louis, MO (Keller)

1,212

01/10

8.625

Deer Valley — Phoenix, AZ

17,281

09/10

8.010

DDR MDT MV, LLC

212,550

(5)

10/10

5.211

Big Flats, NY (Big Flats I)

9,331

12/10

8.011

Plattsburgh, NY

9,110

12/10

8.000

Erie, PA

25,170

04/11

6.884

Erie, PA

2,905

04/11

6.884

Boardman, OH

26,140

04/11

6.884

St. Louis, MO (Sunset)

33,886

04/11

6.884

St. Louis, MO (Brentwood)

25,170

04/11

6.884

Denver, CO (Centennial)

37,757

04/11

6.884

Gates, NY (Westgate)

24,606

10/11

7.240

Indian Train, NC (Union TC Ph I)

6,875

10/11

7.000

Ashtabula, OH

6,845

12/11

7.000

West Pasco, FL

4,784

02/12

9.625

Denver, CO (Univ Hills)

28,086

06/12

7.300

St. Louis, MO (Gravois)

1,413

07/12

8.625

N. Charleston, SC

10,555

07/12

7.370

Mooresville, NC

23,630

12/12

6.930

Big Flats, NY (Big Flats IV)

996

01/13

7.600

Big Flats, NY (Big Flats II & III)

4,179

01/13

8.010

Buffalo, NY (Delaware Commons)

1,063

01/13

6.960

Jamestown, NY (Southside Plaza)

1,538

04/13

7.590

Victor, NY (Victor Square)

6,552

04/13

5.800

Mays Landing, NJ (Wrangleboro)

49,192

05/13

6.990

Beachwood, OH

3,368

07/13

7.640

W. Long Branch, NJ (Monmouth)

13,448

07/13

8.570

Boynton Beach, FL (Meadows Square)

4,171

07/13

6.720

Englewood, FL (Rotonda)

1,952

07/13

5.800

Reno, NV

3,514

02/15

9.000

Olean, NY

4,576

07/15

8.995

Mays Landing, NJ (Hamilton)

14,721

09/15

4.700

Columbus, OH (Consumer II West)

13,737

11/15

10.188

Amherst, NY (Kmart/Blvd Cons. II)

12,076

11/15

7.850

Lockport, NY (Walmart/Tops)

12,535

01/16

8.000

Merriam, KS (TIF)

7,075

02/16

6.900

Rome, NY (Freedom)

4,319

09/16

7.850

Medina, NY

3,757

11/16

7.660

Bellefontaine, OH

2,278

12/16

7.500

Amherst, NY (Tops Transit + French)

5,071

12/16

7.680

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Debt
as of June 30, 2006 (con’t)


		Mortgage			Maturity		Interest
		Balance(000's)			Date		Rate (1)
Canandaigua, NY	F	$	5,553			01/17		6.150
Cheektowaga, NY (Walmart Thruway)	F		4,833			10/17		6.780
Ithaca, NY	F		18,807			01/18		7.050
Amherst, NY (Target/Blvd Cons. II)	F		13,246			07/18		5.670
Springville, NY	F		6,019			07/18		6.375
Niskayuna, NY (Mohawk)	F		24,392			12/18		5.750
Henderson, TN	F		8,777			01/19		7.660
Spring Hill, FL	F		5,051			09/19		9.750
Alden, NY	F		4,337			10/19		8.100
Cedar Rapids, IA	F		9,583			01/20		9.375
Plainville, CT	F		6,985			04/21		7.125
Allentown, PA	F		17,716			06/21		6.950
Princeton, NJ	F		25,506			03/27		8.262
Bayamon, PR (Rio Hondo)	F		56,275			05/28		7.180
San Juan, PR (Senorial Plaza)	F		14,613			05/28		7.180
Bayamon, PR (Rexville Plaza)	F		8,804			05/28		7.180
Arecibo, PR (Atlantico)	F		14,704			05/28		7.180

Total Mortgage Debt			1,349,313

Total Debt		$	4,076,348
Adjustment for Reverse Swap			-141	(7)

		$	4,076,207

Weighted Average — Total					4.82 years			5.8	%

Weighted Average — Fixed		$	3,273,338		5.53 years			5.7	%

Weighted Average — Floating		$	803,010		1.90 years			6.0	%

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 2006 deferred finance cost amortization of approximately $8.1 million, net is offset by approximately $9.1 million of annualized fair market value adjustment in 2006.
2.		Secured term loan debt of $200 million has been converted to a fixed rate of 5.99% until June 28, 2010. The interest rate on the term loan of 6.067% is the weighted average rate of all traunches as of June 30, 2006, and reflects the fixed swap rate on $200 million.
3.		Public debt of $60 million has been converted to a variable rate of 7.075%. The remaining balance of $39.1 million is at the stated fixed rate.
4.		The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05.
5.		The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46.
6.		The company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46.
7.		Offset included in other liabilities.

Summary of Consolidated Debt 3.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2006
(000’s)


	2006 Payments		2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
PROPERTY MORTGAGES
Plainville, CT (TIF)																						7,100		7,100
Tupelo, MS		300		313		10,852																		11,466
Jacksonville, FL		172		180		6,227																		6,579
Reno, NV		59		64		67		73		78		84		89		96		103		2,831				3,544
Denver, CO (Univ Hills)		562		604		650		699		752		809		24,286										28,361
Henderson, TN		395		426		460		497		536		578		624		674		727		785		3,270		8,971
Allentown, PA		666		714		765		820		879		942		1,009		1,082		1,159		1,242		8,767		18,044
Erie, PA		293		314		331		360		386		23,638												25,322
Erie, PA		33		36		38		41		44		2,731												2,923
Phoenix, AZ (Deer Valley)		200		217		231		255		16,479														17,381
Martinsville, VA		221		241		258		18,936																19,656
Boardman, OH		303		325		343		373		400		24,553												26,297
Solon, OH		415		434		15,033																		15,883
St. Louis, MO (Sunset)		392		421		444		483		518		31,832												34,090
St. Louis, MO (Brentwood)		293		314		331		360		386		23,638												25,322
Denver, CO (Centennial)		438		469		496		539		578		35,464												37,984
Cedar Rapids, IA		346		380		417		458		503		552		606		665		730		802		4,292		9,752
St. Louis, MO (Olympic)		367		2,826																				3,193
St. Louis, MO (Gravois)		355		389		292		115		125		136		170										1,582
St. Louis, MO (Keller)		289		315		343		374		33														1,353
N. Charleston, SC		297		311		10,763																		11,372
Walker, MI		219		229		7,917																		8,364
Mt. Pleasant, SC		201		211		7,294																		7,706
Meridian, ID		651		681		23,573																		24,905
Birmingham, AL		705		737		25,530																		26,972
Wilmington, NC		541		565		19,570																		20,676
Berlin, VT				4,940																				4,940
Spring Hill, FL		187		206		227		251		276		304		335		370		407		449		2,129		5,142
West Pasco, FL														4,784										4,784
Princeton, NJ		389		423		454		499		543		590		636		697		758		823		19,887		25,699
Beachwood, OH		359		387		420		451		487		525		567		349								3,544
Phoenix, AZ		323		16,733																				17,056
Leawood, KS		1,201		1,292		1,390		46,435																50,318
Durham, NC		184		193		6,672																		7,049
Bellefontaine, OH		143		154		166		179		193		208		224		241		260		280		302		2,349
Pickerington, OH		4,079																						4,079
Silver Springs, MD (Tech 29-1)		170		183		196		6,173																6,722
Silver Springs, MD (Tech 29-2)		3,376																						3,376

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2006 (con’t)
(000’s)


	2006 Payments			2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
Jamestown, NY (Southside Plaza)		165			178		193		208		225		242		262		147								1,619
Ithaca, NY		1,052			1,128		1,210		1,298		1,393		1,494		1,603		1,720		1,845		1,980		4,599		19,323
Columbus, OH (Consumer II West)		420			465		514		568		628		694		767		848		937		8,103				13,942
Olean, NY		326			357		390		427		467		511		559		611		669		418				4,736
N. Charleston, SC		206			222		239		257		277		298		9,152										10,651
W. Long Branch, NJ (Monmouth)		1,382			1,506		1,640		1,786		1,945		2,119		2,307		1,440								14,125
Big Flats, NY (Big Flats I)		1,724			1,867		2,022		2,190		2,374														10,176
Mays Landing, NJ (Wrangleboro)		2,094			2,245		2,407		2,581		2,767		2,967		3,181		31,980								50,221
Plattsburgh, NY		1,683			1,823		1,974		2,138		2,318														9,936
Amherst, NY (Kmart/Blvd Cons. II)		868			938		1,015		1,097		1,187		1,283		1,388		1,500		1,623		1,603				12,501
Big Flats, NY (Big Flats IV)		63			68		73		79		86		92		100		466								1,027
Lockport, NY (Walmart/Tops)		872			944		1,022		1,107		1,199		1,298		1,406		1,523		1,649		1,786		155		12,962
Big Flats, NY (Big Flats II)		462			501		543		589		639		693		751		227								4,406
Amherst, NY (Tops Transit + French)		315			340		367		396		427		461		498		538		580		627		677		5,225
Amherst, NY (Target/Blvd Cons. II)		764			808		856		905		958		1,014		1,073		1,135		1,201		1,271		3,637		13,623
Medina, NY		236			255		275		297		320		346		373		403		435		469		463		3,873
Mays Landing, NJ (Hamilton)		1,271			1,332		1,396		1,463		1,534		1,607		1,684		1,765		1,850		1,446				15,349
Gates, NY (Westgate)		301			324		349		375		404		23,003												24,757
Boynton Beach, FL (Meadows Square)		453			485		519		556		595		637		682		483								4,410
Rome, NY (Freedom)		273			295		319		345		374		404		437		472		511		552		469		4,452
Englewood, FL (Rotonda)		223			236		250		265		281		298		315		193								2,062
Mooresville, NC		279			300		322		345		370		397		426		21,332								23,770
Alden, NY		160			173		188		208		246		266		289		313		343		393		1,836		4,416
Indian Train, NC (Union TC Ph I)		88			95		102		109		117		6,407												6,919
Cheektowaga, NY (Walmart Thruway)		284			304		325		348		372		398		426		456		487		521		1,053		4,973
Ashtabula, OH		87			93		100		107		115		6,385												6,888
Buffalo, NY (Delaware Commons)		127			137		146		157		168		180		193		17								1,125
Springville, NY		331			353		376		401		427		455		485		517		551		587		1,700		6,182
Niskayuna, NY (Mohawk)		1,335			1,414		1,497		1,585		1,679		1,778		1,883		1,994		2,112		2,237		7,535		25,049
Canandaigua, NY		373			396		421		448		476		507		539		573		609		647		748		5,736
Victor, NY (Victor Square)		95			100		107		113		120		127		135		5,802								6,599
Bayamon, PR (Rio Hondo)		941			1,011		1,076		1,169		1,256		1,351		1,442		1,561		1,679		1,805		43,451		56,743
San Juan, PR (Senorial Plaza)		244			263		279		303		326		351		375		405		436		469		11,283		14,735
Bayamon, PR (Rexville Plaza)		147			158		168		183		197		211		226		244		263		282		6,798		8,877
Arecibo, PR (Atlantico)		246			264		281		305		328		353		377		408		439		472		11,353		14,826
Merriam, KS (TIF)																							7,975		7,975
DDR MDT MV, LLC					45,923						212,550														258,473
Hamilton, NJ					65,000																				65,000
Payments Made Through 6/30/06		(16,775	)																						(16,775	)

Total — Property Mortgages		22,240			168,527		164,711		103,078		262,338		205,213		66,662		83,248		22,364		32,881		149,478		1,280,740

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of June 30, 2006 (con’t)
(000’s)


	2006 Payments		2007 Payments			2008 Payments			2009 Payments		2010 Payments			2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
CONSTRUCTION LOANS
$68 Million Construction Loan										5,000																	5,000
(Compass Bank)
$20 Million Construction Loan				15,573																							15,573
(National City Bank)
$48 Million Construction Loan				48,000																							48,000
(Wachovia Bank)

Total — Construction Loans		0		63,573			0			5,000		0			0		0		0		0		0		0		68,573

DEBT OFFERINGS
Senior Notes				111,110			99,959			274,409		499,428			249,271		348,490						199,368		100,000		1,882,036
Unsecured Notes				85,000																							85,000

Total — Debt Offerings		0		196,110			99,959			274,409		499,428			249,271		348,490		0		0		199,368		100,000		1,967,035

Total — Property		22,240		428,210			264,671			382,487		761,765			454,484		415,152		83,248		22,364		232,249		249,478		3,316,348
Mortgages, Construction Loans & Debt Offerings

REVOLVING CREDIT FACILITIES & TERM LOANS
$1.2 Billion Unsecured Credit												160,000	(1)														160,000
(JPMorgan Chase)
$400 Million Secured Term							400,000	(1)																			400,000
(Key Bank)
$200 Million Unsecured Term				200,000	(1)																						200,000
(JPMorgan Chase)
$60 Million Unsecured Credit												0	(1)														0
(National City Bank)

Total — Debt	$	22,240	$	628,210		$	664,671		$	382,487	$	921,765		$	454,484	$	415,152	$	83,248	$	22,364	$	232,249	$	249,478	$	4,076,348

Notes:

(1)

Balance at June 30, 2006 on revolving credit facilities. The $1.2 billion JPMorgan Chase facility has one one-year extension option to 2011. The $400 million Key Bank facility has two one-year extension options to 2010. The $200 million JPMorgan facility has one one-year extension option to 2008. The $60 million National City Bank facility has one one-year extension option to 2011.

Summary of Consolidated Mortgage Principal Payments Corporate Debt Maturities 3.4

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2006


			RVIP III B									RVIP VIII						Community Centers
	RVIP III (3)		Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Kildeer, IL
Real Estate Assets	$	0.8	$	84.0		$	7.7		$	121.0		$	33.9		$	130.4		$	266.2		$	31.0
Accumulated Depreciation		0.0		(10.6	)		(1.1	)		(15.5	)		(2.3	)		(5.2	)		(43.5	)		(2.5	)

Real Estate, net		0.8		73.4			6.6			105.5			31.6			125.2			222.7			28.5

Receivables, Net		0.2		1.0			0.4			2.0			0.9			1.2			6.1			0.5
Other assets		0.9		1.5			1.7			7.0			1.2			1.9			8.3			0.5
Disproportionate Share of Equiity		—		—			—			—			—			—			—			—

	$	1.9	$	75.9		$	8.7		$	114.5		$	33.7		$	128.3		$	237.1		$	29.5


Mortgage Debt	$	0.0	$	56.5		$	3.0		$	74.0		$	23.4		$	11.1		$	298.0		$	19.5
Amounts payable to DDRC		0.0		0.0			0.0			0.0			0.0			0.0			0.1			0.0
Other liabilities		0.4		2.8			0.4			16.2			1.1			2.5			3.6			0.6

		0.4		59.3			3.4			90.2			24.5			13.6			301.7			20.1
Accumulated equity (deficit)		1.5		16.6			5.3			24.3			9.2			114.7			(64.6	)		9.4
Disproportionate Share of Equiity		—		—			—			—			—			—			—			—

	$	1.9	$	75.9		$	8.7		$	114.5		$	33.7		$	128.3		$	237.1		$	29.5


Proportionate share of other assets/liabilities, net	$	0.2		($0.1	)	$	0.4			($1.5	)	$	0.2		$	0.1		$	5.4		$	0.0

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

Combining Statements of Operations
for the period ended June 30, 2006


				RVIP III B									RVIP VIII						Community Centers
	RVIP III (3)			Deer Park, IL			RVIP VI			RVIP VII			Tech Ridge LLC			DPG			Five			Kildeer, IL
Revenues from operations	$	0.0		$	6.0		$	0.5		$	7.6		$	2.8		$	6.4		$	18.7		$	2.0
Rental operation expenses		0.0			(2.1	)		(0.1	)		(2.3	)		(1.1	)		(1.7	)		(5.6	)		(0.5	)

Net operating income		0.0			3.9			0.4			5.3			1.7			4.7			13.1			1.5
Depreciation and amortization expense		0.0			(1.1	)		(0.1	)		(1.5	)		(0.5	)		(1.6	)		(3.2	)		(0.3	)
Interest expense		0.0			(1.8	)		(0.1	)		(2.8	)		(0.7	)		(0.4	)		(8.5	)		(0.6	)

Income (loss) before gain on sale		0.0			1.0			0.2			1.0			0.5			2.7			1.4			0.6
Gain (loss) on sale of real estate		0.0			0.0			(1.8	)		(0.0	)		0.0			0.0			0.0			0.0
Discontinued operations		(0.1	)		0.0			(0.1	)		0.3			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
Disproportionate Share of Income		—			—			—			—			—			—			—			—

Net income (loss)		($0.1	)	$	1.0			($1.7	)	$	1.3		$	0.5		$	2.7		$	1.4		$	0.6
DDR Ownership interest		***			***			***			***			***			10	%		50	%		10	%

		($0.0	)	$	0.4			($0.5	)	$	0.3		$	0.1		$	0.3		$	0.7		$	0.1
Amortization of basis differential		0.0			0.0			(0.2	)		0.0			0.0			0.0			0.1			0.0

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


Proportionate share of net operating income (6)	$	0.0		$	1.0		$	0.1		$	1.1		$	0.4		$	0.5		$	6.6		$	0.2

Proportionate share of interest expense (6)	$	0.0		$	0.5		$	0.0		$	0.6		$	0.2		$	0.0		$	4.3		$	0.1


Funds From Operations (“FFO”):
Net income (loss)		($0.1	)	$	1.0			($1.7	)	$	1.3		$	0.5		$	2.7		$	1.4		$	0.6
Depreciation of real property		0.0			1.1			0.4			1.5			0.5			1.6			3.2			0.3
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

		($0.1	)	$	2.1			($1.3	)	$	2.8		$	1.0		$	4.3		$	4.6		$	0.9
DDR ownership interest		***			***			***			***			***			10	%		50	%		10	%

DDR FFO		($0.0	)	$	0.8			($0.4	)	$	0.9		$	0.4		$	0.4		$	2.3		$	0.1

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2006


	Lennox Town			Sun Center			Dublin									Service Merchandise			Jefferson
	Center (2)			Limited (2)			Village (3)			DOTRS			Littleton, CO (3)			(4)			County, MO			Apex IV (3)
Real Estate Assets	$	21.0		$	25.9		$	0.1		$	25.5		$	3.1		$	129.5		$	6.6		$	17.1
Accumulated Depreciation		(4.2	)		(6.7	)		0.0			(4.8	)		0.0			(10.8	)		(0.5	)		0.0

Real Estate, net		16.8			19.2			0.1			20.7			3.1			118.7			6.1			17.1

Receivables, Net		1.4			0.8			0.0			0.9			0.0			17.0			0.0			0.0
Other assets		0.5			0.9			0.0			0.4			0.2			39.8			0.3			0.1
Disproportionate Share of Equiity		—			—			—			—			—			—			—			—

	$	18.7		$	20.9		$	0.1		$	22.0		$	3.3		$	175.5		$	6.4		$	17.2


Mortgage Debt	$	17.8		$	20.4		$	0.0		$	10.0		$	0.0		$	28.8		$	3.7		$	0.0
Amounts payable to DDRC		0.0			0.0			0.0			0.0			0.0			90.6			3.1			14.8
Other liabilities		0.6			0.5			0.0			0.3			0.2			17.8			0.1			2.2

		18.4			20.9			0.0			10.3			0.2			137.2			6.9			17.0
Accumulated equity (deficit)		0.3			0.0			0.1			11.7			3.1			38.3			(0.5	)		0.2
Disproportionate Share of Equiity		—			—			—			—			—			—			—			—

	$	18.7		$	20.9		$	0.1		$	22.0		$	3.3		$	175.5		$	6.4		$	17.2


Proportionate share of other assets/liabilities, net	$	0.6		$	1.0			($0.0	)	$	0.5			($0.0	)	$	9.6		$	0.1			($0.4	)

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	68.3		$	1.5		$	11.8

Combining Statements of Operations
for the period ended June 30, 2006


	Lennox Town			Sun Center			Dublin									Service Merchandise			Jefferson
	Center (2)			Limited (2)			Village (3)			DOTRS			Littleton, CO (3)			(4)			County, MO			Apex IV (3)
Revenues from operations	$	2.3		$	2.3			($0.0	)	$	2.0		$	0.0		$	12.5		$	0.3		$	0.0
Rental operation expenses		(0.7	)		(0.6	)		(0.0	)		(0.5	)		(0.0	)		(6.0	)		(0.1	)		0.0

Net operating income		1.6			1.7			0.0			1.5			(0.0	)		6.5			0.2			0.0
Depreciation and amortization expense		(0.2	)		(0.4	)		0.0			(0.3	)		0.0			(3.9	)		(0.1	)		0.0
Interest expense		(0.7	)		(0.8	)		0.0			(0.3	)		0.0			(5.0	)		(0.2	)		0.0

Income (loss) before gain on sale		0.7			0.5			0.0			0.9			(0.0	)		(2.4	)		(0.1	)		0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			(0.1	)		0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.3			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

Net income (loss)	$	0.7		$	0.5		$	0.0		$	0.9			($0.0	)		($2.2	)		($0.1	)	$	0.0
DDR Ownership interest		***			***			63	%		50	%		50	%		***			50	%		20	%

	$	0.4		$	0.4			($0.0	)	$	0.4			($0.0	)		($0.5	)		($0.1	)	$	0.0
Amortization of basis differential		(0.1	)		(0.1	)		0.0			0.0			0.0			0.0			0.0			0.0

	$	0.3		$	0.3		$	0.0		$	0.4		$	0.0			($0.5	)		($0.1	)	$	0.0

Proportionate share of net operating income (6)	$	0.8		$	1.4			($0.0	)	$	0.7			($0.0	)	$	1.6		$	0.1		$	0.0

Proportionate share of interest expense (6)	$	0.4		$	0.6		$	0.0		$	0.1		$	0.0		$	1.2		$	0.1		$	0.0


Funds From Operations (“FFO”):

Net income (loss)	$	0.7		$	0.5			($0.0	)	$	0.9			($0.0	)		($2.2	)		($0.1	)	$	0.0
Depreciation of real property		0.2			0.4			0.0			0.3			0.0			3.9			0.1			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—

	$	0.9		$	0.9		$	0.0		$	1.2			($0.0	)	$	1.7		$	0.0		$	0.0
DDR ownership interest		***			***			63	%		50	%		50	%		25	%		50	%		20	%

DDR FFO	$	0.5		$	0.7			($0.0	)	$	0.6			($0.0	)	$	0.4			($0.0	)	$	0.0

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2006


																									Coventry II
	Sansone Group /									Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR Merriam,
	DDRC LLC			DDR Markaz			DDR Markaz II			Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			KS
Real Estate Assets	$	0.5		$	167.4		$	202.4		$	59.5		$	39.7		$	71.6		$	24.5		$	94.6		$	19.8
Accumulated Depreciation		(0.3	)		(12.3	)		(8.8	)		(2.8	)		(1.6	)		(2.7	)		(0.3	)		(2.8	)	$	0.0

Real Estate, net		0.2			155.1			193.6			56.7			38.1			68.9			24.2			91.8			19.8

Receivables, Net		1.4			2.3			1.3			2.0			0.1			1.4			0.3			0.7			0.0
Other assets		2.6			5.7			6.8			0.9			0.6			2.1			0.9			0.9			0.0
Disproportionate Share of Equity		—			—			—			—			—			—			—			—			0.3

	$	4.2		$	163.1		$	201.7		$	59.6		$	38.8		$	72.4		$	25.4		$	93.4		$	20.1


Mortgage Debt	$	0.0		$	110.0		$	150.5		$	36.0		$	26.0		$	40.0		$	16.9		$	61.0		$	18.5
Amounts payable to DDRC		0.0			0.8			0.3			0.0			0.0			0.0			0.0			0.0		$	0.0
Other liabilities		0.9			2.1			0.4			1.6			0.8			7.4			0.6			2.2		$	0.6

		0.9			112.9			151.2			37.6			26.8			47.4			17.5			63.2			19.1
Accumulated equity (deficit)		3.3			50.2			50.5			22.0			12.0			25.0			7.9			30.2			1.0
Disproportionate Share of Equiity		—			—			—			—			—			—			—			—			—

	$	4.2		$	163.1		$	201.7		$	59.6		$	38.8		$	72.4		$	25.4		$	93.4		$	20.1


Proportionate share of other assets/liabilities, net	$	1.5		$	1.2		$	1.6		$	0.3			($0.0	)		($0.8	)	$	0.1			($0.1	)		($0.1	)

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

Combining Statements of Operations
for the period ended June 30, 2006


																									Coventry II
	Sansone Group /									Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR Merriam,
	DDRC LLC			DDR Markaz			DDR Markaz II			Ward Parkway			Totem Lakes			Phoenix Spectrum			Westover			Buena Park			KS
Revenues from operations	$	1.4		$	10.8		$	10.8		$	4.1		$	1.8		$	3.6		$	1.4		$	6.0		$	0.0
Rental operation expenses		0.0			(3.4	)		(3.8	)		(2.0	)		(0.7	)		(1.7	)		(0.7	)		(2.7	)	$	0.0

Net operating income		1.4			7.4			7.0			2.1			1.1			1.9			0.7			3.3			0.0
Depreciation and amortization expense		0.0			(2.1	)		(2.8	)		(0.6	)		(0.3	)		(0.6	)		(0.2	)		(1.0	)		0.0
Interest expense		0.0			(2.4	)		(4.0	)		(1.3	)		(0.9	)		(0.8	)		(0.3	)		(1.9	)		0.0

Income (loss) before gain on sale		1.4			2.9			0.2			0.2			(0.1	)		0.5			0.2			0.4			0.0
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—

Net income (loss)	$	1.4		$	2.9		$	0.2		$	0.2			($0.1	)	$	0.5		$	0.2		$	0.4		$	0.0
DDR Ownership interest		***			20	%		20	%		20	%		20	%		20	%		20	%		20	%		20	%

	$	0.7		$	0.6		$	0.1		$	0.0			($0.0	)	$	0.1		$	0.0		$	0.1			($0.0	)
Amortization of basis differential		(0.2	)		0.1			0.1			0.0			0.0			0.0			0.0			0.0			0.0

	$	0.5		$	0.7		$	0.2		$	0.0		$	0.0		$	0.1		$	0.0		$	0.1		$	0.0


Proportionate share of net operating income (6)	$	0.7		$	1.5		$	1.4		$	0.4		$	0.2		$	0.4		$	0.1		$	0.7			($0.0	)

Proportionate share of interest expense (6)	$	0.0		$	0.5		$	0.8		$	0.3		$	0.2		$	0.1		$	0.1		$	0.4		$	0.0


Funds From Operations (“FFO”):

Net income (loss)	$	1.4		$	2.9		$	0.2			0.2			(0.1	)		0.5			0.2			0.4			(0.0	)
Depreciation of real property		0.0			2.1			2.8			0.6			0.3			0.6			0.2			0.9			0.0
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Disproportionate Share of Income		—			—			—			—			—			—			—			—			—

	$	1.4		$	5.0		$	3.0		$	0.8		$	0.2		$	1.1		$	0.4		$	1.3		$	0.0
DDR ownership interest		***			20	%		***			20	%		20	%		20	%		20	%		20	%		20	%

DDR FFO	$	0.7		$	1.0		$	0.7		$	0.2		$	0.0		$	0.2		$	0.1		$	0.3			($0.0	)

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2006


	Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie						DDR/Macquarie		Sold/Acquired JVs					DDRs Proportionate
	Tri-County Mall			Fairplain Plaza			Montgomery Farm			Fund LLC			DDR MDT PS LLC			Management		(5)		Total			Share
Real Estate Assets	$	194.4		$	26.9		$	10.9		$	1,726.8		$	117.6		$	0.0	$	0.1	$	3,660.5		$	722.4
Accumulated Depreciation		(0.5	)		(0.1	)		0.0			(70.3	)		(0.2	)		0.0		0.0		(210.1	)		(58.8	)

Real Estate, net		193.9			26.8			10.9			1,656.5			117.4			0.0		0.1		3,450.4			663.6

Receivables, Net		1.5			0.0			0.0			28.1			3.6			0.0		0.0		75.3			17.0
Other assets		20.3			0.4			2.1			29.6			3.3			7.1		0.7		149.0			35.9
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			4.2	(7)

	$	215.7		$	27.2		$	13.0		$	1,714.2		$	124.3		$	7.1	$	0.8	$	3,674.7		$	720.7



Mortgage Debt	$	170.0		$	0.0		$	0.0		$	1,026.0		$	86.0		$	0.0	$	0.0	$	2,307.1		$	502.1
Amounts payable to DDRC		0.0			0.0			0.0			2.3			0.0		$	0.1		0.0		112.0			27.4
Other liabilities		43.8			24.6			13.0			13.9			1.8		$	0.2		0.7		164.0			33.8

		213.8			24.6			13.0			1,042.2			87.8			0.3		0.7		2,583.1			563.3
Accumulated equity (deficit)		1.9			2.6			0.0			672.0			36.5			6.8		0.1		1091.6			153.2
Disproportionate Share of Equity		—			—			—			—			—			—		—		—			4.2	(7)

	$	215.7		$	27.2		$	13.0		$	1,714.2		$	124.3		$	7.1	$	0.8	$	3,674.7		$	720.7


Proportionate share of other assets/liabilities, net		($4.0	)		($4.9	)		($1.1	)	$	6.4		$	0.0		$	3.1	$	0.2	$	19.7

Disproportionate amount payable to DDR	$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0	$	0.0	$	81.6

Combining Statements of Operations
for the period ended June 30, 2006


	Coventry II DDR			Coventry II DDR			Coventry II DDR			DDR/Macquarie						DDR/Macquarie			Sold/Acquired JVs						DDRs Proportionate
	Tri-County Mall			Fairplain Plaza			Watters Creek			Fund LLC			DDR MDT PS LLC			Management			(5)			Total			Share
Revenues from operations	$	2.8		$	0.2		$	0.0		$	95.6		$	0.7		$	0.8		$	3.7		$	207.0		$	45.8
Rental operation expenses		(0.7	)		(0.1	)		0.0			(29.2	)		(0.5	)		(0.2	)		(0.6	)		(67.5	)		(14.6	)

Net operating income		2.1			0.1			0.0			66.4			0.2			0.6			3.1			139.5			31.2
Depreciation and amortization expense		(0.5	)		(0.1	)		0.0			(18.3	)		(0.2	)		(0.3	)		(0.2	)		(40.3	)		(8.6	)
Interest expense		(1.7	)		(0.2	)		0.0			(23.0	)		(0.4	)		0.0			(0.6	)		(59.5	)		(14.3	)

Income (loss) before gain on sale		(0.1	)		(0.2	)		0.0			25.1			(0.4	)		0.3			2.3			39.7			8.3
Gain (loss) on sale of real estate		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(1.8	)		(0.5	)
Discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.2			0.0
Gain on sale of discontinued operations		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.3			0.1
Disproportionate Share of Income		—			—			—			—			—			—			—			—			1.9	(8)

Net income (loss)		($0.1	)		($0.2	)	$	0.0		$	25.1			($0.4	)	$	0.3		$	2.3		$	38.4		$	9.8
DDR Ownership interest		20	%		20	%		20	%		***			***			***			***			***

		($0.0	)		($0.0	)	$	0.0		$	5.3		$	0.2		$	0.2		$	0.7		$	9.8		$	9.8
Amortization of basis differential		0.0			0.0			0.0			0.0			0.0			0.5			0.0			0.2			0.2


	$	0.0		$	0.0		$	0.0		$	5.3			0.2			0.7		$	0.7		$	10.0		$	10.0


Proportionate share of net operating income (6)	$	0.4		$	0.0		$	0.0		$	9.6		$	0.0		$	0.3		$	1.0		$	31.2

Proportionate share of interest expense (6)	$	0.3		$	0.0		$	0.0		$	3.3		$	0.0		$	0.0		$	0.2		$	14.3


Funds From Operations (“FFO”):
Net income (loss)		(0.1	)		(0.1	)		0.0			25.0			(0.3	)		0.3			2.3			38.4			9.8
Depreciation of real property		0.5			0.1			0.0			18.3			0.0			0.0			0.2			40.6			8.7
(Gain) loss on sale		0.0			0.0			0.0			0.0			0.0			0.0			(0.0	)		0.0			(0.0	)
Disproportionate Share of Income		—			—			—			—			—			—			—			—			0.8	(9)

	$	0.4		$	0.0		$	0.0		$	43.3			($0.3	)	$	0.3		$	2.5		$	79.0		$	19.2

DDR ownership interest		20	%		20	%		20	%		***			***			***			***			***

DDR FFO	$	0.1		$	0.0		$	0.0		$	7.9		$	0.2		$	0.3		$	0.9		$	19.2

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006


(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 interest expense of $4.1 million for the six months ended June 30, 2006 relates to a loan payable to DDR and is reflected in revenues from operations in the Company’s Consolidated Statement of Operations.

(5)		Represents residual joint venture assets sold to the MDT Joint Venture and operating income of the joint ventures in Salisbury, Maryland, Pasedena, California and Phoenix, Arizona acquired by DDR in 2006.

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

(7)		Adjustments represent the effect of promoted equity structures. These adjustments are primarily at the RVIP IIIB, RVIP VII and the DDR/Macquarie Fund LLC joint ventures.

(8)		Adjustments represent the effect of promoted interests on DDR’s share of the income primarily RVIP IIIB joint venture which has ongoing operations and an asset management promote through DDR/Macquarie Fund LLC.

(9)		Adjustments associated with Coventry’s minority ownership interests primarily at the RVIP IIIB, RVIP VII, and RVIP VIII joint ventures.

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

Joint Venture Financials 4.1

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


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

Major Tenants:		None (Property Sold on 8/2/05)

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

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

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return on equity

Fees to DDR
Management Fee:		3.5% of gross rents
Construction Management Fee:		5% of cost of construction (including architectural & engineering and other soft costs)
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)
Leasing Fees:		N/A

Capital Structure (in millions)


DDR	$	0.2
PREI		0.8
Coventry		0.5

Total Capital	$	1.5

Debt	$	—

Total Debt & Equity	$	1.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program LP IIIB
Date Formed:	September 2000
Property Name/Location:	Deer Park, IL

Major Tenants:	Century Theater	Pottery Barn
	Talbots	Coldwater Creek
	Restoration Harware	J. Crew
	Victoria’s Secret	Pier One Imports
	GAP	Banana Republic
	Barnes & Noble	Ann Taylor

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

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

Promote (current):	33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity

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

Capital Structure (in millions)


DDRC	$	3.8
Prudential		10.9
Coventry		1.9

Total Capital	$	16.6

Debt	$	56.5

Total Debt & Equity	$	73.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Retail Value Investment Program LP VI
Date Formed:		October 1999
Property Name/Location:		Cherokee North — Overland Park, KS

Major Tenants:		Osco Drug
		Deals Nothing Over $1
		Bargains 365

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

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

Promote (current):		33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity

Fees to DDR
Management Fee:		3.5% of gross operating revenues
Asset Management Fee:		.4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee)

Capital Structure (in millions)


DDR	$	1.3
PREI		3.9
Coventry		0.1

Total Capital	$	5.3

Debt	$	3.0

Total Debt & Equity	$	8.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program VII LLC
Date Formed:	November 2000
Property Name/Location:	The joint venture consists of the following 3 properties:

	Downtown Pleasant Hill — Pleasant Hill, CA
	Puget Park Shopping Center — Everett, WA
	Valley Central Shopping Center — Lancaster, CA

Major Tenants:	Century Theater	Michael’s
	Ross Stores	Staples
	Circuit City	Bed, Bath & Beyond
	Wal-Mart	Albertson’s
	Cinemark	Marshalls

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

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

Promote (current):	(i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate P

Fees to DDR
Management Fee:	3.2% of gross rents
Construction Management Fee:	5% of hard and soft costs
Asset Management Fee:	.6% (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	$	3.6
PREI		14.1
Coventry		6.6

Total Capital	$	24.3

Debt	$	74.0

Total Debt & Equity	$	98.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Retail Value Investment Program LP VIII
Date Formed:	September 2003
Property Name/Location:	Shops@tech.ridge — Austin, TX

Major Tenants:	Target	Linen’s ‘N Things
	Pier One	Toys ‘R Us
	Dress Barn	Hobby Lobby
	Rack Room Shoes	Office Depot
	PetsMart
	Ross Dress for Less

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

Cash Flow Distribution:	1% — Coventry Real Estate Partners
	24.75% — DDR
	74.25% — Prudential Real Estate Investors

Promote (current):	Up to a leveraged 10% preferred return on equity 33% Coventry Real Estate Partners (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity

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

Capital Structure (in millions)


DDRC	$	2.5
Prudential		7.3
Coventry		(0.6	)

Total Capital	$	9.2

Debt	$	23.4

Total Debt & Equity	$	32.6

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	DPG Realty Holdings LLC
Date Formed:	October 2004
Property Name/Location:	The joint venture consists of the following twelve properties:

	Tops Plaza — Elmira, NY	Tops Plaza — Avon, NY
	Tops Plaza — Hamburg, NY	Tops Plaza — Hamlin, NY
	Tops Plaza — Norwich, NY	Farragut Pointe — Farragut, TN
	Tops-Gander Mnt. Plaza — Tonawanda, NY	Columbia Square — Columbia, TN
	Tops Plaza — Arcade, NY	Five Forks Crossing — Lilburn, GA
	Tops Plaza — Tonawanda, NY	Five Forks Village — Lawrenceville, GA

Major Tenants:	Bi-Lo
	BJ’s Wholesale Club
	Gander Mountain Company
	Kroger
	Tops

Partnership Structure
Equity Contribution:	10.0% — JDN QRS, Inc.
	90.0% — Prudential Insurance Company of America (PICA)

Cash Flow Distribution:	10.0% — JDN QRS, Inc.
	90.0% — Prudential Insurance Company of America (PICA)

Fees to DDR
Management Fee:	4% of gross income
Construction Supervision Fee:	5% of gross cost of all development and tenant improvement work (including hard and soft costs)
Leasing Fees:	6% on new leases on years 1-5; 3% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
	5% on new leases on years 1-5; 2.5% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
	4% on new leases on years 1-5; 2% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
	$2 per square foot (spaces > 20,000 square feet)
	3% for renewals on years 1-5; 1.5% on remainder of term, max 10 yrs. (spaces < 5,000 square feet)
	2.5% for renewals on years 1-5; 1.25% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet)
	2% for renewals on years 1-5; 1% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet)
	$2 per square foot for renewals with a material amendment to the lease; 1$ if renewed without a material
	amendment (spaces > 20,000 sqaure feet)
	4% on new outparacesl/ground leases on years 1-5; 2% on remainder of term, max 10 years
	2% on renewal outparcels/ground leases on years 1-5; 1% on remainder of term, max 10 years
	6% of gross sales price < $500,000 (outparcel sales)
	5% of gross sales price $500,000 - $1,000,000 (outparcel sales)
	4% of gross sales prices ≥ $1,000,000 (outparcel sales)

Capital Structure (in millions)


JDN	$	11.5
PICA		103.2

Total Capital	$	114.7

Debt	$	11.1

Total Debt & Equity	$	125.8

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	DDRA Community Centers Five, L.P.
Date Formed:	September, 1998; DDRA CC Seven, L.P. merged July, 2005
Property Name/Location:	The joint venture consists of the following six properties:

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

Major Tenants:	AMC Theatre	Ethan Allen (not owned)		OfficeMax
	Ashley’s Furniture	Famous Footwear		Old Navy
	Babies ‘R Us	Gander Mountain		Petco
	Barnes & Noble	Haggan’s		Petsmart
	Bassett Furniture	JoAnn, Etc.		Pier 1 Imports
	Bed Bath & Beyond	Kohl’s Department		Ross Dress for Less
	Best Buy	Linens ‘N Things		Staples
	Byerly’s	Mac Frugal’s		Stein Mart
	Circuit City	Mervyns (not owned)		Target (not owned)
	Comp USA	Michael’s		TJ Maxx
	Cub Foods (not owned)	Nordstrom Rack (not owned)		United Artists Theatre
	DSW Shoe Warehouse	Office Depot

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

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

Fees to DDR
Management Fee:	3.5% of gross retail income
Development Fee:	5.0% of total costs for all improvements
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	(32.3	)
DRA Advisors		(32.3	)

Total Capital (1)	$	(64.6	)

Payable to DDR	$	0.1

Debt	$	298.0

Total Debt & Equity	$	233.5

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		DDRA Kildeer LLC
Date Formed:		March 28, 2002
Property Name/Location:		The Shops at Kildeer — Kildeer, IL

Major Tenants:		Bed, Bath & Beyond
		Circuit City
		Cost Plus
		Old Navy
Partnership Structure
Equity Contribution:		10% — DDR
		90% — DRA Advisors

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

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

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

Capital Structure (in millions)


DDR	$	0.9
DRA Advisors		8.5

Total Capital	$	9.4

Debt	$	19.5

Total Debt & Equity	$	28.9

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Sun Center Limited
Date Formed:		February, 1998
Property Name/Location:		Sun Center — Columbus, OH

Major Tenants:		Ashley Furniture Homestore
		Babies ‘R Us
		Michael’s
		Staples
		Stein Mart
		Whole Food Markets

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

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

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

Capital Structure (in millions)


DDR	$	0.0
Casto Properties		0.0

Total Capital (1)	$	0.0

Debt	$	20.4

Total Debt & Equity	$	20.4

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		KLA/SM L.L.C.
Date Formed:		March 2002
Property Name/Location:		The Joint Venture consists of 52 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc. In total, these properties are located in 24 states across the United States.

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

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

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

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

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

Capital Structure (in millions)


DDR	$	9.5
Klaff		4.7
Lubert-Adler		23.6
Random Properties Acquisition Corp. I		0.6
Total Capital	$	38.4

Payable to DDR	$	90.6	(1)

Debt	$	28.8

Total Debt & Equity	$	157.8

(1) Includes mortgage note to DDR for $90.5 million.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Jefferson County Plaza LLC
Date Formed:		July 1999
Property Name/Location:		Arnold, MO

Major Tenants:		Deal$
		Home Depot (not owned)
		Sally Beauty Supply
		Shoe Carnival
		Target (not owned)

Partnership Structure
Equity Contribution:		50% — DDR
		50% — The Sansone Group (50% owned by DDR)

Cash Flow Distribution:		50% — DDR
		50% — The Sansone Group

Fees to DDR
Management Fee:		1.5% of gross rental income
Development Fee:		NA
Leasing Fees:		2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals

Capital Structure (in millions)


DDRC	$	(0.27	)
The Sansone Group		(0.27	)

Total Capital (1)	$	(0.5	)

Payable to DDR	$	3.1

Debt	$	3.7

Total Debt & Equity	$	6.3

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		DDR/1st Carolina Apex Phase IV LLC
Date Formed:		November 2004
Property Name/Location:		Beaver Creek Crossings — Phase II, Apex, NC

Major Tenants:		Retail tenants to be announced

Partnership Structure
Equity Contribution:		80% — 1st Carolina Holdings, LLC
		20% — DDR

Cash Flow
Distribution:		80% — 1st Carolina Holdings, LLC
		20% — DDR

Fees to DDR
Management Fee:		4% of gross income
Development Fee:		1% of the project cost
Leasing Fees:		6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet)
		5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 10,000 square feet)
		4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot (spaces > 20,000 square feet)
		4% on new leases on years 1-5, 2% on years 6-10 (ground lease)
		3% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet)
		2.5% for renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 — 10,000 square feet)
		2% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 20,000 square feet)
		$2 per square foot for renewals (spaces > 20,000 square feet)
		2% on years 1-5, 1% on years 6-10 (ground lease renewals)
		5% of termination fees collected from tenants
		6% of gross sales price ≤ $500,000 (outparcel sales)
		5% of gross sales price $500,001 — $1,000,000 (outparcel sales)
		4% of Gross Sales Price $1,000,000 or over (Outparcel Sales)
Tenant Coordination Fee:		5% of the project cost

Capital Structure (in millions)


1st Carolina	$	—
DDR	$	0.2

Total Capital	$	0.2

Payable to DDR	$	14.8

Debt	$	—

Total Debt & Equity	$	15.0

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

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

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

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

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual internal rate of return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest.

Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	5.5% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	10.1
Markaz		40.2

Total Capital	$	50.3

Payable to DDR	$	0.8

Debt	$	110.0

Total Debt & Equity	$	161.1

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	DDR Markaz II LLC (Kuwaiti Financial Centre II)
Date Formed:	November 2004
Property Name/Location:	The joint venture consists of the following thirteen properties:

	Culver Ridge Plaza — Irondequoit, NY	Oxford Place — Oxford, MS
	Tops Plaza — LeRoy, NY	Midway Plaza — Loganville, GA
	Tops Plaza — Jamestown, NY	Chillicothe Place — Chillicothe, OH * excluding Lowe’s
	Tops Plaza — Ontario, NY	Northcreek Commons — Goodlettsville, TN
	Tops Plaza Union — Cheektowaga, NY	Panorama Plaza — Rochester, NY
	Tops Plaza — Warsaw, NY	Crossroads Centre — Orchard Park, NY
	Tops Plaza Robinson — Amherst, NY

Major Tenants:	AJ Wright	Lowe’s (not owned)
	Blockbuster Video	Office Max
	Dollar Tree	Regal Cinemas
	Factory Card Outlet	Stein Mart
	Kroger	Tops Markets
	Linens ‘N Things

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

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

Promote (current):	(i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 11.5% annual internal rate of return, and (ii) 50% to DDR and 50% to DDR and Markaz in proportion to their equity interest.

Fees to DDR
Property Management Fee:	4.0% of revenues
Development Fee:	5.0% of total costs for all improvements
Asset Management Fee:	6.25% of net operating income
Leasing Fees (without co-broker):	6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
	5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
	$2.00 per square foot (spaces > 20,000 square feet)
	4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases)
	Renewals earn 50% of fees on new leases
Commission on Outparcel Sales:	6.0% of gross sales price up to $500,000
	5.0% of gross sales price $500,000 - $1,000,000
	4.0% of gross sales price over $1,000,000

Capital Structure (in millions)


DDR	$	10.1
Markaz		40.4

Total Capital	$	50.5

Receivable from DDR	$	(0.8	)

Payable to DDR	$	0.3

Debt	$	150.5

Total Debt & Equity	$	200.5

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Ward Parkway LLC
Date Formed:	June 2003
Property Name/Location:	Ward Parkway — Kansas City, MO

Major Tenants:	Target (not owned)	Old Navy
	Dillards	Off Broadway Shoes
	Pier One Imports	24 Hour Fitness
	TJ Maxx	Dick’s Sporting Goods
	AMC Theatre	Petsmart

Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR

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

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

Capital Structure (in millions)


Coventry II Fund	$	17.6
DDR		4.4

Total Capital	$	22.0

Debt	$	36.0

Total Debt & Equity	$	58.0

* Coventry II Fund:

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

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	Denny’s Pet World
	Trader Joe’s	CompUSA
	Big 5 Sporting Goods	Famous Footwear
	Totem Lake Theater	Ross Dress For Less
	Rite Aid

Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR

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

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

Capital Structure (in millions)


Coventry II Fund	$	9.6
DDR		2.5

Total Capital	$	12.1

Debt	$	26.0

Total Debt & Equity	$	38.1

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Phoenix Spectrum LLC
Date Formed:		March 2004
Property Name/Location:		Spectrum Mall — Phoenix, AZ

Major Tenants:		Wal-Mart
		Costco
		Ross Dress For Less
		PetsMart
		Walgreens
		Harkins Theater
		Famous Footwear
		Big 5 Sporting Goods

Partnership Structure
Equity Contribution:		80% — Coventry II Fund
		20% — DDR

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

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

Capital Structure (in millions)


Coventry II Fund	$	20.0
DDR		5.0

Total Capital	$	25.0

Debt	$	40.0

Total Debt & Equity	$	65.0

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

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 (not owned)
		Ross
		Petsmart
		Sportsman’s Warehouse
		Office Depot

Partnership Structure
DDR DB 151 Ventures LP

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

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

Coventry II DDR Westover LLC

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

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

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

Capital Structure (in millions)


Coventry II Fund	$	6.3
DDR		1.6

Total Capital	$	7.9

Debt	$	16.9

Total Debt & Equity	$	24.8

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

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Buena Park LLC
Date Formed:	November 2004
Property Name/Location:	Buena Park Mall — Buena Park, CA

Major Tenants:	Ross Dress For Less	Circuit City
	PetsMart	Office Depot
	Kohl’s	Walmart
	Bed Bath & Beyond	Sears
	Michael’s	Steve & Barry’s University
	DSW Shoe Warehouse	Tower Records
	Krikorian Premier Theater

Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR

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

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

Capital Structure (in millions)


Coventry II Fund	$	24.2
DDR		6.0

Total Capital	$	30.2

Debt	$	61.0

Total Debt & Equity	$	91.2

* Coventry II Fund:

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Merriam Village LLC
Date Formed:		March 2005
Property Name/Location:		Merriam Village - Merriam, Kansas

Major Tenants:		To be announced

Partnership Structure
Equity Contribution:		80% — Coventry II Fund
		20% — DDR

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

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

Capital Structure (in millions)


Coventry II Fund	$	0.2
DDR		0.80

Total Capital	$	1.0

Debt	$	18.5

Total Debt & Equity	$	19.5

* Coventry II Fund:

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Tri County LLC
Date Formed:	May 2006
Property Name/Location:	Tri County Mall — Cincinnati, OH

Major Tenants:	Dillard’s	Macy’s (Not Owned)
	Abercrombie & Fitch	Sears
	Limited	Lerner New York
	Victoria’s Secret	Ann Taylor Loft

Partnership Structure
Thor Gallery at Tri County, LLC

Ownership Percentage:	.5% — Thor MM Gallery at Tri County, LLC
	9.5% — Thor Gallery at Tri County Mezz, LLC
	90.0% — Coventry II DDR Tri County LLC

Equity Contribution:	.5% — Thor MM Gallery at Tri County, LLC
	9.5% — Thor Gallery at Tri County Mezz, LLC
	90.0% — Coventry II DDR Tri County LLC
Coventry II DDR Tri County LLC

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

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

Fees to DDR
Management Fee:	The Greater of $650,000 or 2.5% of Gross Income
Development/Leasing Fee:	$500,000

Capital Structure (in millions)


Coventry II Fund	$	1.5
DDR		0.4

Total Capital	$	1.9

Debt	$	170.0

Total Debt & Equity	$	171.9

* Coventry II Fund:

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	Coventry II DDR Fairplain LLC
Date Formed:	May 2006
Property Name/Location:	Fairplain Plaza — Benton Harbor, MI

Major Tenants:	Target (not owned)	Pier One Imports
	TJ Maxx	Dunham’s Sports
	Office Depot	Old Navy
	Dollar Tree	Rite Aid

Partnership Structure
Equity Contribution:	80% — Coventry II Fund
	20% — DDR

Cash Flow Distribution:	80% — Coventry II Fund
	20% — DDR

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

Capital Structure (in millions)


Coventry II Fund	$	2.10
DDR		0.50

Total Capital	$	2.60

Debt	$	—

Total Debt & Equity	$	2.60

* Coventry II Fund:

Developers Diversified Realty
Quarterly Financial Supplemental
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:		Coventry II DDR Montgomery Farm LLC
Date Formed:		May, 2006
Property Name/Location:		Montgomery Farm — Allen, TX


Major Tenants:		To be Announced

Partnership Structure
Coventry II DDR/Trademark Montgomery Farm L.P.


Equity Contribution:		50% — Trademark Montgomery Farm L.P
		50% — Coventry II DDR Montgomery Farm LLC

Cash Flow Distribution:		50% — Trademark Montgomery Farm L.P
		50% — Coventry II DDR Montgomery Farm LLC

Coventry II DDR Montgomery Farm LLC


Equity Contribution:		80% — Coventry II Fund
		20% — DDR
Cash Flow Distribution:		80% — Coventry II Fund
		20% — DDR


Fees to DDR
Management Fee:		2% of gross income
Development Fee:		1% of all hard and soft costs
Lease Review Fee:		$1 per square foot

Capital Structure (in millions)


Coventry II Fund	$	—
DDR		—

Total Capital	$	—

Debt	$	—

Total Debt & Equity	$	—

* Coventry II Fund:

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.)
Date Formed:	November 2003
Property Name/Location:	The joint venture consists of the following 48 properties:

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


Major Tenants:		Dick’s Sporting Goods
	A.C. Moore	DSW Shoe Warehouse/Filene’s	PetSmart
	AMC Theatres/GeneralCinema	Basement	Pier 1 Imports
	Barnes & Noble Superstores	Famous Footwear	Publix Supermarkets
	Bed Bath & Beyond	Hallmark	Regal Cinemas
	Best Buy	Home Depot	Ross Dress for Less
	BJ’s Wholesale Club	Jo-Ann Stores	Safeway
	Blockbuster	Kohl’s	Sports Authority
	Bobs	Linens ‘N Things	Stein Mart
	Borders Books	Lowe’s	Supervalue, Inc.
	Catherine’s/Fashion Bug/Lane Bryant	Michael’s	TJX Companies
	Cinemark Theatres	Office Depot	Toys “R” Us/Babies “R” U s
	Circuit City	OfficeMax	United Artists Theatre
	Comp USA	Old Navy (Gap, Inc.)	Wal-Mart/Sam’s Club
	Cost Plus World Market	Party City


Partnership Structure
Equity Contribution:	14.80% — DDR	Cash Flow Distribution: Variable^*
	0.60% — Macquarie Bank Limited (“MBL”)
	84.60% — Macquarie DDR Trust (“MDT”)

Promote:	Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee.

Joint Venture Partenership Summaries 4.2


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

Capital Structure (in millions)


DDR	$	100.4
MBL		4.1
MDT		574.1

Total Capital	$	678.6

Payable to DDR, net	$	0.2

Debt	$	1,026.0

Total Debt & Equity	$	1,704.8

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

Joint Venture Partenership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	DDR MDT PS LLC
Date Formed:	June 2006
Property Name/Location:	The joint venture consists of the following 7 properties:

	The Shops at Turner Hill – Lithonia, GA	McKinney, TX – McKinney, TX
	Turner Hill Marketplace – Lithonia, GA	The Marketplace at Towne Center – Mesquite, TX
	Flatacres Marketcenter – Parker, CO	Overland Pointe Marketplace – Overland Park, KS
	Frisco Marketplace – Frisco, TX


Major Tenants:	Babies R Us	Linens ‘N Things
	Bed Bath & Beyond	Michael’s
	Famous Footwear	Pier 1 Imports
	Gart Sports	Ross Dress for Less
	Golf Galaxy	Toys R Us
	Kohl’s


Partnership Structure
Equity Contribution:		Peferred:
		100% — MDT (entitled to a 9% return)

		Common:
		Senior 85.5% — MDT (entitled to a 10% return)
		Subordinate 14.5% — DDR (entitled to a 10% return)

Cash Flow Distribution:		Variable*

Promote:		DDR is entitled to a 20% promote and 14.5% of the remaining 80% that is allocated to all members in proportion to their ownership interests once all cash flow distributions discussed above are achieved.


Fees to DDR
Property Management Fee:		4.0% of gross revenues
Development Fee:		5.0% of total costs for all improvements
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 – 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 – 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (outparcels and ground leases)
		Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of 20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term of a lease or $1.00 per square foot where there is no amendment to a material term of the lease.
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price $500,000 — $1,000,000
		4.0% of gross sales price $1,000,000 or over
Acquisition Fees:		Up to 1.0% of the purchase price for third party assets
Disposition Fee:		Market rate not to exceed 1% of the sale price of the property to a third party
Debt Placement Fee:		12.5bps of the borrowings raised
Structuring & Advising Fee:		25bps of purchase price
Due Diligence Fee:		25bps of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:		5.0% of the cost of capital improvements
Maintenance Service Fee:		Based on time spent at the properties by DDR personnel

Capital Structure (in millions)


DDR	$	3.5		**
MDT – preferred		12.2
MDT – senior		20.8

Total Capital	$	36.5

Receivable from DDR, net	$	(3.0	)	(primarily master lease receivable)

Debt	$	86.0

Total Debt & Equity	$	119.5

^*(i) DDR and MBL receive a Base Fee as part of their distributions. The Base Fee is a percentage (0.45%) of the fair market value of the properties held by DDR MDT PS LLC plus the book value of certain other assets held by DDR MDT PS LLC. The prorata share of distributions made to MDT is reduced by the Base Fee. As such, the distribution percentages as well as the dollar amount of the distribution vary depending on the amount of the Base Fee. After distribution of Base Fee (ii) to MDT in an amount equal to their 9% preferred return on $12.2 million, (iii) to MDT in an amount equal to their 10% senior return on $20.8 million, (iv) to DDR in an amount equal to their 10% subordinate return on $3.5 million, (v) 20% of remaining funds to DDR with 14.5% to DDR and 85.5% to MDT of remaining 80%.

^**Due to subordination of returns, investment balance on DDR accounts is at $0.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Investment Summary


Joint Venture Name:	*	DDR MDT MV LLC
Date Formed:		September 2005
Property Name/Location:		The joint venture consists of 37 fee simple, leasehold and groundlease interests.
		The properties are located in California, Arizona, Nevada and Texas.

Partnership Structure
Equity Contribution:		50.0225% — DDR	Cash Flow Distribution: Variable (1)
		49.9775% — Macquarie DDR Trust (“MDT”)

Promote:		Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee.

Fees to DDR
Property Management Fee:		4.0% of gross revenues
Development Fee:		5.0% of total costs for all improvements
Leasing Fees (without co-broker):		6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet)
		5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet)
		$2.00 per square foot (spaces > 20,000 square feet)
		4.0% on new leases on years 1-5; 2.0% on years 6-10 (outparcels and ground leases)
		Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of 20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term of a lease or $1.00 per square foot where there is no amendment to a material term of the lease.
Commission on Outparcel Sales:		6.0% of gross sales price up to $500,000
		5.0% of gross sales price $500,000 - $1,000,000
		4.0% of gross sales price $1,000,000 or over
Acquistion Fee		Up to 1.0% of the purchase price for third party assets
Debt Placement Fee		12.5bp of the borrowings raised
Structuring & Advisory Fee		25bp of Purchase Price
Disposition Fee:		Market rate not to exceed 1% of the sale price of the property to a third party
Due Diligence Fee:		12.5bp of MDT’s interest in the purchase price of the acquisition
Construction Management Fee:		5.0% of the cost of capital improvements

Capital Structure (in millions)


DDR	$	79.0
MDT		79.0
MBL		—

Total Capital	$	158.0

Payable to DDR	$	0.1

Debt	$	258.5

Total Debt & Equity	$	416.6

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

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

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

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	$	4.4
Churchill Family Trust		2.2

Total Capital	$	6.6

Debt	$	16.9

Total Debt & Equity	$	23.5

*The joint venture was consolidated into DDR in accordance with EITF 04-05.

Joint Venture Partnership Summaries 4.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Joint Venture Capital Transactions

Acquisitions, Dispositions, Developments & Expansions
for the Six Month Period Ended June 30, 2006


	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2004			2003			2002
Acquisitions/Transfers	$	366.1	(1)	$	350.0	(4)	$	1,147.0	(6)	$	1,221.7	(8)	$	53.0
Completed Expansions		0.0			9.3			10.3			9.7			9.0
Developments & Construction in Progress		18.7			87.5			38.9			120.1			48.6
Tenant Improvements & Building Renovations (2)		4.3			6.8			0.6			0.6			1.6
Other Real Estate Investments		0.0			0.0			0.0			0.0			241.6	(10)

	$	389.1		$	453.6		$	1,196.8		$	1,352.1		$	353.8
Less: Real Estate Sales and Dispositions	$	(198.6	)(3)	$	(148.8	)(5)	$	(306.7	)(7)	$	(781.5	)(9)	$	(441.2	)(11)


Joint Venture Totals (Millions)	$	190.5		$	304.8		$	890.1		$	570.6		$	(87.4	)

(1)		Includes DPG’s acquisition of an outparcel and a basis adjustment to the previous Macquarie DDR Trust acquisition.

(2)		The Company estimates recurring capital expenditures, including tenant improvements, of $8 million associated with its joint venture portfolio during 2006.

(3)		In addition to asset sales, the balance includes the transfer to DDR of four assets located in Pasadena, CA, Phoenix, AZ (two properties) and Salisbury, MD that had an aggregate cost of $170.8 million.

(4)		In addition to the Macquarie acquisition there was a basis adjustment to the DPG Realty Holdings and DDR Markaz II LLC acquisitions.

(5)		In addition to asset sales which had an aggregate cost of $111.1 million, this balance includes the transfer to DDR of the Dublin, Ohio shopping center which had an aggregate cost of $30 million and the sale of five outparcels at Plaza at Puente Hills, which were owned by RVIP VII.

(6)		Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 and $201.6, respectively, MDT’s acquisition of an additional $619.5 million of assets, plus the acquisition of the Poag & McEwen’s interest and David Berndt’s interest in RVIP IIIB and RVIP VIII, respectively, for $14.9 million, the purchase of a fee interest in several assets in the Service Merchandise portfolio for $5.2 million and a $3.0 million earnout for an outparcel in Kildeer, IL.

(7)		In addition to asset sales which had an aggregate cost of $141.7, this balance includes the transfer to DDR of the Littleton, CO and Merriam, KS shopping centers which had an aggregate cost of $107.3 million, $51.2 million of adjustments due to GAAP presentation including FIN 46 and a $6.5 million write-off for the demolition of a portion of an asset in Lancaster, CA.

(8)		Balance includes the formation of Macquarie DDR Trust and DDR Markaz aggregating $735.9 and $169.3, respectively, plus several new joint ventures with assets aggregating $228.8 million and the consolidation of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO which aggregated $87.7 million.

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

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

(11)		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.

Summary of Joint Venture Captial Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Acquisitions
for the Six Month Period Ended June 30, 2006


							DDR’s			Joint
			Cost		Acquisition		Ownership			Venture
Property Location	GLA		(Millions)		Date		Percentage			Partner
Monaca, PA		46,470	$	10.2		03-23-06		14.50	%	Macquarie Bank Limited
Birmingham, AL		21,774	$	4.4		03-23-06		14.50	%	Macquarie Bank Limited
Frisco, TX		107,543	$	10.0		06-07-06		14.50	%	Macquarie Bank Limited
McKinney, TX		118,967	$	18.0		06-07-06		14.50	%	Macquarie Bank Limited
Parker, CO		132,999	$	23.9		06-07-06		14.50	%	Macquarie Bank Limited
Mesquite, TX		178,925	$	32.2		06-07-06		14.50	%	Macquarie Bank Limited
Overland Park, KS		83,047	$	11.7		06-07-06		14.50	%	Macquarie Bank Limited
Lithonia, GA		157,175	$	21.9		06-07-06		14.50	%	Macquarie Bank Limited
Benton Harbor, MI		222,739	$	26.9		05-18-06		20.00	%	Coventry II
Allen, TX		**	$	10.9		05-17-06		10.00	%	Coventry II
Cincinnati, OH		1,336,157	$	194.4		05-04-06		18.00	%	Coventry II


Total		2,405,796	$	364.5


** Acquired 34 acres of land for the construction of a 429,873 square foot shopping Center

Joint Venture Dispositions
for the Six Month Period Ended June 30, 2006

			Gross Sale				DDR’s			Joint
			Proceeds				Ownership			Venture
Property Location	GLA		(Millions)		Sale Date		Percentage			Partner
Service Merchandise location		51,933	$	3.2		02-15-06		25.00	%	Various
Shawnee, KS		174,843	$	11.7		05-15-06		24.75	%	Prudential and Coventry Partners
Olathe, KS		48,802	$	3.1		05-15-06		24.75	%	Prudential and Coventry Partners
Kansas City, MO		208,234	$	5.2		05-15-06		24.75	%	Prudential and Coventry Partners


Total		483,812	$	23.2

Summary of Joint Venture Captial Transactions 5.1

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Joint Venture Expansion and Redevelopment Projects
for the Six Month Period Ended June 30, 2006


	DDR’s			Joint
	Ownership			Venture
	Percentage			Partner	Description
*Projects in Progress*


Phoenix, AZ		20.00	%	Coventry II	Relocation of several existing tenants to accommodate the relocation of Harkins Theatre, plus a new JC Penney as well as several new anchor tenants, junior anchors and other retail tenants to be announced.

Lancaster, CA		20.00	%	Prudential Real Estate Investors	Relocate existing Wal-Mart to the area previously occupied by 99 Cent Store (relocated), House to Home and Costco (which were demolished) for development of a Supercenter. Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates.

Benton Harbor, MI		20.00	%	Coventry II	Expansion of the existing shopping center to include an 89,000 square foot Kohl’s and additional retail tenants to be announced.

Kansas City, MO		20.00	%	Coventry II	Relocation of several small shop tenants in the shopping center to accommodate PetsMart (opened 7/05), Old Navy (opened 9/05) and additional mid-size anchors and other retail tenants to be announced.

Cincinnati, OH		18.00	%	Coventry II/ Thor Equities	Major redevelopment of the former JC Penney store to include several new retail tenants and restaurants to be announced.


Total Cost (Millions)	$	82.8


*Projects to Commence*

Deer Park, IL		24.75	%	Prudential Real Estate Investors	Approximately eight acres of land to be developed. Crème de la Crème has executed Purchase and Sale Agreement for 3.25 acres.

Kirkland, WA		20.00	%	Coventry II	Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, a theater, small shops and restaurants to be announced.

Joint Venture Expansions and Redevelopment 5.2

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Joint Venture Development Projects
for the Six Month Period Ended June 30, 2006


										DDR’s
				DDR’s			Joint	Total		Proportionate		Substantial
	Total			Ownership			Venture	Cost		Cost		Completion
	GLA			Percentage			Partner	(Millions)		(Millions)		Date		Major Tenants
Projects Substantially Complete


San Antonio, TX (Westover)		665,229	(1)		10.0	%	David Berndt Interests & Coventry II	$	35.0	$	3.5		2005 & 2006	Lowe’s (opened in 2003), Target, Ross Dress for Less, and Sportsman Warehouse (opened 3rd quarter 2005), Office Depot, PetsMart, Rack Room Shoes, Mattress Pro, Quizno’s, Radio Shack, and Sports Clips (opened 4th quarter 2005). The final phase of the development will include other retail tenants to be announced.

Projects in Progress


Apex, NC (Beaver Creek Crossings-Phase II)		245,514			20.0	%	First Carolina Properties	$	39.9	$	8.0		2007	To be announced.

Merriam Village, KS		273,487			20.0	%	Coventry II(2)	$	42.3	$	8.5		2007	To be announced.

Allen, TX		429,873			10.0	%	Coventry II/Trademark Property Company	$	93.3	$	9.3		2008	To be announced.

Joint Venture Development Totals		1,614,103						$	210.5	$	29.3

Notes:

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

(2)		Net Project Cost increase from 4th quarter 2005 due to the replacement of an anchor ground lease with build to suit retail space.

Joint Venture Developments 5.2

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Joint Venture Debt

as of June 30, 2006

Mortgage

Property/Entity

Balance (000’s)

Maturity Date

Interest Rate

RVIP III B

Deer Park, IL

56,520

07/06

Libor + 150

RVIP VI

Overland Park, KS

2,972

11/07

7.790

RVIP VII

72,120

(1)

04/07

Libor + 140

1,927

(1)

07/07

8.375

RVIP VIII

23,356

01/09

Libor + 100

DPG Realty Holdings, LLC

Tonawanda, NY

5,946

05/17

7.630

Tonawanda, NY

5,139

06/21

7.660

DDRA Community Centers Five

18,000

(2)

07/07

Libor + 200

280,000

(2)

08/10

5.295

DDRA Kildeer LLC

4,500

08/07

Libor + 180

Kildeer, IL

15,000

08/07

5.640

Lennox Town Center Limited

Columbus, OH

17,821

07/22

8.110

Sun Center Limited

6,133

05/11

5.420

Columbus, OH

14,223

04/11

8.480

DOTRS LLC

Macedonia, OH

10,050

09/06

Libor +100

KLA/SM LLC

12,376

11/13

6.256

16,435

10/13

6.365

Jefferson County Plaza, LLC

Arnold, MO

3,749

08/08

Libor + 175

DDR Markaz

110,000

(3)

06/08

4.129

DDR Markaz II

150,480

(4)

11/14

5.147

Coventry II DDR Ward Parkway

36,000

08/06

Libor + 240

Coventry II DDR Totem Lakes

26,000

07/07

Libor + 215

Coventry II DDR Phoenix Spectrum

40,000

01/09

Libor + 70

Coventry II DDR Westover Marketplace

16,886

07/07

Libor + 195

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Joint Venture Debt

as of June 30, 2006 (continued)


		Mortgage
Property/Entity		Balance (000’s)			Maturity Date	Interest Rate
Coventry II DDR Buena Park	V		61,000		03/10	Libor + 115

Coventry II DDR Merriam Village	V		18,506		06/08	Libor + 150

Coventry II DDR Tri County	F	$	158,000		02/15		5.655
	F	$	12,000		02/15		10.304

DDR MDT PS, LLC	F		86,000	(5)	07/13		6.004

DDR Macquarie (6)
$125 Million Revolving Credit Facility	V		72,325	(7)	11/07	Libor + 100
JPMorgan Chase	F		9,100	(7)	11/07		4.913

Secured Financing	F		290,500	(8)	12/08		4.225
	V		50,000	(8)	12/08	Libor + 130
	F		165,250	(9)	06/09		4.180
	F		20,000	(9)	06/07		4.800
	V		29,750	(9)	06/07	Libor + 84

BJ’s Clarence	F		4,791		03/22		7.070
JoAnn Transit	F		3,107		08/13		6.250
New Hartford Consumer Square	F		35,317		11/18		5.750
Birmingham, AL (Riverchase)	F		7,819		01/13		5.500
Merriam Town Center	V		30,000		11/06	Libor + 110

DDR Macquarie Longhorn Holdings	F		85,000	(10)	01/12		4.910

DDR Macquarie Longhorn Holdings II	F		157,250	(11)	04/10		4.822
	V		26,450	(11)	04/10	Libor + 85

DDR Macquarie Longhorn Holdings III	F		39,300	(12)	04/10		5.098

		$	2,307,096

Notes:


(1) Encumbers three shopping center properties located in California and Washington.

(2) Encumbers six shopping center properties as follows:
	Ahwatukee, AZ	Maple Grove, MN	Eagan, MN
	Phoenix, AZ	Portland, OR	Fort Worth, TX

(3) Encumbers seven shopping center properties as follows:
	Oviedo, FL	Tampa, FL	Grove City, OH
	Richmond, CA	Highland, IN	Toledo, OH
	Winchester, VA

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006


Notes (con’t):
(4) Encumbers thirteen shopping center properties as follows:
	Orchard Park, NY	Warsaw, NY		Chillicothe, OH
	Rochester, NY	Leroy, NY		Loganville, GA
	Cheektowaga, NY	Jamestown, NY		Oxford, MS
	Amherst, NY	Ontario, NY		Goodlettsville, TN
	Irondequoit, NY

(5) Encumbers seven shopping center properties as follows:
	Shops at Turner Hill (Lithonia, GA)		McKinney Marketplace (McKinney, TX)
	Turner Hill Marketplace (Lithonia, GA)		Marketplace at Town Center (Mesquite, TX)
	Flatacres Marketcenter (Parker, CO)		Frisco Marketplace (Frisco, TX)
	Overland Pointe Marketplace (Overland Park, KS)

(6) The company’s 50% joint venture associated with the Mervyns Portfolio acquisition is not reflected below as it is consolidated within DDR’s accounts pursuant to FIN 46.

(7) Encumbers three shopping center properties as follows:
	Canton, OH	St. Paul, MN		North Olmsted, OH

(8) Encumbers seven shopping center properties as follows:
	Independence, MO	Framingham, MA		Fairfax, VA
	Schaumburg, IL	Atlanta, GA		Naples, FL
	Marietta, GA

(9) Encumbers ten shopping center properties as follows:
	Clarence, NY	Monaca, PA		Nashville, TN
	Cheektowaga, NY	Erie, PA		Coon Rapids, MN
	Batavia, NY	Murfreesboro, TN		Ashville, NC
	Fayetteville, AR

(10) Encumbers four shopping center properties as follows:
	Pioneer Hills (Aurora, CO)	Harbison Court (Columbia, SC)
	MacArthur Marketplace (Irving, TX)	Lakepointe Crossing (Lewisville, TX)

(11) Encumbers eight shopping center properties as follows:
	Plainville Commons (Plainville, CT)	Cool Springs Pointe (Brentwood, TN)
	Riverdale Village (Coon Rapids, MN)	Shoppers World of Brookfield (Brookfield, WI)
	Brandon Village (Brandon, FL)	Brown Deer Center (Brown Deer, WI)
	Brandon Plaza (Brandon, FL)	Brown Deer Marketplace (Brown Deer, WI)

(12) Encumbers three shopping center properties as follows:
	Grandville Marketplace (Grandville, MI)		Parker Pavilions (Parker, CO)
	McDonough Marketplace (McDonough, GA)

Summary of Joint Venture Debt 5.3

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Pro Rata Joint Venture Debt
as of June 30, 2006


	DDR’s			DDR’s
	Pro Rata			Pro Rata		Interest
Joint Venture	Interest			Debt (000’s)		Rate (1)
RVIP III B		25.50	%	$	14,413		6.834
RVIP VI		25.50	%		758		7.790
RVIP VII		20.75	%		15,365		6.777
RVIP VIII		25.50	%		5,956		6.334
DPG Realty Holdings, LLC		10.00	%		1,109		7.644
DDRA Comm Ctr Five		50.00	%		149,000		5.418
DDRA Kildeer, LLC		10.00	%		1,950		5.984
Lennox Town Center		50.00	%		8,910		8.110
Sun Center		79.45	%		16,173		7.564
DOTRS LLC		50.00	%		5,025		6.334
KLA/SM LLC		24.63	%		7,096		6.318
Jefferson County Plaza		50.00	%		1,874		7.084
DDR Markaz		20.00	%		22,000		4.129
DDR Markaz II		20.00	%		30,096		5.147
Coventry II DDR Ward Parkway		20.00	%		7,200		7.734
Coventry II DDR Totem Lakes		20.00	%		5,200		7.484
Coventry II DDR Phoenix Spectrum		20.00	%		8,000		6.034
Coventry II DDR Westover Marketplace		10.00	%		1,689		7.284
Coventry II DDR Buena Park		20.00	%		12,200		6.484
Coventry II DDR Merriam Village		20.00	%		3,701		6.834
Coventry II DDR Tri County		18.00	%		30,600		5.983
DDR Macquarie (2) (3)		14.49	%		148,661		4.936

Total				$	496,976


Fixed Rate				$	377,088
Variable Rate				$	119,888

				$	496,976


Weighted Average — Total				4.13 years			5.5	%

Weighted Average — Fixed		1,711,885		5.01 years			5.1	%

Weighted Average — Floating		595,211		1.58 Years			6.7	%

Notes:

(1)		Interest rate on floating rate debt determined by using the LIBOR rate in effect on June 30, 2006. One-month LIBOR was 5.334% on June 30, 2006.

(2)		The company’s 50% joint venture associated with the Mervyns Portfolio acquisition is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46.

(3)		The company’s 14.49% of debt on DDR MDT PS, LLC is not reflected in this number as DDR’s position in this venture is completely subordinated with no corresponding assets reflected in the company’s financial results.

Summary of Pro Rata Joint Venture Debt 5.4

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2006

Summary of Joint Venture Mortgage Principal Payments
as of June 30, 2006
(000’s)



JOINT VENTURE	2006 Payments			2007 Payments		2008 Payments		2009 Payments		2010 Payments		2011 Payments		2012 Payments		2013 Payments		2014 Payments		2015 Payments		Thereafter		Total
RVIP III B (Deer Park)		56,520																							56,520
RVIP VI		54			2,949																				3,003
RVIP VII		106			73,993																				74,098
RVIP VIII									23,356																23,356
DDRA Community Centers Five					18,000						280,000														298,000
DDRA Kildeer, LLC (Kildeer, IL)					19,500																				19,500
Lennox Town Center Limited		540			585		635		688		746		809		877		950		1,031		1,117		10,109		18,085
Sun Center Limited
Principal Mutual Life Ins Co		480			523		569		619		674		11,594												14,459
W. Lyman Case & Co		88			93		98		104		110		5,684												6,177
DOTRS LLC
National City Bank		10,292																							10,292
KLA/SM LLC																	28,811								28,811
Jefferson County Plaza LLC							3,749																		3,749
DDR Markaz							110,000																		110,000
DDR Markaz II																			150,480						150,480
Coventry II DDR Ward Parkway		36,000																							36,000
Coventry II DDR Totem Lakes					26,000																				26,000
Coventry II DDR Phoenix Spectrum									40,000																40,000
Coventry II DDR Westover Marketplace					16,886																				16,886
Coventry II DDR Buena Park											61,000														61,000
Coventry II DDR Merriam Village							18,506																		18,506
Coventry II DDR Tri County																					170,000				170,000
Tonawanda, NY (Hollywood/Tops)		183			198		213		230		249		268		290		312		337		364		2,585		5,229
Tonawanda, NY (Tops/Gander Mtn.)		350			377		407		439		474		511		552		595		642		693		1,077		6,118
DDR Macquarie
$125M Revolver					81,425																				81,425
Secured Financing					49,750		340,500		165,250																555,500
BJ’s Clarence		166			178		191		205		220		236		253		272		292		313		2,546		4,872
JoAnn Transit		344			366		390		415		441		470		500		351								3,276
New Hartford Consumer Square		1,951			2,066		2,188		2,317		2,454		2,599		2,752		2,915		3,087		3,269		10,680		36,278
Birmingham, AL (Riverchase)		122			129		136		145		153		162		170		6,864								7,880
Merriam Town Center		30,000																							30,000
DDR Macquarie Longhorn Hldgs															85,000										85,000
DDR Macquarie Longhorn Hldgs II											183,700														183,700
DDR Macquarie Longhorn Hldgs III											39,300														39,300
DDR MDT Venice Holdings																	86,000								86,000
Payments through 6/30/06		(2,403	)																						(2,403	)


Total — Debt		134,793			293,018		477,580		233,767		569,520		22,332		90,393		127,071		155,869		175,757		26,996		2,307,096

Summary of Joint Venture Mortgage Principal Payments 5.5


		Run Date: 07/19/2006
		Time: 2:22:07PM
		Page 1 of 22
		Quarter: 2Q06

Retail Property List *



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

1 BIRMINGHAM, AL (BROOK)	BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH		35242	SC		1994/2003		1994		100.00	%		423,493		550,410		4,177,847	GOODY’S(2009), REGAL CINEMAS(2014), STEIN MART(2011), OFFICE MAX(2011), MICHAEL’S(2009), HOMEGOODS(2016), BOOKS-A-MILLION(2010 ), ROSS DRESS FOR LESS(2014), LOWES HOME CENTERS(NOT OWNED)

2 BIRMINGHAM, AL (EASTWOOD)	EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD		35210	SC		1989/1999		1995		100.00	%		301,074		454,904		1,449,735	OFFICE DEPOT(2007), DOLLAR TREE(2009), BURLINGTON COAT FACTORY(2008), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED)

3 BIRMINGHAM, AL (RIVERCHASE)	RIVERCHASE PROMENADE(I) MONTGOMERY HIGHWAY		35244	SC		1989		2002		14.50	%		119,790		228,098		1,645,934	MARSHALL’S(2008), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED)

4 GADSDEN, AL	EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD		35903	SC		1979/2004		2003		100.00	%		85,196		130,899		267,894	FRED’S(2009), FOOD WORLD(NOT OWNED)

5 OPELIKA, AL	PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP		36801	SC		1995		2003		100.00	%		190,127		190,127		939,680	LOWE’S(2012), GOODY’S(2010)

6 SCOTTSBORO, AL	SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY		35766	SC		1999		2003		100.00	%		40,560		223,750		453,816	GOODY’S(2011), WAL-MART(NOT OWNED)

Arizona

7 AHWATUKEE, AZ	FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD		85044	SC		1996/1997/1999		1997		50.00	%		647,904		686,435		9,976,964	JO-ANN STORES(2010), BEST BUY(2014), BASSETT FURNITURE(2010), AMC THEATRE(2021), ASHLEY FURNITURE HOMESTORE(2011), BARNES & NOBLE(2012), STEIN MART(2011), BABIES R US(2007), ROSS DRESS FOR LESS(2012), OFFICE MAX(2012)

8 CHANDLER, AZ	MERVYN’S PLAZA 2992 N. ALMA SCHOOL ROAD		85224	FO		1985		2005		50.00	%		74,862		74,862		660,000	MERVYN’S(2020)

9 MESA, AZ (SUPERS)	SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE		85206	FO		1990		2005		50.00	%		86,858		86,858		1,129,000	MERVYN’S(2020)

10 PHOENIX, AZ	PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS.		85028	SC		1997/2004		2003		67.00	%		223,208		296,118		4,246,801	BED BATH & BEYOND(2011), ROSS DRESS FOR LESS(2007), PETSMART(2015), STAPLES(2010), ALBERTSONS-OSCO DRUG(NOT OWNED)

11 PHOENIX, AZ (DEER VALLEY)	DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY		85027	SC		1996		1999		100.00	%		197,009		459,939		3,099,342	ROSS DRESS FOR LESS(2009), OFFICE MAX(2013), PETSMART(2014), MICHAEL’S(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)

12 PHOENIX, AZ (DV)	DEER VALLEY 4255 W. THUNDERBIRD ROAD		85053	FO		1979		2005		50.00	%		81,009		81,009		803,000	MERVYN’S(2020)

13 PHOENIX, AZ (PEORIA)	ARROWHEAD CROSSING 7553 WEST BELL ROAD		85382	SC		1995		1996		50.00	%		346,428		416,606		4,563,696	STAPLES(2009), COMPUSA(2013), MAC FRUGAL’S(2010), BARNES & NOBLE(2011), T.J.MAXX(2011), CIRCUIT CITY(2016), DSW SHOE WAREHOUSE(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS(2011), FRY’S(NOT OWNED)

14 PHOENIX, AZ (SILVER)	SILVER CREEK PLAZA 4710 E. RAY ROAD		85044	FO		1994		2005		50.00	%		76,214		76,214		839,000	MERVYN’S(2020)

15 PHOENIX, AZ (SPE)	PHOENIX SPECTRUM MALL 1641 WEST BETHANY HOME ROAD		85015	SC		1961		2004		20.00	%		395,129		849,760		5,217,148	COSTCO WHOLESALE(2020), ROSS DRESS FOR LESS(2013), PETSMART(2019), HARKINS THEATRE(2002), WALMART(NOT OWNED), DILLARD’S(NOT OWNED)

16 TUCSON, AZ	SANTA CRUZ PLAZA 3660 S. 16TH AVE		85713	FO		1982		2005		50.00	%		76,126		76,126		503,000	MERVYN’S(2020)

Arkansas

17 FAYETTEVILLE, AR	SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD		72703	SC		1997/1999/2000/2001		1997		14.50	%		262,827		590,161		3,031,774	T.J. MAXX(2011), BEST BUY(2017), GOODY’S(2013), OLD NAVY(2010), BED BATH & BEYOND(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED)

18 FAYETTEVILLE, AR (STEELE)	STEELE CROSSING 3533-3595 N. SHILOH DR		72703	SC		2003		2003		14.50	%		50,293		261,644		942,784	KOHL’S(NOT OWNED), TARGET(NOT OWNED)

19 N. LITTLE ROCK, AR	MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD		72117	SC		1991/2004		1994		100.00	%		295,013		295,013		1,857,900	BED BATH & BEYOND(2013), T.J. MAXX(2007), CINEMARK(2011), BURLINGTON COAT FACTORY(2014), MICHAEL’S(2014), SPORTS AUTHORITY(2013)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006
		Time: 2:22:07PM
		Page 2 of 22
		Quarter: 2Q06

Retail Property List *



					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
20 RUSSELLVILLE, AR	VALLEY PARK CENTRE 3093 EAST MAIN STREET		72801	SC		1992		1994		100.00	%		152,083		152,083		1,116,848	STAGE(2010), J.C. PENNEY(2012)

California

21 ANAHEIM, CA	ANAHEIM HILLS FESTIVAL CENTER 8100 E. SANTA ANA CANYON ROAD		92808	FO		1992		2005		50.00	%		77,883		77,883		1,276,000	MERVYN’S(2020)

22 ANTIOCH, CA	COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD		94509	FO		1970		2005		50.00	%		75,339		75,339		1,158,000	MERVYN’S(2020)

23 BUENA PARK, CA	BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK		90620	SC		1965		2004		20.00	%		697,742		1,105,405		8,903,491	CIRCUIT CITY(2018), DSW SHOE WAREHOUSE(2013), ROSS DRESS FOR LESS(2010), BED BATH & BEYOND(2011), STEVE & BARRY’S UNIVERSITY(2014), KOHL’S(2024), KRIKORIAN PREMIER THEATRES(2023), MICHAEL’S(2014), SEARS(NOT OWNED), WALMART(NOT OWNED)

24 BURBANK, CA	BURBANK TOWN CENTER 245 E. MAGNOLIA BLVD		91502	GL		1991		2005		50.00	%		89,182		89,182		1,593,000	MERVYN’S(2020)

25 CHINO, CA	CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA STREET		91710	FO		1986		2005		50.00	%		81,282		81,282		853,000	MERVYN’S(2020)

26 CLOVIS, CA	SIERRA VISTA MALL 1000 SHAW AVE		93612	GL		1988		2005		50.00	%		77,561		77,561		700,000	MERVYN’S(2020)

27 EL CAJON, CA	WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY		92020	GL		1989		2005		50.00	%		85,744		85,744		1,229,000	MERVYN’S(2020)

28 FAIRFIELD, CA	WESTFIELD SOLANO MALL 1451 GATEWAY BLVD		94533	FO		1981		2005		50.00	%		89,223		89,223		1,594,000	MERVYN’S(2020)

29 FOLSOM, CA	FOLSOM SQUARE 1010 E. BIDWELL STREET		95630	FO		2003		2005		50.00	%		79,080		79,080		1,132,000	MERVYN’S(2020)

30 FOOTHILL RANCH, CA	FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PKWY		92610	FO		1993		2005		50.00	%		77,934		77,934		1,030,000	MERVYN’S(2020)

31 GARDEN GROVE, CA	GARDEN GROVE CENTER 13092 HARBOR BLVD		92843	FO		1982		2005		50.00	%		83,746		83,746		738,000	MERVYN’S(2020)

32 LANCASTER, CA	VALLEY CENTRAL - DISCOUNT 44707-44765 VALLEY CENTRAL WAY		93536	SC		1990		2001		20.00	%		353,483		483,787		3,783,857	MARSHALL’S(2007), CIRCUIT CITY(2011), STAPLES(2008), CINEMARK MOVIES 12(2017), WAL-MART(2010), 99 CENTS ONLY(2014), COSTCO(NOT OWNED)

33 LOMPOC, CA	MISSION PLAZA 1600 N H STREET		93436	FO		1992		2005		50.00	%		62,523		62,523		344,000	MERVYN’S(2020)

34 LONG BEACH, CA (PIKE)	THE PIKE 95 SOUTH PINE AVE		90802	SC		2005		1 *		100.00	%		189,601		215,912		3,075,952	CINEMARK(2008), BORDERS(2016), CLUB V2O(2019)

35 MADERA, CA	MADERA 1467 COUNTRY CLUB DRIVE		93638	FO		1990		2005		50.00	%		59,720		59,720		197,000	MERVYN’S(2020)

36 NORTH FULLERTON, CA	NORTH FULLERTON 200 IMPERIAL HWY		92835	FO		1991		2005		50.00	%		76,360		76,360		757,000	MERVYN’S(2020)

37 NORTHRIDGE, CA	NORTHRIDGE PLAZA 8800 CORBIN AVE		91324	LH		1980		2005		50.00	%		75,455		75,455		532,000	MERVYN’S(2020)

38 OCEANSIDE, CA.	OCEAN PLACE CINEMAS 401-409 MISSION AVENUE		92054	SC		2000		1 *		100.00	%		80,450		80,450		1,230,838	REGAL CINEMAS(2014)

39 PALMDALE, CA	ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD		93551	FO		1992		2005		50.00	%		76,550		76,550		813,000	MERVYN’S(2020)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 3 of 22 Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
40 PASADENA, CA	PASEO COLORADO, 280 EAST COLORADO BLVD.		91101	LC		2001		2003		100.00	%		556,961		556,961		11,224,088	GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), DELMONICOS SEAFOOD(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011)

41 PLEASANT HILL, CA.	DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101		94523	SC		1999/2000		2001		20.00	%		345,930		345,930		6,494,077	ALBERTSON’S(2020), MICHAEL’S(2010), BORDERS(2015), CENTURY THEATRE(2016), BED BATH & BEYOND(2010), ROSS DRESS FOR LESS(2010)

42 PORTERVILLE, CA	PORTERVILLE MARKET PLACE 1275 W. HENDERSON AVE		93257	FO		1991		2005		50.00	%		76,378		76,378		505,000	MERVYN’S(2020)

43 REDDING, CA	SHASTA CENTER 1755 HILLTOP DRIVE		96002	FO		1984		2005		50.00	%		61,363		61,363		608,000	MERVYN’S(2020)

44 RICHMOND, CA (HILLTOP)	HILLTOP PLAZA 3401 BLUME DRIVE		94806	SC		1996/2000		2002		20.00	%		245,774		245,774		3,661,957	OFFICE MAX(2011), PETSMART(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE(2011), CIRCUIT CITY(2017), CENTURY THEATRE(2016)

45 SAN DIEGO, CA	SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD		92154	FO		1982		2005		50.00	%		75,207		75,207		994,000	MERVYN’S(2020)

46 SAN DIEGO, CA (COLLEGE)	COLLEGE GROVE SHOPPING CENTER 3450 COLLEGE AVE		92115	FO						50.00	%		73,872		73,872		846,576	MERVYN’S(2021)

47 SAN FRANCISCO, CA (RETAIL)	VAN NESS PLAZA 215 1000 VAN NESS AVENUE		94109	SC		1998		2002		100.00	%		123,755		123,755		3,796,758	AMC THEATRE(2030), CRUNCH FITNESS(2008)

48 SANTA MARIA, CA	TOWN CENTER WEST SHOPPING 201 TOWN CENTER W		93458	FO		1988		2005		50.00	%		84,886		84,886		748,000	MERVYN’S(2020)

49 SANTA ROSA, CA	SANTA ROSA PLAZA 600 SANTA ROSA PLAZA		95401	FO		1981		2005		50.00	%		90,348		90,348		1,497,000	MERVYN’S(2020)

50 SLATTEN RANCH, CA	SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY		94531	FO		2002		2005		50.00	%		78,819		78,819		1,302,000	MERVYN’S(2020)

51 SONORA, CA	SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD		95370	FO		1993		2005		50.00	%		62,214		62,214		719,000	MERVYN’S(2020)

52 TULARE, CA	ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET		93274	FO		1991		2005		50.00	%		62,947		62,947		555,000	MERVYN’S(2020)

53 UKIAH, CA	UKIAH 437 N. ORCHARD AVE		95482	FO		1990		2005		50.00	%		58,841		58,841		324,000	MERVYN’S(2020)

54 WEST COVINA, CA	WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DRIVE		91791	GL		1979		2005		50.00	%		82,028		82,028		1,515,000	MERVYN’S(2020)

Colorado

55 ALAMOSA, CO	ALAMOSA PLAZA 145 CRAFT DRIVE		81101	SC		1986		1/2 *		100.00	%		19,875		161,924		81,517	CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED)

56 AURORA, CO	PIONEER HILLS 5400-5820 SOUTH PARKER		80012	SC		2003		2003		14.50	%		127,215		479,541		2,431,308	BED BATH & BEYOND(2012), OFFICE DEPOT(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)
57 BROOMFIELD, CO	FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE		80021	SC		2001		2003		100.00	%		245,217		421,482		5,186,384	NORDSTROM RACK(2011), LINENS ‘N THINGS(2017), BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED)

58 DENVER, CO	AMARAC SQUARE 7777 E. HAMPDEN		80231	SC		1976		2001		100.00	%		174,780		196,580		1,850,572	REGENCY THEATRES TAMARAC SQ.(2008)

59 DENVER, CO (CENTENNIAL)	CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD		80223	SC		1997/2002		1997		100.00	%		408,337		529,488		6,774,970	GOLFSMITH GOLF CENTER(2012), SOUNDTRACK(2017), ROSS DRESS FOR LESS(2008), OFFICE MAX(2012), MICHAEL’S(2007), TOYS R US(2011), BORDERS(2017), LOEHMANN’S(2012), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED)


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



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 4 of 22 Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
60 DENVER, CO (UNIVERSITY)	UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD		80222	SC		1997		2003		100.00	%		244,383		244,383		4,066,062	LINENS ‘N THINGS(2013), PIER 1 IMPORTS(2014), OFFICE MAX(2012), KING SOOPERS(2017)

61 FORT COLLINS, CO	MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE.		80525	SC		2004		2003		100.00	%		18,988		316,420		422,229	WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED)

62 LITTLETON, CO	ASPEN GROVE 7301 SOUTH SANTA FE		80120	LC		2002		1 *		100.00	%		231,450		255,184		6,429,065	COLDWATER CREEK(2011), TALBOTS(2012),ANN TAYLOR(2012), J.CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J.JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022),POTTERY BARN(2014)

63 PARKER, CO (FLATACRES)	FLATACRES MARKETCENTER SOUTH PARKER ROAD		80134	SC		2003		2003		14.50	%		116,644		221,520		2,035,894	BED BATH & BEYOND(2014), GART SPORTS(2014), MICHAEL’S(2013), KOHL’S(NOT OWNED)

64 PARKER, CO (PAVILIONS)	PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD		80134	SC		2003		2003		14.50	%		89,631		410,868		1,686,656	OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED)

Connecticut

65 PLAINVILLE, CT	CONNECTICUT COMMONS I-84 & RTE 9		06062	SC		1999/2001		1 *		14.50	%		463,394		566,537		6,023,609	LOWE’S(2019), KOHL’S(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY(2011), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED)

Florida

66 BAYONET POINT, FL	POINT PLAZA US 19 & SR 52		34667	SC		1985/2003		1/2 *		100.00	%		209,714		209,714		1,354,580	PUBLIX SUPER MARKETS(2010), BEALL’S(2014), T.J. MAXX(2010)

67 BOYNTON BEACH, FL	MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE		33461	SC		1986		2004		100.00	%		106,224		106,224		1,417,195	PUBLIX SUPER MARKETS(2011)

68 BRANDON, FL	KMART SHOPPING CENTER 1602 BRANDON BL		33511	SC		1972/1997/2003		2 *		100.00	%		161,900		228,022		781,516	K MART(2007), KANE FURNITURE(NOT OWNED)

69 BRANDON, FL (PLAZA)	LAKE BRANDON PLAZA CAUSEWAY BOULEVARD		33511	SC		1999		2003		14.50	%		148,267		196,801		1,866,915	COMPUSA(2017), JO-ANN STORES (2017), PUBLIX SUPER MARKETS (2019), BABIES R US(NOT OWNED)

70 BRANDON, FL (VILLAGE)	LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD		33511	SC		1997/2004		2003		14.50	%		113,986		243,641		1,483,048	LINENS ‘N THINGS(2014), SPORTS AUTHORITY(2018), PETSMART(2020), LOWE’S(NOT OWNED)

71 CRYSTAL RIVER, FL	CRYSTAL RIVER PLAZA 420 SUN COAST HWY		33523	SC		1986/2001		1/2 *		100.00	%		160,135		160,135		749,118	BEALL’S(2012), BEALL’S OUTLET(2006)

72 DAYTONA BEACH, FL	VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY		32114	SC		1984		2001		100.00	%		76,087		76,087		855,029	MARSHALLS(2010)

73 ENGLEWOOD, FL	ROTONDA PLAZA 5855 PLACIDA ROAD		34224	SC		1991		2004		100.00	%		46,835		46,835		469,151	KASH N KARRY(2011)

74 GULF BREEZE, FL	GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY		32561	SC		1998		2003		100.00	%		29,827		333,654		414,404	LOWE’S(NOT OWNED), WAL-MART(NOT OWNED)

75 JACKSONVILLE, FL	JACKSONVILLE REGIONAL 3000 DUNN AVENUE		32218	SC		1988		1995		100.00	%		219,735		295,752		1,404,533	J.C. PENNEY(2007), WINN DIXIE STORES(2009)

76 JACKSONVILLE, FL(ARLINGTON RD)	ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD		32211	SC		1990/1999		2004		100.00	%		182,098		182,098		922,452	FOOD LION(2010)

77 LAKELAND, FL (HIGHLANDS)	HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD		33803	SC		1990		2004		100.00	%		102,572		102,572		803,426	WINN DIXIE STORES(2017)

78 MARIANNA, FL	THE CROSSROADS 2814-2822 HIGHWAY 71		32446	SC		1990		1/2 *		100.00	%		63,894		63,894		340,280	BEALL’S(2008)


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



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 5 of 22 Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
79 NAPLES, FL	CARILLON PLACE 5010 AIRPORT ROAD NORTH		33942	SC		1994		1995		14.50	%		267,808		283,208		3,175,294	WAL-MART(2014), T.J. MAXX(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS(2010), CIRCUIT CITY(2015), OFFICE MAX(2010)

80 OCALA, FL	OCALA WEST 2400 SW COLLEGE ROAD		32674	SC		1991		2003		100.00	%		95,775		95,775		730,879	SPORTS AUTHORITY(2012), HOBBY LOBBY(2016)

81 ORANGE PARK, FL (THE VILLAGE)	THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD		32065	SC		1993/2000		2004		100.00	%		72,531		135,473		665,988	BEALL’S(2009), ALBERTSON’S(NOT OWNED)

82 ORMOND BEACH, FL	ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD		32174	SC		1993		1994		100.00	%		234,042		234,042		1,940,241	BEALL’S(2018), ROSS DRESS FOR LESS(2016), PUBLIX SUPER MARKETS(2013)

83 OVIEDO, FL	OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD		32765	SC		1999		1 *		20.00	%		186,212		321,249		2,013,393	OFFICE MAX(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S(2009), T.J. MAXX(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED)

84 PALM HARBOR, FL	THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD		34685	SC		1990		1995		100.00	%		52,395		229,188		956,431	ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED)

85 PENSACOLA, FL	PALAFOX SQUARE 8934 PENSACOLA BLVD		32534	SC		1988/1997/1999		1/2 *		100.00	%		17,150		236,892		243,830	WALMART(NOT OWNED)

86 SPRING HILL, FL	MARINER SQUARE 13050 CORTEZ BLVD.		34613	SC		1988/1997		1/2 *		100.00	%		188,924		393,000		1,564,057	BEALL’S(2011), ROSS DRESS FOR LESS(2014), WALMART(NOT OWNED)

87 TALLAHASSEE, FL	CAPITAL WEST 4330 WEST TENNESSEE STREET		32312	SC		1994/2004		2003		100.00	%		58,386		231,035		436,132	BEALL’S OUTLET(2009), WAL-MART(NOT OWNED)

88 TAMPA, FL (DALE)	NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY		33618	SC		1990		1/2 *		20.00	%		104,460		222,388		1,333,407	PUBLIX SUPER MARKETS(2010), WALMART(NOT OWNED)

89 TAMPA, FL (HORIZON PARK)	HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY		33614	SC		1987/2003		2004		100.00	%		216,284		216,284		1,762,715	NORTHERN TOOL(2015), BABIES R US(2008), PEARL ARTIST & CRAFT SUPPLY(2007)

90 TAMPA, FL (WATERS)	TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE		33634	SC		1990		1/2 *		100.00	%		134,366		249,747		948,688	BEALL’S(2005), KASH N KARRY(2010), WALMART(NOT OWNED)

91 TARPON SPRINGS, FL	TARPON SQUARE 41232 U.S. 19, NORTH		34689	SC		1974/1998		1/2 *		100.00	%		198,797		199,447		1,392,693	K MART(2009), BIG LOTS(2007), STAPLES(2013)

92 WEST PASCO, FL	PASCO SQUARE 7201 COUNTY ROAD 54		34653	SC		1986		1/2 *		100.00	%		135,421		215,661		800,761	BEALL’S OUTLET(2013), PUBLIX SUPER MARKETS(2006), WALMART(NOT OWNED)

Georgia

93 ATHENS, GA	ATHENS EAST 4375 LEXINGTON ROAD		30605	SC		2000		2003		100.00	%		24,000		218,879		320,124	WAL MART(NOT OWNED)

94 ATLANTA, GA (DULUTH)	PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD		30136	SC		1990		1994		100.00	%		99,025		219,025		1,187,378	OFFICE DEPOT(2007), WAL-MART(NOT OWNED)

95 ATLANTA, GA (PERIMETER)	PERIMETER POINTE 1155 MT. VERNON HIGHWAY		30136	SC		1995/2002		1995		14.50	%		343,155		352,755		5,367,040	STEIN MART(2010), BABIES R US(2007), SPORTS AUTHORITY(2012), L.A. FITNESS(2016), OFFICE DEPOT(2012), ST. JOSEPH’S HOSPITAL-ATLANTA(2006), UNITED ARTISTS THEATRE(2015)

96 CANTON, GA (RIVERPLACE)	RIVERPLACE 104-150 RIVERSTONE PARKWAY		30114	SC		1983		2003		100.00	%		127,853		127,853		942,377	STAPLES(2014), INGLES(2019)

97 CARTERSVILLE, GA	FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S		30120	SC		1984		2003		100.00	%		112,240		112,240		817,284	ROSS DRESS FOR LESS(2013), INGLES(2020)

98 CHAMBLEE, GA	CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD		30341	SC		1976		2003		100.00	%		175,969		175,969		896,569


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



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 6 of 22 Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
99 COLUMBUS, GA	BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB		31904	SC		1999		2003		100.00	%		119,786		242,786		1,314,058	GOODY’S(2011), PETSMART(2015), MICHAEL’S(2009), TARGET(NOT OWNED)

100 CUMMING, GA	CUMMING MARKETPLACE MARKETPLACE BOULEVARD		30041	SC		1997/1999		2003		100.00	%		308,557		652,642		3,738,202	GOODY’S(2012), LOWE’S(2019), MICHAEL’S(2010), OFFICE MAX(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED)

101 DOUGLASVILLE, GA	DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD		30135	SC		1999		2003		100.00	%		86,158		261,353		1,449,333	BEST BUY(2015), BABIES R US(2011), LOWES(NOT OWNED)

102 FT. OGLETHORPE, GA	FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT		30742	SC		1992		2003		100.00	%		176,903		176,903		677,654	DOLLAR GENERAL(2015), K MART(2007)

103 LAFAYETTE, GA	LAFAYETTE CENTER 1109 NORTH MAIN STREET		30728	SC		1990		2003		100.00	%		75,622		78,422		465,521	FARMERS FURNITURE(2009), FOOD LION(2019)

104 LAWRENCEVILLE, GA	FIVE FORKS VILLAGE 850 DOGWOOD ROAD		30044	SC		1990		2003		10.00	%		89,064		89,064		549,128

105 LILBURN, GA (FIVE FORKS)	FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD		30047	SC		2000/2001		2003		10.00	%		73,950		73,950		676,658	KROGER(2012)

106 LITHONIA, GA	THE SHOPS AT TURNER HILL 8200 MALL PARKWAY		30038	SC		2004		2003		14.50	%		107,175		287,170		1,578,271	BEST BUY(2018), BED BATH & BEYOND(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED)

107 LOGANVILLE, GA	MIDWAY PLAZA 910 ATHENS HWY		30052	SC		1995		2003		20.00	%		91,196		91,196		955,822	KROGER(2016)

108 MADISON, GA	BEACON HEIGHTS 1462-1532 EATONTON ROAD		30650	SC		1989		2003		100.00	%		64,545		64,545		353,187	INGLES(2010)

109 MARIETTA, GA	TOWN CENTER PRADO 2609 BELLS FERRY ROAD		30066	SC		1995/2002		1995		14.50	%		301,297		311,194		3,665,695	STEIN MART(2007), ROSS DRESS FOR LESS(2013), PUBLIX SUPER MARKETS(2015), CRUNCH FITNESS(2011)

110 MCDONOUGH, GA	MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20		30253	SC		2003		2003		14.50	%		30,500		338,071		572,295	LOWES(NOT OWNED), WALMART(NOT OWNED)

111 NEWNAN, GA	NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA		30264	SC		1995		2003		100.00	%		156,497		426,723		1,250,740	LOWE’S(2015), BELK(NOT OWNED), WAL MART(NOT OWNED)

112 STOCKBRIDGE, GA (FREEWAY)	FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK		30281	SC		1988		2003		100.00	%		162,778		162,778		625,965	INGLES(2009), NORTHERN TOOL(2015), FARMERS HOME FURNITURE(2011)

113 STOCKBRIDGE, GA (PIKE)	PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W		30281	SC		1997		2003		100.00	%		0		10,800		244,145

114 STONE MOUNTAIN, GA (RIVER)	RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M		30047	SC		1999		2003		100.00	%		2,000		2,000		46,200

115 SUWANEE, GA (JOHNS)	JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE		30024	SC		2001/2004		2003		100.00	%		285,336		285,336		3,861,122	BORDERS(2020), PETSMART(2020), KOHL’S(2022), MICHAEL’S(2011), STAPLES(2016), SHOE GALLERY(2014)

116 TUCKER, GA	COFER CROSSING 4349-4375 LAWRENCEVILLE HWY		30084	SC		1998/2003		2003		100.00	%		130,832		279,020		1,191,255	GOODY’S(2014), KROGER(2019), WALMART(NOT OWNED)

117 UNION CITY, GA	SHANNON SQUARE 4720 JONESBORO ROAD		30291	SC		1986		2003		100.00	%		100,002		181,954		455,386	WAL MART(NOT OWNED)

118 WARNER ROBBINS, GA	WARNER ROBINS PLACE 2724 WATSON BOULEVARD		31093	SC		1997		2003		100.00	%		107,941		459,700		1,261,472	T.J. MAXX(2010), STAPLES(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

119 WOODSTOCK, GA	WOODSTOCK PLACE 10029 HIGHWAY 928		30188	SC		1995		2003		100.00	%		44,691		44,691		319,810


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



Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 7 of 22 Quarter: 2Q06

Retail Property List^*


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

120 IDAHO FALLS, ID	COUNTRY CLUB MALL 1515 NORTHGATE MILE		83401	SC		1976/1992/1997		1998			100.00	%		148,593		306,201		822,317	OFFICE MAX(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED)

121 MERIDIAN, ID	MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD		83642	SC		1999/2001/2002/2003/ 2004		1	*		100.00	%		466,023		731,482		6,167,767	BED BATH & BEYOND(2011), OLD NAVY(2010), SHOPKO(2020), OFFICE DEPOT(2010), ROSS DRESS FOR LESS(2012), MARSHALLS(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US(NOT OWNED), WALMART(NOT OWNED)

Illinois

122 DECATUR, IL	DECATUR MARKETPLACE MARYLAND STREET		62521	SC		1999		2003			100.00	%		22,775		194,775		256,998	WAL MART(NOT OWNED)

123 DEER PARK, IL	DEER PARK TOWN CENTER 20530 NORTH RAND RD #303		60010	LC		2000/2004		1	*		24.75	%		286,889		391,084		7,858,197	GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J.CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J.JILL(2013), BOMBAY(2007), AMERICAN EAGLE(2007), VICTORIA’s SECRET(2007)

124 HARRISBURG, IL	ARROWHEAD POINT 701 NORTH COMMERCIAL		62946	SC		1991		1994			100.00	%		167,074		167,074		878,783	WAL-MART(2011), MAD PRICER(2011)

125 KILDEER, IL	THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12		60047	SC		2001		2001			10.00	%		161,770		167,477		3,158,415	BED BATH & BEYOND(2012), CIRCUIT CITY(2017), OLD NAVY(2011)

126 MOUNT VERNON, IL	TIMES SQUARE MALL 42ND AND BROADWAY		62864	MM		1974/1998/2000		2	*		100.00	%		269,328		269,328		995,334	SEARS(2013), GOODY’S(2015), J.C. PENNEY(2007)

127 ORLAND PARK, IL (HOME DEPOT)	HOME DEPOT CENTER 15800 HARLEM AVENUE		60462	SC		1987/1993		2004			100.00	%		149,498		149,498		1,494,643	HOME DEPOT(2012)

128 SCHAUMBURG, IL	WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD		60173	SC		1993/1998/2002		1995			14.50	%		508,815		674,504		8,621,135	CIRCUIT CITY(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS(2014), OFFICE MAX(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS(2009), NORDSTROM RACK(2009), BORDERS(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED)

Indiana

129 BEDFORD, IN	TOWN FAIR CENTER 1320 JAMES AVENUE		47421	SC		1993/1997		2	*		100.00	%		223,431		223,431		1,318,853	K MART(2008), GOODY’S(2008), J.C. PENNEY(2008), BUEHLER’S BUY LOW(2010)

130 HIGHLAND, IN	HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET		46322	SC		1995/2001		1996			20.00	%		312,546		524,410		3,490,363	MARSHALLS(2011), KOHL’S(2016), CIRCUIT CITY(2016), OFFICE MAX(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED)

131 LAFAYETTE, IN	PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE		47905	SC		2000		2003			100.00	%		35,100		243,850		397,722	WAL MART(NOT OWNED)

Iowa

132 CEDAR RAPIDS, IA	NORTHLAND SQUARE 303 — 367 COLLINS ROAD, NE		52404	SC		1984		1998			100.00	%		187,068		207,405		1,871,609	T.J. MAXX(2010), OFFICE MAX(2010), BARNES & NOBLE(2010), KOHL’S(2021)

133 OTTUMWA, IA	QUINCY PLACE MALL 1110 QUINCY AVENUE		52501	MM		1990/1999/2002		1/2	*		100.00	%		241,427		344,677		1,554,077	HERBERGER’S(2020), J.C. PENNEY(2010), OFFICE MAX(2015), GOODY’S(2014), TARGET(NOT OWNED)

Kansas


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 8 of 22 Quarter: 2Q06

Retail Property List^*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
134 LEAWOOD, KS	TOWN CENTER PLAZA 5000 W 119 STREET		66209	LC		1996/2002		1998			100.00	%		307,659		490,030		7,867,348	BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), VICTORIA’S SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J.JILL(2013), POTTERY BARN(2009), WILLIAMS- SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS(2025), BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY(2006),THE JONES STORE(2009)

135 MERRIAM, KS	MERRIAM TOWN CENTER 5700 ANTIOCH ROAD		66202	SC		1998/2004		1	*		14.50	%		351,234		473,740		4,165,016	OFFICE MAX(2013), PETSMART(2019), HEN HOUSE(2018), MARSHALLS(2008), DICK’S SPORTING GOODS(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED)

136 OVERLAND PARK, KS (CHEROKEE)	CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET		66212	SC		1987/2002		1998			24.75	%		60,765		60,981		759,719

137 OVERLAND PARK, KS (POINTE)	OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD		66213	SC		2001/2004		2003			14.50	%		42,632		361,759		902,595	HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED)

138 WICHITA, KS (EASTGATE)	EASTGATE PLAZA SOUTH ROCK ROAD		67207	SC		1955		2002			100.00	%		203,997		253,997		2,010,544	OFFICE MAX(2007), T.J. MAXX(2011), BARNES & NOBLE(2012), KCBB, INC BURLINGTON(NOT OWNED)

Kentucky

139 FLORENCE, KY (TURFWAY)	TURFWAY PLAZA 6825 TURFWAY ROAD		41042	SC		1975/1998		2004			100.00	%		133,985		133,985		859,106	OFFICE DEPOT & PARTY TOWN(2006), BIG LOTS(2008)

140 FRANKFORT, KY (EASTWOOD)	EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD		40601	SC		1963/1994		2004			100.00	%		155,104		155,104		629,385	SEARS(2011)

141 LEXINGTON, KY (NORTH)	NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE		40511	SC		1998		2003			100.00	%		48,920		228,878		622,203	STAPLES(2016), WAL MART(NOT OWNED)

142 LEXINGTON, KY (SOUTH)	SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL		40503	SC		1998		2003			100.00	%		27,643		344,280		594,128	LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

143 LOUISVILLE, KY (OUTER LOOP)	OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY		40228	SC		1973/1989/1998		2004			100.00	%		120,777		120,777		632,346	VALU DISCOUNT(2009)

144 RICHMOND, KY	CARRIAGE GATE 833-847 EASTERN BY-PASS		40475	SC		1992		2003			100.00	%		158,041		229,313		264,300	FOOD LION(2017), BALLARD’S(NOT OWNED)

Maine

145 BRUNSWICK, ME	COOK’S CORNERS 172 BATH ROAD		04011	SC		1965		1997			100.00	%		301,992		310,229		2,619,063	HOYTS CINEMAS(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS(2008), T.J. MAXX(2010), SEARS(2012)

Maryland

146 SALISBURY, MD	THE COMMONS E. NORTH POINT DRIVE		21801	SC		1999		1	*		100.00	%		126,135		350,012		1,674,522	BEST BUY(2013), MICHAEL’S(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

Massachusetts

147 EVERETT, MA	GATEWAY CENTER 1 MYSTIC VIEW ROAD		02149	SC		2001		1	*		100.00	%		222,287		639,807		4,444,972	BED BATH & BEYOND(2011), OLD NAVY(2011), OFFICE MAX(2020), BABIES R US(2013), MICHAEL’S(2012), COSTCO(NOT OWNED)

148 FRAMINGHAM, MA	SHOPPER’S WORLD 1 WORCESTER ROAD		01701	SC		1994		1995			14.50	%		769,276		778,701		14,355,879	TOYS R US(2020), MACY’S FURNITURE GALLERY(2020), T.J. MAXX(2010), BABIES R US(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS(2011), BOBS(2011), LINENS ‘N THINGS(2011), SPORTS AUTHORITY(2015), PETSMART(2011), BEST BUY(2014), BARNES & NOBLE(2011), AMC THEATRE(2014), KOHL’S(2010)

Michigan

149 BAD AXE, MI	HURON CREST PLAZA 850 NORTH VAN DYKE ROAD		48413	SC		1991		1993			100.00	%		63,415		134,574		411,308	FARMER JACK(2012), WAL-MART(NOT OWNED)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 9 of 22 Quarter: 2Q06

Retail Property List^*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
150 BENTON HARBOR, MI	FAIRPLAIN PLAZA 1000 NAPIER AVE		49022	SC		1998		2006			20.00	%		222,739		324,739		1,545,804	OFFICE DEPOT(2008), TJ MAXX(2009), TARGET(NOT OWNED)

151 CHEBOYGAN, MI	KMART SHOPPING PLAZA 1109 EAST STATE		49721	SC		1988		1994			100.00	%		53,588		129,339		200,463	K MART(2010), KMART(NOT OWNED)

152 DETROIT, MI	BELAIR CENTER 8400 E. EIGHT MILE ROAD		48234	SC		1989/2002		1998			100.00	%		343,619		450,349		2,387,420	NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US(2013), FORMAN MILLS(2012), TARGET(NOT OWNED)

153 GAYLORD, MI	PINE RIDGE SQUARE 1401 WEST MAIN STREET		49735	SC		1991/2004		1993			100.00	%		150,203		150,203		682,194	DUNHAM’S SPORTING GOODS(2011), BIG LOTS(2010), BUY LOW(2011)

154 GRANDVILLE, MI	GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE		49418	SC		2003		2003			14.50	%		201,726		352,098		2,551,727	CIRCUIT CITY(2017), LINENS ‘N THINGS(2013), GANDER MOUNTAIN(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED)

155 HOUGHTON, MI	COPPER COUNTRY MALL HIGHWAY M26		49931	MM		1981/1999		1/2	*		100.00	%		257,863		257,863		1,016,272	STEVE & BARRY’S UNIVERSITY(2013), J.C. PENNEY(2010), OFFICE MAX(2014)

156 HOWELL, MI	GRAND RIVER PLAZA 3599 EAST GRAND RIVER		48843	SC		1991		1993			100.00	%		215,047		215,047		1,396,605	ELDER-BEERMAN(2011), DUNHAM’S SPORTING GOODS(2011), KROGER(2012)

157 LANSING, MI	THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP		48917	SC		2000/2001		2003			100.00	%		135,697		489,104		1,449,584	MICHAEL’S(2011), GANDER MOUNTAIN(2015), STAPLES(2016), PETSMART(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED)

158 MT. PLEASANT, MI	INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD		48858	SC		1990		2	*		100.00	%		249,680		249,680		1,665,584	WAL-MART(2009), T.J. MAXX(2014), KROGER(2011)

159 SAULT ST. MARIE, MI	CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR		49783	SC		1993/1998		1994			100.00	%		270,761		270,761		1,696,322	WAL-MART(2012), J.C. PENNEY(2008), DUNHAM’S SPORTING GOODS(2011), GLEN’S MARKET(2013)

160 WALKER, MI (ALPINE AVE)	GREEN RIDGE SQUARE II 3410 ALPINE AVENUE		49504	SC		1991/1995		2004			100.00	%		91,749		91,749		930,669	CIRCUIT CITY(2010), BED BATH & BEYOND(2015)

161 WALKER, MI (GRAND RAPIDS)	GREEN RIDGE SQUARE 3390-B ALPINE AVE NW		49504	SC		1989		1995			100.00	%		133,538		303,447		1,542,456	T.J. MAXX(2011), OFFICE DEPOT(2010), TARGET(NOT OWNED), TOYS R US(NOT OWNED)

Minnesota

162 BEMIDJI, MN	PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE		56601	MM		1977/1998		2	*		100.00	%		297,803		297,803		1,513,271	K MART(2007), HERBERGER’S(2010), J.C. PENNEY(2008)

163 BRAINERD, MN	WESTGATE MALL 1200 HIGHWAY 210 WEST		56401	MM		1985/1998		1/2	*		100.00	%		260,319		260,319		1,942,781	STEVE & BARRY’S UNIVERSITY(2013), HERBERGER’S(2013), MOVIES 10(2011)

164 COON RAPIDS, MN	RIVERDALE VILLAGE 12921 RIVERDALE DRIVE		55433	SC		2003		1	*		14.50	%		518,261		906,765		8,416,326	KOHL’S(2020), JO-ANN STORES(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY(2007), SPORTSMAN’S WAREHOUSE(2017), BEST BUY(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED)

165 EAGAN, MN	EAGAN PROMENADE 1299 PROMENADE PLACE		55122	SC		1997/2001		1997			50.00	%		278,211		342,014		3,552,835	BYERLY’S(2016), PETSMART(2018), BARNES & NOBLE(2012), OFFICE MAX(2013), T.J. MAXX(2007), BED BATH & BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED)

166 HUTCHINSON, MN	HUTCHINSON MALL 1060 SR 15		55350	MM		1981		1/2	*		100.00	%		121,001		209,843		449,534	J.C. PENNEY(2011), HENNEN’S FURNITURE(NOT OWNED)

167 MINNEAPOLIS, MN (MAPLE GROVE)	MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94		55369	SC		1995/2002		1996			50.00	%		265,957		354,321		2,964,654	KOHL’S(2016), BARNES & NOBLE(2011), GANDER MOUNTAIN(2011), MICHAEL’S(2012), BED BATH & BEYOND(2012), CUB FOODS(NOT OWNED)

168 ST. PAUL, MN	MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST		55104	SC		1995		1997			14.50	%		324,354		473,596		2,630,567	WAL-MART(2022), CUB FOODS(2015), PETSMART(2011), MERVYN’S(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED)

169 WORTHINGTON, MN	NORTHLAND MALL 1635 OXFORD STREET		56187	MM		1977		1/2	*		100.00	%		185,658		185,658		533,516	J.C. PENNEY(2007), HY VEE FOOD STORES(2011)

Mississippi


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 10 of 22 Quarter: 2Q06

Retail Property List^*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
170 GULFPORT, MS	CROSSROADS CENTER CROSSROADS PARWAY		39503	SC		1999		2003			100.00	%		457,027		532,158		5,280,196	ACADEMY SPORTS(2015), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2015), GOODY’S(2011), T.J. MAXX(2009), CINEMARK(2019), OFFICE DEPOT(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED)

171 JACKSON, MS (JUNCTION)	THE JUNCTION 6351 I-55 NORTH3		39213	SC		1996		2003			100.00	%		107,780		326,319		1,143,050	PETSMART(2012), OFFICE DEPOT(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

172 JACKSON, MS (METRO)	METRO STATION 4700 ROBINSON ROAD		39204	SC		1997		2003			100.00	%		52,617		182,300		320,052	OFFICE DEPOT(2012), HOME DEPOT(NOT OWNED)

173 OXFORD, MS	OXFORD PLACE 2015-2035 UNIVERSITY AVENUE		38655	SC		2000		2003			20.00	%		13,200		71,866		327,752	KROGER(NOT OWNED)

174 SALTILLO, MS	CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE		38866	SC		1999		2003			100.00	%		55,749		173,269		545,774	STAPLES(2016), HOME DEPOT(NOT OWNED)

175 STARKVILLE, MS	STARKVILLE CROSSING 882 HIGHWAY 12 WEST		39759	SC		1999/2004		1994			100.00	%		133,691		268,254		906,347	J.C. PENNEY(2010), KROGER(2042), LOWE’S(NOT OWNED)

176 TUPELO, MS	BIG OAKS CROSSING 3850 N GLOSTER ST		38801	SC		1992		1994			100.00	%		348,236		348,236		1,898,550	SAM’S CLUB(2012), GOODY’S(2007), WAL-MART(2012)

Missouri

177 ARNOLD, MO	JEFFERSON COUNTY PLAZA VOGEL ROAD		63010	SC		2002		1	*		50.00	%		37,607		285,663		534,964	HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)

178 FENTON, MO	FENTON PLAZA GRAVOIS & HIGHWAY 141		63206	SC		1970/1997		1/2	*		100.00	%		93,420		100,420		911,812

179 INDEPENDENCE, MO	INDEPENDENCE COMMONS 900 EAST 39TH STREET		64057	SC		1995/1999		1995			14.50	%		386,070		403,170		4,986,655	KOHL’S(2016), BED BATH & BEYOND(2012), MARSHALLS(2012), BEST BUY(2016), BARNES & NOBLE(2011), AMC THEATRE(2015)

180 KANSAS CITY, MO (WARD PARKWAY)	WARD PARKWAY 8600 WARD PARKWAY		64114	SC		1959/2004		2003			20.00	%		288,254		611,759		5,048,738	DICK’S SPORTING GOODS(2016), 24 HOUR FITNESS(2023), PETSMART(2016), AMC THEATRE(2011), OFF BROADWAY SHOES(2015), T.J. MAXX(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED)

181 SPRINGFIELD,MO (MORRIS)	MORRIS CORNERS 1425 EAST BATTLEFIELD		65804	SC		1989		1998			100.00	%		56,033		56,033		491,757	TOYS R US(2013)

182 ST. JOHN, MO	ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD		63114	SC		2003		2003			100.00	%		93,513		93,513		984,042	SHOP ‘N SAVE(2022)

183 ST. LOUIS (SUNSET), MO	PLAZA AT SUNSET HILL 10980 SUNSET PLAZA		63128	SC		1997		1998			100.00	%		415,435		450,938		5,417,830	TOYS R US(2013), COMPUSA(2013), BED BATH & BEYOND(2012), MARSHALLS(2012), HOME DEPOT(2023), PETSMART(2012), BORDERS(2011)

184 ST.LOUIS, MO (KELLER PLAZA)	KELLER PLAZA 4500 LEMAY FERRY ROAD		63129	SC		1987		1998			100.00	%		52,842		169,699		528,029	KELLER PLAZA 8(2011), SAM’S(NOT OWNED)

185 ST.LOUIS, MO (SOUTHTOWNE)	SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA		63109	SC		2004		1998			100.00	%		67,628		67,628		1,062,666	OFFICE MAX(2014)

186 ST.LOUIS,MO (BRENTWOOD)	PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT		63144	SC		1998		1998			100.00	%		299,584		299,584		4,022,889	TARGET(2023), BED BATH & BEYOND(2009), PETSMART(2014), LANE HOME FURNISHINGS(2013)

187 ST.LOUIS,MO (GRAVOIS VILLAGE)	GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA		63049	SC		1983		1998			100.00	%		110,992		114,992		630,387	K MART(2008)

188 ST.LOUIS,MO (OLYMPIC OAKS)	OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD		63121	SC		1985		1998			100.00	%		92,372		92,372		1,275,935	T.J. MAXX(2008)

Nevada

189 CARSON CITY, NV	EAGLE STATION 3871 S. CARSON STREET		89701	FO		1983		2005			50.00	%		60,494		60,494		533,000	MERVYN’S(2020)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006
		Time: 2:22:07PM
		Page 11 of 22
		Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
190 LAS VEGAS, NV (MARYLAND)	FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD		89102	SC		2003		1 *		100.00	%		24,032		27,300		431,256

191 LAS VEGAS, NV(LOMA)	LOMA VISTA SHOPPING CENTER 4700 MEADOW LANE		89107	FO		1979		2005		50.00	%		75,687		75,687		750,000	MERVYN’S(2020)

192 LAS VEGAS, NV(NELLIS)	NELLIS CROSSING SHOPPING 1300 S. NELLIS BLVD		89104	FO		1986		2005		50.00	%		76,016		76,016		670,000	MERVYN’S(2020)

193 RENO, NV (SIERRA)	SIERRA TOWN CENTER 6895 SIERRA CTR PKWY		89511	FO		2002		2005		50.00	%		79,239		79,239		611,000	MERVYN’S(2020)

194 RENO, NV.	RENO RIVERSIDE EAST FIRST STREET AND SIERRA		89505	SC		2000		2000		100.00	%		52,474		52,474		693,398	CENTURY THEATRE(2014)

195 SW LAS VEGAS, NV	GRAND CANYON PARKWAY S. C. 4265 S. GRAND CANYON DRIVE		89147	FO		2003		2005		50.00	%		79,294		79,294		873,000	MERVYN’S(2020)

New Jersey

196 FREEHOLD, NJ	FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT 537)		07728	SC		2005		1 *		100.00	%		0		302,551		1,199,913	WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)

197 HAMILTON, NJ	HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD		08691	SC		2004		2003		100.00	%		446,940		937,650		7,777,541	STAPLES(2015), KOHL’S(2023), LINENS ‘N THINGS(2014), MICHAEL’S(2013), ROSS DRESS FOR LESS(2014), SHOPRITE(2028), BARNES & NOBLE(2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED)
198 MAYS LANDING, NJ (HAMILTON)	HAMILTON COMMONS 4215 BLACK HORSE PIKE		08330	SC		2001		2004		100.00	%		398,870		398,870		6,159,117	REGAL CINEMAS(2021), ROSS DRESS FOR LESS(2012), BED BATH & BEYOND(2017), MARSHALLS(2012), SPORTS AUTHORITY(2015), CIRCUIT CITY(2020)
199 MAYS LANDING, NJ (WRANGLEBORO	WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD		08330	SC		1997		2004		100.00	%		839,019		839,019		9,090,662	BEST BUY(2017), BORDERS(2017), KOHL’S(2018), STAPLES(2012), BABIES R US(2013), BJ’S WHOLESALE CLUB(2016), DICK’S SPORTING GOODS(2013), LINENS ‘N THINGS(2012), MICHAEL’S(2008), TARGET(2023), PETSMART(2013)
200 MT. LAUREL, NJ	CENTERTON SQUARE CENTERTON ROAD & MARTER AVE.		08054	SC		2005		1 *		100.00	%		278,867		708,663		6,531,094	BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO-ANN STORES(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED)

201 PRINCETON, NJ	NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD		02071	SC		1995		1997		100.00	%		278,080		786,889		5,111,666	BORDERS(2011), BEST BUY(2012), LINENS ‘N THINGS(2011), PETSMART(2011), BABIES R US(2016), TARGET(NOT OWNED)

202 PRINCETON, NJ (PAVILION)	NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD		02071	SC		1999/2004		1 *		100.00	%		202,622		309,285		4,028,229	DICK’S SPORTING GOODS(2015), MICHAEL’S(2009), KOHL’S(2019)

203 WEST LONG BRANCH, NJ(MONMOUTH)	MONMOUTH CONSUMER CENTER 310 STATE HIGHWAY #36		07764	SC		1993		2004		100.00	%		292,999		292,999		4,029,362	SPORTS AUTHORITY(2012), BARNES & NOBLE(2009), PETSMART(2008), HOME DEPOT(2013)
New Mexico
204 LOS ALAMOS, NM	MARI MAC VILLAGE 800 TRINITY DRIVE		87533	SC		1978/1997		1/2 *		100.00	%		93,021		93,021		620,337	SMITH’S FOOD & DRUG(2007), FURR’S PHARMACY(2008), BEALLS(2009)
New York

205 ALDEN, NY (TOPS)	TOPS PLAZA — ALDEN 12775 BROADWAY		14004	SC		1999		2004		100.00	%		67,992		67,992		711,350	TOPS MARKETS(2019)

206 AMHERST, NY	TOPS PLAZA — AMHERST 3035 NIAGARA FALLS BLVD.		14828	SC		1986		2004		20.00	%		145,192		145,192		1,131,566	TOPS MARKETS(2010)

207 AMHERST, NY (BOULEVARD CONSUME	BOULEVARD CONSUMER SQUARE 1641-1703 NIAGARA FALLS BLVD		14228	SC		1998/2001/2003		2004		100.00	%		573,952		709,114		6,428,378	TARGET(2019), K MART(2007), BABIES R US(2015), BARNES & NOBLE(2014), BEST BUY(2016), BED BATH & BEYOND(2018), A.C. MOORE(2013), LOWES(NOT OWNED)

208 AMHERST, NY (BURLINGTON/JOANN)	BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD		14228	SC		1978/1982/1990/1998		2004		100.00	%		199,504		199,504		2,075,972	BURLINGTON COAT FACTORY(2014), JO-ANN STORES(2014)


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


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006
		Time: 2:22:07PM
		Page 12 of 22
		Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
209 AMHERST, NY (DICKS)	DICKS SPORTING GOODS-AMHERST 281 MEYER ROAD		14226	SC		1993/2003		2004		100.00	%		55,745		55,745		762,592	DICK’S SPORTING GOODS(2015)

210 AMHERST, NY (SHERIDAN/HARLEM)	SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD		14226	SC		1960/1973/1982/1988/ 2003		2004		100.00	%		58,413		58,413		609,878

211 AMHERST, NY (TOPS-TRANSIT COMM	TOPS PLAZA — TRANSIT/N. FRENCH 9660 TRANSIT ROAD		14226	SC		1995/1998		2004		100.00	%		112,427		112,427		1,132,939	TOPS MARKETS(2016)

212 AMHERST, NY (UNIVERSITY PLAZA)	UNIVERSITY PLAZA 3500 MAIN STREET		14226	SC		1965/1995/2002		2004		100.00	%		162,879		162,879		1,396,120	A.J. WRIGHT(2012), TOPS MARKETS(2009)

213 ARCADE, NY	TOPS PLAZA-ARCADE ROUTE 39		14009	SC		1995		2004		10.00	%		65,915		65,915		661,409	TOPS MARKETS(2015)

214 AVON, NY	TOPS PLAZA-AVON 270 E. MAIN STREET		14414	SC		1997/2002		2004		10.00	%		63,288		63,288		454,162	TOPS MARKETS(2017)

215 BATAVIA, NY (BJS)	BJs PLAZA 8326 LEWISTON ROAD		14020	SC		1996		2004		14.50	%		95,846		95,846		775,958	BJ’S WHOLESALE CLUB(2016)

216 BATAVIA, NY (COMMONS)	BATAVIA COMMONS 419 WEST MAIN STREET		14020	SC		1990		2004		14.50	%		49,431		49,431		524,327

217 BATAVIA, NY (MARTIN’S PLAZA)	MARTIN’S PLAZA 8351 LEWISTON ROAD		14020	SC		1994		2004		14.50	%		37,140		115,161		414,148	MARTIN’S(NOT OWNED)

218 BIG FLATS, NY (CONSUMER SQUARE	BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64		14814	SC		1993/2001		2004		100.00	%		641,264		641,264		6,107,557	DICK’S SPORTING GOODS(2008), WAL-MART(2013), SAM’S CLUB(2013), TOPS MARKETS(2013), BED BATH & BEYOND(2014), MICHAEL’S(2010), OLD NAVY(2009), STAPLES(2011), BARNES & NOBLE(2011), T.J. MAXX(2007)

219 BUFFALO, NY (DELAWARE CONSUMER	DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE		14216	SC		1995		2004		100.00	%		238,531		238,531		2,125,918	A.J. WRIGHT(2012), OFFICE MAX(2012), TARGET(2015)

220 BUFFALO, NY (ELMWOOD)	ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE		14207	SC		1997		2004		100.00	%		133,940		133,940		1,524,235	REGAL CINEMAS(2017), OFFICE DEPOT(2012)

221 BUFFALO, NY (MARSHALLS)	MARSHALLS PLAZA 2150 DELAWARE AVENUE		14216	SC		1960/1975/1983/1995		2004		100.00	%		82,196		82,196		784,769	MARSHALLS(2009)

222 CANANDAIGUA, NY	TOPS PLAZA 5150 North Street		14424	SC		2002		2004		100.00	%		57,498		57,498		769,500	TOPS MARKETS(2023)

223 CHEEKTOWAGA, NY (BORDERS)	BORDERS BOOKS 2015 WALDEN AVENUE		14225	SC		1994		2004		14.50	%		26,500		26,500		609,500	BORDERS(2015)

224 CHEEKTOWAGA, NY (THRUWAY PLAZA	THRUWAY PLAZA 2195 HARLEM ROAD		14225	SC		1965/1995/1997/2004		2004		100.00	%		371,512		503,844		2,644,718	WAL-MART(2017), MOVIELAND 8 THEATRES(2019), TOPS MARKETS(2019), A.J. WRIGHT(2015), VALUE CITY FURNITURE(2009), M & T BANK(2017), HOME DEPOT(NOT OWNED)

225 CHEEKTOWAGA, NY (TOPS UNION)	TOPS PLAZA — UNION ROAD 3825 — 3875 UNION ROAD		14225	SC		1978/1989/1995/2004		2004		20.00	%		151,357		151,357		1,750,724	TOPS MARKETS(2013)

226 CHEEKTOWAGA, NY (UNION CONSUME	UNION CONSUMER SQUARE 3733 — 3735 UNION ROAD		14225	SC		1989/1998/2004		2004		14.50	%		386,548		386,548		4,386,278	MARSHALLS(2009), OFFICE MAX(2010), SAM’S CLUB(2024), CIRCUIT CITY(2016), JO-ANN STORES(2015)

227 CHEEKTOWAGA, NY (UNION)	UNION ROAD PLAZA 3637 UNION ROAD		14225	SC		1979/1982/1997/2003		2004		14.50	%		174,438		174,438		1,198,011	DICK’S SPORTING GOODS(2015)

228 CHEEKTOWAGA, NY (WALDEN PLACE)	WALDEN PLACE		14225	SC		1994/1999		2004		14.50	%		68,002		68,002		299,625

	2130-2190 WALDEN AVENUE

229 CHEEKTOWAGA, NY (WALDEN)	CONSUMER SQUARE 1700 — 1750 WALDEN AVENUE		14225	SC		1997/1999/2004		2004		14.50	%		255,964		255,964		2,308,963	OFFICE DEPOT(2009), LINENS ‘N THINGS(2015), MICHAEL’S(2013), TARGET(2015)


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


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006
		Time: 2:22:07PM
		Page 13 of 22
		Quarter: 2Q06

Retail Property List*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
230 CHILI, NY (KMART)	CHILI PLAZA 800 PAUL ROAD		14606	SC		1998		2004		100.00	%		116,868		120,368		748,189	SEARS(2019)

231 CICERO, NY (BEAR RD)	BEAR ROAD PLAZA 709-729 NORTH MAIN STREET		13212	SC		1978/1988/1995		2004		100.00	%		59,483		59,483		447,223

232 CLARENCE, NY (BARNES)	BARNES & NOBLE 7370 TRANSIT ROAD		14031	SC		1992		2004		14.50	%		16,030		16,030		304,249

233 CLARENCE, NY (EASTGATE PLAZA)	EASTGATE PLAZA TRANSIT & GREINER ROADS		14031	SC		1995/1997/1999/2001/ 2004		2004		14.50	%		520,876		520,876		4,231,452	BJ’S WHOLESALE CLUB(2021), DICK’S SPORTING GOODS(2011), LINENS ‘N THINGS(2015), MICHAEL’S(2010), WAL-MART(2019)

234 CLARENCE, NY (JOANN)	JOANN PLAZA 4101 TRANSIT ROAD		14221	SC		1994		2004		14.50	%		92,720		202,720		743,588	OFFICE MAX(2009), JO-ANN STORES(2015), BIG LOTS(2015), HOME DEPOT(NOT OWNED)

235 CORTLAND, NY (TOPS PLAZA)	TOPS PLAZA — CORTLAND STAPLES 3836 ROUTE 281		13045	SC		1995		2004		100.00	%		134,223		134,223		1,706,175	TOPS MARKETS(2016), STAPLES(2017)

236 DANSVILLE, NY (TOPS)	TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET		14437	SC		2001		2004		100.00	%		62,400		62,400		626,969	TOPS MARKETS(2021)

237 DEPEW, NY	TOPS PLAZA — DEPEW 5175 BROADWAY		14043	SC		1980/1990/1996		2004		100.00	%		148,245		148,245		1,482,987	TOPS MARKETS(2016), BIG LOTS(2011)

238 DEWITT, NY (DEWITT COMMONS)	MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST		13214	SC		2001/2003		2004		100.00	%		321,612		321,612		2,895,196	TOYS R US(2018), OLD NAVY(2011), MARSHALLS(2019), BED BATH & BEYOND(2018), A.C. MOORE(2014), SYRACUSE ORTHOPEDIC SPECIALIST(2017)

239 DEWITT, NY (MICHAELS/CHUCK E C	MICHAELS — DEWITT 3133 ERIE BOULEVARD		13214	SC		2002		2004		100.00	%		49,713		49,713		570,166	MICHAEL’S(2010)

240 ELMIRA, NY	TOPS PLAZA-ELMIRA HUDSON STREET		14904	SC		1997		2004		10.00	%		98,330		98,330		1,117,100	TOPS MARKETS(2017)

241 GATES, NY (WESTGATE PLAZA)	WESTGATE PLAZA 2000 CHILI AVENUE		14624	SC		1998		2004		100.00	%		335,199		335,199		3,101,381	WAL-MART(2021), STAPLES(2015)

242 GREECE, NY	JOANN/PETSMART PLAZA 3042 WEST RIDGE ROAD		14626	SC		1993/1999		2004		100.00	%		75,916		75,916		799,191	PETSMART(2008), JO-ANN STORES(2015)

243 HAMBURG, NY (BJS)	BJS PLAZA — HAMBURG 4408 MILESTRIP ROAD		14075	SC		1990/1997		2004		100.00	%		175,965		175,965		1,819,147	OFFICE MAX(2010), BJ’S WHOLESALE CLUB(2010)

244 HAMBURG, NY (DICKS-MCKINLEY)	MCKINLEY PLACE 3701 MCKINLEY PARKWAY		14075	SC		1990/2001		2004		100.00	%		128,944		128,944		1,434,999	DICK’S SPORTING GOODS(2011), ROSA’S HOME STORE(2009)

245 HAMBURG, NY (HAMBURG VILLAGE)	HAMBURG VILLAGE SQUARE 140 PINE STREET		14075	SC		1960/1972/1984/1996		2004		100.00	%		92,717		92,717		908,935

246 HAMBURG, NY (HOME DEPOT)	HOME DEPOT PLAZA — HAMBURG 4405 MILESTRIP ROAD		14219	SC		1999/2000		2004		100.00	%		139,413		139,413		1,507,396	HOME DEPOT(2012)

247 HAMBURG, NY (MILESTRIP)	MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY		14075	SC		1999		2004		100.00	%		106,774		106,774		1,458,689	OLD NAVY(2010), JO-ANN STORES(2015)

248 HAMBURG, NY (TOPS)	SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE		14075	SC		1990/1992		2004		10.00	%		84,000		84,000		730,500	TOPS MARKETS(2015)

249 HAMLIN, NY	TOPS PLAZA-HAMLIN 1800 LAKE ROAD		14464	SC		1997		2004		10.00	%		60,488		60,488		491,305	TOPS MARKETS(2017)

250 IRONDEQUOIT, NY (CULVER RIDGE)	CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST		14622	SC		1972/1984/1997		2004		20.00	%		226,812		226,812		2,419,259	REGAL CINEMAS(2022), A.J. WRIGHT(2014)


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


Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 14 of 22 Quarter: 2Q06

Retail Property List*

					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
251 IRONDEQUOIT, NY (RIDGEVIEW)	RIDGEVIEW PLACE 1850 RIDGE ROAD EAST		14617	SC		2000		2004		100.00	%		64,732		64,732		846,120

252 ITHACA, NY (TOPS PLAZA)	TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW		14850	SC		1990/1999/2003		2004		100.00	%		229,320		229,320		3,720,267	OFFICE DEPOT(2014), TOPS MARKETS(2021), MICHAEL’S(2013), BARNES & NOBLE(2018)

253 JAMESTOWN, NY	TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET		14702	SC		1997		2004		20.00	%		98,001		98,001		1,272,966	TOPS MARKETS(2018)

254 JAMESTOWN, NY (SOUTHSIDE)	SOUTHSIDE PLAZA 708-744 FOOTE AVENUE		14701	SC		1980/1997		2004		100.00	%		63,140		63,140		573,269	QUALITY MARKET(2017)

255 LANCASTER, NY (REGAL)	REGAL CENTER 6703- 6733 TRANSIT ROAD		14221	SC		1997		2004		14.50	%		112,949		112,949		926,154	REGAL CINEMAS(2017)

256 LEROY, NY	TOPS PLAZAl — LEROY 128 WEST MAIN STREET		14482	SC		1997		2004		20.00	%		62,747		62,747		564,043	TOPS MARKETS(2017)

257 LOCKPORT, NY	WAL-MART/TOPS PLAZA — LOCKPORT 5789 & 5839 TRANSIT RD & HAMM		14094	SC		1993		2004		100.00	%		296,582		296,582		2,694,761	WAL-MART(2015), TOPS MARKETS(2021), SEARS HARDWARE(2011)

258 MEDINA, NY (TOPS)	TOPS PLAZA — MEDINA 11200 MAPLE RIDGE ROAD		14103	SC		1996		2004		100.00	%		80,028		80,028		526,400	TOPS MARKETS(2016)

259 NEW HARTFORD, NY	CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE		13413	SC		2002		2004		14.50	%		516,497		516,497		6,008,508	BARNES & NOBLE(2013), BED BATH & BEYOND(2018), BEST BUY(2013), STAPLES(2018), MICHAEL’S(2013), WAL-MART(2022), T.J. MAXX(2012)

260 NEW HARTFORD, NY (TOPS)	TOPS PLAZA — NEW HARTFORD 40 KELLOPP ROAD		13413	SC		1998		2004		100.00	%		127,740		127,740		1,260,670	HANAFORD BROTHERS(2018)

261 NIAGARA FALLS, NY (HOME DEPOT)	HOME DEPOT PLAZA — N FALLS 720 & 750 BUILDERS WAY		14304	SC		1994/2000		2004		100.00	%		154,510		154,510		1,461,852	HOME DEPOT(2019), REGAL CINEMAS(2019)

262 NIAGARA FALLS, NY (PINE PLAZA)	PINE PLAZA 8207- 8351 NIAGARA FALLS BLVD		14304	SC		1980/1992/1998		2004		100.00	%		82,755		82,755		770,091	OFFICE MAX(2015)

263 NIAGARA FALLS, NY (TOPS-PORTAG	TOPS — PORTAGE 1000 PORTAGE ROAD		14301	SC		1991		2004		100.00	%		116,903		116,903		1,033,327	TOPS MARKETS(2013)

264 NIAGARA FALLS, NY (WEGMANS)	WEGMANS PLAZA — N FALLS 1575 — 1653 MILITARY ROAD		14304	SC		1998		2004		100.00	%		122,876		122,876		679,303	WEGMAN’S FOOD MARKETS(2023)

265 NISKAYUNA, NY	MOHAWK COMMONS 402 — 442 BALLTOWN ROAD		12121	SC		2002		2004		100.00	%		399,901		530,375		4,560,167	PRICE CHOPPER(2022), LOWE’S(2022), MARSHALLS(2012), BARNES & NOBLE(2014), BED BATH & BEYOND(2019), TARGET(NOT OWNED)

266 NORTH TONAWANDA, NY (MID-CITY	MID-CITY PLAZA 955-987 PAYNE AVENUE		14120	SC		1960/1976/1980/1995/ 2004		2004		100.00	%		215,998		215,998		2,279,285	SEARS(2006), TOPS MARKETS(2024)

267 NORWICH, NY (TOPS)	TOPS PLAZA-NORWICH 54 EAST MAIN STREET		13815	SC		1997		2004		10.00	%		85,453		85,453		1,094,085	TOPS MARKETS(2018)

268 OLEAN, NY (WAL-MART)	WAL-MART PLAZA — OLEAN 3142 WEST STATE STREET		14760	SC		1993/2004		2004		100.00	%		285,400		401,406		2,246,957	WAL-MART(2014), EASTWYNN THEATRES(2014), BJ’S WHOLESALE CLUB(2014), HOME DEPOT(NOT OWNED)

269 ONTARIO, NY	TOPS PLAZA — ONTARIO BLOCKBUST 6254- 6272 FURNACE ROAD		14519	SC		1998		2004		20.00	%		77,040		77,040		761,667	TOPS MARKETS(2019)

270 ORCHARD PARK, NY	CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD		14127	SC		2000		2004		20.00	%		167,805		279,920		1,942,111	TOPS MARKETS(2022), STEIN MART(2012), LOWES(NOT OWNED)

271 PLATTSBURGH, NY	CONSUMER SQUARE Rt. 3 — CORNELIA ROAD		12901	SC		1993/2004		2004		100.00	%		491,569		491,569		3,349,093	SAM’S CLUB(2013), WAL-MART(2020), T.J. MAXX(2013), PETSMART(2014), MICHAEL’S(2011)


		Mervyns Locations

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



Does Not Include Service Merchandise Interests				Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 15 of 22 Quarter: 2Q06

Retail Property List*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
272 ROCHESTER, NY (HEN-JEF)	HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTA		14620	SC		1983/1993		2004			100.00	%		159,517		159,517		1,118,833	CITY MATTRESS(2009), COMPUSA(2008), PETSMART(2008), TILE SHOP, THE(2015)

273 ROCHESTER, NY (PANORAMA)	PANORAMA PLAZA 1601 PENFIELD ROAD		14625	SC		1959/1965/1972/1980/ 1986/1994		2004			20.00	%		278,241		278,241		3,354,653	LINENS ‘N THINGS(2008), TOPS MARKETS(2014)

274 ROCHESTER, NY(HENRIETTA PLAZA)	HENRIETTA PLAZA 1100 JEFFERSON ROAD		14467	SC		1972/1980/1988/1999		2004			100.00	%		245,426		245,426		1,893,285	BIG LOTS(2010), OFFICE DEPOT(2009), TOPS MARKETS(2013)

275 ROME, NY (FREEDOM)	FREEDOM PLAZA 205-211 ERIE BOULEVARD WEST		13440	SC		1978/2000/2001		2004			100.00	%		200,009		200,009		1,140,212	STAPLES(2015), J.C. PENNEY(2008), TOPS MARKETS(2021), MARSHALLS(2016)

276 SPRINGVILLE, NY	SPRINGVILLE PLAZA 172 — 218 SOUTH CASCADE DRIVE		14141	SC		1980/1999/2004		2004			100.00	%		105,636		105,636		908,715	TOPS MARKETS(2023), SALVATION ARMY(2009)

277 TONAWANDA, NY (DEL-TON)	DEL-TON PLAZA 4220 DELAWARE AVENUE		14150	SC		1985/1996		2004			100.00	%		55,473		55,473		375,366

278 TONAWANDA, NY (OFFICE DEPOT)	OFFICE DEPOT PLAZA 2309 EGGERT ROAD		14150	SC		1976/1985/1996		2004			100.00	%		121,846		121,846		1,094,346	COMPUSA(2010), OFFICE DEPOT(2011)

279 TONAWANDA, NY (SHER/DELAWARE)	SHERIDAN/DELAWARE PLAZA 1692- 1752 SHERIDAN DRIVE		14223	SC		1950/1965/1975/1986/ 2000		2004			100.00	%		188,200		188,200		1,342,313	BON TON(2010), BON TON HOME STORE(2010), TOPS MARKETS(2020)

280 TONAWANDA, NY (TOPS)	TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET		14150	SC		1997		2004			10.00	%		97,014		97,014		1,236,950	TOPS MARKETS(2017)

281 TONAWANDA, NY (TOPS/GANDER MTN	YOUNGMAN PLAZA 750 YOUNG STREET		14150	SC		1985/ 2003		2004			10.00	%		310,921		318,166		2,377,355	BJ’S WHOLESALE CLUB(2010), BIG LOTS(2012), GANDER MOUNTAIN(2015), TOPS MARKETS(2021)

282 UTICA, NY (TOPS MOHAWK ST.)	TOPS PLAZA — DOLLAR TREE 1154 MOHAWK STREET		13501	SC		1961/1972/1988/1998		2004			100.00	%		191,047		191,047		1,464,632	A.J. WRIGHT(2014), HANAFORD BROTHERS(2025)

283 VICTOR, NY	VICTOR SQUARE 2-10 COMMERCE DRIVE		14564	SC		2000		2004			100.00	%		56,134		56,134		898,696

284 WARSAW, NY	TOPS PLAZA — WARSAW 2382 ROUTE 19		14569	SC		1998		2004			20.00	%		74,105		74,105		711,298	TOPS MARKETS(2015)

285 WEST SENECA, NY (HOME DEPOT)	HOME DEPOT PLAZA 1881 RIDGE ROAD		14224	SC		1975/1983/1987/1995		2004			100.00	%		139,453		139,453		1,397,222	HOME DEPOT(2016)

286 WEST SENECA, NY (SENECA RIDGE)	SENECA — RIDGE PLAZA 3531 SENECA STREET		14224	SC		1980/1996/2004		2004			100.00	%		62,403		62,403		531,482	SEARS(2006)

287 WILLIAMSVILLE, NY	WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE		14221	SC		1986/1995/2003		2004			100.00	%		92,382		92,382		1,003,023

288 WILLIAMSVILLE, NY(PREMIER)	PREMIER PLACE 7864 — 8020 TRANSIT ROAD		14221	SC		1986/1994/1998		2004			14.50	%		142,536		142,536		1,381,174	PREMIER LIQUORS(2010), STEIN MART(2008)

North Carolina

289 APEX, NC	BEAVER CREEK COMMONS 1335 W WILLIAMS STREET		27502	SC		2005		1	*		100.00	%		110,429		438,711		2,250,511	LINENS ‘N THINGS(2016), OFFICE MAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED)

290 ASHEVILLE, NC	RIVER HILLS 299 SWANNANOA RIVER ROAD		28805	SC		1996		2003			14.50	%		190,970		190,970		1,996,049	GOODY’S(2007), CARMIKE CINEMAS(2017), CIRCUIT CITY(2017), DICK’S SPORTING GOODS(2017), MICHAEL’S(2008), OFFICE MAX(2011)

291 DURHAM, NC	OXFORD COMMONS 3500 OXFORD ROAD		27702	SC		1990/2001		1/2	*		100.00	%		208,669		326,935		1,267,838	FOOD LION(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED)


		Mervyns Locations

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



Does Not Include Service Merchandise Interests				Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 16 of 22 Quarter: 2Q06

Retail Property List*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
292 FAYETTEVILLE, NC	CROSS POINTE CENTRE 5075 MORGANTON ROAD		28314	SC		1985/2003		2003			100.00	%		196,279		196,279		1,483,463	DEVELOPERS REALTY CORP.(2012), T.J. MAXX(2011), BED BATH & BEYOND(2014)

293 HENDERSONVILLE, NC	EASTRIDGE CROSSING 200 THOMPSON STREET		28792	SC		1995/2004		2003			100.00	%		124,432		159,429		588,627	EPIC THEATRES(2018), INGLES(2009), BIG LOTS(NOT OWNED)

294 INDIAN TRAIL, NC	UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD		28079	SC		1999		2004			100.00	%		102,360		102,360		855,705	FOOD LION(2020)

295 MOORESVILLE, NC	MOORESVILLE CONSUMER SQUARE I 355 WEST PLAZA DRIVE		28117	SC		1999		2004			100.00	%		405,081		405,081		3,555,291	WAL-MART(2019), GOODY’S(2010)

296 NEW BERN, NC	RIVERTOWNE SQUARE 3003 CLAREDON BLVD		28561	SC		1989/1999		1/2	*		100.00	%		68,130		200,228		597,269	GOODY’S(2007), WAL-MART(NOT OWNED)

297 WASHINGTON, NC	PAMLICO PLAZA 536 PAMLICO PLAZA		27889	SC		1990/1999		1/2	*		100.00	%		93,527		278,311		484,956	GOODY’S(2009), OFFICE DEPOT(2009), WAL-MART(NOT OWNED)

298 WAYNESVILLE, NC	LAKESIDE PLAZA 201 PARAGON PARKWAY		28721	SC		1990		1993			100.00	%		181,894		181,894		1,127,026	WAL-MART(2011), FOOD LION(2011)

299 WILMINGTON, NC	UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.		28403	SC		1989/2001		1/2	*		100.00	%		411,887		518,735		3,529,694	LOWE’S(2014), OLD NAVY(2011), BED BATH & BEYOND(2012), ROSS DRESS FOR LESS(2012), STEVE & BARRY’S UNIVERSITY(2014), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED)

North Dakota

300 DICKINSON, ND	PRAIRIE HILLS MALL 1681 THIRD AVENUE		58601	MM		1978		1/2	*		100.00	%		266,502		266,502		1,116,204	K MART(2008), HERBERGER’S(2010), J.C. PENNEY(2008)

Ohio

301 ASHTABULA, OH (TOPS)	TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD		44004	SC		2000		2004			100.00	%		57,874		57,874		901,720	TOPS MARKETS(2021)

302 AURORA, OH	BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE		44202	SC		1996/2004		1	*		100.00	%		102,683		159,982		1,069,821	CINEMARK(2011), HEINEN’S(NOT OWNED)

303 BELLEFONTAINE, OH	SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET		43311	SC		1995		1998			100.00	%		52,399		52,399		445,579	GOODY’S(2010), STAPLES(2010)

304 BOARDMAN, OH	SOUTHLAND CROSSING 1-680 & US ROUTE 224		44514	SC		1997		1	*		100.00	%		506,254		511,654		4,183,827	LOWE’S(2016), BABIES R US(2009), STAPLES(2012), DICK’S SPORTING GOODS(2012), WAL- MART(2017), PETSMART(2013), GIANT EAGLE(2018)

305 CANTON, OH (PHASE I & II)	BELDEN PARK CROSSINGS 5496 DRESSLER ROAD		44720	SC		1995/2001/2003		1	*		14.50	%		478,106		593,610		5,140,478	VALUE CITY FURNITURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES(2008), PETSMART(2013), DICK’S SPORTING GOODS(2010), DSW SHOE WAREHOUSE(2012), KOHL’S(2016), TARGET(NOT OWNED)

306 CHILLICOTHE, OH	CHILLICOTHE PLACE 867 N BRIDGE STREET		45601	SC		1974/1998		1/2	*		20.00	%		106,262		106,262		1,019,135	KROGER(2041), OFFICE MAX(2013)

307 CHILLICOTHE, OH(LOWES)	CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET		45601	SC		1998		1	*		100.00	%		130,497		130,497		822,132	LOWE’S(2015)

308 CINCINNATI, OH	GLENWAY CROSSING 5100 GLENCROSSING WAY		45238	SC		1990		2	*		100.00	%		235,433		235,433		1,887,819	STEVE & BARRY’S(2015), MICHAEL’S(2006)

309 CINCINNATI, OH(TRI COUNTY)	TRI COUNTY MALL 117000 PRINCETON PK		45246	SC		1992/1960		2005			18.00	%		663,356		1,175,836		10,472,910	DILLARD’S(2018), MACY’S(NOT OWNED), SEARS(NOT OWNED)


310 COLUMBUS, OH (CONSUMER SQUARE)	CONSUMER SQUARE WEST COLUMBUS 3630 SOLDANO BLVD		43228	SC		1989/2003		2004			100.00	%		356,515		356,515		2,411,994	OFFICE MAX(2010), KROGER(2014), TARGET(2011)

311 COLUMBUS, OH (DUBLIN VILLAGE)	DUBLIN VILLAGE CENTER 6561- 6815 DUBLIN CENTER DRIVE		43017	SC		1987		1998			100.00	%		227,003		336,084		1,576,300	AMC THEATRE(2007), MAX SPORTS CENTER(2007), B.J.’S WHOLESALE CLUB(NOT OWNED)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 17 of 22 Quarter: 2Q06

Retail Property List*


					Year					DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year			Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired			Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
312 COLUMBUS, OH (EASTON MARKET)	EASTON MARKET 3740 EASTON MARKET		43230	SC		1998		1998			100.00	%		509,611		509,611		6,003,806	COMPUSA(2013), STAPLES(2013), PETSMART(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S(2008), DICK’S SPORTING GOODS(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND(2014), T.J. MAXX(2008)

313 COLUMBUS, OH (LENNOX TOWN)	LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD		43212	SC		1997		1998			50.00	%		352,913		352,913		3,368,853	TARGET(2016), BARNES & NOBLE(2007), STAPLES(2011), AMC THEATRE(2021)

314 COLUMBUS, OH (SUN CENTER)	SUN CENTER 3622- 3860 DUBLIN GRANVILLE RD		43017	SC		1995		1998			79.45	%		305,428		305,428		3,544,916	BABIES R US(2011), MICHAEL’S(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART(2007), WHOLE FOOD MARKETS(2016), STAPLES(2010)

315 DUBLIN, OH (PERIMETER CENTER)	PERIMETER CENTER 6644- 6804 PERIMETER LOOP ROAD		43017	SC		1996		1998			100.00	%		137,556		137,556		1,526,872	GIANT EAGLE(2014)

316 ELYRIA, OH	ELYRIA SHOPPING CENTER 841 CLEVELAND ST		44035	SC		1977		2	*		100.00	%		92,125		92,125		704,695	TOPS MARKETS(2010)

317 GALLIPOLIS, OH	GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE		45631	SC		1998		2003			100.00	%		25,950		205,908		331,314	WAL MART(NOT OWNED)

318 GROVE CITY, OH (DERBY SQUARE)	DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD		43123	SC		1992		1998			20.00	%		128,210		128,210		1,156,024	GIANT EAGLE(2015)

319 HAMILTON, OH	H.H. GREGG 1371 MAIN STREET		43450	SC		1986		1998			100.00	%		40,000		40,000		230,000	ROUNDY’S(2006)

320 HUBER HTS., OH	NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE		45424	SC		1990		1993			100.00	%		163,819		278,376		1,353,549	CUB FOODS(2011), WAL-MART(NOT OWNED)

321 LEBANON, OH	COUNTRYSIDE PLACE 1879 DEERFIELD ROAD		45036	SC		1990/2002		1993			100.00	%		17,000		110,480		117,774	WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED)


322 MACEDONIA, OH	MACEDONIA COMMONS MACEDONIA COMMONS BLVD.		44056	SC		1994		1994			50.00	%		233,619		372,786		3,048,369	FIRST NATL. SUPERMARKETS(2018), KOHL’S(2016), WAL-MART(NOT OWNED)

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

324 NORTH OLMSTED, OH	GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN		44070	SC		1958/1998/2003		1997			14.50	%		624,587		665,487		7,758,551	BEST BUY(2010), DSW SHOE WAREHOUSE(2015), BED BATH & BEYOND(2012), MARSHALLS(2008), PETSMART(2008), HOME DEPOT(2019), K & G MENSWEAR(2008), JO-ANN STORES(2009), MARC’S(2012), COMPUSA(2008), REMINGTON COLLEGE(NOT OWNED)

325 PATASKALA, OH	VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE		43062	SC		1980		1998			100.00	%		33,270		33,270		201,200	CARDINAL FOODS(2007)

326 PICKERINGTON, OH	SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH		43147	SC		1990		1998			100.00	%		59,495		61,872		490,455

327 SOLON, OH	UPTOWN SOLON KRUSE DRIVE		44139	SC		1998		1	*		100.00	%		183,255		183,255		2,790,384	MUSTARD SEED MARKET & CAFE(2019), BED BATH & BEYOND(2009), BORDERS(2018)

328 STOW, OH	STOW COMMUNITY SHOPPING CENTER KENT ROAD		44224	SC		1997/2000		1	*		100.00	%		404,480		506,563		2,856,535	K MART(2006), BED BATH & BEYOND(2011), GIANT EAGLE(2017), KOHL’S(2019), OFFICE MAX(2011), TARGET(NOT OWNED)

329 TIFFIN, OH	TIFFIN MALL 870 WEST MARKET STREET		44883	MM		1980/2004		1/2	*		100.00	%		180,969		180,969		729,566	CINEMARK(2011), J.C. PENNEY(2010)

330 TOLEDO, OH	SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD		43528	SC		1999		1	*		20.00	%		241,129		271,729		2,816,908	KOHL’S(2019), GANDER MOUNTAIN(2014), BED BATH & BEYOND(2010), OLD NAVY(2010)

331 TOLEDO, OH (DICKS)	DICKS-TOLEDO 851 WEST ALEXIS ROAD		43612	SC		1995		2004			100.00	%		80,160		80,160		501,000	DICK’S SPORTING GOODS(2016)


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

Does Not Include Service Merchandise Interests		Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 18 of 22 Quarter: 2Q06

Retail Property List^*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
332 WESTLAKE, OH	WEST BAY PLAZA 30100 DETROIT ROAD		44145	SC		1974/1997/2000		1/2*		100.00	%		162,330		162,330		1,356,404	MARC’S(2009), K MART(2009)

333 XENIA, OH	WEST PARK SQUARE 1700 WEST PARK SQUARE		45385	SC		1994/1997/2001		1 *		100.00	%		104,873		203,282		741,682	KROGER(2019), WAL-MART(NOT OWNED)

Oregon

334 PORTLAND, OR	TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD		97006	SC		1995/2001		1996		50.00	%		309,617		566,457		5,516,833	LINENS ‘N THINGS(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE(2011), MICHAEL’S(2009), OFFICE DEPOT(2010), HAGGAN’S(2021), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED)

Pennsylvania

335 ALLENTOWN, PA (WEST)	WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD		18106	SC		2001/2004		2003		100.00	%		259,239		259,239		2,652,419	WAL-MART(2021)

336 E. NORRITON, PA	KMART PLAZA 2692 DEKALB PIKE		19401	SC		1975/1997		1/2 *		100.00	%		173,876		179,376		1,326,409	K MART(2010), BIG LOTS(2010)

337 ERIE (PEACHSTREET), PA	PEACH STREET SQUARE 1902 KEYSTONE DRIVE		16509	SC		1995/1998/2003		1 *		100.00	%		557,769		679,074		4,764,899	LOWE’S(2015), PETSMART(2015), CIRCUIT CITY(2020), KOHL’S(2016), WAL-MART(2015), CINEMARK(2011), HOME DEPOT(NOT OWNED)

338 ERIE, PA (MARKET)	ERIE MARKETPLACE 6660-6750 PEACH STREET		16509	SC		2003		2003		14.50	%		107,537		238,387		1,063,113	MARSHALLS(2013), BED BATH & BEYOND(2013), BABIES R US(2015), TARGET(NOT OWNED)

339 ERIE, PA (TOPS-ERIE)	TOPS PLAZA — ERIE 1520 WEST 25TH STREET		16505	SC		1995		2004		100.00	%		100,831		100,831		1,261,124	TOPS MARKETS(2016)

340 HANOVER, PA (BJS)	BJS — HANOVER 1785 AIRPORT ROAD SOUTH		18109	SC		1991		2004		100.00	%		112,230		112,230		785,881	BJ’S WHOLESALE CLUB(2011)

341 MONACA, PA	TOWNSHIP MARKETPLACE 115 WAGNER ROAD		15061	SC		1999/2004		2003		14.50	%		298,589		298,589		2,753,792	CINEMARK(2019), LOWES(2016), SHOP ‘N SAVE(2019)

342 MT. NEBO, PA	MT NEBO POINT MT. NEBO RD & LOWRIES RUN RD		15237	SC		2005		1 *		100.00	%		64,982		328,367		998,207	SPORTSMAN’S WAREHOUSE(2020), SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)

Puerto Rico

343 ARECIBO, PR (ATLANTICO)	PLAZA DEL ATLANTICO PR #KM 80.3		00612	MM		1980/1993		2005		100.00	%		215,409		224,908		3,205,504	K MART(2013), CAPRI DEL ATLANTICO(2013)

344 BAYAMON, PR (PLAZA DEL SOL)	PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS		00961	MM		1998/2003/2004		2005		100.00	%		526,373		675,594		16,178,907	WAL-MART(2022), OLD NAVY(2011), SCIENCE PARK CINEMA(2019), BED BATH & BEYOND(2017), HOME DEPOT(NOT OWNED)

345 BAYAMON, PR (REXVILLE PLAZA)	REXVILLE PLAZA PR #167, KM 18.8		00961	SC		1980/2002		2005		100.00	%		126,023		132,309		1,546,898	PUEBLO XTRA(2009), TIENDAS CAPRI(2013)

346 BAYAMON, PR (RIO HONDO)	RIO HONDO PR #22, PR #167		00961	MM		1982/2001		2005		100.00	%		419,435		484,737		10,130,254	TIENDAS CAPRI(2009), K MART(2011), PUEBLO XTRA(2012), MARSHALL’S(2015), RIO HONDO CINEMA(NOT OWNED)

347 CAROLINA, PR (PLAZA ESCORIAL)	PLAZA ESCORIAL CARRETERA #3, KM 6.1		00987	SC		1997		2005		100.00	%		385,665		601,535		7,534,321	OFFICE MAX(2015), WAL-MART(2024), BORDERS(2017), OLD NAVY(2009), SAM’S CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED)

348 CAYEY, PR (PLAZA CAYEY)	PLAZA CAYEY STATE RD #1 & PR #735		00736	SC		1999/2004		2005		100.00	%		261,126		339,840		2,956,077	WAL-MART(2021), CAYEY CINEMA CORP.(NOT OWNED)

349 FAJARDO, PR (PLAZA FAJARDO)	PLAZA FAJARDO ROAD PR #3 INT PR #940		00738	SC		1992		2005		100.00	%		245,319		251,319		3,823,351	WAL-MART(2012), PUEBLO XTRA(2012)

350 GUAYAMA, PR (PLAZA WAL-MART)	PLAZA WAL-MART ROAD PR #3 KM 135.0		00784	SC		1994		2005		100.00	%		163,598		163,598		1,676,518	WAL-MART(2018)


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

Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 19 of 22 Quarter: 2Q06

Retail Property List^*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
351 HATILLO, PR (PLAZA DEL NORTE)	PLAZA DEL NORTE ROAD #2,KM 81.9		00659	MM		1992		2005		100.00	%		505,849		671,278		10,757,931	PITUSA(2003), J.C. PENNEY(2012), PUEBLO XTRA(2012), WAL-MART(2012), TOYS R’ US/KID’SRUS(NOT OWNED)

352 HUMACAO, PR (PALMA REAL)	PALMA REAL STATE ROAD #3, KM 78.20		00791	SC		1995		2005		100.00	%		340,608		442,614		6,409,312	CAPRI STORES(2011), PUEBLO XTRA(2020), CINEVISTA THEATRES(2006), WAL- MART(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED)

353 ISABELA, PR (PLAZA ISABELA)	PLAZA ISABELA STATE RD #2 & #454,KM 111.6		00662	SC		1994		2005		100.00	%		238,410		259,016		3,553,048	PUEBLO XTRA(2014), WAL-MART(2019)

354 SAN GERMAN, PR (CAMINO REAL)	CAMINO REAL STATE RD PR #122		00683	SC		1991		2005		100.00	%		22,356		49,172		315,950	PEP BOYS(2015)

355 SAN GERMAN, PR (DEL OESTE)	DEL OESTE ROAD PR #2 INT PR #122		00683	SC		1991		2005		100.00	%		174,172		184,746		2,285,142	K MART(2016), PUEBLO XTRA(2011)

356 SAN JUAN, PR (SENORIAL PLAZA)	SENORIAL PLAZA PR #53 & PR #177		00926	MM	1978/Mutiple			2005		100.00	%		168,533		208,993		2,615,616	K MART(2010), PUEBLO EXT(NOT OWNED)

357 VEGA BAJA, PR (PLZA VEGA BAJA)	PLAZA VEGA BAJA ROAD PR #2 INT PR #155		00693	SC		1990		2005		100.00	%		174,728		184,938		2,045,214	K MART(2015), PUEBLO XTRA(2010)

South Carolina

358 CAMDEN, SC	SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE		29020	SC		1990/2000		1993		100.00	%		180,127		363,405		1,054,760	BELK(2015), WAL-MART SUPER CENTER(NOT OWNED)

359 CHARLESTON, SC	ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE		29414	SC		1991		2003		100.00	%		188,883		196,048		1,611,602	FOOD LION(2011), WAL-MART(2011)

360 COLUMBIA, SC (HARBISON)	HARBISON COURT HARBISON BLVD		29212	SC		1991		2002		14.50	%		257,908		317,397		2,846,165	BARNES & NOBLE(2011), ROSS DRESS FOR LESS(2014), MARSHALLS(2012), OFFICE MAX(2011), BABIES ‘R’ US #8890(NOT OWNED)

361 MT. PLEASANT, SC	WANDO CROSSING 1500 HIGHWAY 17 NORTH		29465	SC		1992/2000		1995		100.00	%		209,139		325,236		1,718,399	OFFICE DEPOT(2010), T.J. MAXX(2007), MARSHALLS(2011), WAL-MART(NOT OWNED)

362 N. CHARLESTON, SC	NORTH POINTE PLAZA 7400 RIVERS AVENUE		29406	SC		1989/2001		2 *		100.00	%		294,471		375,451		2,061,297	WAL-MART(2009), OFFICE MAX(2007), HELIG MEYERS(NOT OWNED)

363 N. CHARLESTON, SC(N CHARL CTR)	NORTH CHARLESTON CENTER 5900 RIVERS AVENUE		29406	SC		1980/1993		2004		100.00	%		235,501		235,501		1,063,910	NORTHERN TOOL(2016), BIG LOTS(2009)

364 ORANGEBURG, SC	NORTH ROAD PLAZA 2795 NORTH ROAD		29115	SC		1994/1999		1995		100.00	%		50,760		247,434		496,649	GOODY’S(2008), WAL-MART(NOT OWNED)

365 S. ANDERSON, SC	CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS		29624	SC		1990		1994		100.00	%		13,600		13,600		53,812

366 SIMPSONVILLE, SC	FAIRVIEW STATION 621 FAIRVIEW ROAD		29681	SC		1990		1994		100.00	%		142,080		142,080		836,317	INGLES(2011), KOHL’S(2015)

367 UNION, SC	WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1		29379	SC		1990		1993		100.00	%		184,331		184,331		650,430	WAL-MART(2009), BELK(2010)

South Dakota

368 WATERTOWN, SD	WATERTOWN MALL 1300 9TH AVENUE		56401	MM		1977		1/2 *		100.00	%		240,262		282,262		1,602,100	DUNHAM’S SPORTING GOODS(2011), HERBERGER’S(2009), J.C. PENNEY(2008), HY VEE SUPERMARKET(NOT OWNED)

Tennessee

369 BRENTWOOD, TN	COOL SPRINGS POINTE I-65 AND MOORE’S LANE		37027	SC		1999/2004		2000		14.50	%		201,414		201,414		2,572,784	BEST BUY(2014), ROSS DRESS FOR LESS(2015), LINENS ‘N THINGS(2014), DSW SHOE WAREHOUSE(2008)


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

Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 20 of 22 Quarter: 2Q06

Retail Property List^*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
370 CHATTANOOGA, TN	OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD		37421	SC		1992/2004		2003		100.00	%		214,918		214,918		1,685,351	BEST BUY(2014), HOBBY LOBBY(2014), FRESH MARKET(2014)

371 COLUMBIA, TN	COLUMBIA SQUARE 845 NASHVILLE HIGHWAY		38401	SC		1993		2003		10.00	%		68,948		68,948		502,041	KROGER(2022)

372 FARRAGUT, TN	FARRAGUT POINTE 11132 KINGSTON PIKE		37922	SC		1991		2003		10.00	%		71,311		71,311		448,764	SOUTHERN FAMILY MARKETS(2011)

373 GOODLETTSVILLE, TN	NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD		37072	SC		1987		2003		20.00	%		84,441		84,441		735,306	KROGER(2012)

374 HENDERSONVILLE, TN	HENDERSONVILLE LOWE’S 1050LOWE’S ROAD		37075	SC		1999		2003		100.00	%		133,144		133,144		1,222,439	LOWE’S(2019)

375 JOHNSON CITY, TN	JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS		37604	SC		2005		2003		100.00	%		0		88,248		352,992	KOHL’S(NOT OWNED)

376 MURFREESBORO, TN (MEMORIAL)	MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD		37130	SC		1993		2003		100.00	%		117,750		117,750		630,493	MURFREESBORO ATHLETIC CLUB(2014)

377 MURFREESBORO, TN (TOWNE)	TOWNE CENTRE OLD FORT PARKWAY		37129	SC		1998		2003		14.50	%		108,180		390,802		1,320,615	T.J. MAXX(2008), BOOKS-A-MILLION(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED)

378 NASHVILLE, TN	THE MARKETPLACE CHARLOTTE PIKE		37209	SC		1998		2003		14.50	%		167,795		367,879		1,671,837	LOWE’S(2019), WAL MART(NOT OWNED)

Texas

379 AUSTIN, TX	SHOPS AT TECH RIDGE CENTER RIDGE DRIVE		78728	SC		2003		2003		24.75	%		281,226		570,464		4,218,509	ROSS DRESS FOR LESS(2014), LINENS ‘N THINGS(2014), HOBBY LOBBY(2018), BEST BUY(2016), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED)

380 FRISCO, TX	FRISCO MARKETPLACE 7010 PRESTON ROAD		75035	SC		2003		2003		14.50	%		20,959		107,543		728,976	KOHL’S(NOT OWNED)

381 FT. WORTH, TX	EASTCHASE MARKET SWC EASTCHASE PKWY & I-30		76112	SC		1995		1996		50.00	%		235,017		385,039		1,991,971	UNITED ARTISTS THEATRE(2012), PETSMART(2011), ROSS DRESS FOR LESS(2011), TARGET(NOT OWNED), OFFICE DEPOT(NOT OWNED)

382 IRVING, TX	MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD		75063	SC		2004		2003		14.50	%		150,441		598,651		1,425,802	OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED)

383 LEWISVILLE, TX (LAKEPOINTE)	LAKEPOINTE CROSSINGS S STEMMONS FREEWAY		75067	SC		1991		2002		14.50	%		311,039		567,069		3,469,748	99 CENTS ONLY STORE(2009), ROOMSTORE, THE(2007), PETSMART(2009), BEST BUY(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED)

384 MCKINNEY, TX	MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY		75070	SC		2000		2003		14.50	%		118,967		183,810		1,314,550	KOHL’S(2021), ALBERTSON’S(NOT OWNED)

385 MESQUITE, TX	THE MARKETPLACE AT TOWNE CENTE SOUTHBOUND FRONTAGE RD I 635		75150	SC		2001		2003		14.50	%		170,625		378,775		2,344,200	LINENS ‘N THINGS(2013), MICHAEL’S(2012), ROSS DRESS FOR LESS(2013), HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED)

386 SAN ANTONIO, TX (BANDERA PT)	BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD		78227	SC		2001/2002		1 *		100.00	%		278,706		887,896		4,307,963	T.J. MAXX(2011), LINENS ‘N THINGS(2012), OLD NAVY(2011), ROSS DRESS FOR LESS(2012), BARNES & NOBLE(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED), KOHL’S(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CREDIT UNION(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED)

387 SAN ANTONIO, TX (INGRAM)	INGRAM PARK 6157 NW LOOP 410		78238	FO		1985		2005		50.00	%		76,597		76,597		422,000	MERVYN’S(2020)

388 SAN ANTONIO, TX (WESTOVER)	WESTOVER MARKETPLACE SH 151@LOOP 410		78209	SC		2005		1 *		10.00	%		165,953		457,153		2,298,055	PETSMART(2016), OFFICE DEPOT(2016), SPORTSMAN’S WAREHOUSE(2015), ROSS DRESS FOR LESS(2016), LOWES(NOT OWNED), TARGET(NOT OWNED)

Utah


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

Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 21 of 22 Quarter: 2Q06

Retail Property List^*


					Year				DDR			Owned		Owned/Unowned		Total
		Zip		Type of	Developed/		Year		Ownership			Gross		Gross		Annualized
Center/Property	Location	Code		Property	Redeveloped		Acquired		Interest			Leasable Area		Leasable Area		Rent		Anchor Tenants(Lease Expiration)
389 LOGAN, UT	FAMILY PLACE @ LOGAN 400 NORTH STREET		84321	SC		1975		1998		100.00	%		19,200		44,200		208,422	RITE AID(NOT OWNED)

390 MIDVALE, UT	FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD		84047	SC		1973/2000		1998		100.00	%		661,469		661,469		6,831,971	BABIES R US(2014), OFFICE MAX(2012), SMITH’S FOOD & DRUG(2024), MEDIA PLAY(2016), BED BATH & BEYOND(2014), ROSS DRESS FOR LESS(2011), WAL-MART(2015)

391 OGDEN, UT	FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD		84404	SC		1977		1998		100.00	%		162,316		162,316		635,709	HARMONS(2012)

392 OREM, UT	FAMILY CENTER AT OREM 1300 SOUTH STREET		84058	SC		1991		1998		100.00	%		150,667		281,931		1,616,659	KIDS R US(2011), MEDIA PLAY(2015), OFFICE DEPOT(2008), JO-ANN STORES(2012), R.C. WILLEY(NOT OWNED)

393 RIVERDALE, UT	FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD		84405	SC		1995/2003		1998		100.00	%		593,398		596,198		4,660,524	MEIER & FRANK DEPARTMENT STORE(2011), OFFICE MAX(2008), GART SPORTS(2012), SPORTSMAN’S WAREHOUSE(2009), TARGET SUPERSTORE(2017), MEDIA PLAY(2016), CIRCUIT CITY(2016)

394 RIVERDALE, UT (WEBER)	FAMILY CENTER @ RIVERDALE 526 1050 WEST RIVERDALE ROAD		84405	SC		2005		1 *		100.00	%		35,347		386,110		335,796	JO-ANN STORES(2015), SAM’S CLUB(NOT OWNED), SUPER WALMART(NOT OWNED)

395 SALT LAKE CITY, UT (33RD)	FAMILY PLACE @ 33RD SOUTH		84115	SC		1978		1998		100.00	%		34,209		34,209		233,114
	3300 SOUTH STREET

396 TAYLORSVILLE, UT	FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD		84123	SC		1982/2003		1998		100.00	%		746,890		818,890		6,834,307	SHOPKO(2014), JO-ANN STORES(2015), GART SPORTS(2017), 24 HOUR FITNESS(2017), BED BATH & BEYOND(2015), ROSS DRESS FOR LESS(2014), HOME USA WAREHOUSE(2012), MEDIA PLAY(2015), OFFICE MAX(2008), CIRCUIT CITY(2016), PETSMART(2012), HARMONS SUPERSTORE(NOT OWNED)

Vermont

397 BERLIN, VT	BERLIN MALL 282 BERLIN MALL RD., UNIT #28		05602	MM		1986/1999		2 *		100.00	%		174,432		174,432		1,640,935	WAL-MART(2014), J.C. PENNEY(2009)

Virginia

398 CHESTER, VA	BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS		23831	SC		1978		2003		100.00	%		116,310		116,310		1,190,135	UKROP’S(2008)

399 FAIRFAX, VA	FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER		22033	SC		1994		1995		14.50	%		253,392		253,392		4,755,995	SAFEWAY(2019), T.J. MAXX(2009), TOWER RECORDS(2009), BED BATH & BEYOND(2010), UNITED ARTISTS THEATRE(2014)

400 LYNCHBURG, VA	CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD		24502	SC		1990		2003		100.00	%		270,765		337,765		2,056,281	GOODY’S(2008), CINEMARK(2015), CIRCUIT CITY(2009), STAPLES(2013), T.J. MAXX(2009), TOYS “R” US(NOT OWNED)

401 LYNCHBURG, VA (FAIRVIEW)	FAIRVIEW SQUARE 2215 FLORIDA AVENUE		24501	SC		1992		2004		100.00	%		85,209		85,209		360,372	FOOD LION(2012)

402 MARTINSVILLE, VA	LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD		24112	MM		1989/1997		1/2 *		50.00	%		435,057		479,256		2,795,289	GOODY’S(2007), BELK(2009), J.C. PENNEY(2009), SEARS(2009), OFFICE MAX(2012), KROGER(2017), MCDONALD’S(NOT OWNED)

403 MIDLOTHIAN, VA	GENITO CROSSING HULL STREET ROAD		23112	SC		1985		2003		100.00	%		79,407		79,407		696,471	FOOD LION(2010)

404 PULASKI, VA	MEMORIAL SQUARE 1000 MEMORIAL DRIVE		24301	SC		1990		1993		100.00	%		143,299		143,299		897,400	WAL-MART(2011), FOOD LION(2011)

405 WINCHESTER, VA	APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY		22601	SC		1990/1997		2 *		20.00	%		240,560		240,560		2,436,125	MARTIN’S FOOD STORE(2040), KOHL’S(2018), OFFICE MAX(2012), BOOKS-A-MILLION(2008)

Washington

406 EVERETT, WA	PUGET PARK 520 128TH STREET SW		98204	SC		1981		2001		20.00	%		41,065		88,961		518,302	ALBERTSON’S(NOT OWNED)

407 KIRKLAND, WA	TOTEM LAKES UPPER TOTEM LAKES BOULEVARD		98034	SC		1999/2004		2004		20.00	%		228,210		274,189		2,726,021	GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED)


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

Does Not Include Service Merchandise Interests

Property Listing 7.1


		Run Date: 07/19/2006 Time: 2:22:07PM Page 22 of 22 Quarter: 2Q06

Retail Property List*


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

408 BARBOURSVILLE, WV	BARBOURSVILLE CENTER 5-13 MALL ROAD		25504	SC		1985		1998		100.00	%		70,900		133,396		389,425	DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED)

Wisconsin

409 BROOKFIELD, WI (SW)	SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA		53005	SC		1967		2003		14.50	%		182,722		190,142		1,412,423	T.J. MAXX(2010), MARSHALLS MEGA STORE(2009), OFFICE MAX(2010), BURLINGTON COAT FACTORY(2012)

410 BROWN DEER, WI (CENTER)	BROWN DEER CENTER NORTH GREEN BAY ROAD		53209	SC		1967		2003		14.50	%		266,716		266,716		1,943,136	KOHL’S(2023), MICHAEL’S(2012), OFFICE MAX(2010), T.J. MAXX(2007), OLD NAVY(2012)

411 BROWN DEER, WI (MARKET)	MARKET PLACE OF BROWN DEER		53209	SC		1989		2003		14.50	%		143,372		143,372		1,178,961	MARSHALLS MEGA STORE(2009), PICK ’N SAVE(2010)
	NORTH GREEN BAY ROAD																	MARSHALLS MEGA STORE(2009), PICK ’N SAVE(2010)

412 MILWAUKEE, WI	POINT LOOMIS		53221	SC		1962		2003		100.00	%		160,533		160,533		707,571	KOHL’S(2007), PICK ’N SAVE(2007)
	SOUTH 27TH STREET																	KOHL’S(2007), PICK ’N SAVE(2007)

413 WEST ALLIS, WI (WEST)	WEST ALLIS CENTER		53214	SC		1968		2003		100.00	%		246,081		259,981		1,421,496	KOHL’S(2008), MARSHALLS MEGA STORE(2009), PICK ’N SAVE(2008)
	WEST CLEVELAND AVE. AND S. 108

						Grand Total:							74,795,458		101,333,629		837,691,777



Does Not Include Service Merchandise Interests		Property Listing 7.1

Officers

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

David M. Jacobstein, President & Chief Operating Officer

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

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

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

Timothy J. Bruce, Executive Vice President of Development

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

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

David Dieterle, Senior Vice President of Leasing — Southeast Region

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

Marc Hays, Senior Vice President of Leasing — Specialty Centers

Daniel M. Herman, Senior Vice President of Development

John S. Kokinchak, SCSM, CLS, Senior Vice President of Property Management

Joseph Padanilam, Senior Vice President of Acquisitions and Dispositions

Anthony L. Vodicka, Senior Vice President of Leasing — Western Region

David Weiss, Senior Vice President and General Counsel

Nan Zieleniec, Senior Vice President of Human Resources

Investor Information (Continued)

Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2006


Research Coverage		Research Coverage, continued

AG Edwards		Morgan Stanley
David AuBuchon	(314) 955-5452	Matthew Ostrower	(212) 761-6284
		Mick Chiang	(212) 761-6385

Citigroup Smith Barney
Jonathan Litt	(212) 816-0231	RBC Capital Markets
Ambika Goel	(212) 816-6981	Rich Moore	(216) 378-7625

Deutsche Bank Securities		UBS
Lou Taylor	(212) 250-4912	Scott Crowe	(212) 713-1419
Christeen Kim	(212) 250-8705	Jeff Spector	(212) 713-6144

Goldman Sachs		Wachovia Securities
Dennis Maloney	(212) 902-1970	Jeff Donnelly	(617) 603-4262
Jay Habermann	(917) 343-4260	Eric Rothman	(617) 603-4263

Green Street Advisors
Greg Andrews	(949) 640-8780	Transfer Agent
		National City Bank
Hilliard Lyons		Corporate Trust Operations
Tony Howard	(502)588-1142	P.O. Box 92301
		Cleveland, Ohio 44193-0900
Lehman Brothers		1-800-622-6757
David Harris	(212) 526-1790
		Investor Relations
Merrill Lynch		Michelle M. Dawson
Steve Sakwa	(212) 449-0335	VP of Investor Relations
Craig Schmidt	(212) 449-1944	Phone: (216)755-5455
		Fax: (216)755-1455
JP Morgan		Email: mdawson@ddr.com
Michael Mueller	(212) 622-6689
Joe Dazio	(212) 622-6416


Funded as of June 30, 2006	$	326.1
Projected Net Funding During 2006	$	95.7
Projected Net Funding Thereafter	$	179.9

Total	$	601.7


	Assets Placed
	in Service
Date	(Millions)

As of December 31, 2005	$	18.4
1st Quarter 2006	$	4.1
2nd Quarter 2006	$	17.4
3rd Quarter 2006	$	10.5
4th Quarter 2006	$	78.7
Thereafter	$	472.6

Total	$	601.7


DDR	$	0.16
Casto Properties		0.16

Total Capital	$	0.3

Debt	$	17.8

Total Debt & Equity	$	18.1


DDR	$	5.8
The State Teachers Retirement Board		5.8

Total Capital	$	11.6

Debt	$	10.0

Total Debt & Equity	$	21.6


	Assets Placed		DDR’s Current
	in Service		Proportionate Share
Date	(Millions)		(Millions)
As of December 31, 2005	$	14.3	$	1.4
1st Quarter 2006	$	1.2	$	0.1
2nd Quarter 2006	$	1.4	$	0.1
3rd Quarter 2006	$	0.0	$	0.0
4th Quarter 2006	$	8.6	$	0.9
Projected Thereafter	$	185.0	$	26.8

Total	$	210.5	$	29.3


	DDR’s		JV Partners’		Proceeds from
	Proportionate		Proportionate		Construction
	Share		Share		Loans		Total
	(Millions)		(Millions)		(Millions)		(Millions)
Funded as of June 30, 2006	$	17.9	$	7.0	$	47.5	$	72.4
Projected Net Funding During 2006		6.1		19.2		0.1	$	25.4
Projected Net Funding Thereafter		0.7		3.0		109.0	$	112.7

Total	$	24.7	$	29.2	$	156.6	$	210.5